subodh
15 July 2008 at 20:07
The Builders who enters into property development agreement with land owners, constructs & enters into agremeent for sale of flat/units(while doing construction) are held liable as "Works Contract" under Maharashtra VAT Act, Is it correct ?
If yes, will they be liable for Service Tax ?
Is the ratio of recent Gohati High Court judjement
MAGUS CONSTRUCTION PVT LTD
Vs
UNION OF INDIA
Is applicable to all ?
AJIT KAWATKAR
15 July 2008 at 12:18
my sister is retired SR CiTIZEN having pension;returns from ppty-fixed depo.-dividends from shares.at present not taxable.she wants to invest in bank's fix-depo. for 5yrs. The plan is like this;-to invest rs5L for 5yrs. to invest the INTEREST EARNED [mothly/Q]in recurring depo. Q.whether int. earned/deposited in the A/C &then directed to RD.would be ADDED to her income &calculated as total income for that yr.&taxed ?if is so kindly advise tax plannig.
garibnathsah
14 July 2008 at 01:58
sir,
employers contribution to provident is exempted upto 12% of employee's salary under which sub-section 10. kindly help me in this regard.
with regards
garib nath sah
sree
12 July 2008 at 10:16
whether TDS should be deductible for inrest paid on compensation awarded by workmen compensation Act
Sanjay Sharma
11 July 2008 at 14:23
We manufacturing Tractors for agriculture purpose as well as supplying the Tractor Parts to our customers from our Spare Parts Division situated in the same premises on one registration no. in Central Excise Department from 1st June-06 under cover the notification No. 14/2008-C.E.(N.T.), dated 1.03.08. Tractor is exempted for the payment of Excise duty and the “Parts, components and assemblies of any automobiles “are liable to pay the duty.
For the fulfillment of purpose of supplying the ‘Spare Parts of Tractor’ to the customers, we procure the material from the supplier’s in our “Spare Parts Division” those who are supplying the material to our Tractor Manufacturing Plant also and sale those parts to customer after availing the Excise duty credit paid on them through our Dealers and Stockiest after discharging the Excise duty on the basis of MRP declared under cove the above said notification and The Standards of Weight & Measures (Packaged commodity )Rules, 1977.
Most of all suppliers are discharging the Excise duty on their Transaction Value and declaring the same time on the Invoice “ Exclusively for Industrial use as raw material “ and some of them are on the MRP.
Some times we procure the material from the suppliers those who are not registered with Central Excise Department or may be they are availing the SSI exemption, means ( they not charge the duty while supplying to us).
My Query is –
1.Can we clear the parts purchased (without availing the duty credit) without charging the Excise duty to our customers? or,
2.Being deemed manufacturer ultimately we have to discharge the duty or not.
3.In case of suppliers who are discharging the duty at their end on the basis of MRP on their own, can we break the MRP label and fix our MRP?.
4.Those who are discharging the duty on transaction value at their end, are they doing the right practice or what should they do ?.
5.Is the Tractor Accessories are exempted for the payment of excise duty as per the above mentioned notification?.
OR
What is the right procedure, we can follow ?
Dear All, Experienced
Pls. Clarify, it would be great help to us.
Regards
Sanjay Sharma
Baldev Dewan
10 July 2008 at 14:04
Sometimes we receive material through tractor trolley and make the payment of freight to the owner of the tractor trolley but he does not issue any GR or even if he issues a GR. Are we laible to pay service tax on the freight amount paid to tractor trolley owner and can the tractor trolley be treated as goods carriage under the definition of Goods transported by road?
Baldev Dewan
10 July 2008 at 13:34
We are manufacturer of engg. products andregistered under Central Excise and as well as service tax. We have given a contract for construction of residential colony for workers and staff within the factory premises. The contractor has raised a bill and charged service tax. we have made the payment of the bill raised by the contractor. Can we take the Cenvat credit of service tax paid to the contractor on the construction of residential colony. Does it fall under the service of construction of residential complex?
Anurag
09 July 2008 at 14:45
we Are a contractor and got the Contract from a company Which Comes in SEZ area,we purchased material rs 100000 and paid 12.5% vat cost is 112500,and same material supplied to our SEZ site,we are not charging any WCT on Bill for SEZ company , For Example Final Bill value 150000 then we will receive amount only 150000 from SEZ comapny.In case There is no Output and Already we are in composition scheme , then we cant claim Input of VAT and We suffered a lost of VAt Rs 12500,to avoide this in future are there any Form which we have to submit to our supplier,meanse we want get that material in woth of 100000/-.
Ok
Thanks For Last Information
Anurag
09 July 2008 at 14:45
we Are a contractor and got the Contract from a company Which Comes in SEZ area,we purchased material rs 100000 and paid 12.5% vat cost is 112500,and same material supplied to our SEZ site,we are not charging any WCT on Bill for SEZ company , For Example Final Bill value 150000 then we will receive amount only 150000 from SEZ comapny.In case There is no Output and Already we are in composition scheme , then we cant claim Input of VAT and We suffered a lost of VAt Rs 12500,to avoide this in future are there any Form which we have to submit to our supplier,meanse we want get that material in woth of 100000/-.
Ok
Thanks For Last Information
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Deduction U/s 24 I.T. Act
My friend has taken a loan jointly with his wife to buy a house property. Basically the loan is sanctioned on my friend's salary and repaying capacity only. EMI is Rs. 17,000/- Whereas my friend's wife salary is Rs.14,800/- only.
My friend has registered the house property in his wife's name only.
In this circumstance whether my friend can claim Interest on salary u/s 24 and deduction u/s 80C for the principal portion paid from his salary income.
Please suggest.