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Old 16th June 2016, 22:00   #871
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Originally Posted by Swapnil4585 View Post
This is not a query related to Income Tax, but Karnataka Value Added Tax.

A dealer from Maharashtra, who is not registered under the Maharashtra Value Added Tax Act and the Central Sales Tax Act, has sold goods to a dealer in Karnataka, registered under the K.V.A.T. Act. The goods are of tax free nature under both the State VAT Acts.

The Karnataka dealer is now demanding to the Maharashtra dealer, that the latter should furnish his TIN, because the former is unable to file his return and audit report for not mentioning the TIN.

Does the Karnataka VAT Act demands the TIN of the selling dealer, even if the goods sold are of tax free nature?
First of all a dealer in Maharashtra who is not registered under Maha VAT or CST cannot sell goods to a dealer in another State, it is not allowed.

Further, whenever Karnataka dealer discloses inter state purchase he has to provide TIN no of other state dealer in an annexure.
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Old 16th June 2016, 22:37   #872
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Originally Posted by KK_HakunaMatata View Post

First of all a dealer in Maharashtra who is not registered under Maha VAT or CST cannot sell goods to a dealer in another State, it is not allowed.

Further, whenever Karnataka dealer discloses inter state purchase he has to provide TIN no of other state dealer in an annexure.
The sale has been affected already. The purchasing dealer was very well aware that the seller does not have a VAT and CST TIN at the time of the purchase. He has even made part payment against the said purchase. The Karnataka dealer can disclose it as a URD purchase, I believe.

The goods in question do not attract VAT in either of the States.
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Old 17th June 2016, 07:42   #873
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Originally Posted by Swapnil4585 View Post
The sale has been affected already. The purchasing dealer was very well aware that the seller does not have a VAT and CST TIN at the time of the purchase. He has even made part payment against the said purchase. The Karnataka dealer can disclose it as a URD purchase, I believe.

The goods in question do not attract VAT in either of the States.
Again, technically there is nothing as URD purchase in inter state transaction, it is only in local procurement. But since the transaction is already done, that could be the only possibility I guess I.e. to show it as URD purchase.

Last edited by KK_HakunaMatata : 17th June 2016 at 07:43.
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Old 23rd June 2016, 16:07   #874
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Guys,
I'm salaried and constructing a home first time right now and will be residing in it after completion. The plot is in my spouse name and i'm the co-borrower. I plan to payback the whole loan in about 3 years.
After 3 years, i want to construct a home on another plot(which is near by office) with a full home loan and plan to stay there for the rest of my life. The home will cost about Rs.50 Lakh to construct after 3 years.
Now, please guide me on how to avail tax benefits for now as well as plan the tax benefits for my future home.
Thanks very much in advance.

Ramki
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Old 5th July 2016, 13:11   #875
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Just a few minutes back, I successfully submitted online and got e-verified through Net banking my IT returns for the AY 2016-17. After submission, first I tried Aadhaar-based OTP for e-verification, but didn't get OTP even after several unsuccessful attempts. Then, I successfully got it verified through Net banking method. After getting the acknowledgement, I am now getting useless 8 OTPs from Aadhaar!
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Old 10th July 2016, 13:54   #876
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hey guys,
I have a query regarding my IT return for AY 2016-17. Now I am filling up ITR 2 this year. I had some short term capital loss last year on sale of shares which I have declared but I wanted to know whether I have to declare the the long term gain I had on sale of shares and mutual funds since I am not liable to pay taxes on sale of long term equities. Do these need to be declared?
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Old 10th July 2016, 14:15   #877
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Originally Posted by bullrun87 View Post
hey guys,
I have a query regarding my IT return for AY 2016-17. Now I am filling up ITR 2 this year. I had some short term capital loss last year on sale of shares which I have declared but I wanted to know whether I have to declare the the long term gain I had on sale of shares and mutual funds since I am not liable to pay taxes on sale of long term equities. Do these need to be declared?
it is best to declare all incomes whether taxable or not. including the interest on ppf and tax free bonds.
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Old 10th July 2016, 14:34   #878
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Originally Posted by DieselFan View Post
it is best to declare all incomes whether taxable or not. including the interest on ppf and tax free bonds.
So do I need to declare long term gains from equities in section EI of itr 2?
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Old 10th July 2016, 16:14   #879
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So do I need to declare long term gains from equities in section EI of itr 2?
Yep, all the income's on which you are exempted from paying tax have to be fill in, in the EI column of the return.
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Old 10th July 2016, 20:11   #880
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Originally Posted by DieselFan View Post
it is best to declare all incomes whether taxable or not. including the interest on ppf and tax free bonds.
Hi,

WRT to PPF, am assuming that interest income has to be declared only if one has redeemed PPF partly/fully right? While interest do accrue every year, however it does not get paid out unless you redeem/withdraw

thanks
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Old 10th July 2016, 20:48   #881
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Hi,

I have not filed returns for 2013-14.

Unable to file now on income tax website because due date to file is over.

Do I have to wait till I get the notice or can I file thru tax consultants now?
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Old 10th July 2016, 20:56   #882
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Hi,

WRT to PPF, am assuming that interest income has to be declared only if one has redeemed PPF partly/fully right? While interest do accrue every year, however it does not get paid out unless you redeem/withdraw

thanks
Income from PPF is same as income earned from Tax free Fixed Deposit. You have earned the PPF interest income its just that you are not withdrawing it. So you have to report it every year in your return form in the EI column.
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Old 11th July 2016, 05:50   #883
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Originally Posted by SyncNest View Post
Hi,

I have not filed returns for 2013-14.

Unable to file now on income tax website because due date to file is over.

Do I have to wait till I get the notice or can I file thru tax consultants now?

What type of income? Whether tax was already paid? Had you filed returns for FY 2012-13 and for FY 2014-15?
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Old 11th July 2016, 06:32   #884
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Originally Posted by Gokrish View Post
What type of income? Whether tax was already paid? Had you filed returns for FY 2012-13 and for FY 2014-15?
Hi,

Income from salary.
Yes, filed for FY 2012-13 and for FY 2014-15

There's no tax payable

Last edited by SyncNest : 11th July 2016 at 06:33.
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Old 11th July 2016, 10:16   #885
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Hey Guys, How do i declare SB account interest? I know there is a field for this, but it says "Fill up TDS2 Schedule" - Do i need to get Form16/16A from Bank for this?
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