Dear Expert,
Can u pls tell me from where I can Get the fair Market Value Of Gold And Silver As on 1/4/1981 for computation of Capital Gains?????????

As per Income Tax law profit on sale of agriculture land as defined by the IT Law in the specified area/location is totally tax free.

My question is where to show this Income in the Latest ITR IV form?

First option is we show this amount under the ITEM 4 of Schedule "EI" i.e. " Net Agriculture Income (other then ...)"

Under this situation the Tax calculated by the EXCEL-ITR form is slightly different, it calculates the tax payable on the entire income including the taxable income and the agricultural income then it reduces the tax payable on the agricultural income amount. In this calculation the tax on the balance income which is taxable, increases as the tax calculation is on highest slab. So effectively we end up paying more tax because of agricultural income.





Second option is we can show this amount under the ITEM 6 of schedule "EI i.e. "others, including exempt income from minor child"

under this situation it may create unnecessary attention of the officer that from where the Income arise, even though we are very clear on law. instead if we can clearly specify the detail of income then there is no attention required by the officer.



So which option is the better and genuine option?

whether Online trading of Derivatives cover under sec 44 AD .. If It is cover under Sec 44 AD means what is the receipts for the business .. If he had earned loss for Rs. 400000/- means he will liable for 44AB tax audit of non full filling of 8 % ....

My brother in law basically Indian origin went to USA for employment and got green card also from USA-ie NRI.He bought a house at Chennai before few years and now sold in April 2011 with capital gain after hie return to India in the month of May 2010 .My query is
.whether he can invest the capital gain in FD for 5 years in a non banking institution which gives high income or to deposit with any nationalized bank under capital gain account scheme until decision is taken for further investment.
Whether it should be shown in the return for the fin year 2011-2012 as capital gain or not.
I request the forum for advice

Sir, My firm is engaged in mining of coal in Jharkhand. The subcontractor raise the bill quarterly basis as per agreement in the last date of the quarter. We got the said bill after 10th of next month i.e. bill dt.30.06.2010 recd on or after 10.07.2010. We have credited the entire bills on last date of quarter and in TDS return we have shown the bill credited on 30.06.2010. So, we could not deposited the TDS in due date i.e. 07.07.2010. The ITO(TDS) send the penalty notice u/s 221(1) of I.T.Act 1961. Please suggest me the way out. The above case relates to F.Y. 2008-09. Can we revise the TDS return of F.Y. 2009-10 & 2010-11 by changing the date of credit.

its very urgent.

There is a land on the name of 4 people.

Now they want to gift the land to people who are their relatives u/s 56(2)(vii). So no tax will be levied on the same. A proper registry of the gift will also be done by paying stamp duty.

Now the people who have got the gift want to construct flats on the same and then sell them.

They are receiving the gift as a capital asset.

So implications if:

1. They show the same as capital assets and flats constructed as cost of improvement.?

2. They convert the same into stock for business and claim construction expenses.?

3. Any other way you may suggest.?

Whether NRI has to show his income earned outside india in his return of income?

If yes where it can be mentioned in the return of income?

If you know please specifically provide the clause no. of the ITR 1 to 4 where this income needs to be shown?

can someone send me drafting letter in respose to notice u/s 142 (1) regarding the ITR true copy which was already filed by the assessee.

My client (A Ltd) is a subsidiary of a German Co (B Ltd). B Ltd has one more subsidiary in Russia (C Ltd). C Ltd has one client in India. However that client can not pay to C Ltd without deducting with holding tax @20%.
A Ltd can not bill that client directly because in that case A ltd will have to treat the same amount as part of its turnover and pay service tax and Income Tax thereon.

Is there any other way to save with holding tax amount for C Ltd?

When Closly held co. give loan to its subsidary co. weather sec 2(22 (e) is applicable