My friend not maintaining any books of account since his income/total receipts are not exceeding the limit specified u/s 44AA. Further he is preparing Statement of Affairs as on 31st March every year. At the time of computing his taxable income, he has deducted depreciation and other expenditures from the total receipts. Pl. confirm whether depreciation is allowable one even though books are not maintained and also quote if any case laws and income-tax sections.

Dear sirs,

A private limited company has accepted loan from a director exceeding the limit specified in Section 269SSS in cash and by account payee cheques. The repayment of the was also exceeding the limit specified in Sec 269T . Is cash accepted as loan and repaid in cash detrimental to the company? To what extent ? What can be the consequence of the transaction?


Regards,
Priya

I m a student of PCC when i was registered in PCC the Audit Standards Were Refered as (AAS) But I got a Information that Its is Replaced BY SA there No.is also changed.But I have not found that even at website of CA INstituite So if this INFo. is true then plz guide me how to arrange the Audit Standards ...... & If u Have a soft copy then plz send me.


Thank U
Kunal Lakhani

Whether Education Cess and HSE can be utilised from the basic excise duty availed.

DEAR SIR,
WITH REF. TO ABOVE PL CONFIRM/SEND IN MY MAIL ID WHAT IS THE CHECKLIST OF POST AND PRE SHIPMENT DOCUMENTS.
THANKS
DR. SURENDRA KUMAR

I want to know that, what would be the effect on unregistered dealer, they purchase with vat and sales afetr adding vat with sales price, but do not pay the vat to govt. so actually customer will be the bearer of high cost and dealer engulf the vat collected from customer. may I know, the company who sale the prodt. to Un-registered dealer have to pay any extra amount? plz referred the total cycle of Vat Purchase and Sales to Registered dealer and un-regisered dealer with any examples.

If X had transfered his House to his Daughter (major,unmarried) b4 filing for bankrupcy....can the Reciever claim that House on behalf of the Bank(s) frm whom X had taken Loans?????

P.S--- the House wasnt subjected as security provided for the Loans

I have a query on house property.

There are two assessee X and Y. Both own the property equally. But EMI on loan is paid by X and the benefit was claimed by Y on the Interest and Principal amount in his return of income. But Y haven’t claimed Stamp duty charges and registration fees U/s 80C. Now X who haven’t filed the return can claim such expenses u/s 80C.

I have a query on house property.

There are two assessee X and Y. Both own the property equally. But EMI on loan is paid by X and the benefit was claimed by Y on the Interest and Principal amount in his return of income. But Y haven’t claimed Stamp duty charges and registration fees U/s 80C. Now X who haven’t filed the return can claim such expenses u/s 80C.

My Client is doing business of Travel Agent. His Gross Receipts during the financial year 07-08 is Rs.5.00 lakhs, Administrtive Expenses Rs.3.25 lakhs and Depreciation on Car Rs.0.75 lakhs and Net Profit Rs.1.00 lakhs. Under these circumtances the books of accounts will not be required to maintain u/s 44AA of the IT Act since the Gross Receipts is less than Rs.10.00 lakhs and Net Income is also less than Rs.1.20 lakhs.

He purchased a car for Rs.5.00 lakhs during the financia; year 07-08.

Can he claim depreciation on Car Rs.75,000/- since the business without books of accounts.