1) The assessee has sold his Land in Sept 2013 and has made a capital gain on it.

2) The assessee wishes to avail benefit of exemption U/S 54F for saving the capital gain tax.

3)As per provisions of Sec 54F assessee will have to invest the capital gains in new residential house property before the due date of filing ITR for A.Y. 2014-15 else will have to keep amount deposited under CGAS till the time it is utilised within the stipulated period of two years from the date of transfer.

4)As on the date of transfer of property on which capital gain is made, the assessee has an outstanding loan (LAS) with NBFC more than the amount of capital gains made.

5) Since the NBFC is pressing for the repayment of (LAS)loan, can the assessee use the entire sale proceeds of land for repayment of outstanding loan with NBFC and then take a fresh loan (LAS or LAP) for investing in new house for claiming exemption U/S 54F.Section 54F does not say that the same amount should be used for investment u/s 54F.

Can the experts throw light on the above query?

Thanks...

Sir,

I have Service Tax registered in 2008.
From 2008 i have been paying the Service Tax regularly without any delay (On time) till March 2012 (after that till date not doing the business and haven't cancelled the registration), but at the same time haven't filed a single return till date.

Last week i got a letter from Service Tax department asking me why i haven't paid any service tax from April 2012.

My questions:
1. Is there anyway i could avoid paying penalty for late filing (If i had to pay the penalty it is roughly coming to 1.6lacs for 8 half-yearly returns.

2. Would i be eligible for the Service Tax Voluntary Compliance Encouragement Scheme.

Experts kindly help me out.

Thanks in advance.

sir i am going to get transfer i found excess leave of 29 days as my stipend is 4000 p.m. my principal said me this stipend for 25 days excludind holidays so he demand from me for excess leave as follow
4000*29/25=4640 is it ok i dont think so pls help

will there be any ammendments in ipcc group 2 paper "Auditing" because of new company law?

Please advise :

ABC India is a trader which purchases finished goods from dealers and sells to its customers.
1. Can ABC india also procure raw materials and send it for job work , so that job worker makes/assembles the final product and send it to ABC india, who sells the final product without charging any excise duty ?
2. Is service tax applicable on job work if job workers total bills in a year is less than 10 lakh ? is 10 lakh exemption limit is on job work value or value of raw material converted to finished good ?

a pvt. ltd. company has invested in mutual funds, for which it is receiving dividend income. whether it is taxable?

is it compulsory to take consent of all shareholders for giving balance sheet & p/l for less than 21 days separately. if yes than what is specific format for it, or we can assume that , this consent also covered in form 22A.

Mohan ltd. Purchased goods on credit from sohan ltd. on 6th may 2010 for ₹86000 which is paid as ₹15000 in cash on 11th may 2010 ₹30000 by a bearer cheque on 31st may 2010 and ₹41000 by an account payee cheque on 16th may 2010. The amount of disallowance under section 40A(3) is....
(a) ₹15000
(b) ₹30000
(c) ₹41000
(d) ₹86000

dear sir,
I obtain form 109 for transfer. and what are the document i have to attach along with form 109 to send ICAI.
After that for re-registration what are the documents I have to send along with Form 103.

Plz tell me as early as possible

if a client has claimed a tds refund and it is yet receivable,then in which class of asset it should be placed????
long term loans and advances or short term loans and advances?????