Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 12965 |
Jul. 11 2011 |
Rural Agriculcural land - Definition Notification ? –
(Capital Gains)
As per section 2(14), Capital Asset does NOT include agricultural land NOT being land situated in — (a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year or (b) in any area within such distance, not being more than 8 kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette. The Central Govt for this purpose issued the Notification no.9447 dated 6th Jan 1994, which gives a list of municipalities and towns. My querry is : 1.Is govt has issued any latest Notification in this regard or still the abovementioned notification is in force ? 2.Are all other agricultural lands which are NOT situated in the towns or area specified in the abovementioned notification should be treated as Rural Agri land and hence are NOT CAPITAL ASSETS ? BY: CA Yashwant Jaywant Kasar No answers yet View Answers | Post Answers |
| 12966 |
Jul. 11 2011 |
Purchases in VAT return –
(VAT/Sales Tax)
MY self working in a bank now our bank has started sale of Gold coin in such case bank imports coins on the consignment basis and the deal may be done after the receipt of consignment, Branches sale the coins and collect VAT but at the same time the purchase deal maynot have been finalised and if this is the position in the month end what to be shown as purchase in the VAT return (this is a situation where we have sold before purchasing) BY: Sameer Kashikar No answers yet View Answers | Post Answers |
| 12967 |
Jul. 11 2011 |
Deemed Dividend 2(22) (e) –
(DIRECT TAXES)
Q . If X Pvt Ltd Company has given loan to AB Sons (HUF) and one of the Member of AB SONS ( HUF ) is also having the voting right more than 10 in the X Pvt Ltd and AB SONS ( HUF ) is having Six Coparcener in that case what will be taken for substantial interest in HUF of the Member and in that case deemed dividend us 2(22) (e) will be applicable or not . BY: GOPAL KUMAR AGRAWAL No answers yet View Answers | Post Answers |
| 12964 |
Jul. 10 2011 |
deduction under chapter VI C –
(DIRECT TAXES)
In presumptive system of income @ 8, whether deduction under chapter VI A can be claimed BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 12963 |
Jul. 09 2011 |
TDS on non govt. telephone bill? –
(DIRECT TAXES)
Whether TDS is to be deducted on telephone bills of non govt. organisation? BY: CA Kedar Kejriwal No answers yet View Answers | Post Answers |
| 12962 |
Jul. 08 2011 |
TCS CERTIFICATE FORM 27D –
(DIRECT TAXES)
Pls refer CIRCULAR NO. 03 2011 regarding issuance of TDS Certificates in Form No. 16A downloaded from TIN Website I would like to know that this applicable also on TCS (TCS CERTIFICATE FORM 27D). Pls quote circular no if any. BY: CA.YOGESH DHIMAN No answers yet View Answers | Post Answers |
| 12961 |
Jul. 07 2011 |
cash gift etc –
(DIRECT TAXES)
An agriculturist father giving cash gift of Rs 5 Lacs to his father, whether ITO can object? Further can a professional E file ITR of his clients under his own digital signatures Please advise BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 12958 |
Jul. 06 2011 |
ABATMENT CLAIMING FOR CONTRACTOR UNDER SERVICE TAX –
(Service Tax)
CONTRACTOR UNDER SERVICE TAX HAS NOT OPTED FOR COMPOSIITON SCHEME. HE DOES NOT HAVE FULL RECORDS FOR VALUE OF THE MATERIALS CONSUMED IN THE WORKS. WHETHER HE CAN OPT FOR ABATEMENT SCHEME UNDER SERVICE TAX ACT AND IF SO, WHAT IS THE PERCENTAGE OF DEDUCTION AVAILABLE..? BY: CA. GOPALAKRISHNA P No answers yet View Answers | Post Answers |
| 12959 |
Jul. 06 2011 |
auidt us 44ab –
(DIRECT TAXES)
Respecteds Let some one has gross turnover Rs. 40 Lac and show profit Rs. 3.00 Lac. Whether he is also required to get file his return with digital signature. And whether such audit be covered under 44AB or 44AD. And whether it be counted for calculating limit for CAS to 45 or not. PLEASE ANSWER BY: CA. NAVNEET K. GARG No answers yet View Answers | Post Answers |
| 12960 |
Jul. 06 2011 |
GRANTING OF LOAN BY OCI TO HIS FATHER AND MOTHER –
(DIRECT TAXES)
KIND ATTN. SIR AN OVERSEAS CITIZEN OF INDIA HAVING A PROPERTY IN INDIA CONSTRUCTS BUILDING ALONGWITH HIS FATHER AND MOTHER AS CO-OWNERS OF LAND. FUNDS ARE PROVIDED BY THE OCI AND CO-SHARE RELATING TO FATHER AND MOTHERS CONSTRUCTION COSTS ARE TREATED AS LOAN TO FATHER AND MOTHER. LATER ON FATHER AND MOTHER WILL REPAY THE LOAN TO THEIR SON BASED ON THE RENTAL INCOME FROM THE BUILDING.KINDLY CLARIFY THE IMPACT UNDER INCOME TAX ACT AND WHEHTER THERE IS ANY PROBLEM IN THIS ARRANGEMENT MAY BE CLARIFIED. WITH REGARDS CA.P.SHANGAR BY: P.SHANGAR No answers yet View Answers | Post Answers |
| 12955 |
Jul. 05 2011 |
Loaded Ground Rent Charged by Gateway Distriparks ltd is subject to TDS –
(TDS/TCS)
Which Section of TDS is applicable on Loaded Ground Rent either 194I of 194C BY: Navneet Kumar No answers yet View Answers | Post Answers |
| 12956 |
Jul. 05 2011 |
Which ITR for Trust –
(DIRECT TAXES)
Mr.X expired leaving behind a will making his only daughter a beneficiary. During 2010-11, interest income has accrued from the trust property. Should the trust file its return of income in ITR 1? If not, what other ITR should be used? BY: balasubramanian No answers yet View Answers | Post Answers |
| 12957 |
Jul. 05 2011 |
GIFT –
(DIRECT TAXES)
Query. Husband gifts his land to the wife. Wife constructs a building on the said site out of her own funds. The property is let out. How much of the rental income is liable to be included in husband’s income Us 64. Let us assume the monthly rental to be Rs. 20,000. C.P.Ethriajan.. BY: Ethirajan No answers yet View Answers | Post Answers |
| 12954 |
Jul. 04 2011 |
Service tax on associations –
(Service Tax)
Can a residents welfare association rely on the concept of doctrine of mutuality and hold the view that association is not liable to tax on collections from members? Would this be a safe view if we were to go by legislative intent? BY: SRIKANTH No answers yet View Answers | Post Answers |
| 12951 |
Jul. 02 2011 |
taxation-free supply of silver coins –
(VAT/Sales Tax)
dear sirs my client wants to give free silver coins on sale of gold jewelery. is it possible in Kerala value added tax act. if it is possible what is the procedure should be followed under kerala value added tax act BY: JOSHY K G No answers yet View Answers | Post Answers |
| 12952 |
Jul. 02 2011 |
Retirement and introduction of partner by executing single deed –
(CORPORATE & OTHER LAWS)
A partnership firm having two partners only. is it possible to retire one partner and admit another partner by executing single amendment deed? is it required to draw accounts on such date to determine amount payable to retiring partner? BY: SUNIL KUMAR JAIN No answers yet View Answers | Post Answers |
| 12942 |
Jul. 01 2011 |
CA DAY –
(IMPORTANT NEWS)
WHY THE MEMBER IN INDUSTRY CANT GIVE HIS FULL EFFORTS TOWARDS OUR INSTITUTE?? CHARTERED ACCOUNTANTS IS A NOBLE PROFESSION AND WE ARE THE LAW ABIDING CITIZEN SO PLEASE REPUTE THIS PROFESSION BY: Ashish Agrawal No answers yet View Answers | Post Answers |
| 12943 |
Jul. 01 2011 |
Finance to Creditors directly by bank against receivables –
(MISC.)
The query is relating to a limited company engaged in manufacturing of spices. For ensuring bulk purchases of raw material, the bank has financed WC to supplier of raw material. Facts of the case as per Sanction Letter of loan - 1. The nature of finance is “Finance to Agri Intermediaries against receivables from agents” 2. Agri intermediary in present case is supplier of raw material and agent is said limited company 3. Borrower name in sanction letter is that of supplier of raw material 4. The loan will be disbursed directly to supplier 5. Primary security is receivables of company 6. The loan will be repaid by Company along with interest directly 7. The company has to offered corporate guarantee of loan. My Query is 1. Whether the above loan will appear in the financial statements of the company, as primary liability of repayment is that of said limited company. 2. Whether interest paid will be allowed as expenditure for income tax purpose as the same is paid limited company. BY: ANANT P. KUMAT No answers yet View Answers | Post Answers |
| 12944 |
Jul. 01 2011 |
ILLEGAL REMOVAL OF AUDITOR –
(COUNCIL DECISION)
SIR, WE HAVE BRIEF THE FACTS THAT BEING A AUDITOR OF STATE GOVERNMENT AIDED ENGINEERING COLLEGE ( AUTONOMOUS BODY ) WE HAVE AUDITED THE FINANCIAL STATEMENT UPTO F.Y:2008-09 AND GIVEN LETTER FOR AUDIT FEES INCREMENT TO DIRECTOR FOR F.Y:2009-10 AND THE DIRECTOR HAD PUT THE MATTER IN FINANCE MEETING AND SAME HAS BEEN APPROVED IN THE MEETING. IN THE MEANTIME SAID DIRECTOR HAS CHANGED AND THE NEW DIRECTOR HAS APPOINTED AND WE HAVE GIVEN HIM NINE REMINDERS TO ISSUE US APPOINTMENT LETTER FOR F.Y2009-10 BUT HE HAS NEITHER GIVEN ANY REPLY TILL DATE AND APPOINTED A NEW AUDITOR IN CURRENT FINANCE MEETING AFTER TWO YEARS WITHOUT TAKING ANY COGNIZANCE ABOUT THE MEETING IN WHICH OUR APPOINTMENT AND FEE INCREMENT HAS ALREADY APPROVED AND ALSO NOT GIVING ANY LEGITIMATE REASON FOR REMOVAL.OUR QUERY IS WHETHER SUCH APPOINTMENT OF NEW AUDITOR IS VALID. NOTE : WE HAVE RECEIVED AUDIT FEES UPTO F.Y:2008-09 BY: NAWAL KISHORE GUPTA No answers yet View Answers | Post Answers |
| 12946 |
Jul. 01 2011 |
cenvat credit of service tax paid on reverse chagre on GTA –
(INDIRECT TAXES)
Dear Seniors N friends ,i want to know whether service tax paid under reverse charge liability on GTA is eligible for cenvat credit? Is any recent notification available in this regard.if yes please provide. BY: mithilesh kumar No answers yet View Answers | Post Answers |
