SAM
10 December 2013 at 12:38
Dear Sir's,
Reiumburusement of salary of staff deputed on site, is service tax applicable on same?
If the company issue a debit note, whether service tax is applicable?
Is TDS to be deducted?
Request Learned members to reply me at the earliest.
Thank you,
SAM
A GOVIND
10 December 2013 at 06:42
Dear sirs,
Thank you so much for clarifying my doubt on the above subject which I had posted here a few days ago.
Please advice on the below.
My late mother's house property which she constructed in 1993 is now being sold at a consideration which is above Rs 50 lakhs but less than 75 lakhs. There are 3 legal heirs for the property out of which one is a non resident. As per expert advice given by one of the members in this forum, if the total value is less than 150 lakhs, TDS can be avoided if DEED is executed with one third right for each legal heir where by the total consideration of each heir will fall below Rs 50 lakhs thereby avoiding TDS. I have the following query.
1. Could any one guide me as to what kind of a DEED could be executed favoring each heir to avoid TDS burden?Is there any specific format which i could refer?
2. One of the legal heirs being a non resident, is there anyway the non resident can relinquish/surrender his right on the property in favor of the remaining two heirs ? Please advise.
Thank you in advance for your support and guidance
A Govind
A P Singh
09 December 2013 at 20:09
Respected sirs,
assessee earned a profit of Rs 11 lacs in FY2012-13 by trading in land.He entered an agreement to sale with owner of land by giving him 2 lacs advance. Then he found a prospective buyer for the same land at a premium(higher price) and entered into another agreement to sell with him (document retained by him),received money from him (acknowledgement receipts given by him on the back of the document)and and paid off the total consideration to the seller land owner and kept the premium(difference)and the seller executed the sale deed in favour of the person who had paid the assessee money by virtue of the agreement between him and the original seller.MY QUESTION IS
1)What is the nature of the income earned by assessee?Short term capital gains in immovable property or business income?assessee has earned some quick bucks this way thrice in FY2012-13.
2)Assessee has not retained the said agreement to sale or its photocopy.Will the Income tax dept ask for documents(agreemnts for sale)? If he is unable to produce the agreement to sale what will be the implication?
Thanks in advance.
patel m. faruk yusuf
09 December 2013 at 17:49
good afternoon all of you, we are running trust in name PMET. we made a single payment of Rs. 51,333/- to tour operator by account payee cheque for travelling expenses of students in the month of may,2013 without deducting tds u/s.194C and also filed tds return for the relevant quarter. we want to deposit tds amount with interest in the month december,2013. so tell me whether we have to revised tds return for the Q1? what is solution for this query.
Anil Pawar
09 December 2013 at 13:09
Dear Sir,
I had filed return for A.Y.9-10 and 10-11 thru company related income tax practitioner.
the company has deducted my TDS for A.Y 9-10 & 10-11,and has issued Form NO.16.but in Form No 16 for year 9-10,Rs.10,000 are short remitted to Income Tax Dept,as seen from 26AS for AY 9-10.
In form No 16 fora.y 9-10 & 10-11, the employer has only mentioned salary given and not mentioned my due investment.
so. Income tax dept asked me for the clarification ,this letter was sent to income tax consultant, which he dint answer.
later income tax depat, issued me notice to pay the taxable amount.
My consultant told me that Income tax dept has hired data entry operators, and they have not paid attention to your claims and investment and the problem will be resolved.
However, I have sent my investment calimed receipt xerox,and for no 16 to income tax dept.
But income tax dept has collected money from my refund for 11-12 and adjusted it against demand for 9-10.
Now recently again i have received notice from Income tax department saying I have to product challans for payment of demanded amount for year 9-10 & 10-11.
IF not, they will take coercive action to recover the dues.
It appears they have not paid attention to my request letter of investments made and Form 16 for A.Y. 9-10 &10-11.
(I learnt from Internet that in the case of Sahani of yashpal Sahani V/s Assistant Commissioner, Bombay high court year 2007 give judgment , the collected by employer but not paid to IT TDS amount should be recovered form Employer)
Kindly advice me what should i do in this case sirs,
Regards
A GOVIND
09 December 2013 at 00:11
Hello Sir,
My mother died one year back. I am a non resident settled in the US. I have 2 sisters who live in India.We three are the legal heirs of this house property. We are planning to sell the property. I would like to know what would be the tax implication if we want to sell the property. Please enlighten me. Will the sale of inherited house attract capital gain tax? Will section 194IA and section 195 apply in this case?
Thanks
Govind
Ashraf
05 December 2013 at 14:05
Sir,
I am carry on business of house hold aplliences with some new promoting marketing idea i.e. When i am selling goods to costumer I taking advance from customers and they have to select goods ,
after 3 months eligible for prize or selected goods ( by lot withdrawal and get 1, 2, 3rd prize)
they will get prize or purchased goods ( prizes are like Bike, 5 grm Gold etc )
if I puchase these goods like Bike Gold etc for giving Price for giving prize to costumers can I claim it as Business expenditure fully in income tax or not?
please suggest me any other compliances required under Income Tax and other law
Neeraj Kumar Giri
04 December 2013 at 15:39
Dear Sir,
I would eager to know that, in a case of scrutiny one Assesse, which is a Civil Engineer in Govt. concern,the disputed matter is one of his wife's KVP investment amount has been matured in his own Account, which ITO (A/O) has added as his income,The question is that his wife is a housewife and the KVP has been received from various relatives as a gift.Is there any favourable circular or case study similar to this case, which will help me while appealing to CIT.
Thanking you.
Amit Kumar
03 December 2013 at 19:53
As the Service Tax VCES Scheme covers waiver of interest and penalty till 31 December 2012 only, and I have applied for registration in November 2013 only. I am liable to pay Service Tax only as recipient from 1 July 2012 onwards, otherwise well under exemption limit!
But I would be liable to pay Tax and also file returns for the year 2013 also. But is there any exemption available from Interest and Penalty in such cases, for the current year or what are the specific provisions in this regard ?
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Taxation
I HAVE BOOKED RESIDENTIAL FLAT IN 2012 FOR RS 15LAC WHILE UNDER COSNTRUCTION & NO AGREEMENT IS REGISTERED NOW THE MARKET VALUE OF THE FLAT IS RS 35LAC AS PER STAMPDUTY REGISTRATION SO THE AGREEMENT IF TO BE REGISTIRED NOW IN DEC 2013 THAN WHICH CONSIDERATION TO BE ADOPTED AND WHAT ARE TAX IMPLICATION IF REGISTERED FOR 15LAC ONLY PL EXPALIN BRIEFLY