Is this interpretation from IT Act correct ?

1) It is optonal to apply 44AD and if assesse does not opt for it, then he shall disclose income above 8% and can avoid liablity for Audit.

2) Further if T/O is below Rs10 lacs and income is less than 120000 in all the preceeding 3 years than he is even not required to maintain books of Accounts as per sec 44AA.

3) So in that case he is not required to disclose detailed B/S and P&L in ITR4 and can just fill the details in " NO ACCOUNT CASE SECTiON" in ITR 4.

I have already taken transfer during my first year of articleship...my principal has put an extension of 4 months can I serve the same under other principal.Can we take transfer twice

Resp Sir,
WE ARE NOT REGISTERED UNDER SERVICE TAX ACT TILL NOW .We are having coal trading partner ship business we pay freight to each lorry who brings coal different mines and different ports from different transport agents after that we dump the coal to our yard and resale that product . sir my question is do our firm is liable to pay service tax for freight in put and freight out put,IF WE COMES UNDER LIABILITY OF PAYING SERVICE TAX , IS THERE ANY LEVEL(SLAB) WHICH IF WE CROSS THEN WILL COME UNDER THE SERVICE TAX ACT LIKE THAT . AND ONLY WE ARE JUST TRADING COAL AND SELLING TO END THOUGH WE HAVE TO PAY SERVICE TAX

The following queries are related to Partnership firm carrying on eligible business as per sec 44AD

1) In case Partnership firm having Turnover of Less than 1 Crores and claiming loss, is it necessary to conduct Tax Audit u/s 44AB, as the income offered is less than 8 % of Gross Receipt as per Provision of Sec 44AD.

The provision of section of the 44AD is reproduced below:-
“1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year on account of such business or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the eligible assessee, shall be deemed to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business or profession”.
(2) ………..:
(3) ……….:
(4) ………..:
(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB”

How to study ipcc audit to score good marks ? which book to be reffered ?

Dear Sir,

Pls tell me that what is Employment Agreement. And what is the purpose of it.
Regards,
Rahul Mehra

Service provider - Individual
Service receiver - Pvt. Company
Service provided - Labour supply for construction of residential building where materials will be supplied by service receiver.

Kindly provide information regarding service tax implications and requirements if supervision of whole work is the responsibility of service provider

and also the requirements and service tax liability if supervision is to be done by the service receiver.

Pls send me union budget 2014 or highlights.

Hello

We are an merchant exporter. We purchased imported goods from mumbai and sold to Nigeria. We have paid 12 % CVD & 4 % SAD to local supplier in mumbai.
Now we have to claim for this CVD & SAD.
Please let me know the procedure and Formalities.
kavita

We are a steel manufacturing Company in kolkata..

We have our new client at Andaman & Nicobars Islands. I want to know regarding what kind of taxes would be levied in respect of sales made to them..

what procedure we have to follow in order we dont face any difficulties..


Please guide urgently..