jayendrasingh
14 February 2014 at 17:53
Respected sir,
i am goods purchaser of maharashtra(VAT 12.5%), i am purchasing goods from M.P.(VAT 13%)if i am receiving goods against C FORM(2%)how i will be taxed 1)dealer of M.P. will apply directly 2% to me? 2) and how i will pay tax?will i have to pay 2% + 12.5%(maharashtra vat) = 14.5 %?
dealer is saying that he will give goods against C FORM at 2%,but u have to pay tax 2%+12.5%(maharashtra vat)in maharashtra is it true?
Kapil Tiwari
14 February 2014 at 01:08
An individual, Mr.X, sold a plot of vacant land and in order to claim exemption of long term capital gains tax, invested Rs.50 lakhs in 54EC tax saving bonds of NHAI and REC. The bonds have a lock-in period of 3 years. Within 3 years, the bonds cannot be transferred or converted or sold in order to claim the tax exemption.
Now, if Mr.X expires within one year of investing in the 3-year bonds, will the tax exemption still be available, provided the bonds are not transferred or converted or sold? Should the bonds continue to remain in the name of Mr.X for additional 2 years (even after death) to complete the 3-year lock-in period? Is this legally allowed?
Or, do the bonds have to be transferred/transmitted to the nominee of Mr.X (after his death) and the nominee does not transfer/convert/sell the bonds until the 3-year lock-in period is complete?
The worry is that transfer/transmission of the 3-year 54EC bonds to the nominee within one year may amount to not holding the bonds for the compulsory 3 years and hence capital gains tax will have to be paid.
Kindly advise what is the best course of action. Thanks.
Suman Dubey
13 February 2014 at 15:22
Dear Sir/Madam,
While i am going to generate a sales Excise Invoice i need the Chapter Heading numbers for the below items.
1. Mould Dehumidifier & Dryer
2. SS Bins & Conveyors
Pranay
13 February 2014 at 13:06
IF a senior citizen lady having FD of 70lac in bank, maturity tenure is one year, and auto renew every year.
she submitted Form 15H, but according to bank she has to pay TDS due to exceeding interest.
As per my knowledge, interest upto 250000 is tax free and most of her FD's are invested in september-oct (mid of year).
How to save tax?
Please guide.
Ajit
12 February 2014 at 00:09
Kindly suggest me good for tax practice
hetalsangoi
11 February 2014 at 17:54
under fema, le what is the norms is applicable for the payment of the royalty to foreign company ? whoes permission is require when transaction cross the certain limit for the payment ?
Ajay Dhiman
11 February 2014 at 17:51
Dear All ,
Can someone have 2 or more PAN cards.
Actually i have already pan card but with the wrong date of birth. and now i want to change that but after many attempts i failed to change that. So can i apply for the new pan card with the new documents ( new dob certificate , new address.)
Is it possible.
Thanks
Regards - Ajay .
nani gopal dutta
11 February 2014 at 11:18
dear sir
a medical professional's from 26as show income from 195J Rs 48620 and 194C Rs 8490
NOW in NATURE OF BUSINESS its need two rows are selected as income from profession and income from contract or not?
please advice me I am wright or wrong. thanks........
shashikant bhardwaj
11 February 2014 at 11:16
what is the difference between appeal and application
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Treatment of govt.money lying in personal deposit
AN ASSESSEE WHO IS A PUBLIC SERVANT AND BROUGHT VARIOUS FUNDS IN CASH AFTER ENCASHING CHEQUE ISSUED BY HIS CONTROLLING OFFICER .IN COURSE OF HIS OFFICIAL BUSINESS AND MEETING HIS OFFICIAL EXPENDITURE, HE USED TO DEPOSITS BALANCE AMOUNT IN BANK WHICH WAS OPENED EXCLUSIVELY FOR OFFICIAL WORK.THE A/C WAS IN THE NAME OF ASSESSEE. UN-FORTUNATELY, THE CASH DEPOSITS DURING THE EXCEEDED 30 LAKHS AND WAS SERVED NOTICE FROM INCOME-TAX. HE HIMSELF APPEARED BEFORE THE A.O. AND FURNISHED DOCUMENTS. THE DEPT. OF INCOME-TAX ALSO CROSS EXAMINED THOSE TRANSACTION FROM ASSESSEE SUPERIOR OFFICER. THE OFFICER ALSO CONFIRMED THAT THERE IS NO DEFALCATION AGAINST ASSESSEE. THE ASSESSEE ALSO FURNISHED FUND UTILIZATION CERTIFICATE GIVEN BY THE AG.NOW THE QUESTION IS "1.IF THE FUND/MONEY BELONGS TO GOVT-HOW IT COUDL BE PROVED.2.IF THE UTILIZATION CERTIFICATE HAS BEEN FURNISHED THEN HOW THE RESIDUE BALANCE APPEARING IN AND BANK A/C.3.IF THE RESIDUE AMOUNT IS APPEARING IN THE A/C- WHY THE SAME SHOULD NOT BE TREATED AS ASSESSEE INCOME AND BE BROUGHT UNDER TAXATION.KINDLY SOME VIEW ON THIS MATTER WITH SOME INSTANCES WHERE COURT HAS GRANTED RELIEF.