Anonymous
24 February 2010 at 08:39
My son bought a plot for 50 lakhs in 2007. Now he is selling it for 90 lakhs.out of 90 lakhs he will get 20 lakhs in March,10 as advance and pay to the bank to fore close the loan taken to buy the plot (to get the plot documents for rggeistration in April,10).The remaining 70 lakfs he has to pay to a builder in May,10 for t the flat he has booked.He has not availed any tax concession for the loan taken to buy the plot.Kindly clarify his income tax and LTCG liabilty for FY 09-10 for the 90 lakhs .
Suresh
23 February 2010 at 23:43
how i can get a pan card agency whats the T & C and how to apply
Patanjali
23 February 2010 at 21:15
If an individual receives Rs. 100000/- as the arrear of rent of past 5 years in 2009-10(as tenant increased rent from retrospective date) what will be tax treatment of such amount received by the individual in assesment year 2010-11 Is there any tax releif available to him? Please provide the related section of the Income Tax Act governing this issue.
Regards,
Patanjali
prasad
22 February 2010 at 22:51
My client is a partnership firm .It came into existence by an oral agreement on 1st july, 2009.The written agreement was executed on 1st of December, 2009.Now, the question is,whether for Income tax purposes when did the firm come into existence ?
This is relevant ,since they have not deducted TDs on rent. So was my client liable to deduct tax on rent for the period 1st July to 30th Nov? Or will they be treated as an AOP?
YASHPAL RAWAT
22 February 2010 at 19:39
The company vehicle is given to staff and all the running expense and Driver Salary are reimbursed to employee and employee say that the vehicle is used only for official purpose and even Journey between from Residence to Office is also come under official Duty so we should not charge it as perquisite kindly advise me .
sp
22 February 2010 at 12:49
I HAVE TAKEN LOAN FROM MY NRI BROTHER.
IT IS DECLARED IN TAX RETURN TWO YEARS BACK.
CAN IT BE CONVERTED IN TO GIFT?
WHAT IS THE PROCEEDURE & WHAT DOCUMENT ARE REQUIRED?
prasad
21 February 2010 at 18:08
My client has recently obtained registration and paid the service tax for the July-Sept2009 quarter and Oct - Dec 2009 quarter alongwith the interest. He had ignorantly but rightfully collected the tax from his clients right from the first day i.e 1st of July, 2009.Now I want to file his return for April - Sept 2009.
Will it be advisable to submit a letter with the return explaining the reasons for delay in depositing the tax and consequential delay in filing the return and apologizing for the same?Will such a voluntary disclosure of facts add weight to my case and reduce the chances of penalty being levied on various counts? Mind you tha amount invoved is not big.The quarterly tax payment is Rs 47000 and 62000 respectively.
Or should i wait for the Officer to issue a SCN.Pls advise.
Also, since my client has ignorantly but rightfully collected the tax from his clients but deposited it late after he was made aware by his CA of his obligation to do so, has done it voluntarily before receiving any notice from the dept and their was neither any intent to default or defraud the Revenue and there has been no loss to the Revenue. Under these circumstances, can the Officer invoke Section 76 to impose penalties.
pramod patil
21 February 2010 at 13:23
trust is registered under BOMBAY PUBLIC TRUST ACT 1950 AND SOCITIES ACT 1860. WHICH KIND OF TAXES ARE APPLICABLE TO TRUST AND SECONDLY HOW TO OBTAIN 80 G AND 35 AC CERTIFICATES. PLEASE GUIDE
shammi kumar
20 February 2010 at 13:19
I want to apply to AO for stay of demand of income tax against order u/s 143(3)of the income tax act ............is there any time limit to file the application of stay ? list of paper or document to be attached with application ?
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signage tax
is there any provision where we can callenge the tax on signage of a company. The second query is that if a retailer is using the signage of a company, then why the company should pay the tax on such usage. I think there is a writ petition by idea challening the tax on hoardings used by retailers.