sanjiv batra
01 December 2009 at 12:23
A COMPANY IS HAVING APP. RS.5, 00,000/- UNDER IDBI INVESTMENT DEPOSIT ACCOUNT SCHEME’ 1986 U/S 32AB OF THE INCOME TAX ACT. 1961. PLEASE CLARIFY THAT:-
A) IF IT WITHDRAWS THIS MONEY FROM IDBI BANK & CLOSE THIS ACCOUNT. WILL THIS WITHDRAWL BE TAXABLE?
B) CAN IT WITHDRAW NOW THIS MONEY FROM IDBI BANK FOR PURCHASE OF PLANT AND MACHINERY UNDER THIS SCHEME OR NOT & WILL TAX NOT BE PAYABLE, SINCE USED FOR SPECIFIC PURPOSE?
THANKS
SANJIV BATRA
hussain
30 November 2009 at 16:44
Sir,
There is any latesh order by Supreme court for share application (Devine Leasing)
Srimanta Ghosh
30 November 2009 at 12:07
What is the VAT rate of Stone Chips & Coal Chelly in Jharkhand ?
dasd
30 November 2009 at 00:23
Difference between
1. Memorandum of appeal & memorandum of cross objection
2. question of law & question of facts
3. tribunal & court
4. notice & intimation
5. Offence & penalty
6. prosecution & proceedings
7. opportunity of being heard ( in all notices except BJA) & sufficient cause
8. tribunal & court
dasd
30 November 2009 at 00:03
Whether rectification possible U/s 260A(HC))? If after giving decision HC or any lower authority find any mistake apparent from record then whether such lower authority inform HCt o make rectification
Whether rectification possible U/s 262 (SC)? If after giving decision HC/SC or any lower authority find any mistake apparent from record then whether such lower authority inform SC to make rectification?
dasd
29 November 2009 at 18:09
what is the difference between
penalty & prosecution
order & direction
notice & intimation
opportunity of being heard & sufficient cause
Anonymous
29 November 2009 at 12:57
Sir,
Pl. give me a latest judgement in respect of VRS taken under the exit option scheme of SBI. Kindly advice me whether the SBI Exit optees are eligible for exemption u/s. 10(10C) of I.T.Act or not.
Thanking you
C T Patra
Debashis Mandal
29 November 2009 at 01:51
Respected Experts,
one lady who retired RBI employee, took Early Retirement under a scheme fraimed by RBI which is as per RBIs letter not a VRS scheme in financial year 2003-2004 & therefore she was not able to take the benifit U/S - 10(10C) of Income Tax Act. & a big sum was taken by Income Tax authority from her as TDS,
Subsequently from IT Tribunal & recently from a High Court a decision was taken that such scheme is a VRS scheme as the scheme is satisfying all the condition of Sec. 10(10C)& therefore the scheme becomes eligible for deduction U/S 10(10C), which is subsiquently intimated by RBI to all the previous employees who took retirement under such scheme at that period,
Now as the demand for refund was not claimed at the time of submission of IT Return & also the time for Revised IT Return has also gone, so ITO has refered the case to CIT & an application subsequently demanded by & also submitted to CIT U/S - 119(2)(b)of Income Tax Act. 1961,
Now CIT is keeping the case pending & advising us to wait,
Now my question is -
1. Is there any time limit within which period such case is to be complete by Income Tax Authority?
2. Can CIT deny to give the benifit of Sec.10(10C)?
3. If CIT denies to give such benifit then what steps can we take?
Pls. answer the questions
Thanks
Debashis
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
gift tax on 50% of flat being sold
detailed question is given in the file attached.
pl. help me in the problem.