vinay gangadhar hegde
04 December 2010 at 19:59
Sir,
As per Sec.5(4) of CST Act.1956 one has claim exepmtion seller must proudce duly filled Form H. One seller produce to the authority incomplete filed Form H. Later necessary supporting documents were filed regarding deemed export. can the authorities concerned reject the Form H and levy tax. Please give us the expert opinion at the earliest.
Vishal Sharma
03 December 2010 at 16:12
Querry: Branch purchases goods (which is in State A) and after processing transfer it as raw material to H O (which is in State B). H O received goods from branch and also from outside parties. After that H O processes material received from Branch and outside parties into finished goods and transfer the Finished goods to Branch and also make sales from H.O. located in state B. Branch receives Finished Goods from H.O and make sale in state A (where it is located) and pays vat output.
Question: Can Branch avail Vat input credit on goods purchased?
Answer also if percentage of Raw Material of Branch and of outside parties in Finished Goods is not Known, then vat input is availed to what extent?
Anonymous
03 December 2010 at 13:47
the IT deptt. has asked the bank to furnish certain information, which are not relating to any specific individual/ Firm or any one particular transaction. The information sought for are general in nature e.g. number of Fixed Deposits more than Rs. 2 lacs and details thereof; details of the amount deposited in an office account etc.
Can the IT Deptt ask for such information and if yes, what are the implications of not furnishing such information ?
Shall the bank be liable for penalties under Ch XXI of the Act ?
Anonymous
03 December 2010 at 13:37
Sir, i am confused that whether the amount received from sale of agricultural land [long term capital gain] and transferred to housing loan account could be taxable or non taxable?
sushil bhatt
02 December 2010 at 13:31
Dear all,
I have booked a flat which is under construction from a builder in August 2010 for a total cost of Rs.25,00,000/- no other cost is there. The payment is as per the Construction Link Plan. I have paid the booking amount /1st Installment to the tune of Rs.3,00,000/- at the time of booking. After that the 2nd installment @ 10% of total cost was due on or before 30.11.2010, which the builder has demanded from me recently but the builder is demanding as service tax @ 2.575% on paymnet of 10% of total cost (i.e. 2,50,000 + 6,437.50 = 2,56,437.50).
Is the builder is entitled for service tax as I know that the said service tax under above section is chargeable only on some special service provided by builder such as 'PLC, EDC &IDC etc on extra cost'.
The property is situated in Gurgaon, hence is there any stay of High Court in collectin such service tax.
Pls clarify.
M.M.SURANA
01 December 2010 at 18:22
Sir/Member
There are 4 Coparcerner in a HUF consisting of Karta, his wife , a major & married son and a married daughter. HUF have immovable property and on going business conern. All member decided to go for family settlement, by meets and bonds by way of regd. settlement deed .. In settlement deed the karta and his wife want to retain their life interest in immovable property and after the death son will get absolute right in the immovable property.As well as on going business concern, karta wants to keep life interest and after his death it will go to his son. Now my querry is :
1. Whether it will treat as a full partition u/s 171 of I T Act ?
siva kumar
01 December 2010 at 11:24
Dear Members
Pl any one can clarify whether a foreign direct investment company registered in India can buy and sell the properties in INDIA?
Regards
Siva
Anonymous
01 December 2010 at 10:08
If an assessee has opted to claim deduction under Section 35AD,can he claim deduction for depreciation?
Anonymous
30 November 2010 at 17:46
An individual plans to purchase residential property which is presently being constructed. The construction phase would take 2years-2.5 years and thereafter possession would be received. The individual will get the agreement registered within first 6 months of the construction phase.
In order to constitute a long term capital asset, when will the period of holding commence?
Will it commence from (i) booking and paying token money to builder or (ii) registration of docs (with or without payment of stamp duty) (iii) possession (receivable after 2.5 years)?
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VAT FILED AFETR SIX MONTHS
Sir,
As Karnataka Value Added tax Act. revised return shall be filed with six months. Is refund revised return filed after six months can rejectable. Under Section 11 of KVAT Act. does not restrict the input tax claim for such belated reurns.