one of my client had a long term cap gain of approx 2.5 crore , now as the LTCG as transaction is of Novemer end I suggested him of Investing 50Lacs Till March in 54EC, And invest further within april 50 lacs again in 54EC.
Still There are capgain of approx1.5 crore
i futher tell in to invest as per Sec 54, but he resisted. Now i want to know is there any other way to save tax legally or otherwise . plz suggest on asap basis

I had purchased immoveable property of of high value and fails to disclose the same in my annual return in Schedule-AIR of ITR-2 and the same mistake i committed since last 3-4 years continually.

Kindly let me know the consequences of the same and also suggest remedy available.

Now department caught my all records. Altough i had never booked any income being all transactions were of purchase not of sale.

Kindly expedite your suggestion.

Hi,
As we know filing of return of loss within due date is one of the conditions for carry forwarding business loss under section 80 of I-T act. If the return of loss is filed after due date whether the loss can be carry forwarded.

Dear experts,

in a company (50cr T.O), purchases are accounted on the "date of receiving" the invoices rather than date of material arrival. (no provisions created) they are saying that this is their custom long since.
there are lot of previous year purchases (approx 20lakhs)they are saying that they received the invoices now only. pls tell me what will be sequence?

Dear Mr. Raghav

Thanks for reply

I was appointed a CA for scrutiny.

As I was deposited cash from my own cash on hand and withdrawn the same with in 1 to 2 days and same transaction was done so many
times.

As I was also produce my cash book to ITO. than also he was disallowed.

As I was decide to go for appeal. Any strong explanation ag. it.

WHAT IS THE DUE DATE FOR FILING OF INCOME TAX RETURN FOR THE PARTNERS, PARTNERSHIP FIRM IS IN AUDIT SO FOR PARTNERS DUE DATE IS 30TH SEPT OR 31 ST JULY

PLS GUIDE ME

Mr. Ashwani

ITO had treat as income all cash deposited in bank. so i have to go for appeal ? i was given explanation as i have to increase creditworthiness with bank therefore i was deposit cash and withdrawn the same. than also he was added as income and raised the demand.
any solution for that ?

Hello Friends

as per the below mentioned article for making the pan card u can submit the employer certificate
so can any tell me what is the employer certificate & its format
& how any one get the employer certificate

& whether the employer certificate works as address proof

waiting for your replies friends

Following documents can be used as POI and POA:

a). Proof of Identity
Copy of any of the following:

1 School leaving certificate

2 Matriculation certificate

3 Degree of a recognised educational institution

4 Depository account statement

5 Credit card statement

6 Bank account statement/ bank pass book

7 Water bill

8 Ration card

9 Property tax assessment order

10 Passport

11 Voters Identity Card

12 Driving License

13 Certificate of identity signed by Member of Parliament or Member of Legislative Assembly or Municipal Councilor or Gazetted Officer.


b). Proof of Address
Copy of any of the following

1 Electricity bill*

2 Telephone bill*

3 Depository account statement*

4 Credit card statement*

5 Bank account statement/bank pass book*

6 Rent receipt*

7 Employer certificate*

8 Passport

9 Voters Identity card

10 Property tax assessment order

11 Driving License

12 Ration card

13 Certificate of address signed by Member of Parliament or Member of Legislative Assembly or Municipal Councilor or Gazetted Officer.

* documents submitted as proof of address for serial numbers 1 to 7 should not be more than six months old from the date of application.

How to calculate unabsorbed depreciation?

A Company availed benefits U/s 80 IC during AY 2006-2007 and availed 100% deduction till AY 2010-11. It invested huge amount in plant and machinery during FY 2010-11 and thus qualified for substantial expansion during AY 2011-12.

Now my query is :
-Whether the company is entitled for 100% deduction as per provisions of 80IC, as it has already claim 100% deduction during last five years..
-Whether it can opt a fresh first AY for availment of benefits and continue to avail benefits at 100% for next five years.
-This section says that overall exemption period shall not increase beyond 10 years and therefore the existing five and fresh five year benefits shall exhaust total ten years.

Our Point of view is : we can claim 100% deduction henceforth and may continue to claim at 100% benefits for next five years but the overall benefit period shall be restricted to ten years and company can not claim 100% and / or 30% deduction once total ten years are completed.

Learned members views are solicited.