Tax queries

urgent pl guideme about tax rates

in case of a temple not having exemption u/s 12AA of income tax and not registered as society or trust.got income tax notice tofile return as having PAN no.what tax rates will aply on amount of excess over expenditure.

is it correct to apply maximum marginal rates i. e. 33.66% or any other rates

pl guide me urgently as i have to file itr before 31 st ,march.

Assessing officer can take the interest as taxable income on mercantile basis, on a condition the company paying such interest have claimed it as business expenditure. In this instance, liquidated company which ceased its operations wouldn't have claimed interest as its business expenditure from its taxable income and enjoyed tax benefit so. If not, the basic matching principle would be beaten up. Hence appeal the officer on this grounds. Better consult CA firm in this regard.

Hi Sir
 
Need your kind suggestion on the below case
 
What is it all about:
 
My mother sold a commercial plot-in her name( a govt servant and individual) in June 07 for the consideration Rs 15 lac
 
plot was bought in 1988 and Cost of Indexing came out to be Rs 5 lac in June 07
 
So there is Rs 10 lac LTCG arising out of this transaction
 
Objective
 
To save tax since LTCG arose from the above transaction, by reinvesting to avail the deduction/waiver u s 54F
 
What has been done till now
 
Reinvested Rs 10 lac in another commercial plot in Jan 08
She doesnt own any other house property in her name earlier, today and will not have any other house property in future except this new plot in her name
 
Moot Points
 
Since to get the whole LTCG waived off, one needs to invest the total consideration arising out of the sale of erstwhile plot into houseproperty/plot us 54F
 
We are left with Rs 5 lac to be invested into the same(15-10 lac)
 
Would like know what is beneficial for us
 
scenario 1
if we want to pay tax for LTCG, what will it be levied on - on Rs 15 lac or on Rs 5 lac(univested amount)?
Scenario 2
if we deposit the residual univested amount ie Rs 5 lac(uninvested) in govt designated account for capital gain as per 54F before the date of filing of return ie 31st july, what is the time left with us to construct this plot into house?
what is the measure of construction - is it 25% of area to be made a dwelling unit within the stipulated time(by utilising from the deposited amount) or some other percentage?
is basement considered as dwelling unit and can be treated as construction in the eyes of income tax act and can we get the waiver u.s 54F if we construct a basement only rather than a ground floor?
if we construct this plot in the stipulated time period, what all documents need to be given to income tax authorities?
should the above said documents be served to the income tax authorities proactively?
or pls guide us with your best advise if there is any Scenario 3 existing
 
Thanks
Mohit

i want to know that after selling my residential property,can i buy a commercial property without any capital gain/tax..also tell me that what are the ways of saving tax.