Hello everyone,

one of my client is a co-op housing society. it has filed belated TDS returns for fy 10-11 & 11-12.

total Tax deducted is Rs.5000/- which has been paid along with interest.

show cause notice is received by the assessee regarding why penalty should not be levied rs.100 per day of default subject to max tds rs.5000/-

reason for late filing is that secretary chairman were not aware about the due date and consultant also not advised them properly.

my question :
Can penalty be waived off by the commissioner on the above ground ??

Dear sir,

I just cleared my PCC examination in NOV.11 and now i am preparing for CA final but things are happening not good.

pahle mene socha k me NOV. 12 me first grp h attampt karu bt jese jese time nikalta gaya aur meri preparation pure 4 papers k nahi ho payi. only accounts n SFM ka course pura hua n theory sub half bhi puri nahi ho payi h n now ab me may Attamp dene k soch raha hu bt vo bhi both groups please advise me kya secnd grp n first k dono audit n law k preparation 6 months me ho sakti hai??
mene abhi tak second grp k ek bhi subject k caoching bhi nahi k hai.
please advise me.

XYZ COMPANY TOOK ON LEASE A MACHINERY & AFTER 3 YEARS PURCHASED IT THEREBY OWNING THE MACHINE.THE QUERY IS WHETHER THE MACHINE BE TREATED AS NEW MACHINE & WHERE OTHER CONDITIONS AS PER SEC 32 ARE FULFILLED.

PLEASE REPLY
THANKS IN ADV

Somebody pls. guide..

Can department deny refund of VAT due to non submission of vendor transaction confirmation statements. specially in case where we have stopped doing business with vendors or they have winded up business?

Our's is a partnership firm audited u/s 44 AB . After audit some mistakes of ommissions and commissions and misclassification we are brought to our notice by our accountants. Now to rectify the said mistakes observed we intend to file revised return u/s 139 (5). For the purpose we are prepairing revised trading, profit and loss account and balance sheet.

Whether these statement adopted for the purpose of filing revised return requires the signature of the auditor and whether a revised audit report is to be obtained for the purpose of filing revised return.

Hello Everyone,
I want to know about full journal entry of housing loan(taking loan, interest, payment thereof) in proprietorship. Is housing loan allowable in P & L of pro. concern?

WE WANT TO MAKE A PAYMENT FOR PURCHASE OF SOFTWARE FOR Rs. 210000/ HE HAS CHARGED SERVICE TAX ALSO , PLS. ADVISE ME T.D.S. APPLICABLE OR NOT? IF APPLICABLE UNDER WHICH SECTION SHALL WE DEDUCT?

A company (for its factory in Dlehi) imported goods from Singapore and the goods reached the port in Mumbai.. All the import documents are in the name of the company's Delhi factory..

From the port, the good were cleared and kept in the company's godown in Mumbai.

Now, the company wants to send these goods to its other factory in Bangalore ( and not to Delhi-for which the goods had actually come )..

How can the company transfer the goods so that it can avail credit of CVD / ACVD; and it does not face any issues at the state borders while movement of goods.

For VAT / CST : Is this a stock transfer of goods and thus requiring Form F ?

Hi,
kindly clarify the following for FY 2012-13.
1.Have sold LAND - A (residential land) and claimed 54F exemption on the purchase of a HOUSE - B (Residential house) in the FY 2010-11 (both in the same year.
At that time of purchase of house-B had ONE more house HOUSE - A only, now to be termed as OLD RESIDENTIAL HOUSE.

2. In the year 2012-13 sold LAND - B. Can I avail section 54F for this FY 2012-13, if I proceed and invest the entire sale consideration obtained in the sale of LAND-B, for constructing an apartment unit, by demolishing HOUSE - A (OLD RESIDENTIAL HOUSE).
The apartment unit will be completed fully and a completion certificate will be obtained during the month of AUGUST 2013.

I have question regarding home loan interest. Suppose I want to buy a house worth Rs. 100. Now there are 3 co-owners of the house. The amount will be paid as Rs 40 in cash & Rs 20 per head as home loan. Co-owner A gives Rs 30 in cash and takes Rs 20 as home loan. Whereas Co-owner B&C give Rs 5 as cash and take Rs. 20 each as home loan. So share in home loan is 20:20:20. Thereby making share in the property as 50:25:25 for A:B:C. Now what will be the tax benefit for each co-owner on the interest of the EMI.