1. In case an assessee opts for presumptive taxation, can he file a personal balance sheet/statement of affairs as doing so would mean that he maintains accounts for his personal transactions.
2. Since all the assessee are not required to maintain books of accounts, should a balance sheet be filed for all
3. In case a balance sheet is not prepared can AO ask for the same in scrutiny assessment

Dear Sir / Madam,

I am an NRI from U.S. I have salary account (Savings A/C) in India which was opened at the time of joining with India software company in Dec 2004.

1. I have got the home loan when I was in India and I have set up auto debit option on my Savings A/C to pay monthly EMI'S for this. I did not claim tax exemption on this so far because I don't have any other income in India to get the tax benefit. Can I show this on my tax returns from this year on wards even I am using India savings A/C to pay the home loan EMI'S?

2. Now I am going to occupy my Residential flat (which is bought from the above said home loan) in this month and I am going to rent out this to a private party (not relatives) starting from April 2008. Can I keep this rent income in my present Savings A/C and is it taxable or not?

3. I came to U.S in May 2006 and I have done my tax returns (Form-16) for year 2006-07 (1st April 2006 to 31st March 2007) by showing India salary only (March, April & May 2006) and I did not show the overseas salary which is taxable here. Is this correct?

4. Still my residential status is not updated on either my Savings A/C or Home Loan A/C in India (Resident Indian only) and also I am remitting the money to my own savings A/C from here every month for the purpose of my family maintenance expenses and to pay home loan EMI's. Can I continue this?

5. Also I bought a house plot in India by transferring money to my own Savings A/C from here in the year 2007 as an NRI. Is this correct?

6. As explained above, so far I have used my India Savings account only for all these transactions.

7. Is it mandatory for NRI's to perform any transactions in India using NRE / NRO A/C's only or is it optional?

8. What care needs to be taken for 2007-08 tax returns submission to correct all these?


Please suggest the best solution for this.

Dear sir,
A company pays Membership & Subscription to clubs and hotels for its Directors. The same is claimed as Revenue Expenditure.

Is TDS applicable & if applicable under which provision?

Please Reply.

Hey Plz anyone having soft copies of the postal test paper FC-2006 Series for C.A Final mail it to me at prasad85r@gmail.com. Friends anyone even having any information about where to get the solved papers of the FC-2006 series for C.A Final plz let me know.

Can anyone also tell me that how many postal test paper's have to be cleared under the Old C.A Final Course to be eligible for appearing in the exams ????

I shall be greatful to anyone who can hep me out.

Thanks in advance

Regards

Prasad.R

An Indian company, under collaboration agreement, makes payment of royalty to its collaborator, a foreign company at Japan. While deducting tds u/s 195, it deducted excess tds at 20% while the rate has been scaled down to 10% wef 01.04.07 under the DTAA. Queries in this regard are:
1) whether it can ajust the excess deduction of tds in its subsequent deduction of tds in the same year?
2) The Japan company is not filing return in India. In case, the Indian company files return for the Japan company as an agent of non resident (to get refund of the excess deduction),(a) whether new PAN has to be got for the non resident or can the Indian company file the return as an agent in its own PAN? (b) if new PAN is required, whether Form 49A has to be signed by the non resident or can it be signed and applied by the Indian company as agent (c)whether separate power of attorney will be required to file return on behalf of the non resident

Newly turned CA's are moving into jobs rather than in practise. This will lead to scarcity of jobs till May 2010 when i will become a CA.

Dear Sir,

I am fresh qualified CA.

I want to know career option in SOX audit field. some are saying that there is no future for SOX after 5 years. Please suggest whether is it worth in building up a career in this field or not

can anybody explain abt protective assessment

Hi Friends,

Please guide me;

1. Quaterly incentives & bonus will be credited along with the employee salary. can anyone send me the format of salary slip.

2. Brief info on 80C & 80 D.

3. Tds % on directors Salary.

4. If Directors take classes, how should be the payment made, grouped,treated & enteries passed.

Thanks in advance

hi,
a herbal product company has given diwali gift to doctors (gift in kind, not medicines)
the expense has been treated as sales promotion expense

plz tell me,
can it be taken under sales promotion as per FBT?
How is sales promotion and gift differentiated?
or
will the expense fall under Festival celebration expense?