I have a query on whether AO during assessment of Salaried person will take gross income from Salary as per Form 16 issued by Employer or As per Form 26AS?

Thanks in Advance.

One of my client had taken Shop Act License in September 2011. However, he has not done even a single transaction till May 2013. From June 2013, he has started regular business activities under the said Shop Act License.

In this regard, I want to know, when he should register for Profession Tax Enrollment Certificate?

Secondly, while registering for VAT, whether I have to prove the Department that there were no business activities from September 2011 to May 2013? And if yes, how can i prove the same?

The client is a Proprietor.

I have income from business, house property (2 houses- one self occupied, and second given on rent, - resulting in loss due to interest on house loan)and bank interest. My gross receipts in business is 20 lakhs.
I had filed my ITR 4 on line,a few days back showing profit at 5 lakhs,
I now realise that I can take benefit of Section 44AD and declare my profit @ 8% of Gross Receipts, i.e 160000. This will result in Nil tax for me.
Do I now have the option to show reduced profit at 8% and file a revised ITR 4 showing lower income? ITR 4S can not be filed as I have 2 houses.
The reason for filing revised ITR is solely to take benefit of Section 44AD
Please advise.

hellooo frends,

i have a query regarding treatment of "profit on sale of all block of fixed assets by a private limited company"

i want to know . what is the treatment of profit as per company act or as per income tax act.

its a short term assets...sale within 1.5 year...

Dear Experts,

I missed filing IT Return for FY09-10 and FY10-11. As per my calculations, I need to pay around 8000 tax for FY09-10, wile I am expecting refund of around 20000 for FY10-11.

E-filing website is not allowing me to upload the return file saying end date is over.

How can I file these returns now?

Regards,
Pragnesh

Wheter small service provider is require to furnish ST-3 if there is no service tax liability arise because of exemption notification 33/2013...Please provide the answere as soon as possible.

Ashwani Kumar
8860094281

As per Section 80EE a first time buyer of house would get additional interest deduction of 1 lac if a housing loan is sanctioned between 1st Apr'13 to 31st Mar 2014.

My query:
Can a person who is a first time buyer and whose hosing loan has been sanctioned in Feb'2013 is entitled to get this benefit if the loan is taken over now by an another bank?

Please advise on this.

Regards

Why it is mandatory to stick revenue stamp on cash payment of Rs.5000 & above on voucher???????

A timber merchant purchased 1,000 c.ft. of timber logs on 1st April, 1991 @ Rs. 100 per c.ft. and stored them in his timber yard for six months for seasoning. In the timber yard the following items of expenses were incurred during the period of seasoning:
(i) Rent Rs. 1,250 p.m.
(ii) Salaries of 4 Guards @ Rs. 250 p.m. (iii) Incidental Expenditure for Maintenance, Power, Lighting, etc. Rs. 750 p.m.
(iv) Annual Share of Administration Overhead Rs. 10,000. 50% of the floor area of the godown and other connected operations were incurred for stocking the seasoned timber. Loss in volume of the lags due to seasoning should be taken at 10%. Calculate the selling price of the seasoned timber per c.ft. on 1st October, 1991 assuming that the profit margin on cost was 15%.
Solution - Computation of Selling Price Quantity Amount c.ft. Rs.
Cost of Timber 1,000 1,00,000 Rent (1,250  6  1/2) 3,750 Salaries of Guards (250  4  6  1/2) 3,000 Incidental Expenses for maintenance, Power, etc. 2,250 Administration Overhead (10,000  1/2  1/2) 2,500 Less: Loss in volume (10%) 100 1,11,500


WHY ALL ITEMS HAVE BEEN MULTIPLIED BY 1/2 ?

Our client has a registered office in Mumbai, a service center in Pune and Corporate office is in Gurgaon.
No. of employee :
Gurgaon - 7
Pune - 2
and 2 employees are working from Chennai (they are working from home)

I want to know that whether Professional Tax is applicable or not and if yes on how many employees, working in above respective state.
Please reply as soon as possible.
Urgent