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 ,
vinodkumarpal
21 April 2015 at 10:46
Please tell me what is the procedure of surrender of UPVAT Reg. Of pvt.ltd
Devendra
20 April 2015 at 11:32
Earlier I have not furnised my PAN so the deductor deducted 20% of tds but not though I have submitted my PAN instead of number of reminders The Are not revising tds return
Please Let me know the solution.
asgari
19 April 2015 at 08:52
Who can Issue FORM H. And what other precaution requirement for issue of form.h and after its issue.
Naveen Jhanjee
18 April 2015 at 16:15
The property in question is not an ancestral property. My father had left a will giving 2/3rd property in my favour but with my mother's life time residential right and 1/3rd in my younger brother's favour with lifetime residential right of my unmarried sister.Later on my mother persuaded me to place her name in the municipal records for the convenience of paying taxes. Now she says that as I have signed the municipal name change application I have lost all rights given in the will. My brother is also not comfortable with this will.
1. Have I lost my rights over the share as prescribed by the will?
2. Can we file for a division suit based on the will?
3. Can we sell the property if any amicable agreement is achieved, like distribution of sale proceeds in three children and mother agrees to live with me without taking any share?
4. Can three children receive cheques in their own names, after such agreement, without creating any Income Tax liability for me or my mother.
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VAT
Sir one of my friend wants to voluntary register under VAT pl let me know d procedure please ?