Krishnan Venkatachalam
06 September 2009 at 19:33
"X" an individual availed housing loan from a nationalised bank and the house property was Mortgaged to the bank till the repayment of loan."X" defaulted in payments and the bank issued notice to the borrower that it will auction the property. In the meanwhile "X" housing property along with some other properties were attached by the Income tax department. The bank which had given loan to "X" auctioned the property after giving due intimation to the IT department and issuing public notice for auction.
The question is whether Income tax department will have priority over the bank ( secured creditor ) in taking the sale proceeds of the auctioned property. The bankers claim that they have preference over the IT department quoting SARFESI Act. However some of my collegues say that the borrower is an individual and hence bank can not claim priority over IT department quoting SARFESI act which will be only applicable to borrowers who are company incorporated under companies Act.
Kindly clarify as to who will get priority over the sale proceeds of auction whether bank or IT Department.
Krishnan Venkatachalam
06 September 2009 at 19:32
"X" an individual availed housing loan from a nationalised bank and the house property was Mortgaged to the bank till the repayment of loan."X" defaulted in payments and the bank issued notice to the borrower that it will auction the property. In the meanwhile "X" housing property along with some other properties were attached by the Income tax department. The bank which had given loan to "X" auctioned the property after giving due intimation to the IT department and issuing public notice for auction.
The question is whether Income tax department will have priority over the bank ( secured creditor ) in taking the sale proceeds of the auctioned property. The bankers claim that they have preference over the IT department quoting SARFESI Act. However some of my collegues say that the borrower is an individual and hence bank can not claim priority over IT department quoting SARFESI act which will be only applicable to borrowers who are company incorporated under companies Act.
Kindly clarify as to who will get priority over the sale proceeds of auction whether bank or IT Department.
Deepak Kumar
05 September 2009 at 16:19
I have income from shares.
I am trader I have profit as well loss.
Kindly suggest me to file ITR.
SUBHASH SHARMA
05 September 2009 at 15:51
SIR,
ONE OF MY CLIENT WHO IS AN EXPORTER HAVE TWO BRANCHES ONE IN DELHI AND SECOND IN NOIDA.
HE EVERY DAY TRANSFER GOODS FROM NOIDA TO DELHI AND DELHI TO NOIDA.
WHAT HE SHOULD DO FOR VAT COMPLIANCE.
HOW WE HAVE TO MAINTAING THIS STOCK IN OUR BOOKS. IS THERE ANY FORM TO BE GIVEN TO STOCK TFD.
THANKS/REGARDS
SUBHASH SHARMA
SUBHASH SHARMA
05 September 2009 at 15:49
SIR,
ONE OF MY CLIENT WHO IS AN EXPORTER HAVE TWO BRANCHES ONE IN DELHI AND SECOND IN NOIDA.
HE EVERY DAY TRANSFER GOODS FROM NOIDA TO DELHI AND DELHI TO NOIDA.
WHAT HE SHOULD DO FOR VAT COMPLIANCE.
HOW WE HAVE TO MAINTAING THIS STOCK IN OUR BOOKS. IS THERE ANY FORM TO BE GIVEN TO STOCK TFD.
THANKS/REGARDS
SUBHASH SHARMA
Deepak Kumar
05 September 2009 at 15:08
please suggest me that
I am salaried and also having an income from shares, mutual fund and commission of Insurance. I want to know that the process to file ITR.
thanks and regards.
Deepak Saini
9871119327
Basanta Kumar Misra
05 September 2009 at 13:07
Sir,
One gentlemam won Rs.50 Lakhs prize
money from a television game show in July 2000. And the I.T.Deptt. asking to pay tax @30% on the Rs. 50 Lakhs. whether such act of the I.T.Deptt. is not cause violance to Art. 265 of the constitution of India, and Section 136 of the I.T.Act.
Also, whether the Circular No. 447 of 1986 will not be applicable to this gentleman as he is/was not a professional
in such television game show.
SUKANTA PAUL
05 September 2009 at 10:54
SIR, if an individual having business income (partner salary, commission, interest) over Rs.10lakhs, is he required to audit u/s 44AA(2)(i)? The ITR Forms has now 2 options i.e. 44AA & 44AB. PLEASE GIVE DETAILS
hussain
05 September 2009 at 10:47
Sir,
the company as given loan to directors and it has been deducted in next financial year from the remunaration.but as per income tax loan has been become a demmed income in the hand of directors.in this case there any rule that can we save the penlty
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New B.M.C. Tax Revision in Mumbai for licensed properties
IN THE CASE OF RESIDENTIAL PROPERTY.
The B.M.C. has revised the tax structure in a very harsh manner in Mumbai for properties given on Leave and License. The tax is very high. I believe that it is subjudiced and has to still be decided on.
In caes the society is demanding it on behalf of the B.M.C. and the Property owner refuses to pay, could any action be taken on the property owner or it could remain pending till the final decission by the B.M.C.
Also whatpercentage would according to you on residential property tax be levied and how would it be calculated as far as expenses also incurred by the prperty holder.
Regardsriven