Query on Addition made by AO under scrutiny 143(2), which is offered by assessee to buy peace of Mind
Assessee is engaged in the Business Custom House Agent (CHA) and deriving income as Agency Commission. The Modus Operandi of the assessee is that it makes payment on behalf of client to clear the goods of the client and these payments are reimbursed by the client by issuing the debit Notes. Assessee charges Commission for this service which is its income.
From this modus operandi assessee claims two types of reimbursements from its client i.e. One for which assessee have the supporting and other part of which assessee did not have the supporting. The other parts of reimbursement are purely cash expenditure having only self-made vouchers and no other supporting.
During scrutiny proceedings AO asked to submit the Debit notes issued to client and he found that other part of payments did not have supporting. Further AO asked why this reimbursement payment did not have any the supporting’s?
In reply to this assessee explained the modus operandi as stated above and to buy peace of mind offered some percentage of cash expenditure which is made on behalf of client for addition. Now AO is of the view to impose the penalty on these additions u/s 271(1)(C) of the IT Act.

Kindly reply, is there any way to get the relief from the penalty imposition on the addition which is offered by the assessee to buy peace of mind? Kindly suggest if any judicial pronouncement in support of the same line of business???

From Chandan

IF ANY TDS RETURN FOR SAY QUARTER 1IS FILED AS NIL RETURN WHICH IS ACTUALLY A MISTAKE OF SOFTWARE (FILES WERE NOT GENERATED PROPERLY) BUT AFTERWARDS WE FOUND THAT IT HAS SOME TDS TRANSACTIONS ...WHAT IS THE PROPER PROCEDURE TO RECTIFY THAT MISTAKE

hi friends
I've completed my icwai- inter in june-2011, and also ipcc of icai in may-2011 and now im in my articles of icai ,
im worried about practical training of icwai , any one suggest me Plsss

According to income tax section 44AD while consideration of gross business turnover/sales to declare 8% net profit on gross sales, whether gross sale have to take with vat or only gross value.

example
a) Sales is 10000/-(without vat sales)
b) Sales is 10500/-(with vat sales)

but when we are preparing trading account considering only without vat gross sales(a)

Experts,

In a Private Company the auditors have given their resignation before the expiry of their term.

In this case do we need to call an EGM to appoint the auditors or we can just appoint the new auditors in BM.

Thankyou.

MY SALARY IS RS.22500/-PM THIS WAY MY TOTAL INCOME IS RS.270000/-..IN WHICH RS. 70,000/- IS TAXABLE..

1-NOW PLEASE TELL ME HOW MUCH (MORE) PERSONAL DRAWING CAN I WITHDRAW.. BECAUSE IF I WILL WITHDRAW LESS AMOUNT THAN MY CASH WILL CONTINUE INCREASING EVERY YEAR..

2-HOW MUCH SCHOOL FEE/EXPENSES CAN BE SHOWN ....REGARDS

Respected Sir

I want to know if there is any vacancy for CA Industrial Trainee in the areas of Delhi & NCR.

Is it mandatory to change the name of Pvt Company while changing its main object where new objects are different to Company name. If yes then under what section is it written

Dear Sir,
To file a nil service tax return Whether I have to fill Zero in all numeric data field of ST-3 in all sheets
or
I have to give only Service tax No. in excel sheet and leave all field blank.

Please clarify.

When of my client dilipbhai has passed a JV of School Fees Rs.80000/- paid by his spouse by Cheque from her own Account and wants to claim deduction in his return. I would like to know whether the assessee can claim deduction. Also I believe that it would amount to violation of section 269SS,so kindly let me know if there is any judgement providing immunity against section 269SS