I have a friend who is sub broker and dealing in shares too. He is earning commission income from a company due to dealing of his clients. He is also personally dealing in future market. From future market he earn loss, i think there is change that now if there is income from future or derrivative market from shares dealing then such income will be taxed as Business income. So,My question is will this loss from Derrivative can be adjusted against his commission Income.

hi my self amit ,do u know which is deduction & rebate partnership firm pls suggest me.

If any individual's income falls in the slab where he has to pay surcharge on the base tax rate.And in the situation where he gets refund on the excess deduction,does the refund amount includes the surcharge.

Can we take additional deprn for the subsequent second year at the book value @ 20% u/s 32 for plant & machinery i.e. assets shold not be second hand & other proviso along with 15% WDV as per IT Act with the ammendment from 01/04/05.

If a chartered Accountant is to give Form 3CEB (For Transfer Pricing) and Form 56 (for remittances received with 6 months in case of exports) how can he do so now that the ITR is to filed online. Should the forms be personally handed over to the dept and acknowledgement received. Or should the companies retain them in their files and produce them if need be in case of scrutiny or otherwise. Kindly advice.

TDS on services rendered by inspection agency abroad at customers premises in UK i e inspection of goods dispatched from india . Inspection agency is not having PE in india.
Is tds necessary while remetting the charges for inspection carried out for services rendered abroad ?

An assessee receive land through will from his husband in the year 2003. The husband had purchased land in the year 1988. Whether the cost of indexation will be done from the F Y 1987-1988 or from the year 2002-2003 i.e. the year in which she has received the land through will. What would have been case in case the husband had purchased the land in the year 1979.

My question is whether any Pvt/Pub Ltd company can pay Insurance Premium of Directors,Employees,Chairman under Employer Employees Scheme(Not Group Health or any other form of Group Insurance) and get deduction from Profit and Loss Accounts.Is there any limit to debiting of expenses under the scheme.Can corporate select any select band of employees/employee/directors/director for the said insurance scheme.

Please guide me.
E Mail: kashyap@kashyapfinance.com

Kindly advice as to which form of ITR is to be used for an Individual who comes under 44AB tax audit and who is also a partner in another 2 firms which also is covered by 44 AB tax audits. Urgent.

Hi,

An individual who is a CWA but not practising as a CWA instead drawing receipts from consultancy services (say outsource of payroll work) exceeding Rs. 10 lacs .. whether he is liable to Tax audit under income tax act.??

Similarly,

An individual who is an MBA drawing receipts from consultancy services (say outsource of payroll work) exceeding Rs. 10 lacs .. whether he is liable to Tax audit under income tax act.??

Whether MBA is a profession for Tax audit purpose..

Please clarify at the earliest..!!!