Anonymous
16 January 2010 at 18:10
1. District Valuation Officer valuing the property of plinth area basis on CPWD rates while proper books of accounts are maintained, Income Tax returns filed. Copy of all the details and records required by the District valuation officer for the prupose of his valuation were duly filed before his valuation procedures, which were not considered, valuation was done on plinth area method on CPWD rates while PWD rate is there. Valuation by registered valuer on PWD rate was submitted before the Assessing Authority which was not at all considered. Errors and flaws in the valuation report submitted by the DVO was pointed out which was not at all considered.
(A) Whether CPWD rate can be taken while PWD rate is prevails?
(B) Whether the Assessing Authority can complete the assessment without getting proper clarifications from the DVO for the errors and flaws in his valuation report was brought in notice, only because the case is getting time barred?
(C) Whether the value for which the property is insured can be taken as cost of construction for assessment purpose ignoring the books of accounts maintained and valuation by the Registered Valuer?
JIGNESH P PARIKH
16 January 2010 at 13:38
Sir,
Kindly advise.
A Limited wnts to acquire a plot of land from Mr. A (Director) on lease for a period of 15 years.The company proposes to construct a building on the same.
Issues
Can the company claim depreciation of the building constructed on leasehold land? If yes at the end of the lease tenure the company will be entitled to claim the amount standing to the debit of Building Account(wdv) as Business Expenses or it will be short term capital loss?Alternatively is it permissible for the comapny to amortise the cost of the building over lease tenure.?
If the entire lease rent for the 15 years is paid in advance whether the directors are liable to deemed dividend?
--
Thanks and regards
CA. Jignesh Parikh
+91-9426501505
+99-9998943366
Anonymous
15 January 2010 at 11:42
the applicant is an automotive dealer and company issued credit notes according to sale, which is only income, the applicant deduct the credit notes in trading account from purchase and derive gross profit.the applicant is charcged under 12.5% VAT.the applicant deposit vat to the price of sale.now the sto is asking to deposit the vat @12.5% on amount of credit notes arguing that if the figure of credit notes removed from trading account the firm will come in loss which is true as said earlier in this trade the only frofit is from credit notes . the figures are opening stock - 332214 purchase - 2920201.95 less credit note - 242428, add debit note - 1854 =net purchase in trading account - 2679627.25 sales - 1912953 closing stock - 1189242.27 GP - 90354.02 what to do.
prasad
12 January 2010 at 20:38
Pls let me know if a sole proprietory business can apply for PAN.or is the PAN of the sole propreitor relevant for this purpose.What is the proof of identity of a sole proprietory business?
SUBHASH SHARMA
12 January 2010 at 12:27
Dear Sir,
>
>Our company is providing service of Maintenance to Delhi Metro.
>
>We are charging Bill with Service Tax.
>
>But Delhi Metro refused to pay Service Tax amount saying that :-
>
>They are exempt to Service Tax and given one copyin which written as follows :-
>
C2.3.5 “Delhi Metro Rail Corporation Ltd., a non-government Railway, is executing the
work under the “Metro Railways (Construction of Works) Act, 1978” extended to
Delhi Metro. Tenderers are requested to study the Section 65 & 66 of Finance
Act, 2005 (budget 2005-06) regarding Applicability of Service Tax along with the
relevant circulars and instructions in the matter issued by Ministry of Finance,
Department of Revenue and bid accordingly.”
Kindly Suggest service Tax will be charged on the bill or not.
>
>Thanks/Regards
>
>Subhash Sharma
charudureja
12 January 2010 at 11:45
Respected members
my client has got his share in his parents ancestral property now all brothers have sold the house and have got the money. original house was built in 1966 and was sold in jan 2010. The question is now he wants to invest the money in some other property (a plot) in some other city. Till what time he can invest and will investing the amount save him from capital gain tax.Please also tell how much will be the capital gain on 13.70. property was sitauted in chandigarh.
deepak K Gujrati
12 January 2010 at 09:26
Whether sales tax returns can be used as an evidence to prove that the turnover shown by the assessee is the final figure and department can not disbelieve the sales figure derived after deducting cash discount.
The I T Deptt. is relying on Cash Memo where discount has been allowed manually and name of the customer is also not mentioned.
Chirayu Kothi
09 January 2010 at 17:45
Can Adjucation order passed on Holiday? In any taxation adjudication.
Rohit Gupta
09 January 2010 at 15:11
Dear All
Please help me with the following queries:
1. Whether cash gift given to employees by the employer are fully taxable in the hands of employees in all cases?
2. Whether reimbursement of Coaching fees given by the employer is fully taxable in the hands of employees in all cases?
3. Is special allowance given as a part of salary fully taxable?
Please quote reference of relevant sections of the Income Tax Act.
Thanks alot!
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Guide for CIBIL CLEARANCE
Applied a loan before 5 Yr in SBBJ Bank of 50,000 Rs when started my business but unfortunetly after some time i was not able to pay the loan on that time due to Business Problem but before 1 Yr paid amount with Compromise with Bank.
Recently when i applied for Credit card from my Bank they refused to give credit card due to Cibil Report where they mentioned my cibil report is showing as defaulter.
Please give me the way where i can clear my cibil report or can get Home Loan in Future.
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Prashant