manoj kumar saraswat
01 January 2011 at 17:20
sir/madam,
can a person who receives jewelery from his/ her son as gift can convert that into stock in his/ her business? plz tell provisions of Income Tax Act & Rajasthan VAT Act.
jagadeeswaran.l
01 January 2011 at 09:05
dear experts,
I have borrowed loan from one X for purchasing of house from the housing board. the lender had given the money in the form of DD drawn in favour of the Housing board and i got the property registered in my name. since I am unable to pay the loan, I am willing to gift the property to him. in this circumstance, am I liable to pay any income tax, since I am not selling the property with any margin.
experts are requested to advice please and thanks in advance.
L.JAGADEESWARAN
Anonymous
30 December 2010 at 21:25
whether the A.O. can select the case for scrutiny and issue the notice U/s 143(2) with out processing the income tax return u/s 143(1)?
Since as per circular no.75/2009 For the A.Y. 2009-2010 Jurisdiction transfered to the cpc Bangolare to process the return u/s 143(1) if the A.O. has no Jurisdiction to process the Return Then how he can issue the notice u/s 143(2) And pass the Assessment Order u/s 143(3)?
As Per Explanatory Notes finance act 2008 1/2009 dated 27-03-2009 ā€¯ Generally, Tax administrations across the countries adopt two stage of procedure of assessment as part of risk management strategy. In the First Stage, all tax returns are processed to correct arithmetical mistakes, internal in consistency tax calculation and verification of tax payment. At this stage, no verification of the income is under taken. In The Second stage, a certain percentage of the tax returns are selected for scrutiny/audit on the basis of the probability of detecting tax evasion. At this stage, the tax administration is concerned with the verification of the income. Reading the explanatory it is clear that after completing the first stage A.O. can select the case for scrutiny.
prithwish sengupta
30 December 2010 at 11:35
is purchased goodwill an intangible asset?
can depreciation be charged on such goodwill @ 25%?
pls answer and refer case law if any.
thanking you.
Monu Bhardwaj
28 December 2010 at 21:02
We are registered dealer under Punjab Vat Act.We are purchasing Formic acid from Gujarat party.After collecting order from our customers,for passing cenvat credit to ultimate buyer,in the bill raised by the party name of the ultimate buyer is also placed by the Gujarat Party in the column consignee and in the column sold to our name is mentioned.LR is being prepared in the name of ultimate buyer,means that it is case of predetermined sale by transfer of documents of title of document.Please refer to case law of A& G Projects also which creates another comlication.
Another query is that we have a private limited company and a partnership company both the directors in the company as well as partners in the firm are same(Both Husban and Wife only;).Vat and CST Registration of both the entities are different.
but address of both the concerns are same and one only.
Now due to some practical problems we are purchasing material from Gujarat in partnership firm and effecting sale in transit without any magin to our another company at the same address.
Querty is that is it possible to effect sale in transit between two related parties having one and single address where partners and directors are same.
So.can any authority whether income tax department or sale tax department prove that as the directors and partners in both entities are same and address is also same and even no margin is added in the subsequent sale.Transcation of subsequent sale is fictitious in nature and used as a tool only to avoid or evade tax.
Futher is to possible to endorse a LR/GR to own address as both the entities are having same address.
Anonymous
28 December 2010 at 18:30
sir,
pan no alloted by uti is already alloted to some one else. thats why my return is not processed.i have't got my refund. tell me who is responsible for it.how can i get my refund soon.help me.
preet
28 December 2010 at 14:42
Electricity Units:- If variation is made in day to day consumption units of electricity that books of accunts is rejected on that basis???? plz also refer judgement
Debashis Mandal
28 December 2010 at 13:35
Respected Experts
If a service attracts service tax & as per Income Tax act also attracts TDS u/s 194c then as per rule TDS is also deductable on service tax amount with the service fees & also service tax is payable on receive basis only so if TDS is deducted on service tax then that portion is not recd by the assessee - now the question is - is that portion of service tax is also payable
thanks
Debashis Mandal
Anonymous
27 December 2010 at 17:31
Pls anyone clarify me that if two related parties having same directors and having same business address same business premises can effect sale by transfer of documents by subsequent transfer of documents of title.In this case first sale is interstate sale under section 3(a) from third party from another state only subsequent seller and ultimate buyers are related parties (management and control as well as directors are same in both the concerns.
Futher is it possible to endorse a document of title (LR,GR or RR) from one sister concern to second sister concern at one and same address to avoid sale tax.
Thanks in advance
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harrasment by sale tax department
i am a businessman and i deals in hardware goods and mainly doing interstate sales from punjab to uttaranchal and we done all our business in 1 number and our bill is also very high in amount but when it crossed on the barriers the sale tax deptt stops it and said the bill is undervalued and ask for settlement and imposed a very heavy penalty what is the benefit to us for paying lot amount of taxes if we again has to pass through these things. what can we do in this matter
please favour me and reply me