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cash based system

Hi

 

We are giving professional services, but since owner is not qualified so it is coming under business service,

No 1 can we follow cash based system ? we are claiming depreciation too on our instruments.

No 2 In case we have to follow accrual based system now can we ammend our ITR filed for financial year 14-15 though its under scrutiny ?

Thanks 

 

 

ID: 685 | Total Views: 5 | Status: 0 Reply | Posted By: SHALABH | Dt: 2017-02-27


TAXATION OF EDUCATIONAL INSTITUTION

Dear Sir,

one of Educational institution registered as society and PAN as  AOP statuts, not having registred under sec 12A, and gross receipts less than 1 crores, under which head income and expenditure to be shown in ITR 7, whther  under Businees head or Income from other Sources.

Further institution has loss as per Income and expenditure.  How to disclosei in ITR 7?  Whether income to be claimed as exempt  under SEc 10(23C)(iiiad)? or straight income and exependiture to shown under other sources in ITR7,

 

Please clarify,

Thanking you

Regard,s

REKHA 

 

ID: 684 | Total Views: 30 | Status: 0 Reply | Posted By: REKHA B V | Dt: 2017-02-18


Income tax 2017

My husband - Kerala Govt. Employee died while in Service. Pension credited in my account, Is this income taxable? pls.inform me as early as possible.

ID: 683 | Total Views: 43 | Status: 1 Reply | Posted By: PRINCILA | Dt: 2017-02-14


1) Replied by: TAXREPLY.COM, 2017-02-14 ID: 1165

Deduct TDS for Foreign agency Commission.

Dear Sirs / Madam,

Subject : Deduct TDS for Foreign agency Commission.

------

With above ref, we are cashew nut kernels exporter from India. Our buyers are buying through brokers in abroad

we need to paid their brokerage (commission) from India to abroad. We would like to know is TDS deduct for foreign agency commission ?

or any other taxes like service tax ? If yes, please let us know the procedures.

if not applicable pls give which rule ? 

Await your reply by return

 

Thanking You,

Yours Faithfully

(BIJU)  

 

ID: 682 | Total Views: 93 | Status: 0 Reply | Posted By: AGRO TRADE INTERNATIONAL | Dt: 2016-11-30


bank paying hospital bill as direct settlement facility for the employee under medical facility scheme of the bank

dear sir,

bank paying hospital bill as direct settlement facility for the employee under medical facility scheme of the bank. the bank is paying the bill and it is not insurance whether TDS u/s 194 j compulsary

 

mohan

ID: 681 | Total Views: 105 | Status: 0 Reply | Posted By: MOHAN PANDAY | Dt: 2016-10-25


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 680 | Total Views: 154 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 679 | Total Views: 142 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 678 | Total Views: 159 | Status: 1 Reply | Posted By: SHANTHA | Dt: 2016-09-27


1) Replied by: S.SRINIVASAN, 2016-09-28 ID: 1154

ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 677 | Total Views: 137 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 676 | Total Views: 131 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 675 | Total Views: 141 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 674 | Total Views: 137 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust which was approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 673 | Total Views: 143 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


ITR for Employee Gratuity Trust

Dear All,

Please clarify, which ITR form required to be used for filing of Employee Gratuity Trust for which approved by Income Tax Dept. as per Rule 2 Part C Schedule IV of Income Tax Act.

(ITR 5 or ITR 7 ?)

Thank You.

ID: 672 | Total Views: 141 | Status: 0 Reply | Posted By: SHANTHA | Dt: 2016-09-27


Sir,

I want to know for calculation CSR Budget, net profit means "profit before exceptional itmes and tax" or "profit after exceptional items"

Regads,

Pramod Sharma

ID: 671 | Total Views: 1 | Status: 0 Reply | Posted By: PRAMOD SHARMA | Dt: 2016-09-27


Interest on Buyers Credit

My Clients receives buyer credit from japanese bank which provide credit through its singapore branch now whih dtaa one should refer and requirement of form 10F and TRC is of which country to claim DTAA benefits

ID: 670 | Total Views: 179 | Status: 0 Reply | Posted By: NILESH | Dt: 2016-09-26


Tax query

My Father and mother had a house were both were joint owners and my dad being the first name.

My dad sold the flat to buy a new fat in the month of march 2016 but before even starting to look for the new flat after shifting into the rented house, on 1st April 2016, he expired.

Now my mother who is a housewife has the money in her bank and after the religious activity she is going to buy a flat where she and I could live.

Now my question is it ok that se pays tax before 31st march 2016 and not in September

ID: 669 | Total Views: 182 | Status: 0 Reply | Posted By: CHANDRASHEKAR IYER | Dt: 2016-09-14


Income Tax

The client had purchased LIP of Rs. 5 lakh in 2006 and paid Rs. 2.50 lakh in 2006 and Rs. 2.50 lakh in 2007. Now in 2016 received the maturity amount of Rs. 732000/- and on that Rs. 7320/- has been deducted TDS. Now the question is:

What is the treatment of the maturity amount? Whether Rs. 232000/- is taxable ? if yes then under what head? if not then Why?

OR Rs. 732000/- is taxable? if yes under what head? if not then Why?

Option A: In case the claim upto 20% of LIP has been calimed u/s 80C (since premium upto 20% was allowable).

Option B: In case no rebate has been claimed u/s 80C and this was purely as investment?

- See more at: http://taxreply.com/query/Regarding_new_TCS_provisions-652.html#sthash.v2OuWSsm.dpuf

ID: 668 | Total Views: 154 | Status: 0 Reply | Posted By: JAGMOHAN SINGH | Dt: 2016-09-14


education trust. fee received lessthan 1 crore . can i declared gross reciept in whic head of income under IT act. running education institue whether it is business Or service or what criteria in IT act

ID: 667 | Total Views: 136 | Status: 0 Reply | Posted By: M.N.MADHUSUDANA | Dt: 2016-08-19


how to show gift income in itr 2a

Sir/madam I have sum gift income more than 50000 so how can I showing this amount in itr-2a? I mean in itr2a form not mentioned anywhere gift income options pls help me.

ID: 666 | Total Views: 157 | Status: 0 Reply | Posted By: SUBRATA BERA | Dt: 2016-08-05