Anonymous
23 February 2011 at 19:06
Sir,
i have purchased agricultural land in 1975 which is out of municipal corporation limits but within 8 k.m. from municipal corporation area now i want to sale this land and again i am purchasing another agricultural land from money earn by the sale of land purchased in 1975 whether the amount received will be taxed or not
girish parmar
23 February 2011 at 10:55
The Bank has extended Cash Credit and non fund based facility to the Borrower. Against the Borrower\'s outstanding loans, the Bank has marked lien over the fixed deposit of Borrower. Meanwhile IT Department has issued notice under Section 226(3) to the Bank claiming priority of its claim against the Banks right of Lien. Can the Bank exercise its right of lien and only after adjusting its outstanding dues against the Fixed Deposit proceeds of the Borrower, remit the surplus amounts to IT Authorities? Can the IT Department claim priority of its dues as Crown Debt?
girish parmar
23 February 2011 at 10:27
The Bank has extended Cash Credit and non fund based facility to the Borrower. Against the Borrower's outstanding loans, the Bank has marked lien over the fixed deposit of Borrower. Meanwhile IT Department has issued notice under Section 226(3) to the Bank directing the Bank to remit the FD proceeds towards satisfaction of IT dues against the Borrower / Assessee. The Bank's contention is that it hsa the first right to adjust the FD proceeds against its loan account outstandings and any surplus credit balance in the Borrowers accounts only would be remitted. Please advise whether the IT Authorities have priority of charge ahead of Banks right of Lien? What are implications if despite notice by IT Authirities the Bank refuses to remit the proceeds claiming its right to adjust the dues against outstanding dues?
sudan suman kumar
23 February 2011 at 06:02
I wish to have some case laws of various courts namely, Tribunal, High Courts or Supreme Court on the issue that Modvat/Cenvat Credit is admissible even for the period prior to registration if duty or service tax is payable.
Kindly help.
visu
21 February 2011 at 21:19
It has been told by an employer at TANZANIA
that 50% salary will be paid on the records and 50% salary off the records.
If that is a case; pl. advise whether this off the record salary brought to india is taxable at India.
Experts please suggest and advise to decide on things
visu
21 February 2011 at 21:17
It has been told by an employer at TANZANIA
that 50% salary will be paid on the records and 50% salary off the records.
If that is a case; pl. advise whether this off the record salary brought to india is taxable at India.
Experts please suggest and advise to decide on things
Anil Goel
21 February 2011 at 17:58
hello experts,
Whether any lump sum amount received by a lady by way of compensation (marriage exp. & Maintenance) after divorce in competent court of law is taxable in the hands of lady ?
Anonymous
21 February 2011 at 17:38
dear sir,
i have two flats and both are on rent.the monthly rental receipts are duly reflected in my bank statement. a departmental inquiry wants to see my bank statement. my question is
(a) for claiming tax rebate for housing loan i have shown the flat to be self occupied. should i have also declared the rent receipts on the self occupied loan.
(b) my second flat is shown as let out and income against that flat is shown in the documents claiming tax rebate.
have i violated any income tax provisions in para a. thank you
Anonymous
21 February 2011 at 13:05
recently we purchased a land for rs 37 lacs
but it was registered as per guidance value of rs 13 lacs. while filing tax returns can i show purchase value as 37 lacs or I can only show for registerd value.Also I am selling another land for rs 32 lacs after keeping it for more than 5 years .As both of these transaction have happened in a year am I elegible to be exempted from long term capital gain tax as i have already purchased property more than what I am getting after selling the land.
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Section 54D
The property of a indutrial undertaking is compulsariy acquired by the authorities.Prior to its acquisition,the industrial undertaking eas carrying on its business for several years.
However,the compensation was received by the company after four years of acquisition by the authorities and no business could be done after acqusition.
What are the implications of Section 54D in this case ?