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?

Dear Sir,
Giving below the events in brief:
a) The IT returns of our company was filed within due date (for A.Y.2010-11).

b) Subsequently a revised return was filed on 1-4-2011 (since on 31st march there was problem in the website and the revised xml could not be uploaded in time).

In both cases there was a refund to be received.

But, in the 143(1) received by us last week, there is an error in calculation and the IT returns filed as per Item (a) above has been considered by CPC.

When enquired about the error with IT office, I was told that I could file a rectification request online.

But how do i mention that the revised return will have to be considered.

pls advise
Regards
SA

Is the case law applicable for May'11 is also applicable for Nov'11 ?

(in both paper DT & IDT)

We are partnership firm having 3 partners. One partner is retiring having 5 lacs credit balance in his account. What will be the tax incidence on firm or on partners if we crate goodwill of Rs 10 lacs and pay Rs 15 lacs to outgoing partner