Advance paid by the service receiver to contractor under works contract service. As per ST point of taxation rule(3) Explanation the point of tax here is the date of advance payment. Under reverse charge 50% is tax will be payble by receiver and provider.
a) Weather the receiver can avail and utilise the cenvat credit for this advance payment and set off against input credit taken on another service. Because rule 3(4) Explanation of cenvat credit rules,2004 confusing me.

Please suggest

Dear Sir,
I am a Transporter and take trucks on hire. I need to pay advance at the time of placement of truck and after safe unloading I pay the balance hire back. The typical freight is about Rs. 45,000/- per truck and we need to pay cash of Rs. 30,000/- as advance and Rs. 15,000/- balance after 10 days.

No as per the IT Rules, this is allowed. But my next question is that the same truck comes to me 50 times in a year. Is there a cap on the total cash payment to a single Pan card holder in one financial year.

Please clarify this doubt.

Sandeep

Respected Sir/Madam,

What is the procedure for surrendering VAT & CST number...

If Tax is deducted on same income twice in u.k. and india of the salary of a NRI. Can it be claimed in India for refund on basis of double texation or not ? If yes then how ?

Can we file ITR for Partnership in ITR 4S?
Can we file return under section 44AD "Presumptive Basis"

Dear Sir,

I am working in one of big 4 audit firm in pune. I qualified CA Fianl in Nov-12 exam. I would like to ask can also sign tax audit report if i joined as a sleeping partner in any local CA firm.

I am asking this query becasue clause (11) of part i of first schedule to the ca act clearly states if you are having full time employeement in CA firm ( other than industrial employment like finance manager, director etc.), then you can signed tax audit report on behalf of local CA firm as a non-active partner, only the requirement is that you have to take prior permission of Institute.

Kindly revert with commets.

Dear Sir / Madam,

If any person has filed ITR 1 after filing it comes to his knowledge that he was to file ITR 2 with more information. Then what should he do?

Regards,
Abhinay Singh

It is a proprietorship firm. In the f.y. 2011-12 it was under tax audit. In the f.y. 2012-13. it was not under tax audit. In current year we paid interest to unsecured loan to an individual for Rs. 15000 in each quarter. Should we deduct TDS on the same? need direction.

Thanks & regards

Dear Sir,

I have received rent from commercial and residential property. I charge service tax on
commercial property and not charge on residential property and total rental income above 10 lacs from both properties. We require your suggestion,the Service tax also charge on residential property

Deepak
9015739038

Can a director of company A who is also an auditor of combany B give loan to company B??