One of our client has entered into a sale agreement (without giving possession)to sell a site for Rs.10 lacs and received advance of Rs.2 lacs with a condition that the balance has to be paid at the time of registration and the registration has to be done on or before 2 months from the date of sale agreement. Rs.10 lacs is also the value fixed by the stamp valuation authority on the date of sale agreement. But the valuation authority has increased the rate to Rs.20 lacs by the time of registration and the stamp duty is paid by the buyer on rs.20 lacs. The seller has received the balance Rs.8 lacs at the time of registration.The seller has paid the long term capital gain taking the consideration as Rs.10 lacs. The case is selected for scrutiny. Now the ITO has raised a tax demand taking the sale consideration as Rs.20 lacs as per Section 50C? Is there any way out for the client to argue that the sale consideartion has to be taken as Rs.10 lacs instead of Rs.20 lacs? Are there any case laws on the above subject?

One of our client has entered into a sale agreement (without giving possession)to sell a site for Rs.10 lacs and received advance of Rs.2 lacs with a condition that the balance has to be paid at the time of registration and the registration has to be done on or before 2 months from the date of sale agreement. Rs.10 lacs is also the value fixed by the stamp valuation authority on the date of sale agreement. But the valuation authority has increased the rate to Rs.20 lacs by the time of registration and the stamp duty is paid by the buyer on rs.20 lacs. The seller has received the balance Rs.8 lacs at the time of registration.The seller has paid the long term capital gain taking the consideration as Rs.10 lacs. The case is selected for scrutiny. Now the ITO has raised a tax demand taking the sale consideration as Rs.20 lacs as per Section 50C? Is there any way out for the client to argue that the sale consideartion has to be taken as Rs.10 lacs instead of Rs.20 lacs? Are there any case laws on the above subject?

To,


The Board of Studies
ICAI


Sub.: Confirmation of Syllabus


Sir,

I am Vinod Lakhayani (CRO 0 194854) student of PCC and I want to confirm about the syllabus of Cost Management of PCC. Whether the topic “Overhead Variance” is included in syllabus of standard costing.


This topic is included in study material but not included in the syllabus of PCC available Online data.

Please confirm and reply.



Email ID : lakhyani007@gmail.com

Dear Sir,

My client is a licensee of "Depository Participant" as a Sub-broker. For expand the volume of operation, he is willing to convert the Proprietorship in to Partnership firm. But according to SCR Act,1996 and guidelines, only Individual and Company can allow to hold such license.
In such situation, He comes out with following option.
OPTION -1
1. Continue the license as the capacity of Individual
2. Get the Cheque from Broker in his own name and convert the Cheque to Firm's name.
3. Explore the TDS credit from Broker in his name alone.
OPTION-2
1. Continue the license as the capacity of Individual and appoint the other 2 persons as "Technical Managers - Fund" instead of admitting as Partner
2. Offer Salary with Commission on Profit
3. Explore the TDS credit from Broker in his name alone

What is your Suggestion?

I m in construction industry.we receive advance against booking from customer on booking a space on our Mall.Is there any contravention of Law ,If any party directly deposit booking amount in company`s bank account.we obtain all documents eg PAN card etc.

Hai Every body,

I am Sri lakshmi, I had already Regd. for PE-1 in October 2005, and written group one Exam in 2006 May, I got one subject exempted, But not qualified after that I had done Articleship, Please tell whether I can directly write Group I or II without writing the CPT, and whether I can claim the Exemption and whether the article ship will be considered now.


Advance thanks to U

Hai Every body,

I am Sri lakshmi, I had already Regd. for PE-1 in October 2005, and written group one Exam in 2006 May, I got one subject exempted, But not qualified after that I had done Articleship, Please tell whether I can directly write Group I or II without writing the CPT, and whether I can claim the Exemption and whether the article ship will be considered now.


Advance thanks to U

We have raised service tax invoices on our customers, but our customers paid only value of service amount, we have not received the service tax from our customer. In this case responsibility of payment of service tax will be on whom? Service Provider or Service Receiver. If service receiver does not pay the service tax amount what should be done. Will any body clarify.

Dear Seniors

Our Client is having their own Approved Gratuity Trust set up.

As per their Internal proces they pay gratuity to resignees even they have not completed the 5 years of Service.

Will such gratuity will qualify for tax exemption under section 10(10)(ii) or 10(10)(iii).

Kidnly help me out so that I can advise them.

hi,

we the contractors for telecom cabling using trenchless technology. Since from 4 to 5 years, we have been raising invoice with full rate of service tax. Now we got the work order with 2% service tax. Please let us know will it be ok if we charge service tax at 2% only based on the work order we got for doing work.

i want to know the legal aspects

Thanks