CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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HARI PRASAD says : tax audit
hello sir Can you please aware me how tax audit report to be filed as per new norms which have come for this f.y.2012-13. suggest m e

devendra sarda CA says : Meaning of income u/s 44ab(c) and if audit is com
What is the meaning of word “TOTAL INCOME” used in section 44AD(5) and word “INCOME” used in section 44AB (c) whether it is Gross total income or income after deducting all deductions under chapter VI-A. Let me further explain, suppose my sale is 60 lakh and I declare profit from business below 8% i.e. Rs. 250000/- ( which also my GTI) and deduction U/S 80C is 55000/- . So my Taxable income is 195000/-. My query is – 1. Whether income tax audit is compulsory? 2. If audit is compulsory, if I have to get digital signature?(plz refer income tax rule 12(3)(aaa) which species that if you have to audit ( it doest matter your sale is below 1 crore or more that 1 crore) you have to furnish your return under digital sign?

Ram says : Tax Audit - F&O Trading + Salary + Cap Gains + Oth
Hi, I have the following income for the FY 2012-13. Loss on F&o: Rs 15,000/- (turnover Rs 1,00,000/-) Salary: Rs 5,00,000/- Capital Gains: Rs 15,000/- Interest: Rs 10,000/- Dividend: Rs 5,000/- Is tax audit compulsory in my case? Can i show Rs 8000/- profit on F&O to avoid tax audit? How to fill ITR IV in such a case?

surendra says :
hi, i had an agricultural land situated in delhi of my forfather but now i sold but i dont have any purchase cost/fair market value/municipal value , how can i valuate my capital gain

anish says : capital gain tax exemption
I signed provisional agreement with a builder for an under construction flat valued 1 crore on 11-May-2012.Flat is due for possession in March-2015.I sold another flat which i had since more than 15 years on 18-May-2013 for 50 lakhs. Till now i have paid 42 lakhs as installment for new flat. I would like to understand that the capital gain arising due to sale of old property on 18-May-2013 as mentioned above, can be invested in new under construction flat bought on 11-May-2012(one year 7 days prior) to get tax exemption.