Our company engaged in property developement. Right now we have only one residential project. We started the construction 3 years back. Expenses incurred upto last FY 10-11- shown as WIP in balance Sheet.

FY 11-12 we started booking and got advance from some customers. it will take another 2 years to complete the project.

Kindly explain applicabiity of AS-7 in this case.

Hi Friends
I have cleared my CA Exams in November 2011 attempt.I have got my COP two days back.Can i sign tax audit report for the FY 2011-2012.Please help me out.

if the new dirctir is appointed and the member of the co after 1 month of the incorporation with the net worth of the co 1 lacs rs. & 10000 shares issued,

can co issue shares to new director appointed at a par ?

if yes ? what are the impact on the income tax part calculation?

sir can u send me changes made by fiance act 2011 in direct and indirect taxes.

Hell Sir,
I have a problem related to HRA deduction fro AY 2011-12. Please Solve it.
I have worked as a Computer Faculty (Contact Base) from April 2011 to 28-Oct-2011 and got 10000/- Rs as Consolidated salary and i donot get HRA during this period.

I got Regularised on 29-Oct-2011 IN Education departmant.

I want to pay my IT RETURN.

I PAY MY HOUSE RENT OF RS. 48000/- FOR YEAR 2011-12 .

PLEASE TELL HOW CAN I CALCULATE HRA DEDUCTION FOR CONTRACT PERIOD AND REGULAR PERIOD.

Dear Sir/Madam,

I have made 5 FDs (each Rs. 4 lakhs) in Apr 2008 and have auto-sweep facility in my SBI account which gives interest every year. The bank provides Form 16A. Till now I have not shown it in my ITR thinking that 10% is already deducted and paid to IT department. I have enchased one FD in Jan 2009. Now I have to fill ITR for 2011-2012.

How can i show previous interest income to avoid any future penalty by the tax department? I shall be highly grateful for help in this regard.

Regards,

G. Kumar

Our company is paying to one party who is company and registered and organised under the law and status of usa. we are paying for testing charges which are not make available.

please give me suggestion under which head this payment should be classified.

(1) business profit article -7
or
(2) Fees for technical services Article -12

it is urgent

Dear expert,
I would like to know that, whether now it is mandatory to fill office address in amended form 49A, in case of a business man
furnishing code no. 20 and he has no particular place of business (as he is a street vendor)
Please advise me.

Sec 54
An assessee sold a house and he got the LTCG of Rs. 10 lacs.

Now he invests Rs. 25 lacs for the purchase of new house within 2 years so as to exempt his LTCG u/s 54.

He solds that new house within that year only for Rs. 40 lacs.

Short term cap gain will be cal as follows.

Sale Price 40
cost (25-10) 15

STCG 25

Now my question is.
If he again purchases sum other new house again for Rs. 17 lacs in the same year.
What would be his STCG ?

Should a comapny pay CDT if the comapny has proposed dividend(which is not yet approved by the shareholders)withing 14 days of proposing?