This query is regarding an Indian public co, they got a building constructed over a period of 2 years on running bills for abt 1 crore, are they covered under works contract act and if so if they are supposed to deduct the tax and make the payment to the contractor? . they are not paying any service charge also..

Please tell me where i can find info on this..

Can u tel me the last date for the depositing of the TDS in order to allow Expenses to be allowed. Also plz clarify the latest amendent made in yr 2008 with retrospective effect.

Also is filing of the TDs return necessary for the allowance of the Expenses.?

Akhil

This is in regard to a public co in India not listed which is a 99 % subsidiary of a LLP in US, being held by director and some of his family members.
Goods are Purchased from a foreign country byt the indian subsidiary and payment is directly made by a director to the outside party.

This payment is treated as unsecured loans in the books.

For violating the FEMA rules, RBI imposes a fine and asks the co to comlpy with RBI interest rate guidelines and loan reg No.

Director has waived off interest completely on this loan, are there any RBI implications ?

Assessee sold commercial plot of Rs 2 Cr thereby having a LTCG of Rs 1.5 Cr. What are the remedies to save the tax on this LTCG.

Can the asssessee invest in any other property? Do he have to invest the only LTCG or the entire sale proceeds.

Can he invest under any capital gains scheme.

Do people eligible for tax audit need to file tax audit report with e filing of Income tax return ?

if not so how to file tax audit report online?

IsAS applicable for alltype of persons and for and amount of turnover and any limit of capital???

I means is there any condition whether to follow AS ?

Whether the amount of Deferred Tax shown in the profit and loss account is required to be adjusted while computing book profit u/s 115JB. Is there any case law mandating so ?

Dear all,

Pls explain, we are in manufacturing business and selling also. Actually we made sales against form-c & D (Inter state)
There is some sale returns, we r not filing form-c & D against that returns. But here we made sale on March'06 which is return in the month May'06 which is falls in the FY:2006-07

Now they are asking to file the forms against that sale(actually sale return)or to pay 6% tax(we explained but they r not agreeing)

Now what can we do?

Thanks & regards

CNU

QUERY NO 1
Case1: A capital asset (non financial asset) purchased on 1-4-1999 is sold on 30-8-2007. An improvement was made to that asset on 1-4-2003.It is sure that the transfer results in long term capital gains and indexation benifit can be taken for calculating cost of acquisition and cost of improvement.

Case2: If the improvement to the capital asset in case1 above is made on 1-4-2006,we can claim indexation benifit on cost of acquisition. But can we claim indexation benifit on improvement made to the asset ??? Pls explain with reasons.

(My doubt is that in case2, the gap between date of improvement and date of transfer is less than 36 months (17 months in this case) and it is not apt to claim indexation benifit on improvement made to the asset)


QUERY NO 2
Can indexation benifit be claimed on cost of improvement incurred by previous owner mentioned in sec 49(1) ?


QUERY NO 3
An assessee forfeits a sum of Rs.5 lacs on account of failure on part of buyer of the capital asset. Later the assessee sells that capital asset whose cost of acqiusition is Rs.3 lacs. At the time of such transfer the assessee adjusts the forfeited money received with cost of acquisition of the asset and a balance of Rs.2 lacs is left.
Should it be added to Sale consideration or treated as capital receipt ??


QUERY NO 4
In above query3 , if it is assumed that the transfer results in long term capital gain, should the cost of acquisition be first indexed and then adjusted with forfeited money received OR
Should the forfeited money received is first adjusted with cost of acquisition and balance amount of cost of the asset (if any) is then indexed

Hello! Friends,

Please intimate whether re-packing or re-filling of excisable goods come under central excise manufacturing.

If it comes under which rule/act/notification, please intimate.

Thanks

Ganesh