Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 17128 |
Feb. 21 2015 |
Consultancy Income From Asian Development bank and Its Taxability –
(DIRECT TAXES)
Dear Colleagues, As per Article 56(2) of The Asian Development Bank Act, 1966 No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to Directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank. Whether this provision has an overriding effect on Income Tax Act, 1961. Or salary received in India by ADB employees is exempt from tax? BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 17104 |
Feb. 09 2015 |
Rectification under of Mistake under 154 of I.T.Act or otherwise else –
(DIRECT TAXES)
Dear Experts, On behalf of My client being an Individual covered under tax audit I have filed ITR-4 online within specified due date relevant to Asstt.year 2014-15. Now I have received intimation under 143 1(i) of I.T.Act from CPC Banglore with demand. When i reviewed the same i have found a mistake detailed as under- - Total FDR Interest which is included in Profit Loss Account has not deducted from Business Income though the same have shown separately under Income from other Sources Head.Thats why the dept has raised the demand by considering the higher Business income along with Interest. Actually it is being so. Now query is whether a rectification can be made under 154 based on the said intimation our mistake appears from the record or i have to revise the return under 139(5)of I.T.Act. Please reply immediately. CA SANJAY BAHETI BY: SANJAY BAHETI No answers yet View Answers | Post Answers |
| 17102 |
Feb. 08 2015 |
SECTION 43CA –
(DIRECT TAXES)
Provisions of section 43CA applicabe to Confirming Party through Development Agreement BY: Dharmendra L Sapra No answers yet View Answers | Post Answers |
| 17092 |
Feb. 05 2015 |
Input credit on customs duty –
(INDIRECT TAXES)
Is cenvat credit available for imported coal used for generation of power..? Is the Bill for supply of power by plants VAT able? if not,I may be d on the relevant provisions. BY: S.Balasubramanian. No answers yet View Answers | Post Answers |
| 17093 |
Feb. 05 2015 |
RELATING MISMATCH OF TDS AND FORM 26AS –
(DIRECT TAXES)
Mr A is following mercantile system of accounting and books income on accrual basis. The person deducting TDS of Mr A is following cash system of accounting hence there is vast difference in TDS amount accrued by Mr. A and TDS certificates issued by deductor. In this case How much TDS should Mr. A claim in his return of Income? As Mr. A has received TDS certificates for only part ( i.e actually recived) income. BY: CA SUPRIYA SUNILKUMAR AGRAWAL No answers yet View Answers | Post Answers |
| 17094 |
Feb. 05 2015 |
service tax on surveyors –
(Service Tax)
On what amount the service tax for insurance surveyors and loss assessors will be paid . whether it should be payable on gross amount of bill raised i.e. fee and expenses both or it would be payable on fees part only. Pls advise with the relevant circular no. BY: mcjain No answers yet View Answers | Post Answers |
| 17064 |
Jan. 23 2015 |
cop –
(MISC.)
Good Afternoon, Can a Chartered Accountant having a COP and a partner of a firm become a director of a company. Can he also take remuneration for the company. If he can take remuneration under what head he should declare the income. BY: laxminarayan.k.s No answers yet View Answers | Post Answers |
| 17054 |
Jan. 15 2015 |
Entry tax Applicability –
(VAT/Sales Tax)
Hello Dear Members! Can Anyone please tell me in how many states entry tax is applicable? In case some 1 has d legislatures for entry tax can u please share the same on my mail id ca.sachin.s@gmail BY: SACHIN AGARWAL No answers yet View Answers | Post Answers |
| 17038 |
Jan. 05 2015 |
HUF AND INDIVIDUAL PARTNERSHIP –
(DIRECT TAXES)
Whether person can become a partner in a new firm existing firm in both capacity of Individual and karta of HUF BY: Suresh M.Murudi No answers yet View Answers | Post Answers |
| 17035 |
Jan. 04 2015 |
CAS-4 certificate –
(Customs & Excise)
Is there any time limit to obtain CAS-4 certificate? is there any time limit to submit CAS-4 Certificate to the excise department? Is there any other requirements to submit CAS-4 Certificate to anyone else apart from excise department? BY: SACHIN AGARWAL No answers yet View Answers | Post Answers |
| 17022 |
Dec. 25 2014 |
APPLICABILITY OF SERVICE TAX –
(Service Tax)
Mr. A has let out his residential property to Mr. B at a monthly rent of Rs. 1,50,000, where the restaurant staff of Mr. B is residing. Is Mr. A is liable to charge service tax or it will be treated as property let out for residential purpose? BY: abhishek lohiya No answers yet View Answers | Post Answers |
| 16994 |
Dec. 08 2014 |
CENVAT CRDIT OF SERVICE TAX PAID ON RENT –
(Customs & Excise)
our unit was availing ssi exemption 82003 as amended and registered in excise in Dec 2013 and started paying excise. Since april 2014 it is paying service tax on rent on factory premises. As its turnover crosses RS. 1.5 cr limit in dec, 2014, whether it can avail cenvat credit of service tax paid on rent from april 2014 to nov. 2014 for payment of excise for the month of dec 2014 BY: SHYAM SUNDER No answers yet View Answers | Post Answers |
| 16973 |
Nov. 28 2014 |
SERVICES PROVIDED BY SITES LIKE ELANCE, ODESK, ETC. –
(Service Tax)
A partnership firm is using services of elance for gathering web development work. For this service, elance deducts commission from income earned from the clients. My questions are 1. Is service provided by sites like elance import of service for service recipients? 2. Is the firm liable to pay service tax under reverse charge mechanism? 3. Whether Rule 9 of the Place of Provision of Services Rules, 2012 can be applied here? BY: Kamal Kansara No answers yet View Answers | Post Answers |
| 16959 |
Nov. 15 2014 |
Depreciation in Form 3CD online –
(DIRECT TAXES)
While filling up Java utility of Form 3CD online, item no.18 on Depreciation, formula given for closing WDV is A plus B minus C minus D. So when we enter data, closing WDV is automatically calculated. In our case, when we enter Cenvat credit availed in Cenvat column, it is also added to purchase value and closing WDV is arrived at including Cenvat amount. But actually we have taken credit of cenvat. Closing WDV arrived at in online Form 3CD is wrong. Is it program error in the department's online form? Any other member encounter such problem? BY: balasubramanian No answers yet View Answers | Post Answers |
| 16954 |
Nov. 14 2014 |
Section 14 of KVAT Act, 2003 –
(VAT/Sales Tax)
As per sec 14 of K VAT ACT 2003, Input tax allowed on purchase of goods that are dispatched outside state by way of stock transfer to the extent of input tax charged at a rate higher than 2%. Whether this 2% disallowance is to be charged at cost of the goods transferred or at arms length market price. BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 16923 |
Nov. 01 2014 |
Per Place of Provision of Service Rules, the place of provision of Intermediary services for goods i –
(Service Tax)
Prior to 1.10.2014, intermediary services for goods were not covered under Rule 9 of above Rules and hence Service Tax was payable on reverse charge basis on overseas commission paid on exports but for the exemption Ntfn 42/2012. Now, after 1.10.2014 we shall be paying commission for orders booked even before that date. Whether exemption should be claimed under the above Rules as amended or under Ntfn 42/12 in which case EXP-4 will have to be filed? BY: Gopal Krishna Sureka No answers yet View Answers | Post Answers |
| 16914 |
Oct. 20 2014 |
Input Credit for Service tax paid on Renting of Property –
(Service Tax)
One of my client registered with ST Dept. under Restaurant Services. my client has taken the said restaurant on Rent & paying rent along with Service tax Portion on monthly basis to landlord who also covered under service tax net for Renting of Immovable Property. Also My client is availing Abatement benefit for the said restaurant services @ 60% by virtue of Notification 26 of 2012 as per Service Tax law i.e. he is paying Service tax only for 40% of Taxable value. Now query is whether my client can claim as input credit for service tax paid on renting of said property at where he is carrying/providing restaurant services from his Service tax liability on restaurant Services as taxable services after availing benefit of abatement under notification 26 of 2012 or not. Please reply at the earliest BY: SANJAY BAHETI No answers yet View Answers | Post Answers |
| 16908 |
Oct. 15 2014 |
AOP –
(DIRECT TAXES)
A group of 5 members who own a complex came together to form AOP. Their share are determined. They are giving the property on rent. We wan to know whether the rent will be taxable in the hands of owners directly or AOP. Eg: IF the Aop is earning Rs. 50000/- per month each member will be paid Rs. 10,000/- as his share of profit directly and hence will be taxable in the hands of individuals. BY: Sreekar No answers yet View Answers | Post Answers |
| 16726 |
Aug. 11 2014 |
Fee for increase in authorised share capital –
(Companies Act, 2013)
A compnay with Authorised share capital of Rs 50.00 lacs is filing for increase in authorized share capital of Rs 100 lacs total authorized share capital will be Rs 150.00 Lacs. Fee as per calculation comes to Rs 87500.00. (from 50-100 lacs @ Rs 100 Per Ten Thousand 50000 + From 100 to 150 lacs @ 75 per Ten thousand Rs 375000 total fee is Rs 87500.00, but when we are filing the same in MCA portal the fee is reflected as 161500.00 treating the company as Small company and allowing the fee upto Rs 50.00 lacs on the basis of the slab applicable to small company. But our company has paid the fee as regular public company, and never had privileged of small company. I have written to MCA twice but they are saying same thing pay the fee as per small company ie asking to remit us Rs 161500.00. Now how to file the form SH7 in ROC. Please advice BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 16704 |
Aug. 05 2014 |
advertisement for CA –
(OTHER BODIES)
According to our professional ehtics, what type of advertiseent we can use to introduce our firm in the market. i have seen one statement of our X- president Ved jain, according to his statement a ca firm can use media advertisement for the firm introduction.Please clar me on this points. BY: CA. S. Saumya No answers yet View Answers | Post Answers |
