vishal shah
19 January 2014 at 22:18
WE HAVE DEDUCTED TDS ON MACT INTEREST PAID OF RS 200000/-. PARTY HAS FILL SUIT BEFORE MACT TRIBUNAL COURT FOR WRONG DEDUCTION OF TDS AND GIVE CHEQUE FOR WRONG DEDUCTION OF TDS.
CAN MACT COURT GIVE DIRECTION TO ME FOR NON DEDUCTION OF TDS AND GIVE FULL AMOUNT?
CAN MACT COURT HAS POWER TO DECIDE WHETHER TDS IS DEDUCTIBLE OR NOT?
sembaianathan.k
17 January 2014 at 22:53
Dear sir/Madam,
A central govt employee applied and received home loan from June13 and started repayment the same month. But occupied the house only after construction over ie december13.
While calculating for tax, given interestand principle repayment certificate from june13and house rent certificate from march13 to november 13. office people says rental exemption will be applicable only for march to june13.But i have paid rent and bank loan repayment also during the same period. Is there any rule regarding this ? Kindly guide me. Thanks in advance.
R S RAWAT
17 January 2014 at 09:54
A FIRM IS IMPORTING GOODS(INPUTS)'A'AT CONCESSIONAL RATE OF DUTY UNDER NOT. NO.25/99-CUS FOR MANUFACTURE OF 'B' BUT 'B' IS TOTALLY BEING USED IN MANUFACTURE OF 'C' WHICH IS A FINAL PRODUCT & FINAL PRODUCT IS CLEARED ON PAYMENT OF EXCISE DUTY.THESE BOTH MANUFACTURING PROCESS ARE BEING DONE IN SAME FACTORY. AS PER NOTIFICATION IN LIST A COLUMN NO (4) SHOWS THAT 'A'IS INPUTS FOR 'B'NOT FOR 'C' BUT IN THIS CASE 'B'IS BEING USED IN MANUFACTURE OF 'C'.
PLEASE CLARIFY IS IT CORRECT OR NOT.
THANKS
R.S.RAWAT
Anonymous
16 January 2014 at 23:08
Hello,
I have to pay my wife Rs 10 lakhs as consideration for divorce and then we will be filing an application for divorce with 'mutual consent'.
Now I want to know following things,
1. I will have to generate this cash in my books of accounts. What is the Income tax implication. To be precise 'WILL I HAVE TO PAY INCOME TAX ON SUCH 10 LAKHS AS IT WILL BE GENERATED THROUGH MY INCOME FOR CURRENT YEAR.? OR Will this consideration to live apart is eligible expendicture and hence will be allowed for income tax purpose.?
In short shall I pay this amount in black or in white..
2. What is the safest way to pay this amount so that if my wife bakes out from 'mutual consent' , I can atleast get my money back..
Please reply soon..
Its urgent nd serious too..
Thanking you in advance..
rajender
16 January 2014 at 19:57
Is NPA ( non practicing allowance) part of salary for the purpose of HRA exemption for income tax calculation.
Amit Oza
16 January 2014 at 12:38
hi.
i am a salaried person. and my salary comes under not taxable .as it 150000.p.a..In 2008-9 one of my friend ,has opend an tradind account with a broking frim and he was doing trading on my behalf.he has incurred a loss of 15000.and to pay that debit he has transfred stock from his account to my account and sold it.so the due was cleared.
now i have received a notice from income tax. and they have demanded follwing things
Transaction above 20000.with complete detials
and if its there why you havent file tax return for all these years.
if ur income is not taxable from where you got the money for trading ..
please suggest what should i do
kailash chandra
14 January 2014 at 14:48
Sir,
I need the format of affidavit to be submitted to the AO in scrutiny proceedings from cash creditor who has lended money to us.
R S RAWAT
14 January 2014 at 12:36
A FIRM IS IMPORTING GOODS'A' ON COCESSIONAL RATE OF DUTY UNDER NOT. NO.25/99-CUS THRU A PROPER PROCEDURE FOR MANUFACTURE OF INTERMEDIATE GOODS'B'WHICH IS TOTALLY BEING USED IN MANUFACTURE OF FINAL PRODUCT'C' & FINAL PRODUCT'C'IS BEING CLEARED ON PAYMENT OF EXCISE DUTY.CAN THEY AVAIL THE BENEFIT OF THIS NOT.25/99? IF YES PLEASE CLARIFY THE SAME.
THANKS & REGARDS,
R.S.RAWAT
PG Mathews
13 January 2014 at 22:02
We have purchased a flat in Pune in 2012. The agreement is dated Feb 29,2012. The building was completed and ready for occupation. We obtained loan from HDFC bank and made the full payment to the builder at the time of agreement. Stamp duty was duly paid and the agreement was registered. The bank while sanctioning the loan must have verified all the required documents and only then passed the loan. The builder handed over the completion certificate dated Mar 07,2012 in Jun 2012.
Now last month ie. Dec 2013 he has asked us to pay the service tax.
Kindly advise us as to whether we are liable to pay the service tax as we had made the full payment at the time of purchase and surely the bank had also verified all the statutory documents including the completion certificate. In case the builder insists, what is the remedy open to us. Please let us know where we stand on this issue.
Thanks in anticipation.
P.G.Mathews,
Pune.
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Karnataka vat act
Dear experts
the department of vat Karnataka, filling cases against vat dealers who failed to submit vat returns continuously for six months in local courts. some traders also paid penalty. but as per Karnataka high court order such dealers can only pay interest on vat due by them but not penalty as it is against to Indian constitution. please solve this problem.