An individual who purchase property in 2001-02 for Rs.5,04,000 and sold in 2011-12 for Rs.38,00,000 against purchase of property for Rs.30,00,000 new property. A)What would be tax liability? B)Where can fund be invested and C) Indexing would be apply or not?

Please provide guidance about business Trust.
As section 2(15) define charitable trust but section 11(4) through out exemption for business trust and amendment made by finance act during A.Y.2009-10.
Please provide biferacation if any u have
thanks in advance

For AY 2009/10 assessee (transport contractor) Engaged truck operators owning less than 2 trucks, obtained Form15I from them but failed to file Form15J by 30-6-2009.Ao during asst proceedings wants to disallow payments to thes truck operators u/s40a(ia) saying that provisions of TDS chapter have not been complied Is he justified? Are there any caselaws to the contrary? Can form15j be filed with commmissioner now &condonation obtained?

A company has purchased Industrial Gala for Rs 44L in 2007.
Company has claimed depreciation till now.
From 2008 Company was functioning as 100% EOU so no Income tax has been paid.
Now the Company has no more export orders.
Also The 100% EOU Tax benifits are no longer available. As there is no revenue the company has no Income tax liability.
Company also has incurred loss in the last year. As the company does not see other export opportunities, now wish to Apply for de-bonding from 100% EOU status. Company also wishes to sell the said Gala, market price of which is over Rs. 95L.

How should the earnings from Sale of Assets be treated? Can the Profit from the sale of asset be set off against the loss from business activities?

How would the capital Gains tax be applied?

Plssss... help me, One farmer land is aquired by govt. for road . He has no any income, either by any way. He has recieved Rs.1000000/- and TDS has deducted Rs. 100000/-. Under which Sec.he will get relief and can get refund. Sanjay.

Where a NRI company provided some service to the indian company and TDS is deducted and service tax is paid for the same. Now my question is such NRI company need to file return in india where it is already allotted PAN also. how to show such income in while filing return.

thanks in advance

Hello sir,
i m discussing the situation as under that i have already discuss with lots of tax expert but no one is giving me the similar / right view.

The situation is: -
I m having a sale of 30lakh from Export sale of fabric & against this sale i am having a net profit as per books is 150000/-. I am also having some other income like as rental income (Rs.200000/-), int. income (Rs.5000), draw back (Rs.150000/-)etc. Sir, my main point is here that i want to consult to you, is it possible to file the ITR without audit (as per section 44-AB) and i also don`t want to go with section 44-AD of income-tax act`1961. Sir, some of the tax expert and also CA is saying to me that we can`t file our business profit below then 8% as my net profit is coming as per books is near 5.20% (approx).

Now, my main question to you sir is it possible to file the return in ITR 4 without audit in the above situation or not?
and i also don`t want to go with section 44-AD.

Hope for the best suggestion.

Thanks & Regards
sarbjit

In the AY 2010-11 if my business turnover is 8,00,000 and as per 44AF my deemed profit would be

40,000(5% of 8,00,000), but booked or declared profit is 1,05,300(13.16%). Now please explain me

which amount sould be filled in col.A33iii in schedule BP of ITR4.



details : In the AY 2010-11-----In no account case. nature of B/P code 0202 and 0301

Business turnover ----- 800000
Gross profit ------ 135300
Expenses ------ 30000
Net profit ----- 105300

cash in hand ------ 210500

I want to declare my profit u/s 44AF and that is 105300 (13.16% of turnover) , despite of this I

have also earned of 36610 as a commission income from a marketing co, so including this comm. my

income from business/profession will be 141910. Gross total income and Total income is 158500

(including-income from other sources-Interest-16590) Now pl describe how to fill in ITR4 for AY

2010-11.

if any one can send me the filled itr4, i will be very grateful of him. and I think many other

assessees may take benifit from such a filled ITR4.
thanking you.

Should we Excempt the Amount deducted towards recovery of Notice Pay from Final Settlement

should this amount be added into income tax calculation or should not be

respected sir
please some one clarify me that as per the provisions of sec44ad one need not to maintain books of accounts . in this case how to declare the closing stock
and creditors debitors through form-4s
(entry e7 e8 e9 e10)

thanks in advance
giri gattupalli