Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 8345 |
Jan. 17 2008 |
E PAYMENT OF DIRECT TAXES –
(DIRECT TAXES)
IT APPEARS THAT CBDT IS PROPOSG TO MAKE E PAYMENT OF TAXES MANDATORY SOME CASES. PLEASE CONFIRM,CRIFY IF SUCH DIRECTIONS,NOTIFICATIONS ARE ISSUED? ' BY: C. SESHADRI NADAN No answers yet View Answers | Post Answers |
| 8337 |
Jan. 15 2008 |
Not receipt of Mem ship certificate & ID card from ICAI –
(MISC.)
Till date i didnt get my membership certificate and ID card from ICAI , Passed May 2004. Please sugg what should i do now. ' BY: satyendra sahu No answers yet View Answers | Post Answers |
| 8333 |
Jan. 14 2008 |
works contract –
(Service Tax)
PLZ LET ME KNOW THE IMPACT UNDER SERVICE TAX OF CONTRACT... AS PER NOTIFICATION NO. 32,2007-ST DATED 22,5,07, THE BOARD OF EXCISE AND CUSTOMS HAVE GIVEN A NEW OPTION FOR WORK CONTRACTOR REGARDG SERVICE TAX.. THE OPTION IS ST @ 12.36 ON BOUR WORK OR 2% ON FULL CONTRACT PRICE EXCLUDG VAT,SALES TAX ON TRANSFERRED RIALS ..IT IS ALSO SAID THAT PURE BOUR CONTRACT IS NOT ELIGIBLE FOR COMPOSITION SCHEME. MY QUERY IS .. IF CONTRACT IS PARTLY RIAL AND BOUR..MEANS IF SOME RIAL (IRON & STEEL) IS SUPPLIED BY PARTY OTHER THAN CONTRACTOR AT FREE OF COST (MEANS NOT CLUDED CONTRACT PRICE)AND CONTRACTOR IS ALSO USG RIALS CONTRACT BY PURCHASG. WHETHER COMPOSITION SCHEME IS AVAIBLE ON THE ABOVE SITUATION. ' BY: KAILASH GOYAL No answers yet View Answers | Post Answers |
| 8335 |
Jan. 14 2008 |
in house proprety 150000 interest is allowed if possesstion is not receive by aseesee? –
(DIRECT TAXES)
CASE OF HOUSE PROPERTY TER OF 100 IS ALLOWED ,IF POSSESSTION IS NOT RECEIVED BY ASEESEE? ' BY: CA.MANISH GUPTA No answers yet View Answers | Post Answers |
| 8331 |
Jan. 13 2008 |
Home Loans –
(DIRECT TAXES)
Dear All, We are 3 bros. service , now we are gog to purchase a home(not vacant property) Ghaziabad(delhi-Ncr), regardg that i have 4 queries: (A) Can we all 3 bros. can take a loan together agast asgle property, i thk yes. One would be owner and other two would be coowners, am i right? (B) If we all 3 can take loans agast a sgle property, can we all 3 cim the deduction seprately from total come as ter on borrowed capital under the head come from house property? (C) Which bank or fancial stitution is providg least ter rates? (D) Shall i go for fixed rate or floatg rate, however the tenure of repayment we are pnng is 20 years? Notes: We all 3 are professionally qualified hence there would not be any difficulty regardg papers formalities etc. Also note that already an announcement have been taken pce regardg reduction home loans by the fance mister. We are pnng to take loan between 25-30 khs. Kdly reply ASAP. Thanks and regards, CA.Anuj Kumar Sharma, 9953410368,9868421785 anujasca@rediffmail.com,anujsharmamgco@gmail.com ' BY: Anuj Kumar Sharma No answers yet View Answers | Post Answers |
| 8328 |
Jan. 12 2008 |
Valuation of stock in diamonds jewellery –
(DIRECT TAXES)
I want some case ws g to valuation of stock the busess of diamond jewelry. I also want to know is it correct if nance of stock at average method diamond jewellery busess. ' BY: SURESH KUMAR No answers yet View Answers | Post Answers |
| 8320 |
Jan. 11 2008 |
CONVERSION OF CAPITAL ASSETS INTO STOCK IN TRADE –
(DIRECT TAXES)
The assessee converted certa capital assets to stock trade. The cost of acquisition was Rs. 20.00 cs, and f.m.v. as on date of conversion was Rs. 18.00 cs. The assets were ter sold at Rs. 25.00 cs. Capital Gas under section 45(2) is NIL ( of 2.00 cs). The assessee converted the shares at cost of acquisition, and decred PGBP at 5.00 cs (25.00-20.00). However, the department contends that the PGBP shall be Rs. 7.00 cs (25.00-18.00). Is the contention of department correct? Is there any case w regardg value to be taken for conversion of capital assets to stock trade for the purpose of PGBP? ' BY: SHEKHARSHARAD No answers yet View Answers | Post Answers |
| 8325 |
Jan. 11 2008 |
PENALTY FOR NON FURNISHING AIR INFORMATION –
(DIRECT TAXES)
MY DEAR COLLEAGUES , PLS TELL UNDER WHICH SECTION PENALTY IS APPLICABLE FOR NON SUBMITTG AIR FORMATION ?. ' BY: SUNIL KUMAR KHANNA No answers yet View Answers | Post Answers |
| 8314 |
Jan. 10 2008 |
Forex Gain from Share Application Money –
(Income from Other Sources)
We have received share application money USD from Dubai and after 4 months we have given back to Dubai. Out of this transaction we earned 10 kh ga. And we have no other come and we have curred total busess expenditure Rs. 40 kh durg the current year. Please tell us whether we can set off , utilise these expediture agast our foreix ga. ' BY: s.kumar No answers yet View Answers | Post Answers |
| 8305 |
Jan. 09 2008 |
Should we go for an appeal? –
(DIRECT TAXES)
Assessee company is engaged the busess of vment and tradg shares & securitis.While scruty proceedgs the followg disallowances were made by the A.O. 1.Assessee co. recd dividend which is exempt u,s.10(34)for which it variably cimed certa expenses.A.O.disallowed 10% of the dividend u,s.14A as attributable to tax free come. 2.Assessee company was holdg 270000 shares of some other co.out of which it sold 176000 shares at par ie. Rs.10 per share.No profit or was accounted for sce both purchase 7 sale were at par i.e.Rs.10 per share.Accordg to a.o sce the shares are of a unquoted co. the purchase & sale price has to be a negotiated one.He has worked it out on trsic value basis which comes to Rs.17.95 per share.Difference of this i.e.17.95-10=7.95 is treated as come per share.Hence, Rs.13,99,200 is added back to the total come (Rs.7.95*176000 shares). Accordgly penalty u,s.271(1)(c) has also been levied for concealmentof come. Is the A.Os contention right.Give us some case ws to support the same. ' BY: Ratnesh Chand Jain No answers yet View Answers | Post Answers |
| 8309 |
Jan. 09 2008 |
Tax & Accounting Treatment of Joint Venture & Individual Companies of JV –
(DIRECT TAXES)
What will be the Tax & Accountg Treatment of Jot Venture(Pvt Ltd Co.) & the Jot Venturers(Pvt Ltd Co.)where the JV is the busess of Road Construction? ' BY: Ajay Kumar Sah No answers yet View Answers | Post Answers |
| 8300 |
Jan. 08 2008 |
NRI open an oridnary SB a/c –
(MISC.)
Can a non rent dian open an ordary S.B. account with any of the dian banks and can he remit amounts dolrs from abroad. Can he use those amounts for repayment of housg loans, payment of LIC premiums etc., ? Is it necessary that all foreign remittances must be through NRE,NRO account only ? ' BY: CH.N.V.HARI KISHORE No answers yet View Answers | Post Answers |
| 8301 |
Jan. 08 2008 |
Capital Gains_compulsory acquisition –
(DIRECT TAXES)
One of my corporate client has awarded a nd under a allotment scheme of a Goverment Agency subject to certa condition of contug nature. Once awarded the nd, it has been capitalised the books at the cost. However, on not beg satisfyg one of the condition of same shareholdg pattern, the nd alloted has been taken back. will this be covered under compulsory acquisition? If yes, sce no refund has been granted, how this will be dealt the context of computation of capital ga? Further, as per section 79, whether this capital can be carried forward to next AYs or not? Thanks, CA.Ashish Garg ' BY: Ashish No answers yet View Answers | Post Answers |
| 8302 |
Jan. 08 2008 |
service tax liability in respect to agreements with govt. –
(Service Tax)
Does their arises any tax liability regard to any agreements entered with central or state govt. ' BY: ca vandana No answers yet View Answers | Post Answers |
| 8303 |
Jan. 08 2008 |
Is payment for Licenced software import subject to withholding tax (as a Royalty)? –
(DIRECT TAXES)
Hi, we are dog knowledge based IT software solutions to the Gas & Oil dustry. We have Imported Software licences and sold to dian Clients after modifyg the software licences as per the client requirements. Is payment for Licenced software import subject to withholdg tax (as a Royalty)? The Dept. Says that the payment for import of licenced software is Royalty. Is it viable? Could you please quote any case w on the above matter? ' BY: K. Nageswara Rao No answers yet View Answers | Post Answers |
| 8304 |
Jan. 08 2008 |
TDS ON COMPUTER RENTAL CHARGES(HARDWARE) –
(TDS/TCS)
MONTHLY RENTALS PAYABLE FOR COMPUTER HARDWARE FALLS UNDER 194C OR 194 I ? ' BY: J MADHAVA RAO No answers yet View Answers | Post Answers |
| 8292 |
Jan. 07 2008 |
Reimbursement of Travelling Exp, from clients by the CA Firm, who will pay FBT on the same –
(FBT)
I want to know if travellf expenses curred by CA Firm and is reimbursed by the client who will pay FBT on the same client or CA Firm ' BY: GEORGE VARGHESE No answers yet View Answers | Post Answers |
| 8293 |
Jan. 07 2008 |
fbt- reimbursement of food expenses –
(FBT)
I want to know whether food expenses reimbursed to employees, if the same is taken at hotel out the office premises whether FBT is leviable or not on the same ' BY: GEORGE VARGHESE No answers yet View Answers | Post Answers |
| 8294 |
Jan. 07 2008 |
Applicability of Education Cess –
(Service Tax)
On WCT applicable Service tax is 2%,is this tax rate is clusive of EC,HEC. ' BY: CA GANESH RAO No answers yet View Answers | Post Answers |
| 8295 |
Jan. 07 2008 |
Karnataka VAT –
(VAT/Sales Tax)
1. My client pnng to construct 50 Fts and will sell only after completion. Whether he is liable to pay VAT. 2. Under KVAT composition dealer9Works Contract) permitted to collect tax from the customer. However he is allowed for deduction for payment made to registered sub contractor, so how to collect the tax and pay. For example. Gross Receipt : Rs. 10,000 COT 4% 400 Total to be 10,400 For VAT purpose : 10,000 Less : Payment to Sub Contractor 2,000 Taxable 8,000 Tax @4% 320 How much dealer to remit to Govt. or is there any alternative workgs. ' BY: CA GANESH RAO No answers yet View Answers | Post Answers |
