Advocate Abhijeet singh
14 January 2011 at 11:02
HELP HELP it is very urgernt for me
An employer issued form 16 to employee on 22-04-2010 but later on it was noticed that the form 16 was issued inadverently because the tax was calculated incorret and tax liability amounting to Rs. 26500 was also found recoverable from that employee . As such he revised the form 16 and the tax liability deposited along with interest @1% per month on behalf of employee and revised form 16 issued by employer . Is the action of the employer revising the form 16 is correct or not.
The following ans given by expert:
yes. mistake was corrected and form 16 also amended is correct, it will avoid penalty for your employer
Now tell me the employer revised the form 16 as on august and also revised the compay quatertly tds return . Income tax department charge panalty under section [Section 271(1)(c)][Section 271C] on employer is it right or wrong plz tell me . its very urgent
Anonymous
14 January 2011 at 10:36
Respected experts. Kinfdly enlighten me in the following subject.
My friend has recently returned from USA & wants to start a business by bottling/importing energy drinks, tea etc.
He wants to recruit a Projet consultant Mr.Chang. Understand that Tax liability letter has to be issued. My question is
1) What is tax iability letter & to whom it is issued & by whom it is issued.
2) What is contained in that Tax liability letter?
3) Is there any waiver in any rule if thr person is a specialist?
4) What else is required for such recruitment?
5) In which book, Act I can find the details of this subject
Thanks in advance.
neerajtiwari
14 January 2011 at 02:28
hello sir,
i want efilling sofware of incometax for ITR 1 & ITR 4.
How can i found it.
thank u
rAJAN
13 January 2011 at 11:33
sir i want apply for vat no. under punjab vat act 2005 under partnership firm.All the partners want to be authorise signatory in the firm,Now in Vat -1 is it necesaryy that all the partners should sign the forms and annexures and affidavit te be filed before e exices and taxtiona officer.
pls reply. thanks and regards
Satheesh Nair
13 January 2011 at 00:12
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal.
Uttaranchal is coming under section 80IC and MAT is applicable.
We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ??
If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ?
Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ?
Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ?
I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section.
Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated.
Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?
Satheesh Nair
13 January 2011 at 00:10
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal.
Uttaranchal is coming under section 80IC and MAT is applicable.
We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ??
If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ?
Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ?
Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ?
I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section.
Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated.
Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?
Anonymous
12 January 2011 at 21:12
Hi,
I had taken employement abroad in Nov 2009 and started earning from that time. I would like to know, how i should file the IT returns for the year Apr 2009- Mar 2010 in India. The company where I worked in India had deducted my tax till my stay for the income earned from Apr - Oct 2009. Also I would now be paying tax for my income for Jan 2010 - Dec 2010 abroad. Below are my questions.
Q1: Now how do i file my IT return in India, for the above scenario?
Q2: What amount would be considered for computing my total tax in india?
Q3: Do I need to pay tax in India on the amount I earned for which I would be paying the tax in abroad?
Q4: What are the supporting documents I would require to produce at the time of filing IT returns?
Thanks & Regards
Anonymous
12 January 2011 at 20:14
Interest on education loan paid rs. 42000/- but interest debited by bank is 72000/-. My question is which one is allowable u/s 80 E for previous year 2009/2010 ?
Parth
12 January 2011 at 14:53
Brokerage received by Share Broker is consider as income as Profession or Business Income!!???
If his Brokerage Income is rs. 45Lacs then he is liable for Tax Audit u/s 44AB.
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Tax in case of gift vs. relinquishment
There are two ways of gifting a property (to a blood relation/spouse):-
1. as gift (via gift deed)
2. relinquishment of rights (via relinquishment deed)
Cost comparison:-
As I know, gift deed costs more than relinquishment deed. What's the cost of gift deed?
Is it variable based on the value of the property or fixed?
Tax comparison:-
Is there any difference in terms of tax liability (for gift and relinquishment deeds)? There is no tax on gifts from blood relations plus spouse. What about tax in case of relinquishment deed?
conclusion:-
Which option, gift or relinquishment, would you suggest to transfer the property? Is this also the most common method used by people? If I am not wrong, gift deed is the most common among the two.
Thanks.