Dear Sir,
I will be very much obliged, if you advice me on following.

Query - An assessee has Turnover of Rs. 150 Lacs for the Financial Year ending31-3-2007. He gets his Tax Audit Report U/s44AB before 31-10-2007 but not submitting his I.T Return before 31-10-2007.As per section 139 rule 12, An assessee does not submit any attachment,Computation of Income, any Report etc.
Now, My question is,
In above case if, my client file I Tax Return in January-2008(Turn over is Rs150Lacs) whether he is liable to pay penalty u/s 271B or not?
CA Divyang Parikh

Dear Sir,
I will be very much obliged, if you advice me on following.

Query - An assessee has Turnover of Rs. 150 Lacs for the Financial Year ending31-3-2007. He gets his Tax Audit Report U/s44AB before 31-10-2007 but not submitting his I.T Return before 31-10-2007.As per section 139 rule 12, An assessee does not submit any attachment,Computation of Income, any Report etc. Now, My question is,
In above case if, my client file I Tax Return in January-2008(Turn over is Rs150Lacs) whether he is liable to pay penalty u/s 271B or not?
CA Divyang Parikh

Hi,
A plot of land has 6 co-owners. They decide to build ownership flats on the plot. If the developement rights are transfered to a builder (who is one of the co-owners) what would be the Tax implication in the hands of co-owners as well as the builder.

Nazir

Sec 32 of IT act says that once the asset is either in active or passive use then it is compulsory to charge depreciation. In case the machinery (in use for production and subject to depreciation in the earlier years) was DISMANTLED this year then i understand that it is neither in active use nor passive use. Is it still compulsory to charge depreciation?

by mistake we have deducted tds @ higher rate than as applicable to contracts & professionals and paid to the dept.
can we issue a certificate as deducted & paid or as rates applicable, pl. advise

Are the tuition fees paid for pre nursery (pre KG) education eligible for deduction u/s 80 C?
Can it be considered as full time education?

What is the procedure to claim back the TDS deducted by the bank on interest on NRO FIXED DEPOSIT when total taxable income does not reach the thrashold limit.

Is there any way bank can be stopped from deducting TDS by submitting form 15 G etc.

Pl advice.

Regards,

S.Ghosh

What are the special tax benefits available to units in Special economic zone??

Are there any additional benefits which are otherwise not available to units under EHTP??

Please also elabrote on difference in benefits to SEZ Viz- a viz EHTP under ( excise, customs, income tax etc)


Regards

Dear Sir,
Happy new year. I have a query regarding applicability of deemed STCG on depreciable assets.
FACTS of the case:
X Pvt Ltd have a factory building constructed in February 1990 for Rs.10 lacs on a leasehold land (rights for 99 years). The building was used for production purposes upto September 2000. Hence till A.Y.2001-02, we were allowed depreciation under I.T.Act. The closing WDV on March 2001 was Rs.6 lacs.
From 2001 the building was let out for rent and income was considered under head House Property.
In June 2007, the building was sold for Rs.30 lacs.
QUERY : Whether we can claim LTCG with indexation from 1990 on WDV, claiming the asset to be no more depreciable and as a capital asset; and also claiming that the source of income generated from the asset has changed ?
If not what should be the taxability of the case ?

Thanking you for your reply.

FACTS OF THE CASE

H Pvt Limited is a company holding 99% shares in S Pvt Limited. Balance 1% shares are held by individual shareholders who also hold shares in H Pvt Limited.
S Pvt Limited wishes to declare dividend of Rs.10,000.00 during the Financial year ending 31.3.08 and resultant dividend tax u/s 115O of the Income Tax Act will be Rs.1402.00.
H Pvt Limited will receive Rs.99,000.00 from S Pvt Limited as its share of dividend.
If H Pvt Limited wishes to declare dividend of Rs.1.00,000.00, dividend tax of Rs.14,025.00 will be levied.

QUERY

(i) Since the dividend income of Rs. 99,000.00 received by H Private Limited forms part of total income from which dividend is declared and dividend tax is paid , whether Rs.99,000.00 suffers double incidence of dividend tax.
(ii) If the answer is in the affirmative whether any relief is available.
(iii) Whether it is possible to transfer H Pvt Limited’s holding of 99% in S Pvt Limited to individual shareholders. In the event of such transfer what will be the mode of valuation of such shares.
(iv) In the event of above transfer whether the difference between fair value and face value will be treated as deemed income in the hands of shareholders.



CA Sumit Sarkar

Membership No.55816