joseph
24 October 2014 at 16:47
sir,my employer was paying the works contract compounding at the rate of 3%. then the rate was raised to 6%.now it is 7% ACCORDING TO KERALA VAT ACT.I want to know the govt.order number for the change from 3% to 6% . please inform me soon.
Khushal Singh Rawat
23 October 2014 at 17:49
Sir,
Nowadays some clients received a notice from Compliance Management Cell New Delhi for non filling IT Return for AY 2011-12, AY 2012-13 and fill reason in 'Compliance' in incometaxindiaefiling.gov.in website. How can reply above mentioned notice while taxable income are below 5.00 Lacs with refund and IT return have not filed.
veeramani
21 October 2014 at 21:41
My friend joined a company on 6th Sep 2009 and he resigned and got relieved on 1st sep 2014. His employer has deducted 30% from his provident fund as tax (employee contribution). My friend says that since he has just 5 days to complete 5 years, the 4 year and 361 days should be rounded off to 5 years and no tax to be deducted. But employer is not accepting this.
Please clarify whether tax deducted is correct or not.
saikrishna
20 October 2014 at 17:40
A property has been actually bought by a person in 1980. He transferred to his son in 2012 by an irrevocable deed of settlement. The property is being sold in 2014 by the son. from when can the son enjoy indexation benefit from 1981 (or) 2012 ?
hdshardik
19 October 2014 at 18:05
i have taken a cash credit facility from the natinalised bank against current stock and collateral security is the my small business premises . whether it is in the called as current liabilities or as a secured loan from income tax point of view . in my books i have shown as Current liabilities
hdshardik
19 October 2014 at 17:39
when a partner having interest @20% in the two different firms and thes two firms are under audited and they are doing purchase sale transaction to each otherive party . is it cover under relative party transaction ?
Tarik Ahmed
18 October 2014 at 11:02
Dear Sir
An assesses manufacturing both excisable and non excisable goods is availing SSI exemption. Is the assessee allows only 150 lakhs ssi limit for both excisable and non excisable goods or only Excisable item is considered for this limit.Please reply
gvvlpraju
17 October 2014 at 13:13
Dear Gentlemen,
We, M/s. Harshini Motors is the registered company under the A.P. Government Industries act and Authorized dealers of Mytvs all car services and we have been purchased tools and equipment from Tamilnadu State as CST 2% for our regular work operations. The following tools and equipment machineries are installed at our work premises. These items will be purpose of using for produce labor income and as well as the spare parts sales income and both side of our earnings will be tax payable as 14.5% VAT and 12.36% Service tax. Furthermore, without these referred items our work operations are not possible to execute. Please my query is those items are purchased for operations purpose under capital goods/fixed assets and we have request C form at our local commercial tax office but CTO of our region rejecting our request. please i humbly requesting to reply whether we are eligible for c' form or not?
S SIVASWAMI
17 October 2014 at 10:51
Dear Sir,
I am a resident Indian individual tax payer owning one self-occupied flat in Bangalore and a rented-out flat in Chennai. I am expecting capital gains of about Rs.80 lakhs from sale of the old flat in Chennai built in 1980. Please help me with the following. I shall make any reasonable fee payment if you tell me how to remit the same.
1. Since the Cost Inflation Index starts with 1981-82, how do I get fair market value of my flat in 1981-82;
2. Can I deposit Long-Term Capital Gains in NHAI or REC of Rs.50 lakhs before 31/03/2015 and the balance Rs.30 lakhs on 01/04/2015, thus getting full exemption from Capital Gains Tax.
3. Can I deposit Rs.50 lakhs capital gains in NHAI/ REC bonds, and apply the balance of Rs.30 lakhs towards purchase of a flat before July 31, 2015.
4. If the above is not permissible, am I left with only 2 options, namely:- (a) to apply the entire Rs.80 lakhs towards purchase of a flat; in this case do I have time upto 31st July 2015, the last date for filing of Income Tax return for financial year 2014-2015; or (b) to deposit the entire amount of Rs.80 lakhs in Capital Gains Accounts Scheme and purchase a flat with the entire sum within 2 years of sale of my existing flat.
Kindly respond immediately.
With high regards,
Yours sincerely,
S. Sivaswami
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Regarding gift tax.
I want to know if one has to pay a tax on a house received as gift from a relative. If yes at what percentage and how it is calculated.
Also will the tax rate vary if the person receiving the gift has a share in another house already.
Thanks.