Please clarify. For the purpose of Calculating HRA exemption out of three considerations , for an employee living in rented apartment at Bangalore, 50% of the Basic should be considered or 40%. Since Bangalore is a Metro City.

Thanks

Hello everyone
My query is regarding section11AC of central excise act.Under this section there is a provision for reduced amount of penalty in first and second proviso if the duty with interest and penalty is deposited within 30 days.This is when assessee does not go for appeal
But when assessee goes for appeal and loses in it then under third proviso he will be liable to pay the duty and interest and penalty on the amount determined under appeal whether increased or decreased.
Query:-Under fourth proviso the exact wordings are "provided also that in that case the benefit of reduced penalty shall be available if the amount of duty so increased and the interest payable thereon and consequential penalty paid within 30 days.
Does this mean that if the amount is determined under appeal and there is fraudcase the amount of penalty shall be reduced only in respect of the increemental amount of duty?i.e supose original duty determined was 50 lakhs and now if duty determined is 70 lakhs then reduction will be available for 20 lakhs only and in in other cases suppose duty determined is 30 lakhs then no reduction will be there.
please explain.

Nature of Asset : Flat (Under Construction)
Date of Purch Agreement (Registered) : 30/03/2004
Date of pyt for purch : 10/04/2004
Date of Possesison recd. : April'2007
Date of Sale : Jan'2009

Whether Long Term or Short Term Capital Gain?

Refund of VAT can be adjusted against CST liability. But whether Refund of CST can be adjusted against VAT liability.
If yes, Please provide the trade circular number.

Apart from the declaration from the employees does the employer have to take any other safegaurd?
Suppose if the employee gives false a declaration wherein he claims the entire amount as exemption, is the employer liable in any way?

A private Company wants to issue shares at premium. Can a company receive part premium with face value now and the remaining premium and amount later?

I WANT TO KNOW WHETHER A PERSON WHO IS NON- RESIDENT IS REQUIRED TO OBTAIN PAN NO AND FILE A RETURN IN INDIA IN CASE OF INCOME TO BE RECEIVED BY HIM FROM A PRIVATE COMPANY TO BE FORMED IN INDIA IN WHICH HE IS PROPOSED TO BE A DIRECTOR ? HE IS ALREADY FILING HIS RETURN IN US IS THERE ANY OPTION AVAILABLE

Can a pvt ltd company or a public comapany be a "popreitor" of a proprietor ship concern.

If no, where in law/case law has it been prohibited?

If yes, will the propritorship be a seperate entity?

thanks in anticipation.

Pooja

hello

my articleship is going to complete on 8 of feb 2009. my one month waste due to transfer.
can i appear in may09 exams??


plz rply bcoz i m preparing for may09

Sir ,

Kindly look in the issue , whether the Income from dividend shall be shown as Business Income for a Investment Company .


In the present case the Company has having ( Investment in shares in bulk quantity ) and has shown the same in investments and claim capital gain on these transactions .

The dividend received from these shares should be treated as business income or not in the case where the company is having only two source of income one from Rental Income and other from Dividend

Sandeep Rohatgi
9868705794