Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 12784 |
Apr. 27 2011 |
PENALTY US 271(1)(C) –
(DIRECT TAXES)
AO has issued notice us 271(1)(c) on the basis of his assessment order us 143(3) disallowing certain expending treating as of personnel nature. Please give case laws stating that this addition is on adhoc basis and there was no concealment of income supression of facts. BY: dinesh singhal No answers yet View Answers | Post Answers |
| 12674 |
Mar. 21 2011 |
Treatment of Gain on sale of Fuel –
(AUDIT)
A steel company used Fuel as raw material. During the year company has sold 2-3 ships of fuel and recognised gain from the same. the expected treatemnt are as follow : 1. To show as other income 2. to reduce from fuel cost BY: tarun Kumar nawal No answers yet View Answers | Post Answers |
| 12600 |
Feb. 27 2011 |
Reopening S.148147 –
(DIRECT TAXES)
Can any expert comment if the reopening can be done abruptly after S.143(1)(a)order where there is refund emanating and the AO forms belief that income escaped assessment due to wrong claim of deduction under S.10 read with proviso?Can this be a regular assessment for the purposes of S.143 read with S.147? BY: vijay kumar kalia No answers yet View Answers | Post Answers |
| 12602 |
Feb. 27 2011 |
Filing of Return of Income of HUF in Kerala –
(DIRECT TAXES)
An individual assessee is the Karta of his HUF consisting of five members. In September 2010 the individual and his family shifted their residence from Mumbai to Kochi. The Karta got changes made in the PAN Card of the HUF regarding change of address. Recently, he was informed that all the existing HUFs were abolished by the HUF Abolition Act, 1976 in the state of Kerala. Please advice on - 1) Whether the HUF can pay tax and file its Return of Income for Asst.Yr. 2011-2012 in Kochi ?2) If not, how the Income of the HUF for Asst.Yr.2011-2012 will be assessed to tax and the treatment of Assets of the HUF which consist of moveable Assets only. BY: Sudeep B. Sarwate No answers yet View Answers | Post Answers |
| 12584 |
Feb. 21 2011 |
Deduction us 24 - Interest on borrowed capital (Property is in the name of wife)? –
(Income From House-Property)
Housing Loan is in the name of Mr A whereas a built House was pruchased in the name of wife of Mr A. Please advice whether Mr A can get any tax benefit us 24 orand 80C. Any other way out in this regard? BY: Hardeep Saini No answers yet View Answers | Post Answers |
| 12576 |
Feb. 19 2011 |
Classification –
(Service Tax)
A Company involved in the business of project financing financial consultancy will be taxable under which service, Business Auxiliary Service or Banking and other Financial Services.? BY: UNNAT PARGHI No answers yet View Answers | Post Answers |
| 12568 |
Feb. 18 2011 |
Introduction of Capital Asset as a contribution in firm by partner Vs Section 35AD –
(DIRECT TAXES)
While claiming deduction under section 35AD in case of Partnership firm please clarify the following - A partner has contributed to firm by way of capital contribution incomplete Building which is partially completed and firm later on started constuction of 2-Star hotel on said building. Please clarify whether value of incomplete Building contributed by partner to firm will be allowed as deduction or only portion of development cost incurred by firm will be allowed as deduction? Please also clarify whether furniture and plant machinery contributed as capital contribution to firm by partner will be allowed as deduction us 35AD? BY: CA. BAIDMUTHA RAHUL NARESH No answers yet View Answers | Post Answers |
| 12571 |
Feb. 18 2011 |
TDS on payment of Ocean Freight to Resident party –
(TDS/TCS)
Our client who import goods from foreign country and make payment of Ocean FREIGHT to Resident party, whether Income Tax at Source should be deducted? If the party give PAN then Tds is to be deducted or not as per provisions of Section 194C being it is carriage of goods? BY: SANJAY EKNATH SONI No answers yet View Answers | Post Answers |
| 12555 |
Feb. 15 2011 |
Capital Assets introduced in Firm what will be taxable value –
(DIRECT TAXES)
SIr, If a capital assets is introduced in a firm, then as per provision 45(3) then the amount recorded in the books of accounts of the firm shall be deemed to be the full value of the consideration received or accuring as a result of the transfer of the capital. If the partner transfer at cost only, then the amount recorded in books will be treated as consideration received. Nowe section 50 C ( w.e.f 01.04.2003) says that where the consideration recieved or accruing as result of the transfer being land or building is less than the value adopted or assessed or assessable by any authority of State Govt , i.,e. stamp valuation then for the purpose purpose of section 48 the value determined for stamp duty purpose will be deemed to be the full value of consideration received or accruing as a result of such transer. The Questiion is, whether in cases covered under section 45(3) also the deeming provison of section 50C will be applicable. Is any case law. Second : If after certain period the partner how introduced the property is retired taking his capital balance only and the capital assests introuduced by him in the firm remined in the firm with the remaining partners, will it will be treated as transfer of capital assets by the firm as per section 45(4) transfer on dissolution of the firm or otherwise. Here the otherwise can be treated for transfer purpose. Is any case law Thanks BY: rkdhandia No answers yet View Answers | Post Answers |
| 12529 |
Feb. 10 2011 |
NRI taxation –
(DIRECT TAXES)
Hi, My client is residing in london , He is earnings thereat pay tax thereat . After that he sends all the money to his home in india . whether tax is applicable to him in india . whether he is required to keep the proof of payment of tax thereat . what precaustions to be taken to avoid tax problems in india . BY: Parag Pravinbhai Patel No answers yet View Answers | Post Answers |
| 12518 |
Feb. 05 2011 |
Tax implication on conversion of Inventory to Capital asset –
(DIRECT TAXES)
What will be the tax implication if the assessee coverts its Inventory lying in books to Capital asset. The assessee is in the business of Real Estate for developing the projects on the land owned by it. For one of the land which stands as inventory, the assessee wishes to start constructing hotel and thereby wish to convert it capital asset. Pls guide on the tax treatment on conversion. As law is silent on this, pls let us know the ruling applicable to present case and hold good to apply. BY: SACHIN NAGARMAL GUPTA No answers yet View Answers | Post Answers |
| 12472 |
Jan. 27 2011 |
Disqualification of Auditor –
(CORPORATE & OTHER LAWS)
I am the Statutory auditor of one of my client s private company where in my wife is planing to hold the shares .clarify whether i may be disqualified for the appointment as staturoy auditor . whehter i may be called to have indirect interst in the company Thanks BY: Parag Pravinbhai Patel No answers yet View Answers | Post Answers |
| 12471 |
Jan. 25 2011 |
Taxation of ELSS and ULIPS. –
(DIRECT TAXES)
Please advice on the treatment from income tax point of view on investment, accumulation and maturity or redemption of units under Equity Linked Saving Schemes and Unit Linked Insurance Plans. Which is more favourable to the individual investor? BY: sudeep b. sarwate No answers yet View Answers | Post Answers |
| 12416 |
Jan. 14 2011 |
Availment of service tax on mediclaim policy in favour of the employees –
(Service Tax)
We have taken a comprehensive policy to cover the medical expenditure of our employees under Mediclaim. The premium is paid including service tax. We have an agreement with the employee union that the Company will pay a fixed amount per employee per month and the balance amount will be recoverable from the employees depending upon the premium paid in individual cases for self and dependents. In such an event, is it legal to take service tax credit for the total premium paid and avail the same against our despatches under "In or in relation to manufacture". If not, how to go about availment for the portion of the premium agreed to be borne by the Company. BY: G Sathyamurthy No answers yet View Answers | Post Answers |
| 12410 |
Jan. 12 2011 |
Revised Return –
(Service Tax)
Dear All, can we file the revised return after 90 days? Best Regard Praveen BY: CA. Praveen Gupta No answers yet View Answers | Post Answers |
| 12398 |
Jan. 11 2011 |
Service TAx on Salary Debit Note from Parent Company (Germany) –
(Service Tax)
Dear Sirs, We are a Indian Company (100 subsidiary of German Company). Expats are deputed in Indian Company from Germany and work only for Indian Company. They are paid as below: 1. Salaries are paid from German Company and Debit Note is raised on Indian Company on Quarterly Basis to reimburse the Salary Social Fund Employee Insurance paid in Germany. 2. Salary is also paid in India to Expat. This is to cover his Income Tax liability in India. Indian Company is not paying Service Tax on Debit Note received from German Company as the Debit Note is only reimbursement and there is no sharing of services or receipt of services in India from out side India. Please advise. Best Regards, CA Nachiket Vasantgadkar BY: Nachiket Vasantgadkar No answers yet View Answers | Post Answers |
| 12403 |
Jan. 11 2011 |
capacity of (ca karta) –
(COUNCIL DECISION)
Whether a CA in the capacity of karta of HUF can do business other then consultancy profession. BY: AJIT BANSAL No answers yet View Answers | Post Answers |
| 12384 |
Jan. 08 2011 |
tds on hire charges paid –
(INDIRECT TAXES)
A person who has a taxi services business (travel agency), has contracts with his clients for giving them vehicle at hire on monthly basis, but he received those vehicles from individuals on monthly basis without any contract and the expenses related to fuel, driver and maintenance are arranged by travel agency itself. Is travel agency liable to deduct tax at source from the payments made to individuals (from whom he hired the taxies on monthly basis without any contract)? BY: Chandra Prakash Agrawal No answers yet View Answers | Post Answers |
| 12382 |
Jan. 07 2011 |
Service tax –
(INDIRECT TAXES)
Are receipts collected by hotels from guests for use of swimming pool liable to service tax? If so under what category of taxable service. BY: rangarajan r No answers yet View Answers | Post Answers |
| 12370 |
Jan. 03 2011 |
tds on payment made to photographers –
(TDS/TCS)
payment made to photographers for clicking snaps making video recordings in functions business parties.. whether liable to tds? if yes, then in which section? BY: RAJAT BHATIA No answers yet View Answers | Post Answers |
