why the act includes word central,asin income tax does not have any word,and why itis called an act of 1944?Is their any task on which refernce this to be called?

our company have own land & develop that land to construct flats and sale to customers, i.e basic aim

now constructin started initial expenditure booked like

development authority charges
development soil investigation
development archtech fee
the above expenditure transferred to WIP account this was correct or not?

now construction expenditure like purchase of cement, metal, steel, sand all are booked under which head total 6 phases construction was started phase wise expenditure booked total expenditure first booked under WIP after that how the expenditure transferred to P& L Account and what is the procedure for revenue recognition?

please help sir- what is the accouting procedure and which expenditue goes to WIP and wich expenditure goes to P & L account?
please suggest me sir

I want to know about section- 14A of Income Tax Act & Rule-8D of Income Tax Rules. Is this section applies to Bonus Shares also. If yes, then what would be the value of such shares.

The fact is: Assessee: NBFC Company.

AO has re-opened the case for AY: 01-02 u/s 147, the grounds on which AO has re-opened the case is- he wants to disallow company's total expenditure in properation of dividend income(Exempeted Income) as per Section- 14A & Rule-8D

Is AO is correct or not?

pls reply me asap.

thanks

if indivual payments to a party for a contract didnot exceed Rs20000 but in the last month of the year the total payment exceeded Rs50000 then should we deduct on the whole amount including the first payments?

I deposit sum of Rs 70000 in my PPF a/c, Rs.30000 from my own a/c and Rs.40000 from joint a/c with my wife, is it valid from income tax point of view?

X and Y are two brothers both getting salary income after deduction of TDS. Y transfers his income of Rs 30000 to his bro X's bank a/c. X invest this sum in mutual funds and also give as a loan. Is this transfer of money from X to Y valid? Who is liable to tax?

I need a detailed general checklist for conducting statutory as well as tax audit for the year ending march' 2008......

No specific industry, just need to know the basic requirements....

Will figure out the industry requirements as and when the need arises....

Plz help....

Thank You

Mrs X transfers a sum of Rs 8 lakh to her daughter-in-law without any consideration and this sum is given on loan by daughter-in-law to a third party, whether Mrs X or her dauhter-in-law chargeable to tax? IF yes , then by what amount? Can it be treated as gift from relative and so no tax liability ?

When we talk about investment(u/s 80c) that has limit upto 1,00,000 which includes no of investments.

(A)I heard that Investment under pension scheme has a limit of Rs. 10,000/-. Is this true?

(B) Is tuition fee restricted upto 24000/- or having no such kind of limit.

Kindly answer to my this query.

Hi,
I have couple of queries on service tax.

1. Whether I can ask for an refund from service which is wrongly paid by me. This is first year. In this case I had paid for whole amount instead of paying on above 8 lakh which is the exemption limit. I had collected amount from debtors. But they had not paid me service tax upto 8 lakh and i had wrongly paid. Which form and circular or case study if any.

2. Whether I can take a set-off of service tax paid on Rent expenses paid to Diretor against service tax that need to be paid which is collected on commission. They are at the same office.

Please let me know ASAP.

Thanks,
Hemal Parikh