SS BOORA
04 April 2017 at 11:20
Plz clarify which maximum cash amount can we lend to a friend with interest or without interest.Can this limit be used next day with another cash transaction. Is any lending license mandatory for this type of transaction in friends circle?
sujoy ghosh
31 March 2017 at 09:54
Dear Sir/Madam,
My father is deceased since 21 Dec 2014 and the registered will of his is getting probated since April 2015 in the kolkata high court. My elder brother and my father where partners in a firm situated in kolkata with a 50% profit sharing ratio. My elder brother has challenged the will. My mother requested my elder brother through her conversation to send the capital account and balance sheet details for filing the last return for her husband for the assessment year 2015 - 16. When my brother did not coopoeraste she send an official letter through speed post however my brother in return did not send the documents rather wrote a letter that thee firm is running as a proprietorship firm since inspection. TDS was deducted for a sum of Rs. 8300/-, so I believe a show cause should come. Is there any way to inform the IT authorities before the show cause comes that the assesse has deceased and the will is getting prfobated in the kolkata high court and once we get all the documents of the partnership firm in respect of the deceased the last return will be filed. Kindly suggest.
Warm Regards,
Sujoy Ghosh
Deshpande Makarand R
25 March 2017 at 16:12
My Mediclaim renewal is due on 1st April 2017.
Can I make payment today ( before 31st Mar ) and take Tax rebate in FY 2017-18 ( AY 2018-19).
The issuing company shall issue me a certificate for FY 2017-18.
RP Srivastava
24 March 2017 at 12:34
Sir,
Can I make a tin shed and fit grills in my attached terrace and dry balcony. My society is having about 130 flats and it is approved. It also have shops. Any modifications temporary or permanent can be Done?
What are the existing rules in this regards.
Mayank Arora
06 March 2017 at 18:19
I was the director of a small private limited company. In this capacity, I gave a loan to the company. I left the company thereafter but the existing directors of the company defaulted in giving my money back. I did not take any legal action against the company because I know it is bankrupt so it would be a further waste of time and money.
I have been submitting a statement of personal assets & liabilities to the IT dept and this loan has been shown as an asset for the past 3 years. How do I remove this going forward since I know I won't be able to realize this? How do I explain this to the IT dept?
D.G. Mohan
03 March 2017 at 22:33
In this budget sec 44 AD(2) has been deleted and the consequences of this is illustrated by this example.
Suppose a partnership firm makes turnover of Rs 25 lakhs.
As per sec 44 AD presumptive rate of 8% net profit amounts to Rs2 lakhs.
Upto last year out of Rs 2 lakhs there was provision for deducting partners salary, remuneration and interest in this amount upto a maximum of 90% as per sec44 AD(2).
Hence taxable income was only for 10% of 2 lakhs which amounts to Rs20000.
So Income tax payable was 30% of 20000 which is Rs 6000 only.
But in this budget sec44 AD(2) has been deleted which means salary, remuneration and interest paid to partners would also not be allowed to be claimed as a deduction.
Hence from this year taxable income will be Rs 2 lakhs .
Income tax payable will be 30% of 2 lakhs which will be Rs 60000.
Please observe that income tax paid has increased by 10 times from Rs 6000 to Rs 60000.
Our next alternative is to audit our books of account and lessen our tax burden. But the basic purpose of introducing presumptive taxation scheme as above gets defeated and all small tax payers will be forced to maintain books of accounts and get audited their accounts, which is also costly affair. When an individual gets exemption from IT upto Rs 2.5 lakhs, why a firm has no benefit like them.
Whether my assessment of problem is correct. If correct why no one is worried. Please clarify
Arun kapoor
03 March 2017 at 00:11
kindly tell me the amount of Stamp paper required for Indemnity Bond in case of deactivation of PAN ?
Vasudevan
02 March 2017 at 21:28
Respected Experts,
The issue is my friend problem. The firm is an automobile sales & services. Supply/service were received from two parties amounting to Rs.8,14,650/-. The payments were made to them through cheque. Those two parties were private persons and not registered under Sales/Service Tax authorities. The Assessing Officer has invoked section 68 of Income Tax Act and decided those credits as unexplained and levied tax and order was passed u/s 143(3) of IT Act, 1961. Appeal filed before the Commissioner of IT (Appeal)was also dismissed under section 250(6). The firm was also stand closed in 2013 itself. Is there any legal remedy as the firm stand closed in 2013 itself and the Assessment Year was 2010-11. Whether there is any provision for waiver of the Assessment as the firm is non exist. Whether filing petition before the Lok Adalat for waiver/reduction of tax is permissible/fruitful in the present situation. Please clarify. Thanks in advance to all the respectful Experts.
harshit singh
26 February 2017 at 19:55
Dear Experts,
is it possible to get infomation of some one's Pan Card( only date of issue of Pan Number) under RTI act 2005.If possible where to file RTI.
Regards,
Harshit Singh
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Dvat no. cancelled in 2013, now what is the procedure ?
Mr.X's DVAT cancelled in 2013. Since then he was out of business.
Now he wants to Start a fresh business.
What should do to get New DVAT No.?
Regards