Assessee worked as an employee for three year then he quit and started his own business. He closed his EPF a/c and got the refund.

For these three years he claimed exemption for the employers contribution towards EPF (within 12% of salary). So, will the total of employers contribution become taxable now

For three years he also claimed deductions u/s 80C for his own contribution towards EPF. Will the total of his own contribution also become taxable now?

What would have been the treatment, if, he had resigned after five year?

Please provide temple audit programme.

Hi all,

My company manufactures auto parts, but recently scraped and sold Rotary table (made inhouse from iron sheet cuttings could be waste) to one of its creditors and that creditor uses it as its asset, whether TCS is applicable, Rotary table was never capitalized. Please give opinion with discussion.

Regards,

Rakesh Aggarwal

Dear friends,

Please clarify me the provisions for applicability of Tax Audit on share trading transactions. Please also give me the reference of the relevant section/circular/ notification or clarification thereon.

Whether for the purpose of determining the turnover figure for the purpose of tax audit, the total value of sale & purchase transactions would be relevant or gain/loss would be considered? Please advise me.

Thanks

Dear friends,

Please clarify me the provisions for applicability of Tax Audit on share trading transactions. Please also give me the reference of the relevant section/circular/ notification or clarification thereon.

Whether for the purpose of determining the turnover figure for the purpose of tax audit, the total value of sale & purchase transactions would be relevant or gain/loss would be considered? Please advise me.

Thanks

Hi,
I am a salaried employee with annual salary of 6 lac/annum. I was involved in the following trading in the NSE stock market. I want to know the STCG and the income tax liability. Please help in determining the exact STCG and tax on it.

Trade-1 - Bought 10 shares of Reliance Industries on 20-05-2008:
Rate per share: 2100
Brokerage: 157.50
Service Tax: 19.50
STT: 26.25

Trade-2 - Sold 10 shares of Reliance Industries on 25-06-2008:
Rate per share: 2200
Brokerage: 165
Service Tax: 20.40
STT: 27.50

Declaration in F Form - We have seen that when the goods are despatched to another State on consignment basis or to branch of dealer in another State, there is Inter State movement of goods but there is no sale and hence no CST is payable.Hence, section 6A(1) of CST Act provides that when a dealer claims that the Inter State movement of goods is not a sale, he has to prove the same. (In legal terminology, it is called that ‘burden of proof’ is on the dealer). For this purpose, he must produce a declaration in ‘F’ form received from Consignment Agent or Branch Office in another State.
But in our case we are receiving form-f's also we have some returns of our agents, they are asking same as (F-form) but our cto not releasing f-forms for that purpose
Pls suggest us what can we do? How can we get forms?

thanks

cnu

Hi friends

One of my client buy stock form finland and some other countries for that it has to make payment thorough bank. i have been appointed to fix the rate of $ with bank so before making payment bank get my consent and fix rate.normally the bank offer the rate of doller at that time.
i wish to know that is there site from which i can confirm the rate, is any fixed rate for a particular day of the rates are changing frequiently thorugh the day for bank transactions. is any other method of payment to foreign supplier.pls inform the comprehensive information.

N.B.

A person neither a CA nor a lawyer not holding any professional qualification but filing and preparing IT returns and gross is more than 10L. If tax audit is applicable? If he will be treated as professional?

Dear Sir/Medam

I want to Know For F.Y.2007-08 that following situation liable to audit.

1) Business : Share Trading

2) F & O Turnover : Difference Between Shares & Purchase Rs. 230000 and Script Turnover Rs. 50,20,0000

3) Intraday Trading : Difference Between Sale & Purchase Rs. 125000 and Script Turnover 60 Lakhs

4) Deliveryu Based Turnover : Delivery Based Turnover we show as a investment profit caculate as a capital gain. Rs. 48660

Please give me answer that we liable to audit.