pooja dedhia
06 November 2014 at 17:40
when service receiver is required to pay service tax when it is goods transport agency? is there any limit ? my firm is receiving service of GTA of RS.850000/- am i liable to pay service tax ? pl clarify
CA HIREN PATEL
06 November 2014 at 12:43
I HAVE E-FILED TAX AUDIT REPORT OF ONE OF MY CLIENT FOR THE YEAR AY 2013-14 BUT NOT FILE RETURN OF INCOME FOR THAT PARTICULAR ASSESSMENT YEAR CAN I REVISED THAT AUDIT REPORT BY MODIFYING THE INCOME IN THE PROFIT AND LOSS ACCOUNT BY REVISED AUDIT REPORT IN AY 2014-15 ? IF YES THEN WHETHER MY CASE CAN BE GET SCRUTINIZED BY THE IT DEPARTMENT ?
DEEPA DWIVEDI
04 November 2014 at 12:40
Dear experts ,
I am a salaried employee in a state govt department . TDS deducted from my salary . I have a FD . I have a agriculture income also . I have given my agriculture land to my brother on lease . every year he gives me 60000 ( average of 15 years ) from last 15 years . Since i was receiving lease income i rarely used my salary income , i also used my agri income to make an fd , i have also received cash gifts from my father , mother and brothers also . I also made an fd with the help of those gift deeds .
Should i file an itr ? What should i do ?
K R Reddy
04 November 2014 at 00:07
Dear professionals,
My uncle (from USA) want to start a charitable organisation in Hyderabad, Telangana with main objective is to give agriculture Machinery to farmers of Telanga at concessional price or at free of cost.
So please advise on the followings:
1. How to form a Charitable Trust in Hyderabad (i.e.,formation process)?
2. What are the legal requirements?
3. What are the tax implications on charitable trust?
4. Which types of charitable trusts can attracts lessor tax rates?
5.What kind of bank account needs to be setup for Transparent transactions?
ThanQ
DEEPA DWIVEDI
03 November 2014 at 18:31
respected experts ,
My father had gifted my wife some amount ( 1 lacs ) on official water mark paper in 1989 . She utilized that amount at different different places like ( fd , land , gold etc ). Now my father is no more and now a days water mark paper is not used to make a gift deed . Sir the gift deed what i have is still valid or not ? Still i have that deed . Will it be ok ?
Suggest me please
Gaurav Gujrati
01 November 2014 at 14:50
Dear Sir,
If a person bought land from government on lease for re devolopment purpose. due to financial hardship he is not being able to pay lease amount so now he wants to transfer ownership of land to another devloper. Will this attract service tax liability on the person who bought the land from goverment on lease. ?
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Thanks & With regards
Gaurav
pankajkumar gadi
30 October 2014 at 22:25
1. A partnership firm comprising business of Builder and Land developer can take the benefit of Accounting Standard 7 “Construction Contracting” and can avail the benefit of Revenue Recognition in valuation of closing work in progress.
2. While valuing closing WIP, can it be added the finance cost (Interest on Capital) and administrative expenses (Remuneration to Partners) since all the partners are working partners.
And also please give the sections, case laws applicable to the case.
NITIN SHARMA (LL.M.)
30 October 2014 at 15:50
Dear Sir,
In case of civil contractor who have received payment from PWD (govt. deptt.). While filing ST-3 whether he can claim exemption for the said payment by citing notification 25/2012?
Please clarify?
pooja dedhia
30 October 2014 at 15:31
TO DETERMINE THE Relative party transaction , what are the percentage are require to check as ownership in relation to relative party transaction ?
what is the std benchmark to judge the relative party transaction ?
my brother has 20% stake in firm as a partner .Both firms are under audit u/s 44ab . has reporting is require manadatory about transaction with other firm .? why?
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Tax practitioners law required for india ?
(1) It was clearly held by the Hon’ble Supreme Court in the case of Bar Council of India Vs A.K.Balaji [SLP(Civil)No(s)17150-17154/2012] Dt.4.7.2012 (SC) upholding the Madras High Court judgment in the case of A.K.Balaji Vs Govt. of India (2012) 35 KLR 290 21.02.2012 (Madras HC) that Advocates alone are entitled to practice the Profession of Law both in litigious & non-litigious matters, nullifying the effect of Section 33 of The Advocates Act,1961. This also confirms to Section 29 of The Advocates Act,1961.
(2) The constitution bench of Supreme Court of India in National Tax Tribunal case of Madras Bar Association Vs Union of India bearing No.150 of 2006 Dtd.25.09.2014, it was also held that Non-Advocates to represent party to an appeal before NTT, unconstitutional and unsustainable in law. On date, appearance clause under all Indian taxation statute has been subject to review of apex court. If such appearance clause still retained in statute books of Indian taxation laws, situation may arise that orders of the assessing authorities passed against the representations of other than Advocates will become in-fructuous, bad in law, null & void. Further, such orders cannot be enforced and / or appealed.
(3) Latest policy decision of the learned officials in Finance Ministry to expand the definition of “Accountant” to include related professionals in DTC-2013 is most welcome move. But, in order to give full effect for the same, Tax Practitioners Law is most essential for India to enable other than Advocates also to practice exclusively in taxation laws in India. Our esteemed Central Govt. must come out with subordinate legislation; introduce Tax Practitioners Bill covering all five class of tax law professionals of India (Viz.Legal Practitioners, Chartered Accountants, Cost & Management Accountants, Company Secretaries and Income-Tax Practitioners). Such Tax Practitioners Bill should be introduced with “Preamble” stating that “other than Advocates are also practicing exclusively in the line of tax laws in India, in order to protect them & also in the interest of Govt. revenue, this Tax Practitioners Bill has been introduced”. Then such Tax Practitioners Law cannot be struck down in view of the above court verdicts. Treasury Department Circular No.230 for regulations governing practice before the Internal Revenue Service of Income-Tax Deptt. in USA & Tax Agent Service Act of Australia are very good examples for kind consideration of Ministry of Finance, Government of India to have similar Tax Practitioners Law in India also, to generate tax professionals for widening genuine tax base of assesses.
(4) Due to latest court verdicts on practice of law, India is badly in need of Tax Practitioners Law. Among Legal Practitioners, Cost & Management Accountants, Company Secretaries, Chartered Accountants and Income-Tax Practitioners, who wants to practice tax law in India, should mandatorily seek registration under Tax Practitioners Law, whatever their parent body says is immaterial & Tax Practitioners Law should recognize the qualifications acquired by all the five class of tax professionals. On date ample tax compliance work is there, but there is no required Tax Professionals to support voluntary compliance in Indian taxation laws. Further, “More persons in the line of tax practice more revenue to the Government”.
(5) Tax Practitioners Law in the lines of “US Treasury Circular No.230” is well suited to India, required for India & also need of the hour to widen genuine tax base of assesses. “Tax Practitioners Law, if brought in India, will generate self employment with added advantage of increased revenue collection”. I/We hope that Ministry of Finance, Govt. of India will consider this suggestion/representation, which is in the interest of Govt. revenue & all five class of Tax Professionals of India.