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Anonymous   21 February 2011 at 13:05

property tax

recently we purchased a land for rs 37 lacs
but it was registered as per guidance value of rs 13 lacs. while filing tax returns can i show purchase value as 37 lacs or I can only show for registerd value.Also I am selling another land for rs 32 lacs after keeping it for more than 5 years .As both of these transaction have happened in a year am I elegible to be exempted from long term capital gain tax as i have already purchased property more than what I am getting after selling the land.

jitendra   20 February 2011 at 11:45

sundry creditor trated as bogus

As for individual the income tax officer has passed an order for sundry creditors trating as bogus as I have aleready paid the payment by cheque and the same has reflected in bank statment but Incoem tax officer has issue the summon to crediotrs and he has left the premises and on the basis of same the income tax officer has raised the demand buth we have filed an appeal what is the view

Anonymous   18 February 2011 at 07:45

calculation of salary incometax

some of our officer submitted tax calculation form to deduct tax at source.they are all having own house.previos years they have not claimed h.r.a rebate u/s 10 of i.t act. this year they took the rebate of H.R.A& the y filled the rent colum like this way .i amresiding at rented house,but rent expenditure is nil.then i asked the offiers to enclose rent certificate. one of the offoer statred blaming like this i am class one officer, i know how to get rebate, simply file. u are simply making objection. really i am upset,then i said sir this is proccdure ,one who getH.R,A rebate he has to furnish rent bills. from so many years i am verifying the salary bills & connected records . sir i want to know iam in the right way or not? are any hidden rules beyond the rent caculation. kindly clarrify me to enlighten my knowledge.
rpd

RAKESH B SHAH   17 February 2011 at 10:07

C FORM

AS OUR ORIGINAL & DUPLICATE C FORM HAS BEEN BURNED IN FIRE WE HAVE TAKEN ZEROX COPIES OF C FORM FROM OUR CUSTOMERS I LIKE TO KNOW IS THERE ANY CASE LAWS FOR ALLOWING COPY OF C FORM PLS. LET ME KNOW

sandip   16 February 2011 at 19:40

Authorzed sign on Invoice

Require One sign on TAX/RETAIL INVOICE
kindly give me a sec or rule that prove

Anonymous   16 February 2011 at 14:39

loan to my son

If I give my son a loan of Rs200000/- (Rupees two lakhs) for application money for booking a flat without any interest which will be paid back to me after 15 years will it attract any complication in terms of Income Tax Act ? This money is from my retirement benefit.

Anonymous   16 February 2011 at 13:30

Stock Transfer

Can a dealer get CST billing from a dealer of same state say "X" at it's branch office in some other state say "Y" and after that make stock transfer to his main office at "X" from it's branch office at "Y" against F-Form

Anonymous   16 February 2011 at 11:24

gift to my son

My son is applying for an allotment of flat. May I give the application money to the tune of Rs.200000/- (rupees Two lakhs) on his behalf ? Is there any complication form the income tax point of view ? Have I to inform the IT authorities ? This money is from my retirement benefits.

Anonymous   15 February 2011 at 19:26

Branch Transfer under Punjab VAT

Sir facts relating to my query for A.Y. 2005-06 are:

Sales subject to VAT Rs.10,00,000
Consignment/Branch Transfer Rs.5,00,000
Total sales Rs.15,00,000

Total Purchases (4% + 12.5%) Rs.10,00,000
ITC on above (4% + 12.5%) Rs.1,00,000

Now i want to calculate the reversal amount (apportionment for branch transfer)??
I am little bit confused over 2 methods which are:
1st method:
Reversal amount= 1,00,000*5,00,000/15,00,000 = 33333

2nd method:
Reversal Amount= 5,00,000*10,00,000*4/15,00,000*100 = 13333

PLEASE SOLVE MY QUERY RECITING APPLICABLE RULES AND TAX LAWS.

Anonymous   15 February 2011 at 18:25

cenvat credit on piston seal

sir, how much cenvat claim can we take on pistal seal used in mould. whether it is 50% or 100%