prithwish sengupta
15 September 2011 at 10:01
is investment in any term deposit/ fixed deposit with any nationalised bank with a period of more than 5 years eligible for deduction u/s 80c?
or only specified fixed deposit or term deposit declared for exemption u/s 80c by nationalised banks are eligible for exemption u/s 80c??
KALAIKOVAN
14 September 2011 at 12:50
ST3 Half yearly Return (Late) is filed before the Notice received from the ST Department
Due date 25/04/2011 - Date of Filing 02/07/2011 - Notice Date 28/07/2011
a) Maximum Penalty amount is 2000 or 20000?
b) ST Officer says that the no. of days delayed should be calculated from Due date to Notice date even though the return is filed before the notice date.
c) In addition to that ST officer aks to pay Penalty Rs 10,000/- u/s 77. Pls advice
P K Rajesh
13 September 2011 at 23:18
Hi,
We have a property in Delhi owned by our mother which we are planning to sell. She plans to distribute the sales proceeds amongst us, her two sons, that is me and my brother. The cost of acquiring the house is Rs.35000/- in 1970 and the current market rate is Rs.40lacs.
1.What would be the capital gain?
2.Can she distribute entire sales proceed amongst us enabling us to invest in property in our name individually or jointly including my mother?
3.Or do we need to purchase a residential flat in her name alone?
regards
Rajesh with brother Anish
pankaj
12 September 2011 at 20:36
Dear sir,
my question is whether P.F. deduction is liability under Provident fund act or any other act on the part of company if employee's basic salary exceeds maximum ceiling limit of Rs. 6500 & employee does not want to make provident fund deduct from his salary.
for example:-
Employee basic- Rs. 7000
what responsibility on part of company if employee does not want to make his Provident fund deduct.whether should be deducted or not?
A.R.JOSHI
12 September 2011 at 15:21
The assessing officer wants to assess the food sales of hotels @ 5 times of administrative expns like wages, fuel etc instead of actual sales declared for the asst year 2008-09 and 2009-10. What is the basis. Any directions issued by the authority.Any case laws opposing the move.
AMARENDRA SUTAR
12 September 2011 at 12:39
WCT (work contract tax) is now solely under jurisdiction of Sales tax authority of the concerned state. WCT is applicable where work/composite supply is being executed i.e. contract consisting of supply & service both. Payer will have to deduct WCT and deposit the same in the local ST authority. Confusion is arising where an entrepreneur of different state entered in to an agreement for work.
1) Is the payer capable to deduct WCT when the contractor has not the VAT no in the state wherein the work is being executed though he has got the CST No?
2) What is the mechanism to tackle the transaction, I am from the state of Orissa?
Anonymous
12 September 2011 at 06:42
WE are machinery manufacturers. We are billing machinery and paying VAT/CST on machinery billing. We are also doing the service under 'Erection,Supervision/Installation, Maintenance or repair services' of the above machinery. For this service we are registered under 'Central Excise Department (Service Tax) under Service provider of 'C&I, Maintence or Repair service'.
We are billing separately and collecting tax and paying to service tax dept.
Can VAT is chargeable on 'Erection Supervision, Maintenance,repair service' apart from 'Service Tax'
We are under 'Andhra Pradesh Value Added Tax'
The AP commercial taxes are proposing the tax on 'Erection Supervision, Maint.Repair Service.
Can any body advise/help me is this correct. Can we pay the VAT on Service Bills. with related case laws
rksoni
11 September 2011 at 13:32
400000/- is debited to Discount on purchases.the amt has been debited to Trading A/c and had reduced from total purchases.But the supplier has not claimed any credit for the same i.e.had paid all the vat according to our gross purchases.He had also forwarded the undertaking for not reversing the tax into his returns. But ,the vato is unsatisfied & had determined the tax,interest & penalty thereon.
In fact,the dealer has received the credit note after every quarter. It is also confirmed by the supplier that he had forwarded the credit note on A/c of Turnover discount and paying off the amt of said purchases before time i.e.cash discount.BUT,ONE ANOTHER PROBLEM IS THAT THE DISCOUNT HAS BEEN REDUCED FROM THE PURCHASES IN OUR BALANCE SHEET WHICH HAS ALREADY BEEN SUBMITTED TO CONCERN AUTHORITY.PL.ADVICE ME CAN WE CHALLENGE HIS ORDER AND IF POSSIBLE PL.GUIDE ME THE SUITABLE CITATIONS.BOTH THE SALER & BUYER ARE REGD DEALER FROM DELHI.THX.
Pravin
11 September 2011 at 12:29
Dear Sirs,
I am an salaried employee. I have returned my file for A.Y 10-11 in the month of June 2010 on the basis of my Form 16 issued by employer.
Now i have been issued notice from AO for further informataion.
I am unable to trace the documents for the H.R.A claimed as it was submitted to our company.
What would be the penalty in case of inability to produce documents demanded by A.O.
Thanks in Advance
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Vat
whether member of commodity exchange held liable to pay sales tax when he act on behalf of his client?