Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 8847 |
May. 02 2008 |
Exemption U/s.10 (23C)(iiiad) –
(DIRECT TAXES)
My client is runng a pyway school and registered under the Socities Reg. Act, 1860. The Gross Receipts for the year ended 31.03.2008 is less than Rs. 1 Cr. and they spent approx. 60% expenditure as a revenue and 5 % expenditure as a capital exp. . whether we can cim an exemption U,s. 10(23C)(iii ad)whether the pyway school will treated as an educational stitution. ' BY: SANDEEP KAPOOR No answers yet View Answers | Post Answers |
| 8849 |
May. 02 2008 |
no or lesser deduction of TDS FOR NRI –
(Capital Gains)
WHAT IS THE PROCEDURE FOR APPLICATION OF NO. OR LESSER TDS ON SALE OF RENTIAL PROPERTY BY A NRI? IS THERE ANY FORM OR CERTIFICATE TO BE ISSUED BY A CHARTERED ACCOUNTANT? IF SO THE FORM NO. AND THE DRAFT OF CERTIFICATE ' BY: KUSHAL HEGDE No answers yet View Answers | Post Answers |
| 8850 |
May. 02 2008 |
TDS –
(DIRECT TAXES)
1. When Service Tax is also paid on Rent whether TDS is to be made on Gross (cludg S.T) or net (excludg S.T). 2. When amount is credited as on 31,03,2008 and the entry is made before 31,05,2008 TDS is to be deducted and accounted as on 31,03,08. Whether the Form 16A this amount is to be taken for the fancial year 2007-08 or 2008-09 ' BY: BARATHIDASON R No answers yet View Answers | Post Answers |
| 8851 |
May. 02 2008 |
TDS ON RENT –
(DIRECT TAXES)
1. When Service Tax is paid on Rent whether TDS is to be made on Gross(cludg S.T) or net (Excludg S.T) 2. When tha rent is credited as on 31,03,2008 and the entry is made before 31,05,08 the TDS is to be remitted. Whehter this TDS is to be taken for 2007-08 or 2008-09 the Form 16A to be issued. ' BY: BARATHIDASON R No answers yet View Answers | Post Answers |
| 8842 |
May. 01 2008 |
OFFICE OF TAX OMBUDSMAN AT PUNJAB –
(DIRECT TAXES)
I tried two or three day on ternet to locate the office of Tax ombudsman at Punjab. Please tell me the site from where i can trace out the office of Tax Ombudsman or email at my email-Id : bdbansal@dataone. ' BY: SUNIL KUMAR KHANNA No answers yet View Answers | Post Answers |
| 8843 |
May. 01 2008 |
TDS remittance –
(DIRECT TAXES)
My client while depositg the TDS amount quoted wrong section code. the chaln stead of code 92J, code 92C was mentioned and tax remitted through OLTAS . How to rectify the same and file the Q4 urn for fancial year 2007-08. Kdly enlighten. ' BY: Sanjeevi No answers yet View Answers | Post Answers |
| 8836 |
Apr. 30 2008 |
IS SEC.50C APPLICABLE TO BUSINESS OF PURCHASING URBAN LAND & SELLING IN SMALL PLOTS –
(Capital Gains)
Dear all, one of my clients is engaged the busess of acquirg Urban nd & gettg NA & yout approved & then sellg the nd small plots. The tention is neither to create a capital asset nor to hold it for longer period.the ga on sale of plots is busess come or capital ga?? can the AO voke Sec 50C it. is there case w on this issue.?? ' BY: Anup Shukla No answers yet View Answers | Post Answers |
| 8837 |
Apr. 30 2008 |
Nature of expenses –
(FBT)
Please sugg me that Sponsorship expenses paid by the pharma company are liable to FBT or not. ' BY: Sunil Kumar Soni No answers yet View Answers | Post Answers |
| 8838 |
Apr. 30 2008 |
POST MERGER FILINGS –
(DIRECT TAXES)
Suppose amagamation , A ltd is Transferor co. As per amalgamation scheme appoted date is 1.4.07 and effective date is when HC s are filed with ROC. But HC is recieved August 07. Whether Transferor company is required to file its annual urn under Companied Act and come Tax Act? ' BY: Santosh Gogave No answers yet View Answers | Post Answers |
| 8839 |
Apr. 30 2008 |
Attest Function –
(MISC.)
Can a member holdg full time Cop& employed part time CA firm do att function? ' BY: Dipti N. Gosar No answers yet View Answers | Post Answers |
| 8840 |
Apr. 30 2008 |
Company Tax –
(CORPORATE & OTHER LAWS)
What is the company tax u,s 110 of M.C.M.C. Act, 1919, which a company require to pay to Corporation of Chennai? ' BY: Ankit Khurania No answers yet View Answers | Post Answers |
| 8830 |
Apr. 29 2008 |
Reimbursement of FBT from Client –
(FBT)
Hi everyone, My entity is a callcenter & payg FBT on expenditure of Telephone expenses as bill is comg on his name.But it is sayg that such expenditure is on behalf of his client,customer because customer has stalled telephone les at his office Such entity is takg the benefit of put credit of such expenditure for service tax purposes. now it is makg his bill on his client like below: Telephone expense 112000 less : Reversal ofService tax (say) 12000 bance 100000 FBT ( say 6.798%) 6798 total 106798 Service tax @ 12.36% 13200 Total bill amount 119998 Such entity is showg this much of amount as reimbursement of telephone expenses the bill Can any tell me is this correct ? As nothg mentioned anywhere about reimbursement of FBT . And such entity is chargg service tax on FBT sayg that it is part of its total cost . Is there penalty for this anywhere? ' BY: Tarandeep Singh No answers yet View Answers | Post Answers |
| 8831 |
Apr. 29 2008 |
Deduction for R&D units –
(DIRECT TAXES)
We are engaged the R&D activity Pharma sector, prescribed under section 35(2AB) of the come Tax Act, 1961. For availg the benefit of ed deduction of 150% of specified expenses curred on the specified activities, we had applied to the prescribed Government Authority (i.e. Department of scientific and dustrial research = DSIR) for recognition of R&D facility May07. we got approved Nov07 by DSIR. and per the prescribed guideles and regutions, we Feb08 applied for Approval. and fally got approval April08. please advice, the date when we are are eligible to take the benefit of 35(2AB) i.e. May07 or Nov07 or Feb08 or April08. Please provide the necessary reference of w. ' BY: Ashish Garg No answers yet View Answers | Post Answers |
| 8832 |
Apr. 29 2008 |
taxability of bonus –
(DIRECT TAXES)
what is the tax treatment of bonus allowed, paid to employees. if the bonus is fixed element of the sary structure, whether any change the taxability of such bonus? Please give reference to relevant provisions Act, Rules, notification, circurs and, or case ws. Thanks, CA. Ashish Garg ' BY: Ashish Garg No answers yet View Answers | Post Answers |
| 8833 |
Apr. 29 2008 |
Is PF early settlement taxable ? –
(Income From Salary)
Sir My client was workg company A for 2 years and then resigned and joed company B. He closed his PF account up on resignation from company A. A new PF account was opened for him by company B. He has received a sum of Rs 1,60,000 from PF. Is this taxable? ' BY: Shanty Mathew No answers yet View Answers | Post Answers |
| 8834 |
Apr. 29 2008 |
CENVAT CREDIT - ON INPUT SERVICES W.E.F. 1-4-2008 –
(INDIRECT TAXES)
CENCAT CREDIT RULES AMENDED W.E.F. 1-4-2008 AND ACCORDGLY RULE 6 SUBRULE 3 AND SUBRULE 3(A) ARE SERTED GIVG OPTION TO ASSESSEE TO CIM CENVAT CREDIT ON PUT SERVICES WHEN SEPARATE BOOKS OF ACCOUNTS ARE NOT MATAED. NOW OUR CASE AN AUTOMOBILE DEALER IS HAVG SHOWROOM OF MOTOR CAR AND AUTHORISED SERVICE STATION AT THE SAME PCE. MEANG THEREBY HE IS PROVIDG TAXABLE SERVICES AND ALSO DOG TRADG ACTIVITY. PUT SERVICES ARE COMMON FOR BOTH THIS ACTIVITY. HOW TO CIM CENVAT CREDIT FOR COMMON PUT SERVICES LIKE TELEPHONE, HOUSE KEEPG, ADVERTISEMENT, COURIER? SHOULD WE TAKE CREDIT OF ONLY THOSE SERVICES WHICH ARE USED THE CONTEXT OF PROVIDG OUTPUT SERVICES OR WE CAN TAKE CREDIT OF ALL THE SERVICES USED FOR BOTH TRADG AND SERVICE ACTIVITY ' BY: BRAHMIN ARVIND J. No answers yet View Answers | Post Answers |
| 8835 |
Apr. 29 2008 |
INPUT SERVICES - AUTHORISED SERVICE STATION –
(Service Tax)
CAN WE TAKE THE CREDIT OF COURIER CHARGES PAID FOR PARTS PURCHASED FOR SERVICE STATION? WE ARE CHARGG VAT WHEN WE REPCE PARTS FOR REPARIED MOTOR CARS OUR AUTHORISED SERVICE STATION. WE ARE NOT MATAG SEPARATE BOOKS OF ACCOUTS FOR EXEMPTED AND TAXABLE SERVICES. THE CONTEXT OF NEW SERVICE TAX RULES W.E.F. 1-4-2008 HOW MUCH CREDIT WE CAN CIM e.g. courier charges are rs. 10,000 for the month of april and total out put service tax payable is rs. 1,00,000. for april. ' BY: BRAHMIN ARVIND J. No answers yet View Answers | Post Answers |
| 8826 |
Apr. 28 2008 |
Exemption U/s. 10 (23C)(iiiad) –
(DIRECT TAXES)
Sir , My client is runng a pre-nursery school and regd. under the society registration Act, 1860 The Gross receipts is less than Rs. 1 Crore and the toal expenditure cludg revenue and capitalised expenditure are approx. 70% of Gross Receipts. My querry is whether the surplus of come over expenditure will be entiitled u,s.10 (23C)(iiiad) or assessee will have to fulfil any other condition to qualify an exemption Under above section ' BY: SANDEEP KAPOOR No answers yet View Answers | Post Answers |
| 8827 |
Apr. 28 2008 |
Taxation of trusts –
(DIRECT TAXES)
Dear sir, One of our clet is a Trust. They have taken a Bank loan of Rs. 50 khs for constructg a school buildg durg the year 2006-07 and spend for construction of buildg . The construction was completed durg the year September 2007. From May 2007 onwards they have started the repayment of loan . Sir my quion is 1. Whether the loan repayment is to be treated as application of come durg the A.Y 2008-09 2. Whether the loan taken is treated as come of the previous year which it was taken. and the construction is application of come. Kdly guide me what step i have to take ' BY: joji jose No answers yet View Answers | Post Answers |
| 8829 |
Apr. 28 2008 |
Meeting fees of a Director in a Co-op. Bank –
(MISC.)
Whether a member who is a practisg C.A. can charge meetg fees as a director of a co-op. bank as per recommanded scale of fees as sugged by stitute? Can he charge higher amount of fees than other direcors of a Bank? ' BY: HITESHKUMAR JOSHI No answers yet View Answers | Post Answers |
