sir,
as per guidence note issued by icai if a person do trading in derivative then turnover for purpose of sec 44ad will be like
for eg assessee is done 3 trading and incure
a profit 10000
b loss 4000
c loss 3000
then his turnover will be 17000 and 8% of 17000will be income taxable
m i right or there will be any other way

sir, we are a manufacturing co.and we took a loan of 3.02 million euro for capital expenditureand, to cover the loss due to exchange fluctuation we hegde in foreign currency and also did dealing in deivatives, whether such hedging and dealing in shares and derivatives covers under speculative business or non speculative business and under which head in income tax act, 1961. plz guide me.

My IT refund for Ass. Year 2008-09 & 2009-10 has not received yet.the returns were filed manually. For A.Y. 2008-09, an information u/s 133(6) has been served to me on 14.03.13 and same has been duly furnished on 22.03.13. now IT dept. is showing demand in its records for these year. how should i proceed to get refund back???
how to file rectification since returns were filed manually???

Sir,

Thanks! in advance.

One of my client(individual) wish to file INCOME TAX Return for AY 2013-14 with NIL tax liability. Along with AY 2014-15 & 2015-16. He want to go for home loan.

Pl suggest AY 2013-14?

Pl if possible today.

Regards
Vikas

Hi All,

I have an apartment that I am planning to gift it to my parents after I close home loan. I will be closing loan by August end. Currently and in future too my parents does not intended to stay at this apartment. Hence once I close loan I will not be able to claim Principal and Interest component, however as I will be gifting home to my parents, once gifting procedure is done, I will be paying rent for this apartment to my parents. Based on this scenario I have following questions:
1. As I will be gifting this home to my parents, hence legally it will be theirs. For this home can I pay rent to my parents and claim HRA once gifting process is complete and I enter rental agreement with my parents? Though I have paid complete money for this apartment.
2. Can I claim HRA as well as home loan interest, principal component for same home for this financial year?
3. Do I need to declare somewhere while filing next IT return that I have gifted my home to my parents? As in past financial years I have claimed interest and principal component of home loan for deductions under relevant sections?
4. What rent amount I should be paying to my parents to claim HRA, Is there any upper cap ?

Thanks and Regards,
Aditya

A CHARIBLE ORGANISATION WHICH IS NOT REGISTERED FOR 12A FOR A.Y2013-14 WE HAVE FILED I.T RETURN AS ITR-7. NOW I.T.DEP HAS RAISED DEMAND OF 40% ON GROSS RECEIPTS. NOW PLZ ADVISE WEATHER IHAVE TO FILE RECTIFICATION OR REVISED RETURN AS ITR-5.

PLZ SUGGEST ME

THANKING YOU,

Dear Professional Colleague,

Company deposit Dividend distribution tax through chellan No.281 is it correct?.
And if not kindly advise the remedies for the same.

Thanks

In the high lights of BUDGET 2014-15
i noticed the following point..

** Long term capial gain tax for mutual funds doubled to 20 pc; lock-in period increased to 3 years..

What does that mean?? i didnt get clarity on that point..

Thanku you...

please explain about sec56(2)

Sir,

A HUF formed in the year 2015.

Can the Karta and other members of the HUF pay the LIC premium of their existing (old) policies from the HUF account and can claim dedcution u/s 80C in HUF file.

Please guide.