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sanjay   10 March 2008 at 16:06

Advice for Tax preparation

Dear Sir,

suppos one company doing construction which has based on cyprus, when this company state a construction before received money for cyprus, which fund, make a FDR in bank in srote terms and earned Interest and after this according year state work,

Please advice me this interest is mention other income or reduce to construcion cost, which borrowing capital taken after work state,

I waiting you reply


Rajesh Kumar   08 March 2008 at 10:59

Morality in retrospective amendment

The parliament of our country has plenary power of legislation. Such plenary power of legislation also inludes legislation with retrospective effect. However, can this power be exercised in a cavalier manner? Should law be amended by the Parliament merely to bolster the departments case in cases against individual assessees? What is the reason of amending Section 108 of the Customs Act retrospectively? What is the reason of asking interest retrospectively, if the assessee fails to deduct TDS as per his understanding of law (vodafone case)? Should parliament give reasons for retrospective amendments? Even the governemnt and department has been delegated power to make subordinate legislations retrospectively- disgusting.
In my view power to legislate retrospectively is an extra ordinary power and must be exercised with great care and restraint. It may bring the law into disrepute and affects the sanctity of Rule of Law.
Can u imagine a situation when you paid your taxes properly as per law- and tomorrow parliament amends the law and you become a defaulter. Do u want this situation in our country?

charu chodha   07 March 2008 at 19:36

section 264

in a case tds amt. was not claimed as no tds was deducted at time of filing return but later on assessee got tds certificete for a/y for which he has filed how it can be cured?time for revised return is expired....

CHANDRA PRATAP DASILA   07 March 2008 at 18:38

Agriculture Land

What are the Criterias required for a land to be entitled as Agriculture land.

Land Revenue Record ?
Agricultural produced sale Receipt ?
Outside municipality or 8 KM from it ?
Previously used for agriculture purpose ?

surya   07 March 2008 at 15:24

fringe benefit tax

how can i pay fbt of 4th qtr.within 15th march, where as the quarter ends in 31st of march

madhavvan   05 March 2008 at 18:51

service tax set off

for property taken on lease we have to pay service tax whether we can take credit of this service tax paid against any taxable input service rendered by us

premalgor   04 March 2008 at 21:16

Hindu undivided family

If i were to form HUF

than what are the benefits from taxation point of view

as agst forming a company

kartik dedhia   04 March 2008 at 15:20

Customs Valuation


i would like to know how they value a particular item when it is imported by a person when he returns back from abroad. suppose that person brings a laptop say Worth Rs.50000 from abroad and that particular laptop is available in india for rs. 75000.

is their any schedule which is available for reference.

pls reply at the earliest


Rahul Kejriwal   04 March 2008 at 14:34


1. Whether service tax paid by a service receiver of a good transport agency could be claimed as an credit while payment of excise duty by the same service reciever ?

2. whether VAT could be setoff against CST or vice-versa ?

3. Whether any manufacturing company who is liable to pay excise duty could avail credit of service tax paid in case of input services viz. telephone, courier, etc.

CA B.K.BANSAL   03 March 2008 at 11:36

Can we avail service tax on Good transport agency ?

New Delhi, the 1st March, 2008
Notification No. 13/2008-Service Tax 11 Phalguna, 1929 (Saka)

G.S.R. (E).–In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service provided by a goods transport agency to any person in relation to transport of goods by road in a goods carriage, referred to in sub-clause (zzp) of clause (105) of section 65 of the Finance Act, from so much of the service tax leviable thereon under section 66 of the Finance Act, as is in excess of the amount of service tax calculated on a value equivalent to twenty five per cent. of the gross amount charged by the goods transport agency for providing the said taxable service.

2. This notification shall come into force on the 1st day of March, 2008.

It means now we have to pay 25% service tax on transport service & we can claim also it as input. Whether I am correct or not. Please answer asap.