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

Karta of his HUF wants to make complete partition of the property and close down the HUF entity.

Can he make the partition at his discretion i.e. without following the percentage of the members?

What would be the tax significance in the hands of members?

What documents are to be prepared for making the partition perfect in the eyes of law?

A public welfare society has been registered under the registration of firms and societies act. society operates a school. school earns net income Rs. 235900/- for the financial year 2010-11. how much income tax liability will arise ?

I am working in a sister concern of closely held company (both are closely held companies) and having a total share of 10,000 which includes public, rights and bonus issue.

Now my parent concern is proposing to buy my share as per the details given below:

1. 50% of my shares (ie., received out of public and rights issue shares) at say Rs. 50 per share in this month.

2. Balance in the month of May - 2012 at the above said price.

3. There are some old receivables and if the same is collected before May - 2012 i will get a price of Rs. 10 extra per share.

Now my query is as follows:

1. Is it legally correct? (ie., the price can be settled in two instalments).

2. Whether the shares can be partly transferred for the consideration received.

3. What will be incidence of the tax in my case with point no.3 and with out point no.3.

Regards

Kalyan

sir
please give ur answer fllowing of these.

quries is:-

Traning Allowances/Teaching Allowances paid to the faculty members at different training institution of BSNL like BRBRAITT Jabalpur, NATFM Hydrabad , ALTTC ghajiabad etc. and DDO's(Drawing and Disposal officers )are deducting income tax there on at sources.
it may be confirmed whether such allowances is treated as special allowances u/s10(14)of income tax Act and refund is allowed by the income tax dept. for the amount of income tax already deducted by the DDO on such Traning Allowances/Teaching Allowances if specifically mention while submitting the refund.

I have purchased a house property in the joint name (me and my wife) I have paid all the money from my account and I am paying the whole EMI.

My querry is that can I claim 100% interest rebate from my income or it will be it will be divided 50:50. My wife is not claiming any rebate of home loan because her income is not taxable. Kindly resolve the issue.

I have sold a House property chargeable under IT act last month.
I wanted to invest the LT-CG gain in another HP. The new property will be handed over to me in 46 month as per builder plan.
I wanted to know whether the Down payment which is more than LT-CG (and 95% of the booking amount)will entitle me to claim exemption u/s 54 if IT act. Also if you can advice me on this.

Thanks