Bhaskar Dey
01 December 2014 at 07:33
A person owns two properties. One is self occupied and the other is lying vacant. The one lying vacant costs more than 30 (Thirty) Lakhs.
In this situation, the vacant property will be taken as “Deemed let out” and Income Tax have to be paid on “Income on House Property”. Again, because the property costs more than 30 Lakhs, Wealth Tax will also be applicable.
My question is, is it necessary to pay both the Taxes? Or, since the owner is paying Income Tax on “Income from house property”, the Wealth Tax will be waived or will not have to be paid.
Thanks in advance.
hdshardik
30 November 2014 at 21:28
Can following set off possible in service tax return by firm who is under tax audit last 3 years ?
service tax on rent income collected 10000
and service tax paid to Lawyer firm for retainer ship which total amt Rs 10 Lakhs
kindly provide the section for reference . so detail can be understood by referring .
AASHISH KUMAR JAIN
29 November 2014 at 23:14
CAN A PRACTICING TAXATION LAWYER BECOME A LIC AGENT
Suri Kam singh
29 November 2014 at 21:00
I got married with undivorced married female without seeing her divorce papers,
In due course of time,( bcos mistake was made) I did not want to b cruel to her, so I started new life with her and bought one flat 2BHK and one shop in My name as first purchaser and her name as second purchaser, although she did not contributr a sinle Re to acquire these properties and these properties are being shown in my IT returns.Now she is changing her colors. My question is: If WE sell any of these properties, How do we get the Cheque from buyer, Wheather one cheque on my name, or one each in name of each of us with 50% of the amount, How will the IT will be paid,
Can she take cheque of 50% of proceeds,than how she is going to show?
Pls. let me know my liabilities as for Tax, Rgds
Member (Account Deleted)
28 November 2014 at 23:04
It is bring to kind notice that the Telangana State Northern Power Distribution Co Ltd (TSNPDCL) which is having address of,
THE CHAIRMAN & MANAGING DIRECTOR,
HNO: 2-6-30/2, CORPORATE OFFICE,
TSNPDCL, VIDHYUTH BHAVAN, NAKKAL GUTTA,
HANAMAKONDA, WARNGAL-506001, TS
Are collecting heavy illegal penalties from the employee's salaries & retirement benefits as part of punishment against disciplinary cases in corer rupees and understood that they are not paying the Income Tax for such amounts since long time as responsible organization. The Company is showing such type of penalties in employee’s cost to escape from the TAX.
If the same payments are made to employees by the Company, employees are paying the Income Tax regularly. In return when the company is earning such amounts by way of penalties from the employees, they are supposed to pay the Income Tax. Nonpayment of tax by the Company is injustice and loss to the IT Department.
Hence it is requested to clarify the rule position along with authority to take necessary action for collecting tax along with arrears from the Company immediately.
vikash
28 November 2014 at 17:41
Dear Sir,
Our Co working in Biharshariff Circle and holding TIN no of Gaya circle where it has worked. now department of Toursim awarded work contract to our co in Biharshariff circle. and we have applied for separate TIN in biharshariff circle and we got it lately. now department deducting 5% as sales tax and paying this amount in our Gaya TIN and also our co purchasing goods with Gaya TIN.
now we are facing some problem.
1. our suvidha has been closed by the Biharshariff Cirle by the Deputy Commissioner on the ground non Payment of tax.
2. how to claim input of our purchase and how to file retrun with each circle.
we want our tax deposited in gaya circle should be considered as Sales Tax duly deposited as both are under same state and VAT/Sales Tax is state government revenue.
PRASHANT
27 November 2014 at 17:59
Dear,
I have certain doubt regarding tax system
of municipality
we pay HOME TAX & WATER TAX for our residential property..in our city HouseTax and WaterTax are equal..i don'y know why??
secondly..i have a building which i had rented to an office .. I want to know how the tax for municipality is calculated??
i mean as per my knowledge this building will be counted in commercial structure...and the valuation is done on monthly rent...have only one query.. do i have to pay WATER TAX for this building??
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