Respected Experts,
The issue is my friend problem. The firm is an automobile sales & services. Supply/service were received from two parties amounting to Rs.8,14,650/-. The payments were made to them through cheque. Those two parties were private persons and not registered under Sales/Service Tax authorities. The Assessing Officer has invoked section 68 of Income Tax Act and decided those credits as unexplained and levied tax and order was passed u/s 143(3) of IT Act, 1961. Appeal filed before the Commissioner of IT (Appeal)was also dismissed under section 250(6). The firm was also stand closed in 2013 itself. Is there any legal remedy as the firm stand closed in 2013 itself and the Assessment Year was 2010-11. Whether there is any provision for waiver of the Assessment as the firm is non exist. Whether filing petition before the Lok Adalat for waiver/reduction of tax is permissible/fruitful in the present situation. Please clarify. Thanks in advance to all the respectful Experts.

we are constructing new building for business expansion

we need to deduct TDS & WCT or don't deduct.

1. Bills for Pre-Engg. material received with VAT
2. Bills for Pre-Engg. Material received with VAT and Service tax
3. Electrical engg. related supplier bills with VAT
4. Electrical engg. related supplier bills with VAT and service tax
5. Civil construction bills
6. Mechanical engg. material with VAT
7. Mechanical Engg. material with VAT & Service tax

Dear Sir,
We need to remit bank charges towards extension of Bank Guarantee issued by Doha Bank to our client. We need to pay to our bank in India who has taken this bank guarantee from Doha Bank on our behalf. we need to remit bank charges to Doha bank. do we need to deduct tax? if yes then please give details of tax amount etc.
thanks,
Nilesh

Dear Experts, In case of payment made out of india for commision to individual is it liable for Tax under section 195?? payment is exceeding 500000 during the year. if liable to tax then at which rate ,tds to be deducted? Is 15 ca-cb required to be filed?

What is the Depreciation Charged on ECG Machine as per Income Tax Act

Hello, from personal file i have transfer some amount to my Wife's file & some to my Father for purchase a residential flat in joint name during last F.Y. 2015-16 (My Father & Wife) & i have shown this amount as loan (receivable from them) in my Balance sheet.

Can i able to show this entry as Giving Gift to both of them in F.Y. 2016-17? Although the cheque transection was made in F.Y. 2015-16

Regards

How much cost for incorporation of a company ?

A is a propietor of XYZ firm. XYZ firm was previously a partnership firm but then converted into proprietorship firm. Now the cash transaction notice came on partnership firm PAN Number. Now how to reply this notice as the partnership is not in existence.

i did agreement in September for sale of rs 10L. At that time I received advance of 1L, rest payment was due on 30 Nov.
It was mentioned in agreement that default in payment on 30 Nov Will entitle the seller to forfiet earnest money of 1 L.
In Oct and Nov, received 1L each month but purchaser defaulted on 30 Nov.
In Dec, I sent the legal notice through advocate stating that I have received 3 L earnest money and pay the balance money within 15 days otherwise 3L will be forfieted and agreement will be cancelled.
No reply received from the purchaser till now.
Can I legally forfiet the 3L money and sell the property to another.

Hi ,We have employee who joined in November 2016,with salary of 50000.we deducted 200 as pt.his salary 49800*4=199200.He is under 250000 so no need to deduct TDS or need to deduct TDS.he didn't submit any prior salary details. Please help me out