Dear Experts

can u plz clarify me whether the filing of Return is must either
the "gross total income" exceeds the exemption limit or "Total income" (ie., gross total income after deducting eligible deductions).

Thanks in advance

A company has a Car on which 15% depreciation as per Income tax is charged. It also has a machinery in which it charges depreciation @ 15%.
As per Income tax act Car & Machinery, both are covered under main asset head of PLANT & MACHINERY.
So Whether both car & machinery will have to be merged togather for income tax depreciation purpose?
What will happen if the company sells off the Car?

whether the goodwill brought in by newly inducted partner, with drawn by existing partners is taxable.....

Dear Experts,
Please consider the following situation:
ABC (p) Ltd having two Shareholders and who are also Directors. Abc (p) Ltd acquired the 100% shares in the XYZ Public limited company , and take over of the management & control and make it as a 100% subsidiary company on 9/9/1998.
0n 23/3/2011, ABC (p) Ltd willing to transfer all the investment i.e, 100% holding of shares in XYZ public limited company, to the two Directors(Shareholders). Further, ABC (p) Ltd, Proposing to sell a Land which is a only Asset of XYZ Public limited for a substantial consideration, since the Land was acquired long years back.
Query:
1. Whether, ABC (p) Ltd can transfer their shares in the name of two Directors(Shareholders), is it possible? If yes, Please brief according to companies Act? If No, Please explain, why it is?
2. If yes, What are the tax consequences in the hands of AbC (p) Ltd, two Directors, XYZ public limited company?
3. If yes, What are the steps for tax planning for transfer of Land by ABC (P ) Ltd?
4. Any other alternative suggestion you may give?

Please tell me for deduction under section 80C in this particular case

A has purchased a house property from B. A has paid stamp duty charges of Rs. 80,000. But on stamp duty receipt of Rs. 80000/- payment has been received from B. Whether A is eligible for Rs. 80,000/- stamp duty payment(but receipt is in favour of B) in year of purchase under 80C. if not, then 80C describes which stamp duty charges

can a person, having his spouse cancer, claim deduction under section 80dd?

what is disability. can benefit of both section 80dd and 80ddb be availed.
In current case assessee is employee in PGVCL and getting full reimbursement from employer so section 80ddb having no benefit in current case,

but is cancer covered in rule 11dd to get deduction u/s 80dd? because infact dependent is not able to generate income, so can it be called disable as per principle if the section?

R.SIR,
COULD ANYONE OF YOU GIVE A DETAILED EXPLANATION OF TAXATION OF INCOME FROM OPTION DERIVATIVES e.q.
(a) INCOME,
(b) TURNOVER,
(c) CONDITION FOR MAINTENANCE OF BOOKS OF A/C ETC.

FOR EXAMPLE:
DURING FY2010-11
TOTAL PURCHASE COST OF OPTIONS 19 LAKHS
" " SALE(SQ.OFF ONLY ) 20LAKHS
PROFIT = 1 LAKH

TOTAL OF NET LOSS 4 LAKH
""" "" GAINS 5 LAKHS
PROFIT(NET) = 1 LAKH

1. IS MAINTENECE OF BOOKS OF ACCOUNT ON TOTAL OF NET LOSS AND GAINS OR ON SALE (SQ.OFF AMT.)

2. SOME PERSON SAY THAT TURNOVER = Option Premium paid + Premium Received+
Profit in F&O + Loss in F&O

BUT IF A PERSON ONLY BUYS OPTION CONTRACT AND SQ.OFF IT AT PROFIT / LOSS THEN IS SQ.OFF AMOUNT IS EQUAL TO OPTION PREMIUM RECEIVED?( AS IN ABOVE EXAMPLE)
IF, YES THEN THE SAME CONTARCT PREMIUM IS ADDING TWO TIMES , FIRST AT BUY OF OPTION, SECOND AT SQ.OFF TIME
BUT I THINK IT MAY BE WRONG CONCEPT.
PLEASE EXPLAIN IN DETAIL
THANK YOU VERY MUCH
YOUR EFFORT IS HIGHLY APPRECIATED.

As Per latest Amendments in the Tds, Tax is required to be deducted at 20% if PAN is not provided by the deductee. while filling the return for Tds, one of the party haven't provided the PAN and was charged to TDS @ 20% but now we cannot file the TDS Return without their PAN.
what are the remedies for the above case?

Sir,

I have download ITR 1 and also fill the required details. then i click on the xml gernerate, but it does not work.

I Tried several times.


Is there any problem in my PC ?

I have filed ITR4 for a small gold retailer, who is having income from house property, income from business and agriculture income. I have prepared a consolidated personal profit and loss account and filed return for the ay 2009-10. Actually, i was computed three income heads separately. But, CPC assessed basing on Profit & Loss Account. How can I rectify this error.