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

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Asha   31 July 2012 at 10:46

Custom duty?

Mr.Vishal, an Indian resident, aged 50 years, returned to India after visiting England on 10-4-2009. He had been to England on 1-4-2009. On his way back to India he brought following
goods with him-
(a)His personal effects like clothes etc values at Rs.40,000;
(b)1 litre of Wine worth Rs.1,000;
(c)A video cassette recorder worth Rs.11,000;
(d)A microwave oven worth Rs.20,000;
How much customs duty payable by Mr.Vishal?????

pooja dedhia   31 July 2012 at 08:52

Non applicability of tax u/s 234 b c

Which are the section or provision supporting which says if certain condition is fulfilled then s-234 b c is not applicable even t liability go beyound Rs 10000/-

vinaykala   30 July 2012 at 22:08

I t website shows two pan cards despite several caoncellations requests.

my son was allotted a different pan card once he lost the earlier one.

we logged to income tax website 15 days after receipt of new pan card with new no and got an ack s. no

subsequently for the following ay we gave the new no and added a footnote thatt we had sought cancellatiion of old no online .

we also wrote to them thru letters.

now the website shows both as verified, the cvl website, the new one, thankfully, being shown later.

my office continues to send i tax to old pan no which i learn today.

query

would the credits to old pan no be auto cr to the new one.?

my tds at source for the past 5 years is on old pan no but i have not receeved any notice for tax due.

kindly advise sir.

i have to file tax ret online over ten lacs.

vinay kala july 30,12

Ram veer   30 July 2012 at 21:19

Leave liability given by the acturial

Dear Members,

I am a Govt. Auditor conducting audit of PSUs. A PSU given the leave data from 1 January to 31 December to actuarial for determining the leave encasement liabilities in the books of accounts. I wants to know whether the actuarial having a special formula to calculate the leave liability up to 31st March because the leave data was given up to only 31st December?

regards
ramveer

Asha   30 July 2012 at 18:37

Service tax

Dear Experts;
we are planning to add form details like vendor name, state, date etc in to system for each forms seperately.( in to an Excel File)
what are the major fields used for Form E1,E2, F and G.
For Example for form C, we are using po no, invoice no, vendor name, state etc.
Expecting an expert advice.

RAJESH CHOUDHARY   30 July 2012 at 18:19

Tax please reply respected experts

One of my client has income from online advertisement.Money is earned in US dollar and is transferred to his account at the exchange rate prevailing on the date of transfer.His gross turnover is less then 60 lakhs.I have heard somewhere that even if turnover is less then Rs.60 lakhs but is earned in foreign exchange tax audit is compulsory,irrespective of the quantum of receipt.I am a bit confused regarding the issue.Is tax audit required?

Please help?

Jain a   30 July 2012 at 15:19

Capital gain tax

My father purchased a residential plot in 1987 for Rs. 41 thousands. He expired in 1993 and then my mother in 2003. I have 2 sisters and one brother. They agreed to Transfer the property in my name in 2011 with mutual financial settlement and finally property transferred to my name. Now I am selling this property in 50 Lakhs in 2012. What will be capital gain and how can I save it. I own only one residential house at present.

Venu Gopal S   30 July 2012 at 12:44

Income tax exemption for house rent paid when income is from pension without hra.

Sir,
I want to know whether rent paid over 10% of salary is deductible from taxable income when I am in receipt of pension without any mention of HRA. Can I treat HRA as zero Rs. and deduct House rent paid over 10% from taxable income?

pooja dedhia   29 July 2012 at 21:15

Capital assest and exemption

mrs A has exchange a gala in the same premises . from this traction she gain long term capital gain.
her brother in law want to book the flat under the re development project . can mrs A invest the long term capital gain in her brother in law's property(intend to purchase flat under construction through re development project) . if this traction will be carried out ,then mrs A will be co-owner of that property.
how to determine the percent of shares of ownership right getting by mrs A and his brother in law?mrs A has exchange a gala in the same premises . from this traction she gain long term capital gain.
her brother in law want to book the flat under the re development project . can mrs A invest the long term capital gain in her brother in law's property(intend to purchase flat under construction through re development project) . if this traction will be carried out ,then mrs A will be co-owner of that property.
how to determine the percent of shares of ownership right getting by mrs A and his brother in law?

pooja dedhia   29 July 2012 at 20:59

Prior period mistake to identify the nature of expenses

Designing expenses in earlier year is written off as revenue expenses in P & L a/c. at the later year it comes to know that is requir to capitlais in eariler years. if this mistake want to rectify,how can be shown in book's of a/c