dear pls i file a return itr4 for the financial yr 2015_16 , but showing gross income as 400,000 and profit is 115600, but when file return, file as that we didnt maintain books of account and file the return accordingly like not showing pnl just file d return on total basis... so mu ques is that i file the wrong as selecting that "not maintain any books of accoint" so what are the consequences and wht should i do nw ??

In regards to Sec 54 of Income Tax Act, exemption is available if:
a) New Property purchased before 1 year / after 2 years of sale of property., or
b) Constructed withing 3 yrs from sale of property

My query is that, will the exemption be available if a property is constructed before 1 year of sale of property, as section specifies 'Purchase before 1 year'.

is registration mandatory for interstate transaction with annual turnover 10 lakhs (covered under threshold of 19 lakhs for registration)

Respected Experts,

We are private limited company. Can we pay Rs. 22,500/- against expenses of repairing & maint. of machinery in cash.

If we do the above. Which amount will be disallowed & except this any penalty will arise.

Kindly advise,

Regards,

Rakesh Kumar

Respected Experts,

We are Private Limited Company & regular file 24Q. Should we show the below salary details in 4th Qtr. as in previous 3 qtrs. we have not shown any details :-

1) In our concern 5-6 Employees take Gross salary 3.5 Lacs to 4.00 Lacs
2) They all have saving between 1.25 lac to 1.5 lac & their Net salary are below taxable limit.
3) No TDS has been deducted.
4) We have collected necessary saving proofs as well from the above employees.

Sir, should we show the above salary details in 24Q? If yes, should we show quarterly or in last quarter only.

If we don't need to show, what kind of record we have maintain of above employee i.e. any form etc.

Its my humble request, kindly guide me & resolve my queries as I have post this query earlier many times.

Regards,

Rakesh Sharma

I have agricultural income and income u/s 44AD.So i filed return through ITR 4.But now i got a defective return asking to fill balance sheet and profit n loss.What should i do??

Hi, I am an employee of a UK company based in india. The company does not have a legal entity in india, so I file my tax return as a self employed. In my offer letter they have mentioned me as employee for the company. Every month receive the salary in my bank and I do not have to raise invoice every month. I am not registered for any service tax. Will I have to pay the service tax. My job profile is business development in India.

Respected Sir,

In Case of allotment of Shares by way of conversion of loan into equity whether it comes under Consideration for cash or other than cash?
In case of consideration other than cash:
A Director( also a share holder) gave unsecured loan of Rs. 50 Lakhs.
The company went for rights issue and he wants company to adjust his loan amount agaiinst the proceeds of rights issue and further he gave balance amount by way of electronic fund transfer.
Please tell me whether the above mentioned case willl come under consideration of cash or other than cash.

A proprietor already having a stationery business received in FY 15-16 a commission income as a side job for the first time as a advertising agent of less than 60,000 on which TDS is also deducted by media channel to whom business is provided.
Is it a business income or income from other sources for proprietor and also separate income and expenditure account is required to prepared?

telephone reimbursement is taxable or not -taxable in hand of employee. whether employee submit the bill or not.