SUNAD
02 July 2012 at 11:14
Respected Sir
Can the C form application that is uploaded on the mvat website be revised? If not then what is the procedure to correct the changes in the c form application.
Ayappan
01 July 2012 at 19:06
The property was acquired by the ancestors way back in 1913. After two generation the property is offered for sale in the year 2012. The property is within 8 kms of the muncipal limits. As the index base year is from 1.04.1981 what value need to taken as on 1.04.1981 for the prorperty if acqusition value is say Rs.1000 per acre.
The property will be divided into two for fathers of first generation and among themone of them have 9 legal heirs who is of second generation and current generation will divide the property sale proceeds in various ratios as due to each individuals as per their rights. What will be the tax impact on each individual.
visu
29 June 2012 at 21:23
Is service tax registration must for service receiver under new regime wef 01-07-2012
Pl. clarify.
who will pay tax on service receiver..?
vinaykala
28 June 2012 at 21:33
dear sir,
i filed an rti app on may 15 12 seeking reasons for denial of refund of rs 15888/- for ay 08-09 for which assessment is time barred.
i filed the original return for ay 08-09 in une 2008 and followed it up with a revised return on 31.03.2012 seeking refund of rs 15888/-
both the returns are time barred.
how ever in response to my rti app the cpio has denied that any refund is pending.
he has provided a concocted computer print out signed by him on a date before the time barring date for original return seeking instead a demand of rs 50000/- odd!!!!
to me he has written that the original it return for ay 08-09 is not on record.
he has also stated in another communication to the income tax ombudsman that the revised return for ay 08-09 was provided to them by the applicant.
thus on record it is evident that the income tax dept has neither return and also no enclosures and yet chooses to seek interrest under sec 234a b etc.
i feel that istead of pursuing this rti i shouldd file another rti questioning the documents supplied.
i seek expert advice from a taxation person
i have not received any assessment order for ay 08-09 .
it is in the concocted records of the it department.
they are determined not to give the refund.
i also took up the matter with the income tax ombudsman but to him too they gave concocted stories.
should i file the rti with the pio of the it ombudsman.
i am well versed with income tax but would like guidance from an expert
vinay kala june 28,12
dipak jain
28 June 2012 at 20:40
Sir
Please give me detail for upvat appeal.
thanks
JEEWAN SINGH
27 June 2012 at 19:49
First point is regarding TDS16(A) certificate. Its certificate number consists of Six Characters. But in ITR1 form, the related column contains eight cells. In e-filing, that column does not accept six character certificate number. It is true while filling up the return by hand as well. In printed form also eight cells are given. What is the correct procedure to solve this problem?
Second point is regarding interest under section 234(b) and 234(c) of Income Tax Act., which relates to charging of interest because of delay in depositing of advance tax.
In case of payment of arrears by Govt. (as per recommendations of sixth Central Pay Commission) we can not anticipate when the Govt. or its Department or office is going to pay the arrears. So we can not assess the income for that financial year, until and unless payment of arrears is done by office. If office pays arrears on thirtieth of December of a year, we can not assess or include portion of that amount for payment of advance tax in second and third quarters of year i.e. advance tax payable before 15th September and 15th December of that financial year.
But when we try to prepare ITR1 on-line for e-filing, it automatically incorporate the interest under section 234(b) and 234(c) of Income Tax Act, which is not justified at all under above circumstances. So what is the solution to overcome above drawback in system of preparation of ITR1 for return filing.?
Mohan Pawar
26 June 2012 at 15:33
Facts;
1).The Company is registered with BIFR as a sick industrial unit since 2005.
2).The Company write backs such creditors unilaterally in their books of accounts without any remission or cessation by the creditors because of which the liability is still existing.
3).The Company credited such write backs to their Profit and Loss Account in the respective years and the Income Tax Returns for the respective years were filed with the same profits and adjusted against the carry forward of business losses.
4).The company transferred such profits to profit & loss Account because of which that amount is included in Capital Base of the company in calculation of Net Worth.
5).As a result the company’s net worth has become positive & company comes out of sickness but operationally it is other way round. The company is making such profits because of such write backs only and not because of operational activities i.e. no cash profits.
Queries-
1).Can we create any contingency reserve with an equivalent amount of creditors write back in our balance sheet as these are written off unilaterally?
2).Can such write backs are in the nature of provisions as these are write back unilaterally in our balance sheet and the liability is still existing?
a).If Yes, then whether it is a short term or a long term provision?
b).If No, then how can we show it in the balance sheet?
3).Can we include such write backs in our free reserve for the distribution of dividends?
4).If we can do any of the above treatment, what are the implications of the same under Income Tax Act/Companies Act for the respective years:
a).Whether there is any need for revision of Income tax return for the respective years?
b).If Yes, then what are the procedures for revision of returns?
c).If No, then please suggest any other way for such treatment.
d).Whether any restatement of balance sheet is required?
Dhruv
25 June 2012 at 17:13
Are CAs liable to Profession Tax in their 1st year of pratice? I became a CA in July 2011 and received my COP in Jan 2012. Am I liable to Profession Tax in this year or from next year?
chandu
25 June 2012 at 15:49
Is tds deduction applicable for housing society for watchman Rs. 12000/- per month .
is any exemption for housing society for not to deduct tds on watchman salary.
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Service tax
Ours is goods transpot agency and we are paying service tax by availaing 75% abatement.
Our business is packing, loading, transportation, unloading and unpacking.
Since our service includes packing, we buy packing material (by paying 14.5% VAT). Our charges to the client includes packing material. We do not charge separately for packing material.
At times there will be some damages to the goods while in transit due to various reasons. We pay the damages cost to the client called claims expenses.
For arriving the value of taxable services we are excluding the above elements i.e, packing material cost and claims expenses.
Whether the above stand taken by us is as per law? Please suggest.
Regards
N V Sudhakar