CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

Sharing the knowledge is my hobby.

Favourite field of activity is Income-tax .

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PRAVEEN JAIN says :
Sir, I Have taken earnest money in Feb,2012 and forfeited the same in april 2012. Pls. advice should i show the capital receipt in 31.03.12 or 31.03.13 if in 31.03.13 then how to show it in 31.03.12

Sonia says : Urgent
Sir i am having a query relating to one of the my client, who is in trading business of Steel Tubes and pipes and has planted a factory that is a manufacturing division of steel tubes and pipes in sabarkantha district of Gujarat for the purpose of Domestic as well as Export sale of production, Can you please do let me know what incentives and Tax Bnenefits for a newly established industry in that industrially Backward Area he can avail, as soon as possible.

Capt Benji says : Intimation u/s 143 Income Tax
Sir, Thank you for your prompt and reassuring reply on my query on Intimation u/s 143 Income Tax. Best wishes. Capt Benji

rahul says : tax
We have joint commercial property (3 story S.C.O) in the name of 5 co-owners(me, my wife, elder brother, younger brother and sister in law), each having 20% share For tax saving of my friend ,I want to show rental expense of my friend business, in lieu of rent paid for some portion of the above property, after consent of my wife(without consent of my blood relation).Kindly suggest 1. Is it legally viable to show that I have rented out my and my wife share(40 %) , from joint commercial property 2. If No, What can be best way to help my friend( i.e alternative way to show rental expense at same property) 3. If yes,all rental income should be in clubbed in whose total taxable income?Should I ask for cheque from my friend , to show in IT dept.?

chetan says : Subsidy for warehouse
Is an Individual eligible for subsidy for warehouse project from NABARD in Madhya pradesh State, if he is a partner in any other business and his agriculture income is higher than business or taxable income.???