A compot lottery shop whose turunover is of 30,000/day but his margin is of flat 3% of on sales. Description of one transaction:
If and if cleint comes then shop owner purchases the lottery and sells instantly and the profit or loss for the purchaser is declared in one hr. Futher, he does not keep any stock for the day of lotteries. Its pure purchase and sale transaction and margin for the shop owner is margin only.

Will in the above case Tax Audit will be applicable? as the T/O for the year wil for sure exceed 40lacs? or should i consider only margin as his turn over and thus no tax sudit?

For The Year Ending on 31.03.2008, When should the necessary resolution be passed for appointing Company Secretary to issue The Compliance certificate. That is, whether it should be appointed in the beginning of the year or after 31.03.2008.

can we submit return for f.y.2007-08
please guide with proper section

When CTC Concept all FBT tax are deducted by the company and remitted to department. Now when there is change in perks calculation and tax to be paid by employee, what happen to FBT Paid out of his salary in earlier months during this FY 09-10?

Is FBT Already paid by the company,On withdrawal of such provisions, weather company will be getting refund? Weather such refunds will be treated as other income and taxable in the hands of the company?

It may be noted that the minor has to give the notice to the register that he has or has not become a partner, so as per which section it is applicable. What is the time limit to give notice to the register & if not then he will be considered as a partner or not or with the penalty provision will be attracted or any kind of prosecution if any? Please help as per which section, act it is possible.

Thank U .

Dear Friends
I am working in company which have two manufacturing Unit. Out of These Two one unit in situtated in Specified area and its profit is 100% exempt from tax US 80IB. Company is paying MAT on its profit as its one unit profit is 100% exempt. Company has track record of earning profit and it is estimated that it will earn profits in forseeable future to.
I want to know how to treat MAT credit available for compulation of defferecr tax asset/liability.
Kindly clarify.

can anyone give me the facts of the the case law i.e. ITO V. Dr. William Schwabe India (P) Ltd...??

I have a query for the Dvat, that why there is a requirement for filing of balance sheet and audit report in DVAT. and by what date it has to be submitted? Is any rule or section related to this then please give me the full detail.

thanx in advance

Income of minor child cannot be clubbed on account of manual work. "Wat do u mean by Manual Work as per the sec 64
(1A)?"

hii every one

during the audit, while i was checking the expenses, the company paid marriage bonus to the its employee i have so confused that is it allowed for the income tax purpose,, or allowed in company act.. or it should be included in salary