K.K.VISWESWARA RAO
27 April 2011 at 15:10
Dear Friends
Please clarify Private or Public limited Company is required to compute Book Profit u/s 115JB of the I.T.Act even though there is no Book Profit.
Example
Other Income - NIL
Ag Income - 6,00,000
Less : Expenses
( Including Ag Expenses)- 3,00,000
=======
Net Profit as per P&L A/c 3,00,000
=======
The Company has not computed MAT as the profit is exempt u/s 10 of the I.T.Act but the AO is asking for compute the Book Profit by claiming exemption and submit the Audit Report in Form 29B.
If Book Profit is calculated by claiming exemption as per Explanation- 1 of Section 115JB. The Company is required to get Report from the Auditor.
Please let me know exact situation to get the Audit Report in Form 29B.
Thanks in Advance
K.K.VISWESWARA RAO
Tax Advocate.
drk reddy
27 April 2011 at 12:32
Ours is a registered society under AP societies Act and having 12A and 80G exemptions from Income Tax.
We are working for the welfare of animals and providing free medical treatment and free shelter for the disabled and old animals like dogs, cats, cattle, horses, donkeys and wildlife.
query:
1. Shall we treat as NGO under medical relief category.
2. We want to collect medicine cost and fees from the owners of breed dogs. Is it not effect our 12A status. Still we are providing free medical care to the stray ones.
Anonymous
26 April 2011 at 19:35
Please describe sec. 44AD of income tax act.
Section 44AD applicable to LIC Agent(commission income) or not ??
Anonymous
26 April 2011 at 17:34
Respected Sir,
I am a dealer in monofilament cloth and narrow woven fabric and covered under the vat act2003 under sh.1 37A.It states textile fabric made of artificial silk is exempt from sales tax.Howerver there is confusion arising with our product and it is been confused with HDPE Fabric and hence taxable.We moved The Sales tax tribunal court stating that the textile fabric goods are covered under additional duty of central excise act and earlier goods like mosquito net,elastic tape was made exempt under this context.The court directed us to move to the Finance Secretary and he will dispose of the matter within 4 months from the date of submission of the papers.
I deposited the papers on 22.9.2008 and till date no response.
However with the passing time goods were seized and relesed by the officers recording that monofilament clot is a textile fabric made of artificial silk and no way bill is required for the same to import these goods.The officer in charge have made assessment stating monofilament cloth to be tax-free goods.
Now recently goods are seized and upon production of the relevent papers the central section dept.are of the view that if the Finance Secretary has not considered the matter they cannot establish any view.
Even notification under Sec8(5) of WB states artificial silk will have the same meaning as under additional duty.of excise.
There are many case laws to establish the diff. between HDPE Fabric and monofilament fabric.
Now I am in a mess and am unable to decide how to proceed and who can actually decide and identify the product.
Please help.
Regards
Sanjay.
Anonymous
26 April 2011 at 16:32
what is the upvat tax rate iron hording board with printed . uttar pradesh vat tax rate on iron 5% . please give me answer tax rat 5% or 13.5% .
Anonymous
26 April 2011 at 15:13
Hello Friends,
My query is that in Maharashtra a dealer can get full set-off in Bardana Purchase or reduction in purchase amount?
Plz reply as early as possible
Thanx in Advance
Anonymous
26 April 2011 at 14:26
Dear Sir
As per below links appears that as per supreme court no Excise duty applicable on Ayurvedic Medicines
1) parliamentoindia.nic.in
2) timesofindia.indiatimes.com/articles/ msid-1447233
3)www.business-standard.com/india/news/no-dutyayurvedic-medicine
Please reply me so that we can follow as per rules.
thanking you
Anonymous
26 April 2011 at 13:04
I raised the following query:
Ours is a service industry and registered under Service tax. As a part of providing service we use packing material. To save the packing material cost, we bought one corrugation manufacturing machine and making cartons ourselves by purchasing craft paper. While billing to our customers we do not charge anything separately for packing. Our service charges are inclusive of packing material cost. Hence we did not approach Central Excise department for any registration.
Now there is an objection from Central Excise department stating that it comes under manufacturing and we are supposed to comply with central excise formalities.
Please advice on the above.
Ranjith
25 April 2011 at 16:58
We are distributors of Vodafone dealing in Prepaid sales of recharge tickets and sim cards. Recently BSNL started deducting TDS on the total margin given to the distributors . In the event if Vodafone also stats deducting TDS on the total margin given to us (1.13 % Dist Margin and 4% retailer Margin - totaling 5.13 %) it will come to o.513% which will get deducted from our total margin of 5.13 %.
In this case are we liable to deduct TDs on our sales to the retailers. Presently we are parting 4% of the total margin to the retailers and are not deducting TDS on this margin.
Kindly give us your expert opinion as the case of TDS is in Supreme court by TDS.Since BSNL stated deduction of TDS this will set a precedent and will adversely affect the case of Vodafone in court.
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Punjab Vat
In Punjab there is Surcharge of 10% on vat ie. if our rate is 5% then after including surcharge vat =5.5%. Now my Query is given below
Sales value of goods=1,00,000/-
Output vat @5% =5,000/-
Surcharge on above =500/-
Party A/c is debited 1,05,500/-
Now in Punjab there is 2 parts of total tax payble is 90% & 10%.
If we take total tax as 5,500/-
90% = 4950/-
10%= 550/-
or
90% =5000(ie flat 5%)
10% =500 (ie 10% of 5000)
which one is correct.