if the turnover is below 1cr the income declared should be higherthan 8%.

As per the regular books of accounts maintained:
(as per the profit and loss account)
my total turnover is Rs.75.00 lakhs
Expenses before dep dr to P&L Rs.(68.05) Lakhs
Depn on computers debited @ 10% (Rs.0.80) Lakhs
(book value 8.00 lakhs)
Net profit as per P& L Rs.6.15 Lakhs
(after all the expenses and dep debited to P&L)

Question:
In statement of Income computation sheet
Net Profit Rs.6.15 Lakhs
Add: Dep @ 10% dr Rs.0.80 Lakhs
--------
Rs.6.95 Lakhs
Less : Dep allowed 60%Rs.4.80 Lakhs
--------
N/P chargeable to tax Rs.2.15 Lakhs

whether the section 44AB is applicable because the ultimate N/p rs.2.15 Lakhs falls below 8%.
or
44AB does not apply because the n/p as per P&L Rs.6.15 Lakhs is 8.20%

can i submit the above return without 44AB.

I am giving my ipcc attempt in may 2014. I am referring to Surbhi Bansal's book for auditing, and Munish Bhandari's book for Law, ethics and communication. Can you suggest any better books for me or should i continue using these books?

I am engaged in manufacturing business and having central excise registration. I receive the labour through contractors for various works like packing and other processes related to manufacture of excisable goods. The services of such contractors would be covered under which service- manpower supply or works contract?

PLEASE TELL ME 1.AUDIT REQUIREMENT 2.CAN I FILE LOSS RETURN IN MARCH 2014. ======================================== MY PARTNERSHIP FIRM INCOME ======= 30000.00 FIRM CONTAIN A PROVISION THAT BOTH PARTNER SHALL BE ENTITLED FOR SALARY OF 10000 PER MONTH AND INTT 12% ON CAPITAL POSITION IN BOOKS ========================= RECEIPT 30000.00 lESS PARTNER SALARY 240000.00 lESS:- INTT 50000.00 =============== AS PER BOOKS LOSS 260000.00 =============== AS PER TAX POSITION ===================== RECEIPT 30000.00 lESS INTT 50000.00 lESS-PARTNER SALARY 150000.00 =========== LESS IN RETURN 170000.00 ============= CONFUSION ========== 1. AM I RIGHT OR WRONG IN ABOVE WORK 2. I HEARD THAT IF I WANT TO FILE LOSS RETURN AS ABOVE THEN AUDIT IS MUST firm is professional firm and covered under technical consultancy. I think 44ad not applicable. firm net profit is 30000,before partner remuneration and interest. if I debit interest and remuneration then in loss . my friend said in case of loss tax audit is mandatory

what is articleship on loan staff agreement means. is this is same as secondmnt n also wht are its drwbacks n advantages..?? N WISH U ALL A VERY HAPPY HOLI

If an individual gifts a property to HUF , which he purchased with the sale proceeds of an immovable property which he got through inheritance, what are the tax implications and do clubbing provisions apply ?

Dear Experts,

Pls answer to the following query,

A Pvt. Ltd. Co. giving sales incentive to its Sales Executives on the basis of their sales in addition to salary and deducting TDS U/s 192B for the whole. The expenses incurred for such sales should be met by the employees themselves. Some executives are going abroad for the sales and they have incurred huge expense for the same.
My query is that,
1. Whether the employees can deduct such expenses from their income while filing their return of income?
2.If no, whether the company can show the incentive as commission and deduct TDS U/s.194H, and then whether the employees are eligible for deduction for such expenses?

Thanks in advance

While claiming HRA Exemption, if one has resided in two houses in a financial year, both the houses agreeements & landlords' pan card copies to be produced?

For eg., i resided in a house from apr' 13 to aug' 13 & rent was rs.11000/- & from sep' 13 to mar' 14 , i'm paying rs.14000/-, should i produce the agreements, receipts, pan card copies relating to both the houses?

hello, i am pursuing cs executive and want to join mba in finance from distance education. please suggest me whether i should join it or not.also tell me if there is any other course which would enhance my career.

Sir,
A property is financed by one person and the same property is hold by another person among the two parties the party who is financed has treated as deemed owner or not; in whose books of accounts the property should be disclosed and what was impact of Binami Act