Sir

What is Capital goods? The goods purchased such as bolt, nut, spring and other consumables purchased to maintain the machinery is also includes capital goods. Please clarify..

If the above goods are classified under capital goods means, we have taken ITC 100% like purchases. What is the impact of credit taken wrongly as 100% instead of 50% for capital goods. How can we rectify the same.

Please clarify this urgently.

with regards
S.SREEDEVI

credit notes issued against the purchases made by the dealer form the company as a loyalty bonus, quarterly incentives, annual incentives, and discounts. It will be accounted as an indirect income in the books. will it be liable for service tax. if yes on what basis.
Note:-
It is an income generated for achieving the target of purchase by a dealer form their distributors. it can be reversed in the next quarter if not paid for their dues or reduction in the target achievement.

My Mother is working as lecturer in a pvt college and she retires two years back. Now she received pension from Feb 12 to Oct 13, Is it taxable during the FY 2013-14 period. No gratuity is received.

PENSION AND DA WEF 01/02/12 to 31/10/13
TOTAL RS 8,10,262/- D.C.R.G. 6,00,000/-
CVP RS 7,21,624 PAID ON DATE….6 NOV 2013

is revenue stamp required on house rent receipts submitted by employees

Thanks in Advance

Is it now absolutely mandatory to submit PAN no of the landlord for the rent amount paid, as in many cases the landlord is reluctant in disclosing the same though the same is being insisted upon by the employer for the purpose of deduction of Income tax at source? Is there any other option?

I wish to know about capital gain on redevelopment of property. Situation as follows:

X & Y had a property with 3 floors of X & 1 floor of Y. This property went into redevelopment & X recd say Rs. 1.5 cr and Y recd Rs. 0.50 cr in csah and one flat each valed by the valuer at Rs. 1.8 cr of X & Rs. 1.20 cr of Y. I wish to know following:

1) whether it is a transfer u/s 2(47)? Whether capital gain tax is attracted?

2) what is the treatment of cash recd by X & Y?

3) how to determine capital gain in this case? whether following calculations are correct?

In case of X, consideration in Cash. Rs. 1.50 cr

Flat value. Rs. 1.80 cr

Thus, total. Rs. 3.30 cr

Less: Indexed cost of acq, say Rs. 1.20 cr

Thus, net cosideration. Rs. 2.10 cr

Less: Inv in NHAI bonds. Rs. 0.50 cr

Inv in new flat as above u/s 54. Rs. 1.80 cr

Thus capital gain. (-) Rs. 0.20 cr

Please reply.

Thanks.

sir'
we got notice fro IT dept reg short deduction.
1. i have chosen 94h instead of 94c
2. how to make a challan payment for int on short deduction.
3. am i need to pay short deduction amount.
4. if 3 is not how to change the challan code

please guide me

Hi,

We have to make payment to a non resident individual for training services provided outside India, I want to know is the payment is subject to TDS with below facts, if taxable relevant DTAA Article please.


1. Training service provided outside India by non resident

2. company doesn't have any branch outside India, all training service receipts are directly received in India, later the company is paying trainees located out side India

3. company's basic object is training services

difference between surrender of salary and foregoing salary

Dear sir,

If i have 5FDs with different banks which are not tax saving
Each bank will deduct TDS after crosing Rs.10,000
my questions are
In which section i can deduct interest?
I have interest with different amounts like 12000, 15000, 10000,20000,7252 how ican calim deduction like each FD has seperate Deduction or for whole i can have single deduction of Rs 10000