firm has going to wind up his business and it sold all his assets. firm has shown Rs 16275202 as profit on sale of fixed Asset (land) in his accounts like W.D.V Rs. 1106298 and Sale Rs. 17381500 but actual gain show as Rs 10078282 due to indexed cost like Sale Rs. 17381500 and indexed cost Rs. 7216310 and 86908 (expenditure on transfer). please help me whether this treatment is wrong or right

one of my client had lost his pan card in 2008. he had not informed us reg this earlier. can we ask for a reprint of pan card as suggesteed in the arlier resolved query by submitting copy of old pan card, identity proof & address proof? or is it that we have to fill in form 49A?

Condonation of delay U/s.119 rejected by Assessing Officer, Is it appeallable?

DEAR SIR/EXPERT


Can v claim same deduction on the basis of the given judgement of CIT Vs. Kiranbhai H. Shelat [1999] 235 ITR 635 (Guj). the link given is as follows. http://aisha.caclubindia.com/experts/details.asp?mod_id=388050

Here the case of LIC Developement officer. and wanted to claim 30% duduction of incentive bonus and cash award received. As the duty is just like sales only se infact also expenes are happen....

So please advise me

Dear Sir,
Regarding Sec 44 AD, the section says "any business whose gross receipts or turnover is less than 60 laks, excluding hiring of goods carriages" - an assessee can declare 8% on turnover as presumptive income.

my doubt is - whether commissions received from insurance agency is also included in this section. can an LIC agent declare 8% of his gross commission as his income if the gross is less than 60 laks.

Hi,

I am applying for a duplicate pan card as My sur name has some changes.So the customer care from tax office said me that, you have to attach the passport copy as well as a certificate from a gazzetted officer.So i searched in the web and got a format as given below.My query is that, is this enough?Can i attach the document with passport copy and send it to income tax office.Is there any problem?Will they reject it?Help me

Thanks


Format is :



IDENTITY CERTIFICATE TO APPLY FOR RENEWAL/UPDATE OF PAN CARD DETAILS


Certified son of holding Pan Card numbered is residing in the following address and his personal information are as follows:



Name:

Father’s Name:

Date of Birth:


Permanent Residential Address:







The above said person has produced required documentation related to information details provided and his identity is certified. I hereby recommend issue of PAN Card to him.





Name, Designation and Address
of the Certifying Authority.















Applicant’s photo to be attested by the
Certifying Authority.

it is common practise in a lot of cos especially IT-cos, to pay a per-diem allowance to their employees who travel abroad on the basis of no of days they stay abroad. And this per diem is over and above the actual expenses which they claim against bills.
Should TDS be deducted on this per diem, assuming it's paid per se wout bills etc.

Dear All,

Please confirm,whether TDS is applicable or not, on reimbursement of godown rent to C & F agent , who is claiming his reimbursement through separate bill ?

Regards

S Mullick

Notice received u/s.143(3)
Facts are as follows
1.Overview of the Case is below:

one of the partner of the firm introduced cash Rs.25,000 in the A.Y 2008-09 as she has no Bank A/c. and age of 75 years old.she introduced this amount bcoz there was need of the firm of that money.Her source of that money is her Personal Savings.

the AO disallowed this amount on the ground that the proof provided are not satisfy to the AO though there was proper proof are given and AO made additions that Amount to the Firms Total Income

2.Some of the Facts from the Notice as follows:

Additions are made are as follows

Actual Total Income as per Return 34,166

Add: Disallowed Exp.

Tele 2040
Vehicle 6307
Addition on account of Capital
introduced in one of the Partner 25000

Total Amount after addition 67510

and AO cite the Case laws for the Capital Introduced are as follows

Sumati Dayal Vs. CIT (SC) 214 ITR 801
&
Shrilekha Benarji & others Vs. CIT (SC) 49 ITR 112

In view of above, a sum of Rs.25,000 is added to the Total Income. Penalty Proceeding are Separately initiated by the Particulars of Income U/s. 271(1)(c) of the Act.and as on the base of Sec.68.

The Above shown particulars extracted from the Notice

Now my Question are

1.if addition made into the Partner's Capital A/c. Is it Concealment for the Partnership Firm ???? If Yes then on what Basis???????? and If No then on what Basis??????

2. If it is taxable on the hands of the Partner then the Partner is 75 years old lady and she has only income from this partnership firm only Interest and Share of Profit which is exempt u/s.10 after all of the income received her income is below the Taxable income (Basic Exemption Limit) so she no filed Return of Income for that particular A.Y then she will be Liable for the Penalty U/s.271(1)(c)???????????


Please Guide Me as Soon as Possible.

Thanks in Advance

Is the limit of section 44AB is not applicable in 44AD as per the new ammedments as it was in 44AE ?