whether the assets used for the purpose of business or profession to be included in calculation of net wealth of assesee?

Sch-III specifies the valuation method to be adopted to value the assets.What about the assets which are not covered in sch-III like motor car,land.

sir or madam, i want to know weather employer and employee contribution to esi has been disallowed if it is not deposited in due date (21st) of every month?

i have to file the return but i dont have date of formation. what should i do to find the same

hi,, this is ashish...i want to ask how to deduct T.D.S on any particular transaction, whether it is deducted on the total amount credited to the party or on the expense debited by us.( means Excluding the service tax or vat amount)...plzzzz reply.............

Sir,

Section 40(a)(ia) of IT Act 1961 deals with disallowance of certain payments where tax was not deducted in time.

But on careful reading of the section it is found that disallowances will arise only on expenses which are "PAYABLE" and not paid. Whether the term "payable " includes expenses actually paid.

As per dictionary meaning "payable" refers to "Due or to be paid". In my opinion, the expenses which are paid and TDS was not deducted, Section 40(a)(ia) does not come in to operation.

Whereas, provision for audit fees was made in Accounts in excess of Rs.20,000 and TDS was not deducted, the Provision for Audit fees will be shown as "Payable" in Liabilities side of Balance Sheet. In this situation Section 40(a)(ia) will come into play.

Is it Correct?

While referring to settled case laws in interpretation of statutes, the meaning of statute is to be construed as it appears in common parlance.

can anybody tell me under which section or page of income tax act it is written that if stcg is other than the transection, come u/s 111a,slab rate will apply in case of idividuals

can anyboby tell me under which section or page of icome tax it is written that if stcg is other than the transections come u/s 111a, slab rate will apply(in case of individuals)

suppose a bill has been submitted mentioning rent for premises-22000 and rent for furniture-70000. now as far as my knowledge goes as per sec 194I no TDS will be deducted as the amount of bill does not exceed Rs 120000. It is only Rs-92000. Am i right in this case or not -pl. explain

can anyone explain why license fee paid by a telecom co is a capital expenditure?

A prop. ship firm is availing deducxtion u/s 80-IB from the last 4 years. Now the prop. and his wife want to have a PVT Ltd. company, which will take over the entire business of prop. firm.

Will the company be eligible for the deduction u/s 80 IB, which the prop. was availing for that business.