A friend of mine was in service and he had 3 months salary income, when he resigned and started his consultancy as professional. During 2011-12 he had small business income, but had to incur larger expenses trying to establish, resulting in business loss. He did not keep all books of account but filed his return taking income and expenses by analysing his bank account where whatever income he could generate was banked and all major expenses were through bank or credit card. He mentioned gross receipts and expenses in sl 51 of P &L, net figure being net loss which excel utility auto calculated.

He has received Notice u/s 139(9) with error clauses i.e. 14 & 23, stating Gross Profit or Net Profit in P & L is negative. It does not fall in tax audit case. It is professional loss (not a case of trading) where rule of 8% will apply.

What should he do? Can he file ITR 2 now in response to 139(9) ignoring business loss, or taking it in Income from other sources (loss)? or refile original return with out any change in response to sec 139(9) notice?

Please advise. I wrote to Income tax help line but got no answer. I contacted CPC helpline but they could not clarify how to rectify defect pointed out in on line excel utility. There is no way to contact CPC Assistant Commissioner who issued the notice as his/ her email address is not given.

Hello,

I have doubt regarding PAN Application Form. My Doubt are as follow:-

1) What is the procedure for physical application form ?

2) At which addressee i have to submit application form ?
3) How much time takes to receive PAN Card?

Regards,
Mehul B. Maniar

Dear Sirs,
I purchased a residential flat in year 2010 under construction linked plan and also availed bank home loan for that. Possession has yet not been given to me as construction is still going on. My question is ,am I entitled to deduction of the principal amt. and interest amt. at the construction stage or after the possession is handed over/flat is registered in my name and what will be the exact quantum of deduction under each head.
Kindly respond soon.
Thanks

Hi,
Please give full clarity on the following,
An individual receiving gift(Money,50000<) from her daughter in law(Not being son's wife, but spouse sister's daughter)
Whether the above money is taxable, if yes on what scenarios the same can be exempt from tax ?

Thanks

Construction of Laboratory including electrical fittings is done on the rented premises and then the premises was handed back to the landlord with all the modifications, please suggest the accounting treatment.

hi guys, i m cleared ipcc first group in nov.2012 with 200 marks . And i want to articleship in delhi in good firm , can u think any good firm oppint me as an article with this score. And tell me some firms for articleship in delhi.

can anyone explain fixed deposite and tds with an example .....
my simple ex. suppose i start my b'ness with 100000 cash my entry will be
cash a/c dr 100000
to capital 100000

now suppose i invested rs.50000 in fdr having ROI @ 12% on 1/7/2012
fdr a/c dr 50000
to cash 50000

now come the question of accured interest of 9 month and its treatment

if i dr accured interest than what should i cr...

Can Employer contribute more than 12% amount(6500*12%=780)in PF.
example.
Employee.basic salry is.10000 and his PF contrubution is 10000*12=1200 and employer also contribute same amount.i'e 10000*12%=1200..
wheather this practice is correct if yes.than what will be effect as per income tax.all amount is allowed as per IT act.

is service tax applicable on SLOT RENT service, if yes what is the rate of service tax levied.
is there any exemption limit????? explain!!

I've received a notice under section 139(9) stating my return is defective. I'd filed ITR 4 for AY 2012-13 since I had F&O trading losses. Here are the issues identified in the notice:

Sl.No - Error Code - Description:

1 - Code 23 - Where Assesse furnish total of amount deducted in Sl.no. 2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Sl no.5 Since ITR4 filed was for "No Account case" in Part A - P&L, nothing was entered in Sl. no. 5 of P&L, how can I correct this issue since the notice says that Sl. no. 2,3,4 and 5 of schedule BP must match with SL. no. 5 of P&L?

2 - 32 - Assessee has claimed loss under the head “Profits and gains of Business or Profession”; however, he has not filled Balance Sheet and Profit and Loss Account and has not got the books of account audited As mentioned above, this was purely filed for F&O loss under "No account case", so no there was no audit done. How can I address this?

3 - 14 - Assessee is entering negative amount is gross profit or net profit without giving details in Part B of P and L. In Sl. No. 51b and 51d. - "Assessee is required to furnish all the details in the Part B of Part A - P and L in the new xml which will be filed in response to this communication." There's no part B for P and L section. where to furnish these details?

It seems that lot of people who've filed ITR4 and declared losses seems to have received this notice. can some one please help if they are able to resolve these issues above?