dasd
25 June 2011 at 05:22
Income tax act-it is written as "inserted by finance act 2010 wef 1/4/1010-----that means the provision is applicable from AY 2010-11..
But if it is written as "inserted by FA 2010 wef 1/9/2010" than that provision become applicable from the particular date i.e. 1/09/1010
why it is so when we read IT than we read it wrt AY then why "inserted by FA 2010 wef 1/9/2010" is applicable from Fy 2009-10 [from date which falls within this year]
dasd
25 June 2011 at 04:52
Tax deducted & paid after due date as prescribed in chapter XVII for eg tax deducted on 31/3/10 deposited on 7 july 10 so the date of deposit is not as per chapter XVII.
NOW COMING TO SEC 40a(ia) THE ABOVE EXPENSES WILL NOT BE DISALLOWED B/C TDS DEPOSITED BEFORE DUE DATE U/S 139(1)
NOW WHETHER I HV TO REPORT ABOVE POINT IN PT NO 27 OF 3CD
iF NO THEN WHY
dasd
28 May 2011 at 09:22
If i accepted a loan in kind[some precious metal not authorized as currency of the country ] then whether it gets covered under sec 269ss??
A/d to me it shouldn't be as it's supported by the various case laws one of them is Asstt. Cit vs Ruchika Chemicals & Investment (P) Ltd.
Clause (iii) of Explanation to section 269SS clarifies the purport of "loan or deposit" as loan or deposit of money. When this Explanation is read with the main section it brings to light that only the transactions of loans or deposits which are covered within the ambit of this section are that of "money'. If the loan or deposit transaction is not that of money, then it would go out of the purview of section 269SS and resultantly no penalty under section 271D can be imposed. The term 'money' has not been defined in this section. It was fairly admitted by-both the sides that the term 'money' is not defined anywhere in the Income Tax Act, 1961. No authority is required to be cited for the proposition that if a term or an expression is not defined in the Act, then the meaning to be assigned to it is as is understood in common parlance. The Hon'ble Supreme Court had the occasion to consider the meaning of term "money" in Kasturi and Sons Ltd. (supra), in the context of section 41(2) and it was laid down as under :
"It is obvious that the legislature has deliberately used the word 'moneys'. Wherever the legislature intended to refer to payment in kind other than cash or money, it has taken care to provide specifically therefore. For example, in section 41(1) itself, the legislature has used the expression, "whether in cash or in any other manner whatsoever". There are several sections in the Act which refer to benefits other than cash through the value thereof can be ascertained in terms of cash or benefits which are convertible in cash (see sections 17, 23(3), 28(iv), 40A(2)(a), 93(4)(c)), For example, section 28(iv) speaks of the value of any benefit or perquisite, whether convertible into money or not, arising from business or profession When the legislature has instead of using any word such as 'benefit' used only the term 'money', it can refer only to money as understood in the ordinary common parlance."
The Shorter Oxford English Dictionary defines "money" as a current coin; metal stamped in pieces as a medium of exchange and measure of value, b. Hence, anything serving the same purposes as coin, late ME. c. in mod. use applied indifferently to coin and to such promissory documents representing coin (esp, bank-notes) as are currently accepted as a medium of exchange".
The Law Lexicon by Sh. P. Ramantha Iyer defines 'money' as under :
Money (moneta)-That metal, be it gold or silver, which receives authority by the prince's impress to be current; for as wax is not a seal without a print, so metal is not money without impression. (Co. Ltd. 207). Money is said to be the common measure of all commerce, through the world, and consists principally of three parts, the material whereof it is made, being silver or gold; the denomination or intrinsic value, given by the king, by virtue of his prerogative; and the King's stamp thereon. (1 Hale's Hist. P.H. 188).
The definition of the term 'money' in these dictionaries and as laid down by Apex Court is a pointer to the fact that 'money' means 'cash'. When clause (iii) of the Explanation is read with main section, the natural coroliary that follows is that the restriction contained in section 269SS is against accepting loan or deposit in cash alone. The other modes of loans or deposits including creation of credit through transfer entries are outside the scope of section 269SS
in the same way above transac will be outside the perview of sec 269ss........
Q2:::if in the above trans only if i accept currency of any country as loan & melt it & sell it the market [hidden transaction of melting & selling it] & then repay in cash .269ss will be attracted....
Suppose i hv taken some silver bar [250 gms] from a person on repayment date I hv to return to him silver only [that too 250 gms] & some charges[quantity oly like 10 gms for 4 months etc] for keeping or using that silver .
Now 1st ques is that whether it attracts 269ss or not?
2nd ques is whether it wil be treated as valid transactions?
3rd whether it wil be like some benami trans/diversion of income to kiths & kins?
dasd
26 May 2011 at 08:58
whether loan can be accepted in kind & repymt also made in kind-pls give me some case laws
dasd
18 May 2011 at 13:19
amt recd in installments for sale of flat in future
whether taking such advance in cash attract 269ss/t
dasd
19 January 2011 at 16:15
from where can i get the whole judgement of the case law with facts etc...
sir pls suggest some free sites for tribunal hc,sc ..
dasd
19 January 2011 at 16:14
in case of deemed sale[[like hire purchse etc]] as specified in article 366[29A] whether it is mandatory to bifurcate sale elemet or service element........
or whether i can pay service tax on full amt
dasd
20 December 2010 at 21:52
i've filed return of income on 9*11/2010 for fy 2009-10 but i've not yet submitted fourth quarter vat return of fy 2009-10 though i deal in (cloths-tax free item) .
whether i can file vat return now for period (1/1/2009 to 31/3/2010).
what is the timelimit of vat return (belated & effect of not filing till date).
to whom vat audit report is applicable & for which year
dasd
16 December 2010 at 12:09
i've filed return of income on 9*11/2010 for fy 2009-10 but i've not yet submitted fourth quarter vat return of fy 2009-10 though i deal in (cloths-tax free item) .
whether i can file vat return now for period (1/1/2009 to 31/3/2010).
what is the timelimit of vat return (belated & effect of not filing till date).
to whom vat audit report is applicable & for which year?
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Excise
when the i/p or Cg are recd in the factory the CCR is credited in these registers on daily basis [as & when i/p or cg recd in the factory].Since the assessee is liable to pay duty monthly whether the CCR utilisation can be done monthly by passing a single entry by writing .
If ED payable for 2 bills =40+60=100
but CCR [i/p]=60 only thenat the time of utilisation of ccr-
in register on dr side in bill no column how we have to write [bill no1,bill no2[part credit]] or CCR[I/P] shd be UTILISED only for Rs. 40 .
whether there is any rule/guideline/circular regarding maintenance of these registers