Dear Experts,

A person has booked property in a Real Estate company through Agent. Real Estate company pays commission to Agent on that property. Agent pass on part of his commission back to person who booked the property. Agent also deduct TDS on that commission. Whether commission would be taxable income or it will be considered as capital receipt and will be less in the cost of purchase price of property ? Please refer relevant sections or notifications also.

Thanks in advance.

Dear Sir,

I have applied for PAN regidtration but by mistake I have given wrong email address. I have not received confirmation mail. , One of my friend have registed and forgot his password, and he didnt filled his online return ever.

Please help me time to fill return is very short.

Regards,
Chirag

This is the situation ...
I earned a profit of 2 lacs in currency futures trading upto march 2011. I made a loss of 2 lacs upto June 2011.
My tax liability is 60k if I show profit till march. But eventually my profit was NIL.
Please advise how I can avoid paying the tax, since NET I am in loss OR NIL.
Thanks.

Dear Expeter,

One of the my friend who file his return for A.Y- 2010-11. ON 30th march-2011 electronically and send his ITR-V after signature to CPC Bangaluru twice by ordinary post and speed post but still he has not received any acknowledgement from CPC- BANGLURU, AND now the days of 120 available for sending ITR-V is almost comes to end. sugges me what he will do again, and is their any legal action against him taken by dept if he not send any more ITR-V after the end of 120 days.

what is the treatment of stock of shars(earlier consider as stock in trade) converted into normal stock(as investment)...??

and at the time of selling those shares which
cost is consider as cost of acquisition?? actual cost or the cost at the time of conversion.

If the vendor supplies material and withot charging any service cost but charging of service tax then TDS not applicable right?

if it is inclusive of service tax and service cost then TDS is applicale is it right ?

BANK LOCKERS RENTS ARE NORMALLY ACCOUNTED FOR ON CASH BASIS; WHETHER ANY PROVISION IS THERE IN INCOME TAX THAT LOCKER RENTS SHOULD BE ACCOUNTED FOR ON ACCRUAL BASIS.

RK
VIDARBHAPURI

Please resolve the following issue:

Mr. A sold is having two residential house properties. One House he sold on 30.04.2008 with a capital gain of Rs.32.50 Lakhs and the same was deposited in Capital Gains Deposit Scheme and got exemption.

By withdrawing the Deposit amount of Rs.32.50 Lakhs, he purchased another House property on 25.03.2010 with a cost of Rs.57 Lakhs.

Again, he sold out his vacant lands on 08.11.2010 with a LTCG of Rs.14 Lakhs. Can he claim exemption u/s.54 as he purchased a House on 25.03.2010 which is woth Rs.57 Lakhs against the CGDeposit withdrawl of Rs.32.50 Lakhs or NOT!

If not, can he buy another House property worth Rs.14 Lakhs or above to claim exemption u/s.54

Please clarify.

thanks & regards

RK, gudivada

Dear Sir,

Suppose x receives an order for software development by y and X places the order for the same work to Z.

In this case we (Z) bill to X and X bill to Y with service tax 10.30% plus their margin.

If payment will be processed on back to back basis then Please suggest us, what tds head will be applicable?

It should be under contract or professional/ Technical services.

Please suggest.....

Im working from home as a freelancer by creating websites & running advertisements on them.Total Income for F.Y.2010-11 from these is 19 lacs.

My questions are,
1) Should i need to maintain books of account (section 44AA)?Remember i work from home developing websites.

2) If account books are required, should i get it audited by CA (section 44AB)?

3) I think i have to file returns as 'Income from Business other than speculative business' head.IN this case, what code should i choose for Nature of Business?

4) If audit is not necessary, Can i file the tax before July 31st & prepare account books?

As of now, I have not registered any company or im not maintaining any books of accounts.Will soon register a company.

PLEASE GUIDE ME, as IM VERY CONFUSED ON WHAT TO DO