Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 8094 |
Dec. 11 2007 |
TDS on LC Discounting Charges –
(TDS/TCS)
Letter of Credit(LC)is opened by the er favour of the supplier for supply of goods, which ensures the payment to the supplier at the end of the period of LC.Sce the money is not immediately received, the supplier discounts LC with bank and realise the money. The supplier pays LC discountg charges. As per the terms agreed, the er reimburses the LC discountg charges to the supplier. Queries: 1. The LC discountg charges reimbursed by the er is the nature of ter. Is it correct? 2. If it is correct, is it subject to TDS? 3. The er his books of account does not show the Suppliers account creditors but shows the LC account under acceptance creditors sce the LC is opened favour of the supplier? Is it correct? ' BY: Namrata Agrawal No answers yet View Answers | Post Answers |
| 8095 |
Dec. 11 2007 |
E filing of return of a co. for A.Y.2006-07 –
(DIRECT TAXES)
I tried to upload the xml file but I am gettg a message errors data. Please correct and upload aga. I deleted the xml file and regenerated it and aga tried to upload the same but va. Can any one please help? ' BY: KETAN KRISHNAKANT DESAI No answers yet View Answers | Post Answers |
| 8096 |
Dec. 11 2007 |
Service Tax –
(INDIRECT TAXES)
Is service tax liability exzists on cost sharg agreement between two companies with common facilitites and rent. Where one company is raisg a debit on other company for his share of expenses cludg rent ' BY: Rohit Kapoor No answers yet View Answers | Post Answers |
| 8098 |
Dec. 11 2007 |
Service Tax for Insurance and Mutual Fund Brokers –
(Service Tax)
Hi Fact of the Case : The assessee is a broker with the surance Companies and Some of the Asset Management Companies for sellg their mutual funds. The assessee is sellg the surance Products (Life & General) and Mutual Funds to its clients and gettg the commission on these sales. The surance Companies and AMCs are deductg Service Tax along with the regur TDS from the commission payable to the Company. The assessee has obtaed its own Sewrvice tax registeration and fillg the urns regurly. Query : 1. Is the practice adopted by the surance Companies and AMCs is appropriate and if yes which provisions of the Service Tax talks about it? 2. Whether the assessee can cim the refund of service tax paid on services availed by them this case? 3. Is the assessee obligated to disclose the amount of Service Tax deducted its own urn and that case what kd of documentary evidence will be submitted along with the urn of Service Tax. ' BY: Vikas Wadhawan No answers yet View Answers | Post Answers |
| 8099 |
Dec. 11 2007 |
ACCTG. CODE FOR SECONDARY & HIGHER ED. CESS –
(Service Tax)
Pl let me know the above for ST & IT payments. For ST uptill now general code No 00440252 was used but now I believe 00440426 code has been allotted. Pl confirm. Thanks. ' BY: CA PANKAJ JOSHI No answers yet View Answers | Post Answers |
| 8092 |
Dec. 10 2007 |
CENVAT CREDIT OF SERVICE TAX PAID ON INPUT SERVICES –
(INDIRECT TAXES)
case of importg any rial we are payg various charges to our Clearg and Forwardg agent, which he curred. Service tax paid on those services can be eligible for CENVAT CREDIT. ' BY: Sandeep Kumar Singh No answers yet View Answers | Post Answers |
| 8084 |
Dec. 08 2007 |
what is the procedure to form a chartered accountants partnership firm –
(MISC.)
What is the procedure to form a partnership firm of chartered accountants ? ' BY: Ravinder Kaur No answers yet View Answers | Post Answers |
| 8087 |
Dec. 08 2007 |
PAYMENT IN EXCESS OF 20,000/= –
(DIRECT TAXES)
A er of goods can make payment excess of Rs. 20,000,= to A if goods are purchased from B. The payment is to be made by account payee draft and B has given his letter to make payment to A sted of himself(B) ' BY: Dhanindra Surana No answers yet View Answers | Post Answers |
| 8088 |
Dec. 08 2007 |
proceedure for repatriation of capital gain earned in india after payment of applicable capital gain –
(Capital Gains)
One of my client has sold a house property dia & after payg the applicable capital ga he wants to repatriate the amt., what is the procedure & requirement as per come Tax Act & and any rriction by RBI for same, kdly answer ' BY: gautham kumar jain No answers yet View Answers | Post Answers |
| 8089 |
Dec. 08 2007 |
praportion of bill amt., liable for service tax –
(INDIRECT TAXES)
suppose some body supply the goods as per the requirement of his client & adds a certa percentage as service charges for goods supplied, than on what amt. service tax is to be collectead & paid & on what amt. sales , VAT tax is to be collected & paid to respective dept., He also supplies the man power service to his clients, is seprate set of bills is to be mataed for different service & for goods supplied to customer as per their requirement. ' BY: Gautham Kumar Jain No answers yet View Answers | Post Answers |
| 8077 |
Dec. 07 2007 |
Deemed Dividend under Section 2 (22) (e) –
(DIRECT TAXES)
Company B is registered shareholder of 25% equity shares of Company A (i.e.Company B is shareholer havg substantial ter Company A) Company A gives Share Application Money (pendg allotment) to Company B. Can share application money advanced by Company A to its shareholder havg substantial ter(Company B) attract provisions of S. 2 (22) (e) on fulfillment of all other conditions to the extent of accumuted profits of Company A. ' BY: Vijendra Bangar No answers yet View Answers | Post Answers |
| 8079 |
Dec. 07 2007 |
Medical Reimbursement exceeding Rs 15000 for CGHS approved Private hospitals –
(DIRECT TAXES)
An NGO has contract with CGHS to reimburse all the expense curred hospitals approved under CGHS. Hospitals are not govt hospitals. Will the reimbursement made to employees for treatment under those hospitals taxable the hands of employee. If the employee is undergog treatment these hospitals & purchase any equipment from Pvt manfacturer, will its reimbursement be taxable his hands. ' BY: RASHMI No answers yet View Answers | Post Answers |
| 8082 |
Dec. 07 2007 |
PENALTY LEVIED FOR LATE PMT OF TDS EVENTHOUGH TDS NOT APPLICABLE –
(TDS/TCS)
Mr X had turnover exceedg 40 cs durg AY 05-06 . Sec 194C was not applicable. But, he deducted the tax and made tds pmt to govt. The said payment was made te to the govt. ITO has levied penalty for te-payment of TDS and te filg of TDS urns. Whether penalty is leviable even if sec 194C was not applicable??? ' BY: PRATIK DHRUVE No answers yet View Answers | Post Answers |
| 8068 |
Dec. 06 2007 |
Applicabilty of TDS –
(DIRECT TAXES)
Hi, Whether TDS should be deducted u,s 194C on payment made for Road Show, exhibition, and sponsership of Delhi Trade fare or under section 194J ? ' BY: Manoj Kumar No answers yet View Answers | Post Answers |
| 8069 |
Dec. 06 2007 |
Cenvat Credit –
(INDIRECT TAXES)
One of my clients, a company is manufacturg footwear and is now cimg exemption from cenvat as the turnover is less than 1 crore. By march 2008 the turnover will cross this limit and become excisable.Now the company is registered under gta recipient for service tax purposes. The company has paid cenvat on many puts and capital goods 2006-07 as well as 2007-08, and also service tax on advertisement expenses. Can this company avail cenvat credit of the amounts paid before registration agast cenvat payable the next year? Should this amount of excise and service tax be shown the service tax urns for carry forward thanks advance sandhya ' BY: sandhya No answers yet View Answers | Post Answers |
| 8070 |
Dec. 06 2007 |
Inventory Valuation –
(DIRECT TAXES)
Whether the FOREX to be adjusted the valuation of ventory when the ventories are procured from foreign & the entire FOREX was for payment of dues to creditors for ventory. this case we are procurg raw rials from foreign. However while dischargg the liablity we have curred some FOREX . The IT Dept is tellg that sce the exchange was due to procurement of raw rials the same to be adjusted with value of ventory. I thk the FOREX is not required to be adjusted with value of ventory. Pl give ur comment with some case ws. ' BY: Anshuman Mishra No answers yet View Answers | Post Answers |
| 8072 |
Dec. 06 2007 |
Claiming Rebate of STT –
(DIRECT TAXES)
It is mentioned the Act that only those people who has come from busess & profession can cim rebate of STT u,s89. Is it necessary that their come from busess should comprise of come from stock market. If yes, is there any criteria regardg his capacity as an vor or trader or any certa amount of annual turnover? Kdly advise me on the same ' BY: Smbhojani No answers yet View Answers | Post Answers |
| 8074 |
Dec. 06 2007 |
section 269ss –
(DIRECT TAXES)
WHETHER SHARE APPLICATION MONEY RECEIVED CASH OF RS.1,00,000.00 OR MORE COVER UNDER FRGEMENT OF ANY PROVISION OF COME TAX ACT, OR WE MAY RECEIVE SHARE APPLICATION MONEY RS.1,00,000.00 CASH AT ONE TIME OR SHOULD RECEIVE THE SAME STALMENT ON DIFFERENT DATES FROM SAME PERSON. AS ONE OF MY CLIENT HAD RECEIVED THE SHARE APPLICATION MONEY FROM FOUR SHARESHOLDERS CASH FROM RS.1,00,000.00 TO RS.1,25,000.00 AND I.T.O. SAYG FOR ADDITION OF THE SAME ' BY: AMIT JAIN No answers yet View Answers | Post Answers |
| 8075 |
Dec. 06 2007 |
Transfer Pricing - Associated Enterprises under Income Tax Act –
(INTERNATIONAL BUSINESS)
What is the meang of term termediary used section 92A of come Tax Act, 1961? Actually It has not been defed the Act itself, but what meang should we take havg due regard to judgements of various courts ? For Example, if One person is importg goods from foregn concrn and his NRI brother is the partner that foregn concern, then both these concrns are Associated Enterprise as defed under section 92A ? Please exp with logic and reference of case w etc. ' BY: Tejas Kishankumar Andharia No answers yet View Answers | Post Answers |
| 8054 |
Dec. 05 2007 |
Interest accrued but not due-whether tds deducted –
(DIRECT TAXES)
our company has to mandatorily prepare quarterly results.At the end of quarter we provide the ter which is accrued but not due.Does Tds liability arise this case or not ' BY: Nihar Kotru No answers yet View Answers | Post Answers |
