Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 5372 |
Jan. 11 2007 |
Works Contract with material Supply –
(VAT/Sales Tax)
a contractor was given be a limited company a works contract with supply of amterial the state of chhattisgarh. the contractor is an unregisteed dealer under VAT act of CG. he is liable to be deducted the TDS of VAT Act and TDS of IT Act @ 2.244%. whether he is also liable to be deducted the purchase tax for the purchases made by him for the completion of said contract? otherwise whether the company shall be liable to pay purchase tax at specified rate on the rial used by the contractor the company to complete the contract? ' BY: anuj jaiswal No answers yet View Answers | Post Answers |
| 5360 |
Jan. 10 2007 |
Whether TDS on Rent includes Service Charges also? –
(DIRECT TAXES)
Under Section 194I we need to deduct TDS for dividuals,HUF,Company for Rent received exceedg a limit.My quion is will rent clude service charges recieved for nance and all of the buildg for the limit specified Section 194I? ' BY: Debdatta Mukhopadhyay No answers yet View Answers | Post Answers |
| 5366 |
Jan. 10 2007 |
Treatment of Medical Reimbursment –
(FBT)
As per proviso to Section 115WB(2)(i), where any expense is treated as perquisite the hands of employee, it will not be liable to FBT. As per Section 17(2), Medicle reimbursment to employees an unapproved hospital is a perquisite the hands of employees. However as per proviso to Rule 2B, if the amount so reimbursed does not exceed, it will not be a perq for employee. It implies that where employee is reimbursed Rs. 16000,-, it is a perq for employee and no FBT should be paid on entire amount. It is seperate thg how it will be taxed the hands of employee. Please justify your answer. Q69 of Circur 8,2005 does not crify this situation. ' BY: Ashish Bansal No answers yet View Answers | Post Answers |
| 5367 |
Jan. 10 2007 |
Form 16 –
(DIRECT TAXES)
Is the employer liable for any penalty or liability if he issues a form 16 to his employee for tax deduction at source, a case where the employee does not have a PAN. ' BY: Gribin Jacob B No answers yet View Answers | Post Answers |
| 5357 |
Jan. 09 2007 |
formation of religious trust whether exemption avail u/s.12A –
(DIRECT TAXES)
1) Can a muslim form a trust deed under the dian trust act? or it has to be a wakf deed? . 2) secondly if the trust is for the benfit of muslim community at rge whether exemption u,s. 12A can be cimed? ie, whether exemption can be denied sce its beneficial for a particur religion and not general public as a whole? please reply ' BY: guru No answers yet View Answers | Post Answers |
| 5358 |
Jan. 09 2007 |
Member H.U.F. - Does permission require for carrying on business –
(MISC.)
Dear professional colleagues, Do we require to get the permission from the stitute to carry on the busess our HUF status. ' BY: Kacham Shekhar No answers yet View Answers | Post Answers |
| 5346 |
Jan. 08 2007 |
Revenue recognition in courier and cargo industry –
(AUDIT)
I wanted to know that what should be the basis of revenue recognition courier dustry. As per AS-9 revenue should be recognised when services are rendered. but my case company handles nearly 1.5 cs consignments per day and revenue is recognised at the time of receivg the consignment from customer and not when the proof of delivery is produced i.e. services are rendered. Company tends that it is impossible to keep track of so many consignments per day and recognise revenue as and when deliveries are made. Could any of the members comment how revenue should be recognised and if possible give any reference of guidance note etc. issued by the stitute this regard. ' BY: sumit No answers yet View Answers | Post Answers |
| 5347 |
Jan. 08 2007 |
Sec 2(24) of the Income Tax Act,1961 –
(DIRECT TAXES)
Sec 2(24) of the come Tax Act,1961 Whether ter received by a society from banks is liable to tax?(Note:society is not filg IT urns on the basis of mutuality concept) I read about a favourable decision BCAS Dec 06 journal, but I was not able to get the complete case, can you please forward me same? (ITO Sagar Sanjog C.H.S Ltd ITAT H Bench Mumbai) ' BY: kantijain No answers yet View Answers | Post Answers |
| 5334 |
Jan. 06 2007 |
TDS on foreign service –
(TDS/TCS)
Client is an dian rent providg software ed service (basically sellg & nance of foreign software).He is sole provider of service dia of a foreign concern. However for renderg such services he connects to server located US (where foreign concern is located) which he is given rights to log . Whether such dian national can be ted as PE of foreign concern? He earns his own profits (levy of charges dia is to his discion) & only remits such amount as agreed between him & foreign party. ' BY: Vishal D Shah No answers yet View Answers | Post Answers |
| 5335 |
Jan. 06 2007 |
LOSS OF MINOR TO BE SET OF BY WHOME –
(DIRECT TAXES)
THERE IS UNABSORBED LONG TERM CAPITAL OF MOR CHILD.THE URN OF COME HAS BEEN FILED TIME BY THE PARENTS OF THE CHILD.AFTER ATTAG THE MAJORITY OF THE MOR CHILD WHOSE HANDS,THE SAID UNABSORBED CAPITAL IS TO BE CARRIED FROWARD FOR SET OFF PURPOSE. ' BY: PRAKASH D.SHAH No answers yet View Answers | Post Answers |
| 5338 |
Jan. 06 2007 |
Interest deduction –
(DIRECT TAXES)
dear all One assessee, who is a sary person, purchased a nd for house construction he is gog to constuct a house. He has purchased the nd on loan whether he can cim ter for that loan as from house property if he is not eligible to cim then how he cim the ter expenditure ' BY: swaminathan No answers yet View Answers | Post Answers |
| 5341 |
Jan. 06 2007 |
E mail –
(INDIRECT TAXES)
What is your E mail address Mr. MADHUKARN HIREGANGE VODMITTAL ' BY: vinod Mittal No answers yet View Answers | Post Answers |
| 5323 |
Jan. 05 2007 |
Filing of ETds return –
(TDS/TCS)
Do we have to file ETds urn even if no tax was deducted durg the quarter ' BY: G Naganathan No answers yet View Answers | Post Answers |
| 5325 |
Jan. 05 2007 |
TDS on Salary from previous employer –
(Income From Salary)
Hi All, I would like to know, whether TDS on sary received from one employer can be adjusted on the TDS to be deducted from sary from the other employer if the assessee changes the employer the same fancial year. Ex. The assessee changes employment August and the previous employer has deducted more TDS than required. The assessee was not given Form 16 by the previous employer and expects Form 16 only after March 2007. the mean time, he wants the TDS excess deduted to be adjusted agast the TDS on sary from the current employer. How should he go about this without form 16? ' BY: Sathish N No answers yet View Answers | Post Answers |
| 5327 |
Jan. 05 2007 |
Credit of Service Tax on labour supplied for Canteen. –
(Service Tax)
Tne company have canteen for supply of food etc. to the workers the factory area.The bour to the canteen is supplied by lobour contractor.The said contractor has charged service tax the bills.Can credit of service tax paid is allowed.I am of the opion that credit is allowed,sce there is no specific exclusion of canteen services the rules nor there is any exhaustive list of admissible services the rules and as such credit is allowed. ' BY: DHEERAN TILWANI No answers yet View Answers | Post Answers |
| 5331 |
Jan. 05 2007 |
whether deferred tax liability is to be added to Book profit ? –
(DIRECT TAXES)
As per expnation to sub sec 2 to sec 115JB the amount of come tax paid or payable,and the provision therefore is to be added to the book profit. My submission is that Deferred tax liability is neither come tax paid nor payable and as such the same is not to be added.Aga the words provision therefore refers to come tax payable.Deferred tax liability as nothg but an adjustment of book entry which reverses tter years.Whether I am correct my stand.Any other reasong support of my view may please be given.Disagreement to my views may also be stated with reasongs. ' BY: Dilip Kumar Somani No answers yet View Answers | Post Answers |
| 5313 |
Jan. 04 2007 |
HRA EXEMPTION –
(DIRECT TAXES)
Sir Can you tell me the answer of the followg quions and also mention the relevant provisions applicable. 1. Whether there can be any rent agreement between the mother and son. 2. Whether a person can cim deduction under HRA if he is payg rent to his mother through cheque. Thanks Sumit Aggarwal ' BY: Sumit Aggarwal No answers yet View Answers | Post Answers |
| 5314 |
Jan. 04 2007 |
Considration of DTA for the calculation of NOF –
(MISC.)
Sce defered tax assets is tengible assets. If DTA has to be reduce from NOF then Which DTA will be conred , reduced either gross DTA or net DTA (after nettg off DTL from DTA)where company has shown both their bance sheet. ' BY: Rajeev Kumar No answers yet View Answers | Post Answers |
| 5316 |
Jan. 04 2007 |
Cash credits and Gifts –
(DIRECT TAXES)
(4) Facts of the case: - Cash credit and donations from the near ions were received by account payee cheques & drafts, creditors,donors are come tax assessee, confirmation certificate,gift deed, PAN numbers and copy of bank account to justify the cash credits,gifts were submitted. The same are not accepted by the AO merely because as required by him the cash creditors,donors could not be physically presented before him durg the course of assessment proceedg. Query: - 1. How for the action of the AO is justified? 2. Views and case ws on the issues volved above. ' BY: CA. Govind Agrawal No answers yet View Answers | Post Answers |
| 5317 |
Jan. 04 2007 |
Reg. inclusion of word "equipment" under the definetion of rent –
(TDS/TCS)
Dear all, Before 13.07.06 our client was deductg TDS on Equipment hirg @ of 2.1% conrg hirg charges under 194C but after clusion of equiopment under rent he is liable to deduct tds at a higher rate. My quion is whether he is required further deducted tds rospectively and my second quion is case before 13.07.06 any person to whom our client was payg hirg charges to a party who had not crossed the limit under section 194C so as to deduct his tds but has crossed the same after 13.07.06 now at what rate the payments made earlier to 13.07.06 should be deducted. ' BY: Shashikant Bagadia No answers yet View Answers | Post Answers |
