Deepanshu Gupta
19 February 2014 at 13:40
We have a client who is registered under DVAT act. Now he has entered into purchase of printed cloth (tax free) transaction with the dealer in ahemdabad registered in Gujrat and he has given that printed cloth to some job worker(not registered) in gujrat for stitching the flag and he has to sent this flags directly to Orissa to final consumer who is not a registered dealer.
I want to know that what should be the billing process and what statutory form and road permits should be taken at each level and what is the concept of entry tax shall involve in this transaction.
Pls reply....
Neeraj Kumar Giri
18 February 2014 at 23:06
Dear Experts,
If any Income Tax Officer, is making an Assessment proceeding of an Assessee u/s 143(1) and after completion of proceeding he demanded Rs. 2 Lakhs as Income Tax and Interest as these income has been escaped by the Assessee in view of ITO. Then is it mandatory to pay the demand of Tax before filing appeal to the competent authority.
Because same incident had took place with a Assessee whom the ITO has told to first deposit the Tax then to file Appeal before CIT (Appeal), otherwise he is authorized to attach his bank for recovery of Tax.
So, Sir under which section of IT Act, can a ITO compel the Assessee to deposit the Tax before filing Appeal.
Thank You.
Santosh
17 February 2014 at 19:22
I had booked a under construction flat and paid 5lakhs token amount and was given allotment letter and have been paying regularly towards the construction.Final registration was done on dec 2009 and subsequently i sold it on april 2012. My query is the capital gains considered here is long term or short term and secondly what would be considered as my date of purchase?
pooja dedhia
17 February 2014 at 13:16
gift tax applicability when a new car received against old car which was met with road accident while driving – currently my car is met with accident with other car . other car owner has admitted his careless and negligence. My car is insured. Other car owner has given a new branded car from indian dealer . New car's cost is more than the car's WDV. I took the insurance from the company and give this amount to the car owner. My queries is that is this transaction attract the gift tax ? Is income tax caluse applicable?
Anil Kumar-Advocate
15 February 2014 at 15:11
AN ASSESSEE WHO IS A PUBLIC SERVANT AND BROUGHT VARIOUS FUNDS IN CASH AFTER ENCASHING CHEQUE ISSUED BY HIS CONTROLLING OFFICER .IN COURSE OF HIS OFFICIAL BUSINESS AND MEETING HIS OFFICIAL EXPENDITURE, HE USED TO DEPOSITS BALANCE AMOUNT IN BANK WHICH WAS OPENED EXCLUSIVELY FOR OFFICIAL WORK.THE A/C WAS IN THE NAME OF ASSESSEE. UN-FORTUNATELY, THE CASH DEPOSITS DURING THE EXCEEDED 30 LAKHS AND WAS SERVED NOTICE FROM INCOME-TAX. HE HIMSELF APPEARED BEFORE THE A.O. AND FURNISHED DOCUMENTS. THE DEPT. OF INCOME-TAX ALSO CROSS EXAMINED THOSE TRANSACTION FROM ASSESSEE SUPERIOR OFFICER. THE OFFICER ALSO CONFIRMED THAT THERE IS NO DEFALCATION AGAINST ASSESSEE. THE ASSESSEE ALSO FURNISHED FUND UTILIZATION CERTIFICATE GIVEN BY THE AG.NOW THE QUESTION IS "1.IF THE FUND/MONEY BELONGS TO GOVT-HOW IT COUDL BE PROVED.2.IF THE UTILIZATION CERTIFICATE HAS BEEN FURNISHED THEN HOW THE RESIDUE BALANCE APPEARING IN AND BANK A/C.3.IF THE RESIDUE AMOUNT IS APPEARING IN THE A/C- WHY THE SAME SHOULD NOT BE TREATED AS ASSESSEE INCOME AND BE BROUGHT UNDER TAXATION.KINDLY SOME VIEW ON THIS MATTER WITH SOME INSTANCES WHERE COURT HAS GRANTED RELIEF.
jayendrasingh
14 February 2014 at 17:53
Respected sir,
i am goods purchaser of maharashtra(VAT 12.5%), i am purchasing goods from M.P.(VAT 13%)if i am receiving goods against C FORM(2%)how i will be taxed 1)dealer of M.P. will apply directly 2% to me? 2) and how i will pay tax?will i have to pay 2% + 12.5%(maharashtra vat) = 14.5 %?
dealer is saying that he will give goods against C FORM at 2%,but u have to pay tax 2%+12.5%(maharashtra vat)in maharashtra is it true?
Kapil Tiwari
14 February 2014 at 01:08
An individual, Mr.X, sold a plot of vacant land and in order to claim exemption of long term capital gains tax, invested Rs.50 lakhs in 54EC tax saving bonds of NHAI and REC. The bonds have a lock-in period of 3 years. Within 3 years, the bonds cannot be transferred or converted or sold in order to claim the tax exemption.
Now, if Mr.X expires within one year of investing in the 3-year bonds, will the tax exemption still be available, provided the bonds are not transferred or converted or sold? Should the bonds continue to remain in the name of Mr.X for additional 2 years (even after death) to complete the 3-year lock-in period? Is this legally allowed?
Or, do the bonds have to be transferred/transmitted to the nominee of Mr.X (after his death) and the nominee does not transfer/convert/sell the bonds until the 3-year lock-in period is complete?
The worry is that transfer/transmission of the 3-year 54EC bonds to the nominee within one year may amount to not holding the bonds for the compulsory 3 years and hence capital gains tax will have to be paid.
Kindly advise what is the best course of action. Thanks.
Suman Dubey
13 February 2014 at 15:22
Dear Sir/Madam,
While i am going to generate a sales Excise Invoice i need the Chapter Heading numbers for the below items.
1. Mould Dehumidifier & Dryer
2. SS Bins & Conveyors
Pranay
13 February 2014 at 13:06
IF a senior citizen lady having FD of 70lac in bank, maturity tenure is one year, and auto renew every year.
she submitted Form 15H, but according to bank she has to pay TDS due to exceeding interest.
As per my knowledge, interest upto 250000 is tax free and most of her FD's are invested in september-oct (mid of year).
How to save tax?
Please guide.
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Vat
I want to obtain the registration under MVAT for my client who is already registered under DVAT act.
Pls let me know the procedure, documents and cost involved in this and if any consultant who deals in MVAT registration. pls contact on 09999599837