hetalsangoi
06 December 2012 at 12:38
my firm if do not claim deprecation on the purchased property and my firm is planning to sell after 4 years what benefit is available d on account of not claiming the depreciation?
what are the section are releveant to go in detail?
Hardik Desai
06 December 2012 at 10:12
My father was a tax consultant and he expired last year. He was a sole proprietor. We gave the clients to somebody else and took consideration from him. The person to whom we sold the client base will not be using my father's name and will pay us over a period of 5 years consideration in-case clients stay till end of 5 years.In case clients leave then we will have to pay him back. I wanted to know how tax liability should be paid as final amount will be ascertained in the 5th year and further is there any tax liability? Whether it will be treated as business income or Income from other sources or capital gains?
My mother is housewife and the MOU has been executed in her name. What has been sold is client base subject to client acceptance so will it be treated as goodwill?
I had read a case law Deputy Commissioner of Income-tax, Circle-16(2) Versus Mrs. Lakshmi M. Aiyar can the rationale of the judgement given here under be applicable in our case and the amount received by my mother be treated as capital receipt and hence not taxable?
AMIT GOEL
04 December 2012 at 18:02
pls send case laws on the above subject
parthabandhu guha
04 December 2012 at 11:11
1. My 30 years old son is employed in a bank. However, I want to give him Rs.2,20,000/- as gift. Can I give him the money what will be the income tax implication.
2. If I give him the money as interest free loan payable in 30 years then will it attract any income tax.
avneesh
03 December 2012 at 22:20
A PARTNER SHIP FIRM PAID INTEREST TO OTHER COMPANY AMOUNT Rs. 65,000 in f/y 12-13 AND DEDUCT TDS RS 6500 AND DEPOSIT IT TIMELY BUT IN SAME YEAR THE COMPANY HAS RETURNED SAID INTEREST TO THE PARTNERSHIP FIRM
QUERY-
1. CAN P.FIRM TAKE CREDIT OF SAID TDS PAID ?
2.IN AFTER SOME TIME THIS P.FIRM PAID INTEREST OF Rs 1,75,000 TO SAID COMPANY AND DEDUCT TDS OF RS 17,500 NOW THAT P.FIRM CAN ADJUST AMOUNT OF TDS PAYABLE OF RS 17,500 TO EARLIER TDS PAID OF Rs. 6500 AND FINALLY MAKE PAYMENT OF BALANCE TDS Rs 11000. IS IT CORRECT OR WORNG, IF WRONG THEN TELL CORRECT
3. THERE IS REQUIRED TO REVISED TDS RETURN ?WHAT IS PROCES ?
avneesh
03 December 2012 at 22:12
A PARTNER SHIP FIRM PAID INTEREST TO OTHER COMPANY AMOUNT Rs. 65,000 in f/y 12-13 AND DEDUCT TDS RS 6500 AND DEPOSIT IT TIMELY BUT IN SAME YEAR THE COMPANY HAS RETURNED SAID INTEREST TO THE PARTNERSHIP FIRM
QUERY-
1. CAN P.FIRM TAKE CREDIT OF SAID TDS PAID ?
2. IF IT CAN TAKE CREDIT THEN
3. THERE IS REQUIRED TO REVISED TDS RETURN ?WHAT IS PROCES ?
RAJENDRA PANDEY
02 December 2012 at 16:38
DEAR SIR/MADAM
My Clint is a manufacturer of RCC pillars and now he gets a work contract from Sahara India to manufacture RCC pillars for the company at their site. So I want to know that whether we have to amend our registration certificate as showing the site as our branch or not?
(ii) Can we take work contract compounding scheme of U.P. Vat ?
surinder singh
01 December 2012 at 14:19
WHAT IS PROBLEM IN ITR 5 , WHILE UPLOADING IT ERROR COMES "PAN VERIFICATION PESONAL IS INVALID" PLEASE ANSWER ME..
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Central excise rule 25
We are a manufacturer of Readymade Garments having CE Regn since 2011. We got about 7 crore order from a Delhi based Brand called Lilliput and supplied goods under proper documentation between Oct 2011 to jan 2012. Lilliput became financial bankruptsy and we have gone to court for recovery of our 4 cr rupees. Due to our customer became financial defaulter, we could not pay CE duties on time but paid completely after due dtes with interest. We have filed ER2 return on time and declared all the transaction properly and mainting proper records and documents per CE Rules. Every stage of default we have intimated Range regarding our inability to pay duties on time. But knowing all these facts and genuineness of the case Commissioenr of CE has issued a SN demanding penalty under Rule 25. But Rule 25 should be read with Section 11AC which applies only if the non payment of duty is for the reason of fraud or collusion or suipression of facts, miss statement etc. But our case is not a fraud or miss statement or supression of facts etc, but it is only delay in payment due to financial reasons as we could not get4 cr paymenbt from our customer which impacted our cash flow and hence delays happened.
Please clarify how CE can issue a SN to us under Rule 25 read with Section 11AC knowing the fact.
Ramu HN
Exim Head
Karle Group
Bangalore
9008989044