In a Pvt.Ltd company there is a purchase of mobile in cash and it is gifted to its client
The entry passed
Mobile phone(asset) dr. 54,000
To cash. Cr. 54,000

Pls tell me what is right effect of it and if it shown as business promotion exp. Then the whole amount is disallowed
So pls give ur opinion

hi.......
if my friend receives notice under setion 153A,in that notice specfies that you need to assess or reassess total income for the previous 6 assessment years,
now i came to know that his does't disclose part of income at that time,now i reassess his income and include undisclosed income for the AY 2009-2010 onwards,
while computing total income of him for the AY 2010-2011,i came across some doubts
for the AY 2010-2011;tds receivable 20000 set off aganist taxliablity of 10000, and he receives the refund of 10000 in AY 2011-2012.
now while calculating tax liablity whether
tds amount is consider or not,if tds consider advance taxes not come ,if tds not consider advance taxes are very high
so what i do now?

Is accounting standards applicable to partnership/ sole proprietorship? Is it compulsory that they should follow it? If yes then what are the consequence of not following them?

Hi all,
one of my client had made e-filling of income tax return from some other C.A.for F.Y. 2012-13, password of which is held with that C.A. only. now that C.A. is not giving password to my client. e-filling site is asking for 3 things for reliving the password which will be send to previous C.A. mail id (WHICH I WILL NOT GET IT)
1)acknowledgement no. of e-filling return
2)digital sign
3)secrete Q while creating id
my client did not have anything.
SO HOW TO OBTAIN THE PASSWORD???

Dear Sir,

Construction of house completed on 25/11/2013.

Constructed house sold on 30/12/2013.

Interest up to the date of construction is available as deduction u/s 24(b) in 5 equal instalment.

Whether deduction is available for 5 years even house property has sold.

rply please

for achieving sales target company has paid commission in kind like foreign tour / car/ gold/ freeze / laptop / mobile etc., my question is whether these kind of expenses attract TDS under which section of Income Tax Act, 1961.

in books of accounts of company it is revenue or capital expenditure, and what treatment will be given in the books of account by the dealer.

We have participated in an exhibition outside India, we have to pay exhibition charges to party outside India. My query is whether I need to deduct TDS while making payment to party or not ?
Party is located outside India & the exhibition is also to be taken place out of India.
If TDS has to be deducted what will be the rate of TDS ?

Presently i am working with cost accountant firm and where i get the salary through cheque payment as salary is not in taxble limit so there is no tds and no form 16 so i want to file my income tax return.Is it possible for me to file my income tax return without form 16?

MY ATTEMPT IN NOV 2014 ,SHOULD I BUY BOOK OF INCOME TAX NOW, AS INCOME TAX ACT 2013 IS APPLICABLE ON ME AS ASSESMENT YEAR 2014-15 OR BUY BOOK IN JUNE 2014 AS NEW BOOK WILL CUM IN MARKET THAN .

I am doing air cargo business and I am the proprietor. Is it necessary to register and apply for Tin & Tan. If it so, kindly advice how to apply. what is the use of TIN and TAN in my business