Sundram N
28 May 2013 at 17:40
Dear Senior and friends,
Kindly advice that, new section 194IA is inserted in income tax act to deduct tax from purchase consideration by purchaser @1% and TDS is to be deposited within due date. further, TDS certificate is to be issued to the builder. but, it is irrelevant in the act that, TAN is made not applicabe to the purchaser.
My queries :-
1. How purcahser will pay the tax in to Govt. account wothout having PAN?
2. How to issue TDS certificate to builder by purchaser if not have TAN ?
3. TDS certificate is made compulsory to generate on line after filing return of TDS then, without having TAN, how Purchaser will comply to issue TDS certificate.
kindly share your veiw.
kindly advice.
Shweta
28 May 2013 at 13:32
I have received a letter from income tax dept. kalian stating that myself, my brother and my sister have had a property deal of Rs. 78 lakhs and tax on the same has not been paid, however we do not have any such property in our joint name and have not done any property deal as said in the letter. there was a deal some 2 years back of our ancestral property however it was on our parents and uncles joint names, we are not directly involved in the sale of that property. I do not understand which property the IT dept. is talking about and from where do they get such information.
what should I do next ?
can I ask for details from IT dept.
what should be my action?
please guide.
joby jose
28 May 2013 at 11:28
Vat rule for one rupee billing against defective material sending back for replacement
Arun kapoor
27 May 2013 at 18:58
can anybody tell me which books are best for references of punjab value added tax 2005 for professional practitioner..?
Aniket Ingle
27 May 2013 at 12:34
Dear Sir,
I plan to ask my family and friends for money to help me start my business. The amount that I plan to accumulate is 10 Lacs. Would I need to pay Tax for this. If yes, what is the percentage of tax that i need to pay.
This money taken from friends and family would be interest free and non returnable incase I fail in my business. Do I need to get a gift deed stating the interest free and non returnable conditions from everyone.
Regards,
Aniket Ingle
Mohammed Vaid
26 May 2013 at 18:12
My builder is reimbursing us for alternate accommodation with 50000 per month for redeveloping our building. I have purchased additional 250 area in the new construction as an extention to our new home.
Can I settle my additional purchase amount with accommodation rent reimbursement?
How the taxation would be done?
sheela
26 May 2013 at 15:40
1. Is it true one is not liable to pay income tax on rent if one owns only one house property.
2. Whose responsibility, i.e. tenant or landlord, is it to get the rent lease deed registered.
VSrinivasan
24 May 2013 at 12:33
We have sold a Diesel engine to an unregistered customer in Uttar Pradesh for his personal consumption. He is unregistered with sales tax.. and we will be charging full CST since the sale is from Maharashtra to UP.. Is a road permit required for the transportation into UP.
AMIT KUMAR SHARMA
24 May 2013 at 12:31
Dear Sir,
We have received a order for service in Tamilnadu for executing a work.
1. This is lump sum order for work. We are placing order to our Contractor to do this work. We are giving order in ratio e.g. Rs. 90/- for service and Rs. 10/- for Consumable items. Our contractor will charge VAT on consumable, can we also charge vat from our customer at the time issuing of Service Invoice.
2. Secondly, can customer deduct WCT from our payment if yes, how can we save from deduction of WCT.
3. Further, if we have place order to our contractor in ratio e.g. Rs. 90/- for service and Rs. 10/- for Consumable items, can we have to deduct WCT from contractor payment.
Please help.
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Regarding illegal assets.
Dear Experts,
One common man has earned assets value 2 cr by lending money for huge rate of intrests, by pledging properties of the borrowers.He is earning nearly 2 to 3 lacks per month in the shape of intrests routing through his SB and current accounts.He is doing chits business with huge agents commission.Earning rents 1 to 1.5 Lacks per month. His wife also does the money lending business without any licences, they behave rudely with the barrowers if he dont pay the intrest in time.He never declares this income in income tax, for the past 5 years he is doing such business.
Please let me know wheather any license is required for doing such lending business, chits business.If I lodge a complaint with IT viglence what reaction will be there from the IT department.