Prithvi
20 July 2016 at 12:16
I am having a query about taxation of Trust not Registered with Income Tax U/s 12AA .
Such unregistered trust have Income of Rs 17 Lacs from Government for social welfare Projects & Rs 1 lac of Voluntary Contribution (not Corpus donation) . The Trust had expanded the whole of Rs. 17 Lac (even more) of the grant received for the specified purpose of welfare project & the trust have also incurred administrative expenses of Rs 1.5 lac approx. The whole operation resulted in loss for the particular financial year.
Now the query is , what will be the taxable Income of this Trust. Whole of Rs. 18 Lac , or Rs 1 lac of donation or zero Income , as trust suffered loss ?
Also please guide, if the trust is unregistered, then which ITR form (ITR 5 or ITR 7) will be use for Income Tax Return Filing.
YASHPAL RAWAT
20 July 2016 at 11:22
Kindly suggest if Duty paid Sold goods are returned with original invoice to factory which are not amounting to reprocess or manufacturing so what is procedure in respect of following
1. How to take Cenvet credit
2. If goods are returned after 6 month so Cenvat can be taken
3. Need to show in RG or maintain separate register
4. How to show in ER1
Tom
19 July 2016 at 00:31
Dear Experts,
I have never filed any tax returns because my income was always below the limit of 2.5 Lacs. Recently i have started a little trading in shares,but even with that my income does not go above this limit.Am i required to file return only because i trade in shares and not because my income exceeds the lower limit !
ahila jayaraman
17 July 2016 at 17:36
My daughterinlaw, a housewife, sold her residential plot of landi Feb 16, and there is a few lacs of long term capital gains. Her husband, my son is buying a flat in the joint names of himself and her. I hope, if the capital gains is remitted to the builder before 31.7.16, she need not pay LTCG tax. So far she has not filed IT return,since she does not have an independent income. Now, has she to file the IT return, since there is LTCG?
Goapl Garg
14 July 2016 at 21:46
I am a consultant.I have been awarded a contract from 28/06/2016 to 27/06/2017 for Rs.97000/- per month fixed payable to me by the principal against monthly Invoice. Please let me know if I have to charge service tax on this amount in my invoice and if yes then at what rate?
Please help.
rajesh singal
14 July 2016 at 11:46
Dear Experts,
I am planning to buy a bigger second residential property from the consideration and sale proceeds of my existing smaller house.
But the condition is that I will buy the bigger house before selling my existing house by taking house loan and then latter will repay the house loan from the consideration received by selling my existing house.
Is it allowed to claim long term capital gain tax exemption by reinvesting consideration received from first house and payment of house loan of second?
deepak garg
09 July 2016 at 12:24
Dear Sir
what is the rate of vat on phenyl in delhi and under which item code it will come.
Shailesh
08 July 2016 at 16:04
DEAR SIR
PLEASE ADVISE US A UNDER TAX IMPOSE ON THE SETS IMPORTED AFTER REPAIR COVERED THE FROM 38 & MENTION THE COST PRICE OF 38 THE A.O. IS IMPOSING TAX ON IT
BEST REGARDS
DK SHARMA ADVOCATE (AGRA)
9837021414
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Service tax
In Goods Transport Agency from 01.04.2016 an abatment has been further reduced to 60 for the specified services of transport of used household goods. I want to know what does this household goods signify and to which type of business sector this will be applicable.