P V VAITHYANATHAN
17 June 2012 at 20:54
I am 70 years old, and own a flat in Chennai. Recently the owners of our flat decided to go in for a joint development of our property with a contractor. Each flat owner now receives a lumpsum as goodwill money from the contractor. Please let me know whether this goodwill money is taxable in any way. If so, how to avoid or minimise the same? Appreciate your valuable advices. Thanks.
Sathish
14 June 2012 at 09:42
Hi,
Our company is providing service related engineering, accounting and others (Export & Domestic). As such we are registered under VAT and Service tax. This particular question pertains to service tax and TN VAT providing services.
We are providing services to our clients and raising invoice on the services provided. But while providing these services we need to buy certain "input" raw materials/components/Computer (Capital) and use them by either designing, building a prototype (proof of concept) and/or testing them (R&D) to render the service. Buying such "input" components incurs excise duty, import duty and/or VAT. Since these material are brought for the sole purpose of providing services,
we would like to know whether the duties & VAT incident on these "input" material can be taken as credit in service tax & VAT account? If so please clarify what rule/notification allows this.
Regards
Sathish
RD
04 June 2012 at 20:08
There are 2 separate issues. Kindly opine. Thanks in Advance.
1. Royalty is payable to Foreign Co resident of Germany. What shall be the rate of TDS? Will there be any difference if the Company is not having PAN?
2. Will there be any requirement of TDS in case of payment of Sales Commission to an Agent residing and operating from outside India? What shall be the effect of cancellation of Circular No. 786 dated 02nd Feb, 2007 - specifically dealing with non-applicability of TDS in case of agents operating outside India?
Kindly reply ASAP
Thanks once again.
Maheswar Behera
04 May 2012 at 11:29
Which corporations are covered under section 10(10A)(i) of the Income Tax Act under the "corporation established by a Central, State or provincial Act"
Any case law on the point
Sangit moy Das
21 April 2012 at 12:52
Sir,
My questions are
1) Can Anyone opt for composite scheme if his turnover cross 1.5Crore because exceeding 1.5Crore need Vat Audit also.
2)If once can choose is he liable to pay purchase tax for Unregistered purchase?
3)Is it the Gross value of CTP on which composite rate is applicable?
Plz help me. This is very urgent
Shailendra Jaiswal
31 March 2012 at 23:22
1.Sir i want to know that in a hotel industry Hotel booked a marriage Party of Rs.2Lac in which amount it pay service tax & in which amount it pay VAT.
2.In case of Room Rent Percentage of abatement of Service Tax & Luxury Tax if Hote booked a room @ 3000/- in which amount it charge service tax & which rate & in which amount it charge Luxury Tax & which rate.
Please clarify as soon as earliest
Thanks Regards.
Dharni Patel
17 March 2012 at 16:58
Dear Sir,
One of my client is importing laptops for which they paid cvd+cvd edu cess+ cvd HE cess equivalnet to 10.3%. He is a trader in india selling these laptops by charging vat/cst as applicable. he is also a service provider. He falls under business auxiliary services and repairs and maintenace services for which they pay service tax. They have no any manufacturing activity.
so my query is
Can he claim cvd paid on import of laptops against payable service tax on business auxiliary services & repairs & maintenance services?
whether cvd paid is refundable to them by any other way or it is part of cost to them ?
sruti gupta
15 March 2012 at 12:38
In case Sales Tax/Commercial Tax department seized a property upon which Financial Institution or Bank u/sec. 13(4) of SARFESI Act, has also imposed its lock or seized the same at a later date. Then whose right over the property will prevail ??
whose dues have to be cleared first dues of the secured creditors or the Sate Government dues(Sales Tax)?
P.S : the above captioned property lies in Uttar Pradesh.
Medha Bhattacharyya
08 March 2012 at 18:56
An work order related with three jobs in a public sector Company i.e. Construction works of School Building,Health Center and Community Hall(solely used by the workers). Total contract are in a composite form.Whether the assessee will claim all the three works as an exempted Service under Commercial & Industrial construction?
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Write backs of creditors-whether a provision or free reserve?
Facts;
1).The Company is registered with BIFR as a sick industrial unit since 2005.
2).The Company write backs such creditors unilaterally in their books of accounts without any remission or cessation by the creditors because of which the liability is still existing.
3).The Company credited such write backs to their Profit and Loss Account in the respective years and the Income Tax Returns for the respective years were filed with the same profits and adjusted against the carry forward of business losses.
4).The company transferred such profits to profit & loss Account because of which that amount is included in Capital Base of the company in calculation of Net Worth.
5).As a result the company’s net worth has become positive & company comes out of sickness but operationally it is other way round. The company is making such profits because of such write backs only and not because of operational activities i.e. no cash profits.
Queries-
1).Can we create any contingency reserve with an equivalent amount of creditors write back in our balance sheet as these are written off unilaterally?
2).Can such write backs are in the nature of provisions as these are write back unilaterally in our balance sheet and the liability is still existing?
a).If Yes, then whether it is a short term or a long term provision?
b).If No, then how can we show it in the balance sheet?
3).Can we include such write backs in our free reserve for the distribution of dividends?
4).If we can do any of the above treatment, what are the implications of the same under Income Tax Act/Companies Act for the respective years:
a).Whether there is any need for revision of Income tax return for the respective years?
b).If Yes, then what are the procedures for revision of returns?
c).If No, then please suggest any other way for such treatment.
d).Whether any restatement of balance sheet is required?