Dear Sir/Madam,

Facts of the case are as follows,

(1) One of my client is in to Bakery Business wherein she is mainly manufacturing cakes & pastries in a kitchen of her own and sale it thru a retail shop under a proprietory firm name.

(2) All sale is with in State of Maharashtra only.

(3) She does not have any Brand Name registered for the same.Only the Shop Name & Boxes under which she sells the product contain Name of Proprietory Firm.

(4) We have obtained Regn.No.under VAT,CST No.& Shops & Establishment for Proprietory Firm.

Now our queries are

(1) Rate of VAT to be charged on sale of Cakes & Pastries.

(2) As informed to us that if cakes/pastries are sold under Registered Brand Name then only VAT @5% is chargeable otherwise rate is NIL.

(3) If rate is NIL can we claim refund of VAT paid on purchases of Raw Material.

Plz.send us your expert comments on the above at the earliest.

Dear Experts,

One of my client being a private Limited Incorporated in 2004.This company is closely held i.e. all shares are holding in the name of Directors & their relatives such as Directors Wife,Mother & their HUFs. During the F.Y.2012-13 the Co.has allotted 80000 Equity Shares to their Directors,Directors relatives & their HUF at the rate of Rs.10/- plus Rs.40/- as premium thereon by filing of Prescribed ROC returns.That means a Share premium Account is created with Rs.3200000/- & same is shown in reserves & surplus.

Now query is whether such issue of Equity Shares at premium is subject to tax or not.

If yes,Please elaborate the relevant provisions of I.T.Act with the date of Applicability.

Please treat it as most urgent & reply immediately.

Regards

CA SANJAY BAHETI

Dear Experts,

i am a employee in private company and want to choose one option, whether to deduct my PF by employer or to open a PPF account and deposit the same amount to that account.
for an example my employer offered me 30000/- CTC and everything contain in CTC even Employer contribution too and Employer told me that its up to you that you deduct 12+12 =24% PF or not.
there was something in my mind that to deposit that sum of 24% to PPF account rather deducting by employer.
please suggest me.
Thanks
Yogesh Bansal

I am doing BPO services, get paid monthly in foreign currency. I am just an individual service provider serving a foreign client working like freelance. My income is around 5 lakhs per year.

1. Kindly let me know whether I have to pay service tax.

whether I need service tax registration.

i am going to write ipcc exams in nov 2013...so far i haave completed tax,law...is time sufficient from now to prepare and pass the exam???

Within how many days do i have to pay the short deduction amount . And also how do i correct the tan error in my Challan.do i do it via department or traces site

DEAR SIR, I WANT TO KNOW HOW TO PREPARE STOCK & RG-1 REGISTER & CENVAT CREDIT REGISTER FOR MAINTAIN ACCOUNT, SIR I AM WORKING IN A CLC BLOCKS MANUFACTURED PLANT. THE FIRM WILL BE OPEN IN JULY,13. SO PLEASE TELL ME HOW TO MAINTAIN IT,
2- HOW CAN GET CENVAT.

What are the factors determining the nature of income arising on sale of shares i.e.
whether the income is taxable as capital gains or business income?

What would be the period of holding to determine whether the capital gains on
renunciation of right to subscribe for additional shares is short-term or long-term?

I AM DOING IPCC ALONGWITH ARTICLESHIP WITH CA FIRM. I ALSO HAVE AN INSURANCE AGENCY IN MY NAME. IN THIS REGARDS I HAVE TWO QUERIES:

1. I CAN CONTINUE MY INSURANCE AGENCY ONCE I WOULD CLEAR CA FINAL.

2. I CAN FILE MY INCOME TAX RETURNS SHOWING THE COMMISSION EARNED FROM INSURANCE PREMIUM ALONGWITH THE STIPEND RECEIVED DURING MY ARTICLESHIP FROM CA FIRM.

Please guide me...
A, a service provider, raises an invoice of Rs. 5 lacs for providing a taxable service, out of which Rs. 4 lacs is towards procurement of consultation charges(which is payable to B). A charges service tax only on Rs. 1 lac. B has also charged service tax on his invoice of Rs. 4 lacs, A wants to take credit of tax charged on Rs. 4 lacs by B.

Please guide me whether the above transaction is as per the provisions of service tax law.