Anonymous
21 March 2010 at 20:11
if there is gross profit coming only due to credit notes which the applicant had shown in trading account.can sales tax officer can say to charge vat on credit notes.is he is eligible to say any thingh about profit except that of income tax officer.any case law
Ram
20 March 2010 at 13:10
Dear sir,
We are traders of scrapped tyres in mysore, karnataka. In Karnataka state the delivery note is to be generated by means of website.
our firm has a sister concern in bangalore, Karnataka. Since the person who looks after the office in mysore is not at all equipped with the computer knowledge, the details of delivery note will be uploaded in bangalore, printed in bangalore and the delivery note shall faxed to the person in Mysore. All the three copies ie original, duplicate and triplicate shall be faxed. Then the concerned person in Mysore will take the xerox of the faxed copies sign on the same and will be sent along with goods.
But we are fined Rs 60,000/- by the sales tax authorities stating that xerox copies of the faxed document are not original documents.
But my question is since the delivery notes are web generated, does it make a difference whether it may be first print or xerox copy of the faxed document. However i would agree that if the delivery notes were issued by the sales tax dept in physical form, as done before, then taking xerox copies of the same would have no validity. But how can it be the case with web generated forms, where the document is always present in the database.
I have decided to appeal against the order, so is there any statute defining the meanings of original documents.
awaiting for your replies and thanks in advance.
regards
Ram
Anonymous
20 March 2010 at 06:49
PLEASE CONFIRM WHETHER THE UNDER MENTIONED CALCULATION FOR EXEMPTION UNDER SECTION 54F & 54EC IS CORRECT OR HAVE I MISSED OUT ANY ASPECT.FOR CALCULATION PURPOSE I HAVE ASSUMED THE INDEX FOR FY 2009-10 AS 610 WHICH IS CERTAINLY LOWER THAN EXPECTED, THIS IS TO BE ON THE CONSERVATIVE SIDE.
FINANCIAL TRANSACTION DETAILS
1. COST OF PLOT (OCT 2004):RS 18,66,300.00 (INCLUDING STAMP DUTY) _________________________
TOTAL COST RS 18,66,300.00
______________________
2. INDEXED COST : 18,66,300.00 X 610/480 = RS 23,71,756.00
3. BROKERAGE COMMISSION :RS1,90,000.00 ___________________
FINAL COST : RS 25,61,756.00 _______
4. SALE PRICE OF PLOT (DEC2009) : RS 60,00,000.00
5. COST OF FLAT BOOKED ON RESALE (DEC 2009): RS 54,33,000.00
 100% PAID TO BUILDER : RS 51,75,000.00
 TENTATIVE COST OF REGISTRY : RS 2,58,000.00 (TO BE PUT IN CAPITAL GAIN A/C)
6. LTGC:
RS 60,00,000.00 – 25,61,756.00= RS 34,38,244.00
54,33,000.00/60,00,000.00 X 34,38,244.00 = RS 31,13,330.00
7. NHAI BONDS TO BE PURCHASED: RS 34,38,244.00 – 31,13,330.00 = RS 3,24,914.00
SUMMARY
•FINAL COST OF PLOT : RS 25,61,756.00
•SALE PRICE OF PLOT : RS 60,00,000.00
•COST OF FLAT : RS 54,33,000.00 (INCLUDING COST OF REGISTRY)
•AMOUNT PUT IN CAPITAL GAIN A/C : RS 2,58,000.00 (COST OF REGISTRY)
•NHAI BONDS : RS 3,24,914.00
Anonymous
19 March 2010 at 15:00
A travel company has booked a hotel for 400 persons, a cook for 10 days and labourmen for 10 days, hire buses of other company and paid Rs. 1.5 lacs, 1 lac, 1 lac and 50000 respectively.
Does it effect the TDS?
Parthasarathi Loganathan
18 March 2010 at 20:54
News Item:
The Maharashtra Government has not taken a final decision on levying entertainment tax on the IPL, said the Chief Minister, Mr Ashok Chavan, on Wednesday while addressing the media on the eve of budget session. When it was pointed out that the State Cabinet said on January 20 that entertainment tax of up to 25 per cent would be imposed on the ticket sales of IPL and other one-day international cricket matches, Mr Chavan said no final decision was taken and the matter was still under consideration. Matches held in the municipal limits would attract 25 per cent tax while those outside the municipal limits would be levied 20 per cent tax.
Inference:
If Government can afford leakage of income to the exchequer on account of this non-levy of Tax, under what legal context this would stand good
Anonymous
18 March 2010 at 18:04
Dear Sir,
Our unit is manufacturing the erw pipes. Than tell me how much i can resale maximum raw material.
I am waiting for your reply.
Rajan Kumar
18 March 2010 at 17:41
Sir, I have applied for Vat no under Punjab vAt Act on 26-09-2009, but till date i have not received the vat no.
what action i can take against the dept. now is it mandatory for the dept to allot me the vat no?
Anonymous
18 March 2010 at 14:34
My mother aged 65 received a notice under 142 of IT act , She has Just 1 Lack Fixed Deposit and she gets regular Interest on that, She has PAN card for Last 5 Years not filed any returns, because she hardly make Rs.8500/yr , in such a context what is the meaning of this notice u/s 142 of Income tax act?
RAJENDRA PANDEY
17 March 2010 at 08:17
Dear Sir/madam
I have purchase a car in my firm by exchange offer from a company and i received a tax invoice from company. my question is that whether i also make a invoice to the comapny for the sale of my old car and is there any tax liability arise from this transaction.
thank & rgards
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Filing of ITR
I am a housewife and a non taxpayer. This Fy I have sold a residential plot which I had purchased 5 yrs ago.I will be seeking full Capital Gains tax exemption under Section 54F and 54EC by buying a residential flat and NHAI bonds from the entire 'Net Consideration'.My query is, since my ITR will be reflecting income and gains as nil or zero at all places, so it is mandatory / obligatory in my case to file a IT return.Please advise.