Hello Everyone,
Please clarify what is the test of an item to be a trading liability u/s 41?As per Rollinstare(Something like this) case law term loan for purchase of capital asset is not a trading liability but working capital loan is.Plus what is the tax treatment of term loan waived(for purchase of capital asset) & under which section?Also all this under business profession head
Thanks

Dear Sir,
There is an individual assessee who has business income of Rs. 4.8 lacs in Fy 2012-13. Apart from this he has some ancestral agriculture land, from which he has income about 1.5 lacs.

Now please advise me, whether that assessee has to club this agriculture income in his individual return
or
He can keep seperate this agriculture income from his return by considering that it is his HUF income.

Please advise me.

Is a freelance Journalist who earns income by contributing articles/ news stories in business journals covered by sec 44AD, if his gross earning is lower than 1 crore and declare his income @ 8% of gross receipts?
Journalist is not covered as Profession in sec 44AA.
Will his activity be treated as service business or as profession?

which company is required to prepare cash flow statement?

For AY 2013-14, balance sheet and profit & loss account need to be uploaded in PDF while uploading xml file of tax audit report from auditor's login. I need clarification whether the same are to be scanned from signed balance sheet and whether all pages of schedules and annexures and notes on accounts are also need to be scanned and uploaded? if yes, is there any limit on the size of the PDF file?

Dear All,
This is the case of exporter- One of our client record Export sales after received Bill of Leading (i.e. first dispatched the good from office premises and after loading on ship, B.L. will received and sales will booked.) this process of booking of sales has been followed whole of the year.
In the march 2013, some of goods purchased and dispatched from office premises but B.L received in April. Whether sales booked on March or April?

Please suggest about the accounting and Taxation issues.

Dear Sirs,
one of my client dealing with AC ducting business, the situation is:
He purchase the readymade ducting from his client and add:
Some Steel sheets
Glass Sheet
Nut and bolt & Labor
for all this he take a fixed amount including all this, So please suggest me
how service tax will be charge and is any abatement is available for him?
thanks in advance

A friend of mine had sold an ancestral property. Right now he is not planning to purchase a new property. Now as per my knowledge he has the following options :
(1) To keep the money in a Capital Gain A/c with bank (2) Invest in Govt. Bonds (REC or National Highway)
I would like to know the following : Is there any lock-in-period for both the options? If the money is kept for full lock-in-period in bank or bonds, then money withdrawn after full term is taxfree or not?

How will I Know the detail of Directorship of a director

Assessee purchased two land on the following dates:
1 14.02.1995 cost of land: Rs. 38334
2 31.05.2001 cost of land: Rs. 94110

During A.Y. 2013-14 assessee jointly sold the both land(sale value breakup is not determinable for each land) on 26-02-2013 for Rs.9011111/- & he done investment in House in March for Rs.7857000/-

Kindly guide how to compute capital gain & exemption U/s 54F For claiming maximum benefit...
plz rpl soon.....