kaidjohar
26 March 2010 at 10:20
sir..my client wat to increase his capital through old gold sale of relative ..suggest me what is procedure and main point for tax planning...
kaidjohar
25 March 2010 at 19:37
hello sir..my client is salaried woman.she get proerty loan from co op bank for Hostel Construction purpose.Can interest is deductible u/s 24(b).
Anonymous
25 March 2010 at 14:18
If a person being a senior citizen 66 yrs, retired from service, is having no income other than interest on his saving and dividend from Indian companies. His gross annual income from all sources as mentioned above is less than Rs.2.40 lacs. He is having a PAN number. Is it compulsory in his case to file income tax return. What are the consequences if he failed to file income tax return regularly?
Shyam
25 March 2010 at 12:37
I am having a property for over 30 years on lease with all the rights for sub-lease, rent and construction etc.
Now I have given the same on leave license agreement through a broker and the brokerage paid to the broker has been deducted from the license fees.
Please clarify that the same is deductable or not at the AO is not allowing the deduction.
I have calimed deduction of 30% as per the I. T. act
Anonymous
24 March 2010 at 17:40
THE APPLICANT IS A TYRE DEALER AND DEALS WITH APOLLO TYRE COMPANY WHO IS A MANUFACTURER.THE APOLLO COMPANY CHARGES ALL TYRES BILLED TO APPLICANT @12.5% AND THE APPLICANT SHOWS FULL PURCHASE IN PURCHASE ACCOUNT.THE APOLLO COMPANY GIVES CREDIT NOTES i.e TURNOVER DISCOUNT,TARGET DISCOUNT,PROMPT PAYMENT DISCOUNT e.t.c. THE APPLICANT WHILE PREPARING TRADING ACCOUNT DEDUCT CREDIT NOTES FROM PURCHASE TO DRAW GROSS PROFIT.HERE IT IS TO MENTIONED THAT THE GROSS PROFIT DRIVEN BY APPLICANT IS ONLY DUE TO CREDIT NOTES AS THERE IS NO OTHER INCOME IN TRADING ACCOUNT.NOW TO DISCUSS MORE DEEPLY IF APPLICANT PURCHASE A TYRE FROM COMPANY OF RS. 100,COMPANY GIVES CREDIT NOTES OF RS 5 PER TYRE,THE APPLICANT SOLD THAT TYRE AT THE RATE OF 95 OR 96 i.e DUE TO COMPETITION THE APPLICANT PROFIT WHICH APOLLO COMPANY GIVES HIM PASSES TO CUSTOMER.
AT THE TIME OF ASSESMENT OF CASE THE STO ORDERED TO ADD VAT @12.5% TO THE TOTAL VALUE OF CREDIT NOTES.
SINCE THE APPLICANT PAID VAT @12.5% ON TOTAL PURCHASE IN MY OPINION IT IS WRONG TO ADD VAT ON CREDITNOTE, BECAUSE THE APPLICANT HAD PAID VAT @12.5% ON REALISED SALE.
PLEASE HELP ME.
KINDLY LOOK-
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 6694 OF 2008
(Arising out of SLP (C) No. 21538 of 2006)
AND
VAT on Goods Returned and Discount - Bombay Salestax, VAT, Servicetax, GST ArticlesBombay
Salestax, VAT, Servicetax, GST Articles
VAT on Goods Returned and Discount
VAT on Goods Returned and Discount
-N.T.Nirale, MA, MCom, LL.B. Advocate
Retd. Member-Judge, Maharastra Sales Tax Tribunal. Mumbai
CAN IT HELP ME.PLEASE HELP
Balaji
24 March 2010 at 14:59
Dear Sir,
One of our clients is a registered service tax provider registered under the category “Construction Services In Respect Of Commercial Or Industrial Buildings And Civil Structures”
He deals in works contract business. He charges sales tax (VAT) @ 2% and paying it. He charges 10.3% service tax on 33% of the value (Without VAT compliment). He engages in certain cases service tax providers who has carried out pure labor as well as Works contract and charged service tax.
The question is:
1. Whether the client can avoid the service tax paid?
2. Whether the service tax charged without VAT is correct?
Please clarify.
Alex X Gonsalves
24 March 2010 at 00:54
My father a senior citizen, has interest income from Sr Citizen scheme but doesnt have taxable income, earlier while producing Form 15H would get exempted from tds u/s 197 (1c). Now I believe he will require a PAN in addition to Form 15H to get above exemption, from April 2010. Is PAN really required? He is in his mid eighties and seems reluctant to apply for the PAN. Please advice.
Anonymous
23 March 2010 at 20:16
please tell me the procedure for purchasing property in a foreign country say america or australia. how much money can be sent outside india per year and through whom. which particular act and rules i have to refer to. can the money be sent through "Money Transfer"? is there any tax to be paid.? thanks.
Anonymous
23 March 2010 at 15:06
BEING LEGAL PROFESSION IF GROSS RECEIPTS ARE RS. 4 LACs and NET PROFIT RS. 2 LAC FROM LEGAL PROFESSION DURING THE ASSTT. YEAR 2009-10 (i.e. FINANCIAL YEAR 2008-2009), WHETHER IT IS COMPULSORY TO MAINTAIN BOOKS OF ACCOUNTS UNDER SECTION 44AA OF I.TAX ACT
THANKING YOU
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vat
I think in your case, the vat only should be levied on sale consideration and not on trade discount/turnover discount/sale promotion discount etc..