Is the value of an asset (stocks, MF holdings, real estate, agri land, house...etc) shown as market value or cost value, every year on the balance sheet. I mean if one had bought a plot for say 1Lac in 2000, do i need to show the same value in my balance sheet of every year and until i sell it or do i need to update its value every year in my balance sheet. Also for an asset transferred as gift or inheritance, do we show on balance sheet, the cost value at which it was bought by the original buyer or the market value at the time which we got it as gift or inherited. Thanks in advance!

Any one please explain how relief u/s 89 available to advace salary. As advance salary relate to future years how we can calculate relief based on future salry slab which not known in the year of receipt of advance salary.

Eg. In FY 2009-10 My salary is Rs. 3 lacs p.a. and I have received advance salary Rs. 5 lacs of 2010-11 how relief is calculated? Because if entire advance salary Rs. 5 lacs taxed in FY 2009-10 tax slab will be higher than if it would have taxed in FY 2010-11. please advise?

Is Political Assesse need to submit return file u/s 139(1) even if he income is not under taxable slab limit?

Hi,
i just want to know the significance of column no 413 and 420 in form 26q in tds return.

Respected Sir,

I'm having one query regarding Income From Other Sources i request you to consider the following case:-
If 'A' receives sum of say Rs. 200,000 as a compensation on account of death of his father. His father died in an accident which proved by Court of Law as an intentional act. The person created crime agreed to sum of money as compensation as per court order. Then in this whether the sum received will chargeable to tax or is exempt u/s 56? If no, whether the answer will differ if it will be received as Pension? 'A' is not subject to income tax, whether he has to file a return?

what is the diff b/w RPF and EPF and i have doubut dat which interest rate is hiked,bcoz earlier interest on RPF credit balance excess of 9.5% will be treated as salary and taxable.


please go through for notification on the above query
http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=679ecf4a-4c15-4199-aed4-6102755ed0ba&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws

A organization registered as a NGO in 1993 n got a PAN number 2 years ago but had not filed any return.
CAn some1 tell me what he should do now.n how NGO will be assessed in Income tax.
Will NGO will be assessed as a trust or what.

Please reply me soon i will be so obliged to you if u reply me.

Thanks

DEAR SIR
HOW CAN I CHECK MY E-DEPOSITED (E-PAID)ONLINE TDS STATUS BY INTERNET??
THANKS & REGARDS
AMIT SHARMA

Hi,
I want to know that is there any limit mentioned under the Income Tax Act for deducting TCS on sale of Scrap.

Suppose A firm sold a scrap of empty boxes which is used for packing to a waste purchaser(Kabadia).
Now i want to know whether there is any liability on the part of the company to deduct TCS out of Sale proceeds.The company/Firm which i am taking about manufacture cloth from yarn & there is no Excise Duty applicable on that Firm/Company.
Sale of Scrap is about 40000-50000 per year.

Kindly Help

Thanks
Vishal

AS THERE IS PARTENRESHIP FIRM ONLY HAVING SOURCE OF RENTAL INCOME THE PARTNESHIP IS BETWEEN DAD AND SON AND THERE IS COMMERCIAL PROPERTY CO-OWN BY DAD AND SON WITH REGISTARION AND PARNTESHIP DEED, THE RENT IS 12000/- PER MONTH WHICH IS DISTURBETED AMONG PARTNERS DAD AND SON 50% SHARE SO MY QUESTION IS THAT WE HAVE TO FILE THE ITR 5 RETURN IN THE NAME OF FIRM SHOWING RENTAL INCOME OR BUSSINESS INCOME SHOWING RENTAL INCOME FROM HOUSE PROPERTY IN PROFIT AND LOSS ACCOUNT AND CLAIMING EXPENSES AND ARRIVING AT NET PROFIT KNDLY EXPLAIN IN DETIAL AS FROM LAST THREE YEAR WE ARE FILING RETURN IN ITR 5 OF FIRM SHOWING RENTAL INCOME AS BUSINESS INCOME