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D Daga   26 November 2014 at 12:04

House property

Dear Experts,

Under the Head Income from House Property, Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.

Now my Query is what kind of Expenses would constitute as Repairs to House Property. Since one of my client have taken a Loan for the purpose of House Property Repairs and Interest on such Loan is being paid but I am unable to find any Definition of Repairs, so please guide me with definition/example of Repairs

Mukesh Khandelwal   25 November 2014 at 19:17

Vat

Honorable Sir/Madam
Some of my clients submit his quarterly VAT return for the financial Year 2012-13 in prescribe period under act but failed to submit signed hard copy within the prescribe period of 15 days.
Assessing officer has not issue any notice and imposes the penalty under rule 19A.Now I want to appeal, please advise me about grounds of appeal.
Thanking a lot
With regards
Mukesh Khandelwal
9828242065

Khushal Singh Rawat   24 November 2014 at 21:21

Agency code can be run with practice

Dear Expert,
I want to know a person is run a agency code i.e. General or Life insurance. Now can he run agency code or advocacy together. is this intercept, Code of conduct of advocate profession. Pl tell me.

Khushal Singh Rawat   24 November 2014 at 13:17

Eligibility to prepare project report for bank loan

Dear expert,
I want know that is a tax lawyer also eligible to prepare a project report for bank loan like as a CA.

giri gattupalli   23 November 2014 at 21:15

Sec -184 &partnership deed

respected sir,
as per sec 184 of indian income tax act partnership should be evidenced by "instrument of partnership".i want to know the meaning of the word "instrument of partnership".what is the actual difference between the words,
1. agreement of partnership
2. instrument of partnership
3. partnership deed
4. registerd partnership deed
please discuss .

thanks in advance

Vikas K Goswami   23 November 2014 at 21:10

Tax relief

sir,
i was having a stone crusher business in partnership with 2 other, all of us sold it to some other party and received our share of money.

i invested the full amount in opening restaurant in first and second year of receipt of the above said amount.

sir, is there any relief in payment of tax for the amount received from selling stone crusher business in any provision of income tax act.

Dushyant Shah   22 November 2014 at 16:58

Service tax credit utilization against excise duty payment

Here under some more clarification:
Credit availed on Input Services shown in ST.3 -Apr14 to Sept14. Can we utilised closing balance shown in this ST.3 - as on 30.09.14 - against liability of CentraL Excise arises on clearance of Finished Goods during Nov & Dec-14.
-----------------------------------------------------

Unit having Excise and Service Tax Registration. Unit engaged Manufacturing of Excisable item and also in providing Taxable Services from same premises.
For claiming Cenvat Credit two separate RG23 part II maintained.
Filling periodic statutory returns.
Question: Balance of Cenvat Credit of Input Service available in ST3 can be utilized for to clear monthly clearance of Excise Liability arise due to clearance of manufactured item.

Chandan Garg   22 November 2014 at 00:12

Form DVat 32

Can anyone explain the relevance of form DVat 32? Why and when it is used?

PAWAN PARIKH   21 November 2014 at 20:14

About tax audit

Hello Sir
i am doing trading business , i have received notice for cash deposit near about 80Lac in FY 12-13. i have never filed income tax return til today . my question is can i file my return u/s 44AD doing tax audit u/s 44 AD in back date ( profit showed less than 8%) or i file my return showed with profit @ 8%.? My CA told me if we do audit U/s 44 Ad penalty as per Section 271B will have to pay which will be 0.50% of ur turnover. So i am Confused which way will be convenient to me .

giri gattupalli   21 November 2014 at 09:46

Renumaration and partnership deed

respected sir,
two of my clints entered in partner ship in 2012 may and concluded partenrship deed on whitepapers inthe presense of notiry and got certified by notary but not regestered the deed.and renumaration is agreed at 1,50,000 each per anum in deed.now my problem is can i claim renumaration paid by firm to partners or it is objectionable by it department as it the deed is not regestered. please discuss