Rohit Sharma
11 September 2012 at 23:35
ITO got hold of agreement to sell mentioning sale consideration higher than the one mentioned in sale deed.
Q1. Implications under income tax?
Q2. On what grounds can the assessee defend himself.
Thank You
Adv.Ashwini Khatri
11 September 2012 at 21:02
Dear Experts, Can an advocate who is in taxation practice not doing court practice become a TAX RETURN PREPARER ?
Suresh. S
11 September 2012 at 20:57
Hi all,
A salary certificate for Rs. 25000/- per month was issued to me by my company.
Inspite of myself crossing the tax limit, they are not deducting any tax and
also the company mentions that since no TAN is taken they cannot issue. but
TAN number can be done in 24 days. The company is two years old now. Also
the company when asked for Form 16, they told me to work as consultant which
cannot be since salary is received and salary certificate has been issued
by company. Moreover they are evading tax and the company is supposed to
deduct tax for such income. Even as consultant, they have not deducted
tax this month (August) over 30,000.
Moreover i have to submit Form 16 to IT department too. The company is
supposed to deduct and pay to Govt quarterly and not doing so.
The Income Tax department has recently started checking on companies
that disallow TDS and Form 16 to employees where these employees are actually
salaried person and the company disguising these employees as consultants.
The IT department is serious on this issue and till now I have not received
any mail with regarding to section 146(i) from the IT department and I do not
understand what this section means.
Now for the company to comply to guidelines and to make it better, i need
suggestions based on the above facts to get Form 16. I was thinking of
putting forward a letter to IT department for their help in this regard. IF i do
put a letter, will it affect my job as company will come to know of it or
can the IT department itself can query on the company to pay tax and issue me
Form 16? I had filed ITR returns, but for home loans most banks ask Form 16. Can you help me on this matter? How to make company comply to issue Form 16 to me?
Thanks, all
Suresh. S
Saurish Shetye
11 September 2012 at 13:50
In 2011, there was an amendment to section 9 of the Income Tax Act 1961. Section 9 is related to 'income deemed to accrue or arise in India'. This amendment was done after the landmark verdict of the Vodafone case. Want to know how this amendment can be proved unconstitutional?
Vicky
11 September 2012 at 00:07
Hi,
I Want to know That If Any Temple Is Located In The premises Of Any Factory and if Any Income Is Generated From That Temple, So Is it Exempt Income for thr owner of the factory or if It is Taxable So In Which Head Is it??
Asha
10 September 2012 at 19:56
Is Entry tax a Statutory payment? Will the same be dissallowed u/s 40 of the Income tax act?
anurag kaushik
10 September 2012 at 10:01
A propoert is self owned. Owner is residing and claiming HRA(without rent receipt) for same property from company.
Two questions arise:
1)is the property deemed let out?
2) Is deduction 30% for r & m allowed?
3) Is interest deductible for 1.5 lace or unlimited as in case of let out property?
ess
10 September 2012 at 05:47
What is meant by income tax scrutiny ? How is this done ? What precautions has one to take to avoid harrasment ?
Thanks
rajsh
10 September 2012 at 02:29
we have recently sold our inherited agricultural land situated in maharashtra for a lesser consideration amount as it was encroached with illegal tenants and trespasser. Me and my mother got the share of my late father. Now be both are planning to buy a flat jointly with the amount receive. however the amount received is not sufficient so I am going for a loan for the additional amount required to purchase the flat.
Please let me know can we both invest in the same property to avoid capital gain tax if applicable?
we have also received a letter / certificate from the talathi in marathi which states that : MARATHI- "SADAR JAMINI HYA MAHANAGAR PALIKA HADDI PASUN SUMARE 8 KM ANTRAVAR AAHET.
Is this wording correct?
Also as per the census avilable on net the population of the said village is aroung 4000 only.
Pls guide me in this matter.
thanks
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Gross receipt
I AM RUNNING THE BUSINESS OF WESTERN UNION MONEY CHANGER AND RECEIVED COMMISSION OF RS: 315000/-. I HAVE ALSO GETTING PROFIT FROM CURRENCY SALE PURCHASE OF RS: 11000/-. CURRENCY SALE OF RS: 730000/- PURCHASE OF RS: 719000/-.
NOW MY QUESTION IS THAT WHAT IS MY GROSS RECEIPT ? SHOULD I LIABLE TO DECLARE MY INCOME 315000 + 730000 = 1045000/- * 8% = 83600/- OR 730000 * 8% = 58400 + 315000 = 373400/- ?