sreevani
06 November 2009 at 16:53
Respected sir,
Please let me know whether replacement made under warranty claim be treated as part of sale and whether vat is applicable.send the answer to my emailid
-sreevanisraor@gmail.com
pkpworld..
06 November 2009 at 07:15
A society registered under society registration ACt is required to file a Wealth Tax Return for AY 2009-10.
As pr the Wealth Tax ACt, 1956, there are threee status i.e. individual, HUF and Companty.
In which status the socity will be assessed under Wealth Tax Act?
pkpworld..
05 November 2009 at 23:03
One person filed return which was selected for scrutiny. The case was audited u/s 44AB. The ITO has passed order and demanded 78000/-. The demand raised was for the following reasons : The person has claimed excess depreciation. He had claimed depreciation @ 20% on W.d.v. of block assest instead of 15%. The assessesing officer had disallwoed excess depreciation and accordingly issued demand notice. He also imposed penalty u/s 271(1)(c) of Rs.52000/- for concealment of income and wrong particular of total income.
My query is that :
AS the case was audited by the C.A., the C.A. Should penalised for such mistake. Is there any provision of any penalty for mistake of any CA. The C.A. is a reputed and registered C.A.. Also the assessee was not aware about the various allowable percentage of depreciation, so he had taken help of such CA who also filled the reutrn of income and helped to assesse for filing of return. My point is that Why should the assessee penalised for mistake of an C.A.
Whether the imposition of penalty by the officer is correct or not.
Whether the assessee had concealed the icnome and liable for penalty.
Whether any fruitful result will be comeout if appeal filed against the order of officer?
pkpworld..
05 November 2009 at 21:47
Shopkeepter(owner of aHero Honda Show room)received a cash deposit of Rs.30000/- for advance o
Ram
05 November 2009 at 14:33
Dear sirs,
We are a partnership firm in Karnataka. We are converting the same into a pvt ltd company. The existing partners shall be the directors. We are aware that we need to apply for new registration of company after canceling the registration of firm under KVAT Act. We are holding stock of Rs 1 crore (commodities taxable at 12.5%) in firm to be taken over by company.
Our query is are we suppose to pay VAT @ 12.5% on stock held by firm by billing the same with out put tax of Rs 12.5 lakhs to the new company and the new company claiming input tax of the same ( treating the same as purchases from firm).
We find it difficult to discharge such huge vat at one point and claim input for the new company. Is there any provision where stock can be transferred by means of agreement between firm and company. We will be in trouble if at the later stage if the authorities demand tax on closing stock transferred, if we transfer by means of agreement. Or is it better to raise tax invoice as said earlier.
pls advice
pkpworld..
05 November 2009 at 06:24
One person filed a return for AY 2007-08 on 31/03/2008. He received a intimation u/s 143(1) for payment of demand of Rs.4522/- on 02/11/2009. The Intimation u/s 143(1) was issued on 25/09/2009 by income tax officer. The person was written a compliance with reference this intimation stating following:
U/s 143(1), the time limit of issue of intimation for dedmand is one year from end of the financial year in which the return was filed. In other word No intimation shall be sent after the expity of one year from the end of the FY in which the return is made. In the instance case the ITO can not demand any tax after 31/03/2009.
In this situation what is to do?
pkpworld..
04 November 2009 at 23:18
A person filed a return of income u/s 139(1) for AY 2008-09 on 30/07/2008. After one month he had discover that he had committed a mistake in respect of income particulars then he had filed a revised income u/s 139(5), modifing the income, on 31/08/2008. Then he again discovered that he had committed a mistake in qouting the bank account number. Then he had filed 2nd revised return u/s 139(5) on 30/9/2008 quoting correct bank account. Like this he had filed twelve revised returns within 31/03/2009. The last revised return was filed on 31/03/2009. Till date the Income tax department had not processed all returns filed by the assessee. The assessee had to get a refund of Rs.12000/-.
My query is that whether all the returns filed by the assessee are valid or not?
Whether the assessee was penalised for filing 13 returns (one original plus twelve revised returns)for one assessment year?
What will be the consequences?
Sanjay Sharma
04 November 2009 at 11:27
Dear Sir/Madam,
I am a 38 years B.com graduate from a reputed University in 1991, working in a MNC as Assistant Manager- Indirect Taxation and in this field my experience is almost 15 years and having the strong desire to become an independent Indirect Tax Consultant/ Advocate.
Right from the beginning I am in this field and have in-depth knowledge of Excise, Service Tax, VAT, Import Export, EOU and SEZ also.
Recently, I have completed my LL.B from the same University.
I want to know, what is the way for me to become an Indirect Tax Consultant; I need your valuable suggestions on the matter.
Regards
Sanjay Sharma
pkpworld..
04 November 2009 at 08:21
Every perosn whose income is exceeding income which is not chargeable to tax in any assessment year is required to fild a return of income.
Can a person having income below taxable inocme (i.e.120,000 for AY 2009-10)file a return in income tax office?
The receiving officer had refused to accept return of income having below taxable income. One person having taxable inocme of Rs.120,000 p.a. for AY 2009-10 wanted to file his retrun income for the purpose of taking a loan from a bank. The bank had asked to assessee for acknowledgement of filing of return. Without such document bank will not sanction loan.
The assessee had approched to the income tax officer but he had expained the section 139(1) and said he will not receive the return because of below taxable income.
The bank also refused to give loan whihout evidence of filing of return.
What to do in this circumsatances?
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DOES GIFT DEED IN PROPERTY ATTARCT CAPITAL GAINS
RESIDENTIAL PROPERTY WAS PURCHASED MORE THAN 3 YEARS AGO AND WOULD JUST ATTRACT LONG TERM CAPITAL GAIN TAX IF NOT INVESTED IN ANOTHER RESIDENTIAL PROPERTY WITHIN THE TIME SPECIFIED AS PER LAW.
THE PROPERTY WAS ON 2 NAMES AND JUST RECENTLY THIS YEAR THE ONE OF THE PROPERTY HOLDERS TRANSFERRED HIS/HER 50% SHARE AS GIFT. NOW JUST 9 MONTHS HAS PASSED AFTER THE GIFT DEED WAS REGISTERED.
IN CASE WE SELL THIS PROPERTY NOW AND PURCHASE OR NOT PURCHASE A RESIDENTIAL PROPERTY, WILL IT ATTRACT A CAPITAL GAIN TAX, AND IF YES THEN ON THE ENTIRE PROPERTY AMOUNT OR JUST THE 50% GIFT DEED TRANSFERRED AMOUNT,OR NOT AT ALL.
IF YES THEN SHORT OR LONG TERM AND ON WHICH SHARE.
REGARDS