aman kumar
18 January 2010 at 16:48
A person get some money 40% as arrere of 6th pay comm, & cross the tax limit & pay tax last year , now this year he get 60% of arrear & now DDO OF EMPLOYER reimpose the tax , can he file return for refund ?
what is form 10-E ,HOW CAN HE USE IT PLZ ,
Rohit Gupta
18 January 2010 at 12:24
As per the Act, apart from factories establishments which Central Govt. may notify would be covered under the Act.
My queries are:
1. What all establishments have been notified by the Central Govt. on which the provisions of the said Act would be applicable?
2. Does employer in other establishment is at sole discretion whether to follow or not to follow the provisions of the said act?
3. Is the minimum limit of employer contribution 10% in all cases? Then why does the employer contribution in only excess of 12% rather than 10% not allowed as deduction?
Please quote relevant sections forming your opinion.
Thanks.
Rohit Gupta
18 January 2010 at 12:14
Please confirm if an article assistant under the ICAI Act also an employee as per the following Acts:
1. Income Tax Act, 1961
2. EPF and Misc. Provisions Act, 1952
3. The Payment of Gratuity Act, 1972
4. The Payment of Bonus Act, 1965
Also quote relevant sections used as a base for your comments.
Meera
18 January 2010 at 10:59
P ltd sold goods to Q ltd at a value of rs.500 per unit. in turn Q ltd sold the same to r ltd at a value of rs.600 per unit. if p ltd and q ltd are related, where as q ltd and r ltd are unrelated, determine the value on which excise duty is payable..
Meekha
18 January 2010 at 10:34
Can any one please help me to solve this and compute(i)Assessable value(ii)Customs duty:
A imports by air from USA a Gear cutting machine complete with accessories and spares.Its HS classification is 84.6140 and Value US $ FOB 20,000.
other relevant date/information:
(1) At the request of importer, US $ 1000 have been incurred for improving the design,etc.of machine,but is not reflected in the invoice,but will be paid by the party.
(2) Freight-US $ 6000
(3) Goods are insured but premium is not shown/available in invoice.
(4) Commission to be paid to local agent in India Rs,4500
(5) Freight and insurance from airport to factory is Rs.4500
(6) Exchange Rate is US$1=Rs.42
(7)Duties of Customs:Basic-30% CVD-14%
Prashant Kothari
18 January 2010 at 09:42
Applied a loan before 5 Yr in SBBJ Bank of 50,000 Rs when started my business but unfortunetly after some time i was not able to pay the loan on that time due to Business Problem but before 1 Yr paid amount with Compromise with Bank.
Recently when i applied for Credit card from my Bank they refused to give credit card due to Cibil Report where they mentioned my cibil report is showing as defaulter.
Please give me the way where i can clear my cibil report or can get Home Loan in Future.
RGDS
Prashant
Anonymous
16 January 2010 at 18:10
1. District Valuation Officer valuing the property of plinth area basis on CPWD rates while proper books of accounts are maintained, Income Tax returns filed. Copy of all the details and records required by the District valuation officer for the prupose of his valuation were duly filed before his valuation procedures, which were not considered, valuation was done on plinth area method on CPWD rates while PWD rate is there. Valuation by registered valuer on PWD rate was submitted before the Assessing Authority which was not at all considered. Errors and flaws in the valuation report submitted by the DVO was pointed out which was not at all considered.
(A) Whether CPWD rate can be taken while PWD rate is prevails?
(B) Whether the Assessing Authority can complete the assessment without getting proper clarifications from the DVO for the errors and flaws in his valuation report was brought in notice, only because the case is getting time barred?
(C) Whether the value for which the property is insured can be taken as cost of construction for assessment purpose ignoring the books of accounts maintained and valuation by the Registered Valuer?
JIGNESH P PARIKH
16 January 2010 at 13:38
Sir,
Kindly advise.
A Limited wnts to acquire a plot of land from Mr. A (Director) on lease for a period of 15 years.The company proposes to construct a building on the same.
Issues
Can the company claim depreciation of the building constructed on leasehold land? If yes at the end of the lease tenure the company will be entitled to claim the amount standing to the debit of Building Account(wdv) as Business Expenses or it will be short term capital loss?Alternatively is it permissible for the comapny to amortise the cost of the building over lease tenure.?
If the entire lease rent for the 15 years is paid in advance whether the directors are liable to deemed dividend?
--
Thanks and regards
CA. Jignesh Parikh
+91-9426501505
+99-9998943366
Anonymous
15 January 2010 at 11:42
the applicant is an automotive dealer and company issued credit notes according to sale, which is only income, the applicant deduct the credit notes in trading account from purchase and derive gross profit.the applicant is charcged under 12.5% VAT.the applicant deposit vat to the price of sale.now the sto is asking to deposit the vat @12.5% on amount of credit notes arguing that if the figure of credit notes removed from trading account the firm will come in loss which is true as said earlier in this trade the only frofit is from credit notes . the figures are opening stock - 332214 purchase - 2920201.95 less credit note - 242428, add debit note - 1854 =net purchase in trading account - 2679627.25 sales - 1912953 closing stock - 1189242.27 GP - 90354.02 what to do.
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EXPENSES TRANSFERRED TO WIP
The object clause of the company is investing nature. Company has invested in the fixed deposits. It has earned interest on FD. Company has adjusted the interest income against administrative expenses. In the block assessment, it has disallowed the expenses from A Y 2002-03 to 2008-09. The company has purchased land for the purpose of the construction. Since in the object clause no changes done, interest is charged to income. Now, in the financial year if the object clause is changed as construction, can the expenses disallowed can be transferred to WIP? As the project has not been started.
PLZ REPLY ITS URGENT