Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 13758 |
Mar. 28 2012 |
Person providing taxable as well as exempted services – Eligibility to avail credit on common servic –
(Service Tax)
Can a Person providing taxable as well as exempted services, maintaining separate books of accounts for taxable and exempt services and availing full CENVAT credit in respect of directly relatable input service claim proportionate CREDIT in respect of common services? BY: CA_STUDENT No answers yet View Answers | Post Answers |
| 13660 |
Feb. 24 2012 |
TDS Return –
(TDS/TCS)
Hi, While making payment for TDS we have to bifurcate the dedutees as Company and Non Company same we have to do while filing the TDS return, there are several category of deductees. Under which category following dedcutees will be classified. • H — Hindu Undivided Family (HUF) • F — Firm • A — Association of Persons (AOP) • T — AOP (Trust) • B — Body of Individuals (BOI) • L — Local Authority • J — Artificial Juridical Person • G — Govt BY: CA. PANJWANI RAKESH No answers yet View Answers | Post Answers |
| 13599 |
Feb. 04 2012 |
Service Tax on bills issued for re-imbursement of Travelling Expenses –
(Service Tax)
Is an auditor required to charge service tax on bills issued for re-imbursement of travelling expenses. Auditee has deducted TDS on this amount also. BY: SUNIL KUMAR JAIN No answers yet View Answers | Post Answers |
| 13590 |
Feb. 02 2012 |
DISALLOWANCE UNDER SECTION 40(a)(ia) –
(DIRECT TAXES)
Facts of the case A Pvt. Ltd. B Pvt. Ltd. are sister concerns. A Pvt. Ltd. has made the payment of job work charges to B Pvt. Ltd. A.O. has made disallowance of job work charges us 40(a)(ia) for non-deduction of TDS. Query 1. What are the pleas that can be taken in the appeal? B Pvt. Ltd. offers the job work income from A Pvt. Ltd. in the return of income. Since A Pvt. Ltd. closes its business operations in subsequent years, it cannot claim deduction of the TDS deposited to the credit of government. Will A Pvt. Ltd. still be liable for disallowance us 40(a)(ia)? BY: Govind Agrawal No answers yet View Answers | Post Answers |
| 13591 |
Feb. 02 2012 |
Minimum alternative Tax –
(DIRECT TAXES)
pls. clarify whether the provisions of 115JA i.e. MAT is applicable if a company have only the agricultural income BY: mcjain No answers yet View Answers | Post Answers |
| 13587 |
Feb. 01 2012 |
Dividend Distribution Tax –
(DIRECT TAXES)
If a company having agricultural income only. Now if it pays dividend to its shareholders. Whether it has to par dividend distribution Tax or not? pls. clarify. BY: mcjain No answers yet View Answers | Post Answers |
| 13545 |
Jan. 22 2012 |
EXEMPTION ON SALE OF LAND –
(Capital Gains)
Facts Mr A is transferring its Long Term Residential Land and going to Purchase another Residential Land. The sale will effect after Purchase of other Residential Land, say after 3 months. As per provisions of Sec 54 F , he is eligible for exemption, but the law says, “the assessee has purchased, within one year before the date of transfer or 2 years after the date of transfer or constructed within 3 years after .. “ Query 1. Whether the Long Term Capital Gain arising on sale of the Land can be exempted if before sale of the land another Residential Land is purchased and later on Residential construction is done within 3 years period? 2. What will be the situation if Mr. A is already having a Residential House in his name? BY: AJAY JAIN No answers yet View Answers | Post Answers |
| 13529 |
Jan. 18 2012 |
Karnataka Entry Tax - Applicability for Tools and Jigs –
(VAT/Sales Tax)
This is with reference to Entry Tax Notification No. FD 05 CET 2009(I), Bangalore, dated 03.06.2009 As per the notification, “Capital Goods” means plant including cold storage and similar plant, machinery, equipments, moulds, tools and jigs. Going by the definition we can interpret that tools and jigs are part of Machinery and hence Entry Tax should be applicable. Reference invited to the following judgements also - 1. Addison Co ltd. (23VST 5) 2. MICO Ltd Vs State of Karnataka – STA no.s 554 555 of 2005 dated 29.03.2010 – Karnataka Appellate Tribunal As per the cases – Tools and Consumables are not parts and accessories of Machinery. Kindly provide your views on whether Entry Tax is applicable for TOLLS, JIGS and CONSUMABLES. BY: CA Rashmi Prakash Patil No answers yet View Answers | Post Answers |
| 13501 |
Jan. 12 2012 |
Petition Us.154 of the Income Tax Act. –
(DIRECT TAXES)
Dear Friends, An Assessee’s assessment for the Assessment Year 2010-2011 has been completed by CPC, Bangalore and an intimation has been sent. In the Intimation Credit for Advance Tax payment has not been taken into account. A Rectification Petition has been filed Us.154 of the Income Tax Act. Again another Intimation has been received wherein Advance Tax payments has been given Credit, However the Depreciation claim has been added to the Business Income admitted. In the Intimation it has been stated that eventhough Depreciation has been claimed in the Profit Loss Account corresponding schedule of Depreciation Statement not filledup and hence Depreciation claim not taken into account. The CPC has suggested to file Rectification Petition Us.154 of the Income Tax Act. Accordingly Rectification Petition filed and schedules were uploaded. Now the assessee had received an intimation stating that “Your Rectification Application cannot be proceed” with a Narration standing that there is an existing Rectification request at CPC for the same PAN and Assessment Year which is currently under process. Sumoto Rectification at CPC is under process for the same PAN and Assessment Year. 1) Please clarify whether this would indicate that Rectification Petition would be considered and appropriate Relief will be given. 2) On the other hand whether the assessee can appeal to CIT Appeals. 3) Whether CIT Appeals will admit appeal, since the Rectification Petition is yet to be disposed of. BY: RAMAN No answers yet View Answers | Post Answers |
| 13454 |
Dec. 28 2011 |
Exempted Income –
(DIRECT TAXES)
If exempted income not shown in return of income, for example if exempt long term capital gain not shown by the assessee in return of income,then can AO initiate the penalty of concealment of income or furnishing inaccurate particulars of income? BY: Amit Prakash Sharma No answers yet View Answers | Post Answers |
| 13451 |
Dec. 27 2011 |
EXEMPTION OF TDS –
(TDS/TCS)
An organistion has been approved under cluase (ii) of sub-section 35 of the IT Act 1961 read with rules 5C and 5E of the Income Tax Rules engaged in research activities. By this approval of CBDT, the institution is claiming exemption of TDS. Whether this notification is sufficient for us not to deduct TDS on payment to the institution or it has to obtain specific exemption order from IT Authority? BY: Prasanta Kumar Swain No answers yet View Answers | Post Answers |
| 13427 |
Dec. 20 2011 |
Filing of Return us 44AD –
(DIRECT TAXES)
Assessee was required to file Income Tax Return for FY 2010-11 us 44AD. By mistake Return was filed normally using ITR-4. Profit is more than 8. Regular Books are being maintained.Is it necessary to revise the return and file it us 44AD. What would be the position if there is a loss? BY: SUNIL KUMAR JAIN No answers yet View Answers | Post Answers |
| 13365 |
Dec. 01 2011 |
Service TAx on Goods Transport Agency –
(Service Tax)
Suppose a local Transporter is charging me @ 10 per piece and he carries on an average 800 pieces per day.He raises a monthly bill for goods carried by him gives a single day wise challan for the goods carried by him for correspondence. Will service tax be applicable on this, i) If the goods are carried by him in different lorries on the same day? ii)In case if he carries the goods in same lorry but by doing different trips on the same day? (iii)Or it will become applicable on this, as it is exceeding 750 irrespective of number of lorries or number of trips per day? iv)As per Notification No.342004 of Service tax, out of the above which will be considered as individual consignment, a)Per lorry basis b)per trip basis c)Per day goods transported basis. BY: CA. JOISHER MEERA RAJESH No answers yet View Answers | Post Answers |
| 13366 |
Dec. 01 2011 |
Staff Deposit –
(CORPORATE & OTHER LAWS)
A Company takes deposit from its staff as security deposit at the time of appointment. Should the company keep the said amount in separate bank account? BY: balasubramanian No answers yet View Answers | Post Answers |
| 13363 |
Nov. 30 2011 |
capital gains tax –
(DIRECT TAXES)
An assessee had sold his house property in India and is a non resident Indian working in US. HE want to avail the deduction under section 54 of the ACt by purchasing a residential house in US by utilising the sale proceeds of the house sold in India. Kindly enlighten me about the tax issues supported by any case laws if any. BY: Anwar Iqbal No answers yet View Answers | Post Answers |
| 13364 |
Nov. 30 2011 |
Rectification in 154 –
(DIRECT TAXES)
A partnership firm had filed its return of income for the Assessment year 2007-2008 but omitted to claim interest on capital and salary paid to the partners in the ITR 5 filed on line.The Department had processed the return and passed Intimation under section 143(1) of the ACt by raising a demand.Immediately a revised return of income as well as 154 petition were being filed. Both the revised return and the 154 petitions filed were within the time allowed under the statute. The A.O. shown his inabilitay to process the revised return. So also the 154 petition were not being disposed off by the A.O.till date. Even the assessee had filed application under section 264 of the Act and the Commissioner of Income tax had also passed an order saying that he does not have any power to modify the Intimation us. 143(1) of the Act.PLease note that the partnership deed also empowers the partners to be paid interest on their capital and the salary to the working partners. Members to reply what steps are to be taken to give effect to the payment of salary to the working partners and the interest paid to them. Whether there is any time limit within which the A.O. to dispose off the 154 pettion or else if the A.O. fails to do so, then the Intimation so passed gets nullified and the interest and salry to the partners is deemed to be allowed. BY: Anwar Iqbal No answers yet View Answers | Post Answers |
| 13312 |
Nov. 15 2011 |
INCOME OF INIDIVIDUAL OR HUF –
(DIRECT TAXES)
ONE OF MY CLIENT GOT OLD BUILDING FROM HIS FATHER. MY CLIENT GOT THAT OLD BUILDING BY CHANGING KHATA IN THE LIFE TIME OF HIS FATHER. MY CLIENT IS MARRIED PERSON. NOW HE IS GETTING RENT INCOME FROM THAT PROPERTY. WHTHER IT IS HIS INDIVIDUAL INCOME OR HUF INCOME. IF HE SOLD THE SAID PROPERTY AFTER HIS FATHERS DEATH, THE CAPITAL GAIN IS TAXED IN HIS INDUVIDUAL HAND OR HUF HAND. OUT OF SOLD AMOUNT OF ABOVE SAID PROPERTY IF HE PURCHASED ANY RESIDENCIAL HOUSE, IS HE GETS EXEMPTION UNDER GAPITAL GAIN. BY: DIGGAVI.B.S. No answers yet View Answers | Post Answers |
| 13275 |
Nov. 02 2011 |
SEC441A - Note to be given in the Notes to accounts? –
(CORPORATE & OTHER LAWS)
Dear Sir, My question is in regard to sec 441A which says the company has to pay cess as per the rates the government will specify in the official gazette. My query in this regard is Whether a note has to be given in the notes to accounts in this regard as - "The central government has neither notified the quantum of such cess payable nor specified the manner in which the cess shall be paid. Consequently the company has made no provision for payment" Thanks in advance for your help. BY: Mustafa.Saifuddin No answers yet View Answers | Post Answers |
| 13269 |
Oct. 30 2011 |
revised return –
(DIRECT TAXES)
ABC is a company in which only land procurement is going on no construction activity yet started. All related direct indirect expense is transferred to WIP ac . There are some fixed assets also on which we are claiming depreciation as per company’s act which is ultimately going in WIP. Effect of depreciation as per IT act no where yet given in ITR computation. Now I received intimation us 143 1A of A.Y 2010-2011 in which ITO has disallowed depreciation as per company’s act computed tax on it. Now my question is wherether I should revised return or do online rectification by disallowing depreciation as per company act allowing depreciation as per IT act showing loss or profit. Also advise on same case for A.Y 2009-2010. BY: Dipti N. Gosar No answers yet View Answers | Post Answers |
| 13240 |
Oct. 14 2011 |
profit from share trading –
(DIRECT TAXES)
clarify the treatment of profit from share trading in intraday, FO, and delivery based trading. Is any of these profit will fall under speculation? BY: nagappan.sm No answers yet View Answers | Post Answers |
