dear sir,

my client doing granite trading business, i have filed income tax returns presumptive income u/s 44AD declared profit 5,53,691.00 total turnover about 69,21,130.00. deduction of remuneration and interest claimed 5,27,122.00 remaining profit of 26,569.00 and paid income tax 8210.00 including cess.

my query is i have received notice from CPC centre, as defective return u/s 139(9) and they have quoted some points,
1. assesse claiming expenses equal to the busines income.
so my profit calculations is wrong or correct. please solve my problem and what i have to do next step.

i am waiting for your good reply

regards,

raghavendra

Payer is an individual making payments above the exemption threshhold to a contractor which is a sole proprietory concern. the payment was to construct a residential bungalow for personal residential use. would he be exempt from deducting TDS while making paymemts?

Separately, if the payer is a company with no current turnover, paying to a proprietory concern, would it be required to deduct TDS while making paymemts?

sir,
One of my client purchased flat from builder directly in 2009 and continued to pay installment since then till the year 2014 and the property was finally registered in the year 2014 in his name,but agreement to purchase was entered in 2009. Now he wants to sell the flat. I want to know what will be the holding period of this flat for computation of capital gains and can he take benefit of sec 54.

My client has purchased an immovable property. As per the purchase agreement, he can use the said property only against full payment towards the said property.
Due to financial issues, only part payment has been made and the rest of the amount has been treated as loan. My client has already started using the aforesaid property.
The officer in his Audit observations has observed this amount as unaccounted investments u/s 69.
Kindly help with case law favouring my client.

In 2005, If a person had done some wooden furniture work worth Rs 50,000(includes material and labour charges for bed and wardrobe)in his new home, got possession in the same year.

Can he use that furniture cost as deduction under indexed improvement cost at the time of selling the house in 2014? House sold as furnished home.

dear all payment made to contractor for rs. 50000 in cash is allowable or not? its urgent pls. thanks

Dear all
My client applied for pan 2 times and he got 2 pans, now he wants to surrender new pan ,so please suggest me draft letter for surrender of PAN card to IT Dept.

I have a FD for for 5 years. I will get ineterest on maturity, per year interest less than 10000 but on maturity its more than 10000. Will TDS applicable on maturity?

if yes so can I ask to bank to give me interest every year?

Neeraj

Income Tax Refund Cheque was issued by the I T Dept. to the deceased Assessee for Rs.7500/-on 12.07.2014 for the Assessment year 2013-14.But deceased (his ) bank account was wrongly quoted by him in his Return of Income and the refund cheque was issued to the wrong account number ,cheque issued in the deceased name & to wrong account number. His Mrs rejected the cheque because the Banker rejected for wrong S/B Account was quoted in Refund cheque . The Assessee was died on 02.04.2014.He left behind Wife & Two Major Male sons
Our Query is --what procedure is to be followed to get/claim refund amount by the legal heirs?Kindly enlighten the points on above query

I am A Salaried employee & my salary is below taxable limit. I have filed ITR 1 for A.Y. 2014-15. But I didnt send The signed Acknowledgement of ITR to CPC Banglore in 120 days. What shall I do now? Is it necessary to revise the return or will it be Ok if I let it go, as salaried employees are exempt from filing retirn upto A.Y. 2014-15??