Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 13227 |
Oct. 08 2011 |
filing of audit reports –
(DIRECT TAXES)
Pls. clarify that under the new system of E Filing whether ie is necessary to file audit report before 30th sept.towards the IT department. if ones file its ROI after the due date. BY: mcjain No answers yet View Answers | Post Answers |
| 13199 |
Sep. 26 2011 |
TDS in special cases –
(TDS/TCS)
I am a distributer of a moile company.The company has paid commission to retailers directly by trasfering the amount to my retailers in form of virtual recharge in turn company has deducted TDS on our account showing debitcredit entries to our account. Please suggest me that shall i omit those enteries in my books and not claim TDS on these entries(as those are not part of my income and neither i have transfered any amt to retailers it is the company who transfers the amount). If i incoporate those entries in my books, i will stand liable(will i be liable) for deducting TDS on those which is not possible for me to deduct as i am unaware of amount that is being transfered to the retailers and i play no role in tranfering the amount. Please suggest me the correct accounting treatment for the same. BY: Manu Kohli No answers yet View Answers | Post Answers |
| 13177 |
Sep. 19 2011 |
Trust –
(MISC.)
Mr. A has own one building which he has shown in his balance sheet not claimed any depreciation till date. Mr. A is also trustee of one of the trust he has given that building to trust to run hospital without any consideration. Now that trust has done renovation of hospital incurred capital expenditure of Rs 30 lacs appro.from its own corpus fund. Now my question is where should I capitalize these expenses? in the books of trustee or in the books of trust. In the books of trust there are no assets like land Building. In Trust, I utilized this money from fund which I have kept set apart for Future. BY: Dipti N. Gosar No answers yet View Answers | Post Answers |
| 13171 |
Sep. 17 2011 |
signing of audit reports –
(AUDIT)
A firm is having two partners A B . B is prop of his firm also. my query is whether B can sign all the 90 audit reports on behalf of the partnershipfirm and prop.ship firm.us 44AB. BY: mcjain No answers yet View Answers | Post Answers |
| 13115 |
Aug. 30 2011 |
CAPITAL GAIN ON TRANSFER OF SHARES OF INDIAN COMPANY HELD BY FOREIGN COMPANY –
(DIRECT TAXES)
35 shares of Indian Private Limited Company have been held by a foreign company in UK since 1996.Now that foreign company like to transfer that shares to another foreign company in UK.Whether any tax liability arises in India due this transfer. BY: CA. BIJUMON A No answers yet View Answers | Post Answers |
| 13106 |
Aug. 26 2011 |
Regisration of Firms-Liabilty of retired partners –
(CORPORATE & OTHER LAWS)
The details of incomingoutgoing directors not d in form V with Registrar of Firms. *Form V is requested for by the present Managing partner to the retired partners (retired 15 years back). *An indemnity bond is issued by the managing partner in favour of erswhile partners . *What is the exposure by signing Form V individually collectively with all partners from inception.? *Is the affidavit required to be registered in the registered office.? *What are the documents required to be obtained from the point of view of retired partner. *I have suggested -Amended copy of Regn certificate after filing the Form V . *latest tax return ABS. *declaration from bankers as to their current partners. *How to ensure the present managing partner is authorised to issue such affidavit *Get a legal opinion ? BY: S.Balasubramanian. No answers yet View Answers | Post Answers |
| 13107 |
Aug. 26 2011 |
Tax Audit fees to be charged from Cooperative societie –
(AUDIT)
I have received few Tax audits of ccoerative societies.However appointment letter is silent abour Audit fees. I would like to have idea from other CA firms doing the same as minimum charges prescribed by ICAI are not acceptable to these Societies BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 13058 |
Aug. 13 2011 |
i) WHETHER TDS IS REQUIRED TO BE DEDUCTED ON THE RENT TO BE PAID TO A NON RESIDENT FOREIGN COMPANY –
(DIRECT TAXES)
i) A Private LTD. company registered in India ( Let company A) has done contract with a NON RESIDENT company in U.S.A (Let company B) to provide a machinery to a NON RESIDENT company in Kenya (Let company C). Company ‘C’ in Kenya is paying the charges for the rent to company ‘A’ in India and Company ‘A’ is paying rental charges to company B in U.S.A. So Whether Company ‘A’ i.e Indian concern is required to deduct tax at source while paying rent to Company B in U.S.A. Secondly Company ‘A’ in India is also providing services to the above mentioned Company ‘B’ in U.S.A. Services includes Processing of data and returns. ii) The other question is Let Company ‘A’ is charging $10000 from company B and company B is charging rent $ 6000 for the machinery Provided to the company in Kenya. So IF company B in U.S.A pay to company A in India,for processing work, the balance amount i.e $4000 after adjustment of Rent then is there is any requirement to file form 15CB to the income tax department as there is no actual remittance outside india. BY: SUBHASH CHAND GOEL No answers yet View Answers | Post Answers |
| 12992 |
Jul. 20 2011 |
Unlimited Liability Clause in contracts –
(MISC.)
Currently many corporate want an unlimited liability clause in contracts especially in case of IPR, software etc. As Vendor want to understand that how the risk of unlimited liability be minimized or mitigated by structuring such clause? BY: Manpreet Singh Anand No answers yet View Answers | Post Answers |
| 12983 |
Jul. 17 2011 |
Audit usec 44AD –
(AUDIT)
I understand that asessees covered under Sec 44AD audit (np below 8) cases are neither required to deduct TDS nor file TDS returns. Further they can file their returns without digital signatures. Am I correct BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 12981 |
Jul. 16 2011 |
treatment of partners remuneration in pre-operative period –
(DIRECT TAXES)
My client is a builder and has started developing a land which has not been transferred in name of my client. At the same time he has started booking the plots in name of prospective buyers. Since the land has not been transferred in its name, it can not exeute a sale deed in favour of buyers and in result there can not be any turnover till that time and there can not be any question of profit or loss. But in meanwhile the partner of my client firm are drawing their remuneration. Please let me know the treatment of this remuneration for accounting and income tax purpose. ( p.s. I have advised for capitalization of all expenses till the land gets ready for sale) BY: VINAY KUMAR GOYAL No answers yet View Answers | Post Answers |
| 12982 |
Jul. 16 2011 |
Which ITR –
(DIRECT TAXES)
Hi, In case of capital gain(other than exempted gains), ITR 4S i.e.sugam cannt be used.If assessee is having turnover less than Rs. 60L and also STCG. He is declaring profit more than 8, then he has to use ITR 4 only, but my doubt is whether he has to get 44AB report as he is not using ITR 4S? BY: Mahendra Kumar Bagrecha No answers yet View Answers | Post Answers |
| 12977 |
Jul. 15 2011 |
Whether Section 50C is applicable for Computing Short Term Capital Gains. –
(DIRECT TAXES)
Whether Section 50C is applicable for Computing Short Term Capital Gains also? Assessee acquired a shop 1.5 year back at 10 Lacs which he is selling at 15 lakhs now. At the time when shop was bought by assessee circle rate for stamp duty valuation was 12 lakhs but these valuation rates are now revised at 30 Lakhs for the shop. Please clarify whehter Section 50C will be applicable consideration computing for Short Term Capital Gains will be considered as 15 Lakhs or 30 Lakhs? BY: CA. BAIDMUTHA RAHUL NARESH No answers yet View Answers | Post Answers |
| 12979 |
Jul. 15 2011 |
lawn provided by hotel for marriage –
(Service Tax)
Whether the lawn ( open land attached with the hotel) attached with a Hotel, given for marriage or other social function is liable for sevice tax. If yes , under which category. Please let me know the exemption, abatement available,if any. BY: VINAY KUMAR GOYAL No answers yet View Answers | Post Answers |
| 12971 |
Jul. 14 2011 |
Digitaly signing of Income tax returns by asesses –
(DIRECT TAXES)
Will a professional have to obtain power of attorney to file digitally signed returns on behalf of his clients just like in scrutiny cases where a stamp of rs 2- is affixed BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 12974 |
Jul. 14 2011 |
DVAT CIRCULAR 782011 –
(INDIRECT TAXES)
WAT DOES DVAT CIRCULAR 782011 EXPLAIN. BY: chandni No answers yet View Answers | Post Answers |
| 12975 |
Jul. 14 2011 |
AIR Annual Information Return –
(DIRECT TAXES)
Wheather AIR Return, is applicable for Urban Cooperative credit society (carrying on banking activities) registered under cooperative society act. BY: CHILLAL YOGESH MADHAV No answers yet View Answers | Post Answers |
| 12969 |
Jul. 13 2011 |
Gifts from Mother-in-LawFather-in-Law after Engagement but before Marriage. –
(DIRECT TAXES)
1). Please clarify whether Gifts can be received from Mother-in-LawFather-in-Law after Engagement but before the date of sons Marriage, will it attract Tax ?? 2). Please also inform whether Gift can be received by wife from Husbands brother i.e Dever or Jeth ?? Please quote any case laws in possible. Thank You. BY: CA. BAIDMUTHA RAHUL NARESH No answers yet View Answers | Post Answers |
| 12970 |
Jul. 13 2011 |
Use of Own Digital Signature by professional on behalf of Clients to E-file ITR –
(DIRECT TAXES)
Can a professional E-file ITR of his clients under his own digital signatures Please advise? BY: CA. BAIDMUTHA RAHUL NARESH No answers yet View Answers | Post Answers |
| 12968 |
Jul. 12 2011 |
Income limits for assigning cases to Deputy Commissioners Assistant Commissioners ITOs - Instructi –
(DIRECT TAXES)
Some time back, by instruction notification for scrutiny cases of Income Tax :" Income limits for assigning cases to Deputy Commissioners Assistant Commissioners ITOs - Instructions reg. " was released by I.T. Deptt. Let us know the limits fixed for Metro Non Metro cities for such assignments of cases for scrutiny to various levels. Regards! CA Laxmi Mittal BY: LAXMI MITTAL No answers yet View Answers | Post Answers |
