P.Parthasarathi
04 September 2012 at 21:41
My client is a charitable trust having the benefit of registration u/s 12A of the Income-tax Act. During the financial year relevant to assessment year 2010-11 there were riots in the place where it has been functioning. While making some payments cash payments were made in excess of Rs.20,000/- in respect of certain expenses. The query is since the charitable trust is not a business concern and even if the donations are charged to tax they are not to be charged u/s 28 of Income-tax Act, whether provisions of sec. 40A(3) are applicable in this case. I feel if donations are charged to tax in certain circumstances, they are to be charged as income from other sources in terms of sec. 56 and not as business income u/s 28. Kindly clarify. Will be grateful if any case law in this regard is mentioned.
kishor solanki
03 September 2012 at 15:39
Sir, I had booked a flat and paid 60 % of the flat value but was not able to pay the balance amount due to shortage of fund and said amount of 60% was paid together at one time and then the builder waited for 2 years but i could not pay the balance amount. Therefore the builder cancelled the booking and handed over me my amount along with interest. My question is whether under what head my tax will come for the above and what would be the percentage?
What documents are to kept from builder for future taxation matters?
Member (Account Deleted)
03 September 2012 at 13:05
Hello Seniors,
Can a male assessee claim deduction on interest of house building loan in a assessment year before he gets the C.C (completion certificate) from the authority concerned and also after paying a interest of about Rs. 4 lakhs. If yes, then under which section and what is the amount for which he can claim deduction ??? Salary is about 42 lakhs per annum and the loan is of 20-25 lakhs.
The place is West Bengal, Kolkata.
Please help at the earliest.
Thanks a lot in advance.
DINESH AGGARWAL
01 September 2012 at 18:21
Dear All,
we are a developer company and put all expenses related to construction on CWIP. we have to pay certain internal development charges to HUDA and due. Installement of INternal development charges due on 31/st MArch 2012, can we treat is CWIP of last year (31-03-2012).
We have paid IDC after 31-03-2012.
Regards,
Dinesh Aggarwal
Ranjan Kumar sahu
24 August 2012 at 19:14
Under Income Tax act Depreciation on Tube Bell Truck is depreciated @15% on Block 5 or @30% on Block 7?
avneesh
24 August 2012 at 14:22
1-is sec. 44ad applicable on profession or not
2- a person is earning income from isurance commission of Rs 25,00,000.
question-
1- is it profession income or business income
2- can he use itr4s and show 20% profit of 25,00,000
3- if 44ad is not applicable than tax audit is required
avneesh.bibhu@gmail.com
avneesh
24 August 2012 at 01:03
a agent of life insurance corporation of india have earned total commission of Rs. 20,00,000. he is not maintaing books of a/c
question-
1-he can use itr 4
1- there may be any panalty for non maintaining books of a/c
2- he can claim 60% exp. of gross receipts
5- otherwise how much exp. can claim
6- tax audit is applicable
7- b/s and p/l is not fill in itr 4 any panlty of harmful
avneesh.bibhu@gmail.com
avneesh
24 August 2012 at 00:59
a agent of life insurance corporation of india have earned total commission of Rs. 20,00,000. he is not maintaing books of a/c
question-
1-he can use itr 4s sugam
1- there may be any panalty for non maintaining books of a/c
2- he can show only 8% exp. on 20 Lacs as per 44ad
5- otherwise how much exp. can claim
avneesh.bibhu@gmail.com
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Contractor-non production of books of accounts
My client is a contractor having maintained books of accounts which were audited but by the time the assessment came up for scrutiny the books of accounts were lost in a theft and so he could not produce them before the Assessing Officer. Basing upon the figures in the P & L account and Balance sheet the AO made various additions disbelieving their genuineness resulting in a high pitched assessment. The tribunal of Cuttack Bench fixed the profit rate to be taken at 9% of the gross receipts from contract business whereas, the income assessed in this case, if calculated on percentage basis is more than 35% of the contract receipts. Is there any case law in which the Hon courts have held that profits from this business or for that matter, any other business, cannot be assessed at an unreasonable high rate where books of accounts were not produced or produced but rejected u/s 145 of the I.T.Act. Also that without bringing any other material to record to prove that the figures in the balance sheet and P and L account were not reliable, except that the books of accounts were not produced, can the AO make such additions? Any case law in this regard also may kindly be mentioned. The matter is now in appeal and I shall be grateful for an advise with case law in this regard as the appeal came up for hearing and an adjournment has been sought in order to find the suitable case law to be placed before the appellate authority.