Pls. help me in preparing the cash flow from the following figures :-
Rs. (in lakhs )
Net Loss (1076.79)
Depreciation for the year 581.61
Interest income 236.65
Interest Expense 11.45
Current assets:- 31.03.11 31.03.10
Inventories 190.52 343.15
DEbtors 46.48 81.60
Cash & Bank 2212.70 2989.57
Loans & Advances 429.37 225.81
Interest Accrued 126.39 76.58
Current Liab. 1748.07 1957.66

I filed income tax returns for the Assessment year 2010-11. After that I have received intimation U/s 143(1) of the Income Tax Act,1961 which is showing a demand of Income Tax.
I filed revised income tax returns for the Assessment year 2010-11. In revised return i have to get tax refund.
In this regard I contacted twice CPC on 18004252229. First time they told me that my file is now with local ITO. Almost from last one month regularly am going to ITO office. I submitted request application to them. Officials from my ward told me that my file is not initiating with them.
They told me to contact with CPC, Bangalore and CPC can only resolve my case.
When i again contact CPC call centre they told that they cannot help me in this issue as they already transfer my case to local ITO and they told me to contact local office only. Can i know what i have to do further to get refunds.

Hello Sir,

One of my client, Pvt Ltd, had not included one bank in the accounts and even the auditor did not check that.

Though all the receipts and withdrawals were shown as cash receipts and withdrawals. The previous auditor might not have checked the same.

Now this year, the directors are under doubt as to show the account or not.

In my opinion, it should be shown as it contained huge transactions affecting business.

At the opening, we may create a ledger of bank through crediting cash and debiting the new bank as per the opening balance of Bank.

I have doubt as to what consequences will it have.

-Do we need to specify in to notes about this?
-In future IT Assessments, what kind of penalty/consequences?
-Any other solution.


Thank you

In 2007, we have filed a form 8 for crating charge which was delay by about 7 months. but we have not approached CLB for condonation of delay. meanwhile the loan is settled and we dont want the charge to be created. a week ago a email from ROC askin details of condonation filed or otherwise
"form will be marked as ‘Invalid and Not Been Taken on Record’ without giving any further notice and will inform to the charge holder
accordingly."
now since the loan is repaid, should we go for for condonation of delay?

Whether a CA not holding a COP can undertake a consultancy business without attestation and can he be a director in a company?
please help

wat is work contract tax?
who wil charge tax if there is a company & a contractor?
wat is the % of tax?
wat is the last date of filling d return & paying of tax in haryana state?

hello
i waz doing profit prior to incorporation
i couldnt get the proper answer for ''DEBENTURE INTEREST''
i mean the ratio in which it should be calculated
plz reply anyone who knows the answer
thanx

1)My client is procuring finance from market and transferring the same to the Ltd. Co. in which he's Director & to Firm in which he's Partner.
The AO is holding that assesee is doing business of Financing & hence the Interest receipt is assessable under the Head Business Income.
However, my perception is,
a)My client is just providing finance & making an Investment in a Co. belonging to his family members & in which he's a Director (since the Co. is engaged in Construction Business thereby get loans @ a costly rate plus involving other complicatons too). Thus this activity should not be regarded as a Business Activity.
.
2)My Client is charging Interest just to the extent payable to the lenders. NO PROFIT element is there in the Interest amount & even NO MOTIVE to earn profit through the activity.
.
3)Further he doesn't hold any Money Lending License nor has advanced money outside.
.
The AO is also helding that since Interest Paid or received exceeded 40Lakhs, the assessee should have deducted TDS.
However, my assessee (being an Individual, TDS provision not appliable), had no tax audit either for Asstt.Year 2005-06 or 2006-07, & also the Business Receipt during the concerned year i.e. 2007-08 doesnot exceed 40Lakhs.
.
In my opinion,the under mentioned Cases are supportive to my assessee:
* J.K.Holdings vs ITO(2001)70 TTJ (Mum.)649
* Belagode Traders vs. ITO(1996)54 TTJ (Bang.)449
* Ghanshyamdas Gangadhar vs. CIT(1954)25 ITR 318 (Pat.)
.
Please provide me your opinions on the above instant as early as possible.
Thank You.

Respected One,
can u confirm me the tenure of articleship for a student passed both grp with ATC.

If it is 3 yrs, then please help me becoz i have registered myself for 3 1/2 yrs of articleship. and i have completed my 6months of articleship.

Please HELP ME...

Thanks a lot

AS-3 APPLICABLE TO PVT COMPANY?AS PER ONE CONDITION OF LEVEL-1 ENTERPRISES
All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs. 10 crore at any time during the accounting period.

PVT LTD CO HAVE BORROWED UNSECURED LOAN FROM DIRECTOR MORE THAN ABOVE LIMIT.THIS CASE FALLS UNDER THE ABOVE CONDITION.