VINAYAK MUNGI
19 April 2009 at 14:19
THE DISALLOWED AMOUNT IN 40A(3) GENERATES BLACK MONEY IF THE CASH HAS BEEN ENTERED IN THE BOOKS OF ACCOUNT OF THE PAYEE WHO IS IT ASSESSE
NO LAW IS THERE TO STATE THAT THE DISALLOWED AMOUNT SHOULD NOT BE ADDEDTO THE PROFITS OF THE FIRM/PARTNER/PROPRIETOR
IF A FIRM X HAS INCURED AN EXPENDITURE OF MORE THAN THE LIMIT SPECIFIED AT A UNDER 40A(3) OF ANY PERIOD AFTER THE ACT WAS ENACTED . THE EXPENDITURE IS INCURED FOR PURCHASE OFF RAW MATERIAL FOR PRODUCTION.
THE PAYMENT IS MADE TO A FIRM Y WHO IS AN INCOME TAX ASSESSEE. ENTERS THE CASH
IN HIS BOOKS OF ACCOUNT
THE ASSESING OFFICIER DIALLOWS THE EXPENDITURE AND ADD TO THE INCOME OF THE
FIRM AFTER PAYMENT OF THE ADDED INCOME TAX . ADDS THE PROFIT AFTER TAX TO THE
PARTNER/PROPRIEETOR
NOW THE PROFIT OF THE PARTNER/PROP
IS A BLACK MONEY BECAUSE FIRM Y HAS ENTERED THE MONEY IN THE BOOKS OF ACCOUNT
AND WHICH IS THE SOURCE THE A.O HAS GRANTED THE MONEY(IN THE FORM OF DIALLOWANCE)
IF FIRM Y HAD NOT ENTERED IN THE BOOKS OF ACCOUNT THEN THERE IS NO BLACK MONEY GENERATED
AS THE DISALLOWNCE IS MADE ONE SIDED
WITHOUT VERIFICATION ON THE OTHER SIDE THAT IS THE PAYEE .BLACK MONEY (THE MONEY NOT ENTERED IN BOOKS OF ACCOUNT)IS GENERATED
THE PURPOSE OF THE LAW IS TO BLOCK THE BLACK MONEY GENERATED HOWEVER THE WRONG IMPLEMENTATION CREATES THE BLACK MONEY HENCE THE VIRUS
THE GENERATION OF BLACK MONEY CAN BE BLOCKED IF THE IMPLEMENTATION OF DISSALLOWNCE UNDER 40A(3) IS GURANTEED IF AND AND ONLY IF THE A.O HAS THE PROOF FROM THE PAYEE
THE ABOVE SAID CAN BE IMPLEMENTED IF POINT NO 5 IN CBDT CICULAR 22O OF 1977 IS
MANDATERY TO THE ASSESSE IN CASE IF HE WANTS THE ALLOWANCE MADE BY THE A.O FOR THE EXPENTITURE HE HAS PAID IN CASH
VINAYAK MUNGI
meson_services@yahoo.com
VINAYAK MUNGI
19 April 2009 at 14:15
THE DISALLOWED AMOUNT IN 40A(3) GENERATES BLACK MONEY IF THE CASH HAS BEEN ENTERED IN THE BOOKS OF ACCOUNT OF THE PAYEE WHO IS IT ASSESSE
NO LAW IS THERE TO STATE THAT THE DISALLOWED AMOUNT SHOULD NOT BE ADDEDTO THE PROFITS OF THE FIRM/PARTNER/PROPRIETOR
VINAYAK MUNGI
19 April 2009 at 12:51
Time to file a slp in supreme court
w r t
1. notice for orders ready on H C notice board
2. after the reciept of order
Pradeep Kumar Sharma
19 April 2009 at 11:40
One of my client has made a profit of Rs.25 lac from selling shares of Pvt.Ltd. company. He gave the entire consideration to a promotor for purchase of a residential flat. My query is that whether Sec.54F deduction will be allowed ob booking a flat or the physical possession of the flat has to be taken withing stipulated time of one year. Besides that whether deduction under sec.54F is at all allowable for Booking a flat because it speaks of purchase of a residential house.
rgurucharan
18 April 2009 at 17:46
Dear sir,
our's is a private trust governed & registerd under the Indian trust Act.
we train for the student of MBA & pgdm of iase university.
We make payment to Teaching staff based on the number of sessions handled during the month at the agreed rates fixed by the management.
Any of payment made to the individual does not exceeds Rs. 10 lacs. even then the organisation is deducting the TDS @ 11.33%. But actually it is only @10.30%.
Unnecessarily they are deducting the excess tds from the teaching staff.
Pls clarify whether what the organisation is doing is correct or not.
with regards,
R. Gurucharan.
Rajesh Chawhan
18 April 2009 at 16:39
FBT IS APPLICABLE TO pROPRIETORSHIP COMPANY ? OR IT IS BASED ON TURNOVER ?
Shariq
17 April 2009 at 11:14
Respected Sir,
Can I take Rs 10.00 lacs from my Father in law. If yes is there any tax liability will imposed on me or my father in law.
Pls advise.
Thanks
deepak
17 April 2009 at 10:00
whether construction of railway sidings done for pvt company is exempt under notification 17/2005 of st?
Mitesh
17 April 2009 at 09:37
if while placing the purchase order buyer has clearly mentioned that movement of the goods outside the state only for the Job work purpose and ultimate consumption will be for within the stare only, he had also submitted declaration along with the Purchase order. In such situation will sales will be considered as Interstate Sale, and will C Form will be applicable, please guide.
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