balaji r
22 January 2016 at 20:23
We are a registered trade union of Managerial class in the PSU Bank. For our Officers', we have promoted a housing project by engaging a reputed builder for construction of flats. The money is mobilised and paid to the builder. Our bye-law provides the promotion of housing activities for the members of the association. As a Trade Union, are we exempted from paying service tax? If so, provide us details. We expect the opinion in this regard at the earliest. Pl guide us. R.Balaji
santosh
22 January 2016 at 12:39
one of my client received a income tax notice for non filing of i.t. return A.Y-2013-14. In notice saws that a time deposit of Rs. 100000/- is noticed by I.T. Department in that A.Y. Now my Question is what should do now. The time of Return filing of A.Y.-13-14 has been passed away. Can assessee file a Return A.Y.-13-14 now because 31.03.2015 is ended?. What is the solution of this problem? Please answer any one. If he has taxable income in that A.Y. than can he file Return for A.Y.-2013-14? if yes than what will me mode of filing Return mannual or online? Will it not attract penalty ? And if he has no taxable income in that A.Y. than what should he do?
giri
21 January 2016 at 21:46
respected sir,
i have filed my return of income under sec 44ad declaring 30 lac gross receipts for ay 2014-15 .now my case is selected for enquiry about cash deposits amounting to rs 20 laks.now the AO asked me to produce cashflow statementfor perticular year .in my opinion as the return is filed under sec -44ad ,there is no need to file cash flow statement which is part of books of occounts to be maitained under sec 44aa. please discuss.
thanking you
Mrunmai Deshpande
21 January 2016 at 18:13
If I gift a BANK FD by putting my earning son's name as 1st holder and putting my name as 2nd holder who has to pay tax on the interest earned on the FD? Please advice.
ajay
20 January 2016 at 18:06
Dear,
Please tell me if a company can take input tax credit of DVAT paid where name of the company is slightly different (correct name-Abc ltd., wrong name Abc foods ltd) although TIN number is correct.Comments invited. Thanks for considering.
Anonymous
20 January 2016 at 12:48
Dear Expert,
Greetings!!!!
i have registered my firm for a business of Engine oil (Lubricants) in UP. I have TIN and CST numbers. Now when i enquired about UP vat on lubricants from few Income tax lawyers they told me that Lubricants in UP is in Non Vat category on the other hand few told me and i have also read that there is 21% Vat on the sale of Lubricants. But on various bills of retailers i saw Non Vat Sales invoice written from whom they purchase engine oil.
and now when i contacted again with same Income tax lawyers they told me that if we import that engine oil from other state in UP then VAT is required otherwise to sell inside UP no VAT is required in Lubricants.
kindly provide me a better and vivid answer beco i am totally new and now rely upon ur answers. Hope someone can help me out.
Thanking you in anticipation.
regards
radha@77
19 January 2016 at 22:10
Sir,
I have taken Vat No. in July 2015 in Delhi. I am unable to File Return for Third Quarter. Al tough No Txn in this period.
I want a guidance that how may i file my Return?
shivalucknow
19 January 2016 at 18:52
Hi,
This may be not very peculiar case but one that has hit me hard and out of nowhere.
Case : I was in a consulting assignment in 2006-2008 and as there was no TDS deducted by my employer, I was paying my advance tax through Demand Draft in name of Income tax A/c through Allahabad Bank through a challan deposit process.
One such DD from AY2007, was not received by IT department and a notification of demand was sent to me in AY2015 as there was a refund in AY2015.
As the deposit was made in 2007, the deposit challan receipt is all worn( not legible) hence cannot help track the deposit.
Further points to note :
1. No notice was received by me from 2008-2015, otherwise I would have acted on it earlier.
2. A refund was processed in 2011 and no demand was raised then or any other years where I have been regular tax payer.
3. IT department has not been able furnish copy of original demand.
While I am trying to get the Bank Draft transaction details from my bank, I need advice on how to proceed further on this contentious issue as IT department is now expecting a huge amount after levying interest on the tax not paid.
While in hindsight I understand that I should have been more diligent with tax matters given that onus of any discrepancy is on us, I need expert advice on how to move forward.
Look forward to expert advice on this issue.
Any help and advice is much appreciated.
Regards/
Sunny MP
19 January 2016 at 15:26
My bank FD Will matured on 2 -2-2016.I want to re deposit or withdrawal with interest after march 2016.No money transaction in this financial year.
Does this interest (income) is taxable in this financial year.
Sunny
Ernakulam
Kerala
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Regarding investment in property by a partnership firm
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