Sir/Madam,

I have three question on relating to intraday buying and selling of shares.

Q1. If assessee is engaged in buyin and selling of equity shares itra-day in nature whether it will be treated speculative business transation or other source income?

Q2 If it is a speculative business whether assessee is required tax audit ?

Q3. What will be considered (i.e 60 Lakh) for applying for tax audit, gross purchase value of shares, gross sell value of shares, or gross receipts from doing such business.

Re: Credit card Transactions involving incidence of TDS.

Facts:-

A Retail merchant swipes a credit card for receiving payment from customer. The bill details and amount are then forwarded to the acquiring bank, which makes payment of the bill amount to the retail merchant after withholding its discount amount for providing this service to the retail merchant.

Query:-

Whether the discount so withheld by the acquiring banker be treated as being in the nature of commission, liable for deduction of tax u/s. 194H?

We have received advance in the month of March for the services to be invoiced in April.

Our client has deducted TDS on advance payment & will be issuing TDS certificate for the same, but we will invoice the services in next F/Y.

So, how can we claim TDS deducted in current F/Y against income of next F/Y

We have outstanding balances from 2004-05 from our customers, Now they are considered bad and are to be written off. Can we write off service tax payable charged at the time of invoicing in respect of above services.
(mind it huge funds are involved)

Please give me link to any related case law.

My company is going to ECB loan amounting to 35M under automatic route. And we will have to pay up-front fess to singapore banker and guarantee insurance premium to korea insurance firm.

In this regard please clarify what is the withholding tax applicable on

1. Up front fees payable in USD to singapore bank.
2. Insurance premium amount payable to korea insurance company.

For your information india is having DTAT with both the countries.

Dear Experts,

I want to file a partnership firms return u/s 44ad. As you all know ITR 4S is only for indivdual & huf, hence i can only file the firms return in ITR 5. My problem is that sec 44AD allows firms to claim deduction u/s 40(b) i.e. partners interest and remuneration after calculating profit @ 8%. Then after calculating taxable income as per sec 44AD and allowing deduction u/s 40(b) the taxable income is zero, which is allowed as per act. But there is no option for showing this in the ITR 5. There is only few rows for not maintaining books of accounts under balance sheet and p&l. If i show all the receipts and expenses are equal and the profit is zero, then there are good chances of the department issuing notice u/s 271B for not conducting audit. In such a case what are my options? Please help

DEAR SIR

MY SALARY RS.500000/- IN METRO CITY

A-HRA RECEIVED-36000
B-HOUSE RENT PAID-60000
C-MEDICAL ALLOWANCE RECEIVED-30000
D-MEDICAL EXP INCURRED FOR FATHER(65)-55000
E-MEDICAL CHECK UP FOR ME-RS-5000

I WANT TO KNOW HOW MUCH AMT IS DEDUCTIBLE AGAINST EACH ITEM ABOVE

I want to know is service tax applicable for construction company.
& also want to know VAT is Applicable for construction company.

Material A supplied by Harish Ltd to a sub contractor Ashok Ltd for welding activity. Material B is being purchased by Ashok Ltd from outsiders and material A and B are welded together. The same being send to Harish Ltd. Whether tax to be deducted at source on welding charge or also for material B under 194C.

dear sir

i am chartered accountant with less than 55% marks in final

so am i eligible for net exam conducted by ugc?