- Jan
- 06
- 2013
Invitation to join taxguru.in panel of esteemed authors / Submit Articles
TAXGURU.IN would like to invite Authors to join our esteemed panel of Authors. The Authors who like to be Part of TAXGURU.IN and get their article published on our website can mail their article to us and we will publish the same with due credit to the author. Our email id is info@taxguru.in .
TAXGURU.IN is a unique and focused portal on taxation, Accounting, Finance, Audit and Corporate law. We are currently providing all news and analysis on taxation, Accounting, Finance, Audit and Corporate law covering virtually the entire spectrum of taxation.
What speaks of our credibility and promptness in providing information with authenticity is the fact that a large number of C.A., C.S., CMA, Finance professionals, Advocates, tax Professionals and other Account professionals depends on us for regular updates speaks volumes about the authenticity and reach of our services.
Thanks to the exclusivity of our information and soundness of quality in other services we have a huge gamut of C.A., C.S., CMA, Advocates Finance professionals, tax Professionals and other Account professionals. What makes us a popular tax portal is the massive ambit of coverage of different segments of the economy.
For Publication of Your Article on www.taxguru.in E mail your articles at:- info@taxguru.in
Subjects on Which We Accept Articles
| Income Tax | International Taxation | Service Tax |
| Excise Duty | Custom Duty | DGFT Matters |
| Company Law | Limited Liability Partnership | Business, Commercial & Labour Laws |
| Foreign Exchange Laws | Accounts & Audit | SEBI & Securities Laws |
| Banking & Insurance Laws | Securitisation & DRT Laws | VAT/CST/GST |
| Investment Avenues | Financial & Tax Planning | Direct Tax Code |
Article Category
(i) Analysis of Latest Judicial & Statutory happenings :- Articles of this category should be precise and emphasis must be laid on practical value of the issues involved. Broadly the articles may be divided in two parts: What has happened, and implications of such happening.
(ii) Articles on Any of the above subject which may help understand subject better: – A list of some suggested features is given below:-
- Personal Finance & Taxes
- Investment Products
- Case studies on Investment & Tax Planning
- Practical experiences in query format (Subject can be Direct Tax Laws/Service Tax/Corporate Laws)
- Real Life Case studies dealing with management issues
We welcome your suggestions on similar features which can help fellow professionals in their day-to-day practice.
Form and structure of articles
To help us in editing your article expeditiously, you may keep the following points in mind:
- Length of article – An article should preferably contain 2000 to 3000 words.
- Heading of article – Heading should be precise and reflective of contents (preferably within 12 words).
- Brief:It is in essence a short summary of the article, giving thrust of the article in nutshell.
- An article should have following main parts:
(i) Introduction – It should contain about 200-300 words.
(ii) Main body – It should be well-structured and synchronized.Each para should bear a suitable heading. A para may be divided into sub-paras with suitable sub-headings.
(iii) Conclusion – It should contain about 200 words.
- Law stated – Please ensure that the law stated is accurate and the latest one. In case any development takes place after the submission of the article, but before its publication, please contact us immediately so that we can stop the publication of the same and publish the same after necessary correction from your side.
- Name, address and photograph – Name, address and contact number along with Passport size coloured photograph should be emailed along with the article.
- Copyright – It should be ensured that the article sent is original and does not infringe copyright of any person/institute, etc. In case of any such infringement, the author of article shall be personally liable for such infringement and any consequent damages.
- Consent for exclusive publication – It is to be ensured that the article is sent exclusively to TAXGURU.IN for publication on its website.
By following the above procedures, you can ensure that no major editing of your article is necessary and this would hasten publication of your article.
For Publication of Your Article on www.taxguru.in E mail your articles at:- info@taxguru.in
Sandeep Kanoi+
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
NO.12/1, 9TH CROSS, S.S.PURM, TUMKUR-572102.
PHONE: 0816-2275959, 9141736080.
17/03/2013.
TO,
SHRI.P. CHIDAMBARAM,
Hon’ble Finance Minister,
Govt. of India, North Block,
NEW DELHI-110001.
Hon’ble Sir,
Sub: Return filing for Asst. Year 2013-14 under section 44AB
And problem of wrong adjustment made by CPC- Reg
-0- We are sorry to note that the department has not following the direction so the Hon’Delhi High Court in rectifying the mistakes and wrong adjustments made by the CPC without following any procedures laid down under the Income Tax Act itself. The local jurisdictional income tax officers are not caring for even genuine problems of the assesses whenever the returns are e-filed and many officers are advising us to file the hard copy and not to use the e-filing facility to reduce the problems of the CPC and to get the rectifications done on a faster mode. Just to get the rectification done by the CPC one has to follow un-necessary procedures and correspondence and e-filing of the rectification application etc., which an ordinary assessee cannot follow all these and the department can easily eat the fruits of its wrong things without any natural justice. The Board is not taking any hard steps for easy and early rectifications and in between the assessee and representatives are suffering because of this. The Board knows very well that the returns of income for the assessment year 2013-14 will be filed after 1/04/2013,but every year it will not notify the forms and the e-filing facility will not be opened will June or July and it is practical experience of all who are depending on e-filing facility. Now a days the Banks and other financial institutions will ask for the copy of the IIR V and one has to answer that the department has not started accepting the returns for 2013-14.Is it not a shame on part of the department?
The amendment to 44AB and raising the limit to One Crore has not effected on the small assessee as due to strict introduction of the VAT by all the State Governments the turnover of even a small of the smallest trader has increased because of input tax mechanism, and the Central Government knows it very well and under the circumstances the limit for 44AB would have been kept at 5 Crore and individual assessee should be kept out of the preview of the 44AB. The Central Government is thinking of introducing GST and if the same happens the turnover of all the traders will increase by two fold. This fact should be kept in mind before fixing the 44AB audit turnover limits. The law of 44AB is like “law without justice”. Lewis Carroll in Alice in Wonderland says : “ ‘I’ll be judge, I’ll be jury said cunning old Fury I’ll try the whole cause, and condemn you to death”
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
The history of the 44AB audit has shown that the same has not resulted in any quality increase in the collection of the revenue nor has deducted any huge block money or irregularities of the assessee nor has reduced the work of the department. Even where the 44AB audit has been done by a CA the Department has disallowed the climes of the assessee while passing order u/s 143(3).Even it has not helped the department to increase the tax base and it remains at the same level as expressed by the Hon’Finance Minister in the Parliament itself. This is because of the complexity in tax laws in the name of simplicity. Here we have to quote Sri Nani A Palkhivala from his preface to the Eight Edition of Income Tax, By, Kanga and Palkhivala:
“Today the Income Tax Act 1961 is a national disgrace. There is no other instance in Indian jurisprudence of an Act mutilated by more than 3300 amendments in less than thirty years. Simple provisions like Section 11 to 13 (which deals with exemption of the income of charitable trusts) have suffered no less than fifty amendments.
The tragedy of India is the tragedy of waste-waste of national time, energy and manpower. Tens of millions of man-hours, crammed with intelligence & knowledge of tax-gatherers, taxpayers and tax advisers- are squandered every year in grappling with the torrential spate of mindless amendments. The feverish activity achieves no more good than a fever.
Our law reports bear witness to the fact that generally a case reaches hearing in the High Court in twenty years and in the Supreme Court in thirty years, after the relevant assessment year. The situation is continuously aggravated by the deluge of new amendments – the indigestible verbiage; and the flood of litigation is heavier today than ever before”
In the same book mentioning about the object of tax policy:-
“Two things strike the student of Indian income-tax with trepidation and amazement- the precipitate and chronic tinkering with the law by bureaucrats who are the unacknowledged legislators of India, and the anaesthetized patience of the Indian public .Truly, we Indians area “low arousal” people. We endure injustice and unfairness with feudalistic servility and fatalistic resignation. The poor of India endure inhuman conditions which would lead to a bloody resolution in any other country. The rich endure foolish laws and maddening amendments which benefit none circumvent the law than to fight for its repeal.
Taxes are the lifeblood of any government, but it cannot b e over emphasized that the blood is taken from the arteries of the taxpayers and therefore, the transfusion has to be accomplished in accordance with the principles of justice and fair play.
Every government has a right to levy taxes. But no government has the right in the process of extracting tax, to cause misery and harassment to the tax payer and the gnawing feeling that he is made the victim of palpable injustice”.
If we see the present tax policies and the working of the CPC and the administration of TDS and TCS shows how carelessly the tax policies are framed and administered by the Government.
Specially in Karnataka this year the availability of CA’s for the 44AB audit is doubtful as the Department of Co-Op Audit has allotted all the audit work of the co-operative societies to the CA’s and most of them have been allotted more than 50 to 65 societies and the limit for the audit as fixed by the ICAI is only 40.Under the circumstances the Board should think now itself to reconsider the limit of 44AB audit or it should be made applicable only for Corporate Sector and keeping away the individual assessees from the ambit of 44AB audit. To know more details about this kindly logon to http://www.sahakaradarpana.kar.nic.in and link http://sahakaradarpana.kar.nic.in/ca/CAPanelOrder.aspx where you can see for yourself that how the limit for 44AB audit will work out for the assessment year 2013-14. The voluntary compliance of returns will come down if these restrictions are put for filing the returns of income. The tax collection process should be smooth.
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
We request the Finance Minister to consider the facts and circumstances under which we are requesting for the amendment to 44AB or increasing the limits of the 44AB or restrict the 44AB to the corporate sector or where the public money is involved. And further we would like to remind your good self “What is the argument on the other side? Only this that no case has been found in which it has been done before. That argument does not appeal to me in the least. If we never do anything which has not been done before, we shall never get anywhere. The law will stand still whilst the rest of the world goes on; and that will be bad for both” (Denning L.J).
Thanking you sir,
Yours faithfully,
For Tumkur Dist., Tax Bar Association (Reg.,)
S.Prakash,
Hon’President.
Copy With Respects to:-
1. The Chairman,
Central Board of Direct Taxes,
North Block, New Delhi-110001.
2. Ms.Rita Dogra,
Under Secretary to Govt. of India,
Ministry of Corporate Affairs,
Shastri Bhawan,
“A” Wing, 5th Floor,
Dr.Rajendra Prasad Road,
New Delhi-110001.
3. Shri.Rajesh Kumar Bhoot,
Director (TPL-III),
Central Board of Direct Taxes,
North Block, New Delhi-110001.
TUMKUR DISTRICT TAX BAR ASSOCIATION (REG.,)
1. In many case , the matters before the Hon’ble ITAT are restored to the files of Commissioner of Income Tax [Appeal] Such matters are not taken up for hearing for years together by the concerned CIT[A] . The law does not permit to direct the CIT[A] to take up the matter restored to him in reasonable time and matters remain pending for long. It is appreciated that when very complicated legal issues are involved, the ld CIT[A] may take time to study the legal / factual position , but the hearing of the case must be taken in reasonable time by the ld CIT[A] . Even the rewritten communications to CIT[A] for early fixation of the appeal fail to bring any result . The writ in court of law is expensive exercise and not possible to be taken up by all persons . Is there any remedial measures ? whether approach to CCIT or CBDT useful ? Even these authorities are not permitted in law to direct the ld CIT{A} for deciding the appeals within time frame . Any other suggestion / guidance shall be appreciated.
2. Where appeal filing fees to ITAT is paid in excess of the required amount of fees payable , how the excess amount is to be claimed back ? The registry office suggests that only the assessing officer is entitled to grant refund. The assessing officer advises such collections are not reflected in his Demand / collection register > suggestion / guidance for claiming the refund shall be appreciated.
respected sir
I want to know about to file e-tds for salary whether the employees tds deducected by two different employer within one financial year 2012-2013.
FOR 9 MONTHS IN ONE TAN & 3 MONTHS IN ANOTHER ANOTHER TAN
Dear sir,
Please tell me, will reverse mechanism rule apply on CO-operative Societies. i means in Milk sector … Because in this rule nowhere is written about .. co operative societies
I am business men.my gross turnover is 25 Lacks. & my net profit 5%. what,am i liable for income tax audit u/s 44AB? Plz, reply
Self is working in construction company & we are shifting mtrl from store to various location where the work is under process. My question is whethear TDS is applicable for transporter, which is enaged on trip basis,also note transporter have provided PAN card to us.
Requesting your kind reply.
which % amount have to be deposited for an INCOME TAX appeAL
Dears,
One of my customers etds efiling made as nil return for 26Q4 initially. Now they like to make some corrections in the same quarter file. how can I download “conso file ” from tdscpc.gov.in site. Anyone help me in this regard. please.
g.karthikeyan
95855 24309
dear sir,
in the year 1982 i purchased a site in name of my mother and elder mother worth 2100000/- and on this day i have sold the same land for 2cr odd,which is divided in 2 parts. now i want to know what will be the capital gain for this. and what kind of property should i buy i,e; a resident site or a commercial site.
kindly suggest,
thanking you
rakesh.
SERVICE TAX MODEL QUESTION PAPER
Exercise 1: Point of Taxation – Intellectual Property Services – Rule 8
(a) Nilgiris, one of the leading departmental stores in Southern India, has permitted the use of its brand name against a fixed royalty of Rs.10 Lakhs per month. The invoice for the period ended 31.01.2011 for Rs.10 Lakhs is raised on 12.02.2011. Payment is received on 15.02.2011. Determine the POT.
(b) What will be the POT if the invoice was raised on 17.03.2011.
(c) What will be the POT if the agreement terms contained an income of 5% of sales made every year. The Invoice for this income is raised on 15.03.2011 which is paid on 17.03.2011.
Exercise 2: Change in Effective Rate of Tax
(a) M/s Saravana Bavan has been roped in by M/s ICAI for providing food during the CPE meeting. The Firm provided the service for the CPE meeting on 12.03.2012 on which date the ST rate is 10%. However, the invoice for the same is raised for Rs.1,00,000 (inclusive of ST) on 23.03.2012 on which the date the ST rate is 12%. Determine the rate applicable. (Note: Payment is received on 15.03.2012)
(b) What would be your conclusion if the invoice is raised only on 15.04.2012.
(c) M/s Glow Ltd, an Event Management Company arranges cultural events for M/s Infosys Ltd. However, the company received an advance of Rs.5,00,000 from Infosys on 15.03.2012 for arranging the show on 15.04.2012. The Invoice for the same is raised on 15.04.2012. ST Rate was increased from 10% to 12% on 17.03.2012
Exercise 3: Relevant Date for Taxable Value
(a) M/s Green Trends Pvt Ltd decided on 01.02.2013 that as a special offer for its members, the charges for hairdressing shall be reduced from Rs.150 to Rs.100 with retrospective effect from 01.12.2012. However, during the period between 01.12.2012 to 31.01.2012, the Company has carried out 500 hairdressings with Invoice and Payment being received on the same day. Determine the taxable value of such service.
Exercise 4: Relevant Date for Exchange Rate
M/s Standard and Poor’s issues a monthly insight on the global markets, mainly focusing on international commodity markets. M/s B Ltd, accessed such report online by paying the monthly subscription charges of USD 1,500 per month. The Company paid USD 1,500 p.m. on 25.04.2012 for the period 01.05.12 to 31.12.12. The Exchange rates were (a) Rate notified on 25.03.12 by CBEC for bill of entries to be filed in April 2012 – Rs.52, (b) RBI Rate on 25.04.2012 – Rs.54, (c) Actual rate of settlement – Rs.55.
NEGATIVE LIST
Exercise 5: Exemptions to Transport of passengers
M/s Transporters Ltd carried out the following activities during the FY 2011 – 12:
Nature of Service Rs.
(a) Radio taxis for customers in Delhi 10 Lakhs
(b) It operates a fleet of air planes (both domestic and international). Domestic Transport tickets 99 Lakhs
(c) Vehicles let out on hire to B Ltd for carrying its employees 2 Lakhs
(d) Transport of passengers from Chennai to Bangalore, with 3 or 4 stops in between 15 Lakhs
(e) Charges for accompanied bags charged from the above passengers 1 Lakh
(f) Vessels between the Chennai Port and Port Blair for public transportation of passengers 15 Lakhs
(g) Operation of cruise ships 30 Lakhs
(h) International Transport from India to other countries 75 Lakhs
(i) Domestic transport of passengers from Assam to Chennai by road 5 Lakhs
CLASSIFICATION OF SERVICES
Exercise 6: Classification
(a) Mr.A, a Chartered Accountant, verified the books of accounts of Mr.B. What is the nature of this service –
(b) DLF property developers has conceptualized, designed and developed a residential complex for the employees of Central Government. The company carried out the entire activities from start to finish.
During the course of service, the company employed an architect for design and an interior decorator for furnishing the complex. However, a separate fees is not negotiated for such services and are hence included in overall price negotiated. Determine the classification.
(c) M/s Taj Hotels Ltd provides a package for 7 days hotel accommodation inclusive of food. How should such service be classified?
(d) M/s India Airlines is engaged in transportation of passengers from one place to another. However, the company also supplies food during transportation. The airlines raise a single consolidated bill for such service. How to classify such service?
(e) Boarding Schools provide education and also dwelling for the students. Explain the classification.
(f) M/s Fitness One services provides fitness services. However, as part of its services, it also provides Ayurveda and Meditation as a therapy during the course of fitness services. Explain.
(g) M/s A Ltd is engaged in providing computer training to an Educational Institution to train the faculties. The Company roped in Mr.A, who is computer professional and a leading faculty for training the students and consideration is Rs.15 Lakhs. Whether Mr.A is liable for service tax.
VALUATION OF SERVICES
Exercise 7:
(a) M/s Shaadi.Com, which is an online matrimony service, charged Rs.20,000 from its customers. However, it did not charge any service tax as it thought that its services are exempt from service tax since it is related to religious activity. Later it came to know the activity is chargeable to tax @ 12.36%. Determine taxable value and service tax.
(b) M/s A Ltd charged Rs.10,10,300 inclusive of service tax @ 10.3%. However, the correct rate of service tax was 12.36%. Determine the Taxable Value and Tax liability.
Service Tax Procedures
Exercise 8: Payment by cheque
The due date for payment of ST is on 05.06.2012. The Assessee drew a cheque dated 04.06.2012 and remitted into the ST department on 05.06.2012. But the cheque got cleared only on 10.06.2012. Is the assessee liable for interest?
Exercise 9: Non–Payment of Service Tax
(a) S Ltd. provides Management Consultancy Services that are subject to service tax. In respect of the services rendered during the month of December, 2011 the service tax of Rs.1 lakh was remitted to Government treasury on January 20, 2012. Arrive at the penalty u/s 76 of the Finance Act, 1994.
s
(b) Also calculate the interest payable in the above case.
(c) Determine the penalty if the true and additional disclosures are available in the records.
Exercise 9: Payment of Excess Service Tax
(a) M/s Z Ltd provided services to M/s A Ltd for a consideration of Rs.30 Lakhs + 12.36% on 15.03.2012. However, M/s A Ltd paid Rs.24 Lakhs + 12.36% to M/s Z Ltd on 17.06.2012. M/s Z Ltd accepted the same as a final consideration in full satisfaction of the claims, as there was deficiency of service. Z Ltd wrote off the balance amount from its books on 18.07.2012 Determine implications of this situation.
(b) What would be your answer if the payment is reduced because of insolvency of M/s Z Ltd.
Exercise 37: Collection of Excess Service Tax
M/s Apollo Hospitals Ltd charged service tax of Rs.2 Lakhs on its medical services rendered to an individual on 15.10.2012. However, the company came to know later that medical services are not liable for service tax. Advice the Service Provider.
Hi
Can i take benefit of Housing Loan from parents + Loss on the same property which is rented out.
For e.g I take home loan from parents of RS 10,000,00
Monthly EMI towards Loan 12,500 (150000 Annually)
Rent from property 3000 PM (36000 Annually)
Municipality tax and other expenses(roughly 15000)
Loss on property 36000-15000-150000 = -129000
Is it possible to claim both 150,000 (interest paid to parents)
+ 129000 loss on property
If either of one is possible
what sort of document is required to show housing loan from parent
I.e. how to show money borrowed from parents. should cheque be given to builder from parents account(similar to bank)
or
Money should be transferred to my account and then give a cheque to builder.
Hi
Can I take benefit of Housing Loan on property from parents + Loss on the same property which is rented out
i.e.
For e.g. I take home loan from parents of RS 10,000,00
Monthly EMI towards Loan 12,500 (150000 Annually)
Rent from property 3000 PM (36000 Annually)
Municipality tax and other expenses(roughly 15000)
Loss on property 36000-15000-150000 = -129000
Is it possible to claim both 150,000 (interest paid to parents)
+ 129000 loss on property
sir, My Client is Reg: Under Sec 15 COT, Shoe and Slipper Dealer, having Not turnover exceeding Rs 20 lac PA, Recently VAT Officer i.e.. CTO visited and inspected Stocks and Asked us to file a Trading Account(TA) as on date of Inspection, the Same was prepared by our accountant and filed, Further the closing Stock as per TA was 635000, and Physical Stock were Worth Rs 840000, ther Officer Proposes that v have made URD Purchase and should have paid the Input Tax On Purchase Made from URD, hence by suppressing the purchases have made offense Punishable, further v r asked to Pay Tax At Rate of 14.5% on stock in excess found and penalty in addition, but we have recorded all sale n Pur n have never skipped any entry. the profits may very on every such sale and on many purchase made under Discount Schemes from suppliers hence the Profits margin was not confirmed to arrive at correct closing stocks. and if the stock were found less the officer would propose suppression of sale Notice. any way tax payers shall be penalized on trap Account. Please state what to appeal. what are the substantial Question of Law.
I had purchased property on 17th April 2008 for 53,50,000/- with home loan of Rs.30,00,000/-, in joint names of my & my brother,
We repaid full home loan in February 2013, & also will be selling the flat in March 2013 for 1,50,00,000/-
What will be capital gain tax,
The amount paid as interest on home loan will it be calculated in my income & not allowed as deductions for capital gain tax ?
Please reply as soon as possible & help us in understanding the tax liability ,
Regards
i have sold a property on 15th Feb 2013 for rupees 40 lac possession of property given. the said property is a residential house came from will of my grand mother which was originally bought for rupees 50000/-, construction done for five lac in 1985. the sale proceed are rupees 25 lac received on 15th feb2013 and i have also paid for registry charges which was 2,50,000 thousand rupees mentioned in registered sale deed. rupees fifteen lac received via pdc for 5 lac on 15th April 2015 and 10 lac on 15th Nov 2015 mentioned in registered sale deed.
when will capital gain arise and at what amount?
Why Admission Fees is not eligible for tax exemption while claim tuition fees? Also spouse eduction fee is not eligible for tax exemption? please expalin
what is taxability if license purchase from outside india for use of company only not for sale and payment made for training provided related to software purchase
what is tax effect
service tax, vat, excise, Tds,
who is liable to pay above taxes at ti,e of purchase of license and at time of training provided.
if u have any article for above then send me.
please help.
Facts: if a person has received pension of Rs. 100000 , say in A.Y. 2007-08 , and offered the same for taxation . However , due to revision in the Govt. policies he had returned the same pension along with interest (100000 +10000) to get enhanced compensation in terms of new guidelines announced by the govt.
QUERRY: Wheteher the amount reimbursed to the govt. in this year i.e. A.Y. 2013-14
a. will be adjusted against any other income and if yes, then in which A.Y.
b.which sections are relevant
is there any circular regarding nps, whether 10% of salary includes in gross salary for the income statement or not. please help
WE HAVE PURCHASE HOUSE IN MAY-2011 NOW I WANT TO SOLD & Buy New House at other location
Pls guide us about tax
I am working in state public sector corporation and they are paying gratuity under payment of gratuity act. as per act there was no maximum number of service, where as some persons told that maximum number of service was only 33 years. If i put 37 years, kindly inform me whether 33 years or 37 years will be taken as per gratuity act
V.NARAYANAN
can i get the reply of all queries asked above…….
please e-mail me…. this is will be helpful for me….
thanks………..
@sonal only amount collected over and above 10,00,000 Rs. is liable for service tax. however if u hv collected before that u are required to submit the same.
Consultanion in Bangalore
We are are services providers in Bangalore,
We provide services on VAT,Service tax ,Excise and Customs, Foreign trades (DGFT), local licences (BBMP,Food,etc) PF, salary processing, and other allied labour Act including Imports and exports , insurance matters.
we are providing our services to small, medium & large scale companies as per law of land .We too familier with ESI Act, salary processing, Minimum Wages Act, Labour Welfare Act, Bonus and Gratuity Act etc.
Please send valuable queries on mail at – shivanand.tandsi@gmail.com
I would like to send articles on Income tax, Pb.VAT & CST Acts. I am a regular reader of Tax.guru but I don,t find information of Pb VAT Act. So will be my special field. If this is ok then send me confirmation.
i purchased a resi house under cons in march 2010 and sae agreement made in march 2010.possesion will in april 2013.if i sale in april2013 it will be LTCG. IF I REINVESTin resi housee iwlll be able to get benefit
with your reference CMPQ 7569679, I had received refund cheque which I returned to Mumbai SBI due to mentioned wrong account no. SBI Mumbai confirmed me for received all document . as well as CPC Bengaluru also confirmed me they have received all document dt on 15 Nov12.
Dear Sir
i purchased Row house from builder which agrrement to sale made in dated 22.04.2011 of value 10.28 lac, builder demanding on possession now 5%, what will i do ?
I am S ANANTRAMAN My PAN: ABMPA5352L
While I have received assessment and refund for AY 2011-12 and 2012-13, the refund for the earlier period AY 2010-11 for which the return was filed on 30-06-2010 has still not been received. May I expect some help please.
SIR/MADAM,
AS PER SERVICE TAX RULES, SERVICE TAX ON TRANSPORTATION CHARGES OF PETROLEUM PRODUCTS BY RAIL ARE EXEMPTED. IF THE DEMURRAGE IS LEVIED ON SUCH TRANSPORTATION CHARGES, WHETHER IT WILL ATTRACT SERVICE TAX? KINDLY CLARIFY WHETHER SERVICE TAX WILL BE APPLICABLE OR NOT APPLICABLE ON DEMURRAGES QUOTING WITH SPECIFIC RULE/ACT/CIRCULAR. IT WILL BE VERY GRATEFUL IF U PROVIDE A COPY OF SUCH CIRCULAR.
THANKS AND REGARDS,
GOURI SHANKAR JADHU
SIR
AS PER SERVICE TAX RULES, SERVICE TAX ON TRANSPORTATION CHARGES OF PETROLEUM PRODUCTS BY RAIL ARE EXEMPTED. IF DEMURRAGE LEVIED ON SUCH TRANSPORTATION CHARGES, WHETHER IT WILL (DEMURRAGE) ATTRACT SERVICE TAX. PL CLARIFY BY WHICH RULE/ACT/CIRCULAR THE SERVICE TAX WILL BE APPLICABLE OR NOT APPLICABLE ON DEMURRAGE. IT WILL BE VERY GRATEFUL IF U PROVIDE COPY OF THE SUCH CIRCULAR.
THANKS & REGARDS,
GOURI SHANKAR JADHU
i want to know whether Diamond industry (cut and polished diamond business) is termed as manufacturing activity for additional depreciation @ 20%??? (Kindly give reply in the light of Supreme Court Decision Gem Star – 2001)
Dear Sirs I want to know about the applicability or otherwise of TDS on the interest earned by STATE GOVT TRANSPORT EMPLOYEES PROVIDENT FUND TRUST on the Deposits made by the Trust with Nationalised Banks. They claim that they need not pay any TDS on the amount of interest earned by them out of the Deposits.How to verify whether they are actually exempted from paying TDS? .Any blanket permission is given by IT Dept.?To whom to contact/consult in this regard? Are Govt Transport employees provident fund trust are exempted fully ie even there total income itself exempted from IT? Kindly give a detailed reply in this matter at the earliest.
What is tax liability of a person of Indian origin who acquires Nationality of another country but has income from bank deposits or real estate income & dividends?
Bank has changed his saving account to NRO account and started deducting TDS at 30.1%
Can he file online return and get refund, as his income in India will be below INR 100000/=?
I am a registered dealer in Punjab, i purchased a material from Maharashtra, but after six months it was found that material is not usable the Maharashtra dealer charted Excise Duty and CST, and I have supplied him “C” Form. I have send back the goods on my invoice charging same excise duty and CST, whether CST is applicable on purchase return also or not ? pls suggest
I want to know that, Can it necessary to J1 & J2 list with form 231 for sex monthly return, if my business in not in TAX AUDIT & VAT AUDIT
We have taken service tax No. since last 4 to 5 Years under Business Auxilliary Services. And we are paying service tax Regularly. In 2010-11 our turn over was 15 Lakhs & 2011-12 our turn over was 8.5 lakhs, we have collected and paid the service tax there on. Now we would like to know if in current year i.e 2012-13 our turn over may be below 10 lakhs and we are not going to collect Service Tax. So we would like to know whether Service Tax is chargeable or not ? And if our turnover may be more than 10 lakhs so we will exemption limit for 10 Lakns, and on balance we will pay the service tax. Kindly clarify the same & oblige
sir i have an advt agency and i do advertisement for my client on indian railway trains and on government state buses….i would like to know that space selling for advertisement on train and buses is exempted from service tax or is ST payable…..pls let me know…thanks
please send me daily updates new/ matter
sub brokerage / commission for real estate received prior to 1/7/2011 . would like to know whether service tax applicable. original broker has paid service tax
please advice
Hi there,
Please allow me bring your attention that my pan no is ATFPK3635D and I took someone’s help to create my account and he also processed my tax filing. Now he is not reachable and I cannot access my account because on resetting password it is sending password to his id and I cannot use other option because I don’t know secret question. I don’t have any idea why it is sending my password to his mail while I got acknowledgement mails from CPC on my mail it means they have my id in their records.
Please help me out right now I am just feeling very helpless because I cannot create another account because my pan no is already in their records. my email id is manish2aug@gmail.com
Thanks
HI,
I just took a home on rent of Rs. 19000 per month, but my landlord is refusing to give his pan no. as he is saying my ca has refuse me to give pan no., I tried a lot to make him understand that I require that to claim hra in my salary but is not trying to get it, what should i do
Hi,
I have one querry. If newly started service provider company crosses its exemption limit of Rs. 1000000 during their first financial year. Whether the company is liable to pay tax on first 10 lacs
octroi amount can be include in turnover
DEAR SIR,
MY FATHER WITH THEIR FOUR BROTHERS WATS TO TAKE JOINT HOME LOAN FOR THE CONSTRUCTION OF 5 BANGLOWS ON A LAND WHOSE IN THE NAME OF ALL 5 OF THEM.
SO MY QUERY IS THAT WHETHER THE DEDUCTION UNDER INCOME TAX CAN BE AVAILED U/S 80C & 24 BY ALL OF THEM INDIVIDUALLY OR WE HAVE TO TAKE THE HOME LOAN INDIVIDUALLY.
PLEASE ADVICE ME
11-9-2012 10.00am.
My wife is a Singapore citizen and resides in Singapore since last fifty years, visiting India once a year, at most for 15days. Years passby without going to India.
She has inherited ancesteral property in India, and sold all the properties realising losses(due to indexing calculations as the properties were inherited in 1971) in most of them except one, which leads to the question tht I am asking answers to.
1.She has been assessed in Singapore from the time she became Singapore Citizen in 1980/81. She has been a housewife and had no income and as advised by the government, people with no income need not file returns, and she stopped filing from the time of the announcement.
2. When she sold the properties in India 2009,2010,2011 she filed returns in India(has Indian residence address but as above stated doesnt visit India and when she does is not more than a fortnight in any one year) and none in Singapore as propeprty sales resulted in Lossess (no income)
3. The last property sold in 2012 (Sale Deed registered in August 2012) resulted in substantial profit.
4. Being a Singapore citizen, no tax is payable on Long Term Capital Gains in Singapore. When approach was made to Singapore Tax authorities , was advised as there is no Capital Gains tax in Singapore, she need not file any return.
5. The properties being in India, attract Indian Tax on Long term Capital Gains 20% Tax. Sale proceeds have been remitted from India to Singapore through Banks and applications as required by the Reserve Bank India were submitted to the remitting bank who than remitted the proceeds. (Form and application for remittance under U/S 195 of the Income tax act –Annexure A, B Certificate, Form A2, Purpose of remittance form etc as required were submitted.
6.Now the returns have to be filed in July/August 2013, and the question of advance tax/deduction arises.
7.MY QUESTION IS, Is she liable for Indian Tax as a Singaproe citizen not residing in India for more than 15days in any given year. Singapore authorities say that as there is no Capital Gains Tax in Singapore, there can be no claim or set off or even the necessity of filing return in Singapore.
Please give clarity and advise.
Suresh
sir wat about expenses,tax treatment if partnership firm converts into pvt limited company
.how may returns have to be filed?
is the
new pvt limited co., have a chance to consider expenses of partnership firm?
Dear Sir/Madam
In Service tax negative list, there is an item of agriculture wherein loading,unloading packing storage or warehousing .I want to know if we provide services like wheat,sugar loading & unloading in port area will it be exempt or taxable? I mean, negative list is applicable on agriculture product loading & unloading port area Please help me.
I need to contact the authors of one of the articles. How does one go about that.
I have submitted my Income Tax Return and form 16 to Income Tax Office Tambaram. Acknowledgement Receipt Number: 114523, Date: 04-08-2010
They have sent the refund to my old address, and the same is returned to the tambaram office on 09-01-2012. For this i have attached online statement.
And then i have submitted a request letter with my current address proof to tambaram office on 27-03-2012. I waited for some time with no response from the income tax office.
After that i have sent a complaint to IT Ombudsman on 21-05-2012, For this i got a reply from Ombudsman on 28-05-2012 stating that i have to make a complaint to Joint Commissioner of Income Tax, Tambaram.
After that i have submitted a written complaint to Joint Commissioner of Income Tax, Salary Range, Ward I-(1) on 13th of June 2012.
Waited for a month with no response or reply or TDS refund, So Again i wrote a complaint to IT Ombudsman requesting for TDS refund.
Answers i would like to know from you now
1. Will the Ombudsman take my case this time, is there any chance to reject my complaint now, since i have approached him for the same reason before.
2. If he rejects what should i do next?
3. In my last letter to Ombudsman i didn’t mentioned that i need refund amount with interest. Will they send the refund with interest? If yes, then at what rate of Interest?
4. I have mentioned that refund it directly to my account, and also provided my account details, can they send it directly to my account or not?
Thanks in advance, i would like to know answers, please reply.
Dear Sir, your articals are very helpful for me, I am filling my return for financial year 2011-12
here i want to know one thing that in challan 280 I have ticked on regular assessment tax instead of filling self assessment tax , then Income tax department will consider it right or wrong type of payment. or what penalties will appeared for doing this? or I would be able to fill my return or not.
please solve my problem asap.
Thanks
My wife is working as a contractual faculty in a college. They get monthly salary. The college has not given Form 16 to them and instead gave form 16A. The TDS (@10%) has been deducted under section 194J . Can I fill ITR1 and claim refund on the tax deducted.
We have paid service tax excess to the tune of Rs 2 lacs during May 2011. Under Sec 11B of Central excise Act we have to apply before one year.(Now it is almost 13 months)How to claim after one year ? What is the remedy ?
i have a query pls help by clarifying
if an assessee has paid 1 lac each in his own ppf account and in the ppf account of his two minor children (total 3 laks) and has claimed benefit of exemption under IT 80 c for his own account only i.e for 1 lac only
Can post office deny interest in the accounts of his 2 minor chidlren
Title :
Is it possible to receive a huge amount from my foreign friend in my SBI bank a/c for real estate investment?
Main Query:
I am establishing partnership firm in India, it’s between me and my foreign friend who is Canadian citizen, we will deal in real estate in buying, selling, developing townships etc.
In partnership firm, the taxes are 30% as we all know, remaining will be distributed among both of us.
On the other hand, Because of trust factor and finding some investors for my foreign partner for their business we have reached to this level where my partner is even ready to transfer the amount in my personal bank account so no 30% taxes will be given in case if we buy property through my name using the money which w’d come in my personal account rather buying through firm name. We also know that foreigners can’t buy Property in India on their names so my partner is even ready if I buy property on my name.
So is it possible that i receive huge amount in my own SBI bank account so major properties can be buy using my name and rest in partnership firm name, at time of giving back the profit to my partner, i use my own bank account to transfer the funds to my partner so 30% taxes will be given only on those properties what w’d have been bought using firm name,
what documents can i show to the income tax department at time of receiving the huge amount from my partner and sending the profit money to my partner at the time of selling the properties?
Can i show my partnership deed not only just for the prove of firm existence BUT also at the time of doing transaction from personal account, to prove we are genuine and doing these transactions for business purposes.
Partnership deed has got all partnership clauses, also included my name, my partner name, Addresses and signature of both.
Also, my real brother is NRI who is in Qatar (I am not NRI) who also has SBI NRI account, w’d it be ok to use his NRI account for receiving and sending money for my business transactions AND showing the same partnership deed which is on the stamp paper in case if i or my brother w’d be questioned, but problem is, NRI account belongs to my brother and partnership deed is between me and my foreign friend, Please suggest what to do?
Looking forward to see reply, Thank you.
Email me at : avior1408@yahoo.com
We are dealing in automatic and semi automatic packaging/strapping machines. we would like to know that what will be the import duty structure for HS code 84224000. Also can any one guide whether MRP based import duty will be applicable or else regular.
Dear Sir,
I purchased a house registered on my wife name. But we have take housing loan on both names (self and wife’s name) . She is house wife and I am paying the EMI. Please let me know is there any way to claim the income tax benifit in this situation.
Thanks
my client are submit the ITR a.y. 2009-10, and refund claim 160000/- approxment but his case are come in scrutiny and demand are Rs. 76645/- so we are letter in department this demand are dedected in our TDS refund amount but ITO are not dedect this amount .
Can advantage of Excise notification No. 9/2003 can be taken recently? Please guide me, this is very important for me.
Harish Kumar & Company (HKC) is an ESIC & PF consultancy services provider company. We provide services for ESIC, PF, salary processing, and other allied labour Act. Although HKC is located at Delhi, we do not have any limit for providing our services for the labour law compliance. HKC is a fastest growing consulting firm for PF Act , ESI Act, salary processing, Minimum Wages Act, Labour Welfare Act, Bonus and Gratuity Act etc.
My emplyoer is paying Provident Fund on Gross salary instead of Basic. And now our CA says the diffrence between (Gross salary and Basic salary) is taxable. Please advise is this coreect on not if not please help to get the supoort so that I can show them and get relief from Tax burden.
Dear sir,
I had constructed a house in chennai by taking loan from LIC and availing the tax benefits. I almost repaid the loan. Now i am planning to take a flat with second loan in hyderabad, where i am staying. Is it possible for me to claim the tax exemption benefits or not for the second one. The tax exemption i got from my first loan was very less, but in case of second loan, its huge, so is it possible to close the first loan & claim the second one exemptions or continue the both. Please revert for my query.
i am regular read the articles & other case which are very help me for practising me. thanks to the the team members of tax guru.
Require the latest updates
please send me the latest updattions related to DT IDT & any news regarding govt. updations
I have losses of 50,000 this year, can i claim any tax benefit and under what section ? Pls help this isvery ugent
here the tax related articles is really helpful for freshers like.