Anonymous
13 July 2010 at 09:43
Dear All,
Kindly put some light (if possible with case laws) to clarify as to whether before acquisition of cultivable land (situated in Sonepat Haryana)prior to the date of acquisition if in case the persons of a Hindu Family are filing their return as HUF then capital gain tax will not be applicable?
Thanking You in advance.
Best Regards
Anonymous
pankaj Kumar
12 July 2010 at 19:06
Dear Sir,
plz let me know about cess on purchase in navi mubai corporation ltd.
Anonymous
12 July 2010 at 16:17
We are a Partnership Firm having constructed a Hotel and a Shopping Mall.We have commenced operations of the Hotel in April,2010.
Our questions are :
1. Can we claim deduction of 100% of Capital Expenditure incurred on the Project ?
2. What does Capital Expenditure include ?
3. Do we have to segregate expenditure on Hotel and Mall or is the deduction u/s 35AD applicable to both ?
4. What are the advantages or disadvantages in terms of taxation if we covert the Partnership Firm into a LLP or a Private Company ?
Regards,
Anonymous
11 July 2010 at 22:48
Dear Sir,
Kindly clarify, if NBFC makes provison as per RBI prudencial norms,for sub standard assets and NPA, is these provsion is allowed as per Income Tax act? Is this be grouped under the section 36 of Income tax act.
Thanks
regards
Kalyan
Rema
11 July 2010 at 16:44
The rate of tax on works contract when goods are in the form of goods or not in the form form of goods is a complicated subject. A number of works contract cases in VAT period is pending before the Hon. High Courts of various states and even in Supreme court. Owing to the uncertainity in the rate of tax on works contract, the assessments are pending in so many cases. Under the circumstances, please answer the latest position of works contract and if any case citation of the HOn. High Court and Supreme Court are available please note the same.
Rema
R T Pandey
11 July 2010 at 16:31
Sir,
we are govt. contractors working for railways,PWDs and banks etc.On payment of bills Tax is deducted at the rate of 2.242percent and form 16 is issued by the concerned department.We have claimed refunds for 2008-2009 and 2009-20010.Income tax department is not paying the refunds on the ground that the TDS is not getting verified on line.On contacting the departments deducting tax on source say that they have deposited the tax correctly and can not help us in any other way than issuing form 16.
Please advice weather we sould file an apeal/case? with whom? the rate of 2.242 is correct?.
Thanks and regards
for Reliable Engineers.
Rema
10 July 2010 at 19:22
In a composite works contract executed in the year 2006-07, the Contractor, here the service provider has given the entire labour portion to a sub-contractor. To him his Taxable Service value is equal to the sub-contract labour paid plus Gross Profit. He computed the Turnover in that manner and submitted ST return. The VAT payment was made for the whole contract by Compounding method at concessional rate of tax under the state VAT Act. During the period, the Service Tax was paid under the head "Installation errection .... " at the relevent full rate of tax. The works contract compounding method under Service Tax was not introduced during 2006-07.
With respect to the Service portion, the entire labour has been given to one subcontrator. That means the service portion is known.
Now Show-cause notice has been given to pay service tax on the entire turnover on 33% of the total receipt at the rate applicable to the relevant years. Was he right when he paid tax on the Service portion only and VAT payment was made on the entire turnover?
One important point here is, in the Show cause notice hearins stage he could produce the Material transfer Invoices and service charge invoices for the contracts .If so, is he eligible for exemption on the material transfer value on the basis of Exemption circular under Service Tax?
Rema
Jatinder Chugh
09 July 2010 at 16:41
I am regd dealer in Punjab and want to sent goods on consignment basis in Punjab as well as out of state and would pay commission to consignee. Now my question when i have to pay vat on the same when i transfer the goods to consignee or when actual sales take place at consignee's end and can i sent goods to consignee as stock transfer and book sale when i get sales report from the consignee and pay tax accordingly.How the same can be booked in case of goods sent outside state.Can i treat same as stock transfer or some consignment not to be sent. And whether the regd person outside the state selling the goods would have to pay vat and can such person issue me the C-form for the goods sent on consignment.
PAWAN KUMAR
09 July 2010 at 16:35
1. Whether payments made for purchase of depriciable assets exceeding Rs. 20000/- in cash in one day is dissallowed u/s 40(a)(3) and if yes, whether this is applicable for Asst. Year 2010-2011 also.
2. Whether margin money paid Rs. 100000/-for purchase of depriciable asset (i.e. is of Rs. 5.00 lacs)in cash is dissallowed & balance to be financed from bank etc. and the Dep. Claimed on it is dissallowed on which amoun. (i.e. margin money amount propotionate or full amt. of Dep. and for Asstt. year 2010-11 also.
Kindly clarify.
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tax on works contract
Please anwer the latest position of VAT on Works contract. Latest Supreme Court dicision on the subject if available to my friends, pl. forward.
Thanks in advance
Rema