Bipin Kumar Agarwal
17 June 2016 at 20:26
New Amended in Rule 52B of Mvat Act, 2002.
• As per Notification No -VAT 1515 / CR-158 / Taxation-1 Dated 30 December 2015
New Rule 52B related for restrictions on claim of setoff was inserted in M VAT Act 2002, which was applicable for goods covered under Entries No 13 & 14 of Schedule D appended to the Act.
• This rule is now amended by Notification No - No. VAT/1516/CR 53 /Taxation-1 dated. 01/04/2016 with effect from 01/04/2016.
As per amended rule now the Mobile Handset is also covered by this Rule. According to provisions of this Rule the dealers who are in dealing in the business of Mobile Handset will be entitle to claim setoff on purchase only to the extent of aggregate of .
1. CST Tax paid or payable under the Central Sales Tax Act 1956 on the interstate resale of the corresponding goods.
2. The Taxes paid on purchases of said goods, if are resold locally under the Act.
This setoff shall be claimed only in the month in which corresponding sales of such goods is effected.
Considering above discussion on amendment in rule 52B Please note following points:
1. Setoff on Mobile Handset will be claimed only in the respective month when those are resold
2. 100% setoff on purchase will be claimed if Mobile Handset is sold locally
3. If Handset are sold in course of OMS then only to the extent of CST Payable.
4. These provisions are applicable from 1st of April 2016.
Query:- My query is relating to point.1 whether dealer had to maintain one to one Co relation of Mobile Purchase or Sales, How to take Input of respective month.
Tom
15 June 2016 at 18:35
Husband & Wife jointly purchased under-construction property from a very reputed builder in Bre. The buyers are to deduct 1 % TDS from the sale value. The builder got us to sign in the purchase agreement that he will file the TDS on our behalf,to help us ostensibly, but actually to get his TDS credit on time with out any error ! This is a usual practice followed by big time builders. As per IT rules, TDS on the installments have to be remitted by each of the joint buyers for 50 % of the installment value. Unfortunately the builder deducted full TDS from the 1st named buyer only, with out consulting us,may be for his own convenience. This is clearly against IT rules in force,although full money due to govt has been remitted. If the mistake is not corrected,ITOs may issue us notices and harass us. Is there any way of rectifying this mistake other than by obtaining refunds and re-filing, which would entail paying huge amount as penalty, fine, interest etc.? Can some Tax lawyer/practitioner undertakes this task for us ?
Mrunmai Deshpande
14 June 2016 at 19:18
How many times in a year, can a father gift money by cheque to his earning adult son without son paying gift tax ? Is documentation for each of this is necessary?
Please advice.
vinodkumarpal
11 June 2016 at 11:59
Dear Experts plz tell me in Uttar Pradesh E Rickshaws under which commodity code & UPvat Rate of E Rickshaws parts & Accessories thanks
shubham saxena
09 June 2016 at 11:48
Dear all experts, i would like to ask you that I'm suffering from false 498A,406,34 and 3/4 DP. In this case they have shown that they have given items worth Rs. 48 Laks and they have also filed a case under sec 13(i) asking for the the same 48 Laks for resolving. Now my question is that can I file a Tax Evasion Petition against them or my Father in law? will it help me in any form? They are resident of kolkata and I'm from kanpur. If i can file this then where i have to do this in kanpur or kolkata?
Thanks in advance.
nanjo
08 June 2016 at 21:50
If pan data base address change updated then will it automatically change the AO or separately apply for to change ao. Is there any problem if I continue with the same old AO even if I change the address two three times.I heard that now adys CPC Bangalore is scruitinising the e filed returns. So is there any compulsory requirement to change aO due to change in address even after updating the address change in pan database.
kishorchandra p mehta
08 June 2016 at 09:57
sir,
I am individual,senior citizen and my total annual income for FY 2015-16 comes to
Rs 321945 (including interest of Rs
69547/-on fixed deposits with bank.)
While going through various tax calculators, they show tax liability as
2261/- while through IT Deptt.,website,
the tax liability is shown as Rs 201/-(including education cess etc.,)
Sir, would you kindly guide me what tax I should pay and before what date ?
Awaiting early guidance.
K.P.Mehta.
nanjo
06 June 2016 at 12:18
Dear sir
Is it compulsory to change my ao code when my address change for e filing IT returns.Change of address is already entered in pan data base.But ao code is shown still old. Which AO will assess my e filed return in this case the present address AO or the old AO .
ars
06 June 2016 at 10:58
in a co. for the group mediclaim policy for the employee and their family the annual premium is paid by the employer.
The policy is on sharing basis, where by the premium is paid on 50 -50 basis by the employer and the concerned employees.
The employees’ contribution (50%) are deducted from their salary.
The queries are :
1. Whether the individual employee shall claim deduction u/s 80D for the 50% or part of premium paid by it, during the FY.
2.Whether the premium paid by the employer (50% or part) amounts to perquisites ?– taxable in the hands of the employee?
request to reply with citation from the act / tax laws.
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Up vat act
can a limited liability partnership company have two tin number in one state...... if not ...... the do tell me if LLP company wants to open franchize in same state but in different district... then whats the provision.?
plss answer me ASAP>