Anonymous
14 December 2010 at 19:46
Honorable Sir,please answer few questions.
1}whether credit for vat paid on capital goods under mvat is allowed or not?
2}whether credit for vat paid on packing material is allowed or not?
3}whether credit for vat paid on purchase of building materials for construction of factory-building is allowed or not?
Cleena Christian
14 December 2010 at 18:11
Hello.. We are managing investments of different public as well as pvt trusts.. Would like to know whether these trusts can make investments under monthly income plans offered by various mutual funds.. And are they notified under the sections of income tax. Kindly guide
Dibakar Ray
14 December 2010 at 09:26
Dear All,
Whether any purchase from a territory which has a lower VAT and moving it to regions which has a higher vat and disposing them and realizing the difference can be termed as illegal or this is one of the lacuna of the system?
Can the state or the UT which has lost that portion of the revenue can make a claim on this?
Please provide case law in support of your contention.
Thanks & Regards,
Dibakar Ray
Chintan
13 December 2010 at 16:05
Dear Friends,
I have received message on my mobile as "Income Tax Return has been Processed at CPC, Bangalore for AY 2010-11; Intimation u/s 143(1) sent by mail".
I checked but i have not received any mail.
kindly guide me what does it mean. In response to this what m i suppose to do?
Thank You
Chintan
nakul gupta
13 December 2010 at 13:16
Respected Sir,
Actually i have an issue i.e. suppose Mr.x wants to buy a plot by white money. but he is having black money now if he wants to give loan to his brother and his brother will invest on his behalf as he cannot invest directly due to some legal restrictions. how he can proceed ?
saju sathyadevan
13 December 2010 at 13:10
Sir,
If a salaried person is having self occupied property,which is vacant, at a place far away from his work place and he is living with his family in rental house near to his workplace paying rent, then if he is receiving House Rent Allowance how is it to be treated for calculating taxable income.
SUSHIL KUMAR RUNGTA
12 December 2010 at 16:13
My clients are Railway suppliers who procure orders from Railway, fabricates materilas and supplies the same to different destinations at Maharashtra, Rajasthan, Madhya Pradesh, Karnatka. His having place of business at Kolkata regd. under Wets Bengal Sales Tax. He supplies materials charging 2% CST. The Railway deducts VAT of that state from his bills and he claims the same as his expenditure which the A.O. is not allowing as expenditure in Income Tax Act. Can you please advice me the stand so that the same can be proved as expenditire.
N SURYANARAYANA
12 December 2010 at 15:56
A notice u/s 153C (a search connected case)was duly served on the assessee. In this case hitherto an order u/s 127(1) was passed by the CIT assigning jurisdiction with some AO. Subsequently can the assessee challenges the order u/s 127 (as bad in law on the ground of non-affording of opportunity before passing order u/s 127)after a lapse of 10 months before the jurisdictional AO. Who is competent authority to review/modify/cancel the order u/s 127(1) passed by the earlier CIT. What is the time limit available to the assessee to question any order/notice of the CIT/AO. Any relevant case laws.
Anonymous
12 December 2010 at 08:15
I was having investment of Rs. 30000 in a Mutual Fund and I have sold all the units for Rs. 36000 before 12 months holding.
What will be liability of Tax under "Income Tax of India" for Financial year 2010-11 if my income is above 5 lacs rupees
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set-off for tax paid on purchase of commercial vehicle
dear expert,
my doubt is that whether set-off for tax paid on purchase of commercial vehicle under mvat is allowable?