An assessee is a retail trader in automobiles he has earned a commission income in addition to normal income during the course of business. His turnover was 40 lakhs and the commission income was 2 lakhs. Now can we declare turnover of 42 lakhs under 44AD and declare 8 % profit on it or is there any other treatment.

Dear Sir,

I have doubt about sec U/s 44AD. please, clarify me.

This is a Situation:

Mr.X Working partner in a Firm. He received Remuneration of Rs.90,000 from the firm. but, the Firm goes to opt filled It return Under 44AD. Such case , Firm Gross Receipts Rs.2,50,000/. they arrived 8% of Gross Receipts amount of Rs.20,000/- As per 40(b) book profit computation maximum allowable remuneration Rs.17,000/-. In my doubt whether Mr.x Offered as Income amount of Rs.17,000/- or Rs.90,000/- for his Individual IT Computation. In case he offered as Rs.17,000/- only. Then, who will pay Tax for remaining portion of Rs.73,000/- and how it will attract to tax?

What are the services for which a proprietorship firm would be liable to pay service tax under reverse charge mechanism as a service receiver?

sir,

please answer following questions.

if i received maturity amount in my bank a/c ....it is possible to transfer to capital account???//

Service tax is paid under reverse charge mechanism by the company. The amount paid is taken as cenvat against the output service tax. however the amount of cenvat (of service tax paid under RCM) is more than output service tax at the end of financial year.

Whether excess amount can be carried forward to next financial year? or it can be taken as refund? or it can be adjusted against output excise duty? or unadjusted cenvat will have to be written off in the books of accounts?

Dear Sir,

Received Below intimation from CPC Bangalore Related to Filing of My ITR

What To do ? & where to Approach for my refund ? As Refund Amount Is 2906/-

Please Advice



Dear Taxpayer,

Ref:- E-filing Acknowledgement Number 114987360010314 date 01-MAR-14
The Income Tax Department- Centralized Processing Centre (ITD-CPC), Bangalore is not in a position to proceed with the e-return filed by you, details of which are indicated above. The return is transferred to Jurisdictional Assessing Officer (in AST) processing of which is to be done by the Jurisdictional Assessing Officer who may be contacted for further clarifications if any. In order to know your current jurisdictional Assessing Officer (AO) you may log on to https://incometaxindiaefiling.gov.in and click on "Know Jurisdiction" under "SERVICES" menu.
If your return has already been processed then please ignore this communication

income from compulsory aquisition from state govt of rural agricultural land. as per sec 10(37) it will exempt or it is taxed i the head of capital gain tax???? other things like the amount which not utilised for purchase of land,building,or construction cases

Hello Sir,
A client has invested in BNP Paribus Mutual Fund - Daily Dividend Scheme.
Where he receives Dividend in form of units. No cash outflow.

He purchased 209 units for Rs.2,00,000.
Sold 230 units for Rs.2,32,000 within 1 yr.

These are the only 2 amounts reflecting in Pass Book regarding Mutual Funds.
Papers of Mutual Funds are not available with client and he isn't bothered.

Now out of Rs.32,000 how shall I determine the Dividend exempt and Short Term Capital Gains.

Thanks in Advance.

I want to start my own CA practice. Right now i am in job but like to go for practice as my carrier. So please provide suggestions..

I m working in private limited co. & we are service provider of repair & maintance of shipping containers.
for providing output service we purchased one empty container handler (capital goods) from outside maharashtra , in that transaction we paid cst , excise duty.etc.on our purchase. So whether can I take excise duty as cenvat credit against my service tax liability. ? If yes then whether shoud I register in excise for getting this benefit.
pls ans