CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

Sharing the knowledge is my hobby.

Favourite field of activity is Income-tax .

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Abhishek says : Taxation of gift received in kind
Dear Paras ji, I have a query related to direct taxation for the resolution of which i need your help. The facts of the case is as follows: The assessee has won a Car through a sales promotion scheme, it is to be noted that the assessee has not paid any additional amount for the participation in the scheme except from the price of the product. Kindly let me know, will there be a tax implication in the above case. Kindly consider the ruling given in the following two cases: a)In Sampanna Kuries (P.) Ltd. v. ITO [2004] 141 Taxman 615 (Ker.) b) In ITO v. Malayala Manorama Co. Ltd. [2005] 94 ITD 195 (Cochin) Thanks and Regards Abhishek Agrawal

ankush says : thanx
thanx for resolving my query.i have one more doubt regarding section 54-if the assessee has invested the capital gain which was arised to him by the transfer of residential house prop.in the purchase of anew house property within two year and he also invested the capital gain in the construction of another residential house prop. what will be the treatment

Niraj Saraf says : articleship
sir, i have cleared my ipcc in may 2011 both groups. I have heard that some good firms dont allow industrial training in 3rd year. i want to IT and also want to do articleship from good firm. what should i do? should i opt for dummy and paid up?

azeez says : WCT help
Sir, I have started a firm which is in construction field. And i have taken a contract and also completed it. But what should be the tax amount to be charged. my firm is based in Andhra Pradesh and i have executed the work in West Bengal. I have my CST and VAT number oF AP as my firm is based there. Now when i am submitting the bill to the firm in West Bengal what tax should i charge? WCT or Service Tax? And what is the amount of tax to be charged along with Cess?