Hi,
I am in a retail trade and if I file Return for the FY 2010-2011 under section 44 af with the turnover of Rs 15 lac and profit at @ 11%=1,65000RS, do I have to maintain any books of accounts.The Turnover for the last 3 years has been on an average below 15 lac.....

Now can I claim deduction under Section 80 C(Home loan principal repayment.LIC Premiums etc) and under section 24(Home Loan Interest Payment)

For How long I will have to keep the books of Accounts of previous years.Can ITO pick ITRS of previous years say after 5 years
THX IN ADVANCE

My one of customer who is not required to be registered with excise Dept. had send the material in normal challan and asked us to do the job work.

As a registered unit what short of procedure to be adopt to do the same.

Whether excise dept. asked for any form, or asked to pay duty on total assessable value.

or we have to pay service tax

we are doing galvanising of MS-Angle.

AS per excise galvanising is amount to manufacture.

Please advice on this matter urgently.

Dear sir/mam,

i have registered my company in march 2009 the company has not yet commenced its operation yet kindly suggest me that how much return i have file ????
is the audit from ca/cs/cwa is necessary for such company???

plz guide???

Hi,

I am computing long term capital gain for a property. The Govt valuation for the property is 17.5 lacs whereas the property was sold for 9.5lacs. Actual mkt value of the property is also around 9.5lacs. The law says that the higher of Govt valuation and sale proceeds shall be taken for tax computation. But in this case the mkt value is actually much much lower than govt valuation, resulting in much higher tax liability...Are there any case laws where lower value has been accepted?

If somebody has not made an entry in Bank book but the amount is reflected in Bank statement and year is closed & in BRS this amount is shown under the head amount debited/credited by bank but not entered in bank book, then what will be the treatment in next year.

The company pays lumpsum amount as subsidy to canteen contractor.Plz suggest on following issue that Whether Subsidy is liable for vat:

1) Assessee is running canteen in factory premises U/S 46 of factory act

2) it provides canteen facilities to employees only at susidized rate. Company deducts Rs.100/- p.m. per employee for such facility.

3) along with regular contract payment, the company pays lumpsum amount to caterer based on increase in Consumer Price Index. the caterer issues bill recovering service tax on the said amount.


Reference:
1. Tisco General Office reacreation club
126 STC 547
2. M/s Bayer India Ltd. DDQ No. DDQ-
11/2001/Adm-5/73/B-1 dated 9-10-2004

Dear Sir,

I need your opinion on the following issue

One of Private Education Society Conducting courses which is recognized as well not recognized.

Wanted to know the Tax liability for both.

service provider providing Goods & Material provided like Books, laptop can get Exclusion from Value of Service.

Pls reply on Urgent basis & If have any case laws or notification pls send the same.

thanks in advance.

One of my client is a goverment employee. During the year 07-08 he has received cash of Rs. 10.00 lacs from his brother (who is a contractor) for payment of labor. The cash received was first deposited in saving a/c and then withdraw on various dates and paid to labor on behalf of his brother. Now the case was selected for scrutiny and AO is asked for source of fund.
if we show the amount as advance received from brother for payment on his behalf to labor. Whether AO can evoke section 269SS/TT for received of advance in cash??? Please also suggest any other measure to safeguard the client.

Dear Sir,

Please provide me details regarding the submission of an Annual Financial Information Statement for the preceding financial year to the Excise office.

Also give me related notification and format of that statement.

Regards
Anand Vadu

My Question is relating to TDS on Import of Services.

We have to pay TDS on Import of Services or only on grossup Figure.

For Example'
A who is working for a Consultancy firm for Net of Taxes for Rs. 2,50,000/-(Equalent to Indian Rupees). If we grossed Up with Tds then the same come around TDS Come around 27777/-(assume 10% TDS) the total Consultancy Charge comes to 2,77,777/- and the ST comes to 28611/-10.3% on 2,77,777/-) i already considered for TDs 27777/-. But I had a doubt whether I have to pay TDS on 28611/- also please calrify