Dear sir,

We were paid a sum of Rs.10,000/- to an advocate and by mistake our Accountant deduct TDS 20% instead of 5.1% and we paid the same the deducted amount in the Central Govt.A/c with out verification. but now we found the mistake and we are not in a position to issue TDS certificate for the amount,which we deducted. and at the same time we have paid all our dues under the same head for this current year. now my question is whether we can issue TDS certificate including excess amount? or whether we can adjust that excess amount in the subsequent year dues? Plz.. clarify.

I have filed I.T.R of Rs 3.5 Lacs last year (A.Y. 06-07). If file I.T.R. of Rs 1.0 lacs this A.Y. 07-08, is there any chance that my case can be come under scrutiny due to drastic reduction in Income bcoz the business has been shut down inspite of being in reasonable profit because of articleship.(Business is of Trading in 'Share & Security')

My father bought house property i his name, iam paying the interest & principal for loan, father don't have income above taxable limit so he is not claiming, whether i can claim the interest as house property loss and principal as a deduction U/s 80C

Public Charitable instt, running educational instt, Donation received with specific direction towards Corpus Fund of trust, can such fund be used for revenue exp such as salary, conveyance, printing, repair & maintenace, etc.,

Sir,
Do sec 44AD of IT Act is applicable to a Builder who buys plots of land & deploys his own resources (without subcontracting) to construct the buildings & sell it?


Thanks

IN FINANCE ACT 2007, THERE IS CHANGE IN VALUE OF RENT FREE ACCOMODATION WITH RESTROPECTIVE EFFECT FROM ASSESSMENT YEAR 2006-07.. BUT RULE 3(1) IS NOT AMENDED. I HAVE TO FILE RETURN FOR THE ASSESSMENT YEAR 2007-08 HOW I VALUE MY PERKS. WHETHER I WILL TAKE RATE 20% , 15% OR 10% & 7.5%. IF I HAVE TO TAKE 10% OR 7.5% , THEN CAN I REVISED MY RETURN OF ASSESSMENT YEAR 2006-07.

The firm is arranging finance on behalf of finance company and getting commission from the finance company for the services rendered. The total commission received during the year is 17 lacs. whether tax audit is applicable for the firm? if so is there any circular/notification from the Income Tax Department

Hi Friends,

An assessee has purchased a commercial property and let it out for commercial purpose.

Whether the rental income should be shown as income from house property or as income from the business? The assessee is having other business also.

What i understood is that the department is always insist for house property income rather than business income.

What difference it makes if the assessee let out its property along with furniture

Pl. Let me know your views.

I am article and get stipened. whether i can do part time job that is only on saturday or sunday basis. if yes, whether i can show this income under head 'salary'..

As per ammendment in 2007,valuation mechanism in perquisite in respect of rent free accomodation.The tax on basis of population cut by old rate calculating 15% of salary.In what way refund can get by filling in I-TAX return?As there is no specific column for the same in form ITR-1.Please guide me.
DINKAR PANDYA