Anonymous
27 January 2011 at 14:06
One of my clients is a manufacturers of PVC Profiles used for the fabrication of Window and Door Frames. The manufacturing is located at Hyderabad in AP. The Company is now venturing in to taking contracts for the designing, fabricating and instaling the Window and Door Frames for the builders. The query is :
1 If the Company delivers the profiles as returnable material to various small fabricators for making Door Windows and Frames on job-work basis, does this activity tentamount to manufacturing ?
2 After the fabrication of Window and door frames, the Company would be using them in execution of works contracts.
3 What is liability under CE Rules on both the fabricators as well as company.
Gaurang
25 January 2011 at 16:27
we have transfered the equity share to Individual (non relative)of pvt. ltd. company in the month of oct'10, now query is that how to value the share as per IT act becuse in 2009 budget there is amend the section 56 i.e value of share on the basis of book value. so we have to vlue this share on the book value and any other way?
uma.t.s
20 January 2011 at 18:24
sir
inorder to prepare for the moot court competition is there any cases that supports the view that judiciary is included in 'other authorities' under article 12 of the Constitution of India?
please reply
ANAND SHARMA
17 January 2011 at 19:07
XYZ CO. MADE PURCHASES AGAINST C FORMS AMOUNT OF RS.10,00,000/- AND THEREAFTER ISSUED C FORMS TO THE SAME AMOUNT FROM THE DEPARTMENT AND IN THE END OF THE YEAR HE GOT TURNOVER DISCOUNT, WHILE MAKING THEIR BALANCE SHEET, CO. SHOWS THEIR PURCHASE IN TRADING ACCOUNT EXAMPLE GIVEN BELOW.
PURCHASE 1000000
(-) LESS
TURNOVER DISCOUNT 100000 9000000
NOW THE DEPARTMENT WANTS TO TAXED TO THE TURNOVER DISCOUNT.
WHETHER DEPARTMENT CAN TAXED ON TURNOVER DISCOUNT OR NOT.
REGARDS
ANAND SHARMA
Anonymous
14 January 2011 at 10:36
Respected experts. Kinfdly enlighten me in the following subject.
My friend has recently returned from USA & wants to start a business by bottling/importing energy drinks, tea etc.
He wants to recruit a Projet consultant Mr.Chang. Understand that Tax liability letter has to be issued. My question is
1) What is tax iability letter & to whom it is issued & by whom it is issued.
2) What is contained in that Tax liability letter?
3) Is there any waiver in any rule if thr person is a specialist?
4) What else is required for such recruitment?
5) In which book, Act I can find the details of this subject
Thanks in advance.
Satheesh Nair
13 January 2011 at 00:12
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal.
Uttaranchal is coming under section 80IC and MAT is applicable.
We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ??
If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ?
Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ?
Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ?
I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section.
Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated.
Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?
Satheesh Nair
13 January 2011 at 00:10
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal.
Uttaranchal is coming under section 80IC and MAT is applicable.
We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ??
If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ?
Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ?
Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ?
I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section.
Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated.
Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?
Anonymous
12 January 2011 at 07:32
There are two ways of gifting a property (to a blood relation/spouse):-
1. as gift (deed)
2. via relinquishment deed
As I know, gift deed costs more than relinquishment deed. What's the cost of gift deed?
Is it variable based on the value of the property or fixed?
Is there any difference in terms of tax liability? I guess there is no tax on gifts from blood relations plus spouse. What about tax in case of relinquishment deed?
Thanks.
Anonymous
08 January 2011 at 08:19
We the VAT registered dealer in Andhra Pradesh, and presently our project is under construction, and the entire construction work was outsourced along with material, in 2007, and in work order we were not separated the material rate and labor rate, the rate is inclusive of material & Labor, accordingly the contractor is charging @4% VAT on the work certified.
With effect from February, 2010 VAT amended from 12.5% to 14.5%, Now the contractor is raising an invoice for additional Vat of 2%, i.e., (4+2=6%).
Can we pay the additional 2% to the contractor… Please Advise
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