An individual becomes a major on 9.1.2013 (i.e. in F.Y.2012-13). Till F.Y.2011-12,the minor's income was clubbed with her father's income.
The queries :
1) Just as an individual is considered to be a senior citizen for a F.Y. if she completes 60 years of age anytime during the F.Y.,would the minor also be considered as an independent resident assessee for F.Y. 2012-13? If so,does it mean that a separate I.T.Return will have to be filed for her during F.Y.2012-13 incorporating the ENTIRE income earned by her during the year(including the period from 1.4.2012 to 8.1.2013 when she was a minor)?
2) Or is it that the minor will be considered a major only from 9.1.2013 and hence all her incomes from 1.4.2012 to 8.1.2013 will have to be clubbed with that of her father for F.Y.2012-13?
Thanks for your help.

I have an FD amount of Rs. 5,00,000/-as on 31.03.2011.

Maturity Value of Rs.5,34,060/-.Matured Date is 14.06.2011.

I reinvest the whole amount that is 5,34,060/- on 14.06.2011.

As on 31.03.2012 I recieved Interest Certificate Rs.44316/- and TDS Rs.3711/-

Can anybody help me for what entry need to be done in my books.

Thanks in advance.

Dear sir,

Is TDS is to be deducted on transfer of Funds from NRO to NRE account in India by a Non Resident.

An Individual had purchased a residential flat in 2005 for Rs.20lacs which he sold off on 17/5/2012 for Rs.60lacs. He had already purchased another flat on 20/5/2011 for Rs.72lacs of which 60lacs was by way of loan & 12lacs his own contribution. From the sale proceeds of the previous flat he paid off the loan to the extent of Rs.60lacs. So will he be able to claim exemption of the capital gain on the sale of the old flat against the paid off loan amount of the new flat?

at the time of payment of security deposit of the contractor which was deducted previously and credited under Security Deposit Contractor Account is it mandatory to first transfer such Security deposit to the particular party account by debiting the Security Deposit and crediting the Party and then make payment entry by dr. party and cr. bank

Sir,
As per section 44AD it is compulsory to show 8% income and if income is less then 8% then assessee has to gets its books of account audited. but in case where income of assessee is not exceeding basic exemption limit then whether audit will be required?????

Hello everyone,

suppose my client a firm has 200000 of turnover so 8% comes to 16000.

if it opts for 44AD then is audit mandatory because in 44AD it is mentioned that if income is <8% and income is more the maximum amount not chargeable to tax and for firms there is no limit for taxability of income ,

"Some prescrutiny validations have failed. Please make the required changes and upload the Form again"

While filing any form on MCA site I get this error on my laptop. But when same forms are uploaded from other CA's PC it gets filed immediately.

Please Help ASAP.

Dear Friends,
Require clarification on below:
"We are receiving services from outside India, whether we are liable to pay Ser. Tax?"
If Yes,
Wants all rules & regulation regards to that i.e.
1. Service Tax Liablity due
2. Which are benefits
3. Is this possible to open Branch or Subsidiary to avoid Service Tax liablity?

Our company is a private limited and engaged in steel processing (slitting & shearing). We are providing foods ( break fast, lunch, dinner) to our employees through canteen contractor. The contractor raising the bill for food & services charges and charging service tax amount for entire amount.

Whether service tax applicable to entire canteen bill amount or service bill amount only ?