We had received work order (civil work) worth 60 lacs. Under T&C party will pay Service Tax. Against the goods at site the party had given us advance of Rs. 7,10,505.00 after deduction of 3% WCT and 2.266% TDS.

Now my question is:
Party is not paying Service Tax at the time of issuing us Advance. Party says this is advance and not payment against any bill. Service Tax wiil be paid un release of payment against any bill.

Do I have to pay Service Tax upon receipt of advance. If yes then at what rate?.

Mr. A purchased a property in 1982. After that Mrs. Y acquired it in 1991 for a valuable consideration. On death of Mrs. Y, her husband inherited the property in F.Y. 2003-04.
Mr. Y sold the said property in F. Y. 2007-08. In this connection, for the purpose of computing capital gain,

1) Cost will be cost to Mrs. Y
2) For the purpose of indexation index of F.Y. 2007-08 will be in the numerator of the fraction, but which years index will be in the denominator of the fraction. Is it of F.Y. 2003-04 or of the year in which Mrs. Y acquired the property?

Is there will be any difference if the property is gifted to Mr. Y by her wife instead of inheritance?

Hi all
Whether service tax is applicable on leasing out on equipments(movable) or vat will be applicable?

Please reply at the earliest.
Thanks in advance

I PURCHASE A LAND FOR RS. 410461 ON MAY 2007 AND SOLD FOR RS. 1500000.00 ON SEPT 2008 RESULTING IN A PROFIT OF RS. 1089539

what is the tax status
Is there any way i can save tax

SUMIT

For calculation of minimum alternate tax (MAT) u/s 115JB the book profit can be reduced by the loss brought forward or unabsorbed depreciation whichever is less as per books of account.
In the following situation which is the amount that can be deducted from book profit?
As Per IT return

Business Loss Brought Forward 2,00,000
Unabsorbed Depreciation 1,00,000
Total Loss Brought forward 3,00,000

As per books of account
Loss brought forward 1,20,000

Business loss and depreciation loss is not shown separately in the books of accounts.How can it be worked out?

Sir,

We are a software company & enjoying FBT @ 5 % on Domestic travels. I have 3 questions :

1. Whether driver's salary for company car is local conveyance or vehicle running maintenance ??

2.Whether fuel charges for company car is local conveyance or vehicle running maintenance ??

3. Depreciation on car is calculated in March so whether it should be taken into account while calculating FBT on 1/2/3 instalment ??

Please reply urgently.

Thanks & Regards,

Subhash

If ABC Ltd is a service rendering company no liable to pay VAT sells a fixed asset then does it have to charge VAT to the purchaser ?
( At the time of purchase of the fixed asset the VAT on purchase price was capitalized forming part of the cost)

Dear All Experts

Pl Help me on concept of FBT

whether Travelling inclues a mobile refilling, should it be taken under travelling or in Telephone exp of company?
(as 5% or 20% bifurcation to company for the respective head)


I will b very thankful if i have it on a recommended site link or any softcopy for the same.

Thanking u very much in advance !!

I came to know that the Department issued SCN to CII and other industry chambers demanding service tax under the catagory club and association services.

My doubt is the trade associations and industry chambers are non-profit making organisations which give services to their members for obtaining certificate of Origin, GSP and related trade facilities.

Really these are taxable under service tax law? If yes, please brief. It not under which notn: they are exempted?

Which is the best insurence plan to mainimise the individual income tax