A co. is the owner of the property and has been giving property on rental basis. Later on, A co. sold the property to B co.
However the rental receipts in respect of such property continued to be received in the name of A co. A co then issued credit note in respect of such rental income to B co.
A co. had paid service tax in respect of such rental income. However notice was issued to B co by Service department concerning default in payment of service tax.
However in reality service tax have been paid by A co. on behalf of B co mistakenly.
What are the steps we can take legally in respect of this matter?
can B co. get the credit of service tax paid by A co?

Dear Sir,

Part - A.

My query is as below:

In a pvt. ltd. company we have block of vehicle. The book value of which is suppose Rs. 100. We sold the old vehicle of Rs. 100 for a sum of Rs. 80/-. And buy a new car of Rs. 120. So net book value in books comes to Rs. 140. (i.e. 100-80 + 120 = 140). Now question is :

1. Should we treat net block as Rs. 140/- and charge depreciation on it or book profit / loss on sale of Vehicle of rs. 20 and charge depreciation on Rs. 120.

2. If we book profit / loss of Rs. 20 as per books whether it is taxable or not because as as per income tax vehicle block is not fully disposed off.

Please also let us know accounting entries of the same.


Part - B.

Accounting entry of MAT Credit u/s 115JB.

In a company : As per business income company is in loss but as per book profit gained profit of Rs. 10000/- and tax charged as per MAT u/s 115JB. so what will be accounting entries of :

1. Income tax paid as per MAT u/s 115JB
2. Entry of MAT Credit C/o to be adjusted in future tax liabilities.


Please advised along with section reference.

Kindly reply.

Subhash Chander
85120 67120

subsagar1982@gmail.com

My client has taken a housing loan. Please tell me the benefits available to him u/s 80 C & 24 on interest & principal both.

Thanks Mr.Ganesh Babuji for your reply on my previous mail. please tell me whether any type of assets purchased below Rs.5,000/- what is the depreciation amount

Dear Experts,

Please provide me the expert view on the following issue.

TDS for Mar'13 has been deducted on 31st Mar'13 but paid on 20 May'13, now interest should be two or there months.

If tow months it should be Apr'13 and May'13.
It three months it should be MAr'13, Apr and May.

Regards

Dear Sir,
We are newly register Partnership Firm Our business is construction & Builder. we are purchasing various material by road transport. we are paying inward transportation on it more than 1000Rs. Per Trip. Are we liable to pay GTA ser. Tax. if yes. if any minimum amount require. what is the procedure. when it is applicable. at what rate.
Thanking You
Yeshwant

Dear Sir,

There is a conflict of opinion between me and my colleagues regarding time barred return. Some of them are saying that it can be filed with penalty, but I cannot find any relevant section. However, on e-filing site option is available to upload time barred return also. Please guide.

Thanks,
shekhar

sir my question is that suppose a person has not deducted tds on contract and now he want to file the return duly i want to klnow about the pealty what would be the maximum penalty for tds though assesee is ready to pay the interest duly?

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Sir,If the
1. Computer purchased on 10th April 2012,
2. Computer purchased on 10th September 2012 3. Computer purchased on 10th December 2012 4. Computer purchased on 2nd March 2013 please tell me depreciation amount for the above 4 items