Dear Experts

i want to know

the procedures to incorporate an unlisted limited company with 7 members , capital Rs.5 lacs


I have been aware up to Certificate of Incorporation.

but thereafter what are the procedures and cost to get Certificate of Commencement of Business.

which forms ?

costs thereof ?

my question is that whether today date annual TDS return filing is mandatory or not?
if yes, plz mention the all form with due date.

thanks in advance

Sold a Commercial property for 17 Lacs. Indexed Cost was say 11 Lacs. LTCG = 6Lacs. The assesee purchased a new house for 50 Lacs but paid only 5 lacs from his own account and remaining 45 lacs was paid by taking bank loan. as only amount of 5 lcas is invested he will get only a proportionate exemption form capital gain. My query is can he deposit money now in bank account under capital gain scheme before due date of return and utilise the money for payment of bank loan and interest....whether that will qualify as investment made?? also the interest and principal paid upto march 2013 qualifies as investment in property??

One of my proposed company wants "international" or "corporation" as a second word. Can it be taken?

At who's option are redeemable preference shares redeemed? (preference share holder or the company). Isn't the duration of such preference shares fixed and are automatically redeemed.

i have gone through a few books and they have chalked out the entire process however a person from the industry says that such redemption is at the option of the preference share holder.

80tta for this what we have to do....
first add in other source and then deduction

or directly show deducted amount

As per Finance Act and for A.Y.2013-14, AMT (Alternate Minimum Tax) is applicable when the income is above Rs.20,00,000/=
1)If the income above Rs.20,00,000/= is filed using ITR Form 2, then tax is calculated at normal rates. But if it is filed under ITR Form 4, then AMT is calculated and the tax is calculated at higher rate
Why is such difference when the income is above Rs.20,00,000/= (As in any case, AMT is applicable)

Dear Professionals,

Request you to clarify my understanding of Sec 44AB (and 44AD)

Clause (d) of Section 44 AB reads as fallows;

"carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his INCOME exceeds the maximum amount which is not chargeable to income-tax in any previous year,]"

Here INCOME means total income. So if an assessee is having following income, he need not to get his books of accounts audited despite off declaring less than 8% of turnover as business income;

- Income from business = 2,27,000
- Agriculture Income = 2,00,000 (which do not form part of total income)
- Chapter VI A deduction 30,000 (Again is not a part of total income)

Thank you

sir,

plz me following adjustments

is refunf of last year is taxable in current year

and if interest on refund is taxable in current year

I have US salary income of around Rs. 150000 for FY 2012-2013 and my employer has deducted federal tax, medicare tax, social security tax and state tax accordingly. Also, I do have Salary Income in India for which my employer has deducted tax and issued Form 16. As per recent amendment, one has to disclose foreign income and assets and tax paid in the sheets FSI and TR_FA. But when I fill in US Salary Income in FSI sheet of ITR 2, it states that the declared income should be included in PART B-TI sheet.

My Questions are

i) Where should I declare this US salary income in PART B-TI sheet? Is it
correct to add my US Salary Income to my Indian Salary mentioned in Form 16
by my employer and show it as Salary under Schedule-S? If so, salary mentioned in Sch. S in this sheet would be different than that reported in my Form 16 and would that be a problem?
ii) Do I need to have any document proof if I disclose US Salary income?
iii) Also, when I show US tax amount in TR_FA sheet, can I include Medicare tax and Social Security tax along with Federal and State Tax?
iv) In case I don't disclose this US salary income as the tax deducted in US
is more than what I would pay if I had to show that income in India, would that cause any problems later on?

Any advise on this would be really helpful.

Regards