Hi my client is an exporter. presently m filing return as per sec 44AD..but his turnover is soon expected to cross 1 cr.. pls suggest ways to optimize tax... I hv already created HUF for him to split turnover thnx

who are first stage or second stage dealers?

When a small businessman not having proper books of accounts ask to file IT return how to calculate his income.
In case if we file return u/s 44AD how to calculate his turnover, debtors,creditors,stock and cash balance.

Hello Experts,

Myself and wife are the directors of a private limited company (50% shares each).

Recently we applied for a home loan at Axis bank. We had submitted our individual ITRs, individual computation of income for the last 3 years. Plus we submitted the company audit reports for 3 years (that contained the Profit & Loss statements and the Balance Sheet).

The bank came back asking for the computation of income statement for the company for the last 3 years. My Chartered Accountant says that computation of income statement is not prepared for the company but is for individuals only.

However, the bank insists that computation of income statement for the company is mandatory. Without which they can't process the loan application.

Do the chartered accountants prepare computation of income statement for the company as part of the annual process? Is it a mandatory financial statement ?

Really appreciate advice from the experts. I am held between the Chartered accountant and the bank authorities.

Prasanth

verification of answer sheet is helpful if the students get 295marks is it really worth!???

transaction was supposed to passed in capital account but passed in other account in fy 12 -13 , can we rectify this entry in fy 13-14

A government employees have received salary arrears in the form of GpF which is directly credited to his gpf accounts. Arrears is related to year in which section 80c limit is not exauasted. my question is can i utilise gpf arrears as a deduction while calculating tax on accural basis.

respected sir,

kindly guide me regarding the case laws to be prepared for paper 7 & 8. i m refering t.n.manoharan and bangar for the above two papers so r the caselaws given in these books sufficient or i need to refer sumthing else also. pls advice

I filled my revalidation form on 18 feb and I saw here that new reg no. will be given atleast in one month now I want to apply in may 2014 so what can I do in this case

If assessee and spouse have joint a/c in a bank, firstly assessee have open FD in his name and after maturing FD he want to open a new FD in the name of spouse. For this bank raised objection bcz assessee was the first holder and spouse second holder so FD can be issued in the name of first a/c holder name only.
So in the above case bank objection is right?
please help