Hi,
A plot of land has 6 co-owners. They decide to build ownership flats on the plot. If the developement rights are transfered to a builder (who is one of the co-owners) what would be the Tax implication in the hands of co-owners as well as the builder.

Nazir

Facts:

ABC Pvt. ltd.(Manufacturer) exports its products,
It pays Commission to Non resident Agents.
It also pays service Tax fo Import of Services.It is not liable for service tax under any other catagory.

Example: Service Tax Payable on Commission Rs. 100, Input Excise Credit Rs. 70, Input Service Tax Credit Rs.10, Excise duty Payable Rs. 200

Questions:
- Can the company take credit of Input Excise as weel as Service tax i.e. Rs. 80 and pay Rs. 20? (I think not Possible)

- Should the Company Pay Rs. 100 for Service Tax?

- If it pays Rs. 100 as Service Tax and take it as Input Credit for Payment of Excise i.e.Rs.200- Rs.100- Rs.70- rs.10 = Rs.20, is it ok?

-Is it necessary that to consider this reverse Charge as Input Credit, You must be service provider?

Considering the above example pls. confirm The actual Libility under service Tax i.e. Rs. 100, Rs.20 and for excise Rs.120, Rs. 20?

Thanks

Sec 32 of IT act says that once the asset is either in active or passive use then it is compulsory to charge depreciation. In case the machinery (in use for production and subject to depreciation in the earlier years) was DISMANTLED this year then i understand that it is neither in active use nor passive use. Is it still compulsory to charge depreciation?

i want to ask that while calculating tds under any section when is surcharge taken in rate....? pls quote with eg...

Dear Sir,
Can you please explain me whether the theory of adding the swap points to the spot rate to obtain the forward rate when the swap points are in increasing trend and deducting the swap points from the spot rate to find out the forward rate when the swap points are in decreasing trend is always true or are there any exceptions.
i mean if only swap basis points are available and spot rates(buy/offer rate) are available then we can find out the forward rate by adding or deducting the swap points to the spot rates in case of increasing or decreasing trends respectively. let us take an example:
suppose the spot rate is 1US$ = Rs. 40/42
and the int. rate in India is 10% and in USA it is 8%, then as per IRP theorem, the forward rate shall be computed as Rs. 40.74/42.78, this means swap points are 74/78 (increasing trend), so here we will add this to spot rate rs. 40/42 to get 40.74/42.78. Now let us change the exchange rate, in India the int. rate is 8% and in USA the int. rate is 10%, now as per IRP Theorem the forward rate shall be rs. 39.27/41.24, here the swap points are 74/76 (again increasing trend) but now we can't add this to the spot rate to get the forward rate. So how can we say that the swap points are to be added/deducted to the spot rates in case of increasing trend / decreasing trend.
if the above theory is correct then plz. explain how we can identify whether to add or deduct the points to the spot rates in case only the swap points and the spot rates are given.
i am really confused.
Awaiting your reply asap.

Thanks
gargi.

by mistake we have deducted tds @ higher rate than as applicable to contracts & professionals and paid to the dept.
can we issue a certificate as deducted & paid or as rates applicable, pl. advise

Are the tuition fees paid for pre nursery (pre KG) education eligible for deduction u/s 80 C?
Can it be considered as full time education?

Dear Sir/Madam,
First of all "Happy New Year" to all.
I have required Audit Programme for Statutoy Audit if somebody have please mail to me at sachingarg82@gmail.com.

Please reply soon.
Thank You.

sachin Garg

What is the procedure to claim back the TDS deducted by the bank on interest on NRO FIXED DEPOSIT when total taxable income does not reach the thrashold limit.

Is there any way bank can be stopped from deducting TDS by submitting form 15 G etc.

Pl advice.

Regards,

S.Ghosh

Respected All,
Happy New Year
I have a query regarding How vat is implemented on Color Labs.We at color Labs purchase vat paid paper and chemical from same state. sfter procesing we sell photographs.Please explain by a example how vat is calculated and how entries should be entered in books.if explain about service tax on color labs.I shall be very thankfull to you.please give answer by a example.
Once Again
Happy New Year