Issue ID = 998

X is a selling agent in Karnataka for Y who is a manufacturer in Karnataka. X procures an order from Z in Tamilnadu and informs Y to raise the invoice in the name of X and mention consignee as Z for the order so procured. Y prepares an invoice on X and consignee as Z and send the material directly to Z in tamilnadu attaching one more invoice raised by X on Z with 2% CST against form C. Y has not charged sales tax in his invoice to X (consignee as Z) The said transaction is done taking the benefit of section 8 & 6 of CST Act. I would like to know whether the said transaction is in order and as per section 8 of CST Act. Will there be any liability of local tax to Y in the said transaction. Please clarify

Total Replies - 0

Issue ID = 997

For brain storming: Does the A.O. has jurisdiction and power to treat a 'capital asset' as stock-in-trade? In my view -no. Every property is a capital asset, except some excluded items. Whether,an item is stock-in-trade or not will depend on the basis of items for which any person is known as trader or dealer, os long he continue as is dealer in such item. Pool of cars used to run on hire are capital asset, the same person may trade in cars, cars kept for selling are only his stock-in-trade. In cases where a person is not a trader of any item say shares , units, his holding will be capital assets, unless he has treated or converted such assets into stock-in-trade.

Total Replies - 0

Issue ID = 996

Developmnet about some of new provisions concerned with even small assessees like disallowance u/s 14A, treatment of STCG/ LTCG as business income or business income as STCG/ LTCG msy be posted for exchange of views and information.

Total Replies - 0

Issue ID = 995

Service tax on commercial rent- the matter is pending before SC. Madras and M\Bombay HC had granted stay. Further developments which come to knowledge of readers may be posted for updates of members and dissemination of information.

Total Replies - 0

Issue ID = 994

WHILE MAKING PAYMENT OF WHARFRAGE CHARGES TO MAHARASHTRA MERITIME BOARD, TDS U/S 194I @22.66% WAS DEDUCTED BY US. MMB IS NOT ACCEPTING IT & WITHOUT OBTAINING CERTIFICATE U/S 197(1)FROM AO ASKING US TO DEDUCT TDS U/S 194C @2.266%. MMB IS REGISTERED U/S12AA OF THE ACT. WHILE MAKING SIMILAR PAYMENT TO GUJARAT MARITIME BOARD, OUR ASSESSING OFFICER HAD RAISED AN ISSUE & INSTRUCTED US TO APPLY PROVISIONS OF S.194I. & MADE TO DEPOSIT DIFFERNCIAL AMOUNT OF TDS ALONGWITH INTEREST THEREON.AFTER SHOWING ALL THESE CORRESPONDENCE TO MMB, THEY STILL NOT ACCEPTING THE FACTUAL POSITION.WILL APPRECIATE YOUR ADVICE.

Total Replies - 0

Issue ID = 993

Case of my client selected for audit under DVAT act. The VATO insist on GR of goods sent outside the state. while we have form 31 of the party and payment received by cheque from the party. the party by own vehicle taken the goods outsid state. the VATO is going to reject the central sale. whether he is correct . please discuss.

Total Replies - 0

Issue ID = 992

The dealer has provided the option of credit payment to its customers.Dealer get the proceeds from bank after the deduction of commission at agreed rate on credit card swipings. I would like to know whether TDS provision u/s 194H is applicable.

Total Replies - 0

Issue ID = 991

When to treat the person as Senior Citizen? On Completion of the age of 65 years or on attaining the age of 65 years i.e. on completion of 64 years during the previous year so as to pay tax on taxable income exceeding Rs.225,000/-. kindly clarify the issue.

Total Replies - 2

Issue ID = 990

please tell me the last date of filing audited balance sheet with DVAT department .

Total Replies - 1

Issue ID = 989

For brain storming - Relative in context of S. 56: If A is related to B then B should be condsidered as related to A. In other words a relationship is based on reciprocity. However, in S. 56 such reciprocity is not clear regarding some relations. For example there is reciprocity between spouse, brother and sister, brother or sister of the spouse of the indiidual, lineal ascendents or discendent of individual or spouse. However, brother or sister of either of parent is related that is Chacha, Bhua, mama and masi are related but bhatija / bhatiji/ bhanja / bhanji may not be considered as relative becasue they are not lineal descendent. Reciprocity should be presumed. For example when Chacha ( brother of father) is realtive of Bhatija then it cannot be that Bhaitija is not related to Chacha. A clarity is desirable.

Total Replies - 1

Issue ID = 988

Whether a professional person like CA,CS, CWA, doctor, engineer, advocate etc. or a director, company executive can be considered as a 'share trader' instead of 'investor', merely becasue his volume of transactions in sahres, units is high and some time borrowed money is also used. Whether it will be proper for the A.O. to treat transactions in shares and units resulting in business profit and not STCG? In my view such view will be patently wrong because such persons are not known as trader of shares or units by the persons who know to him in commercial world, furthermore, nvestmetn is a commercial adventure and not a trading venture. Shares are capital assets of commercial venture and not stock-in-trade of adventure in nature of trade.

Total Replies - 1

Issue ID = 987

we are exporter and we have one agent who is booking order for us on commiission basis he is in dubai now we want to pay him commission .kindly inform us service tax and tds is liable on above commission and how we can take rebate

Total Replies - 1

Issue ID = 986

Whether Notice pay salary Recovered by employer shall be allowed as deduction for employee, while computing his income under the head salary?

Total Replies - 2

Issue ID = 985

Whether TDS Provision is applicable on any fees paid by any company for attending any conference by its employees where conference is not restricted to company employees

Total Replies - 1

Issue ID = 984

Dear Sir, With respect to Small Service Provider Exemption, my client is paying excise duty on the goods manufactured by them. Recently they have let a part of thier unutilised Land to another entity. Are they liable to Service Tax. The revenue from renting does not cross Rs 9 Lakhs. They also pay ST on GTA.

Total Replies - 1