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Current Queries | Archives | Un-Answered Queries

ID	Description
DIRECT TAXES
15206	Transfer of Agricultural land - not been used for Agricultural Purpose Dear Friends, A person has purchased a Agricultural land at 1980 and the land fullfills all the conditions prescribed in Section 2(14)(iii) of the Income tax act.At the beginning he had done some agricultural activities but it didnt do well. Since it is not suitable for agriculture he could not be able to cultivate any agricultural goods. After that he did not do any agricultural or non agri cultural activites in aforesaid land. He kept it Idle. Now he is planning to sell the land. My question is 1) Wether Capital gain will arise? 2) Whether to qualify as per Section 2(14)(iii), Compulsorliy agricultural activites should have been done not? 3)If capital gain is arising whether it can be invested in bonds (54EC) or any other deduction is avilable? Awaiting....Please do reply by AKILAN PL 5/16/2012 12:00:00 AM Post Answer View Answer Total Answers : 2

15201	Section 40(a) read with section 194A of the I.T. Act, 1961 The assessee had taken equity mortgage loan from ICICI Housing Finance Ltd. (A subsidiary of ICICI Bank). However sanction letter given by ICICI Housing Finance Ltd. but the payment was made to ICICI Bank. This can be proved from current account statement of the assessee. Now AO is claiming that the interest paid on Mortgage loan is subject to TDS under section 194A and he is disallowing all interest paid on Mortgage loan contending that the ICICI Housing Finance Ltd. is a NBFC and it is not covered in exceptions given in said section 40(a). The assessee is an individual and liable to get his accounts audited under section 44AB. Now my query is as under Whether the payment made to ICICI Bank on mortgage loan sanctioned by ICICI Housing Finance Ltd. is subject to TDS? Further if there any case law of Supreme Court in this regard in favour of assessee. If yes by Amit Prakash Sharma 5/14/2012 12:00:00 AM Post Answer View Answer Total Answers : 7

INDIRECT TAXES
15209	Service Tax Input Credit Dear Members Our co is Mfg ind. HO Paid Insurance Premium Related to Plant Exp which we Charged in to Pre Oprative Exp.My Query is that Can We Avail Input Credit on Service Tax paid on Insurance Co(which Related Cap Exp) by JAGDISH VYAS 5/16/2012 12:00:00 AM Post Answer Total Answers : 0

15207	Set off of ST paid on Freight Inwardoutwards others One of My client being a Pvt Ltd Co. engaged in manufacturing activities duly registered with Exciseservice tax department. As it is manufacturer under Excise law hence there is no service tax liability except on Freight Inwardsoutwards. Now query is whether i)Service tax paid on Freights inwardoutward @ 10.30 based on 25 value of Total Freights inwardoutward paid can be set off against Excise duty Liability or not as per law. ii)Moreover any service tax paid on laboratory Charges for testing of Materials as input services can be set off against excise duty liability on sales or not. by SANJAY BAHETI 5/16/2012 12:00:00 AM Post Answer Total Answers : 0

Capital Gains
15205	Transfer of Agricultural land - not been used for Agricultural Purpose Dear Friends and Seniors, A person has purchased a Agricultural land at 1980 and the land fullfills all the conditions prescribed in Section 2(14)(iii) of the Income tax act.At the beginning he had done some agricultural activities but it didnt do well. Since it is not suitable for agriculture he could not be able to cultivate any agricultural goods. After that he did not do any agricultural or non agri cultural activites in aforesaid land. He kept it Idle. Now he is planning to sell the land. My question is 1) Wether Capital gain will arise? 2) Whether to qualify as per Section 2(14)(iii), Compulsorliy agricultural activites should have been done not? 3)If capital gain is arising whether it can be invested in bonds (54EC) or any other deduction is avilable? Awaiting....Please do reply by AKILAN PL 5/16/2012 12:00:00 AM Post Answer View Answer Total Answers : 1

TDS/TCS
15204	CATEGORY OF SERVICE An assessee is engaged in construction of telecom towers and other ancilliary work related to it for the telecom companies so what will be the category of service ?? by Poonam Chand Soni 5/16/2012 12:00:00 AM Post Answer Total Answers : 0

15203	TDS by bank branch of a Co-operative Bank Bank branch has received deposit from a customer. Total interest credited in account of a customer is Rs. 6 lacs in a financial year. Customer has submitted form 15G or 15H as applicable for non deduction of tax. Since total interest is more than taxable limit applicable to individual.is branch still required to deduct TDS. or branchs responsibility is over once it received 15G or 15H and non deduting TDS accordingly. Although it may contain wrong declaration from customer about his taxable income. I enquired from a nationalised bank and they informed me that their liability is over once they receive 15G or 15H and they are bound to not to deduct TDS as requested by customer. Kidly clarify the matter. by SUNIL KUMAR JAIN 5/15/2012 12:00:00 AM Post Answer View Answer Total Answers : 8

VAT/Sales Tax
15208	maintenance of stock register dear collegue,rule 58( vii)of kvat act reads as below a dealer who is a whole saler-cum-retailer, shall maintain a day-to-day stock register as specified under clause (vi) only in respect of the wholesale transactions which shall show clearly the quantitative details of goods taken from the wholesale section to the retail section each day. In respect of the retail section the dealer shall maintain a closing stock inventory for the year., if i am doing retail business only is it necessary for me to keep stock register under kvat act as the rule speaks only about whole saler cum retailer. by s.krishnan kutty.s 5/16/2012 12:00:00 AM Post Answer Total Answers : 0

15202	Query regarding vat on builders Dear All, Would like your help in the below mentioned query in respect of maharashtra vat on Builders Whether a builder can claim deduction of land while charging vat @ 5 i.e. composition scheme. If yes, kindly support the same with the provisions of Act? A Quick reply is highly appreciated. by shraddha 5/14/2012 12:00:00 AM Post Answer Total Answers : 0

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