vijay dhiman
14 June 2010 at 18:32
wht is the procedure of medical exemption granted to a hospital income tax act u/s 17(2)(ii)(b)
Anonymous
14 June 2010 at 17:31
i have a manufacturing unit of sports garments in uttar pradesh and if i install coolers, water coolers, generators, computers, printers, in my factory. all these capital goods are used in my factory coolers for the machines as the motors otherwise will get get too heated, computer printers for designing the clothing and generator for our electricity needs as there is none with the government ....so can i claim vat on these equipments under ITC
Rakesh Gupta
14 June 2010 at 15:36
I am a manufacturer in haryana & registered under CST .
Complete goods sale is inter state.
For scrap purchase i pay 5.25 % tax & for sale getting 2%.
Because of tax difference my complete money became block in tax & unable to do the business & in haryana it is not easy take the rebat.
Can i do purchase from a unregistered seller to avoid the above problem.
Or tax will be applicale to also equally on purchase from a unregistered dealer (who's turnover is less than 5 lacs)
vivek
13 June 2010 at 16:34
Hello freinds.
Kindly tell me that what will be the Cost of Acquisition in case of property, which is purchased in installment?
A property is booked with a builder when construction was going on. Several payments were made in installments which were as under:
1999 33568 Booking done
2000 50352
2001 41960
2002 41960
2002 84547
2003 41960
2003 125880
2003 43764 Possesion granted
Penalty payments
2008 2655
2009 550
2010 2140
No registration till now.
Asset to be sold in 2010 after registration. There will be some registration and stamp duty charges.
My question is :
1. What will be the cost of acquisition in this case? or Method of calculation of COA?
2. Should we take indexation? if yes, from which year?
3. Is there any improvement involved?
4. Will it be treated as transfer of right or actual transfer?
5. Any other issue involved in your opinion?
if we take indexation each year, the condition of 3 years which is necessary for applying indexation in Long term capital asset will not be satisfied.
I think indexation should not be on yearly basis with each payment.
Kindly suggest some other trearment.
Thanks in advance for all your help - Tax laws in India seem very complex! This seems to be a very helpful site.
Jatinder Chugh
13 June 2010 at 14:13
I AM A REGISTERED DEALER IN PUNJAB AND PURCHASE GOODS FROM TAXABLE PERSON WHICH IN TURN PURCAHSED GOODS FROM EXEMPTED ELECTRONIC UNIT IN PUNJAB WHICH IS LISTED IN ANNEXURE A @ 12.5%, NOW MY QUERIES ARE AS UNDER:
1) WHETHER I WOULD BE ELIGIBLE FOR NOTIONAL ITC OR I WOULD HAVE TO DEDUCT FROM MY GTO VALUE OF GOODS PURCHASED FROM EXEPMPTED UNIT.
2) WHETHER EXEMPTED UNIT AND SUBSEQUENT TAXABLE PERSON WOULD ISSUE VAT INVOICE OR RETAIL INVOICE AGST WHICH I CAN GET BENEFIT OF TAX AS MNETIONED IN QUERY 1.
3) WHETHER TAXABLE PERSONS AT SECOND STAGE AND AT SUBSEQUENT STAGES CAN GET BENEFIT OF TAX BY DEDUCTION OF PURCHASE FROM GTO OR IN FORM OF NOTIONAL ITC OR NOT.
4)WHETHER I CAN GET BENEFIT @ 4% ONLY OR AT THE RATE OF 12.5%
Anonymous
10 June 2010 at 13:24
Can Anybody tell me the rate of entry tax on WELDING ELECTRODES in Madhya Pradesh
Mitesh Agrawal
Anonymous
09 June 2010 at 22:50
HI MY MOTHER WANT TO GIVE ME CASH GIFT OF RS 500000 FOR THE PURCHASE OF PLOT. I WANT TO KNOW THAT WHEATHER AS PER LAW SHE CAN GIVE ME GIFT IN CASH OR THE SAME IS REQUIRED TO BE GIVEN THROUGH DD OR CHEQUE.
Rajesh B Shah
09 June 2010 at 17:06
My client has done job in Dena Bank from last 20 Years, he was retired on 31st March’10 and he got Gratuity Benefit of Rs.3,67,840 in F.Y : 2009-10 (Which is mention in his Form No.16). Should he get benefit of new limit of Gratuity ? Please guide me. (which limit is applicable : Rs.3,50,000/- or Rs.10,00,000/-in F.Y : 2009-10, A.Y : 2010-11)
R_PVK
09 June 2010 at 15:21
dear sir
if mu total income of all source is 2.5lac and my capital gain is around 15 lac of immovable property what will be the incomtax liability if i get this capital gain within three years or if i get the same capital gain after three years pl advice
regards
prabhu
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80IB(1),SUBcl (g)ofCl.14
My quiry is in rescwept of claim u/s 80IB. Manufacturing unit in centraly notigfied backward area/ SURENDRANAGAR/ STATE OF GUJARAT. All conditions are fulfiled for elegibilty of claim except the "investment in Plant & Machinery with exceed Rs 1 crore. This was notified by notification no SO 857(E) dt. 10/12/1999 as per section 11B of Industries (Devcelopment and Regulation) Act 1951
Now after enactment of MICRO, SMALL AND MEDIUM ENTERPRISE ACT 2006 the unit are prescribed as small enterprise up to investment of rs 5 crore. The Central Government in excessice of powers conferred by sec.cl.(1) of sec 7 of MSMED Act 2006 notification no SO 1642(E) clarified the limits the considering SSI unit need to comply provision of MSMED Act 2006 only and had supersided the earlier requirement u/s 11B of Industries (Development and Regulation) Act 1951.
Please i solisite expert openion wheather the unit will eligible u/s 80IB of I T Act 1961 r/w (g) of cl.(14) of sec. 80IB.