I audited my books of accounts for A.Y. 2012-13 in Sep, 2012. My turnover was Rs. 3.25 crores and net profit was 1.75 lakhs. I did not file my return of income as my income was below taxable limit. I also not submitted copy of audit report anywhere in any office. Is any penalty provision which can be initiated against me? If yes, what amount of penalty and under which section?

One of my friend file the return for Assessment Year 2013-14 on 28/02/2014.
At the time of filing the return he is not mention the deduction under section 80C, therefore return shown the tax on income but he not look at that point and file the return.
When he see the ack. copy of return it shown the tax payable amount.
What should be done for that to rectify the mistake done on file of return?

Please reply.
Thanks

my query is -whether once in service tax always in service true??
If an Assesee who is under service tax ambit subsequently if the value of the Taxable Services fall below 10 lakhs does assesee still has to pay service tax for the subsequent years??

Sec 56(2)(viic)taxes an individual on the shares purchased by him if the FMV is higher then the consideration he is paying.

So my query here is,
when in future an individual sells the same shares he will be liable for Capital Gains Tax.If we assume the Asset(Shares)to be a long term asset and the computation for the same is done under Sec 48,the Cost of Acquisition would be the price he paid for purchase of such shares.

Isn't it unfair to first pay tax u/s 56(2)(viic) because the consideration paid by the individual is less than the FMV and again on selling such shares the benefit of COA will just be the purchase price paid.

For eg:
FMV Rs 50
Consideration paid Rs 10
So tax U/s 56(2)(viic)=50-10=40*30%=Rs 12
Again when the individual sells the shares-
Selling price Rs 100.
So the computation U/s 48 will be as under
Full value of Consideration:100
Less:Cost of Acquisition: (10)
Taxable Income: 90
Tax-90*20%=Rs 18
So the individual ended up paying Rs 12+18=Rs 30 as Tax.

IF I HAVE SALARY INCOME OF 400000 AND HOUSE PROPERTY INTEREST OF 150000.....THEN IN MY GROSS TOTAL INCOME I WILL WRITE 400000.AS I CAN'T CLAIM DEDUCTION OF 150000.THEN WILL I SHOW IN INCOME TAX RETURN FORM 150000 AND HOW?

I AM CITIZEN OF INDIA & WORKING WITH COMPANY IN INDIA THE SAID COMPANY HAS CREDITED TO MY A/C.THE VALUE OF SHARE I.E 11,25,602 BEING VALUE OF PERQUISTIES U/S 17(2) AND INCLUDED IN MY TAXABLE SALARY IN FORM NO 16.THE SAID SHARE ARE GIVEN BY THE EMPLOYER IS LISTED IN NEWYORK EXCHANGE NOW I AM SELLING THE SHARE WITHIN ONE YEAR OR AFTER ONE YEAR THROUGH SHARE BROKER IN NEW YORK WHO HAS REMITTED THE SALE PROCEEDS OF THE SHARE IN USD VALUE & CREDITED TO MY SB A/C IN INDIA IN INR WHETHER SHORTTERM OR LONGTERM CAPITAL GAIN IS ATTRACTED & PAYABLE BY ME ALONGWITH MY SALARY INCOME TAX RETURN PL EXPLAIN

Hi
A share holder of a private limited company wants to transfer his share to another person name.( not a relative of share holder).So what is the procedure should be applicable on share holder. and also company is liable to intimate ROC for change in shareholding or not.if Yes then any payment should be made to ROC .

I have filed tds statement for q2 -2013-14. In that statement, challan date-in one challan was wrong and I got demand intimation. Afterthat I filed correction statement. In that statement, two challans were shown as mismatched but data of one challan was incorrect. so I corrected one challan data and filed revised tds return. Now after processing the statement, I have again received demand notice for that challan which was shown mismatched and all datas were correct. The challan status is shown as overbooked. on traces site. And in challan inquiry, the status is matched for the challan.

Now How can I file the correction statement for that challan??Reply soon.

details when i started CA:-
HSC 2007 batch
CPT studies started from 2008

Where i have reached:- IPCC one group Clear

what i wanna do:- my dad has a small setup of income tax and VAT practice(he is not a CA)wanna do something of our own NOT A JOB FOR SURE.

My problem:-
i am 25 now and need to think that should i continue CA or just not my cup of tea?

If i continue i think i will still take 3 4 attempts minimum for CA final ie at age of 29. that is also not sure as per my caliber

if i don't continue what else can i do?
CS isn't useful because i don't wanna take up job in future and CS practice doesn't work well.

Options i know (for own practice or own setup) is LLB. but is it really worth?

please suggest
i need to support my family.
badly stuck up

our cmpany has corssed the net profit of 5 -crores in the financial year 2007-08. however after that year til date our profit is in between 2 to3cr will sec 135 of new compamines will be applicable to our company.