The salary income(only source) of my friend was never taxable and up to F.Y.2005-06 he has regularly filed the IT (nil)Return.But since last 3 years he is not filing the return.

I have heard that a person having PAN need not required to file Return untill his income exceed the exempted limit.

What will happen in this case because he had earlier filed the Returns?

AS-2 Valuation of inventory states that while determining the cost of the inventory trade discount, rebates, etc. is deducted to arrive at the cost. However, cash discount is not included. It states that cash discount is to be shown as an income in the P&L statement. Why is this so?

Sir
I wanna know that can tax audit report be filed without furnishing return of income ?
If yes then what is the procedure ?

Please, Help me, We are dealing with Indian Co. he give me Payment in US Dollars. He send me US$ 12000 @ 49.54 and bank give us credit US$11995 @ 48.94 and bank not show US$ 5 dollar in our statement. How should we pass this entry in our Books.

Thanks

If Payment made to a regular electrician under what section we have to deduct the TDS if Aggregate payment is exceeding the limit of 50000/- in a year
We are deducting the TDS under section 194J but he is arguing that we have to deduct TDs u/s 194C

so Please advise me regarding this query as early as possible

Hi,i am a pcc student.for all subjects whose book shall i refer??...i want to score rank in pcc.kindly help me..

thanks in advance

Under Companies Act, Is it permissible to form a company(pvt. ltd) with all shareholders and directors being Non-Residents???

BIGIM PVT LTD, a Music CD selling company has sold some CD to its distributors and for the sales target achieved or particular amt of sales made, to its distributors, has given incentive to such distributors by issuing a Credit note. The accountant contend that incentive is in nature of Discount and Debited to P&L and not liable for TDS.

Whether BIGIM PVT LTD is liable for TDS ?

BIGIM PVT LTD, a Music CD selling company has sold some CD to its distributors and for the sales target achieved or particular amt of sales made, to its distributors, has given incentive to such distributors by issuing a Credit note. The accountant contend that incentive is in nature of Discount and Debited to P&L and not liable for TDS.

Whether BIGIM PVT LTD is liable for TDS ?

X, a resident assessee lady below 65 years of age has Short Term Capital Gain amounting to Rs. 1,50,000 in the current year.

Her other income amount to only Rs. 1,65,000 i.e. below taxable limit.

Will she be liable to pay STCG?