AMIT KUMAR SHARMA
28 October 2015 at 12:17
Dear sir,
We have received a works contract in the state of Karnataka (government project) and we are choosing composition scheme. I need your help to short out my difficulties:
a) How the bill to be raised on customer. Suppose total contract price Rs. 100 and I opt composition scheme is it ok if I show consideration is Rs. 96 and tax on composition Rs.4 on bill?.
b) If I purchase some material within the stat, can I get deduction of this purchase at the time of calculating taxable turnover?
c) What is the rate of WE TDS deduction in the state of Karnataka and how can we get no deduction certificate/ lower deduction certificate for the same and what is the procedure?.
d) If the sub contractor opt composition scheme and the main contractor opt Regular scheme, can sub contractor deduction is not allowed?
e) Is in Karnataka any exemption for sales tax under the VAT act and entry tax for Government project?
Kindly help as soon as possible pls.
CS Jaymeen Patel
27 October 2015 at 09:15
How the CSA system works and What are the tax implications of the same ??
Whether Company to invoice in the name of CSA or directly in the name of Customer.
And Company to receive payment from CSA or from Customer ??
saju sathyadevan
26 October 2015 at 11:43
Sir,
A non-statutory query letter is received by a school from Income tax department for entering into financial transactions through AIR - Non quoting PAN u/s 139A(5) & 272B of the Income tax Act, 1961. The department is asking for the school's PAN and the copy of ITRs filed. Copy of letter is attached herewith.
Here, I would like to submit that the school don't have a PAN number as it is run by an association and the said association is having PAN. But the Association is not filing its Income tax returns. This association is solely made for chariatable purposes which consists of about 600 members. Members are elected as President, VP, Secretary through election after every two years. It is registered with Registrar of Firms and Societies since 1977. This association or school is not registered u/s 12A of IT Act.
My query is :
1. How shall I reply. Shall I submit the PAN of Association and also submit that no ITRs are being filed?
2. Whether Income from School, which is solely used for chariatable purpose, is taxable for the association. Isn't any exemption available?
3. During last three years the school is showing huge profit as the maximum part of the income is spent for extension of school building which is a capital expenditure and which increases the value of Asset (Building). A very less amount is left with as cash-in-hand and bank balance in the end of financial year. That way the Association will have huge tax liability. How to tackle with the situation? Please guide.
kishore mallela
24 October 2015 at 18:00
My name is Kishore Mallela. I am working in an private organization and my total salary is 2.5lacs per anum. My father is a self employee works as a real estate mediator and earns upto 1.5 lacs per anum. My mother is a house wife.
My query is in F.Y 2012-13 total cash deposits in my mother bank account exceeded 2lac rupees. We got a notice from IT dept in this mater and they want us to reply in 20days. As my mother has not earning nothing how to file ITR in her account, what has to be shown as her income. The total deposited amount is purely from my father and my incomes and cancellation of a term deposit and deposit that amount in other bank account.
Please tell me how to reply to IT department and what option has to select in compliance in e-filing site.
Thanking You Sir
muzeeb ahmad
24 October 2015 at 16:24
Sir we received notice from IT department regarding submitting financial details and IT returns of previous years as my son in law has filed TEP against me. So please suggest how to respond to such petition.
yagnesh dave
22 October 2015 at 13:41
I HAVE RECVD NOTICE U/S 139(9) DEFECTIVE RETURN FOR AY 2015-16 ERROR CODE 2-NO RECIEPT OR INCOME HAS BEEN OFFERED IN ANY HEADS OF INCOME FOR THE TDS/TCS CLAIMED IN THE RETURN
1-TDS DEDUCTED U/S 194C I HAVE SHOWED IN 16A DECUCTOR DETAILS
2- I HAVE SELCTED BUSINESS CODE 0505 OTHER CONTRACTOR
3- I HAVE SELECTED LIABLE TO MAINTAIN BOOKS OF ACCOUNTS U/S 44AA AND FILLED PROFIT AND LOSS AC BUT PROFIT IS NIL AFTER DISTRIBUTION OF REMUNERATION AND INT ON CAPITAL TO PARTNERS GROSS RECIEPTS ALSO INCLUDED ON WHICH TDS IS NOT DEDCUTED
4- I HAVE UPLOADED ITR 5 IN JAVA UTILITY I HAVE FILL 16A TDS DEDCUTOR DETAILS BUT WHEN I DOWNLOADED ITR FORM 5 IN PDF ITS SHOWN TDS DETAILS IN FORM 16 DECDUCTOR DETAILS BUT THERE IS NO COLUMN OF FORM 16 DEDUCTOR DETAILS IN ITR 5 JAVA UTILITY ONLY 16 A DEDCUTOR DETAILS WHETHER DUE TO THIS DEFECTIVE RETURN IS CONSIDERED OR NOT IF YES THEN THIS MISTAKE IS NOT FORM MY SIDE ITS SYSTEM MISTAKE
PL HELP IN ABOVE MATTER AS I HAVE TO SUBMIT WITHIN 15 DAYS OTHERWISE MY RETURN WILL BE INVALID
Dilip Verma
20 October 2015 at 15:11
Sir,
My Father was working in ONGC,and he used to Stay in ONGC accommodation during his service, as we have received a letter from ONGC stating as Tax on Housing Perks is Required, and the company send us letter demanding 51000/- Rupees, as my Father is expired in 2010, and the letter and demand of money from ONGC came under his name, as now he his no more, can you tell me as now whose responsibile to pay the money, as i have 2 sisters both married, and mother and myself.. Can we ignore this letter and do not accept it in future,
MOHIT GOEL
15 October 2015 at 18:55
MY QUESTION IS IF I START PRACTICE IN TAXATION WHAT SHOULD I DO.
abhishek
12 October 2015 at 18:11
Dear Sir
I want ask question about gta service. When a company lible to pay service tax on gta service.My question is My company send goods to various parties by booking transport and the freight is paid by consignee and the consignee is individual and sometime the freight is paid by my company and the collected from the consignee then in this case who is liable to pay service tax
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Valuation of jewellery
My father is Govt.Appinted valuer of Jewellery. Now in this budget wealth-tax was abolished.
So, what about jewellery valuation?
No one will create a report of jewellery as well as the black money will increase more.
Eg. I have 1 crore Rs & i purchased or made jewellery from the same money how govt will idntify??