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Sakina
how revaluation accounting, incremental regulations applied on pharmaceutical industries under the US TJCA increased tax provisions, affected insurance reimbursements adding to pricing pressure and procurement costs, along with increased competition that affected the chosen organization valuations,
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Aman Jain
Sir/Madam can we make payment against a single invoice exceeding 10000 to a single person on different dates?
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Your question is ambiguous. However, assuming that you're asking about cash payment, then yes you can pay on different dates for the same invoice, subject to conditions of sections 40A(3), 40A(3A), and 269ST.
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Ravish Jaggi
Enquiring about the Capital Gain Tax against the Sale of property
My Uncle who don't want to purchase another property after selling his share, want to know his actual Capital gain tax.
I am sharing all the necessary details :
Property Purchased in DELHI in 1952, by my Grandmother.
Sum paid was 19000.
After her passing away, through her will it was transferred on the name of My father and his elder brother (My uncle).
Now as per circle rate, its value is approximate 80 lakhs which will be divide equally.
So both brothers get 40 lakhs each.
Further my Uncle will Gift 15 lakhs (through cheque/DD) to my father, so the net amount he will possess from the sale will be 25 lakhs.
So
First he wants to know whether he will be Taxable on 40 lakhs or 25 lakhs
&
Second what exactly will be his Capital Gain tax ?
The important thing to note is what should be the Base year ie 1991 or 2001 & also the Base price in that year as the Circle rates in Delhi were brought in 2007.
So kindly advice me on this, it will be much helpful.
Taxable consideration shall be Rs. 40 Lakh for each of the brothers. Gift to father has nothing to do with the capital gain taxation. Moreover, gift is not a taxable transaction in your case.
Base date for valuation and indexation shall be 01.04.2001. You can engage a registered valuer to get the valuation as on 01.04.2001.
To know his capital gain you need to first get a government approved valuer and get a valuation report for 01.04.2001.
So the taxable amount would neither be 40 lakh nor 25 lakh. It would be something less than 40 lakh depending on the cost value.
Base year would be 2001.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
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Raman
I have paid 10 lakh reuppee to a plot and kept for 2 years. Due to issues in land builder returned 10 lakh rupees in my account. Do i need to pay tax for 10 lakh rupee in this financial year.
Its just an advance which you received back so you dont have to pay any tax.
If you need personal consultation you can mail me at canamanmaloo@gmail.com
J
John
There is an internet portal which will be working on commission basis for service offered to Party A from Party B
Party A is a company and Party B is individuals.
Internet portal act as the medium between both and take commission from Party A
Payment is made by Party A to Internet Portal, then Internet Portal to Party B
1. What are the taxes involved in this
2. Is TDS involved in this these transactions
3. Do internet portal needs to deduct TDS from Party B ?
4. How Internet Portal will generate Invoice ? Will tax be on whole amount or Just on the Commission
5. Will the Party A be deducting TDS before making payment to Internet Portal
First of all there will be GST involved and TCS involved just like any other online portal like Flipkart or amazon.
If you are going to take commission from just party B then TDS would definitely be deducted but there would be no TDS with party B as you wont be charging any amount from them.
Yes Party A would be a company so if they know that they are going to take service of individual then they might not deduct TDS if the bill amount is below ₹30,000.
If you need further assistance feel free to contact me at canamanmaloo@gmail.com
