What is a definition of words "Contract" & "Professional Services" in light of provisions relating to TDS under Income Tax Act,1961.

How to draw difference between "Contract" & "Professional Services" when a services rendered by person can be prima facie covered under "contract" & "professional services" both.

WHETHER THE TRUST IS LIABLE FOR RECEIVING THE SERVICE OF TRANSPORT OF GOODS BY ROAD.

I AM CONFUSED IF TRUST IS PURCHASING THE BUILDING MATERIALS FROM BUILDING MATERIAL SUPPLIER WHICH ISSUE INVOICE SEPARATELY FOR THE VALUE OF GOODS AND ANOTHER IS FOR LABOUR AS WELL AS FOR TRANSPORT OF GOODS SO WHETHER TRUST IS REQUIRED TO PAY SERVICE TAX FOR THE SECOND INVOICE IN WHICH OPPOSITE PARTY TRANSPORTER OF GOODS.

Our Corporate Cient generally Sales tax, Service tax, Duties etc are routed through Balance Sheet. But AO wants to disallow certain Taxes which were beyond the stipulated date. Myself objected to saying that Sec43B has no application as the taxes etc are routed through Balance sheet. But AO wants to have Sec145A workings to find out taxes impact on Profit and Loss. Is it correct.

Hi All,

My query is regarding the Nominee directors appointed by the wholly owned subsidiaries of Financial Institutions, where the wholly owned subsidiaries are incorporated under the provisions of Companies Act, 1956.

Whether such directors will be governed according to the provisions of Companies Act or whether the Agreement with which they have been appointed supersede all other acts and provisions.

If the answer is in Negative, then please do tell me how can these companies override the provisions of Companies Act while functioning under it.

> IT Return (ITR IV) of a proprietory business has been filed electronically u/s 139(4).

> Section 44AA was applicable to the business & books were maintained by the assessee, but in the Return it was set at NO.

> Balance Sheet and P & L a/c were filled as per NO ACCOUNT CASE.

> There is a REFUND of TDS amounting to Rs. 17000 /-.


> ITR V has not yet been posted to Banglore.

> Since it is a BELATED RETURN, it cannot be revised.

So please suggest a remedy as soon as possible so that the client gets the refund without much hassel.

can any person submit the IT return for individual or other assesee who is not laible for audit. pls advise me

Assuming that a company has purchased products from local market (Ormay be even imports) for its regular trading..
it has also taken the VAT / CENVAT input credit for these goods...

later it utilises such goods in construction / expansion of its premises.... such goods need to be capitalised, and the company has done so....

now in such situation how is it to take or reverse the VAT INPUT CREDIT. as, we can take only 50% input in current year in case of CAPITAL GOODS,, but it has already taken full 100% input...

also, it doesn't have bar coding system to verify what stocks have been capitalised or used for personal use...(Price of commodities keep changing regularly)

so what should such company do to take proper amount of VAT / CENVAT INPUT CREDIT????

can u please tell me that when the next residential programme is going to be held for the CA Final students,as i am not getting any deails about the same on Icai site..

i have seen many CA, who had become members in more than 1 HUFs,open more than 1 company (though those were on paper)
and presently, CA is becoming memeber of more than 1 HUFs, oppening more than 1 company and in future also they will become member in more than 1 hufs,will oppens more than 1 company.

i also know that in the name of Tax planning they are evading the tax, but don't know how they are managing the transactions from transfering income from one company to showing payment to other for some service / job charges by passing just an book entries.

can anybody have moreidea about this, please reply me

Dear all

we are the manufacturer and we export to american party but our material is rejected by the party (american) now what is the procedure about taxation.

1) when party return the material at that time the import invoice is is received
2) can we take credit on this invoice


Please

Tell me what should i do