Dear Sirs,

I am posting this query to get a clarification as to where Income Tax debited in profit and loss account is to be shown in the schedule “P&L” and schedule “BP” of ITR 4.

According to my understanding, profit before tax should be shown under column A1 of schedule BP. In PART A- P&L, Sl. No. 43 will show Profit before Tax and the amount of income tax will be shown against Sl. No. 44 and Sl. No. 46 will show Profit after Tax. Income tax debited should neither be shown under Sl.No.16 of Schedule BP nor under Sl. No 8 Ac of PART A- OI. As per the guide for common errors published by the Income Tax department, Profit before Tax should be shown in Sl. No. No. A1 of schedule BP.

According to one of the leading Income Tax return preparation Software, Net profit as shown in the P&L a/c (Profit after tax) should be shown in Sl. No. A1 of schedule BP and Income Tax debited to the P&L a/c should be shown under Sl.No.16 of that schedule (amount debited to profit & loss account to the extent disallowable under section 40). Similarly income tax debited should also be shown under 8 Ac of schedule OI. According to the Software, in PART A- P&L of ITR4, Income Tax debited to the profit & loss account should be Shown under Sl. No.34 (f) (“any other rates, tax duly or cess”) and Sl. No.43 will show profit after tax. There will not be any figures in Sl. No. 44.

When I suggested that the method followed by them is not correct they argued that the software prepares Income Tax Return (ITR 4) as per the Schema provided by the Income Tax Department.

Kindly inform which of the treatments mentioned above are correct.

One of my client company has incurred 5lacs (paid to an outside agency) for developing and maintaining website of the company. Whether it is revenue exp. or capital? pl.mention relevant judgement. Also reply in context with AS-26?

i want to know what are the loans covered under section 269T and 269SS of the income tax act 1961. whether o/d and c/c account are also covered ? whether secured loan from banks likes car loan and car financed from finanace company are also covered ?

As i had sold a flat dt.15.10.2010
& the purchaser sign the agreement by franking the document for Rs.1000/-only & mentioned that he will registered the agreement within 6 months which he has not done yet.

Against the above i have purchase a new flat dt.01-11-2010.
1)If the purchaser does not register the above flat do i have to payable the CAPITAL GAIN?
2) Still the possession of the above flat is with me because he is not register the agreement.

If a partnership firm does not make the provision for Expense of Municipal Tax for the year 2009-10 and pays the same in F Y 2010-11 then can the same be allowed as deduction for the F Y 2010-11 as we get deduction u/s 43B on payment basis, Please state the reason also

A company has incorporated in the year 2008 for Marble Trading but business is not yet started. It have a land from which it has earned income approx Rs. 30000/- also Interest received on deposit with Bank. Wheteher such incomes will adjusted with Pre operative expenses or other wise. Plz suggest its treatment in Balance Sheet and Income tax

Dear sir
Namste !! i want to study deep about income tax and its all matters. so pls let me know any internet scource book about income tax.
pls help me

regards

Dear Experts,

Whether tds applicable on interest on Bills of Exchange.

Most urgent

Respected sir/madam,
According to Sec 194c Tds should deduct if the following 2 condition satisfied
1) If the amount of any sum credited or paid exceed Rs 30000/- and
2) the aggregate of the amounts of such sums credited or paid during the F.Y.exceeds Rs 75000/-

but if i raised 1st bill of Rs 26000/- and second bill raised of Rs 31000/- here 1st condition is satisfied in 2nd bill (i.e.Amount exceed Rs 30000/-) and 2nd condition (i.e. Aggreegate of Rs 75000/-) does not satisfied here my question is that on first bill shall TDS should be deducted or not

An agency give some hostess in a Foreign Trade Fair to a company which attend the Fair. Please let me know the nature of remittance to be mentioned in Form 15CA and whether Tax to be deducted on such payment.