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Discussion / Re: suscipious purchases
« Last post by CA.BHUPENDRASHAH on April 25, 2015, 04:19:24 pm »
Ramila P Shah
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Discussion / suscipious purchases
« Last post by CA.BHUPENDRASHAH on April 16, 2015, 01:14:04 pm »
[move]http://indiankanoon.org/doc/146735280/[/move]
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Discussion / Re: Rural gricultural Land - Income on Sale
« Last post by barbar on April 14, 2015, 06:10:09 pm »
If not within 8 kms from municpal area,it is not taxable at all.43CA not applicable


I'm agree with you.
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This applicable to both advance or other sum received on transfer of immovable asset because the words used are 'Any sum receivable whether as advance or otherwise, in relation to transfer of an immovable property whether or not the transfer take place'. From this u will fill that word 'or otherwise' has been used and as such the entire amount of sale consideration has to be through account payee cheque or draft if the involved amount is 20000 or more
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Discussion / S. 49 read with S. 47 (xiii)
« Last post by surendrachopra on April 09, 2015, 05:09:29 pm »
Firm revalued its land to 50 lacs ( books value 5 lacs) and then transferred all assets and liabilities to a company by complying the provisions of S. 47(xiii). After two years company sold the land at Rs. 70 lacs. There was a judgement of either Tribunal or HC that in such a case cost to previous owner formula will not apply because there is no such provision in S. 49 and for capital gain cost in hands of company being Rs. 50 lacs will be taken into account. If anybody can share the citation. Though we know that S. 49(1) (iii)(e) has been amended by Finance Act 2012 w.r.e.f from 01-04-1999 whereby in such cases now cost to previous owner will have to be taken into account. I need the citation in penalty proceedings.
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If a co redeems p shares at premium, will the real premium paid is liable for ddt under clause (a)/(d) of section 2(22). What is the treatment of premium under income tax act for the company.
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Discussion / late fees under section 234E
« Last post by stoshniwal on April 01, 2015, 03:02:11 pm »
assessee had deposited tds of rs 10000 under section 194H for mar 15 on 31/3/15  and also wrongly paid same amt ie rs 10000 as late filing fees under section 234E. now can assessee claim refund of that amount paid under section 234E ie rs 10000 or is there any procedure for adjusting this amount against tds under any other section & in account of any other assessee.

Saurabh Toshniwal
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Discussion / Re: Reversal of service tax paid: Urgent Please
« Last post by Ramasamy on March 30, 2015, 07:24:12 pm »
Dear Siba Prasad,

In your case, you are not allowed to set off the payment so made against current or future service tax payout merely because you are not received the money from your customer for long period.

You need to written off debt by raising credit note against those original invoice to adjust those service tax against your current liability.

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Discussion / Re: Accounting For Recharge Distributor under Income Tax
« Last post by cahitendrajain on March 25, 2015, 11:18:59 pm »
Turnover includes all receipt against expenses.

A seller collects gross amount from customer which include his cost of purchase and other cost necessary to sale the goods.

Similarly a service provider collects gross amount from customer which include cost for material and other services which used to provide service.

In case of recharge distributor if his commission only consider as turnover it would be same as the Gross Profit Only consider as turnover in case of a seller.

A recharge dealer is service provider. Collection made by him from customer comprise his cost and surplus.

Both Surplus as well as cost aggregately form part of "Turnover". If he sales SIM cards then the sale value of the same also will included in turnover.

 
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Discussion / Accounting For Recharge Distributor under Income Tax
« Last post by SANTHOSH on March 24, 2015, 08:53:34 pm »
For Example, Mr.A is a recharge distributor. He will pay money to Telecom Companies and He will transfer his balance to retailers and get money from retailers. He will pay commission to retailers. Here whether he has to account for Gross amount as Turnover or Only Commission amount as Gross Receipts for Turnover Purpose?

Mr.A is only Recharge Distributor and he will not deal with Sale of Sim cards.

If there are any case laws relating to Recharge Distributor, Kindly mention the same for understanding purpose.
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