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Topics - Vinay Surana

Discussion / Sec 56
April 29, 2013, 02:22:49 PM
Hi Team,

My company received Loan amounts from the subsidiary companies and directors in the previous year 11-12 and we considered it as loan until 11-12. But there after the management of the decide to convert the loan amount in the equity in the Financila year 12-13.

The FMV in the financial year 11-12 is low compared to 12-13.

Can we convert it as equity in 12-13 or we have to repay it and get it once again as fresh money.

Please quote what are consequences and possible ways to do safe way without attracting any penalty provisions or doubtfull in the minds of Assessing officer.

Please revert back at the earliest as it is urgent.

Thank You

With regards

C Vinay Surana 
Discussion / Provident Fund
November 27, 2012, 09:22:27 AM
There are two companies---Company A and Company B----both has common directors and almost deal with same line of business.

A few months back Company A had an exparte assessement from PF department and amound was paid off to avoid harrasement.After few months the company shifts all the employees from A to B and Pays salary from B alone and startred deducting the PF from B employees(Not even one paisa salary goes from A)

Now the Problem is Only A is registered with PF department and B is not registered,there are some technical issues which are standing as a constraints which is not allowing us to register.

My question is can we pay the PF amount which is deducted by Company B and remitted to PF department using Company A PF Code.

How to justify this act in the income tax department convincing them that PF is deducted only from Company B and it is remitted on behalf of B by A since B does not a  have code due to technical issues and cumbersome procedures.

Can any one guide me on this or any case law on this type of cases where commercial expediency prevails.Please help me out my dear friends and senior professionals.
Discussion / Interest on Late depsoit of TDS
October 31, 2012, 06:26:16 PM
I have paid TDS lately and Interest on TDS has been paid by me.I have following questions

1.Since i have paid interest on Late deposit of TDS,should i be required to revise my TDS returns now including this interest amount.(I have paid interest separately).If i have to revise the returns then should i pass the interest amount to deductee also??

2.If there is revision of returns and interest is passed on to clients,will they be able to claim the interest portion along with the TDS why im asking this since interest of TDS is disallowed under income tax,it will be disallowed for me also,then how can my clients will be taken into account and how the same will be allowable to them

3.Can i just keep quiet without revising the returns and passing on to clients,since in any way it is going to be disallowed for me,let it be in my accounts and get disallowed.

Please guide me on this with detailed procedure of law and jsutify the same with the case law.
Discussion / TDS notice by Income Tax Officer(TDS)
October 22, 2012, 11:49:22 PM
Can a Income tax officer (TDS) just come to office and ask for TDS ledger TDS returns and challans for verification.
And I did not provided the same,he offered me a notice (no section number mentioned)
Following Questions were raised in this Notice

1.Copy rent/contract/building permit/approval of local authority
2.Copy of Trading P&L and BS
3.Copies form 16/16a issued to various parties
4.Details of E-TDS returns filed/provisional receipts
5.Details payments made by way of Rent,salary,interest and contract
6.Why you should not be treated as an assesse in default u/s 201(1) of the IT act 1961 in respect of Non Deduction/Short Deduction
7.Why interest u/s 201 (1A) should not be charged against you
8.Why penal action should not be taken against you.

Only today we have deposited tax.By tomorrow we will be filing our returns.

My questions are

1.Does an Income tax officer has such authority to come in premises without any prior notice nor a proper notice can ask us inspect such details

2.Even if he has authority there should be some section under which he can place the notice.In the notice i dont find any other section than the above mentioned.

3.Do we require to provide details to him ??

Please guide me if there are any other procedures.
September 20, 2012, 10:33:33 AM
Dear Expert Members.

We are trading business in commodities.

In 2010-11 we failed to disclose an Income of 13.00 lacs approx(It was not intentional,some technical mistakes happened in software).Till this date we have not received any communication from income tax dept nor any notice or demand from dept asking to pay tax for it.

Now what happens if i dont want disclose further also & if i want to disclose can i disclose in the year 11-12.

What will be the consequences.Please revert back as soon as possible. :-[ :-[
Dear Sir

I have received a notice of demand u/s 156 for interest payments on late deposit of TDS for the FY 11-12.The service date of the notice is 17/07/2012 and it should be paid within 30 days otherwise a penalty will applicable.I have recevied the notice only on 16th Aug 2012 in my office.

Now what should i do with it.Please guide me on this
Discussion / Finance Minister
July 30, 2012, 03:19:49 PM
Guess Who is going to Change the Country's Fate... :'( :-X ;D
Discussion / EPF
July 30, 2012, 02:57:27 PM
Dear Members

I have come across a situation which is tricky one
The organisation is in existence for 4 years.The Problem is the company has not deducted EPF for last one year both Employer portion and Employee portion also.
On june 2012 there was an exparte assessement on the company and the whole amount was paid.The amount paid is only of PF collection, no penalty or interest has been levied

My question is whether the amount paid can be claimed has an expenses since in previous financial year we did not claim PF expenses since we did not paid nor it was disallowed.

Sec 36 talks of only when the sum is deducted right.i have not deducted the sum of PF from the employee,so whether can i claim Employee portion also as an expenses.

Pls revert back with Case laws.