Anil
18 August 2008 at 11:08
A parent company located outside India has earned ( accrued but not paid) Rs.4500 as interest from its wholly owned subsidiary located in India.
Does the parent company has to obtain a PAN number to file its return in India for the interest income received from India. It has no other income.
Thanks
hanif
18 August 2008 at 11:04
I have started a new firm of house keeping. I want to register under service tax. so kindly let me explain the procedure of service tax registration and what are the documents i have to submit for the registration.
vinod menon
15 August 2008 at 23:17
HELLO ALL..
I'VE BEEN A REGULAR IN PLAYING THE ONLINE LOTTERY GAME FOR SOME TIME NOW (RESPONSIBLE ENOUGH TO REALISE WHAT EXTEND I SPEND :-)) I'VE BEEN WINNING THE SMALL SUMS SAY.. 150$, 100$ ETC. WELL, MY QUESTION IS IN CASE I WIN THE JACKPOT, AND THE MONEY ONCE IT REACHES MY ACCOUNT AFTER FINISHING THE EURO TAXATION AND EVERYTHING ELSE, AM I TO PAY TAX ON THE SUM THAT I RECIEVED AS WINNINGS WHICH IS ALREADY TAX PAYED IN THE COUNTRY OF THE ORIGIN OF THE LOTTERY (OR IN THAT CASE; IF AT ALL IT IS TAXED THERE?!) I REPEAT, WILL I BE DOUBLE TAXED? OR IS IT THAT WHATEVER INCOME TAT I LATER GENERATE FROM THAT MONEY WHICH IS WON IS TO BE TAXED?
hanif
14 August 2008 at 15:08
Dear Sir,
I have started a new firm of housekeeping befor 15 days.i have got one contract for that and i am taking monthly chages which is below 1lac.So what are the taxes applicable to me and what I have to do for registration under this taxation laws?Please kindly explain me in detail? And please tell me the yearly limit for the applicability of service tax.
Sangeetha
14 August 2008 at 10:02
For accounting year 2006-2007 our building was in construction. the Contractor has given part invoice for building while under construction and it has been booked in Buildings account. Depreciation had been claimed last year. In this accounting year 2007-2008, balance part invoices were received and that had been booked in Asset-Under Construction account. then at later stage it will be bought to Asset - Building account. Now my question is wat has to be done for the asset considered as building last year and for the depreciation considering IT and Companies Act.
Gurumourthi
14 August 2008 at 09:17
Can anybody provide case law details (Citation) related to Interest demand by Department for payment of duty on monthly basis for removal of input and capital goods as such. (Other than KLRF textiles vs. CCE, Tirunelveli 2005 (188) ELT 169). I shall be thankful if the webside details are also provided.
K.Ravichandren
10 August 2008 at 11:19
In an appeal the Central excise Tribunal dismissed the appeal on the basis of no compliance of its interim order(stay order and to deposit Rs.8,00,000) within the stipulated time. Now what is the next step i should adopt?
For your nutshell the case is:-
Being a job worker i undertake orders from a company. I undertake only a small works of the total finished product. I am clearing assemblies upon payment of excise duty including value of the inputs put by me and in my cost. The company concerned sends me some free inputs for the assembly and i am neither accounting nor taking credit on that and the value of such free inputs or not included on the service charges. The excise authorities sent show cause notice to me mentioning that during the past two years i havenot included the free inputs and demanded excise duty of Rs.15,00,000/- and the penalty of Rs.15,50,000/- under sec 11A(2)CEA, read with Rule 6 of Central Excise Valuation Rules 2000 and for penalties sec 11AB, Sec. 11AC ibid under rule 25 od CE rules 2002. Agreived against i preferred appeal to the Commissinerand they reduced the Penalty to 8,00,000/- and confirmed the rest of the order. Again I preferred appeal in the Tribunal and obtained stay for the operation of the lower order with a direction of depositing Rs.8,00,000/- with in a short period of time and since i could not mobilise i sought further time and even after that time i could not deposit the money and hence my appeal is dismissed. I am financially in a bad position and my other properties are in the bank for loans and the factory concerned also could not run for the past one year. I even though of filing insolvency petition.
This is my position now. Kindly advise me whether i can appeal to another forum - High Court?. Is it possible can i give insolvency for this Central Excise propblem while my properties are in the banks and case is pending in DRT and the bank has right for the first charge over the properties.? Your valuable advice sought
K.Ravichandren
08 August 2008 at 20:08
In an appeal the Central excise Tribunal dismissed the appeal on the basis of no compliance of its interim order(stay order and to deposit Rs.8,00,000) within the stipulated time. Now what is the next step i should adopt?
For your nutshell the case is:-
Being a job worker i undertake orders from a company. I undertake only a small works of the total finished product. I am clearing assemblies upon payment of excise duty including value of the inputs put by me and in my cost. The company concerned sends me some free inputs for the assembly and i am neither accounting nor taking credit on that and the value of such free inputs or not included on the service charges. The excise authorities sent show cause notice to me mentioning that during the past two years i havenot included the free inputs and demanded excise duty of Rs.15,00,000/- and the penalty of Rs.15,50,000/- under sec 11A(2)CEA, read with Rule 6 of Central Excise Valuation Rules 2000 and for penalties sec 11AB, Sec. 11AC ibid under rule 25 od CE rules 2002. Agreived against i preferred appeal to the Commissinerand they reduced the Penalty to 8,00,000/- and confirmed the rest of the order. Again I preferred appeal in the Tribunal and obtained stay for the operation of the lower order with a direction of depositing Rs.8,00,000/- with in a short period of time and since i could not mobilise i sought further time and even after that time i could not deposit the money and hence my appeal is dismissed. I am financially in a bad position and my other properties are in the bank for loans and the factory concerned also could not run for the past one year. I even though of filing insolvency petition.
This is my position now. Kindly advise me whether i can appeal to another forum - High Court?. Is it possible can i give insolvency for this Central Excise propblem while my properties are in the banks and case is pending in DRT and the bank has right for the first charge over the properties.? Your valuable advice sought
pawan balwani
07 August 2008 at 16:49
Hello Sir,
Can anybody tell me that as we are having specific fund created in a co-operative society and the income on account of that fund is to be considered for tax liability ,can we claim the expenses incurred on that specific fund should be deducted as expenses for computation of tax liability,
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Changes in the VAT law of Himachal Pradesh
One of the amendement made in Himachal Pradesh VAT. Where Section 11 as amended vide Amendment Act No.12 of 2007 published in H. P. Rajpatra Extn. On 16th May, 2007. According to STO's interpretation of the Act, we should claim input tax credit only with respect to such goods as have been sold by us during the tax period and the balance to be carried forward.
According to us, if you go through Section 11 as a whole, the interpretation is totally different. According to Sub-Sec. 1 of Sec. 11 –
The input tax credit may be claimed in respect of taxable sales made during the tax period by a purchasing dealer shall be –
(i) the amount of input tax paid or payable by such purchasing dealer to the selling registered dealer, on the turnover of purchases of such goods as have been sold by him during the tax period; and
(ii) calculated and allowed as provided in this section, and subject to such other conditions as may be prescribed.
The calculation of input tax credit is given in Sub-Section 13. Which is given as below:
According to Sub-Section 13 of Sec. 11 –
“ The amount of input tax credit, which may be availed of by a purchasing dealer, shall be determined on the basis of the following formula, namely:-
NET INPUT TAX CREDIT = A+B-C
Explanation:-
(i) ‘A’ represents the amount of input tax credit which the purchasing dealer may be allowed under this section in respect of taxable sales made by him during the tax period.
(ii) ‘B’ represents outstanding input tax credit brought forward from the previous tax period; and
(iii) ‘C’ represents reverse input tax credit as determined under sub-section (10).”
If we calculate input tax credit as per Sec.11(13), then we should consider opening balance of input tax credit in every tax period. So please clarify Clause (ii) of Sub-Sec. (1) and Explanation (ii) of Sub-Sec. (13) of Section 11. According to our interpretation of Sec. 11, we can claim the whole input tax credit against the vat payable on sale during the tax period and this was the motive while constituting this VAT LAW all over India. When we are paying tax on purchase then why we should not get the benefit within time. But the STO is adamant and he say that he would not allow benefit of input tax credit on unsold stock against vat payable. So please suggest what should be the correct interpretation of law with reference to Sec. 11 of VAT at Himachal Pradesh