I want to know what is the procedure of Filing return for Partnership Firm.I heard that we have to submit copy of E Filing acknowledgement to Bangalore.

Thanks

Dear All,

In my company I have imported raw material.
At the closing of the year how I valued raw material.
Seprate for Raw MAterial imported and domestic
or
Average the rate with all raw material and valued?

Which is proper way.......

Hi,

can anyone plz provide me the format of letter of acceptance of resignation of statutory auditor of a public ltd. co?

Its a casual vacancy due to dissolution of CA firm of statutory auditor.

Thanks in advance..

Whether company trading in art work should give disclosure of deviation Sec 145A?

according to me there should be disclosure as the company follow the exclusion method, but as per last tax Audit report there were no disclosure for the same, why so?

A has taken Rs.100000 on loan @ 18%p.a.He invested Rs.50000 on which he gets interest @ 14% & Rs.50000 is contributed by A in p'ship firm as capital on which he gets interest@ 12%.

Pls tell tax effect supported by relevant provisions.

Can 'Income from other source' be negative????

Kindly go through with the following points:
1. The employer has paid Rs.5.85 Lacs towards medical reimbursement to an employee during a financial year.
2. Nature of disease: Chronic Renal Failure

In this case, the employer has the following options for deduction under I.Tax Act:

a) Deduction upto Rs.15,000/- u/s 80D can be allowed and Rs.5.85 lacs will be included within the GTI of the employee and Rs.5.70 lacs (Rs.5.85 lacs less Rs.15,000/-) is taxable.
b) Since, the claim of the employee is supported by Bills and Documents therefore it is to be treated as a case of reimbursement and not a perquisite. Hence, reimbursement amount not to be included within the GTI of the employee and the same is not at all taxable.
c) The disease is a specified disease as per section 80DDB. As such, Deduction upto Rs.40,000/- u/s 80DDB can be allowed and Rs.5.85 lacs will be included within the GTI of the employee and Rs.5.45 lacs (Rs.5.85 lacs less Rs.40,000/-) is taxable.

Now, my question is which of the above three option the employer will follow for the purpose of Income Tax. If any body wants to give some different opinion then please give your view/opinion with relevant provisions and sections of I.T Act.

Hi,

Can anyone plz provide me the format of letter of acceptance of resignation of statutory auditor of a public limited co.?

Its a casual vacancy due to dissolution of CA firm.

Thanks in advance..

Dear Members,

If an assessee aviled the credit and which proves to be wrong by dept. and it covers under fraud, collusion, willful mistatment.So, is it possible to pay the penalty and make the credit regularised and can take in books again?

its just like as penalty is paid now can credit be allowed as i defence that i paid the penalty for what i done wrong.

Thank you

if Suppose X co. has traded in securities for which x co.paid short term capital gain.so,is it considered speculation profit or loss?consider x co.in a business other than share trading.