Surendra
02 July 2014 at 16:40
Dear Members,
Greetings for the day !!!
I have a query regarding applicability of Value Added Tax on sale of flats at Bhubaneswar.
1. Whether VAT is applicable on sale of flats at Bhubaneswar?
2. The Company is registered with sales tax department under the provisions of Work Contract Tax and deducting and remitting WCT from the running bill of the Contractors.
3. How would we differentiate payment of WCT (under state law) and VAT?
4. Does the Company require to charge VAT from buyers of flats? other than WCT deducted from contractors bill. if yes, please suggest the method.
Please suggest in the above matter, its really urgent.
Thanks & Regards
gopal chandra manna
02 July 2014 at 12:19
I was working in a delhi base company in their Bihar road project. This company deducted our Professional tax but not deposited. they don't have an account also and not interested to open account. they are working in the state for long time but not depositing professional tax. this is a crime to the nation. i want send this massage to Bihar Professional Tax department with proper procedure so that company should not escape by paying to some tax department officer. please guide me on this issue.
SEJU
02 July 2014 at 11:26
AS per section 40(B) of income tax act minimum remuneration to be paid to partners is 90% of book profit or 150000 on initial 300000 rs. w.e. is more. If return of the firm is to be filled under section 44 AD and the profit comes to say rs. 95000. and suppose remuneration paid to the partners is rs. 80000 what will be the effect in firm's return and individual return?
girish
01 July 2014 at 21:11
pls advise if a proprietor concern procuring goods and send for jobwork to manufacture finished product. Later the finished product he sells to another manufacturer. Please advise if his turnover crosses 1.50 crores he has to mandatorily get excise registerration or not. will there be any litigation in this case
Rudresha MV
01 July 2014 at 19:15
Hello,
Can I gift one property to my sister through the gift deed registration and then take the money as a GIFT, is this OK? Will it attract the property Gain tax, will it be considered as evading the Stamp duty?. Please help
rajsinghkadyan
30 June 2014 at 20:04
weather additional tax u/s 7A of HVAT Act 2003 is levy able on BKO"S( Brick kiln owner's ). pl also explain weather the BKO"S( Brick kiln owner's ) is an retailer or wholesale dealer
aditya unchal
28 June 2014 at 18:03
I am working in a government department. We have invited tender for supply of bags.A company got the tender. That company supplied the goods as per our requirement specified in the tender and submitted a bill including VAT. Now, while making payment whether we have to deduct TDS? As per my knowledge Section 194C applies for work contract if raw materials supplied by us. But in this case we have not supplied anything. If it is comes under the section 194C? I am confused in this matter. Kindly clarify.
Thank you.
aditya unchal
28 June 2014 at 17:51
Sir,
I am working in a government department. We collect quotation from different vendors for purchase of items and issue a purchase order for lowest quoted vendor. We will not supply any raw materials to him. He sends the goods as per our requirement and submits a bill including VAT. Now, while making payment whether we have to deduct TDS? If yes, under which section and what is the TDS rate? Please clarify.
Thank you.
pankaj
27 June 2014 at 22:58
my grandfather bought a flat in new delhi in 1960 for Rs 20000 .
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the property was inherited by my father in 1995 .
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which in turn was inherited by my mother and I , after my father passed away in 2001.
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in May this year 2014 , we have sold this property for 3.25 Crore
my father had spent Rs 5 lacs for building a structure on the second floor in 1996.
there are a couple of points i would need clarity on :
- the indexation of fair market value of property would be considered from 1 april, 1981 or from the date my mother and i inherited the property from my father i.e 2001 .
- my mother and i could invest 50 lacs each in tax saving bonds(NHAI, Rural electrification scheme) or is it the combined limit .
could you help me with the calculation of capitals gain . i would really appreciate our help in this regard .
thanks
pankaj
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