In Form 10 B Audit report for Trusts or societies enjoying exemptions u/s 12A an auditor is required to report on certain matter whether benefit to persons mention in section 13(3)of the Income Tax Act

I have come across a problem. Suppose trust is running an old age home. Construction of old age home is all complete. That founder is there administrating the construction. So he is staying in the outhouse of the old age home constructed without rent to monitor the construction activites and to look after the home. He is having his food at the canteen.

So two benefits are enjoyed by the founder

would it attrat 13(2)(b)and (d)

These are required to be provided if the trust employes any other outsider

My question is do we need to report on these matter that means trust's exemption would be forfeited

I just signed up for a duplex house in hyderabad. The actual cost of the house is 50Lacs (PlotCost+CostofConstruction=9,33,000+40,67,000). Now the builder is charging ServTax@4.12% on 40,67,000=1,67,560/- and VAT@4% on 42,34,560(40,67,000+1,67,560)=1,69,382. The ST+VAT component is totalling to 3,36,942/-. Is this calculation correct??

As per my understanding of ServTax according to this link http://in.rediff.com/getahead/2005/aug/03tax.htm.

The Statement:
"With effect from June 16, 2005, exemption has been provided up to 67% of the gross value of services provided by the builder. Hence, service tax would be charged on 33% of the gross value."

33%*40,67,000=13,42,110/-. So ServTax=4.12%*13,42,110=55,294/-.

1.Is the above (55,294)calculation correct?? If not
pls explain in detail.

2.ServTax is mentioned as 12.36% in all matters, then how come its being charged as 4.12%? On what basis is this figure reached?

3.Am I being charged inappropriately by the builder??

4.When I was talking to another builder he told that VAT was charged at 1% and not 4% and that too it needs to be paid at the time of registration, so he asked me to reinquire again with the builder i'm signing up wiht. This put me in a BIG DILEMMA, as to whether i'm being taken for a ride or is everything fair.

5.My builder is insisting that I pay the ST & VAT by the time of 1st installment release of the bank loan.

6.The house is still under construction (70%complete), so am I still liable to pay ST/VAT at this stage itself or can I pay after taking possession of house, alongwith registration?

Sorry if i'm asking too much, as i'm not familiar with all these terminology. Just started reading articles on these and confused, until I came across this site. I hope my clarifications are answered in best interest of me.

If party give bill including service tax then we pay bill amount to party after deduct TDS on bill amount
(A) Including service tax amount
(B) Excluding service tax amount

Dear All,


please clearify me, if we are not bifercate materail what is tax calculation in Andhra Pradesh VAT & Service tax

Mail ID: durgaprasad@asterinfratek.com
Thanks & Regards

Durga Prasad

Dear sir/madam,
I am the student of ca final and an article. i've made many deferred tax calculations of many co's & disclosed as required by AS-22.
But m bit confused.
Kindly let me know what is the ultimate aim of deferred tax calculations..??
Is there any tax payable in future in case of d.t.liab, or simply an adjustment..??

A)Is there any bookshop in ahmedabad supplying these book?

B)Is there any bookstore in bombay who will agree to courier the Audit book by Surbhi bansal along with
i)Strategic management by sonu gupta NGPA publications
ii) IT by NGPA publi. for PCC

Plz tell the bookstore's correct name; address; (working) phone no: and email id?

I am appearing for Both PE-II Both Groups and I secured 50 plus in Auditing and Law in my last attempt,but I got less marks in accounts, Now I would like to score more marks in this nov attempt. So,Kindly send your valuable suggestions as early as possible regarding how to improvise my performance in this upcoming examinations.

Dear All,
By mistake we have deducted tax from one of our supplier bill u/s 194J and deposited too in the bank. As it was done in the month of Sept. We have filed our E-tds also for the Qtr. July/aug/Sept.
Is it possible to adjust this amount now ?
Pl. advice.
Hemant

I have purchased a plot of land of Rs 1.00 Lacs in 1996 with co ownership 50 % Equal Share with my wife.

I have made construction over the plot in 2007 of Rs 10 Lacs

And in 2008 I have sold the house for Rs 18 Lacs.

Pl clarify my Tax liability and whether it is long term Gain or Short Term Gain

Dear Sir,
Whether VAT is applicable on Booking Advance received for Flats under construction.