visu
20 September 2010 at 22:07
I find that ITR4 do not have the column for DTAA
I have income from rest of India which are covered under DTAA
We do not have column in ITR4 to show this income.
The local Office says that it can be added to total income
If I do so, the amount of tax liability does not match
with the IT Calculation table;
Since DTAA is at different rate for different country;
this is not applicable.
When I ask the same to Delhi, the reply is SILENT
because of this the returns are yet to be filed and
Carry over loss is yet to be claimed..
Can the expert raise this as an issue and
get us the solution please..
Anonymous
20 September 2010 at 18:01
I had purchased a residential 2 BHK flat in Jan 2007 for Rs 20.00 lacs. Today the cost of this flat is Rs 52 lacs and I intend to sell it in Dec 2010 as I intend to use part of the money(Rs 15 lacs approx)for renovation of my flat in which I am residing and use the balance(Rs 37 lacs approx) for trading in Real Estate so as to generate additional income.
My query is which option is sensible from the point of maximum and optimal use of the money being received from this sale of flat with preferably Nil or at best minimum tax liability;Should I accept the entire amount in Cheque or only that portion in cheque which I intend to use for trading in Real Estate or Rs 27 lacs so that LTCG is Nil.
Thank you.
DEEPAK
20 September 2010 at 17:00
Sir Is section 40(A)(3) is also applicable on purchase of depreciable assets in cash.please clarify
Anonymous
18 September 2010 at 19:01
DELAY IN EXERCISING OPTION-CONDONATION. UNIT SET UP IN 2006.I BELIEVE THERE ARE JUDGEMENTS BY CESTAT DELHI IN THE MATTER OF ADITYA PACKAGING v. COMMISSIONER AND ALSO BY HON'BLE SUPREME COURT DECIDING THAT BURDEN IMPOSED SHOULD NOT BE ONEROUS AND LIBERAL INTERPRETAION SHOULD BE GIVEN TO EXEMPTION NOTIFICATIONS DESIGNED TO PROMOTE INDUSTRIAL DEVELOPMENT. CAN U KINDLY PROVIDE DETAILS OF THESE JUDGMENTS OR OTHER JUDGMENTS ON THIS SUBJECT.
Sushant Kumar Chakravarty
18 September 2010 at 13:46
Please note:
One of my clients import goods from foreign in container/bulk quantity. He pays custom duty and CVD( he is having IEC code) He soon receive the goods in India, affixes his logo/sticker and sale in the local market. My querry is whether he is treated a manufacturer or trader. If he is manufcturer,he has to pay duty soon the goods are removed from campus. He may claim CENVAT also. If he is a trader, he need to charge local VAT or if any buyer needs CENVAT invoice, he may charge it and claim CENVAT against CVD already paid. A number of experts replied considering my querry related with MRP matter. My querry is to know whether affixing own logo/sticker is manufacturing actifity or trading activity ? MRP valuation system is known to me.
Comment please.
Jatinder Chugh
18 September 2010 at 08:44
I am a regd dealer in Punjab and having a car in my books which is at least 6-7 years old. Now I want to sell this car. Now my querry is whether I have to pay vat on sale of car as I deal in business other than sale purchase of cars. If yes at what rate. I have to pay vat even if I have not claimed ITC on purchase of Car.
Vilas Rajaram Kanetkar
17 September 2010 at 12:30
Respected expert,
My wife , 56, worked with SBI for 29 yrs and took VRS in 2007. We (myself, wife, and our only son) stay at Andheri(w) in a 1 BHK flat which is in my name. We also have a flat in Kandivali(w) in my son’s name and wife’s name (where wife’s name is second as a joint owner).
There is a 1 BHK flat in Baroda in my wife’s name (which was purchased in 1998 and where I stayed between 1998 and 2005 due to my job in Baroda). The purchase amount in 1998 was approximately 3L. The flat is in a society / apartment , which was constructed in either later 80’s or early 90’s. My wife now wants to sell this flat and expected amount is approximately 10 L.
I would like to know the following now.
Once she sells this Baroda flat what is her obligation as far as Income tax / property gains / immediate investment etc. is concerned.
Both me and my son would like to see that she benefits to the maximum since it is her flat and hence her money.
Thanks with warm regards.
Dr. Vilas R. Kanetkar
Anonymous
17 September 2010 at 10:56
One of my client import goods from foreign by paying custom ( he is having IEC code). After receiving the goods in India, he affixes his sticker/logo on the goods and sale in the India market. Whether this process leads to manufacturing activity or he is treated as trader. How the excise libility occours in his case.
Kumar Krishan Agarwal Advocate
17 September 2010 at 02:52
Dear Ld Counsel,
1. I have got an F.D interest cut by the Bank while I have submitted the 15G Form in Feb 2010 for the assessment year of 2010-2011. Now for the assessment year of 2011-2012 I'll have to submit the form 15 G in the month of Feb 2011 before closing the current fiscal year.
2. The Bank says your F.D interest goes above rs 10000/- ( i.e FD Interest got from April 2010 to August 2010 is greater than 10000/-) and that why the Bank deducted in month of September 2010 while I told them (bank) that the Income tax of this current year will have to be counted and submitted thru 15G before March 2011. Not in the middle of the current fiscal year.
3. Now I want the TDS amount back because the bank has not send the TDs to Income tax department before the March 2011 and cannot be possible to provide the TDS certificate before 1 April 2011 to me.
4. So I struck in sec 194A(5) meaning in the sense that may be the bank has power to reduce/change the deduct amount or revert back the TDS deducted amount to its customer if wrongfully deducted i.e according to this sec 194A(5).
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INCOME TAX
Sir Is section 40(A)(3) is also applicable on purchase of depreciable assets in cash of Rs. 2 lakh.Such entry is not Debited in profit and loss account then it will add in computation or not..please clarify