MJ Krishnamurthy's Expert Profile

Queries Replied : 1703

About me

I am a retired Assistant Commisioner of Commercial Taxes of Karnataka. I retired in 1998 at the age of 58.During this service I tried to go in detail about sales tax laws. Immeadiately after retirement some companies wanted to retain me as their consultant. That is how my touch with the subject of VAT laws continued.The website of CAclub india is giving a good opportunity to share my knowledge with others. I am an exserviceman from IAF. So, Iam a little different from other taxmen. We should do some service to the community that has offered us so much, That is my purpose.....Bye.

What kinds of questions I can and can't answer?

My area of expertise

My experience in the area (years):

Organizations I belong to:

Publications or writing which has appeared :

Educational credentials:

Award & Honors:

Vijay Singh says : VAT on Flat
Hello Mr Krishnamurthy, I have purchased a flat in Indore, Khandwa road. the Flat is under construction & will possession next month. however at the time of registration & booking builder never discussed about VAT & all, now he's asking for 3.9% VAT. it's a extra burden on us & it is not clear also that is it flat owner liability or builder should pay for it? Please put some light.

MJ Krishnamurthy says : Non-filing of returns.
There is huge embarrasment,payment of penalties,interest,auditors fees and bribe awaiting,especially if your case is taxable.Penalty will be Rs10,000/- for each return,interest @1.5%/pm on the outstanding payments.In addition the authorities may raid your premises for making an inspection and estimating the T.O of sales and liability etc.For such cases of defaulters on-line facilities of obtaining forms,returns etc will be suspended.So,it is better to attend to this problem at the earliest. In most of the ststes the web sites do not accept belated returns. You may have to file manually all the returns along with cheques for penalties and interest etc. Your accounts should also be checked and verified,to be ready for inspections by the authorities. Try to settle all this yourself or you may need the services of an auditor(CA or STP),as a lot bargaining has to be done...mjk

wonderfuljd says : Non Filing of DVAT and Income Tax
Dear Sir, I hv not filed DVAT n Income tax return for 3 years. I want to know the consequences and remedial for the same. Please do the needful.

MJ Krishnamurthy says : Submission of B.S.etc
Mr Avinash, U/s 49 of DVAT Act audit report is to be submitted. This is governed by a notification dated 11-2-13. Go to the home page of www.dvat.gov.nic.in. click on notifications and 2012-13 and open up the notification on filing of audit report. This is to be done within 7 1/2 months after the end of financial year. Many details are given in the notification including the forms to be used etc.Follow it....mjk

MJ Krishnamurthy says : Rate of tax on consumed material
There won't be any seperate rate for consumed material. The rates specified in schedules will apply...mjk