SANTOSH KUMAR BEHERA
06 September 2012 at 13:11
Dear Sir,
A society is registered under societies act and its registered office in New Delhi
where professional tax act is not applicable, however its operation is spread through out India and its payroll processing is done in karntaka(head office). whether the society has to deduct Professional Tax from salary given to employee employed outside Delhi.
As like company, whether society has to paid professional tax.
With Regards
Santosh
P.Parthasarathi
05 September 2012 at 20:58
My client is a contractor having maintained books of accounts which were audited but by the time the assessment came up for scrutiny the books of accounts were lost in a theft and so he could not produce them before the Assessing Officer. Basing upon the figures in the P & L account and Balance sheet the AO made various additions disbelieving their genuineness resulting in a high pitched assessment. The tribunal of Cuttack Bench fixed the profit rate to be taken at 9% of the gross receipts from contract business whereas, the income assessed in this case, if calculated on percentage basis is more than 35% of the contract receipts. Is there any case law in which the Hon courts have held that profits from this business or for that matter, any other business, cannot be assessed at an unreasonable high rate where books of accounts were not produced or produced but rejected u/s 145 of the I.T.Act. Also that without bringing any other material to record to prove that the figures in the balance sheet and P and L account were not reliable, except that the books of accounts were not produced, can the AO make such additions? Any case law in this regard also may kindly be mentioned. The matter is now in appeal and I shall be grateful for an advise with case law in this regard as the appeal came up for hearing and an adjournment has been sought in order to find the suitable case law to be placed before the appellate authority.
ABHIJEET PARIKH
05 September 2012 at 17:09
Dear Taxperts and lawyers
Suppose if there is a flat which is for more than 3 yrs in the book of accounts later it was sold
Now it falls under Long term Capital Gains Later on I buy another flat (which settles previous flats gain but it is more costly therefore it is only booked for which allotment letter is given ) within one year
the flat is there in my book for 1 yrs and that the new flat bought is mentioned in IT return filing
but after 1 yr I am unable to pay the entire proceeds required to buy the new flat builder says he will sell it to other party and that allotment letter stands cancelled
My question is
1 What will be the Tax implication in such a situation
2 Will I continue to get d time frame 3 yrs from the sale of old flat
3 If I sell the new flat or surrender the new flat builder under distress and if there is no capital gain will i still be entitled to short term capital gain
P.Parthasarathi
04 September 2012 at 21:41
My client is a charitable trust having the benefit of registration u/s 12A of the Income-tax Act. During the financial year relevant to assessment year 2010-11 there were riots in the place where it has been functioning. While making some payments cash payments were made in excess of Rs.20,000/- in respect of certain expenses. The query is since the charitable trust is not a business concern and even if the donations are charged to tax they are not to be charged u/s 28 of Income-tax Act, whether provisions of sec. 40A(3) are applicable in this case. I feel if donations are charged to tax in certain circumstances, they are to be charged as income from other sources in terms of sec. 56 and not as business income u/s 28. Kindly clarify. Will be grateful if any case law in this regard is mentioned.
CitizenInsignificant
04 September 2012 at 11:17
Can a research organization that will be conducting research in the fields of alternative energy and environment friendly materials be registered as public trust?
kishor solanki
03 September 2012 at 15:39
Sir, I had booked a flat and paid 60 % of the flat value but was not able to pay the balance amount due to shortage of fund and said amount of 60% was paid together at one time and then the builder waited for 2 years but i could not pay the balance amount. Therefore the builder cancelled the booking and handed over me my amount along with interest. My question is whether under what head my tax will come for the above and what would be the percentage?
What documents are to kept from builder for future taxation matters?
Member (Account Deleted)
03 September 2012 at 13:05
Hello Seniors,
Can a male assessee claim deduction on interest of house building loan in a assessment year before he gets the C.C (completion certificate) from the authority concerned and also after paying a interest of about Rs. 4 lakhs. If yes, then under which section and what is the amount for which he can claim deduction ??? Salary is about 42 lakhs per annum and the loan is of 20-25 lakhs.
The place is West Bengal, Kolkata.
Please help at the earliest.
Thanks a lot in advance.
Asha
02 September 2012 at 19:02
good evening expert, my friend taken a home loan from bank.his monthly emi is 30000(25000+ 5000).but sir he does not lived in that house.my query is started now if he give his house for rent than he will show his rental income. but he did not gives his house for rent. and also he did not lived in that house. than what happen in this case.can he claim both hra and deduction u/s 24 and 80c. please reply
DINESH AGGARWAL
01 September 2012 at 18:21
Dear All,
we are a developer company and put all expenses related to construction on CWIP. we have to pay certain internal development charges to HUDA and due. Installement of INternal development charges due on 31/st MArch 2012, can we treat is CWIP of last year (31-03-2012).
We have paid IDC after 31-03-2012.
Regards,
Dinesh Aggarwal
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