Dear Friends Pl clarify how to treat the interest during construction of house if the house is completed with the same financial year of taking loan from bank. Wheather to take full interest for exemption or it should be at 1/5 each for 5 years.

Dear Sir,

Kindly let me know the difference between PTRC & PTEC registration...

Also let me know the due date to file PT return for Maharashtra state.

Thanks in advance

I have forgot my income tax efilling password as well password of mail which was mentioned along with efilling login. Can you please help me how to retrieve my account or get a duplicate one?

Dear all,

I have received FY 2009 - 10 TDS intimation short deduction, late payment int regarding, when i download justification report, there was pan error is there, now i will pay SD, LP, want to be filled a revise return or not.

thanks, but i don't have pan no, because the client not along with us, what can i do.

Dear Sir,

If employee given written investment declaration for a financial year and leave without proper resignation and no dues during the financial year and there is TDS deductible amount pending against him and he is not provided declared investment proofs.
What is the remedy with employer for recovery of non deducted TDS amount on paid salary?

with regards

PANKAJ MISHRA

sir i am going to start my business of printing saree boxes, i will purchase paper from outside, getting it design, printing, and other process from outside, i will not purchase any office for it, shall i go for it, whether excise or service tax issue arises on selecting my home as my office?

Hi, i have paid the tds & filled the tds for the year 2012-2013, but in the quarter # 3 i am getting overbooked, when i have cross verified with my challans which i had paid in banks the amount which we have entered is right but it is showing it as overbooked

so irequest you to please provide me the appropriate suggestion to resolve this issue

Regards
Qayyum

Hi,

My employer has recovered joining bonus from my salary when I left the organisation before agreement period.They have deducted tds on bonus amount and now they have recovered this amount from my salary. Shall this be reduced from my total taxable income too so that I can claim the tds deducted?

Please advise.

thanks

NEW SCHEME FOR COLLECTION OF INDIAN TAX.

Friend’s Indian economy has the third place in whole of world, and is in growing phase. Indian economical structure are running through the collection of revenue by Indian Government from different sources like collection through levies of different tax or Government engage in different business activities. Collection of Indian Tax is so Important for Indian economy that it give heavy contribution to reach upward to Indian economy i.e. most of the collection of Indian government is arising from Indian Tax system, but this structure is so complex that normal tax payer’s are unable to understand this because of the following;
1. Fulfillment of various tax compliance like payment of tax on due date, filing of tax return on due date and produce various information and documentations before the authorized officer as require by him.
2. Amendment in legislature from time to time to fill up the low fall and insertion of new explanation & section, due to this it is difficult to update for every tax payer and they fell burdensome and don’t make 100% concentrate in their business/profession.
3. If a normal business man conducting business innocently, it is not possible for him to aware all the legislature which is levies on transaction occurring in his business and he has to spend lots of money for hiring of consultant.
4. Heavy expensive structure, because Indian Government spends almost 16% per year in the process of collection of Indian Tax Revenue.
In order to remove these inconveniences I have an idea in my mind to make easy this structure which will be easy to follow and simple to understand. There will be no need to follow various formalities by tax payer from time to time and neither requires spending more time and money to comply provision of various nor need to spend various expenditure by government to collect tax.

PROPOSAL
Government of India should adopt a process for collection of tax through banking channel.
The following process should be adopted.
1. For the removal of black money it will require to stop the transaction in cash i.e. make a scheme for conducting all the transaction through banking channel which is exceeding Rs. 3000/-
2. Give the instruction to Indian Bank to deduct tax @ 2.06% on each transaction (except exempt transaction) and remit the remaining balance to the beneficiary.
3. Further make the bifurcation of deducted tax into the following.
i. .70% Secure for Central Government.
ii. .70% Secure for those States Government in which beneficiary of transaction are conducting business\profession.
iii. .30% secure for Education sector
iv. .30% Secure for agriculture sector
v. .06% for Banks for its management purpose


The following are the exempt transaction.
1. Transaction is occurring for agriculture purpose.
i. Transaction for hiring of agriculture land
ii. Purchase various fertilizer by agriculturist for growing
iii. Sale of agriculture product by agriculturist.

Hi all!!
We have recd a notice which states " assesse has claimed loss under the head Business and profession; however has not filled BS and P&L and not got the books audited." (error code 32) I have following queries:
1) If we claim loss (which we have), is it mandatory to fill complete p&L? We had filled " No accounts case" part because proper books are not maintained
2) Do we have to get the books audited?
The t/o does not crosses 60L or 1 Cr
What should be appropriate response to the notice.