If assessee is an individual and working as software consultant.

His gorss receipt from profession is more than 10 lacs so he is required to do audit of his accounts.

Now my query is :-

1-4-2006 - 31-3-2007
1-4-2007 - 31-3-2008
Both the Income tax Return still not filed and not tax audit done.In both year gross receipt is more than 10 lacs

If now assessee is ready to file the both returns.

Query :- 1. Can he file both years returns 2.what is penalty for late filing the audit report and Income tax.

Should we make provision for cost audit fee in 2008-09 accounts, deduct TDS and issue TDS certificate when neither the audit will be conducted before the finalization of balance sheet nor any bills will be received from the cost auditors.

If we create povision and issue TDS certificate, will not it create problems for the cost auditor who might not have taken the income for 08-09 in his IT return for which we will issue him a TDS.

Any advice.

Should we make provision for cost audit fee in 2008-09 accounts, deduct TDS and issue TDS certificate when neither the audit will be conducted before the finalization of balance sheet nor any bills will be received from the cost auditors.

If we create povision and issue TDS certificate, will not it create problems for the cost auditor who might not have taken the income for 08-09 in his IT return for which we will issue him a TDS.

Any advice.

PLZ BRIEFLY TELL ME THE CONCEPT OF VAT

Can any one suggest me that according to "Declaration under notification No 32/2004-Service Tax" transport of goods by road service under the provisions of the Cenvat Credit Rules, 2004 during the period 01/04/2005 to 31/03/2006.

Now my Question is that it is neccesary to Deposite Service tax for the above services, when we receive material from supplier we have to deposite Service tax for the same with form no. ST3 also we are engaged in Builders & Developers Group so plz slove my question.

Sir,

Please tell me the Guidelines regarding Section 40A(3), & Brief Idea about this section.

answer must be urgent

Dear Friends,
We are in process of Invesing Rs. 50 Lacs in NHAI/REC Bonds u/s 54EC to save Income Tax on Capital Gain. We will get 6.25% interest pa on the same.

Will this interset Taxable in our hand? if yes, at which rate?

REC/NHAI has been given special exemption from deduction of TDS on the same.

As we all know a company being a juristic person can become a partner in a partnership firm, if it is authorised to do so by its objects.

But the liability of a partnership firm is unlimited on the other hand liability of a company is usually limited.

My Query

So if a limited company becomes member of a partnership firm then what would be the status of company’s liability in that Partnership Firm?
Is there any decided case law etc.?

Dear Friends,
We are in process of Invesing Rs. 50 Lacs in NHAI/REC Bonds u/s 54EC to save Income Tax on Capital Gain. We will get 6.25% interest pa on the same.

Will this interset Taxable in our hand? if yes, at which rate?

REC/NHAI has been given special exemption from deduction of TDS on the same.

Dear Friends,
We are in process of Invesing Rs. 50 Lacs in NHAI/REC Bonds u/s 54EC to save Income Tax on Capital Gain. We will get 6.25% interest pa on the same.

Will this interset Taxable in our hand? if yes, at which rate?

REC/NHAI has been given special exemption from deduction of TDS on the same.