We take contract work from railways which involves changing rails, sleepers e.t.c. and do not involve any purchase/sale of material.
We heard that under works contract, and service provided to railway, it is exempted under the service tax.
I want to know the exact section under which it is mentioned, it would be very kind of you if you can send me the website link of the same in the central excise website.

my company is into imports and exports of paper and chemicals. We plan to buy a warehouse in india for storing our products (our commercial use ). can we use the external commercial borrowing route to fund our warehouse purchase as it is for our expansion.

regards

rahul kapoor
rahul_605@live.com

Please tell me under which head income of educational institutions is taxable.
Whether under "Profit & gains from business & Profession" or under "Income from Other sources"

Thanks & Regards,
Ajay
CA.

Dear All,

Can anyone assist me in letting me know about the online return of professional tax return and online payment of professional tax (of employees)???

company making payment in excess of Rs. 20k yearly will have to make online payment and file online return.. according to me, the online return/payment system will be applicable from feb 1, 2011..

i would like to know whether professional tax (of employees deducted by company)for the month of jan 2011 will be paid online of physically??? and again return of professional tax will be filed online of physically??

what happens to the Company if its networth falls below 50% and what are the remedies available with the company

Hi,...can any one let me know where is the registrar of partnership firms in bangalore for chamarajpet area.

thanks in advance....

there was survey conducted at the hospital (assessee is a company- a hospital).
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.

But A.O. initiated Penalty proceedings against assessee.

Please give reference of case laws to avoid penalty.

I proud the our CA club experts.

In the income tax return we claim the income as agricultural income but in the assessment AO deny the such exemption and taxed the whole income and also issue a show cause notice under section 276B, 277 & 278 (i.e. prosecution proceedings)

Now the question is
whether AO action is justified?

if no what are the arguments that we can make and if possible mention some case laws also?

Please don't answer like AO is justified
IT REALY URGENT..

Can penalty be levied u/s 271 (1) c in case earlier loss is disallowed at the time of assessment to the extent of set off taken in next year. Example 2006-07 loss was 15 lacs. setoff was taken against income of 16 lacs in 2007-08. 2006-07 loss now has been disallowed and penalty u/s 271 1 c has been levied. Whether the same is proper Pls give any case laws if possible

1. Partnership firm local sale Rs. 640120 and local Purchase approximately Rs. 535,680 kindly tell me about sale tax liability on above transaction done during financial year 2009-10.

2.2. As per Deed remuneration to partner : ( Two Partners run business)
(a) on the first Rs. 75,000 of the book-profit, or in case of a loss
(b) on the next Rs. 75,000 of the book-profit
(c) on the balance of the book-profit
Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; at the rate of 60 per cent; at the rate of 40 per cent:

Book Profit Rs 67500 how to calculate remuneration to partners

Plz provide solution on above matter at the earliest.

Regards
Akbar