Bhaskar Dey
02 January 2014 at 10:48
Sir,
My brother has a Two storied house in Kolkata. He resides on the first floor and the ground floor has been given on rent. About three months back he purchased a flat, also in Kolkata, the cost of which is more than thirty lakhs. So I understand that he will have to pay Wealth Tax in March 2014. He is ready to pay Wealth Tax but unable to decide which amount will be considered for Wealth Tax purposes and so we need Expert’s opinion and advice
He has paid Rs.44,00000/- to promoter, Rs.52000/- more as Service Tax, totaling Rs.4452000/.
Rs. 330000/- as Stamp Duty and Rs.52000/- as Registration Charge, totaling Rs.4834000/-. Then he spent Rs.180000/- for electrical fittings, painting, kitchen etc., totaling Rs.5014000/-. All figures in approximate.
I understand that he needs to pay @1% on the amount above Rs.3000000/-. But we are unable to decide which amount we should consider for Wealth Tax purposes. Is it only the amount paid to Promoter, or the amount including service tax, or the amount including Registration charge and stamp duty, or the total amount?
Respected Experts, please give your opinion and valuable advice. Thanking you.
B.Dey
Kapil Tiwari
01 January 2014 at 03:55
A relative turns 18 years on February 3, 2014. Can he file IT Returns for the AY 2014-2015 (FY 2013-2014) as a major for the full financial year 2013-14 or only for the period 3/2/2014 to 31/3/2014?
Kindly advise if the income of the financial year 2013-2014 has to be split into two categories:
(1) the income that arises during the period upto 2/2/2014 when he was a minor and this income has to be clubbed with the income of the parent;
(2) the income that arises from 3/2/2014 to 31/3/2014 which will be his income as a resident individual (not to be clubbed with the income of the parent).
In the case of a person turning 60 even in February 2014, he will be considered a senior citizen for the full financial year 2013-2014. So, if a child becomes a “major” in February 2014, will he not be a “major” for the full financial year 2013-2014? In this case, there will be significant tax saving as clubbing provisions will not be applicable and the total income will be split into two – that of the parent and that of the son. I will appreciate your opinion alongwith a reference to the applicable section of the Income Tax Act.
Thanks.
Sabyasachi Acharjya
31 December 2013 at 09:44
After complication of service tax audit, The Service Tax superintendent issued memo U/S-76 raising objection and accordingly we have replied the objections. After submission of reply, the ST Dept. again issued the corrigendum to memo stating that "Section 73(4A) has been erroneously written as section-76 ant section 76 may be read as section 73(4A)". What shall my action after receiving the said corrigendum letter.
L. PRADEEP KUMAR
30 December 2013 at 12:45
Whether a registered dealer who is receiving stock transfer inward (against Form F) of Finished Goods and sending the same to out side the state of Tamil Nadu by way of stock transfer outward (against Form F)is liable to pay purchase tax under section 12 of TNVAT Act?
2. What is the time limit for making any scrutiny / call for details of a registered dealer under TNVAT Act?
Please clarify.
hetalsangoi
29 December 2013 at 15:04
under law, when Income tax officer manadate to charge the interest on drawings to partners by firm .deed has expressed the int on capital of partners on opening balance @12% but there is no clause for charging the interest on drawings ?
Mandate to charge the int on drawings to partners by firm , pl provide the supporting case law for study
Dhirender Wadhwa
28 December 2013 at 18:10
sir, my father is starting an huf. we are a bit confused due to diff. opinions given.. kindly help on following
1. he doesn't want to include our sister (married now) in the huf and has left her name in the deed.. is it possible.. as my info says that all his lineage( sons & daughters) will automatically be a part of huf.
2. I have a house in my name and have rent income.. an I deposit that rent income into huf.. will the income be calculated for huf or will it still be added in my itr..
thanx
Pradip
28 December 2013 at 15:25
SIR,
WE HAVE RECD.NOTICE FROM I.TAX DEPT.U/S154 FOR I.TAX PAYMENT FOR ALL 4 QTR OF F.Y.2012-13.BUT FACT IS THAT WE MADE ALL OUR PAYMENT/RETURNS IN TIME. WE HAVE MADE THE PAYMENT AS PER NOTICE IN JULY 13. NOW WHAT IS THE NEXT STEP WE SHOULD HAVE TO TAKE ?
Pradip
28 December 2013 at 12:46
Dear Sir,
we sale the material to our customer against form-H in F.Y.2010-11. but unfortunately we found that the transaction change in 12.5% VAT.
as per Sales tax rule we submit Form 704 in time and that shows refund by Rs.100000.00 we ask you how can we made changes in 704?
Mohit Jain
25 December 2013 at 18:14
As per Mega Exemption 25/2012 Point No. 12 sewerage treatment plant service to government is exempted.
As per Point No. 13 Pollution control or effluent treatment plant is exempted except provided to factory.
Is Sewerage treatment plant service provided to private sector or civil construction or residential developer is exempted under Mega Exemption
Pls. Reply
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Service tax
dear sir;
if employee is employed on contract basis in govt organisation then service tax applicable . then salary of this type chargeable under the head "other source" of income tax
Please suggest the provision in this regard
thank you
Ranjeet