Parveen Mittal
16 June 2015 at 16:33
Dear sir,
My enquiry is that Trust can be unregd as per income tax law.What will be trust deed.
Unregd. Trust can file return nill if trust's income from intt. on Rd
N SURYANARAYANA
16 June 2015 at 11:33
Sir, Whether under ULIP(Wealth-Plus) Policy the pre-matured withdrawal is taxable. It is a case where the policy has been taken by a person aged 62 years on 25/02/2010 for a term of 8 years and paid single premium of Rs.4 lakhs. Sum assured is Rs.5 lakhs. An amount of Rs.373672/- was received from LIC on surrender on 11/10/2014 with TDS of Rs.7472 u/s 194DA. My query is whether the entire amount is taxable under I.T.Act, 1961 for the AY 2015-16 . Please offer your valuable comments. Also state whether loss so incurred (premium paid minus maturity value) on account of investment can be allowed to be set-off under other heads of income.
Ram Avtar Gupta
13 June 2015 at 16:39
sir,
meri pahle partnership firm thi jisme maine iec code le rakha tha magar ab woh proprietor ship ho gai hai toh mujhe naya iec code lena padega ya nahi agar ha toh uska kya procedure hai
adwin
13 June 2015 at 03:09
Dear Sir,This is adwin Anil Saldanha from Kuwait with regards. Sir, i had made a Setudbandhan Policy 10 years ago i.e, on 26th May 2005, and it got matured on 26 May 2015. Unfortunately it was not credited on 26 or 27th May 2015. I was waiting till 9th June 2015 for it to get credited. Then on inquiry I was told that i need to submit TRC certificate. Sir, as we do not have to pay tax we cannot get it from here. It is only for the companies here and I am working here at the capacity of an individual. Sir, I spoke to Bangalore office too, they are not listening and asking me to produce it. If I cannot get it from here, how can I produce it. Sir, over that I am told that they are going to deduct 30.9% on the invested amount of 3 lacs (10 years ago) + 30.9% on 1.5 lakhs which is added to it. So altogether 30.9% on 4.5 lakhs. Sir, I am totally confused. I have never heard of tax on the invested amount. Sir, the funds at the establishment of this Traditional policy of Setubandhan amount was transferred from my NRE account. It has no link with resident accounts at all.
Sir, please help me to come out of this mess.
Waiting to hear from you,
Yours,
Adwin
Arvind Agarwal
12 June 2015 at 12:03
My client is situated in West Bengal and makes purchases from Local, centre as well as imports. He sales the goods in the local market and stock transfers goods to his head office in other state. He is able to determine the purchases(whether purchased locally, centre or import) which is stock transferred against Form F. My question is, for Reverse Credit do I have to consider the entire stock transfer (including local, centre & import purchases) or only the local purchase is to be considered.
2. How the Reverse Credit is to be calculated in following case: -
Local Purchase: Rs 26577318 itc Rs 1328866
Central Purchase: Rs. 5102330
Import: Rs. 245870/-
Local Sale: 11767178 Output Tax: Rs. 588359
Stock Transfer (from local Purchase): Rs. 14927220
ST. (from Central Purchase): Rs. 4369134
ST (from Import): Rs. 60519/-
Total Sales: 31124051/- Output Tax: 588359
Solution to the query will be highly appreciated.
Arvind Agarwal (Adv)
Siliguri, West Bengal
JAGANNATH RAO PARINAM
11 June 2015 at 16:03
Dear Sir,
An indidual has interest income of say Rs 150000/= on Fixed deposits and he does not have any other income.He gives form 15 G to banker and banker does not deduct any TDS,since his interest income is less than the taxable limit of Rs 250000/=
My query is that since his income is less than Rs 5 lacs p.a and below the taxable limit of Rs 250000/= ,is it mandatory for him to file income tax return.
P.J.RAO
avneesh
09 June 2015 at 23:08
a assessee deposited amount of rs.20 Lacs in wrong accounting code.
i.e. assessee was required to deposit service tax in "WORKS CONTRACT" while he deposited in "RENT A CAB"
please tell me what is procedure to make correction in service tax challan.
NOTE:- SERVICE TAX IS DEOPISTED THROUGH NET-BANKING(ONLINE)
Mayank Arora
08 June 2015 at 17:03
Hello Experts,
I am a freelance teacher. A college approached me through a consultant and I joined there. The college pays the consultant and then the consultant pays me. When the time came to pay the money, the consultant insisted I take cash payment.
I was promised a payout of Rs 2000 per class NET on an SMS from him. I assumed this to be the amount after deducting TDS. Now the consultant is saying that he runs this business on the side and that he doesn't have an actual firm, so he will give me 2000 per class in cash. I declined saying that I want the money officially after tax deduction. So basically, Rs 2000 after deducting 10% TDS. He is not ready to give the increased amount either (Rs 2,222- so that I can pay the tax if he can't). Now the question is-
1) I have detailed whatsapp chats with him where he says that I should take money in cash since everyone else does it that way and that I'd be getting Rs 2000 only and that I don't have any other option.
2) He says that by "NET", he meant that college has deducted his TDS. Obviously, if tax is not deposited in MY account, then its not net.
3) This person is working in a reputed company and is running a business on the side without any business entity. Clearly, he has evaded a lot of taxes. College pays him money in his savings account and he pays everyone by cash. He has accepted this multiple times on whatsapp.
What should I do now? How can I complaint against this?
jiteshmadeka
07 June 2015 at 14:33
I am interested in setting up a SSI unit to buy old capacitor for induction furnace and repair them and sell in the open market what would my excise duty limit foe exemption?
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Capital gains for trading in shares
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