Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 8710 |
Mar. 28 2008 |
Capital Gain –
(DIRECT TAXES)
case a seller of rential house has deposited Rs. 18.00 cs Capital ga scheme account to take benefit of Section 54. The ga was actually 16.00 cs i.e the benefit was for 16.00 cs. But the seller now does not want to use this money and withdraws this amount. My Quion is whether the year of withdrawl he will be taxable for 16.00 or 18.00 cs? my opion he will be liable for only 16.00 cs. ' BY: Meenakshi No answers yet View Answers | Post Answers |
| 8702 |
Mar. 27 2008 |
Accounting of Profit on sale of non banking asset by Urban bank –
(MISC.)
One of the co-operative banks has sold its non bankg property for a book profit of Rs.9.00cs & credited this profit to Reserve Fund. Is this correct?, can it be credited to Profit & account? ' BY: sumedh karmarkar No answers yet View Answers | Post Answers |
| 8688 |
Mar. 22 2008 |
CLARIFICATION ON SERVICE TAX ON CONSTRUCTION SERVICE: –
(Service Tax)
A buildg promoter commenced construction of fts by way of two separate Blocks on 11.06.2003 an area of 10000 sq.ft. Both these blocks are with the same complex, with same entry for both blocks. Block I consists of 16 fts of which 6 fts were completed by end of May 2006. Block II consists of 12 fts No ft was completed Block II as of May 2006. As this activity is covered under service tax w.e.f 16.06.2006, I requ you to kdly crify me the followg, a) Whether the builder will be liable to Service tax for Block I, even though the same was commenced the year 2003? b) If liable, whether all the 16 fts will be covered or only the fts completed after the cut-off date? c) On completion, if the builder provides lift facility etc., whether the same will also be covered? d) Can we avoid tax on Block II as it consists only 12 fts? ' BY: R KRISHNA KUMAR No answers yet View Answers | Post Answers |
| 8689 |
Mar. 22 2008 |
FBT admissibility as a business exp. –
(DIRECT TAXES)
Frge Benefit Tax paid by a company is a charge agast Profit...True or false ' BY: N K Dutta No answers yet View Answers | Post Answers |
| 8681 |
Mar. 20 2008 |
Tds –
(DIRECT TAXES)
i wrong deducte the tds of a party by excess rate and deposit the same. how wil i treat it e tds urn ( by NSDL) . is it right to show it a deduction with excessive rate urn ' BY: Ajay Kumar Agarwal No answers yet View Answers | Post Answers |
| 8682 |
Mar. 20 2008 |
US GAAP- BARE TEXT –
(AUDIT)
Dear Sirs, Please advise from where I can get the bare text of US GAAP soft copy. ' BY: CA Ritesh Mittal No answers yet View Answers | Post Answers |
| 8683 |
Mar. 20 2008 |
TDs Applicability on lumpsum lease rent paid credited lease of land for 99 years –
(TDS/TCS)
We have to pay lumpsum lease rent for 99 years Rs 1 crores whether TDS has to deduct on it if the lessor is a public company? ' BY: Vipin Kumar Jain No answers yet View Answers | Post Answers |
| 8666 |
Mar. 19 2008 |
TDS on salary,interest liability –
(TDS/TCS)
case of short deduction of TDS on Sary, whether employees will be liable to pay ter under section 234B and 234C? Alternatively, whether advance tax provisions are also applicable to the employees. Thanks, CA. ashish garg ' BY: Ashish Garg No answers yet View Answers | Post Answers |
| 8667 |
Mar. 19 2008 |
Income Tax Return Acknowledgement –
(DIRECT TAXES)
I have filed an come Tax Reutrn electronically without digital signature and then i have filed manual urn after 15 days. ...... whether the urn filed is a valid urn? ' BY: CA. Gurdeep Singh Chawla No answers yet View Answers | Post Answers |
| 8669 |
Mar. 19 2008 |
wealth Tax –
(DIRECT TAXES)
For the purpose of Wealth Tax Act, How will valuation of motor cars be done? As per Rule 20, the value of that assets is the market value as on 31st March? How can we determe the market value of motor cars? ' BY: Ashish Garg No answers yet View Answers | Post Answers |
| 8670 |
Mar. 19 2008 |
TDS on salary from previous employer –
(TDS/TCS)
TDS on Sary... if an employee has renderg services to two employers simultaneously, then the liability to deduct TDS is on which employer? what will be the treatment case the employee has changed his employer? Per section 192(2), if the employee discloses the sary withdrawn from other, previous employer, then the present employer is required to deduct TDS on the whole sary (clusive of sary withdrawn from other, previous employers). also circur 504, 1988 requires that the present employer is also required to deduct TDS on the sary withdrawn from other, previous employer and decred to the present employer. Ma issue is - if the employee has not decred the sary withdarwn from other, Previous employers, then what are the liability to deduct TDS on the present employer? Also, will it attract any penal provision to employer, if he deducted TDS, only on the sary disbursed by him. Also, if the employee has not decred the sary withdrawn from other, previous employer, then is there any default on the part of employee? Please quote the relevant, provisions, circurs, notifications or case ws? Thanks..CA. Ashish Garg ' BY: Ashish Garg No answers yet View Answers | Post Answers |
| 8673 |
Mar. 19 2008 |
ISSUE :- IMPLICATION OF SERVICE TAX BEING COLLECTED FROM THE TRANSPORTER OF MAHARASHTRA BUT THE SERV –
(INDIRECT TAXES)
THE RECENT FDG BY US THE ABOVE SAID MATTER THAT THE CASE OF SALE AND PURCHASE FROM THE STATE OF MAHARASHTRA ,SERVICE TAX PAYABLE UNDER THE JURISDICTION OF THE STATE OF MAHARASHTRA IS BEG DEPOSITED THE STATE OF GUJRAT FOR WHICH WE ARE ALREADY REGSITERED WITH THE SERVICE TAX DEPTT. SCE THE SERVICE TAX IS SUBJECT MATTER OF CENTRAL EXCISE DEPARTMENT AND TO OUR OPION ANY COLLECTION OF DIRECT TAXES VIZ. EXCISE DUTY OR SERVICE TAX SHOULD BE COLLECTED AND DEPOSITED THE SAME JURISDICTION WHERE THE TRANSCATION TAKEN PCE. THIS CONNECTION WE NEED YOUR ADVISE THAT WHETHER THE EXISTG PRACTICE IS THE SCOPE OF RULE OF S.T. OR IT IS THE CONTRAVENTION OF ANY OF THE PROVISION OR RULE SERVICE TAX. IF YES THEN WE SHOULD GO FOR THE SERVICE TAX REGISTRATION SOON TO AVOID ANY PENAL ACTION BY THE DEPARTMENT . PLEASE GUIDE US THIS CONNECTION. B REGARDS ' BY: Ratnesh Chand Jain No answers yet View Answers | Post Answers |
| 8674 |
Mar. 19 2008 |
Common partner of two firm, identity of both firm. –
(VAT/Sales Tax)
Fact : A & B are partner AB & CO X Commodity trade (2003), C joed the firm 2004. ABCD & Co started by A B C & D the year 2005 dealg Y commodity (both are seperate come tax assessee and sales tax assessee) the year 2005 C ired from AB & Co, and the year 2006 C & D ired from ABCD & CO. Quion : Can common partner havg two firm shall be treated as one for tax purpose. Can they hold seperate Sales Tax Number ' BY: CA GANESh RAO No answers yet View Answers | Post Answers |
| 8676 |
Mar. 19 2008 |
capital gain –
(DIRECT TAXES)
my client who is a busessman had purchased a nd along with house property for rs. 2 khs 1983 which was unaccounted his books. The property is now sold for 18 khs 07-08. Can the sale proceeds can be now accounted for the books of accounts? Can the assessg officer treat the purchase price of rs. 2 khs as undisclosed come 07-08? please crify ' BY: guru No answers yet View Answers | Post Answers |
| 8660 |
Mar. 18 2008 |
Compulsory Scrutiny - % of Profit –
(DIRECT TAXES)
case of Partnership firm, ceilg of 5% profit on turnover of over 1 Crore for compulsory scruty is before Partners Remuneration or after remuneration ? ' BY: Mallikarjunaiah No answers yet View Answers | Post Answers |
| 8661 |
Mar. 18 2008 |
what is this new IVSP catagory in MEF –
(AUDIT)
can any body clearify what is this new catagory IV-SP mef list of bank branch audit ' BY: ashwani No answers yet View Answers | Post Answers |
| 8664 |
Mar. 18 2008 |
ROUNDING OFF OF GROSS INCOME /TAX PAYABLE AMOUNT? –
(DIRECT TAXES)
IS TOTAL GROSS COME WILL BE ROUNDG OFF NEAR 10 RUPEES,TAX WILL BE ROUNDG OFF 1 RUPEES? ' BY: MANISH GUPTA No answers yet View Answers | Post Answers |
| 8665 |
Mar. 18 2008 |
advance tax include in turnover –
(DIRECT TAXES)
shall advance given by customer for sale goods clude turnover if there is not performance of contract uptil now but agreement has excuted ' BY: Namita jain No answers yet View Answers | Post Answers |
| 8653 |
Mar. 17 2008 |
Demand by ITO (TDS) on the payer for shortfall in tds deduction –
(TDS/TCS)
Whether demand can be raised by ITO (TDS) for non deduction , shortfall deduction of TDS by an assessee? If so, whether any time limit exists for raisg such demand. How far back he can go? For example, can he raise demand 2008 for default deduction of TDS FY 2003-04? [The problem is that the payee can not cim credit for such beted deduction of tds (even on the basis of form 16A), if the filg of revised urn is time barred or disabled (owg to non filg of origal urn time), even assumg that this otherwise provides a valid ground for filg a revised urn] Will this not amount to double payment of tax, if the payee had made good the shortfall by himself payg the advance tax? ' BY: M.R.KANNAN No answers yet View Answers | Post Answers |
| 8656 |
Mar. 17 2008 |
NON-ALLOTMENT OF AUDIT AFTER RESTING PERIOD OF 2 YEARS –
(AUDIT)
we are a small firm. we were given r for 2 years as per new norms of RBI. The RBI did not allot Audit the 3rd year i.e this year also. Can somebody tell whether Audit is strictictly beg alloted as per norms framed by RBI or only norms for givg r is beg strictictly implemented. ' BY: anand parkash No answers yet View Answers | Post Answers |
