I AM WORKING IN FIRM WHICH DO THE BUSINESS OF MECHANICAL CONSTRUCTION WORK IN REFINERY. I WANT TO KNOW THAT WHAT WILL BE THE SALE AMOUNT IN TRADING ACCOUNT BASIC VALUE BEFORE SERVICE TAX OR THE AMOUNT (GROSS AMOUNT INCLUDING SERVICE TAX) ON WHICH CONTRACTEE DEDUCT THE TDS.PLEASE CLARIFY THE MATTER IN RELATION TO CONTRACT.

is sale of matured trees in the agricultural land can be treated as capital gain Or agricultural income ? If it treated as capital receipt in which section it will be claimed as exemption?

Dear Experts,
If a person receives professional fees from a person resident outside India, then 20% is deducted by the payer.
This leads the payee left with payment which is not adjustable or refundable( 20% deducted by the payer).
Is there any way by which the 20% tax deducted by the payer, can be deducted at lower rate, with the prescribed form for doing the same.
Plz provide the complete detail asap.

Thnx in advance.

is there any credit available to me as i m a student of pcc and i want to do MBA from IGNOU in Banking & Finance

a woman having total income of Rs. 200000/-
including LTCG 30000
stcg 10000
and winnings 20000

and given in question seprately agriculture income 50000

what will be the tax for AY 10-11

Reference to:
https://www.caclubindia.com/articles/whether-ups-is-a-part-of-the-computer-system--753.asp


Sirs,

A client of the firm i work for received a notice from the IT Dept. Stating that UPS's and modems are to be shown as plant and machinery and not as computers.

I would like to clarify the following.

If we capitalize accessories like A/C, stereo/CD player, Seat covers, Car Batteries etc when we purchase a vehicle. why cant we capitalize a UPS when we purchase a computer.

Besides: A Battery to a car = A UPS to a computer



Modems to be classified as computers
Ref:
ITAT MUMBAI BENCHES ‘D’ SPECIAL BENCH : MUMBAI
DCIT

v.

Datacraft India Ltd.

ITA Nos. 7462 & 754/Mum/2007
July 9, 2010

In a search conducted in premises of mr. x on 20 nov. 2009 assats worth rs 40 lacs were found. mr. x said that such assets had been acqurid out of income of the previous year relevent to the assessment year 2009-10 however in the return of income filed for A.S year on 15 oct. 2009 there was no disclosure of that income. accourding to assessee he is not liable for concealment penalty u/s 271(1)(C) of income tax act 1961. is his cliam tenable in law.

I have Fiiled My Return for AY 09-10 By E-filling. In which I Have Shown My Business Income Rs. 99704,Other Income 115582 Deduction 70475 Capital Loss (in share) 187954 Agriculture Income 48000 But Instead Of This Amt. Tax deptt Considered Business Income Rs. 197166 And No declaration Given And Issued Tax Liabilty Of Rs. 9504 And Intt. Of Rs. 2632 So That Total TAx Liability Of Rs. 12136 Have demanded For Deposit. And Passed The Order On 16-07-2010. Suggest What I have To do. from Where I can Find The Increment Of That Income Considered By The Deptt.

What is the difference between "a person having substantial interest" and a "beneficial owner" ?

Sales of a proprietory concern has increased from 35 lakh to 65 lakh and corresponding Gp margin has declined from 6.4% to 4.4%.Assessee is wholesaler in cloth.Whether decline in GP margin is justified?

Also tell whether significant accounting policies form part of audit report u/s 44AB