LCI Learning
New LIVE Course: Toxicology and Law. Batch begins 21st July. Register Now!

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Vasudevan   02 March 2017 at 21:28

Assessment of income tax u/s. 68 - reg.

Respected Experts,
The issue is my friend problem. The firm is an automobile sales & services. Supply/service were received from two parties amounting to Rs.8,14,650/-. The payments were made to them through cheque. Those two parties were private persons and not registered under Sales/Service Tax authorities. The Assessing Officer has invoked section 68 of Income Tax Act and decided those credits as unexplained and levied tax and order was passed u/s 143(3) of IT Act, 1961. Appeal filed before the Commissioner of IT (Appeal)was also dismissed under section 250(6). The firm was also stand closed in 2013 itself. Is there any legal remedy as the firm stand closed in 2013 itself and the Assessment Year was 2010-11. Whether there is any provision for waiver of the Assessment as the firm is non exist. Whether filing petition before the Lok Adalat for waiver/reduction of tax is permissible/fruitful in the present situation. Please clarify. Thanks in advance to all the respectful Experts.

harshit singh   26 February 2017 at 19:55

Can i get information about some one's pan card through rti act.

Dear Experts,
is it possible to get infomation of some one's Pan Card( only date of issue of Pan Number) under RTI act 2005.If possible where to file RTI.

Regards,
Harshit Singh

pgindia@gmail.com   23 February 2017 at 09:36

Hyderabad road tax for delhi car

Hi,

I purchased a car with delhi number and now bringing it to hyderabad as i would be here for long time. Can you please help me:-

1. for how much time I can run the car without paying road tax etc?

2. Do i really need to pay road tax as i read about some notification of high court to abolish the same?

3. Should i pay road tax or register the vehicle and get TS/AP number. Which is better to get?

Thanks
pg

Ajay agarwal   22 February 2017 at 21:07

Enquiry on CST sale

Can a dealer do intersate purchase having tin no.and is he liable to give c form from where the goods are purchased

mohit kumar   20 February 2017 at 09:54

Double signature in same invoice

Dear Sir,

Please have a look enclosed Scan Sales Invoices No MF1617/441-A. It was received from Sales Department on dated 30/11/2016 with proper Signature and I filed VAT and Excise Return accordingly in same month on same basis.
But I received Same Number and same date Invoice (See Scan Sales Invoice No. MF1617/441-B) from same department on dated 04/02/2017 but Authorized Signature and Date & Time of Removal are totally different.
It is clearly visible that the invoice has been modified two times i.e.
Invoice No Invoice Date Invoice Value (Rs.) Authorised Signatory Date of Removal
MF1617/441 30/11/2016 7,29,000.00 Bharat Bhusan Bhat 30/11/2016
MF1617/441 30/11/2016 7,29,000.00 Ravindra Singh 15/01/2017
Actual Removal of Goods as per ARE-3 No- 21 01/02/2017
I do not understand how can I treat it in revised VAT and Excise Return because
we never give two difference information to the taxation department.
So please suggest and guide for the same matter for maintanin record accodingly.

ARjun V Ajith   19 February 2017 at 00:55

Tax exemptions on housing loan

Hello,
I have taken a housing loan for the construction of a house in 2016 Feb. I was paying Pre- EMI ( only interest components) for the disbursed amount during the construction period. Construction is getting completed by this March end. Am I eligible for tax exemptions for this Pre- EMI amount (1.3 Lakhs approximately) paid during the 2016-17 FY? Is this Pre- EMI possible to claim only after the completion of construction in an installment of 5 year duration. In that case after completion of construction, I am supposed to pay the full EMI( prin + int component) which is sufficient for the full tax exemption for my total income in the next FY. Hence even if I add 1/5 of the Pre-EMI value to the Full EMI, does not make any benefit. Then how can I reimburse the tax paid during 2016-17 FY in the subsequent 5 years after completion of construction? Kindly clarify my doubts.

santosh   15 February 2017 at 21:26

Can private car use for hiring in public

can private Car Use for Hiring in Public and Car Plying Income show in I.Tax. File?
Please answer anyone

SUBHASH SHARMA   14 February 2017 at 09:45

Tds deducted on ulip u/s 194da

Hi,

I have invested Rs. 15,00,000/- lacs in Bajaj Allianz. I surrendered the policy before its maturity and Got Rs. 17,96,000/- form the company and TDS U/s 194DA has been deducted by the company during the F.Y. 2015-16.

Now I have to file my income Tax return. What Income I have to show Rs 17,96,000 or 17,96,000 less 15,00,000=2,96,000 only.

Please help

Regards

Subhash Sharma

RANGWANI KISHORE   12 February 2017 at 08:53

Applicability of LBT on transfer of flat on Regd gift deed.

Sir I wish to know about the applicability of LBT by Navi Mumbai Municipal Corporation on transfer of flat ( in Navi Mumbai) within family on registered gift deed without any consideration.

rishi   10 February 2017 at 01:22

pan card

I have two pan cards.both of them have different surnames.also the surname of of my father is differennt on both cards.but both cards have same date of birth and adress.However I have used one card in banks.I have never deposited nor withdrawn more than 49000/= at any bank.Is there chance of penality in case I withdraw more than 49000/= or deposit more than 49000//=
My second question is,can I produce a pan card in name of my shop.If yes then can I use it in my saving accunts or current acconts