I filed income tax returns for the Assessment year 2010-11. After that I have received intimation U/s 143(1) of the Income Tax Act,1961 which is showing a demand of Income Tax.
I filed revised income tax returns for the Assessment year 2010-11. In revised return i have to get tax refund.
In this regard I contacted twice CPC on 18004252229. First time they told me that my file is now with local ITO. Almost from last one month regularly am going to ITO office. I submitted request application to them. Officials from my ward told me that my file is not initiating with them.
They told me to contact with CPC, Bangalore and CPC can only resolve my case.
When i again contact CPC call centre they told that they cannot help me in this issue as they already transfer my case to local ITO and they told me to contact local office only. Can i know what i have to do further to get refunds.

1)My client is procuring finance from market and transferring the same to the Ltd. Co. in which he's Director & to Firm in which he's Partner.
The AO is holding that assesee is doing business of Financing & hence the Interest receipt is assessable under the Head Business Income.
However, my perception is,
a)My client is just providing finance & making an Investment in a Co. belonging to his family members & in which he's a Director (since the Co. is engaged in Construction Business thereby get loans @ a costly rate plus involving other complicatons too). Thus this activity should not be regarded as a Business Activity.
.
2)My Client is charging Interest just to the extent payable to the lenders. NO PROFIT element is there in the Interest amount & even NO MOTIVE to earn profit through the activity.
.
3)Further he doesn't hold any Money Lending License nor has advanced money outside.
.
The AO is also helding that since Interest Paid or received exceeded 40Lakhs, the assessee should have deducted TDS.
However, my assessee (being an Individual, TDS provision not appliable), had no tax audit either for Asstt.Year 2005-06 or 2006-07, & also the Business Receipt during the concerned year i.e. 2007-08 doesnot exceed 40Lakhs.
.
In my opinion,the under mentioned Cases are supportive to my assessee:
* J.K.Holdings vs ITO(2001)70 TTJ (Mum.)649
* Belagode Traders vs. ITO(1996)54 TTJ (Bang.)449
* Ghanshyamdas Gangadhar vs. CIT(1954)25 ITR 318 (Pat.)
.
Please provide me your opinions on the above instant as early as possible.
Thank You.

I have been framed in a false case of cheque bouncing and case is going on in court.

The complainant has claimed that:

She claims to have given me a loan of Rs 28 LAkhs in CASH in the following manner-

1. In July 2006 - She gave me Rs 14 Lakhs(one time) in cash, on which she earned an interest of 3% per month. i.e she received
Rs 5 Lakhs in one year..again in cash.

2. In Aug 2007 Next year she sold off all her jewellery and gave me another Rs 14 Lakhs in CASH on which she earned an interest of 3% for 3 more months
i.e.(Rs 5L+2.52 Lakhs=7.52 Lakhs)

3. In this manner they say they have given me Rs 28 Lakhs

4. From what I know - they have filed income tax for only 2003-2004 and 2004-2005 for Rs.82000 and Rs. 125000 only respectively.

5. Since 2005-2006 till date they have not files IT-Returns at all.


They do not have any source of income to my knowledge.

My question is:

What will the income-tax and arrears & penalty they will have to pay if they have not paid the same:
That is I-Tax on Rs 28 Lakhs since 2006 with arrears and penalty??


They have committed a forgery and fraud against me.
How can I prove that in court?

Can I file for RTI of their Returns??

What is the procedure and how much
effective is it?

Can any one pls explain the said sub clause of 44AD which says that Audit can be done only if I have declared less than 8% and my total income is more than 1,60,000/- but what if I declare less than 8% and my total income is less than 1,60,000/- then am I subject to audit or not as the sub section says

less than 8% and total income more than 1,60,000 subject to audit and if not then what is the position pls clarify.

Thanks in advance.

Respected Sir/Madam,

I am preparing a balance sheet as on 31/03/2011. I want to declare dividend at AGM which will be held at 20/08/2011.

1. For Provision of Dividend Distribution Tax, which A.Y. i should consider for tax rate? and Why ?

2. which A.Y. should be quoted on IT Challan?

What is the rate of gold and silver as on 31.03.2011 for wealth tax purpose

what is the difference b/w rectification u/s 154 and reassessment u/s 147. Indeed, its really difficult to sort out the issue whether the mistake was apparent or the income has escaped assessment. If excessive relief was granted than AO will take action under which section and why.

if a company have income from commision and income from trading in bonds then whether profit on sale of bonds will be treated as business income or shor term capital gain. and also if these bonds are sold to trus whose accounts are audited then whether such trust should deduct tax on such payment to such company?

Give the procedure to do the e-filing of ITR for previouse assesment years..

Thanking You,

Regards,
Sainath

I sold my house in October 2009 and in November 2009 I invested the entire amount of Rs. 24 lacs in SBI Capital Gains Fixed Deposit for 3 years.

What I wanted to know is regarding the payment time of the tax liability on the amount of Rs 15,00,000 as per the return I filed in 2009-2010. This was calculated based on the purchase price, indexing cost etc.

The question is:

Should I invest in another flat before 2 years and can get possession at a later date?

Should the date of possession be within 2 years of the sale, or is it the date of investing the amount of Rs. 24 lacs? In order to avoid capital gains tax?

Should I continue to keep the amount in capital gains FD of SBI, then when do I pay the tax?