Anonymous
10 December 2011 at 17:44
There are 2 queries that I have relating to Tax Collected at Source (TCS):
1. In case of scrap sold by a company to another company in November and the payment is received during December, is the company that has sold scrap, liable to pay TCS by the 1st week of December or January?
2. In case the buyer of scrap pays advances during October to the company & the company issues a bill in November for the scrap sold, is the company liable to pay TCS by the 1st week of November or December?
Please clarify
Anonymous
10 December 2011 at 17:21
Why only tuition fees is included for Income-tax
exemption inspite of shools charging various fees
like Development Fees,Additional facility fees,computer fee,Lab fee, magazine fee, Exam fee, activity fee, admission fees etc ?
R_PVK
10 December 2011 at 13:56
Dear sir
my mother acquired a Shares of ITC of her brother thru scuession after his demise the querry related to the subject are as mentioned below
(1) my uncle had purchased the shares 1160 nos with face value 1 on april 1984.
(2) he had got twice bonus share once 2320 & agaqin on last year 3480 thus total share held before sucession was 6960 nos
(3) this total share of 6960 was sold by mother after sucession since he died . the value of that had been around 14 lakhs.
pl give the expert advice as how to calculate the capital gain and its tax which is liable as per slab since i am in confusion whether to take market value at the time of my uncles purchase or the market value when my mother got sucession pl give examples with calculation
Regards
R_PVK
Anonymous
10 December 2011 at 13:26
i am in want of my service tax premises code. kindly suggest and send me your valuable reply to me. my service tax No. AAWPS2298GSD002 and area kumbakonam (pin code 612 001)
Anonymous
10 December 2011 at 12:46
Mr X owns a land on which he has constructed a building in which he conducted his business. Mr X has entered into a Land Development agreement with some construction company to construct apartments in the place by demolishing the old building. In return he gets half of the flats to be constructed and some cash also.
Now the question is whether the amount received in cash is taxable or not? If it is taxable, in which head? whether Business income or Capital Gains? Will there be any change in the answer if he has stopped the business before some months ago before he has entered into the contract?
If it is subject to tax, when it is actually taxed? I mean whether in the year it is received or in the year of completion of construction and upon getting of the flats.
For the flats he is getting, will there be any tax. If yes, how we have to compute the taxation?
Anonymous
10 December 2011 at 12:14
Dear Sir,
Here is my query.
My wife and me both are working currently in IT field and we jointly own an apartment in Bangalore. We have recently taken a possesion of our apartment and given the same on rent. However, we are also living in the rented place as my wife office is closer from the rented place. All the EMI for the housing loan goes from my account an dusually the rent is paid by my wife. I would like to know the tax liability for both of us.
1) Are we eligible to claim the HRA benefit? if yes, than who should claim the HRA.
2) Can we also claim Rs. 150,000 interest amount. If yes, than who should claim it
3) What is the tax liabilty for the rented income. We have also paid an annual maintenace to the builder. Can we deduct that amount from the rental income.
Thanks for the help. I would appreciate if you can help me in this regard.
Regards,
Deepak
Anonymous
10 December 2011 at 11:23
1) In the PY 2009-2010, I am having NRI status as I was out of India for a period exceeeding 180 days. I worked on two contracts one in Europe and one in Dubai.
The contract in Europe had services rendered in Europe and the remittances on the invoices raised for the period 1 Jun 2009 to 15 Oct 2009 on this contract, has been remitted directly by my client to my NRI account in India.
For the Period 15 Oct 2009 to 31 March 2010, I worked in Dubai, under a contract, and the remittance on these were first received by me in my Dubai bank account after which I transferred to my NRI account in India.
My CA was comfortable for the remittance that I made from my bank account in Dubai, however wanted an opinion on the remittance made by my client directly from Europe to my NRI bank account
Could you kindly provide me with some tax opinion with reference to cases that demonstrate that NRI receipts , remitted directly to India from abroad are also not eligible for tax in India?
2) The second point is in the PY 2010-2011, I have received some money for my Dubai project, although these were accrued in PY 2009-2010, In the PY 2010-2011 Iam not having NRI status, so would this receipt become eligible for tax.
Anonymous
10 December 2011 at 10:57
What are the legal formalities to start a catering business (other tha the usual firm registration) ?
Is there any permission from state/central food authorities ? This is in Kerala State.
This is very urgent to me.
If any body knows, please help.
Thanks...
Anonymous
09 December 2011 at 19:00
How to prepare monthly cash flow statement.Can we prepare it without making balance sheet & Profit & loss ?
Please provide format !
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Revised
As I had some issues with original filing. And rectification request also got rejected with "It was noticed that there is a change in gross total income in the rectification application filed by assessee. This is not a mistake apparent from record as per section 154 of Income Tax Act 1961,hence the rectification request is rejected. Assessee is requested to file Revised Return (instead of Rectification Application) through www.incometaxindiaefiling.gov.in ".
I am trying to file revised ITR-2; with type as 'R' (revised and not 'O'). I am getting following error while uploading the xml file "If your Return filed under section code is 139(1),139(4),142(2),148,153A then your return type should be Original(O). from AY2011-12 onwards. Please rectify the Above error(s) and upload your return again"
Should I change return type to 'O' (original)? Also, if it's original, should I (or can I still have) original ack# and date?
Appreciate your comments.
Regards
Kiran