Guru Charan Swain
09 January 2010 at 14:48
A charitable trust/institution purchased Wipro computer from a private ltd company (wipro dealer), in which one of the trustee is a director and having substantial interest. The value of the computer purchased is equal to/less than the market price. The assessing officer applied section 13(1)(c)and rejected to give benefit under section 11(1). Plese clarify the section 13(1)(c) read with section 13(2)(e)
Anonymous
09 January 2010 at 12:58
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 .what to do.
SUBHASH SHARMA
09 January 2010 at 10:50
IN CASE OF REPLACEMENT OF ANY SPARE PARTS AGAINST THE SALE WHICH HAVE ALREADY BEEN MADE AND TAX ALSO BEEN PAID ON THAT.
IN CASE OF ANY SPARE PARTS IS REPLACED ( UNDER WARRANTY) WHICH IS AGST THE SAME SALE.
IS REPLACEMENT OF SPARE PARTS IS TAXABLE.
WHAT TREATEMENT WILL BE DONE OF OLD PARTS WHICH MAY ALSO CARRY SOME COST.
THANKS/REGARDS
SUBHASH SHARMA
ADVOCATE
M-9891338895
Anonymous
08 January 2010 at 17:12
Hello ,
I am salaried, I also do trading in free time. I would like to know below.
1) How to calculate the tax for the profits earned from futures and options ?
2) If incurred losses can i carry those losses to next financial year.
3) If I donate the profits earned in trading to construct a temple, do i need to pay tax and how to declare it in my IT returns,
Rohit Gupta
08 January 2010 at 13:56
Dear All
In case a service provider give me a bill with the following bill, on what amount should TDS (say 10%) be deducted? Whether gross or net of service tax?
Service Amount : Rs 1,00,000
Service Tax(say) : Rs 10,000
Total Amount : Rs 1,00,000
Thanks and regards.
BHUPENDRA SINGH
08 January 2010 at 13:18
service tax on legal consultancy services is w.e.f 01-09-2009. So,wheather we are suppose to collect servicetax on services rendered before sep 2009 but bill raised after sep 2009 kindly help me.
abdulrahaman
07 January 2010 at 23:25
Dear sir ,
let me know the best tax planning for the following assesse.
1) The person is a doctor running a private clinic.In this condition which is the best method of tax planning mention below, if this person consists of wife (educated house wife),two minor chilren,father and mother.
a) A partnership firm of husband,wife,father and mother.
b) a private trust
c) any other tax planning
Anonymous
07 January 2010 at 21:34
Dear Sir/Madam
1. Is there a cap on immoveable property gifts made to relatives?
If yes then at what rate gift tax is levied?
2. What is the definition of relative?
Does a sister or brother fall under the category of relative under gift tax?
Anonymous
06 January 2010 at 21:23
Hello, Happy New Year 2010
Please suggest tax saving schemes.
Details as below:
salary 11L. I am claiming 80C for 1L and interest on housing for 1.5L. What else can help to reduce taxes. I am the only earning member with wife, 2 minor daughters and senior Citizen parents as dependents.
Some Inputs Gathered as below - however I am open to further ideas.
Please suggest if the following thoughts are feasible in my case.
A> Both husband and wife should, by obtaining gifts from older family members, have a separate Hindu Undivided Family (HUF) so as to claim a further exemption of Rs 1.10 lakh through proper tax planning.
B> If the couple has children, say, one son and one daughter, each one can separately form a trust for the would-be spouse of one child in such a manner that the initial exemption of Rs 1.10 lakh under the provisions of Section 164 of the Income Tax Act is available.
C> Besides, if either worships some deity, then he or she can have a private religious trust of one's own chosen deity. Such a trust would be liable to assessment as a separate taxpayer under the category of artificial juridical person and would enjoy a separate exemption of Rs 1.10 lakh.
D> Donation
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