Kamal
06 October 2012 at 14:28
There is a public charitable trust running a hospital. Its income includes voluntary contributions and hospital income. The trust has not applied for exemption u/s. 11 & 12 for the year under consideration. So, the exemption is not available for the said year.
Based on these facts, following are the queries.
1. What will be the treatment of voluntary contributions and hospital income under it act?
2. Whether hospital income be treated as business income? If yes then whether eligible for depreciation allowance? What will be the rate of tax?
3. A trust will be taxed as an AOP. What will be tax rates for above income and whether the benefit of exemption slab can be taken in this case?
Please cite relevant sections and/or cases.
ASHOK KUMAR
05 October 2012 at 14:16
My mother had 5 FD of One lakh each with Network 18 for a period of one year with nominations of her four children for each one lakh FD and one Fd of one lakh with self nimination.The FD was to mature on Feb 2012. My mother passed away in on June 2011.I have written to Network 18 that my mother has expired and that they should pay the FD in the respective nominees names.They have done so and when asked about the tax deducted at source certificate they informed me that the same will be sent in the month of May-June.
When I reminded them in June they sent the Certifcate in the name of my dead mothers name.Firstly my mother is a senior citizen and also was a House wife with no earnings Actually no TDS should have been deducted from her interest income
Now the question is the company has deducted the tax from each of the nominees but refusing to give the Tax deducted at source cert in each of the nominees names.Kindly advise what we can do since all the nominees are tax payers and are unable to take the benefit of the TDS.Thanks in advance.Ashok Kumar.
Kapil Tiwari
05 October 2012 at 01:32
A plot of vacant land had a Fair Market Value, after indexation, as on 1/4/1981, of Rs.19,39,092/-. This land was sold on 25/7/2012 for a consideration of Rs.1,10,36,000/-. Rs.50,00,000/- were invested in 54 EC Long Term Capital Gains Tax Saving Bonds of REC & NHAI within 6 months from the sale date(25/7/2012). Kindly advise: 1)What is the amount of Long Term Capital Gain? 2)What is the Long Term Capital Gains Tax payable, including Cess, after considering the investment of Rs. 50 lakhs in 54 EC LTCG Tax Saving Bonds? 3)By which date should this tax be paid, considering that the assesee is a Senior Citizen and hence no Advance Tax is payable by her?
Jai Yadav
04 October 2012 at 21:03
Respected Experts,
I, a tax payee, gifted around 50 thousands in cash and 2 lacs through cheques to my father in AY 2011-12.
(1) Was gift deed necessary in the above case ?
(2) Can a gift deed on plain paper serve the purpose ?
(3) Can a gift deed be made on current date for previous years ?
Thanks in advance
sanjiv batra
03 October 2012 at 18:03
DATED: 03/10/2012
A REGISTERED DEALER SENDS THE MATERIAL TO HIS JOB WORKER WITH IN A STATE AND SOMETIMES INTERSTATE ALSO FOR JOB WORK NOT FOR SALE. IF HE SENDS ONE LOT TO HIS JOB WORKER FOR JOB WORK IN TWO VEHICLES, BUT IN ONE CHALLAN. HE MENTIONS VEHICLE NUMBERS OF BOTH THE VEHICLES ON HIS CHALLAN AND GIVES ORIGNAL SET TO THE DRIVER OF ONE VEHICLE AND PHOTOCOPY OF SIMILAR SET TO THE DRIVER OF SECOND VEHICLE.
IS IT OKAY UNDER DVAT, U.P.VAT ACT AND CENTRAL EXCISE ACT?
jatin sharma
03 October 2012 at 15:43
hi,
my query is that,my frend father died in the year of 3 12 2009. after that my frend mother file the income tax return as a legal heir of his husband in the assessment Y 2010 2011 including FD interests after deduction TDS. after the calculation she has claim refund in the above said return which is file manually.now she know that his husband had one another FD which is not mention in the Tax return but TDS of assessment Y 2010 2011 that FD deducted by the bank which is shown in 26as. my Q is what she should do now.
Vishwas
03 October 2012 at 12:44
Hello ,
Can any one guide me that whether vat is applicable on textile fabrics in gujrat or not.???
Also give me the link of the relevant provision where the same is stated.
Prasenjit Dutta
03 October 2012 at 10:58
Dear Experts,
I am sure that the restaurants and fast food outlets are fleecing the public in the name of VAT & ST which they are charging at varying rates throughout Kolkata. Not even 1% of the public ever question or even look at the tax percentages they are booking on the bill print out.
Also you must have noticed that they print the bills on very poor quality thermal paper and with a near empty ink cartridge. That itself indicates that they are trying to hide something. By the time you start thinking of initiating legal action against incorrect taxation you have no proof of purchase left with you. The print has vanished by then--sometimes within 1 day.
Can some learned expert please make a layman like me aware about what exactly is the admissible rate of VAT & ST in West Bengal that is applicable to restaurants, hotels and fast food outlets?
I am seriously considering taking up a PIL against some of the outlets that I have my eyes on.
Vinesh K Chhaya
01 October 2012 at 21:40
Respected Sir/Madam,
Vacancy allowance in respect of rule 56 of Bombay Provincial Municipal Corporation Act 1949 has been applied before 2 years but Municipal Corporation has not replied or decide that application till today. The amount of tax is getting increased Then Without any order from Municipal authorities can I lodge appeal to the District court? or I have to file civil suit against municipal authority for tax...My exact query is Can I lodge appeal against "No Procedure" for my application? on base of tax bill and application for vacancy allowance only?
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Discount
In our sales transaction, suppose goods item invoice value is Rs25000-, we collect Rs24000- from the customer and give receipt for the same. Difference of Rs1000- will be treated as discount. Whether it is right as per accounting procedures?