Cash payments in excess of Rs.20,000.00 made by a franchisee / dealer to BSNL (Bharat Sanchar Nigam Limited - a Govt of India undertaking) for purchase of SIM / Currency for resale to sub dealers and consumers, whether to be disallowed u/s 40A(3) or it is exempt from disallowance under Rule 6DD(b) of Income-tax rules 1962. Please clarify

if an assessee have two separate business say A & B both business's receipts dont cross 40lacs individually but aggregate crosses 40 lacs he is required to get audit report or not?

Is the mat credit entitlement credited to profit & loss account, a taxable item

Dear Sir

as defined u/s 44 AB AUDIT REPORT HAS TO BE FILED before 30 th september for ay 09-10.
the problem is that in case of e filing of return where and how to file the audit report . Is it compulsary to file the report or date mentioned in e return is sufficient.

If audit is conducted before due date but return of income e filed after 30 th sept. how much penalty be imposed .

section 272 and 139 was contradictory.

kindly suggest the solution .

The TDS rates of 20% (or higher if provided in the applicable schedule ) in case of NO PAN available (wef 01/04/2010) - my query is why only transporters are charged at 0% TDS if they furnish a pan , why are other contractors not included?

Is the Fm right by levying such exorbitant rates of 20% or higher , cos in some cases a person may not be legally required to have a pan ? Imagine a labourer working for 150 bucks a day, doesnt have any proof (cant remove a pan number ), falling under 194C will now lose 30 bucks a day as taxes ????

Shudnt the Pan provisions be amended before altering the existing TDS provisions making it compulsary for every person in INDIA to have a pan ?

I believe its going to create a havoc for a lot of ppl dealing in unorganised sectors ...whats the whole point of 206AA ?can sumone explain the intention behind 206AA ? or these provisions are just to provide more 75 lakh PAN applications this year to UTI/NSDL ?15G/15H also to become invalid if Pan not provided ?

1.W.E.F. 1.10.2009 TDS IS NOT EDUCTABLE ON TRANSPORTERIF THE PROVIDE PAN.

2. U/S 194C(7)- PAYEE TO FURNISH DETAILS TO AUTHORISED PERSON.

3. WHERE TO SUBMIT THESE DETAILS AND IN WHICH FORM?

Dear Sir,

Can an application be made to the ITAT for reopening of a case decided ex-party by the Tribunal against the assessee?

Pls suggest me

CA ANIL KUMAR

If accountant has done any wrong entry-either by mistake or by intension of his employers- what are the legal actions that can be taken on accountant by Incometax/Sales Tax/Excise or Service Tax Depatments ???

What is the legal actions against accountat if profits are adjusted by the owners of the company???

Sir,
in A.Y. 2008-09
My one client have paid his SA tax. But initially he paids it for A.Y. 2007-08. That was really a mistake by him. What is the procedure for claiming refund for that A.Y. i.e...He used to file return online....pls help


Note : He has cleared all dues in respect of IT.

Hello Experts,


1) Under which section Interest paid for late payment of TDS is disallowed

2) Under which section amount debited to profit and loss account relating to previous year is disallowed.

e.g. If in last year provision for telephone bill, electricity bill or any other expenses is not made and debited to current year P&L account, under which section this amount will be disallowed. (OR whether this amount will be disallowed or not ?)

3) Any excess or short provision of previous year, transferred to P&L a/c, whether disallowed or allowed in current year.

4) If an society want to claim deduction u/s 80P, but didn’t filed return of income since it’s incorporation (From last 12 years), But now the society has filed ITR for FY 2008-09, can he claim deduction u/s.80P for FY 2008-09.

In this case what is about ITR & section 80P for last 12 years. (Note there is tax audit applicable to society till date, i.e. turnover is not exceeded more than 40 lacs.)

5) can we debit to P&L account loss on account of Futures & option.


Please give me answer (s).