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Prasad   07 November 2013 at 15:19

Tax applicability on flat purchases

I have booked a flat 2 years back at Palakkad (kerala stat) which is likely to be handed over for possession by December and the builder is charging 5.60 % as Tax (Approx 142551) - apart from registration expenses, on total cost of approx Rs.25.50 lacs including car parking. Please advise the tax applicability like Service Tax/VAT applicable in Kerala since no such things were mentioned in the agreement.

It is specifically mentioned in the agreement that the advances paid will be apportioned as advance on property sale consideration and is not for any construction contract or building contract at any point of time.

mahesh   07 November 2013 at 14:17

Non filing of returns

I know one person who has not filed his returns nor shown his income proofs anywhere after his return from Saudi Arabia
need to complaint against him

Please give proper information regarding where should I contact

rgrds

Mahesh

SUBHASH SHARMA   06 November 2013 at 23:45

Excise

ONE AJAY IMPEX PVT LTD MFG COMPANY HAS FOUR DIRECTOR A,B,C, & D.

COMPANY SELLS EXCISABLE GOODS AND CHARGE EXCISE TO RAJU ENTERPRISES FOR RS. 2.50 LACS IN WHICH A IS PROPRITOR.

RAJUN ENTERPRISES WHO IS TRADER AND IS NOT REGISTERED WITH EXCISE SELLS THESE GOODS TO AMAR CONSTRUCTION(NOT REGD WITH EXCISE) WITHOUT CHARGING EXCISE FOR RS. 3.00 LACS.

MY QUESTION IS :-

SINCE GOODS SOLD BY AJAY IMPEX PVT LTD TO RAJU ENTERPRISES IS VALID WHIL A IS DIRECTOR IN AJAY IMPEX PVT LTD AND IS PROPRITOR IN RAJU ENTERPRISES.

MY SECOND QUESTION IS : GOODS SOLD BY RAJU ENTERPRISE AT HIGHER PRICE IS VALID OR NOT.
CAN RAJU ENTERPRISES SELL GOODS WITHOUT OBTAINING EXCISE REGN.

Kishore   05 November 2013 at 20:52

Recieved notice from it department for cash transaction more than 10 lacs in saving account

Recieved Notice from IT Department for cash transaction more than 10 lacs in saving Account in an Assasment year cash deposited from other cities and i havent filed return in that financial year and Neither my income is under the slab of income which come under taxation.
Even tough i have No accounts which are asked by the department
reply
as soon as possible

GANGAM.RAJENDER.   05 November 2013 at 19:18

Max tax reduction

my friend (female) doing govt job in jntu hyderabad her total income per yeat is 6.50 laks.lic and post office savings are 1 lakhs .so how much tax we have to pay.
pls explain tax reduction ways,if any exemption pls give me suggestion sir.

SANDEEP KUMAR GUPTA   05 November 2013 at 15:15

Advice on ltcg on exchange of property

kindly advice regarding LONG TERM CAPITAL GAIN
1,SUNITA GUPTA W/O SANDEEP & Dr sukhi PURCHASE PLOT NO-79 IN 2006 TOTAL COST RS-8,50,000/- thro mutual agreement ,purchase and transfer

2,SANDEEP PURCHASE PLOT NO-80 IN2007 TOTAL COST RS-17,08,780-

IF BOTH OF US REPLASE PLOT WITH EACH OTHER IN APRIL-2013 THRO FULL & FINAL PAYMENT AGREEMENT WITH POSSESSION AND TRANSFER IN GOVT DEPT / TEHCIL
(CIRCLE RATE 50LAKH)

TO GET BENEFIT OF SEC-54 LTCG EXEMPTED SANDEEP CONSTRUCT HOUSE WITH 10LAKH IN 2013 on plot-79
SUNITA GUPTA W/O SANDEEP CONSTRUCT ONE ROOM SET WITH RS-15 LAKH IN FEB-2015 on plot-80 AND GET BENEFIT OF SEC-54 LTCG EXEMPTED
kindly advice
1, if agreement at CICLE RATE 50LAKH
2,if agreement at market rate 70 LAKH
IS THEIR ANY OTHER LEGAL HARDEL / PROBLEM
sandeepgupta03@yahoo.in

9417701251

shyam   05 November 2013 at 11:18

Can one tin number be used for multiple uses

1. can one tin number be used for multiple uses. example : food, construction, decorators etc...

i want to apply for tin number to apply for government tenders, iam having experience in construction field as well as in hotel field.


2. what title should i fill in vat 100 form, for multipurpose uses of tin number. (nature of principal of business activities)

(or) i should fill two forms for different business (or) in one form i should fill different business.

3. if it is mentioned as multiple purpose is it beneficiary or single purpose beneficiary. in present and future course of time.

SUBHASH SHARMA   04 November 2013 at 18:52

Income tax

HI ONE OF MY CLIENT(RENU) HAS GOT AN NOTICE FROM INCOME TAX DEPTT U/S 143(2) FOR A.Y. 2011-12 ALLEGING THAT (RENU) HAS DEPOSITED RS. 21 LACS IN HER SAVING BANK ACCOUNT. SOURCE OF MONEY WAS ASKED BY THE INCOME TAX DEPTT.

MY CLEINT (RENU) GOT THE LAND FROM HER FATHER IN LAW ON HERE MARRIAGE BY GIFT DEED ONLY NO STAMP DUTY WAS PAID FOR GIFT DEED. NO SALE DEED WAS EXECUTED BETWEEN RENU AND HER FATHER IN LAW.

MY CLIENT HAS GIVEN THE REPLY TO ITO THAT SHE HAS EXECUTED AN AGREEMENT WITH A FARMER (JAGJEEVAN) TO SALE THE AGRICULTURE LAND. SHET GOT RS. 21 LACS FROM THE LANDLORD AND DEPOSITED IT TO HER SAVING BANK ACCOUNT.

PLEAS ADVISE.

Stephen   03 November 2013 at 15:06

Sale of old gold

Hi Experts in lawyer & taxation,

I am a retired person having annual income through other source around 5Lakh PA and recently my spouse sold some old gold for 1.3Lakh and obtained a cheque from the jeweller and I deposited in my a/c. Does this amount to be taxed. If yes under what category and what would be taxable slab would this fall including the above mentioned source of income and what will be tax payable along with any applicable exemptions.

Thanks in advance for your advice.

sunil kumar   01 November 2013 at 19:07

Service tax

Is a educational institution registered under society act liable to pay service tax under REVERSE CHARGE mechanism of SERVICE TAX ACT, for receiving following services:-

MANPOWER SUPPLY SERVICES
LAWYER SERVICES
CA SERVICES

POINTS TO NOTICE:-

THE INSTITUTION IS NOT REGD. UNDER SECTION 12AA OF THE INCOME TAX ACT,1961

THE INSTITUTION RECD GRANTS FOR VARIOUS ITS PROJECTS BUT NOT A GOVT.AIDED INSTITUTION.

IF LIABLE TO PAY PLEASE PROVIDE RELEVANT SECTIONS/NOTIFICATION/CLAUSES OF THE SERVICE TAX ACT.

IF NOT LIABLE TO PAY,PLEASE PROVIDE RELEVANT EXEMPTION NOTIFICATION/SECTIONS/CLAUSE OF THE SERVICE TAX ACT.