Whether Octroi charges paid in cash above Rs. 20000 will be disallowed u/s 40A(3)?


Thank You.

Hi,
I am in a retail trade and if I file Return for the FY 2010-2011 under section 44 af with the turnover of Rs 15 lac and profit at @ 11%=1,65000RS, do I have to maintain any books of accounts.The Turnover for the last 3 years has been on an average below 15 lac.....

Now can I claim deduction under Section 80 C(Home loan principal repayment.LIC Premiums etc) and under section 24(Home Loan Interest Payment)

For How long I will have to keep the books of Accounts of previous years.Can ITO pick ITRS of previous years say after 5 years
THX IN ADVANCE

Dear sir/mam,

i have registered my company in march 2009 the company has not yet commenced its operation yet kindly suggest me that how much return i have file ????
is the audit from ca/cs/cwa is necessary for such company???

plz guide???

Hi,

I am computing long term capital gain for a property. The Govt valuation for the property is 17.5 lacs whereas the property was sold for 9.5lacs. Actual mkt value of the property is also around 9.5lacs. The law says that the higher of Govt valuation and sale proceeds shall be taken for tax computation. But in this case the mkt value is actually much much lower than govt valuation, resulting in much higher tax liability...Are there any case laws where lower value has been accepted?

One of my client is a goverment employee. During the year 07-08 he has received cash of Rs. 10.00 lacs from his brother (who is a contractor) for payment of labor. The cash received was first deposited in saving a/c and then withdraw on various dates and paid to labor on behalf of his brother. Now the case was selected for scrutiny and AO is asked for source of fund.
if we show the amount as advance received from brother for payment on his behalf to labor. Whether AO can evoke section 269SS/TT for received of advance in cash??? Please also suggest any other measure to safeguard the client.

My Question is relating to TDS on Import of Services.

We have to pay TDS on Import of Services or only on grossup Figure.

For Example'
A who is working for a Consultancy firm for Net of Taxes for Rs. 2,50,000/-(Equalent to Indian Rupees). If we grossed Up with Tds then the same come around TDS Come around 27777/-(assume 10% TDS) the total Consultancy Charge comes to 2,77,777/- and the ST comes to 28611/-10.3% on 2,77,777/-) i already considered for TDs 27777/-. But I had a doubt whether I have to pay TDS on 28611/- also please calrify

can anyone tell me that what is way to get pan card when there is no documents of pancard i.e.niether pancard nor acknowledgement nor any intimation letter from department.But the pan number is known

WE HAVE EXPORTED PETROLEUM PRODUCTS OUT OF INDIA, THROUGH MARINE TANKERS WHEREIN WHICH TIME CONSUMED FOR MORE THAN ALLOWD TIME OF 36 HOURS LEADS TO INCURRING OF DEMURRAGE. DEMURRAGE WILL BE PAID TO BUYER WHO IN TURN PAYS THE SAME TO THE TRANSPORTER.

PLEASE ADVISE ME ABOUT THE TAXABILITY OF THE SAME. IS PAN REQUIRED TO BE TAKEN BY BUYER?

Mr. A, B & C r having 1/3rd share in Partnership firm owing land & building. App. value 1 Cr. Mr. A is selling his share to Mr. B & getting Rs. 5 Lacs in addition to Capital. Post Retirement Mr. B will have 2/3rd share & Mr. C 1/3rd share. Position of tax liability in the hands of firm as well as partners. There is no change in Mr. C share. Whether goodwill A/c is to be generated in firm Books. Fair market value of Land & Building on change of Partnership is 1.25 Cr.

A firm as a three Partners. A partner is retiring. The retiring partner has credit balance of Rs. 10lacs in the firm. But firm is giving him 20 lacs. The Firm will enter into an agreement with the outgoing partner that he will not do the same business for 10 years and not entitled to use the firm logo and name.I want to know the following:-
1) Since the firm is paying him 10 lacs more than his actual balance, whether the excess amount is goodwili. Is firm claim that amount amount as an expenditure.

2) is partner has to pay tax on the excess amount.