Suppose a Private limited company which is a Trading company has taken certain Amount say Rs 2500000 as advance to supply goods.But it does not supply the goods and ultimately the deal gets cancelled.In the meanwhile company uses that money to trade in goods with other customers.Is there any violation of any law?
If there can be any violation, then by which time it should return the money after cancellation to avoid any violation of law?

I am filing the ITR-2 for A.Y. 2013-14 for a senior citizen (age:69yrs) who has tax liability of Rs.75500/- but the interest u/s. 234B and 234C is nil.
I want to know that, is there any amendments towards not charging of interest under 234B & 234C for senior citizen from A.Y.2013-14?

Please Reply at the earliest

If return of income was filled for the A.Y. 2011-12 but ITR V was not send within 120 days, so return becomes invalid. Is there any option for filling of return for A.Y. 2011-12?

A company reimburses expenses to employees for hiring taxi. Is the reverse charge applicable?

i cleared ipcc 1st grp exam in nov. 2012 , and waiting for 2nd grp result , iwant to join good firm in delhi ncr , pls suggest me some good firm

LET ME KNOW CONSEQUENCES OF FILING OF TDS RETURNS AFTER DUE DATE

Disability pension complete (disability & service element) is exempt from income tax. Initially my banker was not following this and kept deducting TDS on my disability pension. While filing the tax return under what section should I mention disability pension so that it gets deducted from my taxable income and how do I apply for tax refund of this TDS deducted.

It has been seen that the Electricity bill is the name of some other person, but Company uses that electricity and pay for it directly to department.

Is the company entitle to claim that expenditure under what rules ?

Pls reply

A company, which is also a partner in a partnership firm has the following incomes :
(a) Income fm Interest Rs 60000/-
(b) Income fm Partnership Firm Rs (-) 20000/-

Now while calculating the tax, tax would be calculated on Rs 60000/- or net Rs 40000/-?

Can we conduct AGM without adopting accounts and not appointing auditors for any financial year under the provisions of Companies Act, 1956?