C A S.S.Agarwal, M.Com.,LL.B, 's Expert Profile

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About me

“ FOR C. A. STUDENTS

In addition to my practice I am guiding C. A. Students on the subject how to prepare, write in the examination and to pass C. A. Examination. Many time I have deliver lectures in ICAI, Mumbai on this subject. During training my artiles pass C. A. Examination in the first attempt and many have come out with ranks which gives them oppoprtunities to work with Big 4..

I am practicing Chartered Accountant since 1978. I am dealing the matters of Income Tax and handle scrutiny assessments, Appearing before CIT (Appeals), Income Tax Appellate Tribunal, High Court and Supreme Court by hiring advocate and councils. Company Law - settling the disputes, formation of the company, Audit, FDI investments, valuation of shares , due diligence etc., Arbitration - settling family disputes and other disputes, Project Consultancy - Bank Finance, Project viability, revival of sick industries and all other matters to run the unit at a profit. I was the advisor to the Ex: Chief Ministers of Assam and Arunachal Pradesh for quite a long time and was in the recruitment board of Arunachal Pradesh Forest Corporation Limited. At the ICAI I was Branch Chairman of Guwahati Branch for 3 consecutive years and organised many seminars, conferences. I was also a paper writer and chaired many sessions of the seminars and conferences.

I am based at Mumbai and have specialised in Income Tax Matters, representing cases before various authorities including CIT(A), Income Tax Appellate Tribunal and Settlement Commission. I am also specilied in Company Matters, resolving disputes and putting back on the trac sick industrial units with proper financial and marketing planning.

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student says :
hi, I am a student, I want to know that what will be the consequence if anyone passed out his CA final exam without doing his article-ship, I mean to say that I know a person who completed his CA final exam with taking a dummy and at the same time he is working in a public ltd co. Is anyone taking the same instances?

Member (Account Deleted) says : NICE TO MEET YOU
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shankar says : Liability of VAT and the ST - on Flat
Subject – Liability of VAT(Value Added Tax) and the ST(Service Tax) on Purchase of Residential Apartment(FLAT in Bangalore – Karnataka) Respected Sir, Me and my wife (XXXX) purchased a FLAT C# XXX on 1st Floor having SBA of 1650 Sq.ft in “XXXX Estate” constructed by builder “XXXX” in Bangalore went into “Agreement To Sell” in Jan 2010 with Possession Date of Dec 2010, Bangalore – XXXX. Note - We had only “Agreement To Sell/Sale Agreement” done and did not had any construction agreement at that time. Total Apartment Floor to be constructed in the Project are – 10 Floors. My Flat is on – 1st Floor, C Block, C # XXX At the time of my Booking – 5 Floors were already constructed (Electrical Wiring/Painting etc were done…I mean it was almost finished when we booked the Flat in Jan 2010, But builder took more time to construct remaining floors due to some issues and I am Not Sure if they have taken the Occupancy Letter from BDA. (Quick question here is does this property becomes “immoveable” , if so I am not liable to pay VAT/ST right?please clarify) Agreement Page 8i Says – “If any further tax is liable to be PAID in respect of anything done or deemed to be done under the agreement , in respect of “Schedule A” property through any prevailing or future statue/law, and should any authority raise any demand for any such payment, the PURCHASER hereby agrees, promises and assures to make such payments.” Sale Agreement was done on 21st Jan, 2010 with Possession Date as Dec, 2010. Current Situation – Not letting me know the Possession Date despite many requests. My sale agreement says to pay 51,11,500/- (Total as per Cost Sheet) 49,11,500/- – is towards (Basic Price+1 Covered Parking + BWSSB and KEB + Club Membership) 2,00,000/- – is towards(Registration + Stamp duty) Breakup of 49,11,500 is: 24,36,500/- – is towards component of undivided interests of Land AND 24,75,000/- – is towards Apartment and Other Facilities. All disbursement details done by us through SBI Bank before JULY 2010 are given Below: 2-Jan-2010- 2,00,000/- Cheque was given. 17-Jan-2010- 3,00,000/- Cheque was given, 12-Mar-2010- 22,00,000/- Disbursed by XXX Bank 31-July-2010- 75,924/- Disbursed by XXX Bank 31-July-2010- 18,90,000/- Disbursed by XXX Bank TOTAL Amount Paid to the Builder till Date - Rs 46,65,924/- Note - , For the above PAID amount they Provided us all the INVOICES which didn’t had any TIN/VAT Number( Has been enclosed herewith)… I have already disbursed 46,65,924/- before JULY 2010 and now when I ask them for Registration of FLAT the builder is asking me to pay 4% VAT on 49,11,500 and 2.5% Service Tax on 49,11,500/- (This amount and percentage is NOT being mentioned in my sale agreement) , i.e 6.5% of 49,11,500 comes around Rs 3,19,248/- according to builder. Also Builder also charges me 2,19000/- as late payment – Disbursement was delayed by bank to builder as there was no progress – Builder says he can waive this off if I give him a letter saying I was having financial problem – please advice Builder asking me to pay VAT and ST amount as - VAT and ST Amount of Rupees of 3,19,248 i.e 6.5% of Rs 49,11,500/- I would Like to know few things – 1. Referring to Page 13 of my sale agreement , its an “Immovable” property and according to the supreme court decision under section (Raheja Development Decisions) I am NOT liable to pay any VAT and ST – is this true? please clarify this as my FLAT was already ready when we did our bookings(Till 5th Floor was already constructed, My Flat is on 1st Floor). 2. Please suggest If I am Liable to Pay VAT and ST. 3. Builder also charges me 2,19000/- as late payment – Disbursement was delayed by bank to builder as there was no progress – Builder says he can waive this off if I give him a letter saying I was having financial problem – please advice. 4. If I am Liable to pay VAT/ST under any section,Then let me know the TAX calculation based on a. Composition Tax – Under Section – 15 KVAT – I have verified with TAX office the Builder is in this category. b. Regular VAT method @ 12.5% – Based on the builder category, Still I need input on this. 5. What should be the “Registration and Stamp Duty” amount to be paid by me, Please let me know the calculation. 6. Any other Access amount which I/we may need to pay the govt. please providing the detail calculation. 7. Also let me know if they have got Occupancy Certificate from BDA, Else please guide me whom to approach for this. Thanks

Rajendar Agarwal says : Verification
Dear Mr.S Agarwal my name is Rajendar Agarwal and lives in Dubai for almost 17 years and doing business of Steel actually we were hiring CA's for my company and i hired one gentlemen his name is Jyoti Prakash Lakhotia and he claimed that he is a qualified chartered accountant and he joined us and we got his visa on Bachelors degree but i am suspected due to many reason that he is not qualified chartered accountant due to long business experience kindly check in ICAI website and inform me and will be grateful for your kind hlep Thanks and Regards

SANGHARSH PAWAR says : PROVIDENT FUND
WHAT IS THE PROCEDURE TO BE FOLLOWED FOR NON DEDUCTION OF P.F. FROM SALARY OF CONTINUING DIRECTOR ( I.E. WITHOUT RESIGNATION ) OUR ADVOCATE SUGGESTED THAT DIRECTORS HAVE TO RESIGNED TO STOP THE DEDUCTION OF P.F. AMOUNT. MY QUERY AS FOLLOWS : X PVT. LTD. HAS 4 DIRECTORS, COMPANY IS DEDUCTING P.F. FROM THEIR SALARY @12%. DIRECTORS ARE GETTING SALARY 1 LACS P.M.. NOW DIRECTORS ARE WANTED, THAT P.F. NOT TO BE DEDUCTED FROM THEIR SALARY, BECAUSE THEY ARE GETTING MUCH AMOUNT AS A SALARY. KINDLY EXPLAIN, WHETHER IT IS POSSIBLE THAT P.F. SHOULD NOT BE DEDUCTED FROM THE SALARY OF CONTINUING DIRECTOR / EMPLOYEES, IF POSSIBLE KINDLY EXPLAIN THE PROCEDURE TO BE FOLLOWED FOR THIS PURPOSE.