IS EDUCATIONAL LOAN PROVIDED BY THE EMPLOYER TO AN EMPLOYEE EITHER ON INTEREST FREE ON CONCESSIONAL RATE OF INTEREST IS SUBJECT TO FRINGE BENEFIT TAX?

AN ASSESSEE HAS A MARUTI VAN WHICH IS SHOWN IN THE BOOK DEP.IS TAKEN FOR EVERY YEAR IN MAHARASHTRA VAT UNDER RULE 54 IF ANY VEHICAL SOLD DURING THE YEAR WHICH IS IN NEGATIVE LIST YOU SHOULD PAY MVAT ON THIS VEHICAL BUT IF WE TAKE THIS VECAL FOR PERRSONAL USED AND DEP.IS NOT TAKEN AND PETROL/INSURANCE EXP IS TAKEN AS DRAWINGS
IF I SOLD THIS VAN IN THE CURRENT YEAR WHETHER I LIABLE TO MVAT TO PAY TAX ON THIS TRANSACTION

Hi,

one of my client is a trust register on 25/6/2006. The return of income was filed on 31/10/2007 for AY 2007-08. The trust is duly registered u/s 12AA of the act.

Now on 25/4/2008 the officer issued notice u/s 142 of the act asking to submit 1) return of income for A.Y. 2005-06, 2006-07, 2007-08 2) copy of PAN card 3) copy of 12AA certificate 4) minutes books for last three years.

no notice u/s 143(2) of the act is recived intimationg selection for scrutiny.

Now my query is:
Whether the officer can ask submission of minutes books etc. for last three years though case is not selected for scrutiny

2) whether the officer can issue notice u/s 142 only on the basis of registration with trust authority to file return of income though the income does not exceeds minimum exempted limit.

Kindly guide.

With regards
Thanks.

CA Rajesh Sheth

AN ASSESSEE HAD A LAND WHICH IS PURCHASED ON 21/03/1980 FOR RS 50000/-& SOLD DURING THE YEAR F Y 2007-08 ON 28/03/2008 FOR RS 1500000/- BUT ASSESSEE HAD NO ANY INCOME BECAUSE SHE IS A SENIOR CITIZEN AND IN THIS TRANSACTION SHE HAD INCOME OF LONG TERM CAPITAL GAIN EARNED ON 28/03/2008 BUT IN INCOME TAX RETURN INTEREST IS CALCULATED U/S 234A/B/C BUT HER'S INCOE IS ONLU LTG &nO OTHER INCOME SO INTEREST U/S.234A/B/C/ IS APPLICABLE OR NOT

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Hi

When accounting for export sale (say converting USD into INR), which exchange rate should be used?

Should the customs notified rate for exports for the month be used, or should the bank selling rate be used?

This is important because for a particular date the customs notified rate and the bank rate may be different and also the exchange rate fluctuation to be accounted for at the time of inward remittance will vary.

Thanks

Is there any service tax liability on developers for development of property and land, here developer make a agreement with land owner to develop their land and after all developemnt developer and land owner will take revenue in agreed proportion.