Anonymous
11 July 2010 at 22:48
Dear Sir,
Kindly clarify, if NBFC makes provison as per RBI prudencial norms,for sub standard assets and NPA, is these provsion is allowed as per Income Tax act? Is this be grouped under the section 36 of Income tax act.
Thanks
regards
Kalyan
Rema
11 July 2010 at 16:44
The rate of tax on works contract when goods are in the form of goods or not in the form form of goods is a complicated subject. A number of works contract cases in VAT period is pending before the Hon. High Courts of various states and even in Supreme court. Owing to the uncertainity in the rate of tax on works contract, the assessments are pending in so many cases. Under the circumstances, please answer the latest position of works contract and if any case citation of the HOn. High Court and Supreme Court are available please note the same.
Rema
R T Pandey
11 July 2010 at 16:31
Sir,
we are govt. contractors working for railways,PWDs and banks etc.On payment of bills Tax is deducted at the rate of 2.242percent and form 16 is issued by the concerned department.We have claimed refunds for 2008-2009 and 2009-20010.Income tax department is not paying the refunds on the ground that the TDS is not getting verified on line.On contacting the departments deducting tax on source say that they have deposited the tax correctly and can not help us in any other way than issuing form 16.
Please advice weather we sould file an apeal/case? with whom? the rate of 2.242 is correct?.
Thanks and regards
for Reliable Engineers.
Jatinder Chugh
09 July 2010 at 16:41
I am regd dealer in Punjab and want to sent goods on consignment basis in Punjab as well as out of state and would pay commission to consignee. Now my question when i have to pay vat on the same when i transfer the goods to consignee or when actual sales take place at consignee's end and can i sent goods to consignee as stock transfer and book sale when i get sales report from the consignee and pay tax accordingly.How the same can be booked in case of goods sent outside state.Can i treat same as stock transfer or some consignment not to be sent. And whether the regd person outside the state selling the goods would have to pay vat and can such person issue me the C-form for the goods sent on consignment.
PAWAN KUMAR
09 July 2010 at 16:35
1. Whether payments made for purchase of depriciable assets exceeding Rs. 20000/- in cash in one day is dissallowed u/s 40(a)(3) and if yes, whether this is applicable for Asst. Year 2010-2011 also.
2. Whether margin money paid Rs. 100000/-for purchase of depriciable asset (i.e. is of Rs. 5.00 lacs)in cash is dissallowed & balance to be financed from bank etc. and the Dep. Claimed on it is dissallowed on which amoun. (i.e. margin money amount propotionate or full amt. of Dep. and for Asstt. year 2010-11 also.
Kindly clarify.
Anonymous
09 July 2010 at 15:18
Dear All,
I want to know that what is the liability of the Chartered Accountant in case of tax audit if client not deducted TCS and paid to Government on all of his sales made which is liable for TCS deduction and CA only give note regarding no deduction of TCS in his tax audit report ?
sakshi
09 July 2010 at 15:03
Dear Sir/ mam
Please help me____urgent
I am working in a pvt. ltd. company in Faridabad (Haryana) involved in manufacturing & trading of printing machine cylinders and also job work.
i am doing book-keeping only. Now my boss ordered me to take the charge of all related to TDS.
Please tell me about its sections & rate
how,when & where it is deposited & also about its return.
sakshi
Anonymous
09 July 2010 at 13:53
Sir,
One land was purchased by my father in 1965 at Rs 9000/-. But now the market value of it is 2.5 cr. Also we have made some development like boundary and well etc. We r five heirs and each will get 50lakhs. If we sell it how much tax will be payable. Is there any other option to save the tax, since we do not have any other income and is sole property. Plz. suggest.
thanks and regards.
Anonymous
07 July 2010 at 14:42
I had purchased a flat in Jan 2007 for Rs 19.50 lacs and intend to sell it soon for which I will get approx Rs 31.00 lacs.How much amount do I have to reinvest in order to save tax. However, if I were to use the entire amount(sale consideration) as per my choice, than how much tax I would have to pay.Please advice.
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Section 35AD and Hotel Industry (Income Tax)
We are a Partnership Firm having constructed a Hotel and a Shopping Mall.We have commenced operations of the Hotel in April,2010.
Our questions are :
1. Can we claim deduction of 100% of Capital Expenditure incurred on the Project ?
2. What does Capital Expenditure include ?
3. Do we have to segregate expenditure on Hotel and Mall or is the deduction u/s 35AD applicable to both ?
4. What are the advantages or disadvantages in terms of taxation if we covert the Partnership Firm into a LLP or a Private Company ?
Regards,