Anonymous
23 April 2011 at 11:48
Our's is a limited company. We are making payments through credit card in foreing exchange for accessing certain sites in USA. The server is in USA.
It is monthly and /or yearly subscription charges paid for accessing the site.
If I go on a particular site, I will view the contents of the site broadly.But, if I want certain specific
information then I need to pay for it.
Are we liable to deduct TDS?
Anonymous
23 April 2011 at 11:39
In a composite works contract executed in the year 2006-07, the Contractor, here the service provider has given the entire labour portion to a sub-contractor. To him his Taxable Service value is equal to the sub-contract labour paid plus Gross Profit. He computed the Turnover in that manner and submitted ST return. The VAT payment was made for the whole contract by Compounding method at concessional rate of tax under the state VAT Act. During the period, the Service Tax was paid under the head "Installation errection .... " at the relevent full rate of tax. The works contract compounding method under Service Tax was not introduced during 2006-07.
With respect to the Service portion, the entire labour has been given to one subcontrator. That means the service portion is known.
Now Show-cause notice has been given to pay service tax on the entire turnover on 33% of the total receipt at the rate applicable to the relevant years. Was he right when he paid tax on the Service portion only and VAT payment was made on the entire turnover?
One important point here is, in the Show cause notice hearins stage he could produce the Material transfer Invoices and service charge invoices for the contracts .If so, is he eligible for exemption on the material transfer value on the basis of Exemption circular under Service Tax?
Anonymous
22 April 2011 at 19:12
The assessment of my client was completed u/s 147/143(3) on 30.12.2007. The assessment reopened only on the basis of valuation report of DVO. The assesee challenged this order before the CIT(A). The CIT(A) has allowed the appeal of the assessee and quashed the proceedings u/s 148 and also deleted the additions made on the basis of DVO's report. The department went in second appeal before ITAT. The department raised only one issue regarding validity of proceedings u/ 148. The A.O. has not raised any ground on the additions which were deleted by the CIT(A). The ITAT decided the appeal of the A.O. in his favount and hold that the proceedings u/s 148 are valid but didn't comment on the merits i.e. the additions because of that the A.O. has not raised any ground on merits. Now the A.O. levied the penalty u/s 271(1)(c) on the basis of the assessment order dated 31.12.2007. In fact all the additions were deleted by the CIT(A) and the same were not challenged before the CIT(A). My query is regarding the levy of penalty u/s 271(1)(c). Whether the penalty is leviable where all the additions were deleted by the CIT(A) and to this extent the order of CIT(A) is sustained even the proceedings u/s 148 declared valid by the ITAT ?
Is there any case law please let me know. From Shafi Mohammad Chouhan. Advocate
C.A Alok Mukherjee
22 April 2011 at 12:26
Let us take a simple case
A company found the material sent by the interstate supplier not as per specification and quality standard hence the material is rejected. Now since the material is brought into their state by using the road permit is it there liability to ensure that the rejected material should cross the checkpost of their state it may happen that on rejection the material was handed over to his authrised agent /transporter by the buyer in that case will it be an obligation on the part of the buyer that material is actually pass out the border whatif if this material is sold in that state by the agent to other party? Since material is brought into a state by the buyer using their road permit what precaution buyer should take when there is a jenuine rejection due to poor quality of material.
Anonymous
21 April 2011 at 23:52
i had filed income tax return 2010-2011 . in advertantley i forgot to put my signature on it and then an official came to ask for fine for not putting signatures. is there any penalty to me . ?
sunil
21 April 2011 at 14:50
I PURCHASED PLOT OF LAND IN DEC 2009 PRICE 3,45,000=00.
SAME I SOLD IN MARCH 2011 FOR RS. 6,00,000=00.
THIS WAS DONE TO PURCHASE SMALL PLOT FOR RS. 3,00,000=00 AND CONSTUCT HOUSE. PLOT WAS PURCHASED IN APRIL 2011. AND CONSTRUCTION WILL BE COMPLETED IN ONE YEAR.
WILL I HAVE TO PAY CAPITAL GAIN TAX? COST OF CONSTRUCTION IS APPROX. 10,000,00=00
SUNITA
Anonymous
21 April 2011 at 07:27
Dear all
Below is my query wrt to WHT
Situation - When the Non Convertable Debenture is held by an ofshore investor, WHT to pay on interest as per the tax treaty between the countries.
Typically, offshore investors ask for the interest payment to be grossed up for the tax, so that their return is not hampered.
So for instance, if the offshore bond investor wants 11% interest, and withholding tax is 10%, the interest payable by the issuer is 11% * (1-10%) = 12.22%
Question-
1. Is the tax amount so paid to investor can be taken as business expenditure.
2. The tax amount paid by the issuer (= 1.22%) be set off against income tax paid by the issuer?
Thanks in advace for your support.
Anonymous
20 April 2011 at 23:30
The Govt. in the budget announced that persons of 60 years and above would be treated as Senior citizen. In such case they can fill up 15H form for tds.
2. The Income Tax Department states that if your income is upto Rs. 5 lakhs, he need not fill the Income Return. Please elucidate. Thanks
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TDS on club sbscription.
IS TDS is decuctable on the monthly subscription paid to club by a company for emplyee.
if yes then under which section and what will be TDS Rate