Ramsharan
19 November 2010 at 11:48
We have one query regarding Section 50C of Income Tax Act, 1961:
Company A Ltd. entered into an agreement on 31.12.2002 to sell land to Mr. B at Rs. 50 Lacs, which was also stamp valuation of the land. Complete payment was to be made by 31.12.2003 and possession and transfer of land was to be done on that date. But Mr. B died on 30.6.2003 and land could not be transferred on due date. Later on his son made the complete payment and land was transferred to his name on 31.12.2007 for Rs. 50 Lacs. But the stamp valuation on that date was Rs. 1 Crore.
Now Assessing Officer wants to attract Section 50C on the transaction and treat deemed consideration as Rs. 1 Crores. We are of view that there is no fault on part of assessee company and there was no intention to do the transaction below stamp valuation, but company was bound by the agreed amount of Rs. 50 Lacs.
Want to know your opinion on the issue and any case law supporting will be highly appreciated
Nilesh Mehta
18 November 2010 at 19:33
Is Management Development Programes conducted by Management Institutes (approved by AICTE) liable to service tax. If yes, how and if no, why. please clarify.
raja athimoolam
18 November 2010 at 18:54
WHTHER THE INTEREST DERIVED FROM FIXED DEPOSITS MADE BY THE RELIGIOUS INSTITUTION IS EXCEMBTED FROM INCOME TAX ?
Anonymous
18 November 2010 at 16:25
Kindly clarify under what head of income would the hoarding rent received by the Co-operative society be taxed under the Income Tax Act, 1961. Is it Income from house property / Income from Business / Income from other sources. Any caselaw available
Anonymous
18 November 2010 at 16:22
Would like to know Hoarding Rent is liable for payment of service tax under the category of “Space Selling Services” as defined under Section 65 (100) (zzzm) of the service tax Act. Will co-operative society have to be registered with the service tax department or is it exempt. Please note than hoarding rent is above Rs 10 lacs per annum.
Anonymous
18 November 2010 at 15:55
We are a share broking firm and also into PMS business. We are paying transaction charges to BSE and NSE which is also charging us service tax. We in turn charge our clients transaction charges and also collect service tax on same. Can we claim cenvat credit on ST paid by us to exchange?
Can u please give us the reason for either yes or no or the relevant notification no.?
yadappanavar
18 November 2010 at 10:17
sir,
unit 1 is the abc directors are xyz
another unit is the def directors are xyz
what is the status of sales turnover for central excise
first unit name is abc taken the excise registration
second unit name id def not taken the excise registration
this case both turnover consider as ??????????
give some valuable advise
SUBHASH SHARMA
17 November 2010 at 16:34
One of my client INDIAN BANK has deposited the TDS for the Qtr April 2010 to June 2010 quoting the other TAN of same Bank in same state, Ghaziabad.
What to do to get the credit of the TDS and to file the TDS return as Bank has not yet filed the E-return for the Ist Qtr of 2010-11 and what penalty will be imposed in case of delay of filing of TDS return.
Thanks/Regards
Subhash Sharma
M-9891338895
Anonymous
17 November 2010 at 08:31
Dear Sir
Would like to know Hoarding Rent is liable for payment of service tax under the category of “Space Selling Services”. Will co-operative society have to be registered with the service tax department or is it exempt. Secondly whether the Co-operative society has to collect the service tax and pay the same by the 5th of the next month or would the advertiser would be liable to pay the same. As the advertiser in this case is the service provider to his clients and the society has just allotted the space, but collecting rent. Kindly also clarify under what head of income would the hoarding rent received by the Co-operative society be taxed.
Awaiting your reply in the matter and thanking you in advance
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CORRECTION RETURN
Sir,
How to file correction quarterly return through NSDL?