My father is planning to sell an ancestral property for Rs.25 lakhs. Should he sell the same in his personal name since he is the legal heir.Or should he open an HUF and do this transaction over there. What is advisable. If he does it in HUF and how will this money distributable.Like We are two sons and mother. Can we distriubute it equally like 1/4 th each what will be the tax implications. Your best advice over it on this shall be highly appreciable.

Facts of the Case:
The Assessee Company is a Supermarket Company selling FMCG. The
assessee company charges 1.5% on its Sale Price as Mahamai/Charity to
its customers. The Assessee company collects (charges) the charity
from customers and remits the same into a charitable trust. The
assessee does not show the ‘Charity collected’ in the Sales Account in
Profit & Loss Account. That is, the assessee brings the 1.5% of
Charity to Balance Sheet and pays the same to the Charitable Trust.

Proposal of ITO:
The ITO has proposed to add the “Charity Collected” to the Total
Income of the Assessee. Whether the ITO’s contention is correct ?

I am on the side of Assessee Company. If the assessee accepts the
ITO's Demand, the ITO is definitely going to Reopen the last years
records. Is there any way out for this ?

Thanks in advance
Arul.

Calculation of Capital Gain. When Land on which a new building is constructed is sold to a single person under two different agreements, i.e. one for Land and other for Building.

Dear Sir,
We are paying commission to Non Resident (Shifted to abroad 2-3 yrs back & comes India once in year say for 30 Days. Then while making payment to him we have to deduct TDS @10% u/s 194H or any specific provision for that.
Pls explain in details & also suggest things which we should keep in mind while making payment.

Many Thanks:

Rahul

Can we rectify any information inadvertently filed incorrectLY in the online form 15CA

Is it true that one can file tax audit return (turnover above 60 lakhs) online after 30th September by mentioning the date of audit report before 30th Sept...

If not..
How should one file the above return..what are the consequences..

Sir,

I wanted to know what will be the treatment in case advance money is received against sale of plot and the same is forfeited.

Normally it is reduced from Cost of Acquisition but if advance money is more than Cost of Acquisition of asset, then what should be the treatment and also what will be the treatment when the asset is actually sold.

I also would like to mention that the registry was cancelled by the Registrar due to some case pending on that property

Pvt ltd Co.Transfered gold coin (as investment in the book of co.)to its shareholders (director)without consideration.pls advice about tax liability to the co. or director.(sec 56(2)(vii) applicable or not)

our company has appointed trainers under a Trainer contract agreement in the field who done product training and business opportunity meetings in various part of countries. and for this company pay trainers per meeting fee. their Hotel Booking, travelling expenses,ticket booking is done by company.
Let following exp incurred in a year
1)Trainer Fee :- 250000
2)Hotel Booking:- 200000 ( total of expenses for booking in various hotels i.e. not single hotel)
3) other expenses relating to meeting(ticket book,traveling exp,misc exp):- 150000

please tell on which amount tds to deduct and if it not liable to tds then reason for the same.

Dear Sir,
I have filed a return for Asst.Year10-11 in which capital gain arised but all gain has been invested in Capital Gain Account.So I have not mentioned the capital gain amount in return. Now on withdrawal of capital gain Form G required tobe signed by ITO. So will ITO create query for non disclosure of capital gain in return. However interest on that gain and bond have been disclosed and tax pai thereon already. Please let me know the conclusion.
Regards,
Anil Thakar.
Accountant.