Our Corporate Cient generally Sales tax, Service tax, Duties etc are routed through Balance Sheet. But AO wants to disallow certain Taxes which were beyond the stipulated date. Myself objected to saying that Sec43B has no application as the taxes etc are routed through Balance sheet. But AO wants to have Sec145A workings to find out taxes impact on Profit and Loss. Is it correct.

> IT Return (ITR IV) of a proprietory business has been filed electronically u/s 139(4).

> Section 44AA was applicable to the business & books were maintained by the assessee, but in the Return it was set at NO.

> Balance Sheet and P & L a/c were filled as per NO ACCOUNT CASE.

> There is a REFUND of TDS amounting to Rs. 17000 /-.


> ITR V has not yet been posted to Banglore.

> Since it is a BELATED RETURN, it cannot be revised.

So please suggest a remedy as soon as possible so that the client gets the refund without much hassel.

can any person submit the IT return for individual or other assesee who is not laible for audit. pls advise me

i have seen many CA, who had become members in more than 1 HUFs,open more than 1 company (though those were on paper)
and presently, CA is becoming memeber of more than 1 HUFs, oppening more than 1 company and in future also they will become member in more than 1 hufs,will oppens more than 1 company.

i also know that in the name of Tax planning they are evading the tax, but don't know how they are managing the transactions from transfering income from one company to showing payment to other for some service / job charges by passing just an book entries.

can anybody have moreidea about this, please reply me

In case Proit & Loss is as Under , How to show Turnover and Net profit
A -10,0000
B -20,000
C Loss 15000
D Loss 12000

What i show in return as Gross Receipts/Turnover and in case Turnover 57,000 how the difference will be shown to arrive at Net Profit Rs 3,000??

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?

We received the assessemnt order for A.Y. 2008-09.However the AO has forgotten to sign all the documents - penalty notice, notice of demand, income computation form and the assessment order. However he has stamped all the above.

Querry:
1) whether it is a invalid assessment order or just an irregularity which can be later cured.
2) The assessment will get time barred on 31-3-2010. If he come to know of this fact after this date, can he do anything about it?
3) The assessment order is against us. Do we need to file an appeal? If we do, will we then be estopped to claim that it is not a valid assessment?

Thanks in advance for your replies.....

Interest on refund adjusted against subsequent AY's demand. The Assessee further wents into appeal. The accounting for interest on refund to be done atthe completion of assessment. HOwever, when is assessment said to be completed when its still in appeal process? When is interest on refund accounted for as outcome of appeal is not known?

Dear Expert,
My assessee has sold long term capital asset on 10.06.2010, now he wants to invest in NHAI bonds eligible for Sec.54 EC , Now my query is time limit of 6 months for investment in said bonds is from date of transfer or date of month in which long term capital asset transfer? If it is from date of transfer,then can he still invest?

Dear Experts,

My father is suffering from heart disease, his heart works only 30% and he has no mediclaim policy and PAN. Monthly medicine & Lab. expenses about 5000/-. And yearly medicine & Lab. expenses nearly 1,50,000/-. Now my question is my brother and me both are claim 15,000/- in u/s 80D? Does my brother’s HUF is also claim 15,000/- in u/s 80D?

Regards,

Navin M Patel
09328855100