Hello Friends,

If the partnership firm is having 3 partners having equal share of profit. out of The 3 partners 1 partner had filed his I.T.Return for last 2 years incl. this year. But the firm & other 2 partners had not filed the ITR. The 3rd Partner had not considered his share of profit & interest & salary received from the firm. Now he does not want to revise his ITR. He will give his consideration on the stamp Paper that his income from the firm will be distributed to the other 2 partners. Whether it is acceptable?
If yes, in whose hands his income will be taxable (firm or other 2 partners)?

Dear Experts,

Due to some personal reasons I am not able to do it CA earlier & now also procedure is very lenghty still I cant do it with job which is necessary to me.I am M.Com from mumbai university & currently working in pvt.CA firm.I have lots of interest in taxation & audit.

Pls.guide me what to do? which professional course is suitable for me &
it scope in future & it is benefitial for me.As per my one of friend opnion go for a ICFA.

Regards,
Prakash Jasani

whether fringe benefit tax is payable on board meetings and annual general meeting and the expenses related to them.

For eg. rent of the hotel where agm or bm were held, refreshment, travelling fares provided to directors for attending the agm and bm etc.

What will happen if tax deucted on salary for Qauter 2 to 4 of 2007-08 but deposited after march '08

Dear Sir,
Kindly know me Can A.O. Examin the assessee on oath under the proceedings of assessment u/s 143(3) of the Income Tax Act, 1961. Can he record the statements of the assessee on oath.

What happen if all the statements recorded are wrong because the person who has given the statements was not known to the procedure of the statements and all the statement given on the matter which was three years old. All the statements given in haste.

Kindly guide me. Kamal Gupta FCA 9413339032

What will happen if Tax deduted on salary for Qaurter 2 to 4 n deposited after March of current year

Dear Sir,
Return has been filed u/s 44 AF of the Income Tax Act, for the F.Y. 2005-06 A.Y. 2006-07. This case is under process of assessment u/s 143(3) of the Income Tax Act. Now the A.O. has asked for the details of household expenses like vegetable, food, grains, cloths, school fee along with the supporting documents. Whereas section 44 AF clearly says that provision for maintenance of books of accounts is not applicable if the return is filed u/s 44 AF of the Income Tax Act. My question is can A.O. do so?

In this case A.O. has also asked for the list of debtors and creditors, bank confirmation as well as the capital verificaion. Kindly give your valuable guidence. Thanks in advance. Kamal Gupta FCA 9413339032

Hello,

One of my client is an CNF agent. He does the selling on behalf of companies. He get all the expenses reimbursed from the company. He additionally charged commission to the company.

Want to confirm whether we should charged service tax on reimbursement? Please provide the circular if any.

Also to let you know that we charged the service on commission.

Please let me know ASAP.

Thanks,
Hemal Parikh

Dear All,
Pls let me know the contents of annual reports in brief of listed compnies and tips to interpret to annual reports from investment perspective.
Thanks.
Mukesh Chudiwal

dear expert, pl. solve my query:-

we have deposited excess amount of TDS for the month of jun 08 by Rs. 40000, nd we have to submit the quaterly return.
my query is how this excess amount should be show/adjusted in return.
whether this excess amount of RS. 40000, should be adjusted.