A Life policy was opened in May 2011 by father in the name of his Son. Father paid insurance premium on the same for PY 2011-12 and Father claim deduction u/s 80C for insurance premium paid in his return for AY 12-13.
Father retired in March 2012 and his pension income is below minimum taxable salary's slab viz below Rs 2L, Now Son agreed to himself paid insurance premium on the policy opened by father in his( Son's) name, now son wants deduction of premium paid for next A.Y. is it possible for Son?
Provided that Father claim no deduction for the same in his next Return.

Dear Sir/Madam,

Mr. A transferred his own property to partnership firm in which he having 60% share. as per sec 45(3) he has to compute & pay the capital gain.

Query:-
whether firm is liable to pay stamp duty on the market value of the asset or stamp duty has to pay on the other partners share in firm (40%) only.

please clarify

Dear Sir,

I want To know Is service Tax Is Mandatory If Yes Means When We Have To Do the file

I want to ask something about income tax refund.My frnd is working in easy day store as a store manager and his tax is deducted from his account Rs.11000.He want to take refund by showing his expenses of home loan Instalment and investments.Now what to do....?

Dear Members how to enter stock items in tally.only purchase,sales,payment,recipt is sufficent or we need to maintain further records in tally.

im waiting for your reply

Dear Members how to enter stock items in tally and how to enter entries to transfer,purchase,sale.and how to create ledgers in stock items.


im waiting for your reply

Hi all,
I am in third year of my articleship.I am in internal audit department and work with same clients throughout the year.I already took a transfer in my first year.Now I thinking of taking dummy articleship,attend classes and prepare for Final in May'15. Is it a good idea?Will ICAI approve transfer in 3rd year if I show health reasons.I am thinking in such a way as I learning nothing new and doing same work for past 18 months

what is Corporate debt reconstructring(cdr) ? If company is filing for cdr is it good or bad?

If a company pays Rs 5000/- via interbank transfer to all employees on occasion of Diwali.

What is the tax treatment in hands of employee?

What if employee submits the bill of
purchase of gift worth Rs 5000/- ?

Dear Sir,

I have filed my income tax return for the a.y. 2011-2012 as on date 31 july i had not shown exempt income from gapital gain in return and some interest part of income in return so please tell me any penalty may be arise by the income tax department.

Thanks in advance
K K Goel