who r require to pay advance tax ? what r their due dates to submit advance tax payment procedure , consequences in brief pl...

I have filed ITR-4 for AY 12-13 stating my salary income, bank interest and trading loss from F&O transaction under profits and gains from business or profession other than speculative business. Iam not liable to comply under the provisions of sec 44AA and sec 44AB. Under BS part in ITR no details are filled in No Account Case and under P&L, particulars under no account case are filled i.e. gross receipts, profits expenses and net profit/loss.

Now I have got a letter from IT under sec 139(9) stating certain errors:

1. Assessee has claimed loss under the head “Profits and gains of Business or Profession”; however,
he has not filled Balance Sheet and Profit and Loss Account and has not got the books of account audited.

2. Assessee entering negative amount in gross profit or net profit.

3. Where assessee furnish total of amount deducted in Sl.no.2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5

Query:
1. Is F&O transaction speculative or non speculative and whether it should be shown in business or profession or capital gains.

2. Am I required to maintain books of accounts. My loss from F&O is 3 lac rs on a gross rceipts of rs 31 lacs.

3. How to rectify the return and what all details are now required to be filed in new xml sheet to make it complete.

Need to resolve this query urgently. Pls help.

Please tell any one an we file income tax return without tax audit U/s 44AD on 8% of Sales when original profit is more than 8% of sales as per books of accounts maintained i.e.as per profit and Loss A/c?
(Ex : Sales Rs.25,00,000 ; Net profit Rs.5,00,000; Declared Income u/s 44AD is 8% of sales i.e.Rs.2,00,000 )

Is entry tax available on the imported machinery?

i have got in AT test if Disa 141/200, highest 182 so 75 % of 182 is 136.5 but i am fail.Any one give me reason for this.

Pl. let me know below entities are related party as per AS 18? Pl. explain also

Company A Holds 99 percent equity share in Company B. Company A holds 40 percent equity share in Company C.

Whether B and C Related Party as per AS18?

Respected sir,

whether the service tax is applicable to co op society with regard on the pigmy commission paid by the co op society to its pigmy agents under the reverse calculation mechanisum... if yes then pls give the reason with proper calculation..

Thanking you..

S B HIREMATH
AUDIT ASST
MATHAPATI & CO
CHARTERED ACCOUNTANTS
BELGAUM

Sec 188 of the CA'13 : related parties transaction prohibits leasing of property of any kind. Which hitherto is permitted.

the question arise is wether all leave and license transactions are treated as lease. Legally speaking lease and leave & license differes with each other.

Whether Leave and License transactoins will be covered by sec. 188?

Can a pvt. ltd. co. as the license holder give on license certain premises to a public ltd. co. on L & L basis, for a period of 99 yrs. the agreement will be made before the new act come into effect. Only the compensation (rent) part will be kept open for the the parties to decided mutually, from time to time.

Can this type of arrangement valid in law? will it attract the provisions of sec. 188?

What is the due date of filing TDS return in case due date of deduction is 15/04/2013 and tax actually deducted is 16/12/2013.

Hello every one,
I have a query on Impairment loss.
Q1) Whether you will write off of the full value of asset (Building) when you have impairment(i.e, Building has been demolished in my case) ?
Q2) What kind of supporting document you can find while doing audit and IT scrutiny ?

Please take it as urgent.

Thanks in Advance.