One of my client purchased a Plot from a Society of government of Punjab for Rs.6,10,000/- on 26-10-2004 on the condition that he can sell it to only Housing development organisations. My client made an Sale agreement with a Housing Development Organisation for Rs.82,50,000/- on 25-02-2007 in which it was said that payment can be made in four installment without any date mentioned. My client received 1st Installment on 13-03-2007 of Rs.15,00,000/- and 2nd of Rs.18,00,000/- and deposit a tax of Rs.9,00,000/- on 15-03-2008 but there after Real owner of property i.e. Society of Punjab Government filed a case in a court that this sale can not be made to this organisation and stay has been granted by court. Now i want to file return of my assessee for the A.Y-2008-2009. How could i file it whether i will claim refund of that amount or anything will done diffrenet.

Hi Experts,


In addittion to my other queries here is new one.

I am buying Goods from outside Delhi @ 2% CST paid by me till now and selling the goods in New Delhi @ 12.5% VAT

My margin in the product after Delhi VAT is not more than 5%

How is the ways I can save on Tax specially knowing when 12.5% is reserved for the Govt of Delhi.

Is there any way out except selling goods outside Delhi ?

Why is the exemption limit Rs. 1,50,000(in case of individual other than Resident women and Resident Senior Citizen)? I mean, how such limit is derived? Why it can't be Rs. 1,50,005 or some other figure?
How are these slab rates fixed?

Regards,
Jinesh

My friend who is a salaried person with Mutual Fund dealings is in need of a package which combines accounting for the individual alongwith ITR.The source of input would be the Bank Statements and the reports required would be Balance-sheet,Capital A/c,Receipts & Payments statement,Computation of taxable income and any other reports that an ITO would typically demand during a scrutiny assessment.Is there any such package?Is it freely downloadable?If not,what would be the cost?From where can he procure the same?[Note:He is not a Commerce graduate and hence would require a simple and user-friendly software].Many thanks for a prompt response and help.

Hi all
I want to know what is accumulated depriciation and how it is treated in accounts. please help me with example

Hello,

Could any one please advice me which is the CA Final Group I coaching class near to Ramamurthy Nagar/Banaswadi, especially for Accounting and MAFA

Thanks
Jay
9916102640

Respected sir,,
One of my client who is living at Dubai for last 18 years. On the basis of his passport details I have checked his residential status and he is Non-resident for last ten years. In India he is having a small business of supplying spectales frames and glasses, which we want to cover under the provisions of section 44AF. At Dubai, my client is under employment and he is doing his part time business also.
Now in India he want to purchase a house property for which he want to get housing loan. But most of the financial institutions demands copies of I.T. Returns for last three years. Now we want to file the return. I have preparted a computation of Income in which I have shown estimated income at Dubai and estimated income at India (u/s 44AF). For the purpose of income at abroad I think there is no any tax liability and for the income in India, we made it taxable and want to pay tax accordingly.
Now my query is that - (1) Whether am I right here?
(2) Beside this how I have to show it in the return form ITR-4 as perhaps there is no any column for this?
(3)What action the I.T. Department will take in this matter.
As we want to file this return before this 31st March, 2009 then you are kindly requested to reply it as soon as possible. Either on site or through mail - subhneelmishrA@yahoo.co.in
Thanks a lot in advance.

With regards

(Subhash Mishra)

hii.... i have pcc june 09 attempt
actually i want to know from where should i prepare for IT and SM . i was referring to Dinesh Madan Sir's book for IT but it is too lengthy and i am not abling to judge what to learn and i have no time to concentrate this subject more... so please help me frm where to study????....please reply as soon as possible

dear all

one of our client had collected service tax in 2006-2007, 2007-08, 2008-09. in 2006-2007 the books of accounts were seized by the sales tax dept.

he does not know the exact amount of service tax.

My query is how can he make payment of tax now . please tell me can he pay tax on estimated basis. also he has not filed the return since 2006-07. What should he do now ?

SIR,

IN A LIMITED COMPANY MINIMUM NUMBER OF DIRECTORS ARE 3 WHAT ABOUT 100% SUBSIDIARY (WHICH IS PVT. LTD. CO.) OF THE SAID COMPANY.
IF THE SUBSIDIARY CO. HAVE ONLY 2 DIRECTORS THEN IT IS VALID OR NOT.