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Queries Participated

C. P. CHUGH   16 December 2015 at 08:58

Personal liability of directors of a pvt ltd company

Dear All Experts

X and Y are directors of a private limited company. A has invested some money with the Company. Company failed to pay the investment in time. A filed civil suit for recovery of investment made by him against X and Y being director of the company without impleading company as Defendants.

How far the directors are personally liable for debts owned by the company.

May suggest judicial pronouncements in favour of the directors.

An early reply shall be appreciated.

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Nishant Chaudhary   15 March 2015 at 12:35

Company seal

Hi Guys,

I have to create the company seal for appointment of first auditor but I am a bit confused. Do I have to create a company Seal (One that gets embossed on paper) Or can I just create a Simple RUbber stamp?

Also what information needs to be on company seal?

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VIKAS   14 March 2015 at 17:29

Surrender of service tax registration

Sir,

One of my client taken Service tax registration(haryana) number in march 2011 and after that he never filled return ST-3, nor any bill issued to anyone till march 2015. In October 2014 he again applied for new Service Tax Registration(himachal pradesh) and continue with new one(filling return).
Now, he wish to surrender registration number of Haryana but he don't have user id and password nor ST-2 have stamp and seal of offical.
Please suggest how can surrender?
Regards

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Vijaya Bhaskar   14 March 2015 at 14:46

Stamp duty for sale agreement

Dear Experts

NGO wants to purchase a NA land from the party and would like to pay an advance of 50 lakhs by executing a Sale agreement. On what amount of stamp duty should the sale agreement be executed. Whether on Rs. 20 or Rs.100. or 200, and who should purchase the stamp duty (Bond Paper). Appreciate your guidance

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Rupesh   31 January 2014 at 20:30

Regarding tax on deposit of 10 lakhs in my saving account

Hi,

i want to deposit 10 lakhs ruppees via single demand draft in my savings account. pls let me know whether i am liable to pay tax on this amount?

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YAGNESH HASMUKH DAVE   06 January 2014 at 13:15

Income tax

I HAVE SUBMITTED RETURN OF INCOME OF AY 2013-14 PHSICALLY WITH THE DEPT SHOWING TAXABLE INCOME RS 4,90,000/- NOW AS PER REVISED INCOME MY TAXABLE INCOME IS MORE THAN 5LAC IE 575000/- SO I HAVE TO SUBMIT REVISED RETURN ELECTRONICALLY BUT CPC IS NOT ACCEPTING AS REVISED RETURN IN THIS CASE WHAT TO DO TO FILE REVISED INCOME PL EXPALIN

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Bhaskar Dey   02 January 2014 at 10:48

Wealth tax

Sir,
My brother has a Two storied house in Kolkata. He resides on the first floor and the ground floor has been given on rent. About three months back he purchased a flat, also in Kolkata, the cost of which is more than thirty lakhs. So I understand that he will have to pay Wealth Tax in March 2014. He is ready to pay Wealth Tax but unable to decide which amount will be considered for Wealth Tax purposes and so we need Expert’s opinion and advice
He has paid Rs.44,00000/- to promoter, Rs.52000/- more as Service Tax, totaling Rs.4452000/.
Rs. 330000/- as Stamp Duty and Rs.52000/- as Registration Charge, totaling Rs.4834000/-. Then he spent Rs.180000/- for electrical fittings, painting, kitchen etc., totaling Rs.5014000/-. All figures in approximate.

I understand that he needs to pay @1% on the amount above Rs.3000000/-. But we are unable to decide which amount we should consider for Wealth Tax purposes. Is it only the amount paid to Promoter, or the amount including service tax, or the amount including Registration charge and stamp duty, or the total amount?
Respected Experts, please give your opinion and valuable advice. Thanking you.
B.Dey

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Kapil Tiwari   01 January 2014 at 03:55

Tax implications if a minor turns 18 years n feb. 2014

A relative turns 18 years on February 3, 2014. Can he file IT Returns for the AY 2014-2015 (FY 2013-2014) as a major for the full financial year 2013-14 or only for the period 3/2/2014 to 31/3/2014?

Kindly advise if the income of the financial year 2013-2014 has to be split into two categories:
(1) the income that arises during the period upto 2/2/2014 when he was a minor and this income has to be clubbed with the income of the parent;
(2) the income that arises from 3/2/2014 to 31/3/2014 which will be his income as a resident individual (not to be clubbed with the income of the parent).

In the case of a person turning 60 even in February 2014, he will be considered a senior citizen for the full financial year 2013-2014. So, if a child becomes a “major” in February 2014, will he not be a “major” for the full financial year 2013-2014? In this case, there will be significant tax saving as clubbing provisions will not be applicable and the total income will be split into two – that of the parent and that of the son. I will appreciate your opinion alongwith a reference to the applicable section of the Income Tax Act.

Thanks.

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Pradip   28 December 2013 at 15:25

I.tax notice u/s 154

SIR,

WE HAVE RECD.NOTICE FROM I.TAX DEPT.U/S154 FOR I.TAX PAYMENT FOR ALL 4 QTR OF F.Y.2012-13.BUT FACT IS THAT WE MADE ALL OUR PAYMENT/RETURNS IN TIME. WE HAVE MADE THE PAYMENT AS PER NOTICE IN JULY 13. NOW WHAT IS THE NEXT STEP WE SHOULD HAVE TO TAKE ?

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sam   22 December 2013 at 05:17

Taxation

Dear Sirs and Madam:

I am nri looking for answer everywhere my question about tax is as follows hope some will me releif:

bought land 2000 2 lakh sold 55 lakh 2010

bought land after 6 months in 2010 on constructiion linked plan in sold in between for 42 lakh since it was construction linked plan within 1 1/2 yr 2012

Rest of the money 55-42= 13 was in the bank.

till date not filed itr my question is
there any 300% penalty in this case or what are my tax liabilties
i ask senior most to answer question please

Rajeev

thanking you for anticipation.

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