Anonymous
27 February 2011 at 22:01
If I am service tax registration no. holder but providing services to a govt. sector / department, then should Govt. sector pay service tax to me? or it will be exempted? If exempted then under what provision of law?
ajithkumar.t
27 February 2011 at 20:34
Sir,
One of my clients got a notice of order to pay TDS on salary with interest etc along with challan sent by Income tax office.
Actually the amount shown in the order is incorrect and due to the mistake in the E/TDS return filed.
The problem was due to in the e filing return instead of showing the employees salary as WOMEN it is incorrectly shown as OTHERS.
So the TDS deducted seen to have been made short when it is calculated for MEN.
Actually for women it is correct.However notice says to pay money.
What should we do.
Can i correct the e return for the year by filing correction returns. or any other remedy other than filing appleal to commissioner for this mistake in efiling.
Anonymous
27 February 2011 at 20:33
Hi Expert
Will highly appreciate if you can clarify my doubts on below situation, there are some technical points in below case - request you attention to each of the points below:
X bought a house property (Property A) in Mumbai in 2005 and sold the property in Jan 2011. LT Capital Gain on this transaction comes to Rs. 23 lacs.
X also bought a residential property (Property B) for use of his parents in another city in Jun 10 jointly in four names (self, brother, mother and father). Property is under construction with delivery date of Sept 2011. Registration of property to be done at time of possession.
Agreement value for the new property including parking is 52 lacs. Of which Rs. 15 lacs (initial contribution) has been paid from X’s own sources and Rs. 32 lacs has been financed by bank loan. Rs. 5 lacs is payable to builder on possession.
Initial contribution of Rs. 15 lacs paid by X was paid through his father’s a/c, this was done to facilitate prompt transfer to the seller (since X resides in a different city). X had to transfer these 15 lacs to his father’s a/c from where cheque was issued to seller. X has solely been servicing loan EMI and is expected to do same for life of loan.
Sec 54 says that the capital gain arising from sale above can be offset against the cost of the new asset if the asessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house.
In addition to Property A and B, X has invested in 3 more residential properties (all in city of his current residence). A couple of which are already on rent and chargeable to income tax under the head "Income from house property" and the remaining one is still under construction
Question:
1. Can capital gain from Property A be offset against the cost of acquisition of Property B u/s 54
2. Since property B has not yet been registered, will it have a bearing on claiming tax exemption
3. Also will the initial contribution routed via father’s a/c (though merely to facilitate transaction) have an impact
4. In case answer to 1 is yes, what will be the amount of offset.
a. Entire capital gain since cost of Property B is less than Capital gain of Property A. In this case are their any guidelines towards use of the proceeds from sale of Property A or the entire proceeds can it be freely used.
b. Or only self contribution of Rs. 15 lacs can be offset.
c. What wld be the treatment of remaining capital gain of Rs. 8 lacs. Can the same be offset be prepaying the home loan on Property B. If not wld this excess amt need to be deposited with SBI in an identified capital gain account.
d. And will payment towards final payment to builder and towards registration and stamp duty qualify.
Anonymous
25 February 2011 at 18:02
i have a franchise business where company pays me rs 85000 per month as 32000 for staff salaries, 10000 for shop rent, 5000 as electricity bill, 2000 telephone bill, and rest 36000 as my commission.
Now after 2 years service tax officer are saying that as i am using brand name of a company so i am liable to paid service tax on my commission and there is no service tax assumption on my total commission.
Plz guide me what i can do or is i am liable to pay service tax on my commision. i.e; 36000 per month. Is there any assumption on my yearly commission.???
Anonymous
25 February 2011 at 17:29
Sir, plz tell me about whether we can take vat claim on bills if it is not tax invoice & item purchased from party goes to production. is it possible to claim vat on bills of party.
Anonymous
25 February 2011 at 17:26
sir,we sale & Purchase within country under excise registration. plz tell me about whether cenvat credit is allowed on retail invoices of party having excise registration number.
truth
25 February 2011 at 13:01
HI All,
My cousin is MALLB. She married 8 years ago.She had taken "certificate of practice" before few days of getting married. After marriage , she got involved in daily chores of family life and did not practiced at all.All of sudden yesterday she got a call from her mother that she has received a notice from income tax department. The notice to show cause why a panalty of rs 5/20 rs per day of delay should not be imposed for not taking "enrolment/registration" certificate.
As mentioned, she is housewife and never practiced. She is embarrassed as being qualified , she does not know about what is the provision about enrollment.
What is to be done? what is the option left for her. what reply she should give to notice?
She is going to surrender the practice certificate this week.
jitendra
25 February 2011 at 11:36
I have sold my godown on Oct 2010 for Rs 500000 and it was purchase in the year 2003 for Rs 224870 shall I pay tax if to pay what is the solution for to save taxes
imteyaz farooquee
24 February 2011 at 21:34
My HRA was reimbursed and a consolidated allowance was granted by the Hon'ble High Court. After 6th pay commission report's pay, 10% of Basic is admissible as HRA then, my question is this that now the HRA is reimbursable or tax was deductable on it ?
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TDS without Payment
A company is not making any payment against our various bills. But online TDS details (26A) are showing that the company has deposited TDS in June 2010 against two payments of Rupees one lac each on 31 March 2010. Please suggest solution for the same as the company is not responding.