Anonymous
24 December 2011 at 15:46
Hello Experts,
Q1.Can Tailoting business income & Mobile repairing income show u/s 44AF/AD gross receipt basis either 5% or 8%?
Thanx..
Anonymous
24 December 2011 at 14:29
my company filed income tax retun for the period 2005-06 on 2-11-2006,with a delay of 2 days.it was filed through registered post.on 31-10-2006 there was a sendoff function in the it office and the couter accepting retur was closed by 5.pm instead of the usual 5.30 pm.commissioner denied carry forward of lose as return was not filed properly u/s 139(3).we filed appeal .before it commissioner ,appeals.he dismissed the appeal.we filed second appeal before the tribunal which allowed unabsorbed depreciation but rejected claim of carry foward of lose.high court also dismissed our claim of carry forward.carry forward comes to 2.40 crores.what is the remedy avilable.will supreme court entertain our claim of carry forward?
Asha
24 December 2011 at 13:30
We have not filed DIN-3 to ROC in the year 2007 when the company was formed, now the site is not allowing us(giving a message like "company default in filing DIN-3/Form.32") to see 'View Signatory Details' under register digital signature corner of MCA portal pls suggest us the remedy. Can we file the DIN -3 now ro pls suggest us what went wrong and remedy. thanks in advance to all the members here.
Asha
24 December 2011 at 13:14
DEAR SIR,
What is the meaning of Works contract.Under the works contract if one party are providing goods and services to other party and other party are in composition scheme,at that time how much rate charged under service tax and under vat.WHY? Explian in briefly manner sir.
Asha
24 December 2011 at 09:55
I have a querry regarding works contract under respective state VAT's, My querrie is that when a person is executing WC transactions, he even operates interstate transactions,
For suppose when a person in A.P is executing the work contact for a person in Maharastra. To execute this when the contractor is using the goods from Karnataka state and those goods goes to Tamilnadu for finishing and these finished goods are used in for executing WC in Maharastra.
Now my question is :
1.Please tell me the levy of tax all yhe transactions.
2. When in some cases if the Contractor not under Composition sub contracts to a Contractor under composition the how will the levy and tax credit goes?
3. Please tell me all the possible Issues.
Thanks in advance,
Regards,
Anonymous
23 December 2011 at 20:45
What information can be deduced from ITR filed in business category about business of any person?
Asha
23 December 2011 at 19:02
Dear Sir,
We have registered Service Tax under "Repair & Maintenence" Category.
I am raising the Tax Incoices on monthly basis & take liability of Service Tax at the same time according to new rule.
I would like to know the service tax entry if I received 1 year advance. For instance, Amount given below :
One Year Advance : 86,292.00
Monthly S.Tax : 741.00
Regards
Asha.
Anonymous
23 December 2011 at 18:23
While filling the ST-3 online, there are only 6 cells to fill in the challan details. In case, there are more than 6 challans, where to enter the details. It does not accept if I put comma or slash or space.
Please do reply urgently.
RAJESH CHOUDHARY
23 December 2011 at 18:14
Hi kinldy check the calculation on interest on Tds.
Bill Date 8/4/2011 amount Rs. 35000/- on profeesional services.
Tds Amount Rs. 3500/-
Interest Rs. 420 for 8 month Delay if deposited on or before 25 days of December.
TDS IS DEDUCTED
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Pre-emi interest
I have gone through the replies given earlier by panelists on pre-emi interest. However, I have a specific query. I have taken a housing loan during June 2010 and I have paid pre-emi interest from June 2010 to Nov.2011 and since Dec.2011 I am paying regular EMI as the construction has been completed and handed over. My understanding on reading the Act is that the pre-emi interest for the period from June 2010 to March 2011 is to be aggregated and claimed as deduction over a period 5 years, commencing from the year 2011-12(AY 2012-13) The pre-emi interest for the period from April 2011 to Nov 2011 and the regular EMI interest for the period from Dec.2011 to March 2012 to be aggregated and to be deducted from the total income for the year 2011-12. The explanation given in section 24 clearly states that Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the PREVIOUS YEAR in which the property has been acquired .......... shall be
deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:
- In my case - the year prior to the 'Previous Year' is 2010-11 and hence any pre-emi interest paid during the year 2010-11(i.e., upto March 2011) will have to be claimed as deduction over a period of 5 years.
The reason for posting this query is - the IT website contains a publication"tax payers information book" where in (in page no.12) it has been mentioned that interest paid/payable before the final completion of constuction will be aggregated and allowed over a period of 5 years.
Members may peruse the above and may offer their views.