Sir
In the year 1998 our Partnership firm "Urvashi Real Estate" applied PAN and received as AAACU6223A. there was wrong interpretation C as company. Since than we have been filling IT return.

Now we have changed the PAN as AADFU3829J in the middle of FY 2011-2012.

Problem arised when we paid advance tax in AAACU6223A and filed IT return AADFU3829J.

WHAT DO WE DO TO INTIMATE INCOME TAX DEPT?

DEAR WE HAVE SOLD 1 ACRE JOINT FAMILY LAND WHICH WAS GIFTED TO MY FATHER IN AROUND IN YR 1950. NOW WE SOLD THE SAME FOR RS.65,00,000/- ONLY THE SHARE WHICH I RECEIVE FROM THIS IS RS.15,00,000/- OUT OF WHICH I RECEIVED IS RS.8,00,000/- OF WHICH I HAVE REC. 4,00,000/- IN CASH. BALANCE CONSIDERATION WILL B RECEIVED BY MAR.2015. HOW MUCH TAX I WILL HAVE TO PAY FOR THE SAME. I M A LABOUR CONTRACTOR DOING LABOUR JOB AMOUNTING RS.900000/- N FILLING RETURN U/S 44AD WITH 8% PROFIT. KINDLY GIVE THE FIGURE OF TAX LIABILITY WHICH I HAVE TO BEAR.

Subscribers to MOA of private company have agreed to invest in certain no. of equity shares. Company is incorporated. Can they open a bank account just by giving board resolution to bank to open account or do they also need to give PAN?

Note that if PAN is to be given to bank, then it will take another 2 or 3 weeks to open bank account after incorporation.

Please also let me know what is the time before which subscribers to MOA have to invest money in company after incorporation ? Please quote section, if possible.

Sir, My relative is working in bank , he got Rs. 251000/- from his employer for the treatment of heart problem. He was hospitalize for two days , after two days he back to his house. Again very next day he got
some problem and again he hospitalize and volve was replaced. Now question is this that his employer is saying to deposit the tax of Rs. 251000/- . Reason place by him that continuously you were not in hospital for three days. either my relative will get the exemption from tax or has to pay the tax.
Pls. help me as soon as .

My client ( NRI) bought two residential flats at different point of time out of salary income earned abroad. Assets are long term assets.
Now he decided to disposeoff one of the property in Sep/Oct 2014. The Capital gains appx 40 Lakhs. He wants to buy another residential flat which exceeds the sale proceeds of the flat being sold.

Quries:-
1. Though he has two flats, can he claim exemption under Section 54 as he is investing into another residental flat. The New flat will be ready in 2016. For new flat he has to pay advance of INR 40 Lakhs.
2. though he has two flats, can he take benefit of 54 for one of his flats as per his choice by not claiming exemption benefit for other flat. This way he still claims benefit for one house only.
3. If exemption benefit not available under 54, what are other modes available so that he gets exemption from Capital gains tax.
Thanks
Venkat

LTCG on mutual fund sale by NRi is taxable or not?

Right issue by listed company renounced by shareholder in favour of other person will attract sec 56??

Hi, Pls help me with the following queries:

1. Can we claim HRA exemption also if we get accommodation from employer ( not owned by employer but taken on lease from third party) which is valued under perquisites in sub-rule(1) but some part of rent is paid by employee to owner of accommodation?

2. Telephone provided by an employer to an employee at his residence is exempt perquisite only if the employer is a telecom company or exempt for all employees?

3. Kindly explain motor car rent exemption allowance proviion

4. what components of salary should be taken into consideration for valuing perquisite for accommodation?

Thanks,

Loan from partner - Rs.590000/-
Interest paid - Rs.100000/-
As per deed maximum rate is 18%
how much will be allowed as per income tax?

Dear Sir,
Where to fill amount of Credit note received by Cement dealer in Part P&L of itr4.

Whether I should add it with sales amount
or
I should fill it in col. 2(x) - any other income.

Please clarify.