Sir,
(1)for the purpose of computation of depreciation under companies act, should we take the date of purchase of asset or the date asset was put to use?
(2)Is computation of Deferred tax asset/ liability required in case of a newly established private company,which has not started its operation except for a few expense and thus having a debit in P&l?
(3)is depreciation to be considered in case the company has not started its operation?
plz reply to my queries....

I Have received a residential property from my father which was constructed from his own earned income.I have rented out the house.Can I show the rental income as HUF Income.
When can a property treated as HUF Property.

MY CLIENT HAS SOLD HIS LAND THROUGH DEVELOPMENT AGGREMENT TO BUILDER FOR 50% CONSTRUCTION AREA TO BE RECEIVED AND RS 50LAKH IN VARIOUS INSALMENT. However my client has not received any amt other than the token amt of RS 1 LAKH GIVEN AT THE TIME OF REGISTRATION OF THE DEVELOPMENT AGGREMENT.NO POSSESSION IS GIVEN TO THE BUILDER AS HE HAS NOT FULFILED THE OTHER COMMITMENTS.
IN THE ABOVE CONTEXT WHTHER LTCG WILL BE APPICALE TO MY CLIENT OR NOT. PLS CLEAR IT

The facts of the case are as mentioned below.

1. Our company registered in India R&D Group wil be buying containers from companies in Dubai, USA, UK etc.

2. The payment to our suppliers in Dubai, USA and UK will happen in USD from our Account in India.

3. We will the sell these containes to exporters in India who will be exporting goods in these containers. However as we will do the billing in India and we will charge them 12.5% VAT our sales price.

4. When we file the sales tax returns we will then pass on the 12.5% VAT on our sales value to Sales tax authorities.
Our querry is that whether or not the company is required to deduct tax on payment to suppliers.

A private firm engaged in undertaking annual service and maintenance contracts ( civil repairs,white washing, painting etc) and duly registered for payment of service tax and paying service tax regularly for the last five years have been told recently by the Service Tax authorities to pay service tax arrears for the last five years taking into account the cost of Paint and other materials ie., 100 per cent cost. So far they were paying service tax only on 40 per cent of the bill presuming that tax is not payable on the cost of materials.
Is the claim of Department legitimate?

My client is a partner of a Firm having 6 partners. The firm is having Contract income. The income is coming in my name which is credited to the Firms current account .
The firm files return and shows the My TDS in the firm's account. The firm got a demand notice from IT department stating that the firm has to pay tax and the partner has to claim TDS refund. As per partnership act the amount received in the name of any partner on behalf of the firm can be treated as firm's income, why the IT department is not allowing to set-off the TDS. They are telling the new software doesn't allow to set-off. What is the solution for this issue??????

we get commission as per tender from hpcl as input output stock management.

i.e. we maintain stocks of hpcl and get commission.

should I pay service tax, if yes, how should I raise invoice and how can I take cenvat credit ?

Query: Capital Gain
An individual assessee sold out long term property and earned long term capital gain amounting to Rs. 50 Lacs at the end of Aug 2012.
In Sep 2012 he deposited all capital gain of Rs. 50 lacs in Capital Gain account in Scheduled Bank. In Jan 2013 he purchased DDA flat amounting to Rs. 25 lacs by withdrawing from capital gain account.
Now the assessee wants
• To withdrawn full amount standing in capital gain account while return to be filled by July 2013.
• Whether amount withdrawn from capital gain account can be utilized by renovation work on newly purchased DDA flat and whether IT law will allow it for computation of capital gain exemption purpose.
• Assessee wants to deposit full tax on capital gain on above transaction and want to back deposit made in capital gain account mistakenly.
• As there was not requirement to deposit capital gain in capital gain account in Sep 2012 then whether he can withdrawn full amount by do close account before Mar 2013.
Please suggest Point wise Your valuable advise

A company send us goods to their warehouse and we supply goods as per their instructions. our role is to keep safe their goods and input and output management of stock.
company pay us as per input / output quantity.
should i file service tax return. if yes, what percentage should I charged ?

Respected Sir/ Madam,

We are seeking your help and valuable guidance for the understated circumstances:

While we are filing up the ETDS Form 26Q (Q3- 3rd Quarter) for the Financial Year: 2012- 2013 in RPU software, due to clerical mistake, we have chosen Q4 instead of Q3.

It was come to our knowledge after filing the said ETD return to NSDL TIN FC vide PRN: 030080700538674 on 14.01.2013. As we have one more day to file the ETDS Q3 (3rd Quarter) in time, immediately we filed the proper ETDS Return for Q3 (3rd Quarter) on 15.01.2013 vide PRN: 030080700544086 to NSDL TIN FC.

Moreover, as the Challan Details and Deductee Details are same and identical in both the Returns Q3 and Q4, it has been considered overbooked by the Income Tax Department.

Now my object is to file the Revised Q4 (Revised 4th Quarter) Return so that the Challans and Deductee Details be deleted from your record (as the same has already been filed in 3rd Quarter).

Therefore, I am seeking your help, instruction and valuable guidance so that the wrongly filed ETDS Q4 (4th Quarter) Return be deleted from your record and we can file the fresh ETDS Q4 (4th Quarter) Return in proper time.

Your kind cooperation in this respect is highly solicited.

Thanking you.

Yours truly,
Srikanta Adhikary