12 February 2018 at 16:29

Charge 18% GST By Mr. Brown.

Today I purchased a cake worth Rs.444.92 and Mr. Brown charged me SGST 9% and CGST 9%. As far as I concerned now GST on food items is only 5%. Plz tell me do they charged me the correct GST i.e. 18%.

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04 February 2018 at 11:15

Trans2 itc on closing stock

dear sir,
My query regarding TRNS2.ITC

That we have filled TRANS1 with closing stock about 200 mt (5 items-HSN/goods) within the due date,

“As the rule prescribe to ensure that all the HSN/goods are declared in TRAN 2, in the opening balance in the month of July, 2017, irrespective of the fact that these have been sold or not in the first i.e. July, 2017 tax period.”

By mistake at the time of filling TRNS2 for july17 out of five items HSN/goods (200mt) only one item 50 mt HSN/goods that was sold during the month of july was taken as opening bal and rest four items HSN/goods was not shown in op bal in the month of july, which was sold during the period july17 to Dec17

So please suggest the way how claiming ITC on the remaining 4 items HSN/goods that was also sold during july to dec.

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01 February 2018 at 18:12

Unrealistic stt on option

Dear Sir,

My stock broker charged me Rs. 27,850/- as Security Transaction Tax (STT) on Transaction of Rs. 15,962/- The rate of STT prescribed by the law for this Transaction is 0.125% and hence STT should have been Rs. 20/- only. But charged Rs. 27,850/- on a Transaction of Rs. 15,962/-

On enquiry, my broker informed me that he has charged as what Stock Exchange has charged him. When checked with NSE (Stock Exchange), they informed me that they have charged as per STT Act.

After detailed verification it is found that the problem is in the wordings of a section in STT Act, which is faulty and it makes to arrive STT amount sometimes up to 100% or more, as against prescribed 0.125% by the law.

I took up this matter with Revenue Dept of Ministry of Finance and CBDT, but no justification from them for such exhaurbitant tax, or any action to correct the same, in spite of repeated reminders.

And hence I want to file either PIL or Writ Petition against Revenue Dept / CBDT

Kindly advice


Vijaya Kamat

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As per New Valuation Guidelines (New Rule 11UAA) applicable on and from 01.04.2017, valuation of unquoted equity shares as on valuation date would be done following new formulae i.e (A+B+C+D-L)*(PV)/(PE).

The term “C” under above formulae is for valuation of Shares and securities, wherein it is provided under the guideline that FMV of Unquoted shares held by the company shall again be valued following the same above formulae.

Now the question arises whether is it practically possible to calculate value of unquoted shares (unquoted shares subject to sale) of a company which has invested in suppose 10 other private limited companies and those 10 pvt. Ltd. companies have invested in further another 10 pvt. Ltd. companies and this goes on???

Kindly give me some advice on this.

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02 January 2018 at 18:16

Income tax

I was pleading a case in assessment proceedings, I have taken adjournment and filed part replies, But the officer did not write order sheet and got it signed from me. Meanwhile officer done provisional attachments of assets of assessee. Assessee worried with provisional attachments, approach the officers, Than officers recommend the name of a particular Counsel. Than assessee hired that Counsel. Assessments completed.
Now i was reading the assessment orders, the officer does not mentioned even my name or proceedings taken place during my tenure. He started the Assessment order with the words that so and so counsel (next to me) appear for the assessee.
Now the cases are before CIT (Appeals). Can we challenge the assessment orders on the basis of default, incompleteness may be with evil mind of the officer that he has evaded my presence and my pleading in the case.
I think this is a serious voluntary mistake of the officer and assessment orders are void ab initio as the foundation of the assessment and assessment order is missing.

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09 December 2017 at 11:01

Voluntary Registration

A person has taken voluntary registration for UP Sales Tax & after that never charged sales tax on his sales from customer , would he be guilty for that & also what are the remedies ?

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Dear Experts,

Assessment for an Assessee (individual) for AY 2010-11 has been completed u/s 147 in March 2015.
Assessee has filed Appeal with CIT(A) and same is pending as on date.
However now Assessee has once again received notice from ITO u/s 142(1) r.w.s 129 in June 2017 for AY 2010-11.
Since in Appeal - Ground of Appeal contain that notice was not served properly and other things like that the ITO has issued new notice u/s 142(1) for the same matter.
Kindly help me on which ground, section and case law I can challenge the notice?
Thank you in advance.

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13 October 2017 at 15:59

Taxation in mutual fund

Whether Short Term Capital Gain on Mutual Fund will be proportionate of the total gain for computation of income tax.More precisely I am placing my case as follows.An amount of Rs Ten Lakhs ie 1000000 was invested in a Non Equity Mutual Fund.A year later the value of the investment increased to 10.8 Lakhs ie Rs 1080000..Now due to some exigency we want to withdraw this amount.Actually total capital gain in this case is Rs 80000 which is in fact 7.4% of the total value of Rs 1080000.Now for computation of income tax whether total value of Rs 80000 will be considered which will mean IT HAS NO DIFFERENCE WITH BANK FD DEPOSITS.But if only 7.4% of Rs 80000 is considered the value of capital gain will come out to be Rs 5926 which will levy an income tax of Rs 1831 considering highest tax bracket of 30%.But if total value of Rs 80000 is considered it will lead to an income tax figure of Rs 24720.
Please therefore opine what will be the capital gain Rs 5926 or 80000

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I had book the 2 bhk flat in april 2017 at Nasik, Maharastra which will be completed in 2019 and bulider also registered in RERA.
Now Bulider is asking GST 12% excluding Stamp duty@5%, Registration charges@1%.
Kindly clarify ? what is GST rate is applicable for under construction apartment. with stamp duty and registration charges ?

Gunavant Patil

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in the f.y.2016-2017 project is completed . % method is followed in Books of accounts. A Buyer has given the full consideration in F.Y.16-17 Rs 30lakhs on the base of the letter of the allotment (Letter is issued in F.Y.16-17) Where there is the clause was that letter of allotment is subject to The Promoter has agreed to allot the said Premises admeasuring [●] square feet carpet area to the Allottee, at or for the price of ` [●]/- (Rupees [●] Only) (“Sale Consideration”), and subject to the terms, conditions and covenants contained in the proforma of the Agreement for Sale submitted to the Authority . Possession has not taken till Mar 2017.

There is no execution of agreement of sale and sale deed between builder and buyer. There may be a laps from the both the sides. all the service tax and vat is paid during the F.Y.2016-2017 on this deal. Project is completed in F.Y 16-17 And in the F.Y.17-18 , deal is cancelled and full amount is reimbursed . Now question is arise , to recognize the revenue under AS-9 % method , i have following queries:
1. at least 25% salable area is secured by contract or legally enforceable with buyers : can on this basis,only letter of allotment , can it considered as secured contract .
2. can letter of allotment enforceable if the situation is that builder is not willing to enter into contract then , buyer will sue the builders on the basis of letter of allotment, then can we say under situation of 1 that now letter of allotment is enforceable under law.
3. what are the recourse viable to recognize the revenue in f.y.16-17 and 17-18 ?
pl guide on this regards.

Thanks you

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