Nirmalkumar Ojha
13 August 2013 at 12:08
Dear Sir,
Kindly suggest me the form and procedures for filling of returns under luxury tax act 1987.
SHASHANK SHEKHAR DASH
11 August 2013 at 19:40
Pl clarify whether notice period recovery csn be part of assessable income in form no 16.
Upendra P Sinha
11 August 2013 at 14:46
I have purchased a under construction flat at Navi Mumbai and the sale agreement (Value Rs. 50 Lacs)was registered in Jun 2009.
Kindly let me know the amount of VAT applicable to be paid by the buyers to the developer. The developer has demanded 2.5% of the sale agreement value.
What is the amount required to be paid. What if the same is not paid. Please advise.
Thanks & Regards
pooja dedhia
11 August 2013 at 13:41
"The Partners shall be entitled to modify the above terms relating to remuneration, interest etc, payable to the partners by executing a supplementary deed and any such deed when executed shall have effect, unless otherwise provided from the first day of the accounting period in which such supplementary deed is executed ad the sane shall form part of this deed of partnership."
we all partners are agreed mutually to charge the interest on capital at 10% p.a. on partners capital account.we have not mentioned the w.e.f. date in the supplementary deed dated 22.02.2013. As per the above quoted clause in the main first deed of firm,is we are right to provide the rate of the interest @ 10% on the opening bal of the capital account on 1.4.2012 ?
kindly provide the guidance on above query?
Biswajit Parida
10 August 2013 at 21:15
HI,
Am working with a IT company and has four locations in different city. We have covered under STPI(Software Technology Park of India) Act to get the excise duty and others benefits.
We had a location in Noida which was covered under STPI as well as bonded under Excise Act to get the benefit of excise duty but we never purchased anything nor get any benefit of excise duty. After a period of six month we vacated that location and forgot to deboning the location.
in such cases what action can take the Excise department and what would be the penalty.
Seeking advise.............
n k s prasad
09 August 2013 at 15:50
sir
pl guide me whether Central Govt employee can donate to political parties. if so, under what section he/she is exempted from Income Tax. Whether donated, will not attract any disciplinary action.
Atul Khanna
08 August 2013 at 15:28
I am holding PAN Card No. AIZPK4262E since 2003 and have been filing my income tax returns on this PAN since AY 2003-04.
Around one and a half to two years ago, when I tried to register my PAN for E-Filing, I noticed that another PAN card numbering ADOPA3985H is being shown as issued in my name. I was unable to file the returns online and had to file manual returns. But my TDS deductors were able to credit the TDS deducted by them under this.
I, at this juncture, approached the Income Tax Directorate, Grievance Cell with my petition, which has given the procedure for restoration.(Copy attached)
The letter clarifies that in the de-duplication process, the card with no AIZPK4262E had been deleted and another card numbering ADOPA3985H, (issued some time in 2001 but not known to me) is retained. The letter also clarifies that after following a prescribed procedure PAN Card numbering AIZPK4262E, which I am using, can be restored and PAN card with no. ADOPA3985H can be deleted after due verification.
All my TDS and other PAN related affairs are done through AIZPK4262E.
I was unable to create the e-filing id and unable to view 26AS.
To top the confusion, AY 11-12 IT returns were not accepted manually under AIZPK4267E and the office boy who took it filed it under ADOPA3985H.
jay prakash dubey
08 August 2013 at 11:40
Dear Sir/Mam
>I am pursuing D.N.B(After completing M.D.) duration of course is 3 years
>and I received Stipend which is also mention in my admission letter.
>also all the condition of stipend is satisfied which is laid down by ITAT & High court decision
>however TDS u/s 192 is deducted while my income fall u/s 10(16)
QUESTION:-
>in such a case may i claim Refund of full amount of TDS if i dont hane any other head income????
>what should i do for non deducting my TDS???
M.Sivakumar
07 August 2013 at 22:44
I understand that as per RBI circular on June 2012, foreclosure charges on prepayment of home loan is abolished. But apparently there is some fine-print to it which I cannot fathom. Please clarify :
1. I have taken a home loan account with a bank as on 2004.
2. I topped up the above loan on Aug 2006.
3. The earlier loan taken on 2004 is closed and the a new loan was made effective as on Aug 2006.
4. On August 2013 I decided to foreclose the above loan and applied for a foreclosure statement.
5. The bank provided me a foreclosure statement which included pre-payment charges.
6. When I queried the bank on the pre-payment charges (which is abolished by RBI) they said it is valid and provided the following explanation : What I have taken is Home Loan Enhancement and not Home Loan. And hence the prepayment charges apply.
7. I dont understand the difference between Home Loan and Home Enhancement Loan - for all practical purposes both are same. The only thing I did is take an top-up on the original loan amount sanctioned. Can any of the expert clarify whether the stand taken by the bank is correct ? Or they are just escaping on fine-print ?
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Imposition of penalty u/s 271(1)(c)
Query on Addition made by AO under scrutiny 143(2), which is offered by assessee to buy peace of Mind
Assessee is engaged in the Business Custom House Agent (CHA) and deriving income as Agency Commission. The Modus Operandi of the assessee is that it makes payment on behalf of client to clear the goods of the client and these payments are reimbursed by the client by issuing the debit Notes. Assessee charges Commission for this service which is its income.
From this modus operandi assessee claims two types of reimbursements from its client i.e. One for which assessee have the supporting and other part of which assessee did not have the supporting. The other parts of reimbursement are purely cash expenditure having only self-made vouchers and no other supporting.
During scrutiny proceedings AO asked to submit the Debit notes issued to client and he found that other part of payments did not have supporting. Further AO asked why this reimbursement payment did not have any the supporting’s?
In reply to this assessee explained the modus operandi as stated above and to buy peace of mind offered some percentage of cash expenditure which is made on behalf of client for addition. Now AO is of the view to impose the penalty on these additions u/s 271(1)(C) of the IT Act.
Kindly reply, is there any way to get the relief from the penalty imposition on the addition which is offered by the assessee to buy peace of mind? Kindly suggest if any judicial pronouncement in support of the same line of business???
From Chandan