Dipen
17 February 2013 at 12:08
Can time barred loan be taken as income tax deduction? i.e. loan given but defaulted by borrower...
Ravinder Kumar Rohilla
16 February 2013 at 20:58
Dear Sir,
We booked a flat in a project in January, 2010 in a pre-launch offer by a builder by paying 10% of cost in Noida. He also demanded 25% in 45 days of the booking but was paid only after signing of Allotment letter. The bhoomi pujan was performed in May,2010 and allotment letter was finalised in Oct. 2010. The builder also demanded service Tax @ 2.575%. Kindly give your valuable opinion on levy of Service Tax. Will it be levied on total cost of the flat including club house, car parking etc.? Also will it be charged on the amount paid before the construction of the flat started. In short, kindly update me on service tax to be charged by the builder. I shall feel obliged.
Kamal
16 February 2013 at 19:03
For a particular A.Y. an assessee incurred loss under the head House Property. The assessee has income under the head of PGBP and LTCG under Sec. 112 for that A.Y. On comparing, the assessee found that it was more beneficial for him to set off HP loss first against LTCG and he did the same while filing e-ROI (resulting in tax refund). Now, after the ROI being processed at CPC, he got the intimation u/s 143 in which he found that his tax refund has reduced. On analyzing, he found that HP loss has been set off against Business Income which resulted in reduction of his refund claim.
Based on above problem, I have following questions:
1) Is any order is prescribed for setting of HP loss against other heads?
2) If not, can assessee set off HP loss in a manner which is more beneficial to him?
3) What is the reason behind not setting off HP loss against LTCG?
4) If assessee's claim is correct, what can he do to get his full refund?
Please cite sections, case laws, circulars, etc. in support of your answer.
YAGNESH HASMUKH DAVE
16 February 2013 at 11:47
WORKS CONTRACT OF FURNITURE FOR ORIGINAL WORK & OTHER REPAIRING & MAINTAINCE WORK WITH LIMITED COMPANY HOW TO LEVY SERVICE TAX IF FOR EXAMPLE GROSS BILL OF RS 1,00,000/- AS PER NOTIFICATION NO 24/2012 DT 6TH JUNE 2012 SERVICE PROVIDER & SERVICE RECIEVER.
YASHPAL RAWAT
15 February 2013 at 20:40
Kindly suggest Best way to save tax on capital gain on estate of deceased in following cases:-
If estate of deceased is sold and tax is paid on capital gain after taking benefit of cost of index and income tax return is filed in name of deceased.
Or
First estate of deceased is distributed among the legal heirs and each legal heir can sale the property and pay the tax on capital gain after taking benefit of cost of index according to their exemption limit.
YAGNESH HASMUKH DAVE
15 February 2013 at 12:01
1) WORKS CONTRACT OF FURNITURE FOR ORIGINAL WORK & OTHER REPAIRING & MAINTAINCE WORK WITH LIMITED COMPANY HOW TO LEVY SERVICE TAX IF FOR EXAMPLE GROSS BILL OF RS 1,00,000/- AS PER NOTIFICATION NO 24/2012 DT 6TH JUNE 2012 SERVICE PROVIDER & SERVICE RECIEVER.
2) THE LTD CO TO WHOM WE ARE PROVIDING SERVICE HAVE TOLD US TO PAY SERVICE TAX 12.36% ON 60% OF THE TOTAL AMOUNT CHARGED FOR WORK CONTRACT ON OLD WORK AND ON ORIGINAL WORK CONTRACT 40% ARE THEY ARE CORRECT
3) CURRENTLY 50% IS PAYABLE BY SERVICE PROVIDER & 50% BY SERVICE RECIEVER AS PER NOTIFICATION NO 15/2012 SERVICE TAX PLEASE REPLY
vipul shah
15 February 2013 at 11:06
MY CLIENT A LADY WORKING IN A PUBLIC SECTOR BANK-ON HER NAME HER HUSBAND HAS DONE SHARE TRADING TRANSACTIONS I.TAX DEPT.ISSUED NOTICE RAISING SOME POINTS REGARDING SHORT TERM-LONG TERM CAP.GAINS AND REG.SECTION 44 AB I HAVE SOLVED ALL IN LOCAL LEVEL WITH A.O. BY SHOWING BOOKS OF A/CS IN 2010.RECENTLY COM.OF I.TAX ISSUED NOTICE U/S 263 FOR NON CMPLIANCE OF SECTION 44 AB NOW WHAT TO DO? AS TURNOVER DOES NOT EXCEEDS 40.00 LACS HOW TO EXPLAIN THEM?
ramananda rao
14 February 2013 at 20:24
Reverse charge mechanism applies for levying ST for " the work of Supply of man power for any purpose". Can we conclude that the providing supply of pure labour for the work may be treated under reverse charge mechanism in the similar fashion.
It is said that there is 100% ST liability on service provider in case of pure labour supply contracts. The contractor quotes for the labour supply only contract with full loading of ST. Should the service receipient insist for production of proof of ST remittance by the contractor? Is there any binding on service receipient towards ascertaining that the ST is remitted by the contractor/
Pl advise.
YAGNESH HASMUKH DAVE
14 February 2013 at 13:25
1) WORKS CONTRACT OF FURNITURE FOR ORIGINAL WORK & OTHER REPAIRING & MAINTAINCE WORK WITH LIMITED COMPANY HOW TO LEVY SERVICE TAX ON GROSS BILL OF RS 10,000/- AS PER NOTIFICATION NO 24/2012 DT 6TH JUNE 2012 SERVICE PROVIDER & SERVICE RECIEVER.
2) THE LTD CO TO WHOM WE ARE PROVIDING SERVICE HAVE TOLD US TO PAY SERVICE TAX 12.36% ON 60% OF THE TOTAL AMOUNT CHARGED FOR WORK CONTRACT ON OLD WORK AND ON ORIGINAL WORK CONTRACT 40%.
3) CURRENTLY WE ARE CHARGING 4.944/% SERVICE TAX AND 50% IS PAYABLE BY SERVICE PROVIDER & 50% BY SERVICE RECIEVER AS PER NOTIFICATION NO 15/2012 SERVICE TAX AND MVAT @ 8% PLEASE REPLY IN DETAILS AND WITH EXAMPLE AS I AM CONFUSED
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Gratuity - it exemptions - 01 time ?
Dear Seniors,
If the employee at the time of separation receives gratuity which is Tax free as per IT Act provsion; if the said employee joins another organization & become eligible for Gratuity then is this Gratuity is tax free upto upper limit of Gratuity amount or for only one time the Gratuity Amount would be Tax free.
Thanks in anticipation.