vinodkumarpal
30 April 2015 at 11:23
Define C,F,E,D Form & Entry tax
V.Srikantan
28 April 2015 at 22:07
Please clarify the following –
As per Indian Tax laws, does gifts received by me- Indian resident - from my cousin ( her mother and my mother are own sisters) attract gift tax at my end?. I was told that they will come under my lineal ascendants or descendants and hence gift tax is not payable. Will you please clarify?.
There is a difference of opinion on this issue – namely one tax consultant said NO gift tax is payable and the other one said tax is payable as cousin is not considered part of lineal ascendants or descendants . So I will be thankful for your esteemed view.
Medha Bhattacharyya
27 April 2015 at 20:43
Query raised: I have submitted my return through online by filing ITR-4 for the assessment year 2014-15 on Oct'15 and clain refund Rs.22,784/- according to 26AS statement.But in the month of Jan'15 the I.T.dept give me only Rs,5,057/- without any reason.Later my complain the Dept respond that mismatching of TAN.I filed a rectification within 7days but it was rejected without any reason.Then within seven days of issuing Sec.143(1) order I filed a revise return by claiming rest of the amount..But till date I have not receive.Now I.T.Dept respond the below mentioned words:
Resolution: Dear Taxpayer, Rectification Return has been filed after the due date, Hence, Revised return is treated as invalid as per the Income tax Act.
Please advice what way I get rest amount as refund.
sumit
26 April 2015 at 08:04
Sir one of my friend wants to voluntary register under VAT pl let me know d procedure please ?
sanjeevkhandelwal
25 April 2015 at 20:56
Entry Tax on Long Steel under MVat with effect from 01/04/2015 onword,
Tax on schedule C ENTRY 55 (4) & 55(5)
As per LA Bill 2015
Finance Minister Speech in House are as.
“Entry Tax are Levied on some Goods in order to protect legitimate tax revenue of the state.
It is brought to my notice that long steel is being sold directly to consumers from neighboring state
This has resulted in a loss of legitimate tax revenue of the state. In order to ensure legitimate tax realization on consumption of long steel I propose to levy a five cent Entry Tax on long Steel.
To avoid double taxation on long steel , set off will be allowed as per provision.”
That’s Means,
1) It is on consumption
2) It is on those who already registered under M Vat/C Vat
3) It is not on Reseller who purchase from out of state and same sold in the state coz this sell are first sell in the state , dealer already paid first sale tax in the state
4) What s the meaning of this tax? COZ it is on registered Dealer.Eevery dealer calculate his Liablities before filling and pay or claim refund as the case may be & Now first pay then claim refund ?
5) If we think this tax on those who are not registered under M Vat/C Vat then what about Purchase set off mention in speech
6) can Entry tax payment are mandatory ?
Please Explain with your Expert Knowledge
suren
25 April 2015 at 16:31
Dear Experts,
Our housing Co-op society proposes to invite Maintenance Fund Deposit ( Interest free ) from its member.
The Society further proposes to keep the same in a Co-Operative Bank in the Joint Name i.e. Society will be at First holder Name, Jointly with concerned member as Joint/Second Holder .
The interest accrued on such deposit will be credited to the society's account directly by bank and society in turn will adjust the same amount in the maintenance fund payable by the member from time to time.
further, at the time of maturity, the fund (Pricipal) will go back to member's account as per the terms and conditions laid down while putting the FDs with Bank.
Query :-
What will be the Income Tax Liability of such interest income generated.
Interest is credited directly to Hsg Society's account (exempted being co-op to co-op).
Or, will it be liable to member ???
Thanks and Regards
Thomas Benjamin
24 April 2015 at 12:01
We, wish to know a qualified chartered accountant is needed to audit the accounts of an Association , which is registered under the provisions of the Travancore -
Cochin Literary Scientific and Charitable Societies Registration Act, 1955.Our income is below Rs20 lakhs and most amount is spent for the maintenance,wages etc.The balance amount is below Rs3 lakhs in year.
.
RAHUL CHAVAN
23 April 2015 at 09:01
I am staying in newly constructed building. There are total 18 flats and we got completion certificate.
Builder is ready to form both either society or apartment. There are 5 members who have not paid fully to builder and they
have ongoing arguments with builder for last 1 year on pending work and work quality and it seems like there is no end to that.
Builder says, he will initiate the process of society formation only once he
recovers money from those 5 members.
My petience are over.Also I am worried about the situation where builder runs away. Will it be possible and good idea for remaining
12 members to force/ask builder to form society or apartment and get conveyance deed done without inclusion of those 5 memebrs.
Is there any better solution for this. please guide me.
MANOJ
22 April 2015 at 21:52
Dear Sir
If we file revised return under APVAT Act after the expiry of 6 months , can the same will be considered in assessment if difference in vat payable is more than 10 lacks. Is principal of natural law & justice applies here. Please refer any case law. Can the same ( late filed revised return ) will be considered in Appeal , if same is not considered by COMMERCIAL TAX OFFICER in Vat Audit. Thanks & Regards ,
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Pan in the name of executer
Clarification needed in respect of allotment of PAN in the name of executer of a registered WILL. Fact of the case:-
Mr. A executed a registered WILL giving all his assets to his four childrens.
In the registered WILL. He made Executer of the WILL to his brother till the date childrens attend majority as at the time of death as well as till date all the four childrens are minor.
And also the income arising out of the deceased estate and the tax is to be paid by the executer till the date younger son attains majority. In the system we are unable to file any provision for allotment of PAN in the name of executer or (Representative Assessee) Please clarify us.
Thanks & Regards