Chintan Shah
16 April 2010 at 10:54
I have a client which is a company which used to render services two years ago, say 'SERVICE A'. It ceased to render SERVICE A before two years. Now at that time it had cenvat credit of Rs. 2 Lacs receivable which remained unutilized. In the current financial year the company has started rendering "SERVICE B' which is a taxable output service. The client wants to utilize the credit of Rs. 2 Lacs for paying the service tax on SERVICE B. Is such a setoff possible? During the interim period of two years the company was in existence and the client has also filed service tax nil returns for the the respective quaters and has brought forward the credit in the current quarter.
Is there any restriction on the utilization of credit in terms of time within which it can utilized?
Since the inputs on which duty has been paid are not to be used in rendering the SERVICE B, than also credit can be taken on such duty paid on inputs used to render SERVICE A?
Please answer the aforesaid with proper reasoning...
Thanks in advance,
Chintan
P.C. Joshi
15 April 2010 at 23:28
Dear Friends,
A has three factories in U.P., Delhi and Haryana where it makes different ptoducts. It wants to make local sale of items manufactured in different states say certain items whch are being manufactured in U.P. and inetr state sales is being made at present to delhi and Haryana customers vice versa. Now in ordre to amek local sale it has to stock trasfer from one state to another state free of tax against form F. But as per Vat provisions in case of staock trasfer the inut credit avialed has to be proportionately reversed. I am not clear what is the extent of reversal of such input tax credit and on which amount it has to be considered specially in U.P. I have approached many advocates none of them could give me a staright forward answer. Somebody says it is proportionate to the total input cost credit availed on local purchases. Some other says that it will be fakt 4% of stock transfer amount and so on.
Can anyone clear this concept please.
regards
P.C. Joshi
SUBHASH SHARMA
15 April 2010 at 16:40
ONE OF MY CLIENT HAVE FOLLOWING 3 SERVICES :-
1) REPAIRS & MAINTENANCE
2) ERECTION & COMMISSIONING
3) GOODS ON TRANSPORT
IT, IS MENDATORY TO FILE RETURN THROUGH E-FILING.
I HAVE PREPARED THREE SEPARATE RETURNS AND PREPARED XML FILE TO UPLOAD.
SHOULD FILE THE RETURN ONE BY ONE OR ALL THE FILES HAS TO BE UPLOADED AT A TIME.
KINDLY ADVISE
SUBHASH SHARMA
ADVOCATE
manjit singh
14 April 2010 at 22:27
How an individual can file his income tax return for the AY 2010-11 on estimated basis if he is doing the business of tent service and he has not maintained the account books for the FY 2009-10 and his net income from business is above Rs. 165000
Anonymous
14 April 2010 at 22:20
How a person can file his inocme tax return for the year 2009-10 if he is diong the business of tent service and his net income for the year 2009-10 is above Rs. 165000.00
Anonymous
14 April 2010 at 15:37
I am a senior citizen housewife with no source of earning and a non tax payer. In Fy 2009-2010, I have sold my residential plot which was purchased 5 yrs back. The Indexed cost of the plot is Rs 28.417 Lacs (CII for AY 2010-11 taken as 682 and AY 2005-06 as 480) and sold my plot at Rs 60.00 Lacs. Against this, I have booked and paid for a flat costing Rs 52.66 Lacs and put Rs 2.41 Lacs in Capital Gain A/C opened in a Nationalized Bank which is to be paid later as cost of registry which would be due in six months. What would be my tax liability.Please advice.
Anonymous
12 April 2010 at 18:33
Dear sir
We are a private NBFC compnay, we did a professional service to another private ltd company and raised an Invoice in the mid of Dec'09 with Serive tax. This is our first invoice for the professional service We registered our company under service tax act by mid of Jan 10. We took input credit to match the output credit in the month of Dec 09. We have not paid the amount collected towards service tax. Is this correct. Is there any penal clause attarcts for this. If yes how much we should pay to condne this
Kindly reply
thanks
Anonymous
12 April 2010 at 18:27
Dear sir
We are an private NBFC compnay, we did professional service to another private ltd company and raise an Invoice in the mid of Dec'09 with Serive tax. this is out first invoice for the professional service We registered our company under service tax act by mid of Jan 10. We took input credit to match the output credit in themonth of Dec 09. Is this in correct. Is there any penal clause attarcts for this. If yes how much we should pay to condne this
Kindly reply
thanks
M.V.GIRI
12 April 2010 at 11:47
The VAT audit report to be filed within 31-12-2009. But it was filed on 31-3-2010. The jurisdictional vat officer has issued notice to pay the penalty of Rs.5000/- for delay in filing the audit report and also penalty of Rs.50/- per day to the date of filing for the said offence.Is it not double punishment for the same offence. The penalty provisions are different in the Act.Can we file a writ petition in the High Court against this provision. Please give reference of any Advocate appearing for this case in High Court at Bangalore.
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IT in past 7 years
case history:
my father was a businessman who died in year 1986, after his death the business was taken care of by my elder brother
who died in year 1988.
myself is one of the three legal hieres alive as of today.
and neither of me or my two other younger brothers were involved into my fathers business after his death.
in year 1999 we recieved a notice from the dept. of income tax. claiming the uncleared liablities towards them, which were left uncleared due to my fathers death.
also in past 7 years I have not filed income tax returns, and actually was not doing any business due to illness.
the family's expenses were supported by the rental income from a house in my wife's name.
right now i am not having any copy of the notice or doccuments sent to me by the dept. of I.T.
stil i can recall that it was only 7 years ago tht we had recieved any notice or doccuments from the dept of IT.
NOW it being such a long time , i am willing to know if there s any possiblity of the income tax dept. now claiming any uncleared liability form us.
also as now we are going to sell one of the property which was purchased by my father in auction form the dept. of I.T.
and which is till date in the name of his wife and three sons including myself.
i want to make sure that the dept.of I.T. should not claim any uncleared liabilities at the time of sale of the property.
sir,i need your advice and suggestions in refeernce with this, so as to proceed any further.
awaiting for your response.
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