pooja dedhia
01 November 2012 at 10:52
can as i partner in the firm introduce the capital on the form of following in firm in the business of Cloth --- 1. shares 2. gold 3.silver and thiss fund will be utilised for the purpose of the fund getting from the bank. above are not the subject to stock in trade. can income tax object on this during scrutiny? how above transaction is authenticated?
MAYUR DEDHIA
01 November 2012 at 08:49
Dear Sir
we are exporter of raw cotton bales in 2010/11 govt. put quota on cotton export and very few party have those quota so we decide to export in those party name who got the quota
we have exported 1000 bales of cotton in two different name who has the quota
while purchase we promise our supplier that we will give H form to them against export but after export we find that those two party dont have even sales tax number and we cant get H form against that
now the seller are asking salestax +interest for not giving them H form
what i can do now can i get H form against my export document in those party name
pls reply soon
pawan
01 November 2012 at 08:31
Sir,
If I give Rs.100000/- to my son than he will be taxed or not.
radha raman karmakar
31 October 2012 at 13:02
Learned Advocates
when any substantial question of law arisen of any dispute matter and fact of the cases are real but no support of any case law or evidence then how i prove this is really occurred? a example given here that make it clear.
a promoter purchased a land & building with less worth value than fair market value as the existing of three tenant in the said building which were settled after wards in consideration of money. After completing three-storied building he sold out each flat less than market fair value but income tax department not agreed with such assessment they impose 20% profit on production of each cost flat. whereas no standard rate of profit given on any provision.
Thanking you
RADHARAMAN KARMAKAR
Dhyan Singh
31 October 2012 at 12:30
Hi,
I am working as a salaried professional in an IT company. I get my LTA as a non-taxable monthly component. I applied for LTA claim with my company for to-and-fro return air fare for myself and my spouse and child. My wife and child travelled one week before my travel and while coming back we all travelled together. Company is denying me claim for air fare for journey done by my wife and child citing reason that my dependents have to travel with me. Company is also siting opinion of website taxgyan.in (url: http://taxgyan.in/leave-travel-allowance-lta-exemption-and-income-tax-benefit/#comments).
There is no explicit condition (for mandatory travel of my dependents with me)mentioned in any of the company's policies. Please advise.
Regards,
Mukesh
pawan
31 October 2012 at 07:27
Sir,
I have taken VRS from an insurance co. in 2011 at the age of 52. Now, my income from pension is Rs.2,00,000/- & from FDR interest Rs.2,00,000/-.
Please advice
How to plan my investment to make my Income Tax NIL.
pravin
30 October 2012 at 21:05
Dear Sir,
I had purchased the new under construction flat on Loan, currently i am leaving in rented flat and paid the rent also i am monthly paid the EMI against the loan. I will get the possession in Jan-Feb 2013. So can i take both amounts for income tax exemption under 80 C.
Rupesh
30 October 2012 at 17:47
Dear Experts,
pl. let me know the last date of R-2 submission in Haryana.
thanking you,
H A Patel
30 October 2012 at 17:23
Sir/Madam,
I have a query on Service tax and giving following scenario. Please advise..
An Indian Customer ‘A’ has placed an Order on Indian Supplier ’B’ for Supply of equipment and supervision services for installation & commissioning activities. Currency of the Order is INR. The equipment is to be exported to foreign country under OGL Bond. For affecting export, Indian Customer is to provide CT-1 bond and ARE-1.
On completion of supplies, Indian supplier deputed his Supervisor to Foreign country for supervision activities and raised invoice on Indian Customer for the same. Now, query is whether, Indian supplier is supposed to charge Service Tax on supervision service? Whether, Indian Supplier is liable to pay Service Tax?
Regards
hapatel
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Income tax
Dear Sir, My company announce a scheme to our distributors under which they will give 50% discount to their distributor or 1 unit free with purhase of 1 unit for the promotion of their product. i want to know that is it allowable under income tax act. if it is allowable uder I/T act. What will be the accounting treatment for giving 1 unit free with the purchase of 1 unit. I want also to know that what can be the maximum limit of giving discount to customers.
thanks Thanks