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Calculation of income tax on earning from ESOPs

Company has allocated me ESOPS @Rs 35.00 in the year 2009 at that time the company was not listed. However the vesting period was August 2010 or till such time company are listed on any stock exchange. Now in 2017 company is being listed @Rs 500.00 after paying dividend for the last 4 years. My...

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Company has allocated me ESOPS @Rs 35.00 in the year 2009 at that time the company was not listed. However the vesting period was August 2010 or till such time company are listed on any stock exchange. Now in 2017 company is being listed @Rs 500.00 after paying dividend for the last 4 years. My submission is on what amount I have to pay the tax (difference 500-35= 465.00 OR As per my income slab which falls in the financial year). Kindly support me in getting a solution to it.

  • 1 Answer
  • 383 Views
Asked at August 05, 2017
987090d62465a5094b777e240cbb7b16c96ca904 Jayant Garg
last answered over 4 years ago
Challenging service tax

Our firm is a registered partnership firm under Service Tax as Civil Contractor providing Work contract Services for construction of residential complexes to Greater Noida Authority and Housing Board Haryana. The work contracts in Greater Noida consisted of construction of Row Houses and in...

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Our firm is a registered partnership firm under Service Tax as Civil Contractor providing Work contract Services for construction of residential complexes to Greater Noida Authority and Housing Board Haryana. The work contracts in Greater Noida consisted of construction of Row Houses and in Housing Board consisted of construction of EWS Flats. A show cause Notice was issued to our firm w.r.t. above said works in Feb 2015 asking for a demand of over Rs 4.8 Cr. i.e around 2.40Cr for G NOIDA and 2.40 Cr for HBH. Out of 4.8 Cr, an amount of 1.60Cr against demand for G NOIDA was already deposited to the dept which was received separately from G NOIDA Authority before 2012. After 2012 no separate payment was received from G NOIDA authority as such no further amount was paid to the department. No payment was made to the department w.r.t Haryana works for construction of EWS Flats as no separate payment was received from HBH and also the same works does not fall under the preview of Service Tax. High Court Punjab & Haryana has also passed a judgment in Aug 2016 that No service tax can be levied for construction of BPL Houses & also HBH is not entitled to pass on the burden of service tax payable on its part, if the tax is leviable, upon the contractors (CWP No. 12304 of 2015). A reply was filed to challenge the SCN in July 2015. In June,17 the Commissioner of Service Tax has confirmed a demand of 2 Cr for HBH projects and dropped the demand for service tax against the GNoida projects. The same order needs to be challenged within 90 days in front of Appellant Authority Allahabad alongwith an amount of 7.5% of the confirmed demand. Further, Housing Board Haryana have deducted a sum of Rs 55 Lac as a payment for service Tax from the final bills prepared by them for various works in year 2016. Same amount has not been taken on record by the Commissioner in the order as the department was not aware of the same. Hence an amount of 2.15 Cr ( 1.60 Cr for GNOIDA + 0.55 Cr for HBH ) already lies deposited with Service tax department which is more than the demand raised by the dept against Haryana Works. I need advice on the following issues: 1.) Does an amount of 7.5% still needs to be deposited along with challenging the order in front of Appellant authority as a sum more than the demand already lies deposited with the department? 2.) If, Yes. What measures can be taken to avoid paying the 7.5% deposit as our firm is no longer operational and have done no work since year 2014. ( like filing of writ in any court of Law, Asking for refund from Service tax dept, asking for refund from HBH as service tax cant be deducted from our Payments etc) 3.) Any professional who can handle our case in Allahabad Tribunal and who has experience handling the Service Tax demand cases along with fee details?

  • 1 Answer
  • 383 Views
Asked at July 19, 2017
Default avatar Munanshu Koshti
last answered over 4 years ago
GSt included in contract signed before it's introduction

I have taken Car Lease from ALD automotive through my company on November 2016. Car Maruthi Ertiga Petrol Auto. Current lease amount 24,560 with 14.5% VAT of 2960. During purchase the duty and cess was added in the lease rental. With GST, ALD is now updating the lease contract with 28% GST and...

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I have taken Car Lease from ALD automotive through my company on November 2016. Car Maruthi Ertiga Petrol Auto. Current lease amount 24,560 with 14.5% VAT of 2960. During purchase the duty and cess was added in the lease rental. With GST, ALD is now updating the lease contract with 28% GST and 15% cess on the lease rental. Now my new rental will be 29,xxx which is 5120 additional. I did ask them since the cess for this car model was already included in the original contract and GST with cess is for the new cars since for new cars on road price is not including cess. If Government ask for the same, ALD should pay for the same. 28% GST can be added since this is tax I need to pay with every lease rental but why I should be paying cess which was already taken in to account in the original contract. What is legal support I should seek if ALD don't want to lesson. Thank you

  • 1 Answer
  • 309 Views
Asked at July 18, 2017
Default avatar Apoorwa Iyer
last answered over 4 years ago
GST good for billing and return filing work

Is Gen GST Software good for billing and return filing work?

  • 1 Answer
  • 321 Views
Asked at July 14, 2017
Default avatar Munanshu Koshti
last answered over 4 years ago
Current taxation policy on liquor

At present what are the provisions for taxation in regard to LIQUOR i.e. a VAT @ 20% is payable on sale of liquor then what about any tax paid by AC RESTAURANT on purchase of liquor i.e. whether excise duty or VAT. As the liqour is outside GST regime and normal vat @ 20% will be charged by...

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At present what are the provisions for taxation in regard to LIQUOR i.e. a VAT @ 20% is payable on sale of liquor then what about any tax paid by AC RESTAURANT on purchase of liquor i.e. whether excise duty or VAT. As the liqour is outside GST regime and normal vat @ 20% will be charged by restaurant but If a restaurant charge service charge on sale of LIQUOR @ 10% then on this service charge vat will be applicable or GST?

  • 1 Answer
  • 324 Views
Asked at June 20, 2017
Default avatar Md. Nazeeruddin Khan
last answered over 4 years ago
Dispute with Municipal Corporation

I bought a property a year ago that was a ground floor(177 sq m) in a 4 floor building in delhi. It was old constructed (144 sq m) and floor was not in a position to live. so i started renovating it and without any permission from municipal corporation i extended a room in the open area i.e...

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I bought a property a year ago that was a ground floor(177 sq m) in a 4 floor building in delhi. It was old constructed (144 sq m) and floor was not in a position to live. so i started renovating it and without any permission from municipal corporation i extended a room in the open area i.e verandah and covered nearly 12 sq.m. in my premises. I got a letter from municipal corporation regarding unauthorized construction going on of all the floors though only the fourth floor was under construction at that time and it was lantered by the time i bought the ground floor. I came to know that it was unauthorized and the complaint was basically for his fault. But municipal corporation booked whole building and after that i came to know through an assessment(self assessment property tax form 2006-07) from municipal corporation that my house tax was paid for a covered area of around 107 sq m. Then i got to know through municipal corporation and my early land lords that an assessment was done in around 1980's which shows a covered area of 77 sq mt. Now the Municipal corporation says that the data does not tally to actual construction stating this it sent a letter to whole building to demolish the unauthorized construction. I however am willing to give the penalty for my construction if it is a way to rectify my mistake. I do not how to proceed into this and i do not have any map sanctioned. Is there any way i can get my property regularized and i do not wish any demolition to take place.

  • 2 Answers
  • 615 Views
Asked at May 20, 2017
Default avatar Rahul Singh
last answered over 4 years ago
Service tax wrongly charged by the builder

Sir/Madam, I have purchased a ready flat in Kolkata 700079 under dumdum municipality against SUPER BUILT AREA 620 SQ FT. I have paid Rs. 5000.00 for booking charge at first. The set forth money has been settled for Rs. 1350000.00. At the time of Agreement for sale between me and the builder I...

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Sir/Madam, I have purchased a ready flat in Kolkata 700079 under dumdum municipality against SUPER BUILT AREA 620 SQ FT. I have paid Rs. 5000.00 for booking charge at first. The set forth money has been settled for Rs. 1350000.00. At the time of Agreement for sale between me and the builder I found that the builder has charged Rs. 60750.00 as service Tax @4.5% of set forth value. That time before putting my signature I asked about SERVICE TAX and the builder told me that he has to deposit the amount to service tax authority as per Govt. rule. On 8.3.2017 the flat has been registered at Cossipore ADSR office and I got the key of the flat. Now I have personally enquired in the internet about the Govt rule about service tax. I found some information about service tax payable for UNDER CONSTRUCTION building. A Delhi High Court verdict is also given in this matter. My flat was not UNDER CONSTRUCTION so I was not interested about it. After repeated searching I came to know that: 1) The building/apartment has the COMPLEATION CERTIFICATE from the municipality and if the flat is sold after getting the CC the builder cannot charge any service tax. 2) If the CARPET AREA of the flat is not above 60 sq.Meter service Tax could not be charged. Hence my flat is 465 sqft. Carpet area (620 super built – 25% less = 465 sq ft) is 43.1999 sq meter. A friend working at LIC informed me after my query with the consultation of his colleague’s deals with HOUSE BUILDING LOAN that Builder cannot charge any SERVICE TAX from me in this case. I have no knowledge about the rule/clause of Service Tax in this regard. But keeping in view of the above stated conditions in relation to the Service Tax amount claimed and has been deducted from me for acquiring the said ready built flat. Legal support and opinion is required which may kindly be accorded. A legal document in my support can be accepted by the court. If such rules is in my support I will claim the amount otherwise take necessary action.My Email ID: isaacsaha@gmail.com My Mobile No: 9433133670

  • 1 Answer
  • 1278 Views
Default avatar Munanshu Koshti
last answered over 4 years ago
I want to gift shares.

I wish to gift shares to my father & brother 10000 each of a pvt ltd unlisted company at bangalore. Other than SH-4 0.25% stamp duty on consideration (book value of shares), kindly tell the stamp duty payable on gift deed. Also clarify Gift deed stamping charges . One more thing if company...

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I wish to gift shares to my father & brother 10000 each of a pvt ltd unlisted company at bangalore. Other than SH-4 0.25% stamp duty on consideration (book value of shares), kindly tell the stamp duty payable on gift deed. Also clarify Gift deed stamping charges . One more thing if company registered office is in delhi then can I still make gift deed in karnataka. If yes then are the charges same for it in gift deed case

  • 0 Answers
  • 796 Views
associate member of a cooperative housing society becoming member of managing committee

Whether an associate member of a cooperative housing society can become a member of Managing Committeee? If yes, what generally is the procedure? Moreover, what are the rights of a Managing Committee member?

  • 1 Answer
  • 5926 Views
Default avatar Vineet Wadhwa
last answered over 5 years ago
starting online stockbrocking without registering as a broker

My question is I want to start an online stock broking business .but i am not a registered broker .so is there any law or service in which i can start my own business not sub broker not franchisee but my own name business without register myself as a broker as it needs lot of investment. Can I...

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My question is I want to start an online stock broking business .but i am not a registered broker .so is there any law or service in which i can start my own business not sub broker not franchisee but my own name business without register myself as a broker as it needs lot of investment. Can I use the service of existing broker without using his firm name and give him 10 percent of earning or equity or anything else ..please guide

  • 1 Answer
  • 736 Views
Default avatar Srija Choudhury
last answered over 5 years ago
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