is there any relation in agm date and filling of return of income tax date. what will happen if we dont filled upto due date.

Sir

One of my client(X Ltd.) has a business income from taxable security transaction. Current issue is relating to Sec 115 JB and Sec 88E.

Facts

In Sec 115JB, if "tax on total income" is less than 10% of book profit, then 10% of book profit shall be treated as tax which he has to pay.

In Sec 88E, if any individual has a business income from taxable security transaction, STT paid by him is allowable as deduction from tax on total income


Issue

In Sec 115JB, which "tax on income" is taken to compare with 10% of book profit?

Solution: tax after or before deduction u/s 88E

Regards

Akashdeep Singh



Reply to

Mr. Tilak Raj Sharma
Sec 88E using the word "assesse", which means it includes company

CA.B.Chackrapani Warrier
Yes i rectify my question after informing by you because i am not registered as expert, so it is not possible for me to ask corrected question in same message. If you know the answer, then understand Me

Can eny one please suggest in simple term what is mean by DEPB in export sence ?????

& what is procedure of receveing DEPB lisence Customs

Hello Respected members,

a) Whether investment made in non-convertible redeemable debentures (CFIL NCD Series - 210) issued by Citicorp finance (India) Limited can be claimed as deduction under section 54EC

b) A senior citizen has only longterm capital gain. So can we claim deduction of Rs. 195000/- from the income and bal tax it at 10%

GUD DAY
C A Tejashwini

What accounting entry is to be passed in case of receipt of bonus shares or there would be no accounting entry and only the number of shares would increase?

What will be the maximum difference of days b/w filling & preparing the ITR 6. And Resolution date may be preparing date of return & we can filled this returm after a month

Dear Experts,
we have been paid car premium amount for our site which is under work in progress.
we have paid 700000/- premium amount for first four months.
Entry in books of account for Premium which we have done
ICICI-CAR A/c Dr. 700000/-
To Bank A/c 700000/-
Now we have to recover from contractor on pro-data basis for recovery of premium amount from contractor i have two option one is Debit to Contractor and give credited to ICICI-CAR A/c and second option is transferred to entire amount of premium into Car Preimum a/c(which would be a New Ledger under C.Assets) bcoz we have to recover from party.then do this entry after transferred of entire amount into new ledger.

Contractor A/c Dr
To Car Premium A/c

at the end of year we can easily find out how much money we have to recover or how much premium money we have been recover from contractor.

please guide me what i should do if u have any idea better then this plz reply me.

Thanks
Regards
Ravinder

Dear Experts,

If we taking services from outside the India and service which we are taking outside the india from foreign party is taxable service in india or we have to pay tax on behalf of foreign clients.??

second thing if we are taking same services from india then its under tax such as deduction at source or service tax etc.
then what we have to do

Dear sir my query is as follows:
One of our party taken lower taxtation of rent under section 1941 which cover our name too. We at head office was unaware of agreement between us and party. on reading the same we find that we had a agreement of agency not rent with the same. MY query is

We booked the entry as rent and deduct the tds @ lower rate 1.13% from 1.8.2008 to till oct 08. now in the month of novemeer we from november 08 booked the same under the head commission as per agreement and deduct the tds @ 10.3%. MY question is what we have to do with the earlier payment we made with lower taxtation and under the head rent. and how we can provide the tds certificate .

Dear colleagues!
we have filed the original return manually and when we want to file the revised return for the same assessee through e return method,we were not able to upload it though we made all the changes accordingly (ie, giving manual acknowledgement no etc..The error is detailed as "It is your first return and change the option to original". Is there any other way available to file the e return....?