dear sir
i want to know that as per india korea FTA...if i am importing goods from korea . is custom tax free .
i want to import refrigeration tools & spare parts ...copper tubes for refrigeration .and if it is not free how many % of duty i have to be paid .
thanks

Dear All,

I want to revise return of my client for TDS matter. His actual TDS is of Rs,24,851/-. But in original return Refund of Rs.14,858/- is claimed he also received the refund amount. He has filed his original return (Manual) for AY 12-13 before due date.

Now I want to claim remaining TDS amount of Rs.9,993/-. Can I show 8% profit of his receipts and file revised return u/s 44AD. He is a Civil Contractor.

Please help in this regard....

Thank you

Dear Experts,

A CA firm Consits of 3 Partners A,B&C. No of tax audits the firm can accept is 135. Now 'A' has already signed 45 tax audits. Still the firm has space to accept tax audits and got some new audits. 'B' & 'C' were out of station. My query is Whether 'A' can sign the new audits on behalf of the firm on the grounds that the remaining partners were out of station?

I donated an amount to an organization that offers 125% exemption from Income Tax of India under section 35, while filing my return where can I show this donation and exemption. I think the 80G section may not be suitable

Dear Friends

The Income Tax Return Form -4 has a schedule AL for the individuals having total income exceeding 25 Lakh.


This Schdule Requires Details of Personal Assets held by the assessee apart from business assets.

can anybody suggest me how we will calculate the value of few assets such as

1. Land & Building (As the Property is purchased several years back)
2. Jewellery
3. Vehcile ( Dep. need to be charged or not???)


Thanks

After studying Tax, a qs. Comes to mind that whether tax system abroad is also complicated like the indian? Does all the country have tax system? I have heared that few countries don't levy tax. Then how do they manage economy?

Dear Experts,

A public limited company has come up with a 6 years Discount scheme for selling his product and increasing sales under which:

1. In the first year if a customer buys Rs. 75000 product then he is getting a Discount Coupon of full amount of Rs. 75000 which is redeemable in 6 years.

2. The scheme is - if customer comes after 1 year from the date of purchasing and surrendering the Discount coupon then he is getting product worth 10% of the Purchased amount.
But if he comes in the 2nd year then 20% and so on. In the 6th Year he is getting product worth 100% of the purchased amount.

Customer can surrender only 1 time and it is upon him when he is going to surrender his discount coupon. If the customer is not appearing in the 6th year then his coupon will lapse, so anyhow the customer will have to surrender in 6th year.

Question:

1. When we are going to treat this Discount, at the time of purchase? If the answer is yes then there will be huge loss in the books? If the answer is NO then there will be huge profit at the time of Sale. Please advice?

Dear experts,
In case dealer voluntary registered himself under Vat Act. but after registration he discountinue from his business without any transaction.
and neither he cancelled his registration nor file his nil return for f.y.12-13 till now.
now dealer received a notice of demand which contain assessment order under best judgement under section 23(1) and notice contain period of default of first quarter of that financial. year.
now dealer what should do?

Dear Sir,
I just want to know whether effect of revise return has been started st NSDL or not ?
If i do revise return now will i able to generate form 16A after changes made by me ?

Dear fellow brothers/sisters,
A firm has taken over a proprietorship business including debtors, creditors, secured and unsecured loans (exceeding Rs.20000) and other assets and liabilities. The firm has not "accepted" any loans form lenders of ex-proprietorship business, directly.It has only "acknowledged" the loan liability and provided / paid interest to them. The firm has passed journal entry crediting lenders a/c and debiting proprietor a/c. (being loan liability of proprietor taken over)
1) Whether this transaction is hit by sec.269ss? 2) Is it necessary to report the details of lenders in 3cd clause 24. if yes how?- if we report these loans as accepted otherwise than a/c payee chq/dd, penalty u/s 271e and other litigation would follow, though u/s 273b penalty may not be sustained 3)reporting in 3cd clause 24,is not required as it is not accepted but only acknowledged? please give your valued suggestions to avoid appeals, if possible with case laws, Thanks.