Dear Sir,
There is an individual assessee who has business income of Rs. 4.8 lacs in Fy 2012-13. Apart from this he has some ancestral agriculture land, from which he has income about 1.5 lacs.

Now please advise me, whether that assessee has to club this agriculture income in his individual return
or
He can keep seperate this agriculture income from his return by considering that it is his HUF income.

Please advise me.

Is a freelance Journalist who earns income by contributing articles/ news stories in business journals covered by sec 44AD, if his gross earning is lower than 1 crore and declare his income @ 8% of gross receipts?
Journalist is not covered as Profession in sec 44AA.
Will his activity be treated as service business or as profession?

For AY 2013-14, balance sheet and profit & loss account need to be uploaded in PDF while uploading xml file of tax audit report from auditor's login. I need clarification whether the same are to be scanned from signed balance sheet and whether all pages of schedules and annexures and notes on accounts are also need to be scanned and uploaded? if yes, is there any limit on the size of the PDF file?

A friend of mine had sold an ancestral property. Right now he is not planning to purchase a new property. Now as per my knowledge he has the following options :
(1) To keep the money in a Capital Gain A/c with bank (2) Invest in Govt. Bonds (REC or National Highway)
I would like to know the following : Is there any lock-in-period for both the options? If the money is kept for full lock-in-period in bank or bonds, then money withdrawn after full term is taxfree or not?

Assessee purchased two land on the following dates:
1 14.02.1995 cost of land: Rs. 38334
2 31.05.2001 cost of land: Rs. 94110

During A.Y. 2013-14 assessee jointly sold the both land(sale value breakup is not determinable for each land) on 26-02-2013 for Rs.9011111/- & he done investment in House in March for Rs.7857000/-

Kindly guide how to compute capital gain & exemption U/s 54F For claiming maximum benefit...
plz rpl soon.....

dear experts

Every time I read Income tax return Form can be filed with the Income Tax Department by furnishing a Bar-coded return.

can you please make me understand that what is Bar Coded Return ?

Dear fellow brothers/sisters,
A firm has taken over a proprietorship business including debtors, creditors, secured and unsecured loans (exceeding Rs.20000) and other assets and liabilities. The firm has not "accepted" any loans form lenders of ex-proprietorship business, directly.It has only "acknowledged" the loan liability and provided / paid interest to them. The firm has passed journal entry crediting lenders a/c and debiting proprietor a/c. (being loan liability of proprietor taken over)
1) Whether this transaction is hit by sec.269ss? 2) Is it necessary to report the details of lenders in 3cd clause 24. if yes how?- if we report these loans as accepted otherwise than a/c payee chq/dd, penalty u/s 271e and other litigation would follow, though u/s 273b penalty may not be sustained 3)reporting in 3cd clause 24,is not required as it is not accepted but only acknowledged? please give your valued suggestions to avoid appeals, if possible with case laws, Thanks.

What are the factors determining the nature of income arising on sale of shares i.e.
whether the income is taxable as capital gains or business income?

What would be the period of holding to determine whether the capital gains on
renunciation of right to subscribe for additional shares is short-term or long-term?

I have paid self assessment tax of 16000/- on 25.6.13 for ay 13-14

do i have to calculate interest under sec 234b for default in paying tax before 31.3.13 for 3 months ie upto june or 4 months ie upto july.

pl advise which is correct

16000*1%*3 or 16000*1%*4

Respected Sir,
I have filed an IT return for one of my client in A.Y 2011-12 within the due date and got long term capital loss on bonds occurred in the same year which have been not set off in the same year because of no gains which I have carry forward in the next A.Y 2012-13, but in A.Y 2012-13 I have filed the IT return after the due date and carry forward the same loss as mention above.
In the current year A.Y 2013-14, my client got some amount of long term capital gain, so my question is that can I get the set off of my loss against this gains.

Thanking You
Faisal Sharif