saju sathyadevan
06 February 2013 at 19:46
Sir,
"SSS", an entity, has got PAN with first five alphabets as AAALS where fourth letter denotes it as Local Authority (if I am not wrong). This entity is registered with Chhattisgarh Society Registration Act, 1973, and is involved in the work of building "Sulabh Shouchalay" in various rural and urban areas, on contract basis, of various panchayats and municipal corporations. On going through its 26AS an amount of Rs. 50.00 lacs is credited approximately and TDS is deducted u/s 194C in the financial year 2011-12. My Queries are :
1. What is the status of the above business entity. That is, can I calculate income tax at normal rates as applicable to individuals with basic exemption of Rs. 1,80,000.00. Also deductions u/s 80c can be availed or not if its members are not taking the benefit. (Family members comprising of husband, wife, sons and one relative are members of this society with wife as President and Husband as Gen. secretary).
2. Is there any necessary/mandatory to get its accounts audited u/s 44AB as its receipts are less than 60.00 lacs in the F.Y. 2011-12.
3. Can I opt for presumptive taxation (8% of receipts) and file return in Form 4S.
4. In which form I have to file the ITR.
Please guide me as to what all points I have to take care before filing ITR and what all deductions can be availed.
Prashant Raj
06 February 2013 at 15:40
i have an 6 year exp. in Income Tax and Sale tax and i am Complete my LLB so plz tell me what i do to start my carrier in legal field
shoaib
05 February 2013 at 15:23
Sir,
Please provide me the provision regarding VAT like whose liability is to pay VAT on Purchase of Flat. Whether builder has collection power. Whether it is the liability of the buyer to pay VAT. Please provide detail provisions with sections legal requirements
sachinkumar
04 February 2013 at 13:00
in taxation what type of authority givn to advocate
Akshay Panchal
03 February 2013 at 21:03
I am a govt. employee and having joint a/c with my wife who also has legally entity and her I.T. return is also being filed regularly. However in the F.Y. 2004-05 my bank account was brought under scrutiny for excess cash transaction. Since then, I have been trying to satisfy I.T. Dept. but finally,Kindly note that as per ITA No.859/2012 & 860/2012 an order was passed on 07/09/2012 restricting the addition of Rs.412318/- & levy penalty u/s 271 (1)(c) on the tax payable. The said order was delivered to me in the month of Dec-2012. Before that I had already paid due tax on addition and submitted all the challan to ITO. But last week he has recalculated the tax on addition with interest w.e.f Feb-2008 and also calculated penalty with interest for the said date. I have always co-operated with d IT dept. and have never deny for any demand after CIT or ITT during the period. Everytime the dept. of IT has gone to higher level for increase of addtition to my income w.e.f 2008 ( no addition is done to my wife's income ) and hence why should I pay any interest or penalty for any addition made? Why income of my wife is not taken into consideration? So. Pl. advise n oblige.
abhinav
02 February 2013 at 22:48
Dear Sir ,
I have a flat in vaishali , ghaziabad.
I put this flat on rent in June 2011.
I would like to know what are the rules of House tax on rented flat in ghaziabad nagar nigam , so that i can pay the actual house tax of this rented flat without any embarassment from tax officials.
Please advice athentic information which i can also submit, if required , as a proof.I have went to nagar nigam office, they told that it would be approx 25% of the total rent collected in the financial year
Best Regards
Abinav
Mukesh Khandelwal
01 February 2013 at 19:21
One of my clients submits an application under section 33 of Rajasthan Vat Act 2003 as on 28.11.2010 for rectification of mistake. Assessing officer issue a showcase notice that the penalty imposed under section 58 of. VAT. Cannot rectify under section 33, so why the application of rectification of mistake will be reject. Assessees submit his reply after 4 days from issuing the notice. After it there was not serve any notice/intimation/information of rejection/ reassessment order or any demand notice. After 2 year and 4 months department contact the assessee and ask for deposit the demand . I want to advise that as per the provision of section 33 an application for rectification of mistake shall be filed in Form VAT 57, affixed with stamp of Rs. 2.00. As per provisions of section 33(3) such application is required to be disposed of within a period of one year by assessing authority from the date of presentation, otherwise the same shall be deemed to have been accepted. It is notable that on office record the rejected assessment order was pass on 23.11.2011 but there is not any documentary evidence on record that AO post the rejected assessment order by registered post or service to assessee or authorized representative in any other manner. What is the provision in this matter? Please help me.
Regards
Mukesh Khandelwal
9828242065
aditya
01 February 2013 at 13:25
Dear Sir/Madam,
My query is as follows:
Fact : My father and mother hold an apartment in joint name. Mother is housewife and therefore do not have any source of income. The flat was purchased from income of my father but registered in the joint name. There is no definite share. Now they have planned to sell the property. Since the property is held for less than 3 years, the income would certainly be 'Short Term Capital Gain'.
Query: On the basis of above facts, whether the 'short term capital gain' can be shared equally between my father and mother.
Purpose: Above arrangement of sharing the short term capital gain would result into less Tax Liability.
Thanks.
SRIDHAR
01 February 2013 at 03:43
Our client located at Andhra Pradesh. He has to send the material to his customer located at your state (Karnataka). And His vendor also located at your state (Karnataka). He will plan to deliver the goods with his vendor (located at Karnataka) to Customer (located at Karnataka). His vendor will bill to his name on Andhra Pradesh (Buyer) and delivered to customer name at Karnataka. 1) . In this transaction is it E-sugam is necessary. 2). The Supplier (of AP) to eligible to receive the C form from the Customer located Karnataka 3). Can the Supplier to issue C form to his vendor located at Karnataka. Please advise the above, to enable us our client can do the transaction smoothly.
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Under construction flat loan income tax benifit
I have bought one under-construction flat in Pune on Aug 2011 which is still under-construction and will be get possession in Nov 2013, currently i am staying on rent in same city. Now I am paying Home Loan EMI(Int.+Principle) & Rent. As per my employer rule i can only claim HRA, not a Home Loan EMI because i am not have the possession letter.
So please suggest me can I take a tax benefit of both EMI & HRA in financial year 2012-13 without possession letter. So i request you that please give me any reference legal document as a proof for claiming both HRA & Home loan amount at a time.