Sir,

My client is a civil contractor.He is entrusted with road, canal, building maintenance work etc. During the financial year 2005-06 he earned a total gross contract receipts of Rs.3800000/-. He filed his return of income under sec 44AD declaring his income as 8@ of 38 lakhs. During that year he claimed deduction under Sec 80C for LIC premium and tution fee of 1 child paid. Now this is selected for scrutiny on AIR basis. Does the concerned income tax officer have the dicretion to make an addition stating that there are no books of accounts maintained? What could be the basis on which the addition would be held valid? It is advisable to go for an appeal in case of an adverse order?

regards,
Priya

an agreement have been executed by power company for construction of 33kv line where major material is being provided by company to contractor and some material will be arranged by contractor. the value of work contract is about 50lacs in which45lacsis erection carriage charges and remaining is the value of material arranged by contractor.what is applicability of vat in this case?whether power company will pay vat on material arranged by contractor or vat on full value of contract will be deducted by company?

Is consolidation procedure under IFRS is similiar to IGAAP?
Is the treatment of pre-acquisition profit and post acquisition profit same under IGAAP and IFRS?
Can Profit on Bargain purchase arising from one subsidiary be adjusted against goodwill arising from acquisition of another subsidiary?

Dear Members,

Please tell me the procedure to dissolve a partnership firm.

I know abt dissolution deed, but what about income tax and sales tax where the firm is registered.

What shall be partners income tax liability on amount received from dissolved firm ?

Firm is established on 01.04.2006 and to be dissolved wef 01.04.2008

Can i made a deed today for dissolution effective from 01.04.2008?

Firm is not registered in ROF (Registrar of Firms)

i live in gorakhpur,UP. I want to study in Delhi. Now satelites classes of Praveen Sharma & Grish Ahuja are avilable in Gorakhpur. So, please suggest me Studying in Delhi or gorakhpur whichone is better?

Dear Sir,

Please tell me the eligiblity of bonus to employees as per Bonus Act ?

and

Wht is the ceiling amt of bonus eligiable is now ?

What is meant by Red ink Interest?

hi,

I have deposited TDs in excess for one month. Now, I want to know whether I can adjust it against the payment for the next month or not.


Next Query
I have delayed the TDs deposit for the month of August(deposited on 9th September). At that time I have not paid any interestfor delayed payment. Now I want to know whether I need to pay such interest alongwith next TDs payment or not? I have not adjusted it till now

How to get termination from my audit firm? i want to go to my native,my health is not good here..

Whether Directors can withdraw from the company? If yes in what way.