An assesse defaulters with the bank having mortgaged property is auctioned by lender institution and has capital gain not realised but adjusted towards dues of the defaulter with lender. Taxability in the hands of defaulter assesse in view of the fact that consideration has not been realised to the assesse and no other source to pay taxes.

Dear CAclubindia Parivar,
It shall be of great help if anyone can provide a formate of Final accounts and audit report of CHIT FUND PVT. LTD. CO.

Pls any one guide me, whether i have to file separate return for Service tax paid for Goods Transport Agency. Which return to be file. it is annualor six monthly return ?

Hi All,

If a Company is a Section 10B Company (STPI Comapny) covered under MAT Section i.e. Sec 115JB, liable to Pay Tax @ 10.30% on it's Profits.
At what Rate should the Calculation of Interest u/s 234 C be done for Qualifying Amount on which Interest is to be Calculated.
For e.g. If Advance Tax Paid on or before June 15 is less Than 12% of (Tax on Total Income Declared in Return of Income Less Tax Deducted At Source)----Amount on which Interest is Payable is = 15%(Tax on Total Income Declared in Return of Income Less TDS Deducted Less Advance Tax Paid till June 15)
Now, for calculation Tax on Total Income Declared in Return Of Income -- Rate should Be Normal 30.90% or MAT Rate 10.30%?

Please advice.

Thanks
Mohit

I am a broker between manufacturer & buyer for certain restricted item, wherein the transportation cost is to be borne by me but the Invoice is raised in the name of the Consignee. The transportation charges are payable in CASH only.

Niether the manufacturer, buyer or transporter is ready to enter into a written agreement of any sort.

The commission is paid by the manufacturer through a/c payee cheque.

How should i record transportation cost in my books?

Clearing & Forwarding agent has given a bill where expenses incurred by him & his service charges are mentioned. He has given the bills of parties for Expenses incurred on behalf of company attached with the combined bill .Now tds should be deducted on whole bill amount or only his service amt. Please reply .

Dear sirs,

I want to know If I didn't file my Business Return for the Year 2006-07 but I have file till 05-06 and tring to file till 2008-09.
I think we should file return for the year 2007-08 & 2008-09.but what about 06-07 ? by paying Panelty of Rs.5000/- can we file the return or not ?
If panelty has to pay, where we have to pay all the panelty from which challan ?
if its ch.280 or other ?

Pls help me ?


thanks in advance

Hello Members,

Wish all members a very happy ganesha chaturthi

I wish to purse CPA exams hence anyone can provide me link/information on the same.

Regards
Tejashwini

is there any circular/ notification in the matter that, where a survey u/s.133A has been conducted & the income disclosed thereat is more than the income of preceeding year, than such assessee can not be taken up for scrutiny???

if yes, where can i find that notification/ circular?

thanks

Hi Experts,

Suppose Mr. ABC is a student,, but he left his studies two years before in 2006, since 2006 he is not doing anything. But in meanwhile in 2009 he got brokerage of Rs.5,00,000/- on sale of land in pune in year 2008.

Prior to this he does not have any taxable income from any source. The other party who paid commission of Rs.5,00,000 deducted TDS @ 10.30 on this commission.

My question is : Is Mr.ABC is required to file ITR for FY 2009-10 ?
2) Under which head he can file the return.
3) As basic exemption limit is Rs.160000 for FY 09-10, can he claim refund of excess TDS deducted

Note : Mr ABC does not have any shop act license or registered business.


THANKS SIR, BUT UNDER WHICH HEAD HE HAS TO FILE HIS RETURN.
Note : Mr ABC does not have any shop act license or registered business