A business person states that he is investing 1 lakh each in 3 PPF accounts. The accounts are in his name, his spouse's name and in the name of 1 major son. Hence, he invests 3 lakhs total per annum! He invest from his account and is not claiming any Income Tax benefit (except from the one lakh that he invests in his own name). Hence, for the balance 2 lakhs that he invests in the name of his spouse and major son, he does not claim any income tax benefit. He is doing it to get a tax free retirement income for himself and to give a decent amount to his grand children. Is it permitted officially?

I am aware that 1 lakh is the maximum investment per year allowed in one's own account plus his minor child's account. But I was not aware that one could invest additional one lakh each in a major son's account and spouse's account. So, if this person had a spouse and 3 major children, he could invest upto 4 lakhs per year and he could amass a huge tax-free retirement corpus!!

ABC LTD is a construction company. ABC LTD has a branch in WEST BENGAL , JHARKHAND , ODISHA . ABC LTD got works contract job from Larsen & Toubro ltd in Jharkhand and material supply job from Tata Steel Ltd in jharkhand. For works contract job ,to purchase the material from outside state ABC LTD use the own waybill and for material supply job , to purchase the material from outside state ABC LTD use the waybill of TATA STEEL LTD. Both the above purchase are CST purchase. Please inform me , which CST purchase to be consider in Jharkhand vat Return.

Respected Experts

This refers to works contract taken by father in Maharashtra (contractor who is a registered sales tax dealer.)

Contractor undertakes civil construction projects of making buildings for BSNL & CPWD and in all cases, the flats after construction are not sold as they are made like quarters for the use of CPWD & BSNL employees.

Agents cum Principal contractor BSNL & CPWD deduct TDS @ 2% from the bills on the taxable turnover and issue certificates…All these assessments of work done relate to period 1993 to 2000.

Now after so many years, sales tax authorities impose assessment orders running into several crores & they use their own mechanics to calculate and charge tax @ 10- 15% with penalty on turnover.

My basic query is “government contractors” have already got tax deducted at source from BSNL & CPWD, so why are we again burdened.

Can sales tax re-burden us with taxes? Why should the burden not be put on BSNL / CPWD..They are the principal contractors, hence they should be made answerable too.

For us it is the works contract act or do we need to follow new MVAT Act & pay burden on our ownselves. But BSNL & CPWD consider government construction contracts as “works contract” & not under VAT???

Please assist with your valuable input.
Thankyou

I had registered under direct entry scheme in delhi centre but i did not get registration no. When i asked the employees there, i was told that within 1 month i will receive it by post.
I want to register for orientation program (reg no is reqd for this ), so I want to know that will i have to wait for a month or is there another way?
Kindly help....

Dear Sir,
Is is correct that landowner has to pay capital gains tax twice.First, when he executes development agreement and again in case he sells his share of flat or flats after getting possession of his share of flats.
Is it possible to get the benefit of exemption u/s 54F on the whole or part of the capital gain?If yes ,HOW?

THANKS!

Can anyone suggest me which book is better among these two for ISCA for CA final preparation??
Manish Valecha
Or
Dinesh Madan

The case is a –
House property, being Apartment is bought on a bank loan.
-----The Sale deed for the flat is registered on may 2011.
-----Date of possession (i.e hand over by builder) is 24 Feb 2012.
A Land (long term) is sold in Feb/march 2013.
For the capital gain arising from the sale of land -
1) Can exemption be claimed under section 54F in FY 2012-2013 against purchase of the flat.
2) For the purpose of capital gain what will be date of buying of property – will it be date of possession of the flat or date of registration of under construction flat?
please guide.

Regards

I HAD SUBMITTED 108 FORM IN WHICH THERE IS EXCESS LEAVE WHICH I M GOING TO SERVE UNDER NEW PRINCIPLE.TILL I HAD NOT GET MY ARTICLE COMPLETION LETTER SO I CAN NOT KNOW MY EXCESS LEAVE. CAN ANY 1 TELL ME HOW TO CALCULATE THE EXCESS LEAVE THAT IS TO BE MENTION IN FORM 103.PLZ HELP

is there any remedy against verification result of ca final. I have asked for certified copy of my answer book. I m severely dissatisfied with the marks awarded to me in subject: SFM for Nov. 2012 examination because most of my answers get tallies with the suggested answers. they simply answered that "No Discrepancy in the Marks"

Anyone suggest me some good reference books for CA Final.
In subject Accounts, costing, fm.