Suppose Mr X has recently received the possession of new flat. Now he wants to sell the flat to Mr Y within few months from the possession.

Mr X wants to avoid short term gains.

Hence he enters into agreement with Mr Y such that Mr Y will buy the property after 40 months for a price of Z.

What if Z is below circle rates after 3 years ? Or the circle rate at the time of agreement will be considered ? If the circle rate at the time of possession is considered, the capital gains would be long term right ?

my client has textile business income for financial year 2012-13 : 172511/-
(6.176% of turnover)
turnover is 2792980/-
interest income : 33569/- i.e. total income 206080/-
then necessary audit required, if not doing audit. then profit should 8% of turnover (persumtive income), yes or not

please urgent...

i have transport buisiness 2 light good vehicle one in my name and other in my uncle firm name and on instalment which i pay in cash i want to know how the net taxable income is calculated or what is minimum income thai is to be declared for income tax talking into account all deductions(e.m.i maintainance,depriciation,fuel cost,driver salary and others)

and also do i need to maintain record of expenses like maintainance cost,fuel amount or we can trake it as random )

Dear Sir,

Can Indexation is available for Plot Purchased by Assessee in 1992 of Rs.147514/- and it is sold in 2013 for Rs.30,00,000/-.

Sale of silver utensils consisting of thalis, katori and tumblers meant for personal use is it taxable under capital gains?

Please help as in T N Manoharan ipcc book it says it is not taxable

Thanks in advance!

sir,
can depreciation can be calculated as per useful life, if we calculated as per useful life of the asset(computer) if any netblock of the asset remains even if the useful life asset is completed how we have shown in the books as per as6.
for example
asset value:10000
useful life:3
rate of percentage:16.21%
net block after 3yrs: 5137
in this case net block of the asset is remained and useful life is completed how to recongnise the dep in the books
please solve the query urgent.

Hello,

We sold the property in last Sept,13.Now we would like to file the returns for AY 14-15. is need to show the mention the sale details in ITR, Purchaser deducted some TDS on Gross Amount.

how we would claim that, is we need to pay any tax on sale of Property.

Dear Members
A company has paid excess TDS Rs. 2,50,000 in Qtr. 4 for salary. As per notification it has to only get by refund request online. But in actual this refund request page shows error
"This functionality is disabled due to technical issue".
Then please tell me what is procedure to refund it.
All TDS payment already made for F.Y. 2013-14.
Please help me.

Dear Sir, myself Savan Kasliwal.

My query is " I have borrowed loan from Non-banking Financial Institute of Rs. 3 crore in Pvt. Ltd. Co." I am paying more than Rs. 4.00 lac per month as an Interest.

Whether any TDS shall be deduct against the interest amount?

If TDS shall be deduct, please answer with valid evidence like under which section of Income Tax Act?

If no then also provide valid legal justification.

Awaiting for your positive and prompt reply.

Please do the needful at the earliest.

With Best Regards,


Savan Kasliwal


Thanks for your positive & prompt reply.

Please provide valid evidence for no deduction of TDS in above query.

Awaiting again your positive & prompt reply.

With Best Regards,


Savan Kasliwal

The bank interest certificate shows two amounts.One as earned and other as paid.THis is savings bank interest.

Should i take into computation the Earned amount (i.e accrued or the paid amount) and what should be the treatment of the same query in case of FD interest??