As per Section 145A the purchases, sales and inventories to be valued inclusive of taxes, duties, cess, etc incurred or paid. VAT introduecd during the FY 2006-07. Sales effected out of opening stock also and that stock is on declaration of forms or exempted goods. Is the closing stock to be valued with VAT on such stock as well as the opening stock also. Is Vat receivable only to be added in closing stock or the actual VAT paid on closing stock should be added. Further as per new ITR in the P& L a/c the Purchase, sales, closing stock etc to be inclusive. Can we do adjustment in computation only and the net effect can be shown in adjustment. If this method is followed then will it not be treated as defective return as the P& L not prepared as required in the form.

Regards
R K Dhandia

hi friends
an individual had purchased two residential house property 10 years back, which were adjacent to each other.He combined the properties and started using the same as a single house with common entrance, living room, etc. He had purchased them vide two separate agreements. He now sold them vide two separate sale deeds and has invested the entire proceeds in a single house property. Can he claim exemption under section 54 in respect of long term capital gain arising on sale of old two houses.

Three persons in their individual capacity entered into a deal as detailed below:

One landlady entered into an agreement with husband for development of her plot of land bought at Rs. 30 lacs sharing profit 40:60.
40% wife & 60% Husband.

Husband developed the same and sold one floor to their son for Rs. 50 lacs.

Now the total project is being sold at Rs.3.00 crores.

They will get :
Wife Rs.90 lacs
Husband Rs.135 lacs
Son rs. 75 lcs

Whether they will come under Tax Audit?

wheather future&option treated as bussiness income or capital gain

if husband deposit some amt of money in wife p.f a/c wheather husband get any tax benift..........

A manufacturing concern,who is constructioning a building. Is tds deduction necessary on labour payment made
to contractor(i.e.tds on fixed assets)
& if tds not deduct what will be implection of this.

Are there any restrictions or regulations to be followed to receive donations from outside india by a trust registered in india and got exemption certificate u/s 80G of IT act

What is the procedure to be followed for a charitable trust to get registered u/s 12A of IT act and to get exemption certificate u/s 80G

SIR I WOULD LIKE TO KNOW
IF IN THE MEMORUNDUM OF ASSOCIATION OR RULES AND REGULATION OF ANY TRUST PERMIT TO PAY SALARY TO THE CHAIRMAN OF THE TRUST THEN SUCH PAYMENT WILL BE AN ADMISSIBLE EXPENSES OR NOT AS PER INCOME TAX ACT?

PLS LET ME KNOW WHETHER EDUCATION CESS(.36%)

IS APPLICABLE ON RESEARCH & DEVELOPMENT CESS UNDER
THE R&D CESS ACT 1986

I am a Income Tax assessee as a businessman since last 4 years in Meerut Jurisdiction. i want to know that whether i can fill my Tax return in Hyderabad Jurisdiction for Privous year 2006-2007. However my principal place of business is still Meerut.