Cash sale
This query is : Resolved
25 October 2012
ONE OF MY CLIENT RUNNING BUSINESS OF SALE AND PURCHASE AND SERVICE OF COMPUTERS. HE IS ALSO NOT HAVING VAT BECAUSE HIS TURNOVER IS LESS THAN 5 LACS.
HE HAS SOLD COMPUTERS IN CASH OF RS.200000 TO A PARTY. WHETHER THE TRANSACTION CAN POST THROUGH A SINGLE CASH ENTRY BECAUSE PURCHASER TOLD THAT ITS A CAPITAL ASSETS, IT DOES NOT COME UNDER 40A(3) OF INCOME TAX ACT. SO HE PAID RS.200000 CASH.
HE HAS SOLD COMPUTERS IN CASH OF RS.200000 TO A PARTY. WHETHER THE TRANSACTION CAN POST THROUGH A SINGLE CASH ENTRY BECAUSE PURCHASER TOLD THAT ITS A CAPITAL ASSETS, IT DOES NOT COME UNDER 40A(3) OF INCOME TAX ACT. SO HE PAID RS.200000 CASH.
26 October 2012
Right. interestingly many people who post a business income less than 5 lacs do collect service tax as also VAT and service tax and Vat encourages illegal income which government is fostering so that under Art 226 one needs to move civil writ against VAT n service tax liabilities to get these taxes are really against natural justice of good conscience, equity and justice, is it not!
incidentally when this man sold 2 lacs worth of computers he could have taken the money as unaccounted income under sec 66C of Act and he could have spent unaccounted too why to post at all when his total turn over is less than 5 lacs is my view.
incidentally this man need not take service tax as also VAT that way he would not have cheated his customer.
today cheats emerge using tax structures is it not?
so laws if foster cheating need to be quashed is my view. i do not know how many experts agree with me!
incidentally when this man sold 2 lacs worth of computers he could have taken the money as unaccounted income under sec 66C of Act and he could have spent unaccounted too why to post at all when his total turn over is less than 5 lacs is my view.
incidentally this man need not take service tax as also VAT that way he would not have cheated his customer.
today cheats emerge using tax structures is it not?
so laws if foster cheating need to be quashed is my view. i do not know how many experts agree with me!
26 October 2012
my view as a supreme court counsel is no law can allow a law which allows breaking of any law.
if the law does or encourages that kind of law is to be christened as a 'sham law' and deserves to be quashed is my view as taxation economist as also advocate.
May be there in my think some 'lacunae' in my think so i desire if several Experts in this Club can enlighten me!
if the law does or encourages that kind of law is to be christened as a 'sham law' and deserves to be quashed is my view as taxation economist as also advocate.
May be there in my think some 'lacunae' in my think so i desire if several Experts in this Club can enlighten me!
26 October 2012
incidentally rao Girwar Singh raised a question that helped me to think in a new way.
i thanl rao girwar singh to help trigger my think!
i thanl rao girwar singh to help trigger my think!
26 October 2012
i am grateful to this site as people raise issues to ponder over and help new way thinking . Indeed this site can improve bench thinking process too as also of legislators as legislators cannot take people (citizens) or granted and also help benches to correct perceptions. Also new think is expected from bar too.
We learnt from Nani Palkiwala why Income tax is disgraceful tax structures though he was an English Literature man who could wonderfully apply his legal mind by application of mind.
Incidentally Bar is to apply its mind and need to modify laws by advancing arguments before Benches.
Else why do we need Bars and Benches, if there is no application of mind!
Advocacy never mean simply apply statutes and laws in place but it has to question veracity of laws/statutes?
Then only you can control corrupt thoughts is my view.
In USA last year when travelling for six months addressing schools and colleges i found a lot of students really apply their minds right from middle schools on till they compete education in universities. So indeed contribute for development of thinking.
I expect indian institutes will be orienting into application of minds. Else no need of any educational institutions anywhere.
Indian institutes shd develop application of minds under 'risk management of very laws' and guide legislators after all we cannot blame them if we fail to apply our minds is my view. I do not know how many takers are there.
in my 70+ years i saw dwindling of application of minds.
If we cannot help apply our minds especially in youth then we do great disservice to youth of india.
Indeed youth of india is indeed bright but brightness cannot get fostered without application of youthful minds.
Application of mind only can get original thinks that can make better country great is my view.
yes youth shd be asked to do projects questioning statutes/laws that way good lawyering is possible else we will be great frogs in well!
same way in every branch of learning!
We learnt from Nani Palkiwala why Income tax is disgraceful tax structures though he was an English Literature man who could wonderfully apply his legal mind by application of mind.
Incidentally Bar is to apply its mind and need to modify laws by advancing arguments before Benches.
Else why do we need Bars and Benches, if there is no application of mind!
Advocacy never mean simply apply statutes and laws in place but it has to question veracity of laws/statutes?
Then only you can control corrupt thoughts is my view.
In USA last year when travelling for six months addressing schools and colleges i found a lot of students really apply their minds right from middle schools on till they compete education in universities. So indeed contribute for development of thinking.
I expect indian institutes will be orienting into application of minds. Else no need of any educational institutions anywhere.
Indian institutes shd develop application of minds under 'risk management of very laws' and guide legislators after all we cannot blame them if we fail to apply our minds is my view. I do not know how many takers are there.
in my 70+ years i saw dwindling of application of minds.
If we cannot help apply our minds especially in youth then we do great disservice to youth of india.
Indeed youth of india is indeed bright but brightness cannot get fostered without application of youthful minds.
Application of mind only can get original thinks that can make better country great is my view.
yes youth shd be asked to do projects questioning statutes/laws that way good lawyering is possible else we will be great frogs in well!
same way in every branch of learning!
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