Ksreddyacs
13 September 2015 at 22:50
Dear Sir's
We are running intermediate colleges as affiliated with Board of intermediate education. Along with formal education(intermediate), we are providing some guidance/coaching for competitive exams like EAMCET, JEE MANS..etc to the students who is pursuing intermediate in our colleges.
We are not collecting any fee from the students for giving coaching for competitive exams.
Recently we got the notice from service tax dept by asking so much of information about the same.We have not even registered assesse.
Request your valubale suggestion in this regard. Is it taxable or exempted as it comes under incidental activity??
Vee kay kapoor
13 September 2015 at 22:36
A property in name of my mother was sold in 2005 in delhi and sale proceed was invest in another property in gurgaon in name of my younger brother. Now we plan to sell it and sale proceed will be shared between two of us. What are the tax implications on my brother and me I. e. Capital gain tax and further income tax. Kindly advice.
patter
11 September 2015 at 10:26
1. Suppose a person wins Rs 1 crore prize (e.g, Kerala lottery). The Government of Kerala deducts 30% (Rs 30 lacs) of the lottery prize as income tax. But after that, it deducts 10% (Rs 10 lacs) as agency commission for the winning ticket. The winner actually gets Rs 60 lacs. He is paying tax for the agency commission too which is illegal, I believe. What the winner should get is Rs 90 lacs and tax is payable (Rs 27 lacs) only on this amount. Am I right? (I don't know if any winner has ever filed an IT return reclaiming this extra amount. Normally, winners, thrilled that they have won the prize, keep quite).
2. The agency commission is ethically and legally a business expense which should be borne by a business entity (in this case, the Dept of Lotteries)and not by the winner. The buyer of a ticket is never informed in advance or at the time of buying that he has to bear this expense. Nor is there any document displayed publicly for this. Only after he gets the ticket in hand does he get a chance to read the conditions on the reverse of the ticket, that too printed in microscopic font. Does not this violate the Indian Contract Act? Then, is he not entitled to Rs 70 lacs?
3. Are there separate Tax laws for lottery that validate this kind of strange logic and deduction?
(A blank receipt which the winner should sign is enclosed)
hitesh s savlani
09 September 2015 at 12:27
Hello experts,
My question is that there were 2 persons that are A and B , where A had sold round about 1000 sq .fts to B and B had given every money through bank drafts , since upto till date he is not completing the procedure of the sale deed , its an society ,but the thing is that B is having the possession of this area from last 25 years ,and he is paying all the municipal corporation taxes,(these area belong to the solapur district Maharashtra)
1) The problem is that A has shown the money which he had recived from B in the income tax return in the year 1999, can I get that document from income tax ,or what is the procedure for getting that document please help me out .
RAGHUNANDAN
08 September 2015 at 19:33
I have sold an open plot in Maharashtra for 167 laks and purchased a flat in Bangalore for total cost of 110 lacs which include stamp duty of 5.5 lacs, Registration fee of Rs.1 lac and permanent wood work cost of Rs.4.6 lacs.
Now the ITO says he will disallow the stamp duty, Regtn fee and wood work and will add back to Capital Gain and he will rework CGT which should be paid by me. This works out approximately additional 2.22 lacs which I feel is huge and I think ITO has erred in dis allowing these three items.
Please guide me and quote me IT Act or Law sections so that I can put up my representation.
Thanks in advance.
RAGHUNANDAN
sriharsha
07 September 2015 at 17:55
I dont know whether this is the right forum to raise my doubt.
But if I am a defaulter of credit card overseas will it reflect in my CIBIL score in India?
Thank u
Harinder Singh Gill
07 September 2015 at 10:37
Whether tax has been imposed on Fixed Diposits?
Syed Naimoddin Hashmi
07 September 2015 at 00:26
Can An Advocate is practice as income tax or sales tax practitioner.....????
SKumar
06 September 2015 at 15:35
Hi,
I purchased a flat in pune and on that builder is demanding the service tax on maintenance charges (this charge is for three year).
My query is that whether builder is entitled to collect service tax from flat holder ?
I don't think its applicable.
Kindly help with exact case low or section no.
Thank you
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Refund of vat.
Hello there, My query is regarding VAT refund. One of my friend have contract work in Narmada Nigam (dept of Guj Govt.) He is carrying out work of Under Ground Pipe Line laying.When he raises bill for that work department deducts VAT @ 0.6% on the gross value of the bill.However Section 54 & 53 of Gujarat Value Added Tax provides limit that VAT TDS can be deducted only if gross amount of the bill exceeds Rs. 1 crore, but here its not exceeding so my question is whether they can deduct it or not.If they have deducted it wrongly how can he take refund of the same? My friend is not registered with the Guj Govt VAT department. Whether he will have to get registered under VAT dept to take refund of the VAT?
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