Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 7035 |
Jul. 06 2007 |
If the sick company's main activity changed and decreased considerably, hardly worked for a month in –
(AUDIT)
A listed company became sick, applied for BIFR, court rejected appl. & ed to wdup, but mgnt. applied for second reference and sce st 2 years, heargs are gog-on. Net worth completely eroded, ma busess changed to simple tradg activities, and hardly worked for a month with 2 cr. of turnover. All parameteres of Gog Concern are became negative, NOW, As a Statutory Auditor, simple qualification is sufficient? Whether all assets and liabilities are to be valued at market value and the books of accounts to be write accordgly and to prepare bance sheet as the company is wdg up? Agast this situation , Mgnt. exps that they tried hard to fuel fcance and run the company aga and they wants to write books of account as per GOG CONCERN CONCEPT. As a Statutory Auditor , what should we do? spiteof the court for wdg up, the management is waitg for second reference and some activities is carried out by the company, After all negative dications, should we conr that the company has worked for some time durg the year and tried hard to comeout of the present position? Pl. sugg my role at this level as a statutory auditor. ' BY: Shah Dinesh D No answers yet View Answers | Post Answers |
| 7036 |
Jul. 06 2007 |
INTEREST UNDER SECTION 234A –
(DIRECT TAXES)
ORIGALLY THE DUE DATE FOR FILG OF COME TAX URN FOR THE ASSESSMENT YEAR 2006-2007 FOR NON CORPORATE ASSESSEE HAVG BUSESS COME (TURNOVER BELOW 40 KHS) IS 31ST JULY, 2006 AND SUBSEQUENTLY IT WAS EXTENDED TO 31ST OCTOBER, 2006. AN ASSESSEE HAS FILED HIS URN THE MONTH OF AUGUST, 2006. WHETHER TER UNDER 234A APPLICABLE? ' BY: SBS MURTHY No answers yet View Answers | Post Answers |
| 7014 |
Jul. 05 2007 |
Does change in Foreign Exchange Rates from one year to another have any impact in the analysis of ra –
(FINANCIAL MANAGEMENT)
How can change $or any foreign currency terms of rupees every year can affect analysis of ratos for any given number of fancial statements? Moreover can different currencies used the fancial statement add to more depth analysis? ' BY: vijay makkar No answers yet View Answers | Post Answers |
| 7020 |
Jul. 05 2007 |
WHAT DOES MEAN BY CROSS ACCOUNT PAYEE CHQ. IN CASE OF 269SS, 269T AND 6DD –
(DIRECT TAXES)
Section 269SS, 269T and now 40A (rule 6DD) require payment through Cross Account Payee Cheque. No where it is writen that cross account payee cheque should be the name of origal payee only. So conr the fact if a person receive amount from X onbehalf of y (Sec 269SS), or repays a loan to X onbehalf of y (Sec 269T) or make an expenditure payment to X for which he made purchase from Y (rule 6DD), and every thg is through cross account payee cheque only, then conr where the person (Payer) has breached the w or rule. The quion is important from the angle that day to day life numbers of transactions take pce, where on behalf transactions take pce. ' BY: sanjay chandubhai pandya No answers yet View Answers | Post Answers |
| 7022 |
Jul. 05 2007 |
Excess Payment of Service Tax –
(Service Tax)
Due to wrong calcution if an assessee pays excess amount of service tax, can the assessee cim the refund for such excess or can it be utilised agast the payment due next year. ' BY: SHRINIVAS SATYANARAYANA KOTA No answers yet View Answers | Post Answers |
| 7008 |
Jul. 04 2007 |
Deduction & Exemption available for Collage running under Society –
(DIRECT TAXES)
Sir, My client started a MBA colge under a society. The receipt may be around Rs. 2.00 crore durg the fiancial year.What kd of exemption or deduction avaible to them. Whether they can apply for registration U,s 12A. Whether they are eligible U,s 10 (23)(G). Please sugg me. ' BY: SANDEEP KUMAR JAIN No answers yet View Answers | Post Answers |
| 7010 |
Jul. 04 2007 |
SECTION 269SS & T –
(DIRECT TAXES)
IF MR. X HAD GRANTED LOAN OF RS. 2 CS TO MR. Y. IF MR. Y PAY RS. 20 AS LIC PREMIUM THROUGH CROSS ACCOUNT PAYEE CHEQUE TO LIC ON BEHALF OF MR. X AND DEBIT HIS ACCOUNT HIS BOOKS, THEN WILL IT BE TREATED AS VIOTION OF SECTION 269SS OR 269T ? PLEASE NOTE :- PAYMENT IS MADE ON BEHALF OF X BY Y AND IT IS THROUGH CROSS ACCOUNT PAYEE CHEQUE AND NOT PAID DIRECTLY TO X. ' BY: SANJAY PANDYA No answers yet View Answers | Post Answers |
| 6989 |
Jul. 03 2007 |
NBFC & AS-13 –
(AUDIT)
As per the Prudential norms of NBFC , Long term vments are to be valued as per AS-13. My client an NBFC has ved the Equity of an surance co with a long term view. Now if we follow the AS-13 we need to make a provision for decle the value of vment, other than temporary The surance company’s Bance Sheet as of March’06 id is red and the –up value is much below than the face value, I have asked my client to make the provision for the decle. My client does not want to make the provision as it will affect the Net worth of his B,S sce the amount volved is rge. He has provided a valuation report prepared by the CFO of the surance company where the “Embedded value” is above the face vale. Followg are my queires: 1) What is “ Embedded Value” 2) Can we accept the valuation report and do away with the provisiong requirement as the Embedded Value” is greater than the “Book Value” and mention the same “ Notes to Accounts” 3) What are the other alternatives avaible if any ' BY: NARESH AGARWAL No answers yet View Answers | Post Answers |
| 6994 |
Jul. 03 2007 |
Income Tax provisions –
(DIRECT TAXES)
Please give the brief description of come tax provisions g to fillg of ITR of an assessee who has died 2007-08 and has not filled his ITR for the previous year 2006-07. case ITR is required to be filled, who will sign the urn? What formalities need to be complied with after the death of an assessee as far as come tax provisions are concerned? ' BY: AJAY SHARMA No answers yet View Answers | Post Answers |
| 6996 |
Jul. 03 2007 |
More than one exemption in capital gains –
(Capital Gains)
Can an assessee avail more than one Capital exemption? For example: If an assessee has sold an dustrial undertakg and vs the capital gas 1 rential house, vs specified Bonds, purchases a dustrial nd other than urban nd and also purchases a dustrial nd SEZ Can he avail exemption u,s 54EC, 54F, 54G, 54GA? ' BY: Chaitanya No answers yet View Answers | Post Answers |
| 6997 |
Jul. 03 2007 |
ASSET PURCHASED IN THE NAME OF DIRECTOR –
(DIRECT TAXES)
WHETHER ASSET PURCHASED BY DIRECTOR DIVIDUAL HIMSELF, CAN SHOWN THE BOOKS OF COMPANY WHICH HE IS WORKG DIRECTOR FULL TIME, AS COMPANIES ASSET ? ' BY: BALKRUSHNARANGRAOKULKARNI No answers yet View Answers | Post Answers |
| 6998 |
Jul. 03 2007 |
CAN A REVISED RETURN FOR SERVICE TAX BE FILED –
(Service Tax)
CAN WE FILED A REVISED SERVICE TAX URN. PLEASE PROVIDE ME THE CIRCUR NO. , NOTIFICATION NO. FOR THE SAME ' BY: arpi amish nanavati No answers yet View Answers | Post Answers |
| 6982 |
Jul. 02 2007 |
letter of credit –
(MISC.)
what is letter of credit? when it is used ? importance of lc? how we can receive it ' BY: arun garg No answers yet View Answers | Post Answers |
| 6987 |
Jul. 02 2007 |
Valuation of Shares –
(FINANCIAL MANAGEMENT)
Dear Members A private limited company engaged the Software busess havg a turnover of over Rs. 40 crores. A foreign company is willg to v the private limited company. The vg company has asked the valuation of shares as per the Comptroler of Capital Issues (CCI) guidles and be certified by me. Could you just help me to know the CCI guiles. As far as my knowledge goes CCI is beg abolished after SEBI came to existance. So can I get the methods and mode of valuation of shares of a private limited company which would be accordance with SEBI,CCI guidles. Thanks. ' BY: Prakash Kadur No answers yet View Answers | Post Answers |
| 6978 |
Jul. 01 2007 |
Import of Service - Cenvat credit ? –
(Service Tax)
If dian company received services from Foreign country at out dia towards FCCB & ECB services.We are service provider dia. Whether we can get cenvat for this payment ? ' BY: Raveendra Sangappa Kore No answers yet View Answers | Post Answers |
| 6979 |
Jul. 01 2007 |
capital or business income? –
(DIRECT TAXES)
one CA dy apart from her practice, derives come from sale of shares bought and sold on on le. she has vable surplus and from her post tax profits and with view to improve urns on vments and sell her securities. she wants to treat gas as short or long term. what prevents or what makes her come as capital ga? ' BY: M.JAYARAMAN No answers yet View Answers | Post Answers |
| 6968 |
Jun. 30 2007 |
Is it agriculture income? –
(DIRECT TAXES)
A firm purchase agriculture nd with Popur trees & sugarcane crops. To clear the nd for ablishement of unit it sold the tree & sugarcane crops? what about the receipts of sales? Is it Ag come OR should it be reduced from the value of nd?thanks ' BY: ASHOK SINGHAL No answers yet View Answers | Post Answers |
| 6969 |
Jun. 30 2007 |
Accounting code for SHE cess –
(Service Tax)
Dear colleagues Can you pls advise the accountg code to be mentioned on GR-6 chaln for depositg 1% SHE cess on service tax. rgds, Anurag ' BY: Anurag Lal No answers yet View Answers | Post Answers |
| 6971 |
Jun. 30 2007 |
Can Housing Plot be gifted to Cousin Brother? –
(DIRECT TAXES)
Can an dividual gift his housg plot to his cous brother. a) Can it be gifted for Nil Conration. this case Whether it will be conred as come from other sources the hands of the Donee? Whether it will attract Capital ga if it is gifted? ' BY: Anand S F No answers yet View Answers | Post Answers |
| 6972 |
Jun. 30 2007 |
Revised Bank audit fees reg. –
(MISC.)
The revised bank audit is silent about Tax Audit fees. The notification of RBI mentions only Audit Fees & LFAR fees. What to do? ' BY: Janhabi Deo No answers yet View Answers | Post Answers |
