A Partnership firm revalued its land. The difference between the revalued amount and the cost as per books of accounts were credited to the capital account of the partners. Subsequently two more partners were admitted into the partnership and the old partners withdrew the entire capital and retired from the partnership. The partnership firm continued as a going concern with the two newly introduced partners.
Whether this transaction results in any income tax liability for the partnership firm as well as for the retired partners.

At the Time of passing entry in Tally in respect of "Goods lost by Fire" Which group will be selected for Ledger Account "Goods lost by fire".

At the Time of Passing Voucher Entry in Tally in respect of Amount received from a Sundry Creditor it is asking about "on account" or "against Ref".What is meaning of "on account" or "against Ref".When "on account" will be selected & when "Ag Ref" will be selected.

if supplier supplies computer material form delhi to gurgaon then what is the percnetage of sales tax is charged one supplier is asking to charge 12.5% is it really ok i asked him that the registred dealer shall have to charge maximum 4% cst
if against cst then 2% only

Sir,
My Clint have a income from Commercial Property Rs. 3.00 Lacs Per Month.

Kindly tell me are he is liable to collect service tax from the tanent and deposit the same

regd's
Hari Om Sharma

Hi Experts,

So far the Form 17 is not available in NSDL. Is there any further notification or circular from IT Dept. in this regard.

And if the Form 17 is not available in NSDL what will be the next solution.

Thanks in advance.
Praveeri.

Income Tax Deduction under Section 24

Following two deductions are available under section 24:
(i) Standard deduction
(ii) Interest on borrowed cpital

Please note that no deduction can be claimed in respect of expenses on insurance, ground rent, land revenue, repairs, collection charges, electricity, water supply, salary, salary of liftman etc.

Standard deduction

30% of the net annual value of the property.


Interest on borrowed capital

Interest on borrowed capital is allowable as deduction on accrual basis if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property. Interest on borrowed capital is deductible up to Rs. 1,50,000.

Interest on pre-construction period: Interest payable by an assessee in respect of funds to the previous year in which such property has been acquired or constructed, to the extent it is not allowed as a deduction under any other provision of the Act, will be deducted in five equal instalments, commencing from the previous year in which the house is acquired or constructed.

What is pre-constructed period?
Interest of pre-constructed period is deductible in five equal instalments. The first instalment is deductible in the year in which construction of property is completed or in which property is acquired. For this purpose “pre-constructed period” means the period commencing on the date of borrowing and ending March immediately prior to the date of completion of construction / date of acquisition or repayment of loan, whichever is earlier.

Now I take a case.

Date of borrowing commencing on 09 June 2008.
Date of completion of construction – 17 Feb 2009 (as per occupancy certificate issued by Village Panchayat)
Date of acquisition – 21 March 2009 (possession of the flat taken from the builder)
Date of repayment of loan will start from April 2009.

Accordingly, pre-constructed period means date of borrowing (9 June 2008) to 31 March 2008 (ending March immediately prior to the date of completion of construction / date of acquisition or repayment of loan, whichever is earlier).

In this case interest of pre-constructed period is nil, since there is no interest applicable for the period from 9 June 2008 to 31 March 2008 (as this is the date prior to the loan). Accordingly, as per my opinion, full amount of interest paid during the financial year 2008-2009 is deductible as amount of interest on borrowed capital.

Am I correct? Please guide with your expert opinion.

Hi Dear, Could you please let me know that, is there any abatement on Business auxiliary services. kindly brief on this.

Sir,

A ltd. is a manufacturer of pet bottles. They purchased capital goods from B ltd, which is a 100% EOU. B Ltd. not charged and paid education cess on the above said removal of goods during the period 2004-2007.

But there meanwhile there was a judgement from CESTAT Ahmedabad on the same issue and confirming to pay Education cess on excise duties for removal effected from 100% EOU. Based on the above judgement B Ltd. paid the Education cess and Seconadary education cess thru their PLA A/c.

Now B Ltd. issued supplementary invoices to A Ltd. for the amount of Education cess and Seconadary education cess and A ltd. paid it to B ltd.

Whether A Ltd can claim such amount as CENVAT credit?
Is there any supporing provisions or Rules relating to that?

Thanking You.

Can we draw some amount from our PF account before leaving the organization. Is there any rule like after 5 years the PF amount gets transfered to pension fund, making us inable to draw funds even after quitting organization?????