Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 9366 |
Aug. 29 2008 |
Termination due to medical problem –
(DIRECT TAXES)
one employee is terd by the company due to medical problem. Now the company is payg a lumsum amount as per the policy of the co. what will be tax treatment? ' BY: CA Ranjeet Kumar Jha No answers yet View Answers | Post Answers |
| 9365 |
Aug. 28 2008 |
Exemption U/s. 10B –
(DIRECT TAXES)
XYZ is an 100% EOU. It exports goods manufactured by it durg the fancial year 2008-09. XYZ limited also sell goods to ABC Limited, a 100% EOU and receives conration foreign currency durg the fancial year 2008-09. Can XYZ limited treat sell to ABC limited as export turnover for the purpose of Section 10B and get deduction u,s. 10B. Is there any judgement on this matter. Pls cite that also. ' BY: CHINTAN JAYPRAKASH VAJANI No answers yet View Answers | Post Answers |
| 9362 |
Aug. 27 2008 |
TDS REFUND –
(TDS/TCS)
a pvt. ltd. co. has wrongfully deducted tds u,s 194j the name of one of its director and issued form 16a to him. the tds is also paid to govt a,c the name of the dir. can it be cimed as refund, if yes pls let me know the procedure. ' BY: Amit Kumar Agarwala No answers yet View Answers | Post Answers |
| 9363 |
Aug. 27 2008 |
Applicability of The Bombay Shop & Establishment Act to C.A's –
(CORPORATE & OTHER LAWS)
As everybody knows BMC & MNS given some deadle for puttg up name boards Marathi citg provisions of The Bombay Shop & ablishment Act. As per my knowledge there is Bombay High Court Decision regardg non applicability of the same to Chartered Accountants. I just wanted to know on an uggent basis regardg the applicability of the same to us. Shall we required to comply with the same. ' BY: SHRINIVAS SATYANARAYANA KOTA No answers yet View Answers | Post Answers |
| 9354 |
Aug. 26 2008 |
Sale of Residential House –
(Capital Gains)
One of My client is havg a 4000 sq.ft rential House property. He has sold 1 sq.ft out of it. With the sale proceeds he has demolished and newly constructed the remag 2 sq.ft. Can he cim exemption u,s 54 on the ground that he has constructed a new rential house? ' BY: Bala No answers yet View Answers | Post Answers |
| 9355 |
Aug. 26 2008 |
Exemption U/s. 10B –
(DIRECT TAXES)
XYZ ltd is 100% EOU. It exports manufactured goods and receives conration foreign currency. Durg the year 2008-09 XYZ Ltd. sold goods of Rs. XXX to ABC Ltd - 100% EOU. Can XYZ Ltd treat this sale as export turn over with the meang of cuse (iii) of Expnation 2 of section 10B. Is there any judgement on this? ' BY: CHINTAN JAYPRAKASH VAJANI No answers yet View Answers | Post Answers |
| 9352 |
Aug. 25 2008 |
tds on sponsorship –
(DIRECT TAXES)
A company wants to pay a sum of Rs.15 cs for sponsorg an exhibition. whether TDS is applicable. The company is gog to take a stall at the exhibition. The payment is for sponsorship ' BY: g.venkatesan No answers yet View Answers | Post Answers |
| 9343 |
Aug. 24 2008 |
KVAT - Input on Capital goods & reversal of inelgible input? –
(VAT/Sales Tax)
Dear All, Please sugg me with reference to the KVAT, 1) how to calcute eligible put tax u,s 17 respect of stock transfer out karnataka, export sales, deemed export? 2) Is it correct to take put on capital goods irrespective of the value of capital goods the month of purchase itself, stead of cimg 12 months? If so, please sugg under which notification it is allowed? Please sugg. Regards Srivasulut ' BY: Srinivasulu No answers yet View Answers | Post Answers |
| 9347 |
Aug. 24 2008 |
notice u/s143(2) –
(DIRECT TAXES)
one of my assess Sol prop filed the urn of come tax for the ass year 2006-07 on 31st Oct 2006.Notice u,s 143(2) received the office of the assesse sep 2007 and received by the employee of the assessee beg ill he was not able to attend the proceedgs. Unfortunately he died on 31st Oct 2007.Now a fresh notice received the month of June08,Aug 08 from Ao for proceedgs, on the both appoted date the AO was not avaible the meantime the case has been shifted to Jot commissioner and a fresh notice was is received for attendg the proceedgs givg the ref to the annexure as issued by the AO. what are the alternatives with us 1.can we can deny that the notice has not been received by the assesse before the time limit as fixed by sec 143(2) 2.Can we say that some of the formation’s are not with the legal hires of the assessee and books of accounts are not traceable what ever formation we have can produce and JCIT can Make some nomal additions on the basis of the previous assessments as the case was also assessed for st 3 years u,s 143(2). ' BY: ajay kumar No answers yet View Answers | Post Answers |
| 9349 |
Aug. 24 2008 |
Tax implication of gift received u/s 56(2)(vi) –
(DIRECT TAXES)
Gift received by Assessee from son of Mothers Brother. Is it taxable u,s 56(2)(vi). ' BY: SUNIL KUMAR KHANNA No answers yet View Answers | Post Answers |
| 9340 |
Aug. 23 2008 |
Practical aspects of audit –
(AUDIT)
What are the practical aspects of auditg ? What approach is to be followed audit? ' BY: Minal Pardeshi No answers yet View Answers | Post Answers |
| 9341 |
Aug. 23 2008 |
Insurance company audit –
(AUDIT)
A detail formation regardg how to conduct a audit of a surance company (General ) ,What are the key areas where an auditor should concentrate? ' BY: Minal Pardeshi No answers yet View Answers | Post Answers |
| 9333 |
Aug. 22 2008 |
Applicability of Import Duty, Excise duty & Service Tax on Sofwares –
(INDIRECT TAXES)
I wish to know the applicability of Import duty on importation of softwares to dia from abroad,apllicability of Excise duty on softwares manufactured dia and applicability of Service tax on services rendered dia g to softwares ' BY: Prabhat No answers yet View Answers | Post Answers |
| 9334 |
Aug. 22 2008 |
43 B Related query –
(DIRECT TAXES)
For Example durg the year I have raise sale bill of Rs 100 and total service tax bill Rs 12. Total collection agaist bill is made Rs 70 (before 30,09,2008)and Rs 8.4 service tax collected before 30,09,2008. Books of Account I prepared service tax Liabilty And Assets Account but at year end that is on 31,3,2008 I Credited Rs 12 service tax raise durg the year to profit & Account to show sales clusive of service tax for tax purpose (sales clusive of service tax i.e Rs 12) to nullfy the effect Iam debited to Rs 12(service tax) P&l account. My query is -What should be 43B treatment this case Ans -1)we are diallowed service tax 12-8.4 =3.6 computation of come - becaude liability created for Rs 12 and we have been paid Rs 8.4(non collection of service tax)but we have already Credited Rs 12 to P&L and debited Rs 12 to p&l on 31,3,2008. OR 2)We are not conred RS 3.4 for 43B purpose because our liabiltiy is not created (reason beg non collection of service tax before 30,09,2008)and there is no quion to apply 43b here . please let me know which is right conclusion . Regards, jayesh Hiwale ' BY: Jayesh Janardhan Hiwale No answers yet View Answers | Post Answers |
| 9336 |
Aug. 22 2008 |
Is filing form 23ACA compulsory for a new Pvt Ltd Company as it is yet to start its operations –
(CORPORATE & OTHER LAWS)
A private limited company is formed on 18th March 2008. It has not yet started operatg so there is no come and no expenses. But as per Form 23ACA P&L A,C is a mandatory attachment. Is it mandatory for a pvt ltd company to file Form 23ACA. If yes then how can we form a profit and account if there are no comes and expenses. ' BY: Chandra Prakash Agrawal No answers yet View Answers | Post Answers |
| 9337 |
Aug. 22 2008 |
Taxability of Interest recd. by Partnership Firm from partner –
(DIRECT TAXES)
Sir,What is the tax treatment of ter recd. by the partnership Firm from its partner for Debit bance of his Capital Account? Is it taxable the hands of firm as its busess come or under come from other sources or it is not taxable? Please guide as early as possible ' BY: Mahesh V.Jagatap No answers yet View Answers | Post Answers |
| 9325 |
Aug. 20 2008 |
Sectio 234B of IT Act –
(DIRECT TAXES)
As per Sec234B ,ter is to be paid where Advance tax paid is less than the 90% of assessed tax. Assessed tax=Tax determed less TDS deducted or collected . There was a recent judgement posted the pdicai site, Delhi ITI tribunal judgement. The tribunal held that while imatg current tax liability for the relevant fancial year the assessee shall take to cognisance the credit which might be avaible to it by way of tax deductible at source, as the word used while calcutg advance tax liability is ‘deductible’ and not ‘actually deducted’. Hence, the assessee was not required to pay advance tax to the extent of tax deductible at source and accordgly, will not be liable to pay ter under section 234-B for nonpayment of advance tax. HOW FAR THIS IS CORRECT. THE ACT SAYS TAX DEDUCTED OR COLLECTED AND NOT DEDUCTIBLE. ' BY: M.srinivasan No answers yet View Answers | Post Answers |
| 9328 |
Aug. 20 2008 |
Taking of Input credit. –
(INDIRECT TAXES)
The Company is a Trader and also engaged works Contract. 1.The Company is importg the rials and currg the Expenditure for clearg the rials.It outsourced the work and the party raises the bill and service tax. The company is sellg the rials. How to get cenvat credit of put servicesST ? 2 The company is also dog works contract.It is subject to Service tax. It curs put services which are common for both Tradg(Sales) and for works Contract.How to segregate and get the Cenvat crdit credit on each separately. 3 Is it possible for gettg cenvat credit on tradg items? how to get maximum benefit of put credit. ' BY: K NAGARAJAN No answers yet View Answers | Post Answers |
| 9321 |
Aug. 19 2008 |
Amendment in Himachal Pradesh VAT in May, 2007 –
(VAT/Sales Tax)
Accordg to sale tax dept, as per amendment may,07- put tax credit may be cimed respect of taxable sales made durg the tax period shall be- the amount of put tax paid or payable by such dealer on the turnover of purchases of such goods as have been sold by him durg the tax period. Hence no put tax credit on unsold stock is allowed to be set off. But if we read sec.11 as a whole then calcution of net put tax credit as per sub.sec.-13 is as follows: NET PUT TAX CREDIT = A+B-C WhereasA represent the amount of put tax credit which the dealer may be allowed under this sec. respect of taxable sales made by him durg the tax period. B represents outstandg put tax credit brought forward from the previous tax period and C represent reverse put tax credit. Accordg to me the whole put tax credit should be allowed agast the VAT payable which was the motive while constitutg this VAT w.If anyone is dealg with this practical problem Himachal Vat then please reply. ' BY: mayaarora No answers yet View Answers | Post Answers |
| 9322 |
Aug. 19 2008 |
Amalgamation –
(AUDIT)
Sugg me the accountg treatment followg case: Court has given its nod for amalgamation with effect from 31,03,2006 the year 2007-08, so the amalgamation will be on the basis of Fancial Statements of 31,03,2006. What about the transactions took pce 2006-07 and 2007-08? ' BY: RAMAIAH GANDHAM V No answers yet View Answers | Post Answers |
