A professional individual who comes under audit under sec 44AB has filled his return manually in F.Y 2011-12 and the audit was not being conducted. what is the procedure to revise his return..??
Manual return can only be revised manually and audit parties are mandatory to e-file their return.. what should be done in this case..?

Dear Sir,
I have received intimation from trace demanding interest on late deduction of tds. Actually it happened due to mistake in date. Therefore I have file a revised return within 10 of receiving intimation.
Whether any further step is reqired or not.

Please advise me.

A Case Study:-
Mr.Gupta in Punjab, is a manufacturer of Stainless Steel Ingots.
Mr. Jain has a Plant in Gujarat manufacturing SS Coil.His Raw material is SS Ingots.
Mr. Hari an Iron & Steel Dealer registered to deal in Excisable goods is also in Punjab.
Mr. Hari contacts Mr. Jain that he will procure SS ingots on his behalf,for which he will charge Re 1/- per KG.
Mr. Hari knows Mr. Gupta & places orders for supply of SS Ingots to Mr. Jain.
Mr.Gupta takes E1 Form from Mr.Jain & C form from Mr. Gupta.
Mr.Gupta issues an Excise Invoice showing Mr.Jain as Consignee & Mr. Hari as Buyer. Mr. Jain on receipt of Duplicate copy avails Cenvat involved on the qty received. On receipt of Original copy, Mr. Hari issues a commercial invoice in the name of Mr. Jain adding pre-determined profit of Re 1/- per KG. No entries are made in RG23D.
The freight is either paid by the consignor or the consignee.
Querry:-
Is this merely an E1 / consignment sale.
Where the profit of margins of Mr Hari is already pre-decided on the basis of the qty. sold. Should not Mr Hari be considered
a commission agent under Business Auxillary Service(services of procurement of goods on behalf of the client which is an input for
them)and Service Tax should not be paid by
him on the margins earned on such transactions. Merely the fact that only the invoices and the money is routed through him and no CST/freight/any other costs is borne by this middleman, Why his margins can not be subjected to levy of Service Tax.

respected sir, pls. tell me about sales against 'F'FORM

A company purchased debentures and when the same were redeemed, the company received premium on redemption of same.

Please advise how premium should be accounted for whether it is in nature of interest or profit.

Dear Sir,

I have purchased a house from capital gain u/s 54 from the old house sold. Now bank is ready to provide me home loan refinance agst the same.
1.Whether I can take the loan.If yes is it violates the conditions of Section 54
2.Whether I can take principle and interest payment exemption u/s 24 and 80C.

Please clarify.

Thanks & Regards,

Murli

Can a person buy gold in a company name for her daughter....if yes than can he let out in interest...

We booked property in 2010, till date no documentation has been done for that property.The value of property is Rs. 1,20,00,000 plus other cost is Rs.5,00,000(Other cost includes club-house charge, Advance maintenance charges,electrical charges, Development charges etc.)plus Service tax amount is Rs.3,25,000 (Approx.). Before 01/06/2013 (i.e.date from which sec.194IA is applicable) we have already paid amount of Rs.90,00,000 plus 2,00,000 service tax. Now, we are going to pay Rs.6,00,000 plus Rs.22,000 service tax. So, now on which amount we need to deduct TDS, whether on 6 lacs or 6.22 lacs or on 96.22 lacs? If at present we deduct TDS on Rs.6 lacs only then at the time of execution of sale deed will there any issue arise? And TDS is to be deducted including service tax amount or not?

one of my friend is engaged in the prop. business of cosmetic items. his turnover for f.y. 2012-13 (first year of business) is 38 lacs and income of around 4 lacs. he is not maintaing proper books of accounts becoz it is not mandatory in his case. my question is that which return is applicable on him itr 4 or itr 4s ?

The receipt of R300 000 form a customer in April 2013 was not allocated to the relevant general eldger account during the year .(It appears on the bank statement only) .The year end is 30 June 2013 .

What are the correct entries to process in order to bring this into our books for the 30 June 2013 financial statements?

The accounting system is still open to process entries that relates to 30 June 2013 fnancial year.