Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 7863 |
Oct. 19 2007 |
271B PENALTY –
(DIRECT TAXES)
What is the meang of should fill out the relevant column of these forms on the basis of such report.Does it mean that relevant details from 3 cd are filled eform eform can not be uploaded for any reason on or before 31.10.2007(i.e.the due date) 271B penalty is not applicable? ' BY: MAKARAND HEMACHAMDRA PATWARDHA No answers yet View Answers | Post Answers |
| 7864 |
Oct. 19 2007 |
SERVICE PROVIDED OF PACKING MILK WHETHER TAXABLE –
(Service Tax)
Our is a coop.society which is providg service of packg milk to other company. Milk and pacg rial is provided by the client. We have pack the milk the rial supplied on our mache and urn the packaged milk pouch to the client. Whether it is taxable service? if yes, under which service? whether any exemption has been provided? ' BY: GAJENDRA C.BANDI No answers yet View Answers | Post Answers |
| 7852 |
Oct. 18 2007 |
Exemption of capital gain –
(Capital Gains)
A person takes loan of Rs.000 from bank and one plot and after one and a half year he sells his plot for Rs 1400000 now if he want to take exemption from capital ga shold he v whole of Rs.1400000 or he can deduct amount of loan repaid by him. Moreover If a person sells his property and v rential house but get the house registered the name of his wife but stalment of house goes from his personal bank account can he cim exemption? ' BY: Ravinder kaur No answers yet View Answers | Post Answers |
| 7853 |
Oct. 18 2007 |
Branded Service –
(Service Tax)
What is the defation of Branded Service? Does Wern Union agents fall under this ? and what about the consignment agents of apprels e.g John Pyers, Allen Cooper etc.Generally these cases consignor doen not bear the servioce tax as he says that commission below Rs.800000,- is not liable to service tax but deptt.collects the commission from consignee . this case what can a consignee do ? ' BY: Ravinder Kaur No answers yet View Answers | Post Answers |
| 7854 |
Oct. 18 2007 |
MLM - MULTI LAYER MARKETING –
(MISC.)
A CO IS ENGAGED MLM ACTIVITIES. IT PAYS COMMISSION,CENTIVES CASH AND KD IF ANY PERSON REFERS 6 OR MORE PERSONS FOR THIS KD OF ACTIVITY A) IS ANY GOI APPROVAL REQD AND B) ANY RBI APPROVAL REQD ' BY: NAGARAJ No answers yet View Answers | Post Answers |
| 7855 |
Oct. 18 2007 |
CENVAT of Service Tax –
(Service Tax)
One of my client exports as well as sell the goods domic market. He send the goods to the port from his factory on which he pays the Service Tax on GTA. Can he avail the CENVAT on this Service tax paid ? ' BY: TEJAS KISHANKUMAR ANDHARIA No answers yet View Answers | Post Answers |
| 7856 |
Oct. 18 2007 |
Reimbursement of Conveyance Expenses to Staff –
(DIRECT TAXES)
Dear Sir, Madam, I have come across a case where the company is reimbursg conveyance expenses on the basis of the conveyance cim bills produced by the senior staff on month to month basis. The bill is on the stationery of the companys format showg the pce visited, no. of kms, Rate per km & total amount, without any supportg bills, documents. This is I suppose just to take the benefit of deduction of such conveyance expenses from the companys perspective, simirly, it would be beneficial to the concerned staff, as the same would not form the part of their taxable come. Please guide whether this is the correct way of tax pnng. If not, what other alternative(s) can be sugged this regard. Please advise at the earli. ' BY: Makarand Nashikkar No answers yet View Answers | Post Answers |
| 7843 |
Oct. 17 2007 |
Disallowance u/s. 40(a)(ia) –
(DIRECT TAXES)
Facts: Assessee has accounted expenses as provision on 31st March 2007 but deducted tax on 2nd April 2007 and paid the said tds on 7th May 2007. Quion: Whether assessee will be allowed deduction of expenses. ' BY: Rajiv Thakkar No answers yet View Answers | Post Answers |
| 7844 |
Oct. 17 2007 |
Waiver of Loan - Expl 10 of sec 43, sec 41(1), sec 28(iv) & sec 32 –
(DIRECT TAXES)
Facts: Assessee a subsidiary co acquried assets from its holdg co on loan tax year 2000-01 and disclosed the loan as unsecured loan. tax year 2006-07 holdg co waived the amount of loan accordgly assessee co reduced the amt of loan from gross block of assets its statutory books. Quion: (1) Whether such waiver of loan needs to be reduced from block of assets from come tax perspective. (2) Whether amt waived as loan will be treated as come of assessee. (3) What will be the nature receipt - capital or revenue. (4) Can such waiver be regarded as grant or reimbursement. ' BY: Rajiv Thakkar No answers yet View Answers | Post Answers |
| 7846 |
Oct. 17 2007 |
TDS REMITTANCE - CHALLAN 281 –
(DIRECT TAXES)
Hi, As mentioned ITNS 281, different chaln needs to be used based on catagory of deductee. What is the penalty or consequences if one chaln is used for remittance of TDS for all category of deductees. (Eg:- usg one chaln for remittance of tax deducted U,s 194 J for payment made to Audit Firms, dividaul consultants, companies). ' BY: satishchandra s jain No answers yet View Answers | Post Answers |
| 7848 |
Oct. 17 2007 |
Conveyance –
(DIRECT TAXES)
Dear sir, I have come across a case where a company is payg conveyance on month to month basis to senior staff on the basis of their conveyance cim bills submitted by such senior staff. They are cimg travellg by their own car to some pces for official work. They are just to cim deductible expenses under P & L A,c. The base behd this must be to benefit the staff (as these wont form part of Sary) and also for the benefit of the company. Please guide whether this is correct? If not,please sugg the correct way of tax pnng, which would be beneficial to both, Company as well as employees. Thanks, ' BY: Makarand Nashikkar No answers yet View Answers | Post Answers |
| 7849 |
Oct. 17 2007 |
Interest on Drawings in Firm –
(Profits & Gains of Business & Profession)
Assessee beg a partner a Firm. The assessee draw remuneration from the firm and also pay ter on overdrawg, whether the assessee can cim the ter paid on over drawg from remuneration received from the firm. Kdly crify. ' BY: Shanmuganathan J No answers yet View Answers | Post Answers |
| 7837 |
Oct. 16 2007 |
TDS u/s 194I –
(TDS/TCS)
We are payg around Rs. 1,15,800.00 p.a as rent of buildg and Rs. 6000.00 p.a as nance charges of the said buildg. As per the terms of the lease deed, nance charges are to be paid by the lessee. Please advice whether the provisions of Section 194I attracts or not. ' BY: ANIL KUMAR No answers yet View Answers | Post Answers |
| 7841 |
Oct. 16 2007 |
ABATEMENT –
(Service Tax)
WHETHER AVAILMENT OF ABATEMENT IS AMANDATORY REQUIREMENT OR OPTIONAL? WHETHER IT IS BASED ON THE THRESHLOD EXEMPTION PROVISION APLICABLE? ' BY: MOHIT VATS No answers yet View Answers | Post Answers |
| 7833 |
Oct. 15 2007 |
FBT on Test Drive Expenses –
(FBT)
Company is enggaged Automobile has curred expenses on Petrol for Car t drive and car delivery to customers. Whether FBT shall be payable ? ' BY: RAJESH GURBANI No answers yet View Answers | Post Answers |
| 7834 |
Oct. 15 2007 |
TDS on Interest of capital of NRI partner –
(TDS/TCS)
Dear All A firm pays ter on Capital to partners. One of the partner is NRI. Is firm liable to deduct tax at source Under Section 195 C.P.ETHIRAJAN ' BY: Ethirajan No answers yet View Answers | Post Answers |
| 7835 |
Oct. 15 2007 |
filing of ST3 –
(Service Tax)
sir, Iam a small service provider, but has REG.No. Hence, iam not collectg ST. Now, whether i am required to file half yearly urn(march 07 endg and sept. 07 endg).if not filed as there is 8 kh exemption,whether it attracts penalty.Whether circur no F.137,85,2007-cx-4 is a shulter for not filg? please crify ' BY: veerendra No answers yet View Answers | Post Answers |
| 7831 |
Oct. 14 2007 |
TAX AUDIT –
(DIRECT TAXES)
CA FIRM HAS 3 PARTNER 3PARTNER CAN SIGN TAXAUDIT UPO 45 PER PARTNER CAN ONE PARTNER SIGN 70 TAX ADUIT ON BEHALF OF ANOTHER PARTNER CA FIRM BY POWER OF ATTORNEYOR AS PER PARTNERSHIP DEED CUSE ' BY: MANOJ No answers yet View Answers | Post Answers |
| 7829 |
Oct. 13 2007 |
Depreciation u/s 32 of the I.T. Act –
(DIRECT TAXES)
The Depreciation as per Companies Act is Rs. 200 cs and out of which Rs. 150 cs is capitalised on the project due use of the fixed assets on the project and bance amount of Rs. 50 cs is charged to the P&L A,c . As per I T Act the dep. is Rs. 210 cs on all assets. Whether it is correct that dep.of Rs. 50 cs debited to P & L A,C is added back to the Profit and dep. as per I T Act Rs. 210 cs is deducted and whole dep. as per IT Act shall be allowed as deduction without havg any relevance that the dep. is capitalised and not charged to P & L A,c .The said assets are used busess but all expenses cludg the dep. on the assets are capitalised. kdly advise that the computation of total come and book profit shown as per books is correct. ' BY: OM PRAKASH GUPTA No answers yet View Answers | Post Answers |
| 7830 |
Oct. 13 2007 |
Lease –
(AUDIT)
Sirs, A company acquires nd by way of 25 year se by makg a lump sum payment. There are annual lease rentals and the lease deed provides for transfer of nd to the lessee after the lease term upon payment of additional sum. The company meanwhile constructs a buildg on the lease hold nd and starts operation therefrom. There is every likelihood that the company will purchase the nd at the end of the lease term. What is the accountg treatment the companys books respect of the nd and the buildg the light of AS19 - LEASES. ' BY: Vinod Kumar.M No answers yet View Answers | Post Answers |
