Dear Friends

The Income Tax Return Form -4 has a schedule AL for the individuals having total income exceeding 25 Lakh.


This Schdule Requires Details of Personal Assets held by the assessee apart from business assets.

can anybody suggest me how we will calculate the value of few assets such as

1. Land & Building (As the Property is purchased several years back)
2. Jewellery
3. Vehcile ( Dep. need to be charged or not???)


Thanks

After studying Tax, a qs. Comes to mind that whether tax system abroad is also complicated like the indian? Does all the country have tax system? I have heared that few countries don't levy tax. Then how do they manage economy?

Dear Experts,

A public limited company has come up with a 6 years Discount scheme for selling his product and increasing sales under which:

1. In the first year if a customer buys Rs. 75000 product then he is getting a Discount Coupon of full amount of Rs. 75000 which is redeemable in 6 years.

2. The scheme is - if customer comes after 1 year from the date of purchasing and surrendering the Discount coupon then he is getting product worth 10% of the Purchased amount.
But if he comes in the 2nd year then 20% and so on. In the 6th Year he is getting product worth 100% of the purchased amount.

Customer can surrender only 1 time and it is upon him when he is going to surrender his discount coupon. If the customer is not appearing in the 6th year then his coupon will lapse, so anyhow the customer will have to surrender in 6th year.

Question:

1. When we are going to treat this Discount, at the time of purchase? If the answer is yes then there will be huge loss in the books? If the answer is NO then there will be huge profit at the time of Sale. Please advice?

Dear experts,
In case dealer voluntary registered himself under Vat Act. but after registration he discountinue from his business without any transaction.
and neither he cancelled his registration nor file his nil return for f.y.12-13 till now.
now dealer received a notice of demand which contain assessment order under best judgement under section 23(1) and notice contain period of default of first quarter of that financial. year.
now dealer what should do?

Dear Sir,
I just want to know whether effect of revise return has been started st NSDL or not ?
If i do revise return now will i able to generate form 16A after changes made by me ?

Dear fellow brothers/sisters,
A firm has taken over a proprietorship business including debtors, creditors, secured and unsecured loans (exceeding Rs.20000) and other assets and liabilities. The firm has not "accepted" any loans form lenders of ex-proprietorship business, directly.It has only "acknowledged" the loan liability and provided / paid interest to them. The firm has passed journal entry crediting lenders a/c and debiting proprietor a/c. (being loan liability of proprietor taken over)
1) Whether this transaction is hit by sec.269ss? 2) Is it necessary to report the details of lenders in 3cd clause 24. if yes how?- if we report these loans as accepted otherwise than a/c payee chq/dd, penalty u/s 271e and other litigation would follow, though u/s 273b penalty may not be sustained 3)reporting in 3cd clause 24,is not required as it is not accepted but only acknowledged? please give your valued suggestions to avoid appeals, if possible with case laws, Thanks.

What would be the period of holding to determine whether the capital gains on renunciation of right to subscribe for additional shares is short-term or long-term?

what will happen if i can not complete my 1st gm cs with in 1st year training? i started my articalship from 9.8.2012 after passing 1st group.

One of my friend wants to file income tax return for loan purposes. Approxmately turnover has to be shown in Income Tax Return 15,00,000/-. But if turnover of business is more than Rs. 5,00,000/- as per VAT Act is mandatory to take registration of Sales tax. My question is there is any effect of sales tax.

received a questionaire reg family,s income details,family tree,dependents income,bank ac details,monthly expenditure details etc
howshd i proceed?i spent on my son's education,my mother's treatment,fathers treatment etc for which may not have receipts etc
wat shd i do?