Hello everybody.

I purchased agricutural land 4 years ago,this land is an urban area.
Now I am entering into an agreement with
developer for development of the land for residential flats. I bring the land in present value as per stamp valuation rate.(from investment into stock in trade). I receive the amount after complition of the project directly from the purchaser of the flat. How tax will be calculated? When I have to pay tax? at time of entering the agreemnet with developer or at the time of documentatio with the purchaser?

Pl anybody can advice me.

Thanks

Our firm is Retailer (in Maharashtra), is delaer of Sports Shoe Co. We receive purchases from Sports Shoe Co, Gurgaon against C-Form.
In 2008-09 Q3, we Returned material ( old stock/ Non-running Item ) of Rs.9 lakh to Sports Shoe Co, Gurgaon. This material is relating to Purchases within Six months = Rs. 1 Lakh ( Shoes ) and Purchases beyond six months = Rs.8 Lakhs (Shoes)
My consultant says, Purchase Return of Purchase relating beyond six months will not be treated as Purchase Reutn. What does this mean?
I am getting opposite views.
One View is: Purchase Return of Purchase relating beyond six months, should be treated as OMS Sale of my firm to Sports Shoe Co, Gurgaon and accordingly charge CST @ 12.5% or charge 2% CST against C-Form from Sports Shoe Co, Gurgaon.

Other view is: Nothing is to be done, since Proper Credit Note has been recd from Sports Shoe Co, Gurgaon against Debit Note send by us for Purchase Return.

One more view I got is: "Need not to worry..if you have issued proper debit note and also received the credit note from the party.. The restriction of 6 months applies to sales returns and not to purchase returns.. There is no need to pay any CST on purchase returns beyond 6 months... You can directly credit your purchase a/c with full return amount.. "

I am in puzzle. Can you help.

Pl help me to understand the Accounting treatment as well as the CST-VAT Treatment of above Pruchase Return.
If possible, kindly reply on my e-mail.
Regards,
Sanjay Agarwal
snjy_1 @ yahoo.com

HELLO

in 3cd report we got to report the payments made to related party .the related party mean those who have substantial interest in the company/firm. so whats the scope of substantial interest. what is the yard stick to decide whether a person have substantial interest or not

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In the returned income of Rs. 156460 AO has made additions on account of disallownce of interest Rs. 1742, addition for under valuation of stock Rs. 9438 and addition on a/c of disallowance of exp. for personal use Rs. 5387. Hence the assessed income is at Rs. 173030. Further Rs. 350000/- has been added for agricultural income for rate purpose. Please guide whether penalty u/s 271(1)(c) is imposable.

my clien has business of Mobile Recharge
He purchase talk time from telecom company & sale to retailer in turn he receive some % of free talk time as commission.This type of talktime purchase & sale cross 40 lacks but sale of free talktime offered by telecom company does not cross even 2 lakhs.
Moreover telecom company does not deduct any TDS on free talk time given.

my query is wether he is liable to have his books of account audited u/s 44AB of Income Tax Act.

Is Mobile recharg talk time sale or his commission( free talktime) considered as turnover for tax audit ?purpose.

The assessing officer, while scrutiny assessment of a Pvt. Ltd Company, intends to disallow all the cash sale done by the Company as bogus and wants to add it to the income. He intends to verify the purchaser in all the cases involved.

Is he rightful in doing so?? What remedy do the assessee have against the AO rejecting cash dales as bogus???

How can he prove the genuineness of the sales transaction?? What happens if any of the purchaser is not verifiable or is not found by the AO??

Hello dear all
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1)can a person can claim hra deduction if was earlier claming home loan deduction .

s/to
staying in owned house against whom loan is taken and also he is claming the deduction.
No other house in the same city
House is on his own name.
He want his wife wil claim Hra deduction.

Currently I am working with an MNC & I have yet to clear me CA fina; secong Group papers which I paln to give this Nov 09. Kindly advice me whether I should quit the job & only concentrate on studies or i should study & work parallelly.