Will the amount paid to a pilot of a helicopter will be treated as income from salaries or profesional fees?

Dear Members

What will be the penalty if we late file income tax return for Partnership firms having turnover below 40 lacs. is there any penalty for late filing of fbt return.

WHETHER THE CEILING OF RS.40 LAKHS PRESCRIBED IN SECTION 44AB OF THE INCOME TAX ACT,1961 IS TO BE CONSIDERED FOR OPTING SECTION 44AE.

can a private limited company form proprietary firm?

Could any one mail me the statement of Indian Accounting standards & USGAP

Bulk export requires accumulation of cargo at port and therefore it happens that cargo taken in one quarter to port is exported in next quarter.

Also the exporters pay service tax GTA on the payment to transporters. In such situation also it happens that Service Tax is paid in the next quarter of export.

Refund Claim of Service Tax provisions requires that for each quarter proof of exports and service tax payment is to be submitted within 60 days from the end of quarter. The provisions are based on the assumption that Service Tax on Services shall be paid in the same quarter of exports.

So please guide how does one claim service tax refund in the cases where service tax payment and export do not fall in same quarter?

Can anyone plz give me the list of states in which p tax is applicable

Dear Professionals,

We are in manufaturing industry. We are paying service tax on professional fee of a foregin consultant.

I want to know whether we can utilise service tax paid on GTA as input and pay the balance amount.

As we are comes under state excise, we are not liable for central excise duty.

have formed a private limited company providing management consultancy services and other project finance work. My Previous Year Income is Rs 16 Lacs

My query is whether my company will be covered under Professional Category and will be liable for Tax Aud

As Company being artifical person cannot possess profesional knowledge , than how can it be treated as professional income and limit of Rs 10 Lacs apply ?

I somewhere read - it is not necessary that investments made in specified instruments (to claim deductions under Chapter VIA) should be from income chargeable to tax.

For eg : Suppose for FY08 I have accrued taxable income of 5 lac (not actually recd in cash).

To claim deduction u/s 80C, I deposit Rs 1 lac in Bank FD for five years from the LIC proceeds (which is exempted u/s 10(10D).

Will this deduction be allowed despite the fact that investment is made from exempted income?

If yes, then why Interest on NSC (deemed to be reinvested) is not allowed as deduction u/s 80C, if it is exempted from income u/s 10(15)

Does it make any logical sense to include the exempted income in taxable income and then claim the deduction?