I have to file an individual income tax return for AY 2012-13.I have negative income in the House Property Head(Interest paid on home loan),income from other sources and profit from proprietorship business(Turnover 35 Lakhs).I know that 44AD is applicable on me and i have to show minimum 8% profit on turnover to avoid tax audit.but i want to know whether i could sett off negative income in HP with profit from business and whether deduction u/s 80C can be claimed against profit from business??????

Dear All,

Please clarify about Interest to be paid on delayed deposit of TDS U/s 200.

If Tds deducted on say Deposited on

1) 02.01.2013 08.02.2013
2) 08.01.2013 07.03.2013
3) 08.01.2013 08.03.2013
4) 16.01.2013 15.04.2013
5) 16.01.2013 17.04.2013

Please reply for interest to be deposited for how many number of months.

Best Regards

Anil Jain

What services are covered under category 120 i.e. Other taxable services?

If all services provided are listed in the list of 119 services, but there are few services on which you are liable to pay ST on Reverse Charge basis. (e.g. receiving lawyer service, manpower services etc)

Question:
1. Do we need to select category 120 if there will be such services?(e.g. receiving lawyer/manpower service) should we select it, to be on a safer side?
As person is not providing such services he need not register under such specified categories(from 1 to 119)but he may receive such services, then under such situation whats should be done?

2. What accounting code we need to apply while paying service tax and filing returns?

Thanks

We have a Real estate business formed as a private limited company.A land has been purchased by Rs.40 lakhs in the company name and the construction work has been started from 01.07.2011. Construction cost of The entire project is Rs. 2.50 crores ( Excluding Land Value). The project cosists of 24 flats to be executed for customers. Out of which 8 flats to be sold by Rs.16 lakhs each, 8 flats to be sold Rs.20 lakhs and rest 8 flats to be sold 25 lakhs each.10 Garages to be sold Rs.2 lakhs each and 5 Commercial shops to be sold at Rs. 3 lakhs each and 5 commercial shops to be sold as 5 lakhs each.We have got the service tax registration on 31.12.12.
My questions are:
1) Whether we will avail 75% Abatement scheme as per new service tax rule?
2)What is the service tax liability we will charged and collect from :-
a) customers for Residential flats for 16/20/25 lakhs.
b) Customer of Commercial Shops of 2 lakhs/ 5 lakhs as the case may be.
c) Customers of Garage space.

Dear all

I had registered Articleship in OCT 2012 under Direct Entry Scheme of ICAI before completing ITT & OT for NOV 13 Attempt.

Then ICAI sent letter to me & my principal stating that Articleship can not be registered before completing ITT & OT.

Then ICAI has issued Notification stating that Articleship can be registered after completing OT only.

I have completed my Orientation (OT) by now and want to know whether I have to resubmit all the Articleship Registration Forms again with ICAI??

whether Duty drawback shipping bill can be converted in to Advance lic. if the benfit yet not take i.e. if duty drawback amount yet not recd from custom dept under Para 2.56 Conversion of E.P. copy of shipping bill from one Scheme To Another -If Customs Authorities, after recording reasons in writing, permit conversion of an E.P. copy of any scheme-shipping bill on which benefit of that scheme has not been availed, exporter would be entitled to benefit under scheme in which shipment is subsequently converted.

Dear All,
I have query regarding tax computation.
Let my Salary income is Rs.1.80Lac PA. I have taken FD of Rs.2Lac @10% PA tenure 3years.

CASE -1 Interest on Accrual Basis.

Interest would be Rs.20000/- PA. So, my total income is below exemption limit hence no TAX.

CASE-2 Interest on Receipt Basis.

In third year My total income would be Rs.2.40Lac (1,80,000+60,000 interest), consequently I have to pay tax on Rs.40000/- @10%.

My query is,
when I go with accrual basis there is no tax but in receipt basis I have to pay tax Rs.4000/-
Pls. let me know what is the correct method.

Assumption :-
TAX rate & income is same as current year.

Thanking
Avinash

Dear All,

There was a sale by EOU unit to manufacturing unit in DTA.The invoice shows the following tax break up.

Invoice Amt - 100
BCD - 3.75
CVD - 12.45
ED Cess on CVD - Nil
SHE Cess on CVD - Nil
ED Cess 2% - 0.324
SHE Cess 1% - 0.162
Total DTA Duty - 16.686
ED Cess on DTA 2% - 0.33372
SHE Cess 1% - 0.16686
VAT @ 12.5% - 14.65

Pls clarify which tax portion can be availed as Cenvat Credit?

can i get the notes of economics and lmerchantile law. if you have any notes about it then please tell me how i get?

Please guide me regarding documents required to claim exemption u/s 54B of IT Act.What all documents are required and from which authority??????