Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 14505 |
Nov. 20 2012 |
Land purchase by Realty firm and 40A(3) –
(DIRECT TAXES)
Dear Colleagues, A relaty firm was searched under income tax act. One of the search finding was purchase and sale of land which were not accounted in books. The purchase of land was done in cash. Does such transacation attracts provisions of section 40a(3) given that transactions were not recorded in books Regards Prashanth BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 14483 |
Nov. 12 2012 |
Sale of Factory land Capital gains –
(DIRECT TAXES)
Dear Colleagues, A company was running a manufacturing industry on its own land. It is running in losses from last 6 years. Now it intends to sell a part of its land. Does such transaction attract capital gain tax or is it possible in any way that gains from such transaction be set-off against accumulated business losses? Regards Prashanth BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 14479 |
Nov. 09 2012 |
Mr. A and his wife have only two daughters and no male descendant. Both daughters are married. Elder –
(MISC.)
1. Is the registered gift of Hotel land Premises made by Mr. A and his wife to their younger daughter Mrs. D as explained above lawful or can the elder daughter Mrs. C raise any claim against that gift in future? 2. Since business is running under the HUF of Mr. A, can Mr. A transfer or gift the business to Mrs. D without consent of other member of HUF, i.e. Mrs. C? 3. Can a HUF sale its business to one member of that HUF (i.e. Mrs. D) at the net worth of business standing on the date of sale? 4. Whether the sole property of Mr. A and his wife will construe to be property of their HUF and can the co- parcenery (i.e. Mrs. C) claim her part in court? 5. If the HUF can sale the business to Mrs. D, can the sale be made by showing the amount receivable from Mrs. D as advance in balance sheet of Mr. A HUF and as a loan in balance sheet of Mrs. D. Can in that case Mrs. C claim that sale was not actually made and that was in the nature of gift? 6. For registry of above property (i.e. hotel land and building), Rs.40.00 Lacs taken as loan from bank in the name of Hotel (i.e. proprietorship of Mr. A HUF). Can for making personal gift by Mr. A to his daughter, he can take loan from bank in the name of HUF? 7. What will be income tax implications on whole of above transactions? i.e. gist to Mrs. D by her parents and HUF. 8. What will be the income tax implications on above transactions. i.e. gift to Mrs. C by her parents and HUF. BY: MAHESH KUMAR No answers yet View Answers | Post Answers |
| 14467 |
Nov. 07 2012 |
Long term vs short term borrowing –
(CORPORATE & OTHER LAWS)
A term loan outstanding as on 31-3-12 which was repayable in 7 years, was taken over by other bank on 5-4-12. Whether the earlier loan was a short term or long term. BY: samarath mal surana No answers yet View Answers | Post Answers |
| 14446 |
Nov. 01 2012 |
Interest on Interest on late payment of TDS –
(DIRECT TAXES)
Interest on the delay payment of TDS is being charged under section 201(1A). Section 201(1A) mention for the simple interest on delayed payment of TDS. Under which Section interest on interest is being charged for the non deposit of interest with the filing of TDS Return. BY: vinod khandelwal No answers yet View Answers | Post Answers |
| 14439 |
Oct. 31 2012 |
regarding Conveyance Deed of Society with the builder –
(MISC.)
q. if X society is registred in the year 1991-92 and the conveyance deed yet not prepared and registered now the builder is not giving proper response to the members of the society and the Land Development Agreement and 7 12 copy also not with the society that may be with the builders only . so the society member are unable to registred the conveyance without this documents . now what are solution for this? please advice to me. BY: GOPAL KUMAR AGRAWAL No answers yet View Answers | Post Answers |
| 14442 |
Oct. 31 2012 |
Service tax on restaurant –
(Service Tax)
Dear Colleagues, A restaurant having liquour license has Air condition installed at one of its chambers meant for Directors. However the place meant for customers of the hotel is not Air-conditioned.Is service tax applicable for such restaurants? Regards Prashanth BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 14443 |
Oct. 31 2012 |
tds on reimbursement of expenses –
(TDS/TCS)
Dear Colleagues, While deciding tds liability on Reimbursement of expenses is to important to analyse the nature of underlying expenses. In a case where payments like rent, payyment to professionals is being reimbursed to an employee of the organisation whether such payments atttract TDS? Whether the answer to the above is different in case above reimbursements are made to Non residents? Regards Prashanth BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 14387 |
Oct. 09 2012 |
Audit is Advisable ? –
(DIRECT TAXES)
If One have 9-10 names are running in the business of his family not covered under audit criteria.whether it is advisable for him to go for the audit ? If Yes then how can he do it ? If suddenly close the another name and increase sales in one name then whether any problems from the dept. arise or not ? please guide me. BY: Tushar Shah No answers yet View Answers | Post Answers |
| 14383 |
Oct. 08 2012 |
Can I receive cash gift of 100000 from relative who dont have pan and not filed IT return i.e he has –
(DIRECT TAXES)
Can I receive cash gift of 100000 from relative who dont have pan and not filed IT return i.e he has agriculture income. plz check genuiness BY: DIPAKKUMAR D. MAVANI No answers yet View Answers | Post Answers |
| 14360 |
Oct. 03 2012 |
Export of Services –
(Service Tax)
Suppose I am about to provide a service outside India, which is duly included in export of services, what kind of formalities do I need to comply with? Does any intimation be given to the Service Tax department, or take any permission etc before or after providing the service? BY: CA. JOISHER MEERA RAJESH No answers yet View Answers | Post Answers |
| 14364 |
Oct. 03 2012 |
Query on FEMA - Related to Transaction with Iran in INR –
(INTERNATIONAL BUSINESS)
2. Company X Pvt. Ltd. got the order from Govt. of Iran for supply of some goods. The price is fixed in INR and the payment will be made in INR itself, as per new guidelines issued by the govt of India regarding trade with Iran. Now due to rate hike in India and availability of the product at some other locations at cheaper rates, X Pvt. Ltd. wants to purchase the goods from some other country and supply it to Iran with its Invoicing. For the above said purposes payment of purchases has to be made in USD’s. Now the query is Whether there is any restriction problem issue on the above said transition under FEMA or any other law governing the foreign exchange transitions ? BY: Jatin Harjai No answers yet View Answers | Post Answers |
| 14315 |
Sep. 15 2012 |
Applicability of PF and ESIC on Contractors –
(MISC.)
A Company in Construction Stage during Construction raised various POs for Contractors to Labour+Material Supply, So what is the applicability of ESI and PF. If during Construction some work done by company and these work material purchase by company and labour supplied by contractor this case what tax compliance applicable for company. BY: Navneet Kumar No answers yet View Answers | Post Answers |
| 14306 |
Sep. 12 2012 |
Donation of Publishing Rights of Book –
(DIRECT TAXES)
Can a legal heir of an author donate the publishing rights of the book to a NGO outside India. If yes, what will be the impact on following 1) Capital Gain 2) Transfer pricing 3) Regular taxation BY: Girish Babu No answers yet View Answers | Post Answers |
| 14292 |
Sep. 08 2012 |
AS 11 Para 46A treatment –
(CORPORATE & OTHER LAWS)
Recently Para 46A was inserted in AS11 (Effects of Changes in Foreign Exchange Rates) for application beyond 31st March 2011 by virtue of notification G.S.R. 914(E). By virtue of said notification “Exchange Differences arising on reporting of long term foreign currency monetary items at rates different from those at which they were initially recorded during the period, or reported in previous financial statements, in so far as they related to acquisition of depreciable capital assets, can be added to or deducted from the cost of the asset and shall be depreciated over the balance life of the asset”. Facts A Company had imported Plant Machinery from abroad. The procurement was financed through ECB route. Foreign currency exchange rate risk in respect of said exposure has been hedged by entering into forward exchange contracts. Respective asset loan were initially recorded in books at exchange rate prevailing on date of transaction. At each reporting date, premium on forward contract up to reporting date was charge to PL account corresponding credit being given to respective loan account, prior to insertion of Para 46A in AS 11 Entry in books of accounts PL Account Debit (forward cover premium for respective period) ECB Loan Account Credit Now, we have opted to exercise the option available under Para 46A of AS 11 capitalised premium to respective assets with corresponding credit to respective loan account. Entry in books of accounts Asset Debit (forward cover premium for respective period) ECB Loan Account Credit Query (A) Whether Premium on forward contracts to hedge foreign currency loans for acquiring capital assets can also be capitalised added to cost of respective asset under Para 46A of AS 11 OR (B) Exchange differences arising on revaluation of unhedged foreign currency loans are only intended for treatment under 46A of AS 11. Kindly give your valued inputs in the matter. BY: CA. SHAH KAUSHAL PRAVINBHAI No answers yet View Answers | Post Answers |
| 14206 |
Aug. 16 2012 |
Works Contract Services-without abatement –
(Service Tax)
If contractor provides works contract service, in which he has provide the value of material which is involved in service, but involved material is purchased by contractor without payment of VAT, then for the calculation of service tax (under without abatement)material value should be deducted or not ? BY: sourabh jain No answers yet View Answers | Post Answers |
| 14198 |
Aug. 13 2012 |
Container Freight station –
(Customs & Excise)
* My client is licensed by the government authorised to operate CFS (Container Freight station )on behalf of port. * Inorder to avoid congestion in ports while clearing imported containered cargo. *My client has to move the imported goods after customs clearance at the port to CFS (the place owned by the client but treated as part of port premises ) He is resposible to clear the containered cargo after obtaining authorisation from steamer agents out of port premises move to CFS and keep them in safe custody upto permissible no of days s deliver to be effected to the importersagents after ensuring full payment of customs duty . *As per TCs of contract with port CFS operator will move the imported consignment through his authorised transporters liable in the event of damages loss in transit. *The out entry is controlled by central security services (Port controlled) who are to verify documents transport .pass identity of the driver driving vehicle the out gate is under CCTV surveillance. * In these circumstances , the CFS operator has arranged to clear the consignment .The security has permitted the container out . *The containers found missing in transit,. * My query .The CFS operator was liable to pay for the cost of material .container cost other incidental charges to the port .to be reimbursed to the importer. The missing containers formed part of two out of say 30 containers cleared moved to CFS on behalf of Port trust for delivery to the customers. *In as much as there is negligence on the part of the port authorities to permit movement of lorry with container having bogus registration no how CFS operator may be solely responsible for loss in transit. *The liability includes the customs duty paid on the missing containers. As the customs duty paid on the missing containers with cargo is refundable is my client liable for customs duty of those consignments lost in transit. BY: S.Balasubramanian. No answers yet View Answers | Post Answers |
| 14189 |
Aug. 09 2012 |
Service provided by Goods Transport Agency. –
(Service Tax)
Under Reverse charge mechanism in respect of GTA service is there any provision for payment of Service Tax by the service provider instead of service receiver. BY: Poonam Chand Soni No answers yet View Answers | Post Answers |
| 14184 |
Aug. 08 2012 |
capitalisation of expense on asset acqusition –
(MISC.)
Our client company had procured a aircraft and in addition to the purchase price had also paid for the maintenance contract under taken by the seller with the OEM. This maintenance was required to maintain the aircraft and its engine in running condition. The aircraft has still not been put to use pending statutory clearances of DGCA. In this background, Kindly suggest whether such maintenance cost shall be considered for capitalisation in addition to the purchase price (As per AS-10)? BY: CA. PRUSTY SIDHARTHA SHANKAR No answers yet View Answers | Post Answers |
| 14186 |
Aug. 08 2012 |
ITR-6 feeding problem –
(DIRECT TAXES)
sheet general-2 of ITR-6, percentage shareholding of directorsthere are 2 directors, first director share- 98.15, second director share- 1.15 I am not able to feed details of second director with 1.15 share in ITR-6.Please help. BY: CA. Umesh kumar No answers yet View Answers | Post Answers |
