Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 5976 |
Mar. 16 2007 |
Issue of bonus shares out of revaluation reserve –
(CORPORATE & OTHER LAWS)
Although Companies Act, ICAI and SEBI guideles y down that bonus shares cannot be issued out of revaluation reserve, there is a decision of Bhagwati Developers Peerless General Fance & vment Co. Ltd 62 SCL page 574 (SC) which, it seems, permits issue of bonus shares out of revaluation reserve. Please let me know if my readg of the case w and guideles is correct. ' BY: Urvi No answers yet View Answers | Post Answers |
| 5977 |
Mar. 16 2007 |
Ruling which states that AO cannot question Valuation of stco if it is acecpted by sales tax authori –
(DIRECT TAXES)
what is the citation of the decision where it has been held that AO cannot quion the valuation of stocks if the same i acecpted by sales tax authorities sales tax assessment? ' BY: PUSHPARAJ M BHANDARI No answers yet View Answers | Post Answers |
| 5958 |
Mar. 15 2007 |
Credit under Service Tax Act –
(INDIRECT TAXES)
If Credit taken under service tax act can be used for payment of duty of Excise. ' BY: Deepak Sethi No answers yet View Answers | Post Answers |
| 5959 |
Mar. 15 2007 |
Applicability of PF Laws –
(CORPORATE & OTHER LAWS)
An ablishment is required to take registartion for PF when the number of employees becomes 20. My querries are 1.Will the exempted employees who are havg Sary more than Rs 6 be counted for clusion for this 20 numbers. 2.Is the employees number has to be 20 at any pot of time or will the cumutive figures be taken to account. Example :- Suppose at the begg of the month the number of employees was 19 and two one employee left the organisation on 10 th of the month and another joed on 12 th of the month there by aga the number of employee becomg 19. Will the employee who has left the organistion before the act became applicable be counted for this 20 numbers. ' BY: PARTHA SARATHI NAYAK No answers yet View Answers | Post Answers |
| 5960 |
Mar. 15 2007 |
Accrual of LTA (Leave Travel Assistance) –
(AUDIT)
It is generally d that the company does not accrue the Leave travel Assistance at the end of the year if not cimed by the employee as he can cim twice the block of four years. whether the accountg treatment is correct conreg the accrual basis of accountg? ' BY: Bhushan Bharat Paranjape No answers yet View Answers | Post Answers |
| 5961 |
Mar. 15 2007 |
TAXABILITY OF MUTUAL CONCERNS –
(DIRECT TAXES)
My client is an unregistered apartment owners association and collects nance from members for runng the association. It also receipts space rental come from a cellur company for usage of terrace space of one of its apartment blocks. This come goes to defray the expenses of the association which is able to keep its nance collection low. TDS is beg made by the cellur company and the association files IT urns cimg refund. The assessg officer is of the view that the rental come needs to be isoted from normal nance collection and taxed separately as come of AOP. Our contention isthat mutual concerns are not taxable entities particurly conrg that this come only defrays the expenses of the association and there could be some surplus some years but this cannot be enjoyed by any member of the association. We have preferred appeals agast the views of the assessg officer by relyg on the cases of bankipur club,cawn pore club,chelmsford club etc. Learned members immediate views are vited as the stand taken .current eligible case ws could kdly be quoted as the appeal is comg up for hearg shortly. ' BY: K.HARI No answers yet View Answers | Post Answers |
| 5963 |
Mar. 15 2007 |
partnership firm –
(MISC.)
two partner of a firm which total 4 partners want to dissolve the firm and get back their shares networth but other two deny both for dissloution or refund for their share . please tell me the process which the first 2 partner can get their share back pls tell me detail where they have to approach this situation ' BY: nitin jain No answers yet View Answers | Post Answers |
| 5964 |
Mar. 15 2007 |
ICAI & RBI PERSONNEL...?????? –
(DIRECT TAXES)
Is our stitute is volved rexation norms for Statutory Bank audit work..? Is stitute belive that by not givg audit work to small firm,it will opt for networkg and become middle size firms? can any body clear above view under right to formation Act? ' BY: Amitkumar No answers yet View Answers | Post Answers |
| 5966 |
Mar. 15 2007 |
CST rate on Glassware purchased Gaziabad / U.P. –
(VAT/Sales Tax)
Please let me know what is the CST rate on gssware purchased from Gaziabad? its urgent? ' BY: CA Neetu Bohara No answers yet View Answers | Post Answers |
| 5941 |
Mar. 14 2007 |
Deduction U/s 80C –
(DIRECT TAXES)
Whether the amount paid towards Stamp duty and registration fees for transfer of ownership of rential property qualifies for deduction under section 80C? if yes what are the document that need to be sumbitted for cimg the same? ' BY: Surendra Kumar Agarwal No answers yet View Answers | Post Answers |
| 5944 |
Mar. 14 2007 |
FBT on Service Tax –
(DIRECT TAXES)
case of telephone expenses, is it right to calcute FBT on the gross amount (i.e, cludg Service tax )? It will be more helpful if anyone can tell me the reference also . ' BY: Surya Mohan Prasad No answers yet View Answers | Post Answers |
| 5945 |
Mar. 14 2007 |
can non resident be eligible to subcribe the MOA & AOA? –
(CORPORATE & OTHER LAWS)
What are the conditions has to be satisfied by the non rent to become the subscriber to the MOA & AOA? AND what is the section ? ' BY: Chanakyudu No answers yet View Answers | Post Answers |
| 5948 |
Mar. 14 2007 |
capital gains to NRI –
(Capital Gains)
an NRI herited rential house property dia 1995 now wants to sale the same and repatriate the sale proceeds or if necessary deposit Capital Gas Account Scheme so as to use these proceeds to acquire new house property abroad. Can he do so without attractg tax liability on capital gas? ' BY: G.V.Sitapati No answers yet View Answers | Post Answers |
| 5951 |
Mar. 14 2007 |
Audit u/s 44 AB –
(DIRECT TAXES)
A CA is permitted to sign TAX audit report of his brother,sister u,s 44 ABwith proper DISCLOUSER. Accordg to Appendix No. 9 (Resolution under regution 166 ,correspondg to regution 190A of the CA Regulion 1988) of The Chartered Accountants Regution , 1988 (page 314 of 2002 edition) The expression ive, ion TO A MEMBER means the Husband , wife , brother or sister or any leal ascendant or descendant of THAT MEMBER. But no where it has mentioned about -WS (whereas Company ws it is clearly mentioned about -ws). Now I want to know whether disclouser is required if a CA signs the TAX Audit Report u,s 44AB of his,her BROTHER W , FATHER W ? If so why? (ACCORDG TO ABOVE REGUTION Brother w , Father w is not covered by the defition of ive ion TO A MEMBER.) AM I CORRECT ? ' BY: sjmc No answers yet View Answers | Post Answers |
| 5952 |
Mar. 14 2007 |
introduction of capital –
(DIRECT TAXES)
there is a partnrship firm with one partner a non rent dian and other is rent of dia. rent dian is dog the busess with the funds send by the NRI. kdly anser whether non rent can be partner of the firm and 2. can such funds be used the busess. ' BY: vikas jain No answers yet View Answers | Post Answers |
| 5956 |
Mar. 14 2007 |
Admissibilty/disallowance of repayment of housing loan –
(DIRECT TAXES)
Hi, Can anybody please tell me regardg come tax impact of the followg transaction: 1) I bough a rentail house Apr2003 for Rs. 10.00c and took a banl loan. 2) Pnng to sell this house 2007-08 for Rs 20.0c 3) Now quion is whether reapyment of bank loan (made till 2003-2007) earller allowed as deduction (u,s 80) will be withdrawn? or the cost of house for capital ga will be redused by that rebate? or there wont be any impact of the rebate allowed earlier? 4) If suppose, we sale the house May 07, whether I can calim ter (for 2 months) as deduction u,s 24 and repaymnet of loan (paid before sellg of house) u,s 80C. Please do mention case ws and,or circurs. ' BY: ASHUTOSH KUMAR AGARWAL No answers yet View Answers | Post Answers |
| 5928 |
Mar. 13 2007 |
transfer of residential flat in Co.op. Hsg. Society –
(MISC.)
Is it necessary that a ft can be transferred the name of transferee only if the transferor is holdg the said ft at least for one year. If it is true, what is the legal status of said ft the hand of transferee ? Can he cim the deduction under capital ga by showg it as purchase of rential house ? ' BY: ajay No answers yet View Answers | Post Answers |
| 5930 |
Mar. 13 2007 |
agm exp attract fbt –
(FBT)
Does amount spent on holdg AGM attracts FBT. Is it will be regarded as Conference expenses ' BY: kumar gaurav No answers yet View Answers | Post Answers |
| 5931 |
Mar. 13 2007 |
tax liability on third party insurance claims –
(DIRECT TAXES)
An dividual(mor) has met with an accident and havg disability over 80%. All the three years deduction U,S 80DD had been cimed. Now the victim is awarded with the compensation from the surance Company(of the third party). Whether the compensation received is taxable under come Tax Act, if yes under which provision, and any deduction,relief avaible ' BY: madhusudan sarda No answers yet View Answers | Post Answers |
| 5935 |
Mar. 13 2007 |
servicetax –
(INDIRECT TAXES)
A chartered accountant has received amount of Rs 6cs for taxable services durg 06-07 on receipt basis.He has raised bills of RS1.5 cs+Service tax@12.24 which are pendg as on say 31.03.06.Now durg 07-08,he has received 0.80cs from out of the said 1.5cs.The total receipts may not cross 7 cs durg 07-08.kdly form me whether he has to pay tax on the said 0.80 cs,as he has raised the bill durg 06-07 whether he is to pay cess @2%or3%,if tax is to be paid. k.lee. ' BY: k.leela No answers yet View Answers | Post Answers |
