Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 12127 |
Oct. 05 2010 |
WHAT IS TURNOVER FOR VAT AUDIT AND IT. AUDIT –
(INDIRECT TAXES)
On of my client had turnover of 3967000.00 and vat collected 39670.00 totalling Rs. 4006670.00 . My question, wheather he is liable for Vat Audit ? wheather he is liable for I.T.Audit ? Please reply BY: Laxman Sundesha No answers yet View Answers | Post Answers |
| 12124 |
Oct. 04 2010 |
sec.54EC –
(DIRECT TAXES)
Dear CA.Mr.Dasarathan, Please refer Q.id.13377, my answer id.26313 and your ans. id.26329. See Assam Petroleum Industries (P) Ltd (2003) 262 ITR 587 (Gau). and also Ace Builders Pvt. Ltd, 71 TTJ 188 (Bom Trib). Though the building falls in block of asset and is a depreciable asset, if it held for more than 36 months then long term capital gains exemption can be claimed u.s.54EC BY: balasubramanian No answers yet View Answers | Post Answers |
| 12125 |
Oct. 04 2010 |
Commercial construction –
(Service Tax)
A person is developing a commercial complex. Developer enters in to agreement with ultimate buyers for sale of space and receives sale consideration in installments.Entire construction work is carried out by another contractor who is paying service tax. Developer is not doing any construction related work. Is the developer liable to service tax? BY: unnikrishnan nair n No answers yet View Answers | Post Answers |
| 12126 |
Oct. 04 2010 |
turnover computation inthe case of FO –
(OTHER BODIES)
Sir, my client regularly deals in shares -also in FO transactions.Asregards FO transactions, he records the amount finally settled as profitloss of transactions.Gross summation of such profit and loss does not exceed Rs40 lacs.Needless to add that the total of sale proceeds of such transaction may far excced Rs 40 lacs. kindly suggest me whether he is to file 44AB report, as the gross receiptsturnover crosses Rs 40lacs.In support of this argument ,I am to admit thatthe brokerage is on the gross sale(of course on purchase also)10DB indicates as turnover the sum of gross sale(of course purchase also).Penalty of Rs 1 lac will be levied, if he doesnt file audit report. Further he need not file return electronically,if the summation of net consideration alone is cosidered as his turnover. There is a distinct possibility of return filed as non-est to invite consequences of non-filing,if the depatment computes the the turnover as gross cosideration. I would therefore request you to suggest me the course of action to be taken preferably with supporting case laws,circularsC.A intitute notes and so on. As deadline for filing audit report is fast approaching,pl inform me early. BY: N.KANNAN No answers yet View Answers | Post Answers |
| 12122 |
Oct. 02 2010 |
Interest on Advance for Property –
(AUDIT)
A ltd entered in a joint development agreement with B Ltd.A per the agreement A ltd will provide a finance of Rs 30 Cores and B Ltd will develop a IT Park on a land owned by it.As a consideration B Ltd will give 30 of built-up area to A Ltd.It will take 2 years for B to complete the construction of the Park and only after the completion B will hand over the 30 area to A. The 30 Core was provided by A Ltd out of money borrowed from a Bank.How should be account the interest paid on 30 Cores till it receives the property. BY: Raju Poudel No answers yet View Answers | Post Answers |
| 12123 |
Oct. 02 2010 |
80 G recognition –
(DIRECT TAXES)
Dear Colleagues, A charitable trust has got recognition under Section 12A of the Income tax act. Is there any time limit for it to apply for a recognition under section 80G of the Income tax act? BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 12100 |
Sep. 25 2010 |
requirement of tax audit for partner –
(AUDIT)
A parter received the remunaration from Firm Rs. 50 LCas for the f. y year 2009-10, whether tax audit required for said partner BY: JITENDRA KUMAR RAJAWAT No answers yet View Answers | Post Answers |
| 12068 |
Aug. 11 2010 |
sec. 12 A –
(DIRECT TAXES)
Sir, A Society is Registered with the Registrar of Societies in 1997.Since, establishment, it is running a Degree College. The Society has taken Corpus Fund for construction of its Building. It is filing its ITR after getting is Accounts Audited. Audit Report us 10 B of the I. T. Act is also filed , claiming exemption of 85 . Now, the Society wants is Registration us 12A and us 80G of the Income tax Act. Brief facts as on 31.03.2010 are as follows: Rs. In Lacs Corpus Fund 50.61 Unsecured Loans 23.96 General Reserve 28.41 Land 26.32 Building Under Construction 34.99 Other Fixed Assets 14.90 Fee Receipts 68.00 Profit from College 33.44 Queries: 1. Whether it can apply for Registration us 12 A and 80G of the Act, what may be consequences for the past period?. 2. Kindly enlighten on provisions us 10(23C0(iiiad) of the Act. Its Receipts are less than Rs. 1 cr. 3. For getting exemption us 10(23C0(iiiad), whether its required to file any Forminformation with the department. BY: AJAY JAIN No answers yet View Answers | Post Answers |
| 12061 |
Jul. 09 2010 |
Interior decorator services Valuation of materials –
(Service Tax)
Dear Esteemed Colleagues, Have few queries regarding Interior decorator services- 1. Whether electrification work( being involving material labour) carried on by Mr. X who is an interior decorator( registered as such under service tax) comes under the purview of business auxiliary service or the same is exempt from chargeability of Service Tax or does it come under ? 2. Since there is no specific mention about abatement for value of materials in the chapter Services of a interior decorator how the above service is to be valued in case of composite contracts involving material Labour? Is the notification No.122003 only recourse in such cases? 3. Whether the provider of service will be called a pure agent if he procures material on behalf of his customer in such composite contracts? 4. In relation to the above if the service provider has maintained a proper bifurcation between material and labour, whether the gross profits could be apportioned between the two for the valuation of services? 5. What is the recourse for an Interior decorator who has not maintained proper records of material and Labour in his books? BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 12055 |
Jun. 14 2010 |
DTAA-UK –
(DIRECT TAXES)
Say I am a rent ordary rent of dia. I have stayed the Uk for 4-5 months. What shall be my taxability status the followg comes : 1. ter on any savgs the UK. I] ter - 1. ter arisg a Contractg State and paid to a rent of the other Contractg State may be taxed that other State. 2. However, such ter may also be taxed the Contractg State which it arises and accordgly to the w of that State, provided that where the rent of the other Contractg State is the beneficial owner of the ter the tax so charged shall not exceed 15 per cent of the gross amount of the ter. 5. The term “ter” as used this Article means come from debt-cims of every kd, whether or not secured by mortgage and whether or not carryg a right to participate the debtor’s profits, and particur, come from Government securities and come from bonds or debentures, cludg premiums and prizes attachg to such securities, bonds or debentures but, subject to the provisions of paragraph 9 of this Article, shall not clude any item which is treated as a distribution under the provisions of Article 11 (Dividends) of this Convention. 10. The relief from tax provided for paragraph 2 of this Article shall not apply if the beneficial owner of the ter : (a) is exempt from tax on such come the Contractg State of which he is a rent and (b) sells or makes a contract to sell the holdg from which such ter is derived with three months of the date such beneficial owner acquired such holdg. 11. The provisions of this Article shall not apply if it was the ma purpose or one of the ma purposes of any person concerned with the creation or assignment of the debt-cim respect of which the ter is paid to take advantage of this Article by means of that creation or assignment. BY: CA. JOISHER MEERA RAJESH No answers yet View Answers | Post Answers |
| 11973 |
Apr. 21 2010 |
Acquisition –
(CORPORATE & OTHER LAWS)
Wrong Posting BY: balasubramanian No answers yet View Answers | Post Answers |
| 11911 |
Apr. 16 2010 |
entitlement of cevat credit and carrying forward thereof –
(Service Tax)
Dear friends, I want to know whether the assessee is entitle to avail credit of service tax paid on put service if 1. he is registered under service tax net. 2. he has not started his ma busess i.e. providg out put service 3. he is pnng to start the ma busess Please let me know whether the assessee the can carry forward such put service credit without havg registration number. ' BY: RAVI KUMAR No answers yet View Answers | Post Answers |
| 11912 |
Apr. 16 2010 |
Allotment of share at a premium by P. ltd. Co. After 1-062010 –
(DIRECT TAXES)
Dear Team, Plz. crify whether a Pvt. Ltd co. can allot its share at at premium i.e. Rs, 10 face value share at a premium of Rs. -.( Book value Rs. 20-) only Plz. have a reference of amended Sec. 56(2) and new valuation rules dated 08042010. ' BY: SOMESH KUMAR AGARWAL No answers yet View Answers | Post Answers |
| 11908 |
Apr. 15 2010 |
Deferred Tax –
(DIRECT TAXES)
we(transferee) are mergg one company under ter poolg method as per as 14. the transferor company havg brought forwared es and cimg deferred tax asset. now we have to calcute the deferred tax asset or not required. if required please exp how to calcute the deferred tax? ' BY: RAMESH No answers yet View Answers | Post Answers |
| 11909 |
Apr. 15 2010 |
Aplicability on Hotel management services –
(Service Tax)
Whether Hotel Management services ( not advisory but the actual performamce of management function)are taxable and if yes, under which category ??? ' BY: Manoj Kumar Aggarwal No answers yet View Answers | Post Answers |
| 11902 |
Apr. 14 2010 |
NRI Taxation –
(DIRECT TAXES)
Scenario 1: Source of work - UK hospital voicg company is dia worker - Canada Bank account to which money is directly paid - dia I actually work from Canada, send the voice for the work done through the company dia and they pay directly to my bank account dia pounds, how much tax would I be payg the dian Gov. Scenario 2: Source of work - UK hospital voice send from Canada worker - Canada Bank account to which money is directly paid - dia If I do the work from Canada, send them the voice from Canada and get them to pay directly to my bank account dia, how much tax would I be payg the dian Gov. (if at all I need to pay them) Scenario 3: Source of work - UK hospital voicg company is dia worker - dia Bank account to which money is directly paid - dia If I do the work from dia, send them the voice from dia, money gets paid directly to my bank account dia, how much tax would I be payg the dian Gov. ' BY: CA. SUDHAKAR REDDY GADDAM No answers yet View Answers | Post Answers |
| 11903 |
Apr. 14 2010 |
service tax on rent of property –
(Service Tax)
should have collected the service tax on receiv ed of rent on property as per the budget,2010 proposal any notificatiocircur are there by the department. ' BY: VIKAS GARG No answers yet View Answers | Post Answers |
| 11904 |
Apr. 14 2010 |
common effluent treatment plant providing Services to Member Industry for discharging their industri –
(Service Tax)
common effluent treatment pnt providg Services to Member dustry for dischargg their dustrial effluent for followg norms of pollution control board. as company is providg service for environmental protection .wheter this service is exempt from service tax specifically our otherwise. please guide me if cover under any other service ' BY: satyanarayan laddha No answers yet View Answers | Post Answers |
| 11905 |
Apr. 14 2010 |
Which rate to consider to realign Deferred Tax AssetsLiabilities as on 31st March 2010 –
(DIRECT TAXES)
A Company is gog to close its accounts by 20th April 2010. As the Fance Bill 2010 has not yet been passed but it has proposed a reduction of sur-charge on corporate come tax by 2.5, which rate of surcharge ( either 10 or 7.5) the company should conr to realigh its deffered tax assetsliabilities as on 31.03.2010 pendg passg of Fance Bill 2010. ' BY: NIRDOSH KUMAR No answers yet View Answers | Post Answers |
| 11906 |
Apr. 14 2010 |
FDI –
(CORPORATE & OTHER LAWS)
Can a Company wilth 100 FDI, engage itself to importg educational rial ( a pack contag the books CDs)and sellg to schools numbers equivalent to the no. of students the css ( one Pack per student)for a price per pack ?? Please crify ' BY: Manoj Kumar Aggarwal No answers yet View Answers | Post Answers |
