If X a professional visit the plant (under construction) for inspection.He raised Invoice on Y as under

Professional Fees 10000
Conveyance 2000

Service Tax @ 12.36% 1483

Then Conveyance of Rs.2000/- can be capitalised or not as per AS-10 on Fixed Asset issued by ICAI.

Please revert the following as early as possible:-

1) When WCT is chargeable and at what %

2) If TDS is deducted from the inovice amount, then WCT is applicable or not?

3) If X bills on y, for Rs.11232/-
Lying Electrical Cabel
for construction of Plant 10000
Vat @ 8% 800
Service Tax @ 4% 432

Y Deducted TDS @2.06% Rs.231.38

then WCT is applicable or not? If yes then on which amount.

Mr X Is proprietor of two business of rice mill .whether two audit report will be prepared or 1? can different a/cing method (Cash or Mercantile) can be applied for these 2 business?

I have purchased a residential building in 2004. I have a housing loan on the same. i am running a lodging business in the building. Can i claim interest on housing loan and instalment u/s 80C

Regards,
Priya

please let me know the meaning of
word "corresponding" as relevant to
retention of input vat in respct of
goods transfered outside state
otherwise than for sale under
MVAT Rules.

hi sir iam a pcc student n doing b.com also n subbited my form 112also.....now i want to know whether i can do icwa also

situation:
Mr.A defaults repayment of housing loan taken for purchase of a site and construction. The nationalised bank calls for an auction in its premises and sells the site to Mr.X in the auction. Mr.X has paid full consideration for the site but the bank has not yet registered the site in the name of Mr.X even after 22 months from the date of auction. When Mr.X verified the property documents which were with the bank which the bank did not give before the auction the bank did not have all the documents required for registration of the property in his X name. so Mr. X insisted the bank to induct the indemnity clause into the certificate of sale and to provide all the necessary documents required for registration but the bank is just deny Mr.x that they cannot give any documents nor they will induct the indemnity clause. When Mr.X verified a copy of the sale deed of Mr.A which Mr.X received from the bank , Mr.X came to know that the bank officials have released the loan to Mr.A even for construction when there is no construction at all and they are fearing that if they induct any indemnity clause they may be in trouble for any future problems that may araise in the future.

What measures can Mr.X take to get the site registered in his name?

Several requests to various officials of the bank have failed to get any response from the bank.(at the regional levels & h.o.level)

Mr.X being the owner of land has entered into a Joint Development Agreement in oct.2007. His share in the developed property is 8 units. He has purchased the property in 2004 May. He wants to retain 2 units and sell the remaining 6 units.

What is the date to be taken for calculation of capital gains?

whether it is a short term or long term capital gain If Mr. X sells his property now(NOV.2008)?

Whether the date of the joint development agreement or date of registration of flats to be taken for the purpose of computation of capital gains?

I want to know that if partnership firm give machinery on lease for one year period then what are the implication of VAT & Service Tax. what are the rate of vat & service tax for applicable for this.

waiting for ur reply

thank you

Dear sir,
An assessee was not subject to tax audit during preceeding previous years. However, he is liable for tax audit during previous year say 2007-08. Lack of knowledge he didnt deduct tax at some of the sources.
1. whether he is eligible for any exemption for paying tax or,
2. the time limit may be extended for paying tax.?