Gopakumar Vadelil
29 November 2013 at 12:15
1. Kerala Value Added Tax assessed escaped sales turnover. Reason suspected unaccounted purchases from registered dealers only. Detected electronically on cross checking with the e filed returns of the suppliers of the goods. No other documentary or material evidence. The dealer denied these purchases. My doubt is that weather the dealer is liable merely on the basis of the information given by others. Looking for opinion with supporting information.
2. In the same case no input tax credit has been allowed for the assessed escaped sales turnover. Since corresponding purchases from the registered dealers has been certified by the Assessing authority in its assessment order, the dealer thinks that he is eligible for the corresponding input tax credit in the assessment. According to the Assessing Authority these purchases are already tax suffered in the hands of the suppliers. All purchases and sales are within the state.
The dealer availed the ITC in the return. But now I am asking about the ITC for the assessed escaped turnover. It is not possible to claim the ITC by the dealer since he denied these purchases. But regarding the Assessing authority he assessed the escaped purchases from the registered suppliers and the corresponding sales. Since he certifies this he is bound to give the corresponding credit. Otherwise these goods will suffer tax two times.
parthabandhu guha
28 November 2013 at 15:32
Pl. advice in which column of ITR 2 I shall declare the Maturity amount of LIC policy.
Smrithi
28 November 2013 at 14:14
I am planning to purchase Flat worth 58 Lakhs at market rate.All transactions are through cheques (account to account - no cash involved).Both "seller" and "buyer" are based in India and have PAN number.The amount 58 Lakhs is mentioned in Sale-Agreement, Loan Application (also yet to be executed Sale-Deed).As a buyer, I am registering the Flat at 58 Lakhs and paying full stamp duty.
I have conveyed to the "seller" about recent section 194I-A, which says TDS 1% needs to be deducted and Form26QB and Form16B needs to be generated.I plan to mention that TDS - 58,000/- has been paid using chalan number XYZ in the Sale Deed document along with other Cheque numbers.
1) "Seller", asks me not to deduct this TDS amount and that he will deal with Income Tax.
Kindly clarify if I can give him the entire 58 Lakhs and let him deal with it however he likes.
2) Also can I convince "Seller", that he will be able to get this Rs 58,000 back from Income Tax Department after filing IT-returns ?
Kindly clarify if the "Seller" will be able to get back this Rs 58,000 using Form16B from the Income Tax Department if he utilities the capital gains appropriately ( as described in Section 54 or some relevant section ).
3) Moreover, "seller" says all expenses like stamp duty, registration and other incidental expenses for the registration are to my account.Hence he expects me to give him Rs 58,000 separately through cash or some-other cheque which is not mentioned in the Sale-Deed.In the worst case, kindly clarify If I can proceed by giving this extra 58,000 ?
Thank you in Advance
C..a......STUDENT
27 November 2013 at 16:53
An individual is doing business as a wholesaler and files his return under the "business" head.
If he makes payment from his saving bank a/c which is not a part of his business balance sheet to a construction co. for construction of a building that will be used for rental purposes and the income will be shown in the Head " House Property",
Will the TDS provisions be applicable?
Does the liability to deduct TDS arise?
Please reply
KHEM VERMA
27 November 2013 at 08:54
I own PREMIER GALLERY, a franchisee (consignee agent) of Koutons ( Consignor) in Noida UP.
The merchandise was sold on Koutons TIN No of UP ( Tin No ...A),as per agreement.We used to get commision on turnover. All sales were computerised and it was the liability of the Koutons to look after UPVAT matters.
The Consignee Stocks were in our custody but were property of Koutons and we use to sell the merchandise on rates decided by Koutons and deposit the sales proceeds to Koutons.
Due to difficulties in operations, Koutons( Tin No ...A) delivered/trasferred the balance stocks (in our custody),lying in the premises to PREMIER GALLERY (us) ( Tin No ...B) on the basis of modified agreement which permitted us to sell merchandise on our (Tin No ...B). No F form was issued.The ownership of the goods remained with Koutons, and there was no movements of goods, & they remained in same shop only.
The method of sales remained same except the Tin No. The goods received thereafter were received on consignment transfer against F forms etc of consignee.
Is any Vat applicable on consignment stock transferred within same premises (same state).
AKSH
26 November 2013 at 14:07
Suppose if mother wants to gift her house and land to her son how much tax must she pay ? Or is it gifting free of tax ?
( total market price around 50 lakhs.)
C..a......STUDENT
25 November 2013 at 19:36
Can an Educational Society give salary to its Director for the services he renders to the society?
Will it be allowable as an expense to the AOP?
Please reply.
srihasa
23 November 2013 at 12:20
Hi,
I recentely booked one villa in Hyderabad,Builder started constructiion based developement aggreement with landlord,As pr their developent aggreement builder allocated few villas to landlord, My villa is one of the villas of landlord which constructing by builder.
The aggreement value of my villa is 80Lacs,While booking, builder said to me that i need to pay the complete amount on landlord's name as it is part of landlord's share,I totally agreed on this.
Now prior registration builder is demanding me to pay SERVICE TAX & VAT as per below calculation on his name.
Agreement value 8000000
Excemption for vat
(75% of agreement value) -6000000
Applicable amount for VAT 2000000
Vat 5% 100000
Excemption for Service tax
( 60% agreement value) -4800000
Applicable amount
for service tax 3200000
Service tax 12.36% 395520
As per above calc
VAT 100000
SERVICE TAX 395520
Total 495520
Here my question is in his above caluculation he is considering total aggreeement value in calculating service tax, So my understanding as per Notification No. 26_2012-Service Tax dated 20_6_2012, He should consider only 25% of the aggreement value for service tax calculation as land value included in agreement value, But he is not at all considering my words/thoughts, He is simply saying that he will come under works contract rule, so as per work contract taxation rule i should pay service tax on 40% of agreement value, Then i said as per Notification No. 24_2012 - Service Tax, it should be 40% on works contract value not on the agreement value,I said 80 lacs is not workcontract value then He said there is no seperation of land and workcontract value, agreement value is total value , so i need to pay service tax on 40% of agreement value,
I am requesting all experts here to suggest me on this , I gone through above notifications , as per my understanding , If it is workcontract,service tax should be payable on the 40% of workcontract value and if there is no seperation of works contract & landvalue,then service tax should be payable on 25% on agreement value, Please suggest me on this.
Thanks ,
Regards,
Srihasa.
Anuj Kumar
22 November 2013 at 15:21
We have made a credit note of a bill of 2010. in this bill, there was output service tax.
Can we avail input service tax in our books as we are giving credit note to the party ?
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Form c
HI, we have recently puchased capital equipments (material handling euqipment) for our warehouse in our manfuacturing plant. These are eligible for concessional tax but these equipments are not listed in our CST registration certificate as on purchase date. As i understand all raw material and capex has has to be registered in CST certificate before purchase to avail concessional tax. Now that we have already purchased material, can we add these items into registration certificate and issue Form C to vendor for this transaction?