Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 16702 |
Aug. 04 2014 |
Procedure to obtain RBI Unique Code –
(MISC.)
Dear Professional Colleagues, We are a young firm of CAs based out of Bangalore.We are one and half year old firm handling various accounting, audit and tax assignments. Can anyone brief us about the procedure involved in obtaining Unique Code allotted by RBI. I understand its a very important code to get ourselves empanelled with various banks for concurrent, stock audits, etc. Thanks in Advance. CA Teertha G R R +91 99 16 444016 BY: TEERTHA G R R No answers yet View Answers | Post Answers |
| 16683 |
Jul. 28 2014 |
Is Voluntry Donation to eductaional society is covered US 10(23C)(iiiad)? –
(DIRECT TAXES)
Sirs A society having exclusive educational objects,Purchased land and started construction of school building for which it accepted donations of Rs. 48 lacs out of which 47.5 lacs was utilised in construction of school building, return was filed claiming benifit of 10(23C)(iiiad) for the assessment year 2012-13, School started in the building with approval of CBEC since next year i.e. F.Y. 2012-13. Is society elligible for benifit of section 10(23C)(iiiad). If yes, can AO scrutinise the ITR US 143(2)? if yes, what he will examine? as whole receipt is exempted? BY: RAM KUMAR SARASWAT No answers yet View Answers | Post Answers |
| 16663 |
Jul. 21 2014 |
Taxability of Interest on REC Infra Bonds –
(DIRECT TAXES)
Dear Experts, One of my client being an Individual has availed benefit of Deduction under section 80CCF of I.T.Act when the same was available for deduction maximum to 20000- Now this section has been d but my client is getting Interest on REC INFRA BONDS every year. now query is whether such Interest on REC INFRA BONDs is taxable or not in the hands of Assesse. Please reply urgently. BY: SANJAY BAHETI No answers yet View Answers | Post Answers |
| 16654 |
Jul. 16 2014 |
Section 43 CA –
(DIRECT TAXES)
is Remuneration to Partners available from deemed Income us 43 CA of the income tax act ? BY: Dharmendra L Sapra No answers yet View Answers | Post Answers |
| 16583 |
Jun. 17 2014 |
RECOVERY PROCEDURE OF DUTY DUE –
(Customs & Excise)
Sir, kindly let me know the procedure to recover Duty due by order of CEGATE in the case of a Pvt. Ltd. Company. If duty can not be recovered from the company, it can be recovered from Directors of the co. if yes, when? BY: AJAY JAIN No answers yet View Answers | Post Answers |
| 16568 |
Jun. 12 2014 |
cost of acquisition of flat –
(Capital Gains)
Dear Sir Can we consider interest paid on housing loan of flat and society maintenance paid from purchase of flat till sale date in Cost of Acquisition of flat? Thanks. BY: Mayur Gundeti No answers yet View Answers | Post Answers |
| 16519 |
May. 22 2014 |
Charge creation. –
(CORPORATE & OTHER LAWS)
A Limited company availed loan from a bank by pledging Fixed deposits of the company. Whether charge is to be created as per Companies Act,2013. BY: B.CHACKRAPANI WARRIER No answers yet View Answers | Post Answers |
| 16507 |
May. 20 2014 |
Can a practising CA, accept position of loan consultant in any bank. –
(MISC.)
Sir, A nationalised bank is appointing housing loan consultants, prefering CAs. Im a partner in the CA firm. Can I accept the appointment in my personal capicity? will it be treated as business? what will be if my income from cunsultancy is more than income from CA firm? Thanks BY: RAM KUMAR SARASWAT No answers yet View Answers | Post Answers |
| 16473 |
May. 09 2014 |
Appointment of auditors –
(CORPORATE & OTHER LAWS)
As per new co law the auditor term is for 5 years for individual and 2 terms of 5 year for firm. For existing auditors of a pvt ltd company auditing for F y 2013-14 ( same firm of auditor auditing since 10 years or more) prior to f Y 2013-14, should the new auditor be appointment for the F Y 2014-15 and onward or the fresh tenure of 2 terms of 5 years will be available to the existing auditor. Name of Auditor firm Name of company Audit since F Y Audit for F Y AB C Associates XYZ Pvt Ltd 2001-2012 (Ten year more) 2013-14 2014-15 Do Do Yes Yes YesNo ? Can ABC Associates be the auditor of the XYZ Pvt Ltd for F Y 2014-15 and for how many years more. Or New firm of auditor be appointed for the F Y 2014-15 and onward Please suggest BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 16350 |
Apr. 03 2014 |
Marketing fund accounting –
(IFRS)
A business partner (supplier) provides marketing funds periodically to our business. It is left to the discretion of our business how these funds are used. We have been treating these funds as a Balance Sheet item, and marketing expenses are debited to the fund account, thus often leaving a surplus in the fund account. Should these funds be credited to revenue, and marketing expenses debited to PL instead? What if the funds received are non-discretionary, and specific marketing expenses are to be incurred from these? Would a "Balance Sheet" treatment be more appropriate then? Or, even then, both funds and expenses should still be transferred to PL? BY: A. Banerji No answers yet View Answers | Post Answers |
| 16330 |
Mar. 30 2014 |
BALANCE SHEET OF CA FIRM –
(DIRECT TAXES)
Whether Balance Sheet of CA Firm should be prepared seperately in the name of Firm or it should be inlude other incomes of proprietor CA in the Firm Balance Sheet. As per ITR BS and PL of firm and other income of CA should be disclosed. What should be right way in respect of Income Tax provisions, ICAI guidelines, and other Empanelments requirements. Please sugest in case of proprietory CA Firm. Thanks BY: VAIBHAV AGARWAL No answers yet View Answers | Post Answers |
| 16319 |
Mar. 27 2014 |
Cenvat on rent payment (for arrear bill + running bill) –
(Service Tax)
X an individual running a proprietorship firm (Trading concern), has taken service tax registration and files returns of service tax regularly. One rent bill by the land lord is received containing arrear bill statement since Dec 2011 upto date claiming rent + service tax +cess + SH thereon. X has made payment of rent periodically every month since Dec 2011, but after getting any notice by service tax department the landlord has raised this bill. Earlier the rent bill did not contain any service tax liability. Now my querry is whether X is eligible to get cenvat on service bill, which he will receive monthly from this month. And further whether the arrear service tax cenvat could be availed in the retuns of service tax to be filed in March 2014. Although there is no service tax liability of Mr X in this half year. Only a few service bills were raised in Oct 2013 and service tax was paid by challan at that time only. Now the Cenvat ie arrear + running bills Cenvat, how this will be shown in the Return for taking Cenvat. Please suggest BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 16321 |
Mar. 27 2014 |
SERVICE PORTION IN CASE OF GOVT ELECTRICAL CONTRACTOR –
(Service Tax)
1.KINDLY SUGGEST THE TAXATION OF RECEIPTS IN CASE OF UPPCL ELECTRICAL CONTRACTOR UNDER SERVICE TAX . ON WHAT PORTION THE SERVICE TAX WILL BE LEVIABLE OR SAY IN WHAT RATIO? 2. SERVICE TAX REGISTRAION ALLOTED ON 22.03.2014 . WHAT WILL BE THE PERIOD FOR PURPOSE OF SERVICE TAX RETURN PAYMENT OF SERVICE TAX IN SUCH CASE . KINDLY SUGGEST BY: RAM SAMARIA No answers yet View Answers | Post Answers |
| 16265 |
Mar. 07 2014 |
CIT (Appeal) order is binding on Jurisdicational Lower Authority –
(DIRECT TAXES)
Dear All, Kindly please clear whether the order passed allowing deduction to assessee by CIT(A) against the order of Assessing Authority in last year and same addition made by assessing officer in the following year is correct when assessing officer lies below the line in the judicial hierarchy to CIT(A). Thanks in anticipation. BY: Abhinav Chaurasia No answers yet View Answers | Post Answers |
| 16266 |
Mar. 07 2014 |
service tax return for the period Oct-12 to March-13 –
(Service Tax)
after going in VCES scheme, which is applicable only upto 31 dec 2012, whether return for the period Oct-March 13 is required to be filed, if yes, then whether details of only Jan-March-13 quarter are required to be submitted. BY: Amit Ashok Gogulwar No answers yet View Answers | Post Answers |
| 16249 |
Mar. 04 2014 |
Penalty us 78 –
(Service Tax)
When the invoked extended period is justified can the penalty us 78 be waived ? The tribunal has done so in the case of Comm of C.Ex Allahabad Vs Anand transformers Private Limited 2014 (33) STR (Tri – Delhi) BY: Praveen Kumar K No answers yet View Answers | Post Answers |
| 16255 |
Mar. 04 2014 |
Non Monetary Consideration –
(Service Tax)
Where consideration is non-monetary, how should it be brought to money terms. Example Vacant land in Delhi, exchanged for construction of four flats in Mumbai. Cost price of Land Rs 10 lakhs. Market Value of Land Rs 5 crores. Market Value of Four Flats Rs 6 crores. What is the consideration for Service of construction of four flats. Kindly substantiate. BY: Praveen Kumar K No answers yet View Answers | Post Answers |
| 16191 |
Feb. 21 2014 |
Partnership or Pvt Ltd. Co. –
(Profits & Gains of Business & Profession)
There is a family having gross turnover of aprox. 10 crore . For tax planning purpose they bifurcated its turnover by showing it as 5 business firms and hence filing 5 ITRs of there family members showing turnover 2 crore approx. in each firm. Now they want to consolidate there business by maintaining single accounts and single ITR of business. Which option is better , whether they should go for creating a Partnership Firm or should create a Pvt. Ltd. Co. ? BY: CA. JIMMY MODI No answers yet View Answers | Post Answers |
| 16192 |
Feb. 21 2014 |
Service tax on advance receipts from members from Housing Coop society –
(INDIRECT TAXES)
Sir, Housing cooperative society collects advance from members and allot house sites after development. Whether amount collected for allotment of house site attracts service tax? BY: CA. ASHOK R JOSHI No answers yet View Answers | Post Answers |
| 16198 |
Feb. 21 2014 |
Recover y of service tax –
(INDIRECT TAXES)
Pls tell me that how many years back recovery of service tax is done ? In my view service tax more than 5 years old cannot be recovered. Is this correct. BY: mcjain No answers yet View Answers | Post Answers |
