Anonymous
27 December 2011 at 10:23
sir pl tell me what is the meaning of 'c' form pl explain me with example ?
Asha
27 December 2011 at 10:03
R and Mrs.R submit the following particulars of income relevant to AY 12-13 :
(a) Mrs. R receives a salary of Rs. 60000 and perquisites of Rs. 22500 from G Ltd, in which her father in law holds 25% of equity share capital and she herself holds 10% of equity capital.
(b) Mr. R receives a salary of Rs. 18900 from S Ltd., in which Mrs.R, her sisters and brothers hold 21% of equity capital.
(c) Mr. R is a (10% share) partner in EFG, a partnership which is engaged in the business identical to G Ltd., and receives Rs. 75000 as salary and interest from the firm during the relevant previous year. None of the relatives of Mr.R has any interest in the firm.
(d) Mrs. R is employed by EFG on a salary of Rs. 15000 per annum.
(e) She receives dividend of Rs. 11000(gross) from G Ltd., and Rs. 7584 (gross) from S Ltd. on 1/7/2011
(f) Interest of minor daughter of R from a partnership firm is Rs. 43500
FIND OUT THE TAXABLE INCOME OR MR.R AND MRS.R FOR AY 12-13 ON THE FOLLOWING ASSUMPTIONS :-
A] That Mr.R is not a beneficial shareholder in G Ltd. throughout the PY.and
B] That Mr.R holds 10% shares in G Ltd. only during 15 days of the PY [1/7/11-15/7/11].
Answer :-
Part A]
Mr. R => GTI = 75000
Mrs.R => GTI = 166800
Part B]
Mr. R => GTI = 199500
Mrs.R => GTI = 42300.
I am not getting answer of Mrs. R in both the cases. Please help.!
thanks in advance...
Anonymous
26 December 2011 at 23:04
RESPECTED EXPERTS,
I RECEIVE REGULAR REMITTANCES OF US DOLLARS FROM USA FROM MY DAUGHTER AND HER HUSBAND THROUGH BANK. IS THIS AMOUNT TAXABLE IN INDIA?
AND WHAT IF IAM HOLDING THIS MONEY FOR THEIR BENEFIT ONLY?
geeta
26 December 2011 at 15:12
Hi,
I have some clarification in VAT, please clarify,
1. I wanted to know vat rates of pulses, earlier the same was covered in Sl.No.30 of Schedule 3 to VAT Act, i.e. in 5%, and vide notification No.FD 82 CSL 10(II) – (effective for the period 01-04-2010 to 31-03-2011) the same was exempt. However vide Act 12 of 2011, sl.no.30 of Schedule 3 has been removed. The effect is it is no more covering in any of the Schedules to the Act, i.e., it is taxable @ 14%.
Section 4(1)(b) provides in case of declared goods u/s. 14 of the CST Act, the tax would be the maximum rate provided in Section 14 of the CST act i.e.5%.
So whether pulses are chargeable @ 5% now, since the same is declared goods u/s.14 of the CST act.
geeta
26 December 2011 at 15:08
Regarding availing input on goods specified Schedule V of the Act,
The VAT act was introduced to prevent levying tax on tax, however Schedule V of the Act provides on certain items, like, Motor Vehicles and its parts, Articles of food and drink, Textiles, Furniture, etc.
By refering to the VAT act, there is no specific provisions which exempts the reseller or purchases for manufacturing/further processing from the provisions of the Schedule V.
Logically, it looks like these provisions may not be applicable to reseller / manufacturers, but I want to know whether there is any provision/rule/notification/circular, which exempts the applicability of Schedule V of the Act to reseller / manufacturers.
sunil rajpal
26 December 2011 at 14:29
A non-resident indian lives in canada for the last 40 years and owns a house in canada and also owns a house in india, now wants to sell house in india.i want to know about the tax liability as far as capital gain is concerned.
This person is staying in india for the last 30 months.
Anonymous
26 December 2011 at 13:58
Dear All,
My Job started in Sep' 11 and i moved to Metro City for this,
My query is .... Can i get exemption for Apr to Aug Rent which i gave in Bangalore.. ?
Asha
26 December 2011 at 13:46
Dear Members Good Morning,
The Facts are as below:
1.I have a service tax registration number .
2.That My Gross Value of Taxable Service Tax during the peirod of Apr.2011 to Sept.2011 is less than Rs. 10.00 lakh, and also proor to that period.
3. Can I claim Exemption on the basis of gross Value of which is Less than Rs. 10.00 lakh during current fiancial year and to that of any prceeding financial year.
4. Should I have to pay tax or claim exemption from paying tax even though Gross Receipt is below Rs. 10.00 lakh.
5. If so Please guide me how to claim exemption with notification no.
Thanks in advance.
Anonymous
26 December 2011 at 12:45
Hi All,
I have the following query in relation to non- submission of Form 15G/H
One my client has collected form 15G/H from the parties but has not submitted the same to the department. Now the department in scrutiny proceedings want to disallow the same for the violation of sec 40(a)(ia) .
Can assesseee seek for the allowances of such expenses on the basis that there was only procedural lapse to file the Form with the department however the Forms were fully valid in its originality
Also correct me , if I am wrong i n the following :
The last date to file Form 15G/H is the last date to pay the TDS in time to the department.
Awaiting an early reply
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Point of taxation
As per New Point of Taxation Rules whether cenvat credit can be taken on opening creditors on payment basis? And if the payment is made after 3 months from 31-3-11 whether we have to pay interest on credit availed for a period exceeding 3 months?