Anonymous
23 December 2011 at 09:42
Assessee proposed to avail benefit of an Exemption Notification (Condition that no CENVAT Credit will be availed). The department has objected on the ground that the assessee is not an eligible unit as per the Exemption Notification. Assessee is still of the view that it is an eligible unit, and hence, duty was paid under protest.
For this purpose, the assessee has neither availed the Credit on Capital Goods nor has he included the CENVAT portion in the value of Capital Goods, rather the CENVAT Credit is kept in a separate account.
There may be two cases:
Case 1: Where finally Exemption is allowed after litigation, this credit would not be available.
Case 2: Where finally Exemption is disallowed even after litigation, this credit would be available.
Question - 1: In case 1 above, whether it is possible to include the above CENVAT portion in the value of Capital Goods on receipt of the final decision and claim depreciation on the same?
Question – 2: In case 2 above, whether it would be possible to avail the benefit of CENVAT credit on receipt of the final decision?
Please suggest as per the provisions of Central Excise Law.
Anonymous
23 December 2011 at 09:23
I have purchased the property in 2001 in Rs. 275000/-lacs now in 2011 I have sold it in 1000000/-. My annual income is 450000/-.
Please tell me in detail the IT provisions regarding sale of property & how this deal will have impact on my return? How can I can save max. tax ?
d. chandra sekhar
22 December 2011 at 12:14
Service Tax Department has issued a demand notice for payment of service tax on provisions (current liabilities) mentioned in Balance Sheet.
My client utilize lorries for transportation of commodities to different places in A.P. He got the service tax registration as GTA. For that, he will pay service tax on the payments made to lorry owners as per the service tax provisions. At the end of year my client provide provision in balance sheet for payments of lorry freight to different lorry owners. The contention of the department is service tax is also applicable on the provisions provided in balance sheet.
Can any one clarify this matter or if any judgments available on this issue?
Anonymous
22 December 2011 at 09:55
Dear all,
pls confirm whether Non-banking business activity (borowing & lending money) can be run by a partnership firm?
any objections of RBI??
regds
Jigar
Rajeshwar
21 December 2011 at 22:20
Dear Team,
i resigned from my current job and now i want to withdraw my pf and eps that total amounts to aprox around 60000/-. please guide me that will the amount that i'll be receiving would be taxable. my joining date was 24-07-2007 and my relieving date was 18-12-2011 from my current organisation. as i don't want to transfer the amount to my new organisation's pf hence want your guidance that will it be taxed and if yes then after how many time its withdrawal would not be taxed
jagan
21 December 2011 at 18:41
1. i would want to know whether input tax credit is transferable from a seller to a buyer under TNVAT act 2006.
2.when the output product is classified under Zero rating, the seller are entitled to credit on the input taxes. If the Dept considers the output sale as Exempted sale and not as Zero rate sale, then the credit for input taxes paid on major products(steel, cement) are being denied. In such event whether such amount of input taxes can be passed on/transferred?
please provide me some assistance in this regard completely in relation to TNVAT and applicable GOs or cases if any. thank you.
Anonymous
21 December 2011 at 17:21
Sir,
I m going to file ST -3 return online we have centralized registration for more then one premises at the time of fill ST3 list of registered premises shown, wo i want to know either we file return only for Registered Office Address or all premises registered shown in ST -3
Thankx
Anonymous
21 December 2011 at 12:57
Dear Sir,
Fact of the Case:
A Director of Company has some agricultural land in his name situated within 8 Kms of municipal corporation and Director has given such agricultural land to the Company for use of commercial activity and recovered rent from the company.
After 10-11 years, such land acquired by the Company on the basis of registered agreement i.e. without registry, consideration price was taken by the Company at circle rate of agricultural land prevailing at that time.
Accordingly, Director has paid capital gains on the basis of circle rate of agricultural land.
AO is in opinion that such land is used for commercial purposes for more than 10 years, accordingly AO adopted circle rate of commercial land and calculated capital gains.
Is AO legally right or not, pls advice at the earliest.
Regards
P M Mehta
21 December 2011 at 12:26
Have received SCN for non-filing of ER7(Annual Capacity).
Is there a time limit for issue of such notice?
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Itc of staff meal
Dear Experts
Myself Rakesh Panwar working in Hotel Industry, my question is that can we claim ITC on the raw material which is used for cooking of food for the staff, if not what is the criteria to segregate the amount of ITC which is not to be claim as the purchase is booked totally and its not possible to book them seperately.