In a search conducted in premises of mr. x on 20 nov. 2009 assats worth rs 40 lacs were found. mr. x said that such assets had been acqurid out of income of the previous year relevent to the assessment year 2009-10 however in the return of income filed for A.S year on 15 oct. 2009 there was no disclosure of that income. accourding to assessee he is not liable for concealment penalty u/s 271(1)(C) of income tax act 1961. is his cliam tenable in law.

I have Fiiled My Return for AY 09-10 By E-filling. In which I Have Shown My Business Income Rs. 99704,Other Income 115582 Deduction 70475 Capital Loss (in share) 187954 Agriculture Income 48000 But Instead Of This Amt. Tax deptt Considered Business Income Rs. 197166 And No declaration Given And Issued Tax Liabilty Of Rs. 9504 And Intt. Of Rs. 2632 So That Total TAx Liability Of Rs. 12136 Have demanded For Deposit. And Passed The Order On 16-07-2010. Suggest What I have To do. from Where I can Find The Increment Of That Income Considered By The Deptt.

What is the difference between "a person having substantial interest" and a "beneficial owner" ?

Dear Sirs & Friends,

I am into jewllery mfg company. We have some Silver Models by which we make Diamond Jewellery. Now there is an appreciation in the rupee value of the same stock as per silver rates & dollar rates on 31.03.2010. We show these Silver Models under Current Assets. My question is if i appreciate the value in which ledger should i give the second effect ie the income part of it should be credited to which account in P & L. Please help me in the same.

Dear All,

If PF for 2006-07 paid in 2009-10 amounting to Rs 2,00,000 after inspection from PF Department in 2009-10. Is it allowable while computing tax for a company or disallowable? If it is Disallowable under which section? Can anybody help me in this regard??????????

Dear Sir/Madam,

I want Standard Operating Procedure for Manufactured Unit for below mentioned area:
1. Material Management (Stores)
2. Production & Planing
3. Sales & Distribution and Logistics
4. Accounting of all above area
5. Indirect Tax
6. How to control above area with co-related with eachother.

Dear Friends,
please help me on the following query mentioned below.
1) During the F.y 08-09 there is a deemed dividend amounted to Rs 500000 against which the same amount of reserves & surplus are utilized.
As it is considered as a deemed dividend no accounting entry relating to this was passed in the books & hence the same amount of reserves & surplus is carried during the current year.
During the current Year The company had a loss amounted to Rs 7,00,000.
so please suggest me whether the current year loss amounted to Rs. 700000 can be set-off against the opening bal of reserves & surplus........which was already utilized for the purpose of deemed dividend

I have an querry related to refund of TDS.
Suppose I run my pvt. ltd. company for last 8 to 10 years. But from last 3 years, my company made a loss. So my company would not liable to pay any such income tax. Now my questin is that am I able to get my TDS receivable from Govt.,which deduct by other parties of my business?? and in what time I'll get my refund from Govt.???

As per Companies Act, company can prepare books of account for 15 months but i wanted to know is that the same from Income Tax point of view.

Suppose a company is incorporated on 15th jan, 2009 and incurred the loss of Rs 50000 till 31st march 2009 but Prepare its books of account for the period 15th jan,2009 to 31st march,2010. When will it has to fill its First Income Tax return i.e. either on 31st march 2009 to carry forward loss of Rs. 50000 or on 31st march 2010.Moreover, if company files its first return on 31st march 2010 can it claim loss of the year ended 31st march 2009 i.e. Rs.50000?

Consequence of not claiming benefit of Additional depreciation.