Whether a professional (i.e. holding a professional degree) carrying on a business of running a coaching classes. What would be the tax audit limit for such an assesse - 60lakhs or 15 lakhs?

DEAR SIR,

WHEN ANY BILL LEFT OF PURCHASE IN FY 12-13. THEN WE TAKE IN FY 2013-14 IN REGARDS OF INCOME TAX.

AND ALSO WE TAKE BENEFIT OF VAT INPUT ON SAME ?

suppose if mr.a has got his share of cash from sale of ancestral property then what would be the effect of this sale and capital gains in b/s and p/l of mr.a?

My Query Related to 44AD,

Mr. “A” has filed return u/s 44AD of the income tax act 1961 during the financial year 2010-11. He has declared income @ 8% of total turnover 48,00,000/-. And he has not filed and figure regarding Closing Stock, Sundry Debtors and sundry creditors in ITR-4.

Now in Next financial year 2011-12 assessee has achieved turnover above then 1 carore. Books of accounts fall under the tax audit in same year in the same year he has shown opening stock as valuated in books.

Is AO can make addition in FY 2011-12 on the basis of this that “A” has not declared closing in FY 2010-11 and he has shown opening stock in audited trading account?

AN EMPLOYEE IS STAYING IN RENTED HOUSE.

HE HAS TAKEN A LOAN FROM BANK. BANK CERTIFICATE GIVEN FOR PRINCIPAL AND INTEREST FOR 2013-14. ONLY INTEREST IS DEDUCTED FOR THE YEAR.

CAN HE CLAIM DEDUCTION UNDER SEC 24(B) FOR LOSS ON HOUSE PROPERTY I.E. RS 150000.00 AND REBATE UNDER SEC.80C FOR PRINCIPAL AMOUNT REPAYMENT.

HOUSE IS NOT COMPLETED AND NOT SELF OCCUPIED TILL 2013-14. IT WILL TAKE TIME TO BE COMPLETION OF HOUSE AND POSSESSION THEREOF.

bank has deducted tds on my F.D. coz of non availability of pan card @ 20%.Now i want to refund that amount...could u plz tell me the whole procedure to get the refund..and i am a student having no income..so how can i file my return..

Experts

Pl guide me on following Capital gain issue
involving sale and purchase of property

1. Wife a retired employee sold flat which is in her name and deposited entire proceeds in capital gain account scheme and tax return was filed for fy 12 13

2. Husband retired employee wants to sell his flat now (FY 13 14) and intends to use both his sale proceeds and wife capital gain amount to purchase another flat jointly with equal rights (50:50)

I went through CIT vs. Ravinder Kumar Arora case but still want to check with experts

1. Can this type of arrangemnt be made ?

2. If yes, would that have any implicaiton
from tax angle on the parties ?

3. Treament of same in husband's FY 13 14
tax return

Thanks in advance
Jayaram

The property belongs to the owner 'A' who transferred the property to 'B' by way of sale agreement (agreement not registered) after receiving consideration from 'B'.

'A' filed the Income tax return under capital gains.

Meanwhile 'B' appointed POA 'C' on behalf of 'A' on the same day of sale agreement.

'E' purchased the said property after paying sale consideration to 'B' and deducted TDS from 'B'.

Is it correct? From whom TDS should be deducted and paid ('A' or 'B')

Respected Sirs,
I transferred 8 lakhs to my wife's bank a/c with intention to purchase a plot of land in her name by utilizing the transferred money . Thereafter , a plot of agricultural land has been purchased vode a registered sale deed in my wife's name by utilizing that transferred money . Now my confusions/queries are as follows;
1) What have I gifted to my wife in the eyes of income tax laws -the money(8 lakhs) or the agricultural plot?
2)How to show (documentation) that the same was gifted?
3)Will the income be clubbed with my income??!!
4)How will agricultural rent be treated?who will show it in returns?
5)If the agricultural land is sold whose capital gains will it be.mine or wife's?

reply soon thanks

If an AOP which is exempt u/s 10(23C) of Income Tax, Act, 1961 gives salary to relatives of a member who are highly qualified and experienced for administrative and teaching jobs,

can this exemption be cancelled on this basis?