Hi experts

Ours is a Pvt Ltd comapny covered by provision of 44AB.

We are not in a position to file return before 30th September, 08, however we have already got our accounts audited before the said date.

Can you guide me about the interest or penalty whhich we have to pay for late filing of our income tax return.?

Rohit

I request all the member to sent their opinion on this issue

i am registered with the central excise department. i purhase raw material on excisable invoices and non excisable invoices.

i make dies for inernal use out of the material (iron) purchase on non-excisable bills i.e. without availing modvat.


during the process of manufacturing of dies scrap is generated.

Please clear whether i will have to pay duty on sale of this scrap or not.

Thanks Friends,

Anish jain

Dear Professionals,

I want one Service tax solution

Our company is received service on Transport by Road (Lorries). This is comes under Goods Transport Agency Services (GTA). We are only receiver of that service. we have no any other services.

we are mine traders. we are purchasing mines and and paying transport charges. but we are not providing any tranportation.

Monthly we are paying service tax approximately 6,00,000/- at rate of service Tax @ 3.09% afer taken of Abatment (75%)

In this one person claiming commission on our company and collecting service tax @ 12.36% by him. And we paid total commission with tax.

In this case shall we take input credit for payment of GTA Servcie tax.

Regards

Ganesh

sir, I have registered for pcc i.e, articles in april 2007 at that time i completed bcom 2nd yr and i got permission from icai regarding bcom but i also registered for icwai inter on june2007 which i want to appear on dec2008 and also i had completed my bcom final year in march 2008.My question is can i send 112 form at time of icwai final registration or i have to send now in view of latest amendment.

I have speculation Transactions during the year. From turnover of Rs. 60 lacs i have profit of 40.01 lacs and from yurnover of 20 lacs i have booked loss of 2 lac. Whether tax audit u/s 44AB is aaplicable. to see the applicability should we see the overall turnover or profit. Whether the transactions of loss and profit can be set off against each other

One wants to open a proprietorship business. What Liabilities he has to pay to concerning authority and where he has to register Firm and what have to do?

I want to know tax implications in below cases:

1. Our building is under redevelopement and builder shifts us to another house for which we are paying rent and getting reimbursment of the same. So what is treatment of Rent recd from the redeveloper??

2. We also got corpus fund of Rs 200000/- each member, wht is the treatment of the same???

Whether both are taxable incomes?

Do provide the section reference.

Thank you in advance.

Dear Sir

1. Take possession a flat on Janurary 2008 for Rs. 16,00,000 and in march 2008 sale this flat for Rs.25,00,000.

2. In may 2008 purchase another flat for Rs. 45,00,000.

I ask a question, can we get exemption from capital gain. or if i cannot get exemption then what is the amount of capital gail.

Thanks

A person who was unemployed left for employment to a gulf country during the month of November. His salary for Nov -Mar is 5 Lac. There is no tax on his salary in Gulf. He is resident as per IT Act during the year in which he left for employment.



My questions are :



1) When should he pay his self assessment tax on his salary as employer is not deducting TDS ? Should he compute his tax on salary income of 5 months and devide it by 5 months ( Nov-Mar) and pay it every month to IT department?







2) As per IT Act the individual has to pay advance tax of 30%, 60% and 100% by 15th Sept, 15 Dec and 15 Mar respectively. In this case the person had not anticipated his income from salary so he could not have paid 30% of his tax by 15 Sept (he got employment only in Nov). So, what is the remedy?







3) Can he claim HRA exemption u/s 10(13A) for rent paid abroad while in employment abroad?







Kindly answer both questions SEPARATELY and QUOTE Sections wherever possible.







Thanks.

Hi All,

One of my client purchase a Residence Flat in Joint Ownership with his Wife. For that he has taken Housing Loan, which interest & monthly installments are paid by & from the my Clients bank A/c, where as loan was also taken in joint name, his & his Wife name.

Now my question is,
who will get the deduction for repayment of Housing Loan interest???
Whether they both entitled to get deduction equaly i.e. (50%-50%)???

Please reply..
waiting for reply.........