Sangeetha
25 August 2009 at 14:22
A land along with building has been purchased in the year 2005-2006 for Rs. 30Lakhs. But in books of accounts it has been accounted as Land for total purchase prise.
As per Annexure 1A issued by Registrar/Authority it has been quoted as Rs. 39Lakhs as land value and Rs. 10Lakhs as Building Value. Therefore the total municipal / govt. value of both land & building including to be Rs. 49Lakhs.
This misappropriation of booking the entire purchase value of Rs. 30Lakhs in Land has been found out by auditors in this financial year of 2008-2009.
1. My question is if the land & building value is to be apportioned, then it has to be done under what basis?
2. Will it be possible to reduce land value to that extent? Will there be any capital gains effect as per IT act or any other effect as per Companies act?
latharamesh
25 August 2009 at 14:07
Hello everyone
There are lots of educational institutions in INdia who are formed as trust and provide educational services by collecting fees. Under which head these trust are taxed?
akash jain
24 August 2009 at 17:40
RES.Sir,
Please tell me the provisions under I.T Act.1961 for A.Y 1979-80,under Section 230A(1),and
U/S 269L(2) ,and U/S 269(1)in A.Y 1979-80,and 1980-81 ?
Under Section 269L(2),and 269(1) of I.T Act,1961 ,to whom notice use to served by the I.T.Dept.?
Please help me and oblidge.
Thanking You Sirs,
Akash maheshwari
vijay dhiman
24 August 2009 at 16:21
Dear All,
Pls arrange Limited liability Partnership Deed Performa
Regds
Vijay Dhiman
Advocate
manish
24 August 2009 at 09:50
Thank you very much for providing information
one more thing i want to ask , whether they will send any notice or something like that to employeer if they found any fault (Worng information given for deductions) in Form 16.
with warm regards
Manish
vikas kumar
22 August 2009 at 14:57
WHAT IS THE TAX TREATMENT ON RANT PAID IN DUBAI
IS TDS WILL BE DEDUCTED ON RANT PAID IN DUBAI
WHAT WHILL BE THE RATE OF TDS
Mahendra
19 August 2009 at 11:53
Dear sir,
I m user of FORM 26AS (Online view of tax Credit) facilities provided by NSDL.
I found a Party in our List showing around 6000 Tds (Contactual Pmt) Deducted for two financial years.07-08 & 08-09 for which we have not raised any such bill .I spoke to the party but the party denied for such deduction. Say as we don’t know. I have also checked tan number which matches with that of the party.
Pls give solution to my below queries
1 What if the party is booking fabricated expenses in their books of accounts & pay tds in our account? What consequences we may face for the same?
2 Should we take the tax credit for income tax purpose?
3 What if the party says to enquire at NSDL ? who is responsible for it we or the party? & how ?
4 Pls give us complete solution?
Thanks in Advance.
Mahendra
mani
19 August 2009 at 06:31
This question is in relation to Professional Tax Applicable in Karnataka.
Section 4 of THE KARNATAKA TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENT ACT, 1976 states as quoted below:
4. Employer's liability to deduct and pay tax on behalf of employees.- The tax payable under this Act by any person earning a salary or wage, shall be deducted by his employer from the salary or wage payable to such person before such salary or wage is paid to him, and such employer shall, irrespective of whether such deduction has been made or not when the salary or wage is paid to such persons, be liable to pay tax on behalf of all such persons:
Unquote.
My view is that the words above "BEFORE SUCH SALARY OR WAGE PAID TO HIM" means the net salary. Also the words "ANY DEDUCTIONS" from salary is not included in the act.
So is my point view correct as per the law?
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False addition in the assessee"s total income
Hello sir,
I need your help and advise.
My father has been harrassed by the income tax department unnecessarily by adding the Istridhan of her daughter who had got married in 2002 and then returned home due to their inlaws tried to burn her alive and she had filed a case against her inlaws for her istridhan and attemptto murder case but her inlaws had made a compalain against my father in income tax for the details of istridhan which my sister had filed in court my sister had no were mentioned about my father in the FIR and moreover she had filed in her own capacity as an assessee in court but Income tax had forcebily ordered and addition of 22k and a penalty of 11k. and they had also send a notice for stay of 2 of our property our case is in appeals and the IT officer is not ready to listen to our answers and daily they are tourtring my parents my father accounts deoes show any avoidance of income and the accounts are clear.
Please help we are in a mess and need some help of an expert as we do not have much money to spend against charterred acoountants.