Dear Member
I have an query regarding Partners capital Interest.
In Deed it was mentioned that 11% interest was allowed to partners.
During the year partnership firm did invested of sum amount in MF which is not its primary business and earned X amount. On that amount they paid Capital Gain tax.
During the year firm paid Interest To partners as per the Partnership deed.
Now AO is saying that he ll disallowed the payment of interest to partner on the ground that it is not a business activity.

Thanks & Regards
Niraj Chordia

how to give cash gift to parents which is tax exempted.
please tell.

We had electronically filed an ITR 2 on 26.09.2009 of an assessee who was the partner of a partnership firm liable for audit u/s 44AB. Although digital signature was attached with the return at that time, but on later review, it was found that digital signature was not properly attached. In the assumption of digital signature being affixed, we haven't send the acknowledgement Form V to Bangalore.

Now what is the remedy for the same ?

Whether ITO can add back the Cash Sales, when an assessee is not in position to give the name and addresses of all the buyers,, even though the entire sales has already been declared in the Profit and Loss a/c
Please do reply me at sarjiwan@in.com
+9855738904
I shall be thankful to all of you

U/S 44AE transorter is supposed to get his accounts audited only if he/she/it owns more than 10 vehicles in previous year.
Case - A transporter purchases 2 heavy vehicle and applies presumptive basis of income(3500P.M/P.vehicle).Next year it purchases 15 more vehicles thus falling under the ambit of tax audit. in such circumstances can he claim depreciation on the old(2 nos)vehicles on actual cost for tax audit purpose? Please help....Thanks in adavnce for replying

Dear Experts,

One of my client has availed house construction loan for one of its property. Only a year has passed since the construction is over. I have a query whether a person can claim deduction of unavailed Pre construction interest for the remaining period even if has sold its property

Kindly quote circular no or caselaw reference if any

Regards & Thanks in advance

Hello,

I was filed A.Y. 2008-09,E-return on 04-12-09 then what i do next , Can i submit signed ITR-V Acknowledgment to ITAX Dept Delhi or send it by POST to Bangalore........

Pl help me ........reply ASAP

Thanks in advance

Amit kumar
delhi009@yahoo.co.in

Proprietor's daughter is working in the concern & she was sent from the company for pursuing MBA (HR) at Singapore for upgradation. Can the college fees, lodging, boarding & travelling expenses of her be accounted in company's expenditure under staff welfare expenses.

Is educ cess applicable on TDS deducted on payments to contractors till 30th september 09?

I have filed my IT Return previous year online through myitreturn.com.

I lost the acknowledgement Receipts from the IT Dept.

Can I get the duplicate copy of these acknowledgement.