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Can a Income tax officer (TDS) just come to office and ask for TDS ledger TDS returns and challans for verification.
And I did not provided the same,he offered me a notice (no section number mentioned)
Following Questions were raised in this Notice

1.Copy rent/contract/building permit/approval of local authority
2.Copy of Trading P&L and BS
3.Copies form 16/16a issued to various parties
4.Details of E-TDS returns filed/provisional receipts
5.Details payments made by way of Rent,salary,interest and contract
6.Why you should not be treated as an assesse in default u/s 201(1) of the IT act 1961 in respect of Non Deduction/Short Deduction
7.Why interest u/s 201 (1A) should not be charged against you
8.Why penal action should not be taken against you.

Only today we have deposited tax.By tomorrow we will be filing our returns.

My questions are

1.Does an Income tax officer has such authority to come in premises without any prior notice nor a proper notice can ask us inspect such details

2.Even if he has authority there should be some section under which he can place the notice.In the notice i dont find any other section than the above mentioned.

3.Do we require to provide details to him ??

Please guide me if there are any other procedures.

Dear Expert Members.

We are trading business in commodities.

In 2010-11 we failed to disclose an Income of 13.00 lacs approx(It was not intentional,some technical mistakes happened in software).Till this date we have not received any communication from income tax dept nor any notice or demand from dept asking to pay tax for it.

Now what happens if i dont want disclose further also & if i want to disclose can i disclose in the year 11-12.

What will be the consequences.Please revert back as soon as possible. :-[ :-[

Thank you for the guidance !!! 8)

Dear Sir

I have received a notice of demand u/s 156 for interest payments on late deposit of TDS for the FY 11-12.The service date of the notice is 17/07/2012 and it should be paid within 30 days otherwise a penalty will applicable.I have recevied the notice only on 16th Aug 2012 in my office.

Now what should i do with it.Please guide me on this

1) Value of Services in case of Work Contract:- New Rule 2A provides following two options:-

a. Pay service tax on Value of services after deducting value of goods from the gross value.
b. Pay service tax at composite rate
•In case of original work, pay service tax on 40% value,
•In case of maintenance or repair or reconditioning or restoration or servicing of any goods, pay service tax on 70% value,
•In case of all other works contract, pay service tax on 60% value.
•Service provider is also eligible to avail CENVAT Credit of input services and capital goods.

2) Rate of composition in case of activity at a restaurant or as outdoor catering:

a. In case of Restaurant, pay service tax on 40% value.
b. In case of Outdoor Catering, pay service tax on 60% value.


In both the cases, service provider is eligible to avail CENVAT Credit of inputs (except goods classifiable under Chapters 1 to 22 of CETA), input services and capital goods.


3) Changes in Rule 6 (Inclusion or exclusion of certain values from taxable value):-
a. Amount realised as demurrage related to taxable services shall be included.
b. Interest on delayed payment shall be excluded.
c. Taxes levied by any Government on any passenger travelling by air shall be excluded.
d. Accidental damages due to unforeseen actions not relatable to the provision of service shall be excluded.
e. Subsidies and grants disbursed by the Government, not directly affecting the value of service shall be excluded.

Please refer the concern Section  once again for more clarity on the subject

I assume there is along term capital gain.

1.If there is capital gain it would be straight taxed at 20% of the capital gain or there will be nil tax because of the exemption.

2.If there interest claiming u/s 24b well u can claim upto rs.1,50,000/- for a self occupied house and u can carry forward the loss.

3.I Assume there is no other income,claiming of 80C on repayment how can u do that when u dont have an income to show.You are already showing a Negative income then where is question to claim deduction

If im wrong please correct me.Learning is a process

Thank u sir !!!  8) ;D
for ur valuable time provided with answers
Shoba Madamji Yo are right !!! 8) :o

Once again No answer..only views are greater than replies in this forum  :'( >:( :-[ :-\ :-X

Thank you Sir !!!

Any case law supporting the explanations in 2 and 3

Can anyone give your views on this instead of just seeing and moving out

Pls its an urgent query to solve

Guess Who is going to Change the Country's Fate... :'( :-X ;D

Dear Members

I have come across a situation which is tricky one
The organisation is in existence for 4 years.The Problem is the company has not deducted EPF for last one year both Employer portion and Employee portion also.
On june 2012 there was an exparte assessement on the company and the whole amount was paid.The amount paid is only of PF collection, no penalty or interest has been levied

My question is whether the amount paid can be claimed has an expenses since in previous financial year we did not claim PF expenses since we did not paid nor it was disallowed.

Sec 36 talks of only when the sum is deducted right.i have not deducted the sum of PF from the employee,so whether can i claim Employee portion also as an expenses.

Pls revert back with Case laws.