ITR

This query is : Resolved

Harpreet (Querist)
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30 July 2010 Dear everyone,

Kindly tell me that one of my client running its business and i am filling his ist itr of f.y.09-10 in which i show his income less than rs.160000/- after minus expense. There is deduction of tds also for rs. 2500/- My queries are as given below:

1. How much expense i can show in his profit & loss a/c

2. Income on which tds deducted has been deposited in joint saving a/c which is in his name with his wife. So i could not make his books of accounts. I have manually made his profit & loss accounts. Kindly see the attachment. Is it ok???

3. I want to show his income less than taxable income ie. rs.160000/- or rs. 161000/- therefore itr create refund as tds amount is rs. 2500/- but problem is that he doent have saving a/c. He have two joint account and one current a/c i.e. proprietorship firm (abc enterprises). So pls tell which account i can mention in itr for refund.

4. Is therey any penalty arise if i file his return after 31st July'10 neither his income fall for audit u/s 44ab nor exceeding rs. 40 lacs.

Thanx & Regards,

Harpreet

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 July 2010 1. Actual expenses incurred can be shown in the p&l

2.In TDS certificate issued by the bank whose PAN number is apperaring the same person only can be claim the TDS

3.You Joint account also can be given for credit of refund

4.If tax payable is nill, the return can be filed up to 31st march 2011

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