Nilesh
26 August 2014 at 18:07
Friends, If I earn profit through sales transaction of MCDEX registered broker whether vat applicable on that sales purchase transaction i.e. gold/silver, crude oil, Jiru etc
Share And Securities cover VAT or not?
Friends Pl reply ASAP
Neeraj Kumar Giri
25 August 2014 at 01:55
Respected Sir,
I would like to post a query regarding Service Tax :
I am a business man engaged in transportation of heavy vehicle like Truck, Tipper & JCB Machine. I use to provide the vehicle in hire basis to the factories which is used in loading and unloading of materials within its nearby area and for that they made me payment through cheque after deduction of TDS u/s 194C i.e. “Payment to Contractor or Sub-Contractor” with proper way, (then kindly explain me that am I a transporter or Contractor) My turn over in F.Y. 2012-13 was of Rs. 45 Lacks and in F.Y.2013-2014 my turn over is Rs. 95 Lakhs, and as per Service Tax Act and Rules I was liable to take registration in F.Y.2012-2013 but due to unawareness it was overlooked by me but recently I come to know that I should get registered under the same and I took registration before superintendent on 05-04-2014 thereafter got the registration certificate ST-1and the business in the certificate was shown was “Rent a Cab” instead of “GTA”, (Please explain me under which heading I should amend my registration, as such no Consignment note is issued by the Factory, I thing I am not eligible for “GTA”)and from the day of registration I used to charge service tax in my bill @ 12.36% on gross value of the bill and same was deposited to the Service Tax Department, without claiming abatement of 75%, but recent the Service Tax Department served me a notice to produce 5 years Balance Sheet, Profit & Loss A/c. and form 26AS, after that I met the Superintendent of Service Tax with the abovementioned documents, after examination of entire paper the Superintendent told me that the registration is wrong, I should amend the registration and include the “GTA”, in my certificate. As well as he pointed out that I was liable to take registration in F.Y. 2012-2013 which I have failed to do for which a penalty of Rs. 10,000/- will be imposed and the I have to pay service tax on previous bill because non-collection of service tax is deemed that in bill the service tax was included, but fact is that I have not collected any service tax in my bill.
1. Now, can the department will allow me to amend the certificate for inclusion of “GTA”, and service tax payment made in “ Rent a Cab” head instead of “GTA” head or some other eligible head.
2. Will the Department has power or rule to collect the entire tax which I have not collected in previous bill.
3. Will the Department will allow me to utilize the facility of abatement of 75% in previous bill i.e. F.Y. 2012-13 to F.Y.2013-2014 or 100% of service tax will be charged thereon.
4. As such I have made a huge payment on 100% on gross value @12.36 % in this year without claiming any abatement. i.e after registration in head of “Rent a Cab” is there any provision to adjust the excess payment with my service tax demanded.
5. After Registration I have collected Service Tax e.g. Gross Value of Bill is Rs. 100/- and Service Tax 12.36/-, will there is any provision in law which can allow me to adjust the service tax payment made earlier on which no abatement is claimed by my part.
Please reply on the issue mentioned here.
Thank You.
Neeraj Kumar Giri
25 August 2014 at 01:53
Respected Sir,
I would like to post a query regarding Service Tax :
I am a business man engaged in transportation of heavy vehicle like Truck, Tipper & JCB Machine. I use to provide the vehicle in hire basis to the factories which is used in loading and unloading of materials within its nearby area and for that they made me payment through cheque after deduction of TDS u/s 197C i.e. “Payment to Contractor or Sub-Contractor” with proper way, (then kindly explain me that am I a transporter or Contractor) My turn over in F.Y. 2012-13 was of Rs. 45 Lacks and in F.Y.2013-2014 my turn over is Rs. 95 Lakhs, and as per Service Tax Act and Rules I was liable to take registration in F.Y.2012-2013 but due to unawareness it was overlooked by me but recently I come to know that I should get registered under the same and I took registration before superintendent on 05-04-2014 thereafter got the registration certificate ST-1and the business in the certificate was shown was “Rent a Cab” instead of “GTA”, (Please explain me under which heading I should amend my registration, as such no Consignment note is issued by the Factory, I thing I am not eligible for “GTA”)and from the day of registration I used to charge service tax in my bill @ 12.36% on gross value of the bill and same was deposited to the Service Tax Department, without claiming abatement of 75%, but recent the Service Tax Department served me a notice to produce 5 years Balance Sheet, Profit & Loss A/c. and form 26AS, after that I met the Superintendent of Service Tax with the abovementioned documents, after examination of entire paper the Superintendent told me that the registration is wrong, I should amend the registration and include the “GTA”, in my certificate. As well as he pointed out that I was liable to take registration in F.Y. 2012-2013 which I have failed to do for which a penalty of Rs. 10,000/- will be imposed and the I have to pay service tax on previous bill because non-collection of service tax is deemed that in bill the service tax was included, but fact is that I have not collected any service tax in my bill.
1. Now, can the department will allow me to amend the certificate for inclusion of “GTA”, and service tax payment made in “ Rent a Cab” head instead of “GTA” head or some other eligible head.
2. Will the Department has power or rule to collect the entire tax which I have not collected in previous bill.
3. Will the Department will allow me to utilize the facility of abatement of 75% in previous bill i.e. F.Y. 2012-13 to F.Y.2013-2014 or 100% of service tax will be charged thereon.
4. As such I have made a huge payment on 100% on gross value @12.36 % in this year without claiming any abatement. i.e after registration in head of “Rent a Cab” is there any provision to adjust the excess payment with my service tax demanded.
5. After Registration I have collected Service Tax e.g. Gross Value of Bill is Rs. 100/- and Service Tax 12.36/-, will there is any provision in law which can allow me to adjust the service tax payment made earlier on which no abatement is claimed by my part.
Please reply on the issue mentioned here.
Thank You.
Tashi Norbu Basi
20 August 2014 at 23:23
Dear Experts,
I have registered a company in Sikkim and in my kind of business I pay a state tax of 10% on my gross yield (basically gross income)and thereafter I deduct all expenses and pay the Central Income Tax also.As a layman I look at this as "double taxation" of my income. State tax on my gross income and central tax on my net income.
Could you'll please tell me:-
How does our law defined "double taxation"? Is my situation covered by the definition of double taxation? What is the law concerning double taxation? Is this legal? And if so, what's the logic?
Thanking you in anticipation.
Chandan Garg
20 August 2014 at 16:54
Dear Members,
Please advice me whether list of items given under Point 14 of Form A-1 i.e. "MAJOR EXCISABLE GOODS MANUFACTURED, WAREHOUSED OR TRADED (Description & CETSH)" is exhaustive or indicative??
Where we want to start dealing in goods in addition to the goods mentioned under point 14, do we need to apply for amendment/endorsement in RC or not?
Bhagyashree
19 August 2014 at 12:09
Dear Sir/Madam
My divorce case is being settled by a way of one time payment for me of rs 20lakhs and my minor daughter Rs 10lakhs(4 yrs old and custody with me). My queries
1) is the amount Rs. 20lakhs taxable? If yes in which slab
2) the amt my minor daughter recieves, is it taxable? if yes tax returns to be filed by me as legal guardian?
3) The amount recieved by my daughter shall be put in bank fd with interest payout option. how will the tax be taken care of?
gaurav
19 August 2014 at 10:59
unfortunately my father have passed away.
when he was alive he said that he had taken the on lease around 30 years back. he said that he was paying rs 200 rent per month to the landlord.
we still are paying the rent rs 200 per month rent now after his death and we have the receipt of rs 200 rent from the landlord THATS ALL I KNOW ABOUT OUR SHOP.
now we are in urgent need of money.we want to sell the shop at current market value but the landlord( "makaan mallik" in hindi) is asking for 50% of the sale proceed to tranfer the name to a new owner.
WE DONT KNOW WHY HE IS ASKING 50% , WE DONT HAVE ANY LEASE AGRREMENT WITH US EXCEPT THE RENT RECEIPT.
WHY IS HE ASKING 50% OF THE SALE PROCEEDS ??
WHAT IS THE LAGALITY ??
WHAT KIND OF AGREEMNT HAD MY FATHER ENTERED INTO ??
WHAT PROOF WILL BE SUFFICIENT TO DETERMINE OUR OWNERSHIP.
kindly help me out what should we do and what is the legal status
pooja dedhia
18 August 2014 at 20:38
My father has started the construction of 2 nd floor for warehousing purpose . His business covers under audit . He has delivered the all material of construction and make the payment directly to suppliers .he has paid also to proprietor who charges for the labour . my queries are that what are the liabilities of the my father as a service receiver ? is this cover under work contract? pl guide me . which section of vat and service tax and tds cover ?
MOHAMED FIROZ
17 August 2014 at 12:28
A three floor commercial property having eight shops is owned by me, my wife and my major son altogether for the past ten years, and the Property Tax receipt, EB receipt are all in our names together.
We have let out two shops together to four different persons for rent. After rental revision this month these three tenants will pay us as follows: Rs.22000, Rs.16000, Rs.18000 and Rs.35000 totaling to Rs. 91000 per month. All of them were earlier paying below Rs.12000 only. As head of the family the rental receipt and the rental agreement has so far been executed in my name.
All three of us are IT assessees and the rental income is divided by three and declared in our statements and there has been no concealment.
After the revision of rent the new annual rent income will be Rs.1092000. I understand that service tax will be applicable for rental income exceeding Rs. 1000000 per year.
AS regards IT computation, after standard deduction for maintenance @ 30% and deduction of property tax, our rental income will work out to Rs. 7400000 per annum or Rs. 247000 per person for the accounting year 2014-2015.We have no other source of income at all.
As regards this property what is the applicability of TDS, Service tax and Income tax? I am going to enter into new rental agreement with these tenants soon. Am I right in executing agreements and receipts on behalf of my family in my name? Please correct me if I am making mistakes and also advise me as to how to avoid these taxes.
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Income tax
Dear Sir,
I would like to know about that under income tax act is there any provision for Loan interest and principle amount (under 80 C)for open plot and not house can claim for exemption?
Regards,
Rahul