DEBENDRA NATH SAMAL
09 April 2013 at 17:14
As per the provisions of service tax, CBEC issued Notification No.45/2012-ST dated 7.08.2012, amending Notification No.30/2012-ST dated 20.06.2012 for imposing of service tax on income of any director of a company under Reverse charge mechanism whereby the company will be liable to pay service tax since 7.08.2012. Now, my query is that whether all director's remuneration, fees, commission will be taxed or only executive directors other than whole time directors/Managing directors payment will be taxed. If we analise the income tax act,the new clause
TDS on income of directors under section 194j(1b) was inserted. This clause does not specify whether Managing director/whole time director or executive director who provide only professional service to the company.
please, clarify whether irrespective of category of a director of a company, the service tax liability is there or not.
munish
08 April 2013 at 21:12
that the cash of Rs. 10 Lakh was seized from A ( Son of B ) who withdraw cash from B's C/C limit, statement given by both person before Dy.Dir. Investigation and also accepted that he ( B ) given self cq.to A ( Son ) for withdraw cash from bank on behalf of he ( B ). Photo copy of cq. was also provided to Dy.Dir. Investigation in which signature of A also available and bank statement also shown the payment given to A. Now my question is that the withdrawal from bank was no income then is it necessary to initiate proceeding u/s 153a or 153c for release of cash seized ?
if any favorable citation available then provide me .
munish
08 April 2013 at 20:55
what is the time limitation for assessment u/s 153C of The Income Tax Act -1961 if both the person from same place from whom assets seized and the person actual owner of such assets ? Is it 21 month or 9 month or a 1 year ?
SAMIR SHAH
08 April 2013 at 18:25
THERE ARE 2 FLATS ONE IN THE NAME OF SON AND ONE IN THE NAME OF FATHER. A FLAT TRANSFERRED BY SON TO HIS FATHER AND FATHER TO HIS SON ON FAMILY ARRANGEMENT BE TAXABLE. OR SHOULD IT BE GIFTED TO EACH OTHER. WILL THERE BE ANY TAX LIABILITY. PLS GUIDE
PRIYANKA
08 April 2013 at 18:05
Wrong PAN entered in TDS return by a company of a person to whom the company pays rent. The PAN entered wrongly, belongs to an another person (Mr. X) who in no ways related to the Company. Due to this mistake of the company that third person's (Mr. X)26 AS reflects the rent credited. Along with the rent the amount of TDS on rent is also appearing in the third person's (Mr. X) 26 AS. Now it came to the knowledge of Mr. X that that IT Deptt. can initiate penalty proceedings against him u/s 271(1)(c). Please guide what are the grounds available with Mr. X to prevent himself from such penal proceedings. He already approached that company for filing its revised TDS return. The company, even after written confirmation, have not yet taken this step of filing revised return.
ashok thakker
08 April 2013 at 10:29
We missed to enroll ourselves with P Tax authorities. Now we have been told to have to pay from the year of incorporation of company that is from 2007-08,but have read that Gove. fees cannot be claimed beyond four years previous from current FY.
So in this case we need to pay from 2010-11 to 2013-14, pl advise.....
Refards,
ashok thakker
himanshu singh
07 April 2013 at 18:52
Dear Sir, please clarify the following situation relating to applicability of Tax Audit:
1.Turnover for P.Y. 2012-13 is 75 Lakh, and net profit for the year amounts to Rs. 2.25 lakh, all the books as per sec 44AA are already maintained. will there be requirement to get the Accounts audited?
2. what will be the situation if the same person get his accounts audited for P.Y. 2011-12 due to his turnover of 65 lakh. will he be required to get his accounts audited for P.Y. 2012-13 if his turnover is 75 Lakh?
Bhaskar Dey
07 April 2013 at 07:33
Sir,
I already have a house in which I stay with my family. I have booked a flat for which I paid a total of Rs.37,00,000/- (Rupees Thirty Seven Lakhs) in instalments, in the last financial year ending 31.3.2013. No loan was taken. The flat is still incomplete and not handed over. The Developer says it will take another two months for completion and handing over. Since the amount of instalments paid is more than Thirty Lakhs, I am worried if I have to pay Wealth Tax on this property.
Please advise if I have to pay Wealth Tax on this incomplete property?
Thanks in advance,
B.Dey
pk parashar
06 April 2013 at 21:00
Dear Sir,
Please Confirm, Freight paid to Road side Lorry Operator/ Owner, is fall under which category negative list Notif. 19/2012St or exempted services Notif. 25/2012St ( without Consignment Note)
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Service tax on ipr royalty
Dear all,
My company has been earning royalty by franchising its trade mark since 2004. My company in the year 2010 got itself registered with the service tax authority but did not pay any tax even after that.
Now if we wish to pay our service tax & regularize our affairs then how much exposure & penalties are we bound to pay ? Is there any way to compound our said default ?
Kindly advice, as to how should we move ahead in the said regard. Do know, that we are most inclined to regularize our affairs, so how should go forward with the same.
Regards,
Sagnik Sanyal