A machinery is given on rent. The income derived from it is shown as 'Incoem from other sources' and depreciation is also claimed on the machinery. If the machinery is sold at amt. less than WDV, can short term capital loss on machinery be adjusted against long term capital gain on sale of immovable property?
Both the assets are sold in the same year.

I have availed excess cenvat credit of approx 37000/- in the m/o Apr-12.Return for the period apr-june was duly filed in the m/o nov-12.
It is now detected that Rs 37000/- have been excess availed because of which I have paid less Service Tax in the M/o Apr-12.
To rectify the mistake I have paid that Rs 37000/- along with the liability of Nov-12 on 05/12/2012.
I want to know what is the rate of interest on late payment and how to rectify the mistake in return so that compliance is complete.

Dear Freinds,
I have a invoice in which the supplier has charged service tax on entire amt @ 12.36% & Vat is also charged & 8% on the same (net) amount. I wish to knwo is it the right procedure? Example: Net Amount Rs 19700 Service Tax @ 12.36% 2435 8% MVAT (OUTPUT) 1576

can we(pvt ltd company,not registered in excise)do trading of exisable goods,if yes then what will be the limit of trading.

is there any exemptions in cs to cwa inter qualified student

Under Wealth Tax Act there are certain Exempt assets. Mr.x is person of Indian origin, He used to resided in England. On 31st March 2011, He return to India intending not to go England again as well He started his Business in India.
He Purchased one Plot in India on 01/10/1997.
Is this plot of land is exempt asset for AY 2011-12???

SIR

WHETHER LAND HAVE ANY EXEMPTION UNDER WEALTH TAX ACT.. IF YES, THEN IT HAS ANY LIMITS BASED ON
AREA LIKE URBAN OR RURAL????
ONE LAND LIKE HOUSES???

KINDLY SOLVE THIS QUERY PLZZZZZZ

PASS IPCC IN MAY 2012 TELL ME THE DATE OF FINAL ATTEMP

The assessing officer, appeal & ITAT i.e at all levels, income u/s 68 has been added to the declared income of the assesee..

this is done without appreciating & considering the facts of the case..

A notice u/s 143 (3) also has been issued for reassesment..

Penalty u/s 271 (1) (c) has been levied. is the contention of the A.O correct in imposing liabilty... ??

If NO , then can u provide some case laws which stand by the same...

If an individual is giving his house on rent, then there is no service tax on renting for residential service. Suppose the individual charges Rs 70000/- p.m. as rent and apart from it Rs 50000/- p.m. for lift, parking, computer, garden and water supply. Now firstly the rent is out of purview of service tax. Secondly since the amount received for other services is less than Rs 10 Lacs in a year, there is no service tax liability on the individual (landlord). Is this contention correct or not?