Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 5063 |
Nov. 29 2006 |
tax audit –
(AUDIT)
Whether an auditor is permitted to conduct TAX AUDIT of His , Her WS Accounts ? Is ther ANY KD OF LEGAL BAR? As per council decision where the partner or ive of a member has substansial ter the Auditor should prefer to desist from undertakg such audit assignments or if the auditor feels that his dependence will not be effected he may disclose such terset his report. However here ive cludes husband, wife, brother , sister and any leal ascenndant or descendant of the member but no where mentioned about WS ( though as per sec.6 of companies act ive cludes WS, but here Company w is not applicable ). So we thk there is no bar for a member to accept TAX AUDIT of his,Her WS Accounts . PLEASE GUIDE WHETHER OUR ABOVE VIEW IS CORRECT OR NOT. WHAT IS THE PROVISION FOR Other NON STATUTORY AUDIT ( non corporate assesee but wants to get Accounts Audited and to submit Audit report to various Govt. Authority g to enlistment ) OF WS A,CS? ' BY: SOUMYA JYOTI MITRA No answers yet View Answers | Post Answers |
| 5067 |
Nov. 29 2006 |
tds on purchase –
(DIRECT TAXES)
We purchase some raw-rials from our vendors on which our brand logo is affixed.further we purchase some product for which we supply the designs to our vendors. they charge sales tax on the sales amount.Are we supposed to deduct TDS on the amount of purchase? is there any case w on the same? ' BY: dilip agarwal No answers yet View Answers | Post Answers |
| 5051 |
Nov. 28 2006 |
HRA exemption –
(DIRECT TAXES)
Dears, When HRA exemption is not provided Form 16, can the same be cimed the personal tax urns? If yes, wat are the supportg documents required? and is there any specific text support of the same? ' BY: Harishankar No answers yet View Answers | Post Answers |
| 5056 |
Nov. 28 2006 |
Form 3CA /Tax audit. –
(AUDIT)
Sir, Refer ID 7236 comments by Mr.S.Subramaian.Please note that there are many Govt. Corporations where audit is deyed and to escape penal provisions this audit report (Tax audit) is submitted and please also note at times penality notice is also issued.I shall check up with assesse and ti about the t position. Thanks Charan dass sharma ' BY: charandasssharma No answers yet View Answers | Post Answers |
| 5057 |
Nov. 28 2006 |
EDUCATION CESS –
(INDIRECT TAXES)
our client is a cement manufacturer. it raise Limone from its mes. a cess called Limone cess is paid by them under the limone and dolomite mes bour walfare fund act, 1972. they also paid cess on cement under the cement cess rule, 1993. under thier audit the department raise objection that they not paid education cess on the above cess. my plea that the education cess is collected only on that duty which is levied and collected by the central government the mistry of fance (Department of revenue). the above limone & cement cess is collected and levied by mistry of dustries (Department of dustrial development) and another is Msitry of bour and Employment to education cess is not applicable on it. is my stand is correct or not? ' BY: AMIT SHAWRIKAR No answers yet View Answers | Post Answers |
| 5058 |
Nov. 28 2006 |
TDS on payment to C & F Agent and Customs House Agents –
(DIRECT TAXES)
Whether payment made to clearg & forwardg agents are covered under section 194J or 194H for TDS purposes. Whether the same also applicable case of payment to Customs House Agents. ' BY: Santosh Narayan No answers yet View Answers | Post Answers |
| 5047 |
Nov. 27 2006 |
Transfer Pricing –
(DIRECT TAXES)
Hello, With reference to above subject, if anybody can guide me for followg issue: Where do i can get Database for Comparable uncontroled price. (For e.g case of GOld price ternational Market) Thanks ' BY: Pragnesh V Shah No answers yet View Answers | Post Answers |
| 5050 |
Nov. 27 2006 |
A UNIT ENGAGED IN FOING JOB WORK LIABLE TO SERVICE TAX –
(Service Tax)
Sir! 1. One of my client is havg the ball pen manufacturg unit( Pvt. ltd. Co.). The company started gettg ball pen parts on job work basis from another proprietorship company owned by one of the Director of the captioned company by gettg moulded spare parts which turn will be sent to the captioned company.Raw rial for job work is provided by the captioned company. The captioned company pays bour charges for gettg the moulded parts required for makg ball pen. Will the job work done by the proprietor concern attract service Tax the hands on service provider - this case the proprietorship concern? If so under which headg and section of Service Tax Act,Rules? 2. case the job worker purchase few items of raw rial or the entire raw rial required for mouldg the spare parts of ball pen & turn sells to captioned company then what will be the position? Regards1 CA xmi Mittal M.No. 038894 If the job worker apart from dog the job work only ' BY: CA Laxmi Mittal No answers yet View Answers | Post Answers |
| 5043 |
Nov. 26 2006 |
Contingent liability to pay tax on purchase –
(VAT/Sales Tax)
Can any one tell me at what rate a dealer is liable under the WB VAT Act for tax on purchases from unregistered dealer ' BY: SHYAMAL CHANDRA DHAR No answers yet View Answers | Post Answers |
| 5032 |
Nov. 25 2006 |
Treatment of expenses incurred on raising / enhancement of Authorised Capital –
(AUDIT)
We have curred expenses (Fee paid to ROC) for raiseg of Authorised Capital. What is the Accountg and come Tax treatment of this expense. ' BY: Pradeep Kumar Sharma No answers yet View Answers | Post Answers |
| 5035 |
Nov. 25 2006 |
Eligibility of flour mills for deduction under section 80IB –
(DIRECT TAXES)
SOME ASSESSG AUTHORITIES ARE DISALOWG DEDUCTION U,S 80IB TO FLOUR MILLS TREATG THEM AS NON MANUFACTURG UNITS, WHICH IS APPARENTLY WRONG. IF YOU HAVE ANY CASE W KDLY GIVE REFERENCE OF SAME ' BY: MADHU SUDAN MANTRI No answers yet View Answers | Post Answers |
| 5028 |
Nov. 24 2006 |
service tax on GTA services –
(Service Tax)
Hi, case of GTA services our client is reimbursg their vendors for the freight amount and then, after availg 75% abatement payg the service tax. But vendors says that they are also payg the service tax on the freight amount. My query is that whether our client is also required to pay the service tax on GTA services even if vendors are payg the same. Whether it comes under the contract and sub-contract category. And if our client is required to pay the S. Tax, on what amount will it be charged, whether on actual freight or on only reimbursement part. Whether vendors are entitled to take the credit of the S. Tax paid by them. Thanks ashish garg ' BY: ashish garg No answers yet View Answers | Post Answers |
| 5024 |
Nov. 23 2006 |
what is the treatment of 10% of issue price of Share warrants received –
(AUDIT)
accordance with SEBI guideles, the company has alloted share warrants agast preferntial issue . 10% of the issue price(at premium) have been received from the subscribers by the comoany. what should be the disclosure requirement of the same the Bance Sheet. will the amount received (i.e. 10% of issue price) be treated as paid up capital if not then where should this amount go. ' BY: Rohit aggarwal No answers yet View Answers | Post Answers |
| 5025 |
Nov. 23 2006 |
FEMA "is remittance in indian Currency a violation of law" –
(MISC.)
we have sign an Agreemen with ABC t. Swzrnd.With the cuse to make the remiitance to xyz dia Rs.Thereafter XYZ has to make the remittance 60% of the total receipt to sgapore PQR tl US $.Is there any viotion of w.This whole Transaction is reference to advertisement web, where web promoter are tl, and the host is da, ' BY: Deependra Manral No answers yet View Answers | Post Answers |
| 5014 |
Nov. 22 2006 |
Compliance with section 212 of Companies Act, 1956 –
(CORPORATE & OTHER LAWS)
Our company, a private limited company is havg WOS Bangdesh, its accounts are audited as per the Bangdesh Company w. As per Section 212 of dian Companies Act, 1956 the holdg company is required to submit Bance Sheet, P&L, Diraectors Report and Auditors as per the dian Companies Act. My query is that whether the accounts of dian Holdg has to get the accounts of Audited as per dian Companies Act and get the auditors report as per CARO provisions for the purpose of filg with ROC? And whether the audit is must and must by the statutory auditors only or any other CA can do that and whether for this purpose the company has to appot separate auditors? Is there any crification from DCA,MCA for this issue? Please sugg the compliance procedure detail.(consolidation of Accounts is not compulsory under the Companies Act, 1956. It is required as per the listg agreement). ' BY: Sujiban Ghosh No answers yet View Answers | Post Answers |
| 5015 |
Nov. 22 2006 |
Ambiguity in definition of "Principal goods" –
(Customs & Excise)
Dears, As per cenvat credit rules 2004, “prcipal puts”, means any put which is used manufacture of fal products where the cost of such put constitutes not less than 10% of the total cost of raw-rials for the manufacture of unit quantity of a given fal products. One of my client manufactures 3 fished goods FG1, FG2 and FG3 at a cost of 100,200 and 300 adns utilises a common Raw rial (RM1) that contributes to the cost of all the FGs to the extent of Rs.2,8,10 respectively. As per the defition should dividual cost of RM1 be compared to dividual cost of each FG (ie., 2,100, 8,200, 10,300) or the total per unit cost of RM ie., 2+8+10 (20) be compared to FG1,2,3 to arrive at the list of prcipal goods?? ' BY: Harishankar No answers yet View Answers | Post Answers |
| 5016 |
Nov. 22 2006 |
Depreciation for Runway in a airports. –
(CORPORATE & OTHER LAWS)
Runway airports are taken as a pnt fixed assets. Flights nd through out day and night.what is the method of depreciation to be adopted and why. ' BY: Lenny Sebastian No answers yet View Answers | Post Answers |
| 5017 |
Nov. 22 2006 |
networking –
(AUDIT)
Quion 4. Lets assume M,s A & Co.( proprietorship concern ablished Dec 1990) and B & Co. (proprietorship concern ablished May 2004) formed a Formal Network. Both A & Co. and B & Co. applies for the empanelment their respective names givg their association with the network so formed. WILL their applications be accepted by the ICAI ? MAY they apply the name of the formal network so formed ? ' BY: VINOD KUMAR No answers yet View Answers | Post Answers |
| 5018 |
Nov. 22 2006 |
Tax Audit –
(AUDIT)
Reference answer ID 7236 by Shri S.Subarmaniam that none of the forms(3CA and 3CB) can be given u,s 44 AB. I wish to form that both the forms have been given and are stated to have been accepted by the authorities the case of Govt Cororation whose accounts are yet to be audited. one of the Corporation Form 3 CA has been given previous years ,but my opion sce the audit is not falised it will be better to Give form 3CB to avoid penal provisions. Charan Dass Sharma ' BY: charandasssharma No answers yet View Answers | Post Answers |
| 5004 |
Nov. 21 2006 |
Credit of VAT if tax invoice is submitted on later date. –
(VAT/Sales Tax)
Credit of VAT is taken on basis of TAX VOICE, if supplier gives ail voice while sendg rial and charges VAT voice, then makg payment, VAT tax charged by supplier was deducted from voice amount and bance payment was made. If supplier gives TAX VOICE after five months and asks for VAT amount deducted earlier, payment for the same can be made? As urn of VAT is already furnished with the Department for the month which rial is received. ' BY: Jay N Kotak No answers yet View Answers | Post Answers |
