LCI Learning
Master NDPS 2.0: Latest Legal Developments, Best Practices & Landmark Case Studies

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maxmoon   14 April 2013 at 20:13

I.t returns

Dear Sir,
when i was 22 yrs old my father expired.till then he used to file my I.T return.It has been 6 years he has passed away but i havent filed my income tax yet.
Is it ok if i directly start filing I.T from this year onwards
please advise.

Anupam Dash   14 April 2013 at 02:39

Minimum alternate tax

In Budget 2012 there was a proposal that the Minimum Alternate Tax (MAT) will be extended to all entities claiming profit linked deductions from 1 April, 2013 vide Section 48 of Finance Act 2012. Has it been implemented?

YAGNESH HASMUKH DAVE   12 April 2013 at 20:39

Service tax

A LOCAL TRANSPORTER PROPRIETORY CONCERN TRANSPORTING THE GOODS OF BLDG MATERIALS BY ROAD TO PARTNERHSIP FIRM AND CORPORATE COMPANY PVT LTD & PUBLIC LTD CO MY QUESTION IS AR AS UNDER

1) WHETHER THE TRANPSORTER HAS TO TAKE SERVICE TAX REGISTRAION NO

2) WHAT WILL BE ABTEMENT ALLOWED & RATE OF SERVICE TAX

3) WHO IS LIABLE TO PAY THE SERVICE TAX WHETHER TRANSPORTER OR SERIVICE RECIEVER THAT IS PARTNERSHIP FIRM OR PVT LTD CO OR PUBLIC LTD

SUBHASH SHARMA   11 April 2013 at 13:49

Cenvat credit on supplementary invoice

ONE OF MY CUSTOMER HAS RAISED THE SUPPLIMENTARY INVOICE AS IB 31.03.11 FOR 2010-11. AND EXCISE DUTY WAS DEPOSITED ON SUCH INVOICES. NOW ON APRIL 2013 HE CAME TO KNOW THAT INVOICES WERE NOT HANDED OVER TO THE CUSTOMER AND LYING IN OUR(MY CLIENT'S) PREMISES.

NOW CAN CENVAT CREDIT BE AVAILED ON SUCH INVOICES OR NOT.

PLEASE ADVISE.

TUSHAR KANTI BHATTACHARYA   11 April 2013 at 11:50

The latest form of 15g & 15 h

Is there any latest form of 15g and 15h from has been serculated from Income Tax department in recect times, if such please give me in my mail box within very very soon because some clients areasking from me.
Tushar kanti bhattacharya.

RAMESH   10 April 2013 at 20:56

Gift tax laws and definition of relative

My father died intestate , leaving behind myself , my two sisters, my brother's son ( Brother and his wife have expired ). Since I was either the nominee or joint holder in all his bank accounts , I have received the proceeds from the bank in my name . To be fair to all my siblings , and son of my sibling , I propose to gift my sister's and my brother's son a certain sum of moneny. My sister's or my brother son will not make any legal claim and have left it to my wish. I want to know the Income Tax implication of gift to my sister's and my brother's son.

"The query is GIFT TAX liability if I gift to my sister's and by brother's son. Any documents to be executed between us, from TAXATION angle?

SUBHASH SHARMA   10 April 2013 at 17:16

Invoicing system (central excise)

One of my client is having excisable unit. He raise the Invoices in March-13. But does not despatch the goods same day for 10-15 days.
But Excise duty is paid on such invoices as on 05.04.2013.
On 08.04.2013 these invoices are cancelled and cenvat credit is taken on cancelled invoices in April 2013.
Please advice it is permissible or not.

SUBHASH SHARMA   10 April 2013 at 15:00

Imported goods can be tfd to other unit or not

One of my client ABC Ltd who is having two Excisable Unit in Manesar, Haryana. Goods imported for manufacturing purpose.
Can Imported goods be transferred to other unit in Manesar. If yes.
What duty will be pass on 12.36% or duty paid on imported goods.
Please advise.

SUBHASH SHARMA   10 April 2013 at 14:37

Stuffing permission from custom.

One of my client have two Export units in Sahibabad,UP one is EOU and second is DTA. Both the units are adjoining each other there is only one partition between both the factories.
My question is about Stuffing Permission.
Is single stuffing permission is enough for both the units or two separate Stuffing permissions are required to be taken.
Please advise.
Regards
Subhash sharma
Advocate
M-9891338895

Sagnik   09 April 2013 at 17:18

Service tax on ipr royalty

Dear all,
My company has been earning royalty by franchising its trade mark since 2004. My company in the year 2010 got itself registered with the service tax authority but did not pay any tax even after that.
Now if we wish to pay our service tax & regularize our affairs then how much exposure & penalties are we bound to pay ? Is there any way to compound our said default ?
Kindly advice, as to how should we move ahead in the said regard. Do know, that we are most inclined to regularize our affairs, so how should go forward with the same.
Regards,
Sagnik Sanyal