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Recent Posts

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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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Sir, whether it is for only taking advance/byana/earnest money  receipt/payment in relation to immovable property  covered u/s 269SS AND 269T, if in cash in excess of Rs 20000.       

OR   whether it  also cover Sale and purchase amount in cash in excess of Rs 20000/- not involving any advnace etc.

In my opinion it covered only advance in relation to immovable property trans, whether i am right
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Discussion / Re: Relief u/s 90 with DTTA from nepal
« Last post by pawansingla on March 17, 2015, 06:57:05 pm »
i ALSO READ THIS TWO ARTICLE.I AM CONFUSED,.I HAVE GIVEN THE DETAILS. CAN YOU GUIDE ME HOW TO TAKE CREDIT,WHAT IS AMOUNT OF CREDIT AVAILABLE.THANX IN ANTICIPATION.
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Discussion / Re: Relief u/s 90 with DTTA from nepal
« Last post by camanojgupta on March 16, 2015, 01:52:44 pm »
Article 23 between India and Nepal provides as under
Article 23 : Methods For Elimination of Double Taxation

1. The laws in force in either of the Contracting States shall continue to govern the taxation of income in the respective Contracting States except where provisions to the contrary are made in this Agreement. Where income is subject to tax in both Contracting States, relief from double taxation shall be given in accordance with the following paragraphs of this Article.

2. Double Taxation shall be eliminated as follows:

(i) In India:

(a)''' Where a resident of India derives income which, in accordance with the provisions of this Agreement, may be taxed in Nepal, India shall allow as a deduction from the tax on the income of that resident, an amount equal to the tax paid in Nepal.

Such deduction shall not, however, exceed that portion of the tax as computed before the deduction is given, which is attributable, as the case may be, to the income which may be taxed in Nepal.

(b)''' Where in accordance with any provision of the Agreement income derived by a resident of India is exempt from tax in India may nevertheless, in calculating the amount of tax on the remaining income of such resident, take into account the exempted income.

CA Manoj Gupta
Jodhpur
09828510543
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Discussion / Re: Rural gricultural Land - Income on Sale
« Last post by camanojgupta on March 16, 2015, 01:50:25 pm »
then such land will not be treated as a capital asset. If the agricultural land is not a capital asset, then its transfer will not result in capital gain. Further, the gain arising from transfer of such land will be treated as agricultural income.
For this proposition u may refer to Explanation 1 to section 2(1A) which provides that any revenue derived from transfer of agricul-tural land referred to in section 2(14)(iii)/(a)/(b) (Being land situated in urban area) shall not be treated as revenue derived from land being exempt under section 2(1A).
Therefore, if the agricultural land falls outside the scope of section 2(14)(iii)(a) or 2(14)(iii)(b), then the gain arising from its transfer can be treated as agricultural income because section 2(1A)(a) pro-vides that any rent or revenue derived from land which is used in India and is used for agricultural purposes is agricultural income.
The ITAT Cochin Bench has taken similar view in the case of ITO v. Dr. Koshy George 2009 317 ITR 116
Further section 43CA may apply to such cases on a technical interpretation of the matter.
CA Manoj Gupta
Jodhpur
09828510543
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MEASURES TO CURB BLACK MONEY  Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The existing provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit is twenty thousand rupees or more. However, certain exceptions have been provided in the section. Similarly, the existing provisions contained in section 269T of the Income-tax Act provide that any loan or deposit shall not be repaid, otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, by the persons specified in the section if the amount of loan or deposit is twenty thousand rupees or more. In order to curb generation of black money by way of dealings in cash in immovable property transactions it is proposed to amend section 269SS, of the Income-tax Act so as to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more. http://www.lawweb.in/2015/03/budget-2015-payment-of-purchase-of.html
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Discussion / Re: Rural Agricultural Land - Income on Sale
« Last post by subodh on March 12, 2015, 01:09:07 am »
Dear Singla Sir, 1. I would be thankful if you could please suggest WITH CITATIONS as to how that income from sale of agricultural land beyond certain municipal limits is not taxable at all.
2. Sec 43CA reads "...transfer by an assessee of an asset (other than a capital asset), being land or building or both...". Kindly explain me this also that how is it not applicable?
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