Anonymous
19 March 2010 at 15:00
A travel company has booked a hotel for 400 persons, a cook for 10 days and labourmen for 10 days, hire buses of other company and paid Rs. 1.5 lacs, 1 lac, 1 lac and 50000 respectively.
Does it effect the TDS?
Parthasarathi Loganathan
18 March 2010 at 20:54
News Item:
The Maharashtra Government has not taken a final decision on levying entertainment tax on the IPL, said the Chief Minister, Mr Ashok Chavan, on Wednesday while addressing the media on the eve of budget session. When it was pointed out that the State Cabinet said on January 20 that entertainment tax of up to 25 per cent would be imposed on the ticket sales of IPL and other one-day international cricket matches, Mr Chavan said no final decision was taken and the matter was still under consideration. Matches held in the municipal limits would attract 25 per cent tax while those outside the municipal limits would be levied 20 per cent tax.
Inference:
If Government can afford leakage of income to the exchequer on account of this non-levy of Tax, under what legal context this would stand good
Anonymous
18 March 2010 at 18:04
Dear Sir,
Our unit is manufacturing the erw pipes. Than tell me how much i can resale maximum raw material.
I am waiting for your reply.
Rajan Kumar
18 March 2010 at 17:41
Sir, I have applied for Vat no under Punjab vAt Act on 26-09-2009, but till date i have not received the vat no.
what action i can take against the dept. now is it mandatory for the dept to allot me the vat no?
Anonymous
18 March 2010 at 14:34
My mother aged 65 received a notice under 142 of IT act , She has Just 1 Lack Fixed Deposit and she gets regular Interest on that, She has PAN card for Last 5 Years not filed any returns, because she hardly make Rs.8500/yr , in such a context what is the meaning of this notice u/s 142 of Income tax act?
RAJENDRA PANDEY
17 March 2010 at 08:17
Dear Sir/madam
I have purchase a car in my firm by exchange offer from a company and i received a tax invoice from company. my question is that whether i also make a invoice to the comapny for the sale of my old car and is there any tax liability arise from this transaction.
thank & rgards
Anonymous
16 March 2010 at 22:06
I HAD PURCHASED A PLOT IN FY 2004-05 AND SOLD IT IN FY 2009-2010.WITH THE FULL CAPITAL GAIN ACCRUED, I HAVE PURCHASED A RESIDENTIAL FLAT WITHIN FY 2009-2010 ITSELF.THE QUERY IS THAT WHEN THIS CAPITAL GAIN (THOUGH EFFECTIVE CAPITAL GAIN IS ZERO AS FLAT HAS BEEN PURCHASED FOR THE FULL CAPITAL GAIN AMOUNT)IS REFLECTED IN THE ITR OF AY 2010-2011, WHAT IS THE POSSIBILITY OF A QUERY BEING RAISED BY THE AO WHILE SCRUTINIZING THE ITR ON THIS TRANSACTION(PURCHASE OF FLAT) AS WELL AS THE TRANSACTION OF 2004-2005(PURCHASE OF THE PLOT).
V K SINGHAL
16 March 2010 at 13:46
Is there any specific format & procedure to file application before CIT (Appleas)under rule 46A of the Income Tax Act, 1961 in a case where no proper opportunity was given by the AO before passing order u/s 144 of the Income Tax Act, 1961.
Vijay
16 March 2010 at 13:42
Hello Sir,
I run a business from my home. (The home is the name of my mother.) My accounts doesn't require auditing as they are below 10 lacs (Service Provider).
I would like to pay rent to my mother as office rent, since I am running my business from home. I don't have a TAN number. So what is the max. rent I can pay to my mother for using her home as office TDS deduction requirement?
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CALCULATION FOR CAPITAL GAINS UNDER SECTION 54F & 54EC
PLEASE CONFIRM WHETHER THE UNDER MENTIONED CALCULATION FOR EXEMPTION UNDER SECTION 54F & 54EC IS CORRECT OR HAVE I MISSED OUT ANY ASPECT.FOR CALCULATION PURPOSE I HAVE ASSUMED THE INDEX FOR FY 2009-10 AS 610 WHICH IS CERTAINLY LOWER THAN EXPECTED, THIS IS TO BE ON THE CONSERVATIVE SIDE.
FINANCIAL TRANSACTION DETAILS
1. COST OF PLOT (OCT 2004):RS 18,66,300.00 (INCLUDING STAMP DUTY) _________________________
TOTAL COST RS 18,66,300.00
______________________
2. INDEXED COST : 18,66,300.00 X 610/480 = RS 23,71,756.00
3. BROKERAGE COMMISSION :RS1,90,000.00 ___________________
FINAL COST : RS 25,61,756.00 _______
4. SALE PRICE OF PLOT (DEC2009) : RS 60,00,000.00
5. COST OF FLAT BOOKED ON RESALE (DEC 2009): RS 54,33,000.00
 100% PAID TO BUILDER : RS 51,75,000.00
 TENTATIVE COST OF REGISTRY : RS 2,58,000.00 (TO BE PUT IN CAPITAL GAIN A/C)
6. LTGC:
RS 60,00,000.00 – 25,61,756.00= RS 34,38,244.00
54,33,000.00/60,00,000.00 X 34,38,244.00 = RS 31,13,330.00
7. NHAI BONDS TO BE PURCHASED: RS 34,38,244.00 – 31,13,330.00 = RS 3,24,914.00
SUMMARY
•FINAL COST OF PLOT : RS 25,61,756.00
•SALE PRICE OF PLOT : RS 60,00,000.00
•COST OF FLAT : RS 54,33,000.00 (INCLUDING COST OF REGISTRY)
•AMOUNT PUT IN CAPITAL GAIN A/C : RS 2,58,000.00 (COST OF REGISTRY)
•NHAI BONDS : RS 3,24,914.00