whether Online trading of Derivatives cover under sec 44 AD .. If It is cover under Sec 44 AD means what is the receipts for the business .. If he had earned loss for Rs. 400000/- means he will liable for 44AB tax audit of non full filling of 8 % ....

Dear All,

We are large manufacturer of "Rubber" and for that various small componant requier, now my Q is that, we are paying some "REPAIRS & MAINTENANCE" for some product which is use for rubber manufacturing now all these repairs bill shall we book under the head of purchse or we directly book under head of Diret exp. plz expain with brief solution

what are pledged/encumbered and non encumbered shares. Why are they reported in the balance sheet.

Hello!

May I request someone to brief me on "Chartered Financial Analyst" course.

And could you let me know on how best this course would suite for a working techie and in what manner this course needs to be pursued?

Thanks in advance!

My brother in law basically Indian origin went to USA for employment and got green card also from USA-ie NRI.He bought a house at Chennai before few years and now sold in April 2011 with capital gain after hie return to India in the month of May 2010 .My query is
.whether he can invest the capital gain in FD for 5 years in a non banking institution which gives high income or to deposit with any nationalized bank under capital gain account scheme until decision is taken for further investment.
Whether it should be shown in the return for the fin year 2011-2012 as capital gain or not.
I request the forum for advice

Sir, My firm is engaged in mining of coal in Jharkhand. The subcontractor raise the bill quarterly basis as per agreement in the last date of the quarter. We got the said bill after 10th of next month i.e. bill dt.30.06.2010 recd on or after 10.07.2010. We have credited the entire bills on last date of quarter and in TDS return we have shown the bill credited on 30.06.2010. So, we could not deposited the TDS in due date i.e. 07.07.2010. The ITO(TDS) send the penalty notice u/s 221(1) of I.T.Act 1961. Please suggest me the way out. The above case relates to F.Y. 2008-09. Can we revise the TDS return of F.Y. 2009-10 & 2010-11 by changing the date of credit.

its very urgent.

There is a land on the name of 4 people.

Now they want to gift the land to people who are their relatives u/s 56(2)(vii). So no tax will be levied on the same. A proper registry of the gift will also be done by paying stamp duty.

Now the people who have got the gift want to construct flats on the same and then sell them.

They are receiving the gift as a capital asset.

So implications if:

1. They show the same as capital assets and flats constructed as cost of improvement.?

2. They convert the same into stock for business and claim construction expenses.?

3. Any other way you may suggest.?

Sir

Can you tell me who is responsible for payment of VAT when the goods are received by the consignment agent form another state and whether consignment agent is require to make bill in his name in consignment agent business.

Please explain

Thanks and Regards
Pravin Sharma

Whether NRI has to show his income earned outside india in his return of income?

If yes where it can be mentioned in the return of income?

If you know please specifically provide the clause no. of the ITR 1 to 4 where this income needs to be shown?

can someone send me drafting letter in respose to notice u/s 142 (1) regarding the ITR true copy which was already filed by the assessee.