Anonymous
04 June 2011 at 10:57
whether sez has been exempted from payment of excise duty on its purchases?please provide me the notification/circular reference.
ajithkumar.t
04 June 2011 at 07:38
Public sector undertaking of Govt; of Tamilnadu acting as implementing agency for devt: of infrastructural projects.There is no separate entity fro the last five years for the project. The grant from Gov: of India,and state received by agency and carries out the project.TDS etc collected by implementing agency and paid with their PAN etc.
How the balance sheet of the entity can be derived separately.
Can we start now a separate entity for taking over all the assets etc of the project. If so tax implications.
Is their any exemtions for such projects under Income tax act under the present status in the hands of implementing agency and under the hands of separate entity to be set up in future.
Any other points.
Please reply
Anonymous
01 June 2011 at 16:32
Can we merge credit amount of RG23A-II & RG23C-II with Service Tax Credit pertaining to utilization for DTA Sales.
We are maintaning serperate register and want to utilise credit of both (Cenvat/Service Tax)in DTA sale due to insuficint balance in induvidual head i.e. RG23A, RG23C & Service Tax. Please guide us w/suitable nofificate/circular. Enclosed sheet for kind review as we want to use it for utilisation.
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?
Monu Bhardwaj
27 May 2011 at 16:55
A person is carrying trading business. He is Operating business by creating four Pvt Ltd Companies in which he and his wife are directors in 50:50 ratio of shareholding. He is also running a partnership firm in which he and his wife are partners in the equal ratio. The whole process of business is as follows:
1. They are raising unsecured loans in personal names and transfer the same in one of the company. Company is paying interest and instalment of that interest by the company’s cheque directly to the bank/financial institution.
2. No TDS is being deducted from these payments.
3. Directors transfer funds to purchase property in their personal names.
4. Interest of Rs. One Crore per year is debited to the profit and loss account.
5. Limits CCs of Rs.10 Crore had been raised in the relevant companies but used for purchase of property.
6. No enough working capital is left in the business and they raise further loan secured or unsecured or home loan.
7. No statutory compliance have been made.
8. Furhter they create a vogus proprietorship firm and the turnover is Rs 2 Crore per year and the whole sale from this concern is in cash. There is no cash in the books but they deposit lacs of Rupees in bank from black money.Cash balance is also negative which will be made positive from receiving cash from old accounts of bad debtors.
9. They are using faque Form C for avoiding sale tax in the above concerns.
10. They are not registered in PF ESI Shop Establishment Acts.
In the above all they are evading lacs of rupees sale tax service tax income tax and not paying the employees their salaries in time.From April 2010 they announce increment in our salary but we have not received arrear of salary from April 2010 to Dec 2010.We have not received our leave encashment for the financial year 2010.
My problem is that I was the previous accounts head of this concern and they are threating me that if I say something to someone they file a FIR against me or theat me by saying that they can destroy me and my family.
I humbly request all the members of LawyersClubindia to help me by suggesting where to complaint against these concerns by not disclosing myself or keep my identity confidential.
Monu Bhardwaj
26 May 2011 at 22:30
As per Finance Act service tax is to be deposited at the time of actual receipt of invoice value.
If we discounted these bills from our bankers or sold to a factor. When should we deposit service tax?
At the time of bill discounting/Factoring or when actual payment remitted by the customer/debtor to bank.
Vishwanath
24 May 2011 at 19:12
Dear Learned friends,
An ITO had lodged complaints with PSI u/s.109,177,192,196,417,420,463,464,465 &468 for filing two returns of income and twice obtaining refunds after the said refunds were repaid in the month of March 2010 and no charge sheet has been filed so far as most of the allegations are false. Now on the same grounds the ITO has filed another prosecution case to the court u/s.277 and 278 of the IT Act. Kindly advise on what should be our next step.Does it hold good in law?Should we approach the Hon'ble High court for quashing of the same? This clearly shows the high handedness of the IT Dept and Police Dept to cause intentional harassment. How to overcome this complication
Regards,
Vishwanath
Anonymous
16 May 2011 at 14:17
For shifting of construction material & Equipment from one place to other place of construction, is VAT way bill required while transporting.
C Suresh Krishna
16 May 2011 at 11:44
We have supplied some materials to our customer in two different quarters i.e. 1st and 2nd Quarter of FY 2007-08, but customer had provided us single C Form. C Form was issued on receipt basis. On 27.06.07 one truck material was dispatched to customer and received in to there factory in July-2007 and another truck was sent on 13.07.07 and they had received in July-2007, therefore they have issued single C Form for the 2nd Quarter of FY 2007-08
Now the Sales Tax Authorities rejecting the same and demanding two separate c forms for two quarter. The said unit was now closed, and they are unable to provide us C Form.
Our local consultant filed appeal on it and quoted on judgment of Maharashtra Sales tax department, but still sales tax department (Raipur, Chhattisgarh) in not convince.
Kindly suggest us what we can do now. Please send case law or any thing to resolved this issue
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capital gain tax
sir,
i have sale my Dda flat in 2011. which was purchased on 2003 after that i also paid some due installment in several years with interest. and freehold charges in 2010 . now
i am confused how to treat these installment and interest and freehold charges and some decoration ,paint cost in calculation of capital gain tax. should i take it as improvement cost and which year of indexation will be use for these expenses.