I sincerely agree that my question earlier posted is not clear. I put it straight.

I have been getting a payment of Rs. 5000 every month towards maintaining the accounts of a Membership Club. As the amount exceeds Rs. 50,000 per annum, the Club deducts 2 percent TDS from the amount i.e. Rs. 100 every month. Though I do not have any other Income except the amount as stated above, I am not liable to pay IT because the amount received is within the Taxation Limit of Rs. 1,50,000/- But I do not want to bear the pains of filing the returns to get back the amount. Now, is it mandatory on my part to file personal IT return? I hope that this will be more clear. Please clarify.

Hi Friends,



Can Share Application Money shown as such in a FY statement be converted into Loan from Shareholder in Next FY?

When we prepare annexures under section 269ss and section269t regarding accepting and repayment of loan during the year At that time do we need to disclose details of all the unsecured loans,or only the details regarding those loans which have some change(i.e Either the loan has been Accepted or Repayed during the year)

A Co. is distributing Rs.10000/- as award to it's employees as Co. has completed 50 years. Is this amount is exempted under Income Tax , if yes than under which section and if taxable then under which section it is taxable?

Dear Sir,
I would like to know the applicability of Service tax OR Sales Tax for the below Software issues:-

1) We develop software for the Hand Held Computers and would supply customised software to the customer as per their requirement. When we bill for this customised software development only, should we charge Sales tax Or Service Tax?

2) What happens when customer wants to pay on the basis of man hours spent by our employee at his workplace for development of software? Should we charge Sales tax or Service Tax?

3) Some of our customer are ready to take Annual maintenance contract purely for Software. Should such maintenance be charged to Sales tax or Service Tax

-Siju

SERVICE TAX QUERY:

I would like to know, if members of a company engaged in MLM, are covered under Service Tax. If covered, then under which service. The companies themselves are not registered under Service Tax, and are not charging S.Tax, but some of the members have got themselves registered under service tax, and are paying service tax from their pocket. What is the legal position? If a members has to get himself registered now, then what will be the position of earlier period, when he was not registered, and had not deducted & deposited S.Tax. Pls elaborate.
I would also like to know, whether service tax will be applicable on the value of actual purchases / sales made by him from the MLM company, or on the total value of commission received by the member from MLM company as shown in form no. 16A received by him from the company.

In one of the case, Service Tax Officials were of the view that S.Tax will be applicable on the value of the commission received by the assessee. In my opinion, it should not be on the value of the commission received because MLM member gets commission not only on his working, but on the work done by his downlines, and MLM member does not even know all his downlines, and the value of the business done by them. On what basis MLM member will deposit service tax? Moreover, it will also amount to multiple collection of service tax by the department, because if we look from top to bottom, the members lower in the ladder will be common for all the members up in the ladder.

In my opinion, in order to get away with the problem of multiple taxation of the same services, the individual purchase / sales of each member of the MLM should be the criteria, and if it is below the taxable limit, then there should be NO SERVICE TAX, and if it is above the limit, the member should get himself registered and pay service tax.


Your early reply in this connection alongwith with case law if any will be highly appreciated.

Thanks,

KUMAR (FCA) DELHI.
9818722221.

hi friendz

i'm assigned with up vat audit of company and i've doubts regarding purchases eligible for itc. i want to know that itc is available on what kind of purchases e.g. is vat paid on expenses like repairs, staff welfare eligible for itc. please explain is above said expenses are includable in turnover of purchases.
mailid:kapoorknidhi@gmail.com

If a partnership firm pays salary to its partners, then is it liable to deduct tax at source on such salary paid or credited?

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