If an assessee is having only taxable income from Insurance commission (working as agent), can he calculate tax under presumtive income scheme (sec. 44AD). If yes, what will be his turnover, commission earner or total premium collected? Which ITR he has to use??

and, secondly, if tax has not been deposited till yet for previous year, what will be its implications??

Thanks in anticipation.

The assessee (individual) a machine shop has c/f business loss of Rs. 10lacs. For FY 2010.11 his turnover is Rs. 12 lacs. If his profit for this year is Rs. 120000/- whether he is liable to get his accounts audited considering his c/f loss u/s 44AD as his returned income will be below 8% of turnover?

My clients had purchased land in 1990 for Rs 6 lacs under agreement to sell.Now they are getting it registered in their name. The name of buyer in agreement to sell and regstration deed is same. They have constructed house on land in 1992. Now will capital gains be attracted in such a situation where only registration is being done to complete legal formalities and no change of ownership is being made.The POA is executing the registration deed on behalf of the seller.

Hi,
My father has sold a land for Rs.53,00,000 and put the whole amount in another property (to be obtained in 3 years) and Capital Gains accounts as per section 54F. He shall be claiming exemption u/s 54F. All the above details shall be duly filled in the ITR2 while filing the IT return.

Do he have to file AIR also and if yes what is the procedure for it.

can I rectify the cpc order more than one time?

I have recd order u\s 143(1) and the same order I have rectified. but it is rejected. so can i once again rectified the order? please answer me as soon as possible. ]
thanks to all in advance

SIR,
I WANT TO KNOW THAT RENT RECEIVED FROM LAND USED FOR GAZING OF CATTLE REQUIRED FOR AGRICULTURAL ACTIVITIES IS WHY AGRICULTURE INCOME.
IF I GIVE SOME LAND ON RENT FOR AGRICULTURE PURPOSE IT IS EXEMPT FOR THE TENANT TO WHOM I HAVE GIVEN THE LAND ON RENT.
I AM NOT DOING ANY AGRICULTURE ACTIVITY.
I AM EARNING THE RENT INCOME.

Hi,

My GTI (excluding capital Gains) is Rs. 6,55,564 and STGC is Rs. 1,572. Thus Total Income is Rs. 6,57,136. I gave a donation to a charitable trust for Rs. 1,25,000.I have invested 1,20,000 for deduction u/s 80C and 80CCF.
As per my Calulation, Deduction u/s 80G should be as below:-
Adjusted GTI = 10% of (657136-120000) = 53714
50% of Donation = 62500
so least of the above,i.e., i should be able to claim Rs. 53714.

When i am trying to fill ITR2 for efiling i get the following calculation
Adjusted GTI =10% of (655564-120000) = 53556
Amount eligible for claim u/s 80G = 50% of Adjusted GTI = 50% of 53556 = 26778

This amount is automatically coming in the return so please confirm which calculation is correct and how to file the return if my may is correct.

DEAR SIR,
A Bank has wrongly deducted Tax in AY2010-11 on Interest(which was fully TAX exempt) earned on FDRs being maintained with them for General Provident Fund IN R/O teachers of Govt. aided school -the GPF subscription qualified for deduction u/s80C.
Is there some remedy available to bank for obtaining refund from INCOME TAX DEPTT./or reversing the debited amt. for wrong tax deduction? or teachers would have to claim from ITAX Deptt.If so, under what section wud be said intt. shown in ITR.
SINCE LAST DATE FOR FILING ITR IS FAST APPROACHING ,WOULD BE GRATEFUL FOR EARLY REPLY.

Dear Sir,
please Clarify, Where to disclose the Promotors Contribution as per Schedule VI. Suppose, if the Promotor brings the money through cash, whether 269SS will be applicable as per Income tax Act 1961.

Thank you

Hello Friendzz
While filing Income Tax Returns for A.Y.2011-12 i.e. F.Y.2010-11,
Is bank account is mandatory to provide even return is of nil only(No refund case)
As software which are using doesnt process the return without providing bank account no.
If it is so how return will be filed of person who do not have bank account but want to file return(say having very less income in and that too in cash only like tuition income)
Can his/her family member bank account be usd for this??????????//
Thx