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Current Queries | Archives | Un-Answered Queries

5125 Active Users

ID	Description
DIRECT TAXES
9834	Diversion of Income as tax planning Pin to My Ques One of my client is working in MNC and want to reduce his tax liability by diverting his salary to one of his family member viz. mother etc. Diversion will take place by way of giving standing instruction to bankers, where he is having his salary a/c, in order to transfer some of his salary, immediately after creding into a/c, in to the bank a/c of his mother with simultenously entered into contract with his mother to this effect. Further, this diverted salary will be counted as income of his mother under income from other sources and will be taxed therein instead of my client. The agreement will cleary have a clause that since his mother has helped him to grow in this life/ education and made him to this present stage. Whether tax planning in the above manner is legally viable, if yes, pl. let me know any legal ground or any case laws. by PRAVIN 18/08/2008 Post Answer View Answer Total Answers : 1

9831	Filing of ITR Pin to My Ques Can Incoem Tax Return be filed under the digital signature of a third person? For example, X is an auditor of XYZ, Partnership firm. X is approached to file ITR of the firm. X has his own DSC. Can X file ITR of his client under his own DSC? by CA..CHITTARANJAN PANDA 18/08/2008 Post Answer Total Answers : 0

INDIRECT TAXES
9833	work Contract services Pin to My Ques In case of a contract when goods as well as services is provided by a party & party require CENVAT credit on service provided by him. & not require CENVAT Credit. What rate is applicable in both the cases by Anurag Kumar 18/08/2008 Post Answer Total Answers : 0

9832	work Contract services Pin to My Ques In case of a contract when goods as well as services is provided by a party & party require CENVAT credit on service provided by him. & not require CENVAT Credit. What rate is applicable in both the cases by Anurag Kumar 18/08/2008 Post Answer Total Answers : 0

AUDIT
9836	Amalgamation Pin to My Ques Suggest me the accounting treatment in following case: Court has given its nod for amalgamation with effect from 31/03/2006 in the year 2007-08, so the amalgamation will be on the basis of Financial Statements of 31/03/2006. What about the transactions took place in 2006-07 and 2007-08? by RAMAIAH GANDHAM V 19/08/2008 Post Answer Total Answers : 0

VAT/Sales Tax
9835	Amendment in Himachal Pradesh VAT in May, 2007 Pin to My Ques According to sale tax dept, as per amendment in may,07- input tax credit may be claimed in respect of taxable sales made during the tax period shall be- the amount of input tax paid or payable by such dealer on the turnover of purchases of such goods as have been sold by him during the tax period. Hence no input tax credit on unsold stock is allowed to be set off. But if we read sec.11 as a whole then calculation of net input tax credit as per sub.sec.-13 is as follows: NET INPUT TAX CREDIT = A+B-C Whereas'A' represent the amount of input tax credit which the dealer may be allowed under this sec. in respect of taxable sales made by him during the tax period. 'B' represents outstanding input tax credit brought forward from the previous tax period and 'C' represent reverse input tax credit. According to me the whole input tax credit should be allowed against the VAT payable which was the motive while constituting this VAT Law.If anyone is dealing with this practical problem in Himachal Vat then please reply. by mayaarora 19/08/2008 Post Answer Total Answers : 0

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