Anonymous
05 November 2011 at 15:28
Hello everyone. I had received Reactification Notice from Income-Tax Department, Banglore. By studying that notice and computation prepared by me I found that there is mistake in Depreciation Chart. Just because of that there is mismatch in return. What reason should I mentioned for ractifying that mistake while uploading the return.
Dr Prashant Patil
05 November 2011 at 10:11
My self am Doctor Maharashtra Govt, Employed as Asst Prof, we receive Post graduate allowance and monthly research allowance in salary as per Govt GR.
Guide its exemption benifits under what rules.
G.JAYAPRAKASH
04 November 2011 at 15:10
AN ASSESSEE CAN AVAIL THE SMALL SCALE EXEMPTION UPTO 1.5 CRORE VALUE OF GOODS PRODUCED OR MFD IN A FINANCIAL YEAR AND IT HAS TO BE AVAILED FROM THE BEGINING OF THE FINANCIAL YEAR.tHE SAME IS APPLICABLE FOR A MANUFACTURER FROM ONE OR MORE FACTORIES OR BY DIFFERENT MANUFACTIRERS FROM ONE FACTORY.tHE SAME CANNOT BE AVAILED OR DIS CONTINUED MID WAY IN A FINANCIAL YEAR . THIS IS AS PER MY UNDERSTANDING OF THE PROVISIONS.
G.JAYAPRAKASH
SUPERINTENDENT, CE
Anonymous
04 November 2011 at 11:04
Dear Sir,
i'm thinking to open a "YOUTH PLUS" a/c in SOUTH INDIAN BANK. i want to know whether its a genuine bank or not. thanku
--sameer.
Anonymous
03 November 2011 at 21:51
My client has an SSI unit who were were under Central Exise for whom 1.5 cr is exempted every year (not crossed 4 cr in any previous year)
During FY 10-11 they had opted for Central excise payment from 1st of April itself and paid duties till july. During Aug this unit shifted their premises to new location which comes in different range and commissionerate in same city. Before shifting they have surrendered the license.
After shifting to new unit they have not gone for execise regn immdlty and not charged duties in their bills from Aug to Nov. They have taken new license when total company turnover neared 1.5 cr (including 50 laksh done in previous premises)
My queries are:
- is there any issue because they have not taken new license in new premises immdlty and not started paying duty immdlty.
- Are they now liable for duty payment during the period they have not registered or not charged to customers.(Aug to nOv revenue in new premises)
- if they are liable to pay - can they charge this to customers to customer through debit note and can customers take cenvat credit based on this debit note. (they were not having registration during the period of this billing in new premises)
- Is there any provision for a company if they wish to surrender the license in middle of the year and re-start again?
- is there any case laws on this
jyoti
03 November 2011 at 18:49
My greetings to all
Dear Sir,
A lot has already been said about Service tax and VAT applicable to Underconstrcution property but still I see a lot of different opinions stated.Thats why I am writing this question
I have booked and Registered a flat in Navi-Mumbai on 28 May 2010, which was certified as 80% complete by the builders architect at the time of booking. Initial payment of Rs. 50000 made on 20 April 2010 and then Rs. 500000(five lakhs )made in 24 June 2010. (( Thus Registration and payment of Rs. 550000 made before 1 July 2010 which is the date of Service tax applicability on underconstruction property))
Balance payment of Rs. 1470000 made on 5 August 2011 and Rs. 112000 made on 19 April 2011.Balance only 1 lakh remaining to be paid by my bank, which will be done only after the building gets an OC.
Now my builder has now issued me a letter stating that I need to pay Rs. 52000 as Service tax and Rs. 31000 as VAT. He has asked also asked to pay the balance amount of Rs. 1 lakhs from my bank as the project is complete as OC is received for the building.
My questions-
1) Will I have to pay the taxes as my property was registered before 1 July 2010 and 80% was certified as complete at that time.
2)How will the service tax and VAT claculated in my instance? as I had already paid Rs. 550000 before 1 july,2010.
3)Can the builder collect servive tax / VAT as I heard that there is a stay on servive tax from high court.
3) Also I found recently that my builder has sold me and which is mentioned in my sale agreement as ''other saleable are'' 28 sq ft behind the toilet which has no access to it and is fully covered by walls. Where should I approach to complain against the builder for selling non-accessable area??
Jyoti Sharma
Anonymous
03 November 2011 at 18:20
respected sir
i have made underdeclaration of out put tax amounting to rs20000 for the month of april-2011.but there is no tax loss to the government as i have a carriforward of rs 45000 for the end of april -2011.
i like to know that , whether the above case of under declaration is liable for penalty or not .my contension is that although there is under declaration of out put , there is no tax loss to the govt. so penalty is not levieble.some one may please clarify
thanking you
Anonymous
03 November 2011 at 17:54
My employer is a construction company and employees are provided with rent free accommodation temporarily at the construction site. Against this, 7.5% of salary is considered as perk value and Tax deducted from the salary.
Q-1 As per Income Tax Act, Perk value are not considered where the accommodation is provided at construction site. Our project is a power plant site.
Q-2 The area of temporary accommodation provided to employees falls in Emergency Planning Zone (of AERB Regulations) where no habitation is allowed.There is no any other facilities available in the area even though the postal address falls in a Municipal Area.The total population in a nearby settlement is approx. 1000 nos.
Q-3, In such case, any exemption available in perk value for the temporary accommodation provided in a construction site / no mans zone?
Anonymous
03 November 2011 at 14:54
Hi,
I am planning to start a hotel registered in my wife's name.She is a house wife.
I would like to know what are different kinds of taxes which are required to be paid during the operation of hotel. Kindly give details on the income tax structure and exemption for hotel businesses and what are different ways of saving the tax.
rgds,
Gayan
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