my query is about Rent Free Accomodation

For presumptive taxation u/s 44AE the restriction is only the assessee is not owning more than 10 vehicle at any time during the previous year upto my knowledge, is there any restriction on total reciepts during the previous year,like turnover morethan 40 laks u/s 44AD & 44AF is not go for presumptive taxation.

Hi Friends

Background
We are in receipt of Two inovices for April 09 & March 09 on 5th April 09 for professional services received by our company. but due to absence of final MSI (must required for approal of Invoice) invoices are passed and approved in July 09.

Problem
1. if we book the inovice in July 09. Then as per Sec 37 the whole exp will be disallowed in assessment or by auditors objection will be raised.
2. If we book the expenses on back date i.e. 31st March 09 then delay in TDS is their as the last date for deposit of TDS on amt paid/credited on 31.03.09 is 31.05.09. Also delay in issue of Form 16A will aslo be their. Again TDS return for last qtr have already been filed we need to revise them.
3. Can we avoid the above problems by booking the invoice in July 09 and creating the provision as on 31.03.09 for these expenses. What are the implications of AS-29(provisons & contigencies) in this regard. It is to be noted here that the balance sheet of the company is still under progress and same will be finalized in August 09.

dear friends please reply with quoting exact references of sections & accounting stantdards

What is the age for becoming senior citizen for availing the benefit under income tax ??

Dear Friends,

My client is running parnetship firm with two partners as indiviuals , the firm is enjoying 80IB deduction benefit.

Now the client wants to reconstitue the firm by changing one partner from individual to one ltd. company already existing.

My query is:
1. If Ltd. company become the partner, still 80IB benefit will continue.
2. Is MAT provisons under sec.115JB will be applicable on the profit share of the Public Limited company.
3. What other effects can arise?

Regards,

Piyush Jain

Dear All,

I have a query on filing the return online. A person has filed his return of income for the AY 2008-09 through online but he failed to submit the return to the department within the stipulated period. The said person has a some refund for that year. Can he submit the acknowledgement which he received online to department now or should he file a fresh return? Please quide me in this... Thanks in advance..

sir,

can i knw what is the min. amt. of salary to be recd. for deduction of tax?

Respected Members
I want to ask who we will show the amount of a contract done by me in the return on which i decided to opt composition scheme and paid tax @4.12% whereas in the return there is no column for 4%. i already intimate to the department about taking composition scheme in respect of the said contract.

Hi! I have deducted tds Rs. 55530 @ 10% on Royalty paid to foriegn company in cyprus. Now this co. in cyprus doesn not have any PAN in india. I have to file etds return in form 27Q. Does anybody tell me that what information i will file in deductee detail, as this foriegn co. doen't have PAN in India?

house property is in name of wife and home loan is taken in the name of wife.
husband tranfer the fund in his wife account for payment of intallment of loan.
Then wife paid intalment.
Whether husband take the benefit of section 24b in incone tax.