Dear Friends i have a query regarding effect as per income tax on NON filling of Income Tax return in following case

X Pvt. Ltd has been dissolved wef 12/07/2012. but company has closed its operation before 31.03.2012 and there was no any assets and liability (except shareholder`s initial capital)on balance sheet date. the company did not file his return of income for the financial year 2012-13 (Closure year). Now a notice received form income tax department for asking a reason for non filling of income tax return.

Please tell me what type of penalty can be imposed on assessee.

HI EVERYONE ... i HAVE TWO DEPENDANT SISTERS . I HAVE PAID LIC PREMIUM ON THEIR NAMES AND THEIR TUTIONS FEES. CAN I TAKE EXEMPTION UNDER SEC 80C.

Dear experts,
Greetings of the Day!
Please guide on the following matter-
A Ltd. hires a transporter(Ltd. co.) for transportation of materials in or outside the factory and the transporter adds service tax in his bill raised on A Ltd.
Now A Ltd. again books Service tax liability @ 3.09% on total bill amount i.e. (freight+ST charged by transporter @ 3.09%) considering its liability under Reverse charge.
Is it a correct practice followed by A Ltd. and If not, Now what could be done in this regard as co. is under statutory audit.
what would be the case if transporter is an INDIVIDUAL?
Please reply as soon as

Hi Everybody

I want clarification regarding appointment of Internal Auditor.The Situation is as below.

Mr.V is a Statutory auditor of M/s.XYZ P.Ltd has Appointed as Internal Auditor of M/s.ABC P.Ltd which is not either Holding Company or Subsidiary of M/s.XYZ P.Ltd but the Management of both the companies are Same.whether appointment of Mr.V as Internal Auditor of M/s.ABC P.Ltd is Valid?

sir plzzz tell me that is holding rank in ipcc is really a great improtance if yes can someone get rank in ipcc by giving both group one by onein first attempt

Is GMCS-1 to be mandatorily completed in the first year of articles,if not please provide the details regarding GMCS

Hi Friends,
I am a CA Final Student.
My query is -

Where a company distributes any asset being "Capital Asset" in course of reduction of capital, such distribution is taxed u/s 2(22)(d) in hands of company. Company is also liable to capital gains as it has transfered a "Capital Asset", in addition to CDT.

How to compute the "Sale Consideration" received by company which would be used to calculate the capital gains in hands of company?

Waiting for reply....
Thanks in advance...

respected sir,
we are partnership firm and doing trading of building material such as cement, bricks etc. my question is that for f.y 2012-2013our total turn over worth rs 89,00,000 and net profit is 26500 rs, shall we liable for audit or not and if liable then under incometax section.

IF INCOME SALARY EXCEEDS 10 LAKHS IS THAT IT RETUNR FILLED THROUGH AUDITOR

Dear Experts,

Please let me if i want to convert myself in Direct Entry Scheme from IPCC then it is necessary to give articleship details and filled from with it.