lina abood
24 January 2012 at 23:52
DEAR EXPERTS
I NEED YOUR ADVICE ABOUT MY CASE WHICH I HAD ALREDY POSTED EARLIER BUT SINCE I DIDNT GET RESPONCE I HAD DECIDED TO TAKE YOUR ADVICE
FORIGNER WEMAN MARREIED TO INDIAN LAST 22 YEARS SHE HAS MADE INDIA HER HOME ,HER STATUS RESIDENT PROBLEM COME FROM SOME PROPERTY GIFTED TO HER BY HER FAMILY SHE HAD BROUGHT FLAT AND FORGOT ABOUT IT,
NOW DECIDED TO SELL THAT PROPERTY AND BRING THE CASH TO INDIA
AND IT JUST HAPPEN THE FLAT GOT SOLD AND THE MONEY GOT TRANSFER BY LEGEL ROUTE TO HER ACCOUNT IN INDIA ,
NOW HER C.A. TELLING THAT SHE HAS TO PAY CAPITAL GAIN TAX ON THE ENTIRE AMOUNT SHE HAD TRANSFER.
SHE HAD BOUGHT THE PROPERTY IN DEC.1990
PLEASE GIVE YOUR ADVICE AND SUGGESTION ON THIS MATTER
THANK YOU ALL,
Anonymous
24 January 2012 at 21:38
If notice is send under IPC Act and Income Tax act against an assessee,and such notice are conflicting in nature , which shall apply?
Kuldeep
24 January 2012 at 19:43
Restaurant service & accomodation service are made liable to tax from 1.5.11. Notification No 1/2006 exempts 70% / 50% of amount received from tax. Condition is that the assessee should not avail cenvat credit and should not avail benefit of Noti 12/2003.
Notification No 6/2005 (small scale exemption) exempts gross amount charged towards taxable service upto first Rs. 10 lakh. The value of "Wholly" exempt service is to be excluded from Rs. 10 lakh (Explanation B of Notification 6/2005). In case of hotels / restaurants, the exemption is partial. (50% & 70%). Question is : For calculating exemption of Rs. 10 lakh, whether 30% or 50% as the case may be should be taken or full amount should be taken? Example : Restaurant sale amount : Rs. 14,00,000/- Working 1 : 14,00,000 X 30% = 4,20,000/ - It is less than Rs. 10 lakh so no service tax. Working 2 : 14,00,000 – 10,00,000 = 4,00,000 is liable. 4,00,000 X 30% = 1,20,000 taxable. Service tax 1,20,000 X 10.3% = 12,360. Which is correct ? Dept. stand is working 2.
Anonymous
24 January 2012 at 15:55
As me and my brother book a flat in a joint name in which service tax charged @ 2.575 my question is where shall i get the refund claim or set off
Anonymous
24 January 2012 at 11:35
1) Mr A Filled IT Return Manually U/s139 (1) with refund of Rs. 78889 Later He Received Refund 75350/- In Two Parts
2) Mr A Realized Extra TDS of 40000 deducted by his deductor u/s 201(1) (late deposited)
3) Mr A Filled Original e-return with All TDS as per Latest 26AS of relevant AY (CPC Rejected to process His Return & handed over to ITO)
4) Now He want to get refund of his remaining TDS of 40000/
Anonymous
24 January 2012 at 10:00
I have sold a land which was passed on to me by my father after his death. He had purchase the land 24 years ago. It is outside the muncipal limit. Now do I have to pay the capital gain tax on same?
Anonymous
24 January 2012 at 09:50
Respected sir,
I want to know income tax benefits on second home loan.
I am living in Mumbai, presently on rent. I have a property in Delhi which is lying vacant. Presently I am availing HRA exemption + income TAX rebate on the property as 150000/- (Interest) and 100000/- (principal) amount.
I want to purchase ready to move property in Mumbai. But I would still be staying in rented house and will put the new property on rent.
In that case, Kindly confirm :
1. Whether I would be getting HRA exemption as earlier
2. Whether my property at Delhi would be treated as earlier {150000/- (Interest) and 100000/- (principal) amount}
3. Whether my rented-out property at Mumbai would be giving income tax rebate on interest (No limits) as "Annual Value (Rental Income) – 30% as the standard deduction – Interest Payable on home loan = Income from house property"
Thanks in advance.
Anonymous
24 January 2012 at 09:42
We have a Private Limited company based out of Bangalore which we are closing down as two main investros are no more interested in running this business. In the process, we would like to sell our assets (more of computers & IT related assets)which has a decent value. We are not registered with Vat as we don't have any domestic sales as we are doing Medical transcripttion work & few other data entry related job to overseas clients. In the process of selling assets do we need to pay VAT or collect VAT ? By the way assets are sold less than book value.
Anonymous
23 January 2012 at 21:29
Dear Friends,
I want to know if there is any process to downlaod intimation from the IT website. Actually I have not received my intimation through e-mail or by post. Now I want to rectify it, for rectification I want the reference no. and date of intimation.
Kindly guide in the matter.
Thanks
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Error
Hello to All CA's And Tax Experts.
Thanks in advance foe solving my problem.
My problem is:-
Company recived a intimation u/s 143(1)/154 . according to intimation that we does't mention the date of filing of previous year return filed in CFL schedule. Now we rectified the error. But we are confused that either we efile revised return or rectified under section 154 CPC rectification module or both. CPC Banglore mentioned in the intimation that we should rectify our error by CPC module u/s 154. even than can we rectify our error by revised return. one more question, when we file rectification by cpc module u/s 154 then we can channge the date of filing, and change of filing u/s,change of intrest amount. because we still ddi't paid tax amount..which is still payble. and on what period we should calculate tax u/s 234A,234b,234c