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Recent Questions

Question added Apr 25, 2014 Income Tax By ritesh mittal , CA

answers

289 views

Q. capital gain - I had booked a flat in a project 3 1/2 years back. but possession still not recd. I have paid 8 out of 10 installment to the builder through CLP method. Now If I transfer it to some one, how capital gain will be calculated. It will be Long term or short term ? and if I can take the benefit of indexation on paid installments. Pl suggest any body.

Anwered By : shankygarg

Question added Apr 24, 2014 Income Tax By Rahul kumar , East Delhi

answers

164 views

Q. Implication of Tax - We are jewellers, in normal course of business we received advance from client for there order. On subsequent sale we adjust such advance. In case of sale not made we return the same advance to customer. We return through cheque if advance made originally was in cheque or we return in cash if original advance was in cash. My question is that is any tax implication on advance return in Cash.

Question added Apr 21, 2014 Income Tax By sania , CA , Mandi Dabwali

answers

295 views

Q. TDS - IF SALARY NOT PAID OF LAST FEW MONTHS BUT TDS DEDUCTED AND PAID THEN HOW TO ISSUE FORM 16

Question added Apr 18, 2014 Income Tax By sourav goyal , CA , Raipur

answers

198 views

Q. TDS return - whether it is mandatory to file NIL TDS return.

Anwered By : CA Satuti Mahajan Surendra Kumar Dash shankygarg

Question added Apr 16, 2014 Income Tax By Ranjit Kumar , Delhi

answers

315 views

Q. capital gain on sale of land - A company has 2pieces of land having wdv 14lakh out of this one land sold for Rs.7lakh having cost Rs 5Lakh.whether Rs 2 Lakh is capital gain or not ??

Anwered By : shankygarg

Question added Apr 14, 2014 Income Tax By amit kumar bhatnagar , CA , Meerut

answers

345 views

Q. TDS ON AMOUNT PAID TO USA FOR PUBLISING ARTICLE IN NEW PAPER - Sir,
an assessee (lecturar ) want to pay fee to usa base publisher for pulishing article/paper in news paper & want to rececived form 15cb from us please explain the tds rate for such type of payment to out side India payment of 120$.

Question added Apr 05, 2014 Income Tax By CA Tushar Patil , CA

answers

301 views

Q. TDS on rent for use of Factory - One of my client has taken sugar factory on rent for the period of 10 years for which rent will be paid lump-sum in first year. Lessee will amortize the rent paid in 10 annual equal installments. Whether TDS will be deducted on entire amount in first year itself or it will be deducted over 10 years when it will be amortized against the profits and so only on amortized amount?

One of my client has taken sugar factory on rent for the period of 10 years for which rent will be paid lump-sum in first year. Lessee will amortize the rent paid in 10 annual equal installments. Whether TDS will be deducted on entire amount in first year itself or it will be deducted over 10 years when it will be amortized against the profits and so only on amortized amount?

Anwered By : SUBHASH KUMAR JHA

Question added Apr 02, 2014 Income Tax By Priyanka , CA , Mumbai

answers

266 views

Q. Submission of ITR V - Can we send more than one ITR - V in single enevelope of our clients? Or we have to send one ITR V in one enevelope?

Anwered By : SUBHASH KUMAR JHA

Question added Apr 01, 2014 Income Tax By Linta Abraham , CA

answers

298 views

Q. Direct Taxation - Is stamp duty paid towards increase in authorised share capital for meeting working capital requirements allowable under Income Tax Act while computing taxable income?

Question added Mar 31, 2014 Income Tax By ROHIT GOEL , CA , New Delhi

answers

226 views

Q. house property - if the assessee purchase the residential plot ,can he claim deduction u/s 54 on sale of said plot.

2. if any assess purchase the urban agriculture land on loan from relatives then interest payments can be added to cost of land

Anwered By : SUBHASH KUMAR JHA

Question added Mar 29, 2014 Income Tax By himani , Delhi

answers

252 views

Q. incometax - Dear Sir As I am working in a public ltd Company my give loan to other public ltd co. now receving co. convert loan into equity shares so i want to know what is the tax liability or any other tax provision for this loan amount is 437410000 kindly update me sa soon as possible.

Question added Mar 29, 2014 Income Tax By sunil agrawal , CA , Jaipur

answers

208 views

Q. TDS - A assessee which is a co-operative bank which net worth is negative & are in liquidation. Assessee is not in a positon to pay even principal amount. It has claimed interest expenditure without deducted TDS on interest. Depositors are not members. TDS sectonn have also issued demand notice of TDS. Three years have gone in liquidation process. My question is that whether TDS was deductible.

Anwered By : CA Satuti Mahajan SUBHASH KUMAR JHA

Question added Mar 28, 2014 Income Tax By orjoon , CA , East Delhi

answers

148 views

Q. Taxation - Is India a highest taxed country in any terms?

Question added Mar 26, 2014 Income Tax By CA KIRAN LONDHE , CA , Mumbai

answers

405 views

Q. Transfer pricing - XYZ LLC is US based LLC . Mr. A is founder of it . Mr. A is NRI , person of Indian origin .
At present XYZ LLC is entering into contracts with Software engineers in India for performing software development in India on its behalf for its foreign clients . Liability to bear Indian taxes is on Engineers .
Entire risk relating to software development is handled by XYZ LLC and all clients are foreign clients.
Now they have established private limited company named “ XYZ India Private Limited “ with motto of instead of entering into contract agreement with engineers , keeping them on payroll of XYZ India Private limited “. i.e. outsourcing to Indian company .
Shareholding pattern of XYZ India Private Limited .
Mr. A – 99% in Indian currency – NRI , person of Indian origin
Mr. B- 1% Indian resident .
MR. A & Mr. B are directors.
Nature of transaction:-
XYZ India private limited will raise invoice on XYZ LLC covering reimbursement of expenses like Salary of engineers, rent , and other business related expenses plus some mark up.
Want to know :-
1. Treatment for above transaction under Service Tax – Would it be treated as export and no service tax ?
2. Are XYZ LLC and XYZ India Private Limited associated enterprises ? What would be its effect on service tax liability?
3. Would it be covered under Transfer Pricing ? and How much mark would be sufficient ? what documents would be required ?
4. Cost benefit analysis - Service tax and Income tax point of view . How can the above mentioned transaction entered to minimize taxes ?

Question added Mar 24, 2014 Income Tax By puneet garg , CA , Ludhiana

answers

208 views

Q. LATE AUDIT & ITR - An assessee has approached me whose partnership firm had sales of Rs.400 lacs in FY 2012-13. Neither ITR has been filed for Partnership Firm and nor it has been audited. Now what are the remedies available with him so that minimum penalties are levied on firm? Whether Online audit reports can be submitted now?

Question added Mar 22, 2014 Income Tax By Bipin Kumar Agarwal , CA , Rourkela

answers

672 views

Q. TDS - Q1) I filled TDS return for Q2 F.Y 2013-14, on which I observed some challan filled in the mentioned return are erroneously shown.(Not related to that Qtr) As per TDS correction procedure
Challan can not be deleted But In annexure one can put 0 (Zero) figure on amount paid/credited,TDS amount, Tax rate and Date of deduction to the particular party related to that challan.
while going for FVU Processing an shown " T-FV-4257 Date on which tax deducted should be NULL if total deduction is 0 (Zero).

My question is that how to solve error code and file rectification statement.

Q2) A Partnership firm In which partner provide unsecured loan form his HUF PAN,But in TDS Return for the F.Y 2012-13 Q4, wrong PAN mentionedd and TDS deducted from his Individual PAN (Partner account and in form 26 AS amount shown in partner account).
Now what I should do?
Is rectification of return possible?
What partner will do in his personnel return.
same mistake continue in Current year also.

Question added Mar 20, 2014 Income Tax By CA Nagam Devi Kumar , CA , Kakinada

answers

232 views

Q. Income Tax - one of my clients case was selected for scrutiny, in the proceedings, for the construction of building, it was referred for valuation cell. Here my doubt, if the valuation cell report is more than the expenditure incurred on construction, what will be the position. I hope that we can plea the AO to give some concession basing on the previous judicial pronouncement. So, please provide if any judgement is available. thanking you Sir

Question added Mar 19, 2014 Income Tax By AJAY D. LUKKA , CA , Mumbai

answers

336 views

Q. TDS - I have filed Correction Statement (Return) for TDS of My Client, I Received Demand Notice in which TDS of 20% is Payable on PAN which were corrected in Correction Statement & the difference between the Invalid (PAN Mentioned in First TDS Return) and Valid PAN (PAN Mentioned in Correction Statement) is more than 2 alphabets and /or 2 numeric characters. Is there any Provision/Circular/Notification in Income Tax Act that specify that If the difference between the Invalid PAN (PAN Mentioned in First TDS Return) & Valid PAN (PAN Mentioned in Correction Statement) is more than 2 alphabets and /or 2 numeric characters, then TDS should is Deducted @20%, also Specify such Notification. Thank You.

Question added Mar 14, 2014 Income Tax By AMBER DHAREWA , CA , SURAT

answers

397 views

Q. EXEMPTION U/S SEC 54B - PROFIT ON SALE OF LAND IS RS 15000000, PROFIT AFTER TAKING THE EFFECT OF SEC 50C IS RS 22000000, AMOUNT INVESTED U/S 54B IS RS 21000000, WHETHER EXEMPTION AVAILABLE WOULD BE RS 21000000 OR WOULD BE LIMITED TO RS 15000000, ANSWER WITH APPROPRIATE CASE LAWS

Question added Mar 14, 2014 Income Tax By deepak joshi , CA , Ghaziabad

answers

216 views

Q. DTAA - SIR,
PLEASE EXPLAIN THE MEANING OF INCOME ACCRUE & ARISE IN INDIA ALSO DEFINE THE IMPACT ON THE FOLLOWING CASE-
WE PURCHASE GOODS FROM A PARTY OUTSIDE THE COUNTRY AND HENCE WE DEDUCT NO TDS SINCE THE PARTY DOES NOT HAVE ANY PERMANENT ESTABLISHMENT IN INDIA.

ALSO GIVE A CASE IN WHICH TDS WOULD BE DEDUCTED??

Question added Mar 14, 2014 Income Tax By Abhinav Garg , CA , Gurgaon

answers

226 views

Q. Exemption u/s 54F - 1. My client has sold one commercial property for 2,70,00,000 in Jan 2014. Indexed cost of acquisition was 30,00,000. So LTCG comes to Rs. 2,40,00,000. He has taken ready to move in residential property of Rs. 2,20,00,000 in Jan 2014. At the time of sale of said commercial property he was not having any residential property in his name but he has invested in two or three residential flats of some builder in construction link plan (Till date possession has not been received).

-My question:- Is new property purchased by client for Rs. 2,20,00,000 is eligible for exemption under section 54F?

2. In Feb 2014 he sold another commercial property for Rs. 46,00,000. Indexed cost of acquisition was Rs. 16,00,000. So LTCG comes to Rs. 30,00,000. He has booked 2 residential flats and make the payment of Rs. 25,00,000 for each in Feb 2014 and also made payment of Rs. 30,00,000 for the flats booked prior to above said property sale. Till now he has only one residential property in possession.

-My question:-
1. Can he claim exemption of 54F again for second property sold?
2. Advise how he can save his LTCG of both the cases to the maximum amount.

Question added Mar 14, 2014 Income Tax By Abhinav Garg , CA , Gurgaon

answers

192 views

Q. Exemption u/s 54F - Exemption u/s 54F

Question added Mar 14, 2014 Income Tax By ANIL , CA , Noida

answers

150 views

Q. INCOME TAX ON EDUCATIONAL /HOUSING SOCITY INTEREST INCOME - Dear sir , If the society registered under the section of 12A and also register under society act than my question is -?
-When the Educational society receive interest of Rs. 5 lac on Fixed Deposit and also Excess of Expenditure over income 2lac (Loss) in Assessment Year 2013-14 .What will be Icome tax calculations.
-When the Housing society receive interest of Rs. 5 lac on Fixed Deposit and also Excess of Expenditure over income 2lac (Loss) in Assessment Year 2013-14 .What will be Icome tax calculations.

Question added Mar 13, 2014 Income Tax By PUNIT GUPTA , CA , Gurgaon

answers

251 views

Q. TAX AUDIT - IS THERE ANY PROVISION U/S 44AB OF INCOME TAX ACT THAT A C.A. CAN NOT DO TAX AUDIT OF HIS RELATIVES,IF YES, THEN WHAT IS THE DEFINITION OF RELATIVES???

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