Anonymous
04 June 2013 at 16:27

Works contract service category

Dear All,

We are manufacturers and suppliers of UPS, We do undertake maintenance of UPS supplied by us. We have registered under "Management, Maintenance or repair service".

After expiry of warranty period, for willing customer we undertake AMC.

Now my query is for AMC should we separately register under service category "Works Contract Service" or registration under "Management, Maintenance or repair service" is sufficient.

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JAYAKUMAR.M.G
03 June 2013 at 11:46

Reverse charge on works contract

Sir
My client is Private Ltd Company and the contractor is an individual .Now the Company propose to construct a gowdown .
1. Our works contract is for an ORIGINAL WORK of construting a Godown.

2. Since the value of the materials used for the construction will not be completely identifiable with reference to the bills, immediately, at every stage when the contractor submits his bill, we hope to follow the COMPOSITE system of payment.

3. Under the above, 40 % of the total value of contract - i.e. in our case, 40 % of each stage bill into 12.36 % - to be shared at 50 % by the Receipient and 50 % by Provider.

Kindly confirm the above is in order for the Companyto advise the contractor and get his concurrence before starting deduction and remittance.

Thanks & Rgds

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Anonymous
03 June 2013 at 11:39

Taxation on sale of rec certificates

DEAR ALL

CAN ANY ONE UNDERSTAND ME THE TAXATION ON SALE OF REC(RENEWABLE ENERGY CERTIFICATES).

IS THIS LIABLE TO VAT/SALES TAX ?

IS THIS A COMMODITY/GOOD ?


THANKS & REGARDS
HKK

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Priyanka Mahajan

Dear Experts,

Can two sole proprietorship having same businesses be converted into a single Pvt. Ltd. Company?

Please reply....

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Sunny Sonwal
03 June 2013 at 09:28

Section 80ee

In the Finance Budget 2013, Finance minister introduced a new section 80EE in Inome Tax Act, which is related to additional deduction of Rs 1 Lac for payment of intrest for housing loan to a certain condition.

In the conditions one point is that “Interest allowed under this section can’t be allowed under any other section like 24(b).

So my confusion is that “This benefit would be additional benefit over Rs 1.5 lac as allowed under section 24(b) or this anyone can avail either 24(b) or 80 EE”..

Please elaborate.

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truptesh ramesh dange
02 June 2013 at 23:01

Tds

I want to know whether individual making single payment of Rs.36,000/- to contractor for renovation of his house, whether tds to be deducted from payment or not

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Anonymous
02 June 2013 at 18:46

Guidance.

Above 5 lac income, tax rate is 20 %, but generally what happens if a person having income more than 5 lac, he has a bank F.D. on which the bank deducts tax at a rate of 10 % and generally it is not shown in the income tax return by any person, so it is also one type of fraud, so what should be done about this.

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NITIN DAYALJI DAVDA
02 June 2013 at 18:30

Guidance.

I got a letter from CPC for an arrear demand of Rs. 494 for the assessment year 2008-2009, actually for that year my tax liability was Nil, so I produced all the necessary documents to income tax office Bhuj-Kutch where I had filed my return, so they made the necessary corrections in the system and as a proof they gave a copy of rectification order on dtd. 29/04/2013, but till today it is not updated in the outstanding tax demand which is shown in my account on the incometax web site, so please give me the guidance what should I do.

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Anonymous
02 June 2013 at 10:29

Dtaa uk

Double Taxation Agreement between UK & India

Is Widows UK Government Pension recieved in Pounds converted to RS by them and credited to Bank in India and this pension arising from working in UAE for UK Government , exempt from Tax in India under above ? This income is not taxed in UK

The current ITR 2 has provision to report the same under FSI under DTAA. Till now the pension has not been disclosed to IT as advised by CA from the time pension was being recieved and the person recieving is very senior citizen

Need your observations, advice and recommendation

Thank You

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Anonymous
01 June 2013 at 17:37

Gift

When a father HAS GIVEN THE GIFT IN FORM OF DEPOSTING CHEQUE BY WAY OF RS MORE THAN RS 1 L IN CHEQUE , IS CLUBBING PROVISION APPLICABLE?
HOW INCOME TAX IS TREATING THIS GIFT ?
TO WHOM taxability is applicable?
I have made gift deed on stamp paper with witness.
Pl suggest the recoomendation.

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