saikrishna
02 May 2014 at 13:01
Sir, My Doubt is regarding new amendment in TN VAT Act input credit in excess of 3% of tax can be availed in case of CST Sales.
In case of purchase of gold VAT is applicable at 1% so input tax rate is 1%.Total Purchase is 10,00,000 and Input Credit is 10,00,000*1%=10,000. Total CST sales of gold are 10,00,000 at 1%.Then CST Payable is 10,000.
As Per the above provision input credit can be used in excess of 3 percent of tax in case of CST Sales. How much tax i need to pay as CST and how much Input credit is to be reversed either 1% or 3%?
Neeraj Kumar Giri
30 April 2014 at 00:07
Respected Experrts,
Kindly advice me that if any assessee engaged in resale business and he use to bring his goods from outside the state and sale the same in his own state and after completion of the financial year he had submitted his Income Tax return in ITR - 4,for the A.Y.2012-2013, in "NO ACCOUNT CASE" and claiming deduction under chapter VI A tuition fees and LIC. The Assessing Officer issued a notice u/s 142(1) and demanded to produce the Books of Account, and Ledger copies of Creditors and Debtors etc. But my question is that can an Assessing Officer demand such documents as the case is of "NO ACCOUNT CASE" and the Assessee did not maintain any Books of Accounts because the turnover has been shown in the return was only Rs. 15 Lakhs and profit was above 8%, how can and under which section the Assessing Officer compel the Asseesse to produce books of A/c.
Please give your valuable advice.
Thanks.
AJAY KUMAR
29 April 2014 at 19:36
Dear sir;
If taxable material purchase for CSR by ltd company so what vat tax applicable or not in chhattisgarh
Ramesh Kumar Pandey
29 April 2014 at 13:56
Dear sir, I hereby attached a Letter Copy received from Audit Section of Income Tax department and ask about How can I get relief ? The details as Under :
I have purchase a Flat on 27/08/2008 and sold these flat on 31/08/2010 and earned a profit of Rs. 22,18,340/- for the asst year 2011-2012 and subsequently I have purchase a office on 28/03/2011 and the Income Tax Department disallow exemption of long term capital gain u/s 54 of the Income Tax Act, 1961
Surinder Mohan
29 April 2014 at 12:42
In case of WCT contract who has to issue form 38 in UP.
In case at time of WCT contract, contractor is not registered in UP but have applied but placed order on few long lead item which are to be imported in SEZ area. At time of delivery contractor has received UP registration. Then in such case can the contractor issue form 38 to get the goods from Delhi to location in UP.
Please confirm what should be the procedure.
Sourav Roy
29 April 2014 at 10:13
My father recently retired from his service.He got some fund in the form of retirement settlement.Now my father want to transfer some money to my mother account for example say Rs.4 to 5 lac.Now is this amount taxable in behalf of my mother whether my mother has to give tax for that.Kindly help on the matter.
Maulin Shah
28 April 2014 at 13:25
With reference to above, I beg to send the following query for early reply.
“A” The Charitable Trust is minority trust and conducting educational institution since 15 years. Some of the educational institution are receiving grant from the govt. and some are self finance institution. The Trust is filing the I.T. Return since 7 to 8 years. The trust and their ancillary institutions are working by receiving grant from the govt. and by receiving loan or donation from agriculturists or private parties since 7 to 8 years. The return filed for nil income for the A.Y. 2011-12 In March 11 and assessed on 31-03-2014. The A.O. has made an addition of Rs.72,13,812/- u/s. 68 in spite of confirmation holding PAN in almost all cases were produced at the time of assessment along with copy of 7/12 (agriculture) & salary certificate. Most of the loan givers are old and having PAN and also there is a credit balance of the loan giver, i.e. The loan givers has also given loan to the trust in the previous years and also earlier years and the same persons have given the loan during the year of assessment in cash but repayment during the year is only by cheque. Some of the loan givers are agriculturist and some are salary persons and they have no any other source of income so the question of introducing unaccounted money does not arise
The Grant in the ancillary institutions were not regular and therefore the trust has received the loan and transfer to institutions as per need and loan repaid to trust no Sooner grant received by the ancillary institution and trust repaid to loan givers. There is no bad intention of the trust to receive loan in cash but it is only to run and conduct the ancillary institution well, If no grant received. The trust is not a profit making institution but in deficit since 7 to 8 years and no position to pay demand of Rs. 29,00,000/-. I have preferred an appeal to C.I.T against the order of A.O.
So you are requested to reply on the following points.
1. How to plead before C.I.T. appeals as this is a minority Institution (Charitable Trust) and as mentioned above cash received from loan givers only to run ancillary institution good and then repay after receiving grant.
2. How to get stay ? Whether possible to get stay during the pendency of appeal as per judgment of M.P. High Court.in the case of Maheshwari Agro Industries v/s Union of india & others(2012) 246 CTR 113 and as per instruction no 96 of CBDT (F.NO. 1/6 169, ITCC) 21/08/69.
Please reply and opine with case law if any immediately
Prabhash
27 April 2014 at 18:08
Hello,
I purchased a flat in blr in year 2011(reg. dt Feb' 2102). Cost approx. 33L. In my sale deed or agreement, builder had not mentioned anything about VAT/service tax.
Now, I have 2 questions
[1] Can Builder/developet ask me now for VAT or service tax?
[2] It is whose liability to pay VAT and service tax to govt.? me or builder?
Thx In advance
Prabhash
BHARDWAJ AD
26 April 2014 at 13:17
WHAT IS THE LEGAL PROCEDURE TO DO BUSINESS IN SALE OF WEIGHING SCALES,YET I HAVE NO FIRM
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Form c
form C can issue for 2010-11 in current year