A Company which has its core business as manufacturing of industrial equipments, had some excess
funds during some part of the year which it deployed in Mutual Funds and earned handsome returns
therein. Same were shown as STCG and tax was paid accordingly. However, ITO has claimed that the
same should be treated as business income and tax should be paid accordingly. Is there any case
law/section to support assessee's intention of getting the gains taxed as STCG?

MVAT Schedule Entry for LPG Gas Cylinders

Can anyone pls explain what is abnormal pricing of options????

Kindly provide an example if possible....

I made a small (think its serious though) mistake in the Form 108. I erroneously entered more number of weeks experience in the report of Work done section (Auditing, Taxation, Consultancy etc). Almost 40 weeks extra, i.e. 168 weeks instead of 130 weeks actually served. Just wanted to know whether it will cause any problem. Will the Institute tabulate the same and go for scrutniny of the same? I sent the form yesterday. In case of any problem please suggest a possible remedy. My Boss is agreeable to send a revised Form 108 with a covering letter of the Firm to the Institute if that can solve the problem. Please help!!!!!

Hello sir,

any one please provide rank holders list relating to the previous years.
kishore9220@yahoo.co.in
cagkkr@yahoo.com

Q

For the A.Y. 2005-2006, any person having income below taxable limit(I.e. Rs. 50,000/-) and having agricultural income of Rs. 4,00,000/-. Can he file the ITR before March 31, 207 without attracting the penalty clause of not filing the ITR u/s 139 (1) which require the filing of ITR if it exceed the exemption limit. Becoz he is not supposed to file under this section, so i think, penalty of Rs. 5,000/- should not be attarcted.

What are the detailed provisons regarding leave travle concession in India under income tax act (Sec. 10(5)) Please don't give the refrences of books

Further let me know the provision regarding LTC in case where the person has joined in Jan'06 & resigned in Dec'07
As Ltc Applicable from Apr'07 & payment made for 8 month.

What is the Maximum available depreciation on any asset as per Companies Act 1956, whether one use SLM or WDV method of Depreciation for Single, Double or Triple Shift of Working. Please explain in context to Companies Act, 1956.

A manufacturer manufactures a product ‘C’, which is chargeable to excise duty. He avails MODVAT credit of the duty paid on the inputs, which are used in or in relation to the manufacture of product ‘C’. The product is an intermediate product and is consumed captively in the factory for manufacture of the final product. The final product is wholly exempt from the payment of duty under the Central Excise Act, 1944. While determining the assessable value under Rule 6(b)(ii) of the Central Excise (Valuation) Rules, 1975 the manufacturer does not include the element of duty paid on the inputs. The reasoning advanced by the manufacturer is that since credit has been taken of the duty paid on the said inputs, the cost of manufacture automatically stands reduced to the extent. Explain with reference to decided case law if any, whether the stand taken by the manufacturer in not including the duty paid on the inputs for purposes of valuation is correct?

Suppose we have collected CST at the time of O.G.S.. Whether this can be claimed as a Credeit against Input VAT? What could be the consequencies if reverse situation? Can CST collected can be claimed as a Set off against CST paid?