Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 4827 |
Oct. 31 2006 |
Perk value incase of Company Leased accommodation –
(Income From Salary)
Hi, I would like to know if an employee takes company leased accommodation, but the full amount of lease rent is recovered from employee, will the perk value of company leased accommodation be added employees total come. For example, the HRA amount is Rs 30,000,-, lease amount is Rs. 20,000,-. The company pays lease amount directly to house owner and sary slip to employee, earng coloumn full HRA of Rs. 30,000 is shown and Rs. 20,000 is shown as deduction, net payable to employee is Rs. 10,000,- (which will be fully taxable). ' BY: Manish Bhatia No answers yet View Answers | Post Answers |
| 4832 |
Oct. 31 2006 |
Capital gain –
(DIRECT TAXES)
If the asset is Long term asset to the successors view of Section49(1)(ii)& 2(42A)-b,whether the dexation is avaible for the whole Period from the date of Purchase up to the date of Sale by the Successors(viz. cludg the period held by the origal owner)or only from the year which asset is held by the present Successors(Se.48-Ex iii)-(Viz) If the asset is sold the same year of Succession by the successors-then what is the benefit of dexation cost- Example: Year of purchase by Old Owner-1966 for Rs.50,000, Year of Death 0f origal owner -Dec 2004, -Sale of Property by Successors- June 2005 for Rs.22 cs- What is the Equation for dexation?-Is it 24 Years(from 1April 1981 to June 2005) 0r 1 year? Fair market value is Rs 4,00,000 on 1 April 1981- then the dexation cost June 2005 is-4,00,000X497,100=Rs.19,88,000.If the asset is sold for Rs.22 cs, then Long term Capital ga is Rs.2.12 cs(22-19.88).Is it correct or is there any other view. ' BY: K NAGARAJAN No answers yet View Answers | Post Answers |
| 4833 |
Oct. 31 2006 |
Allowabilty of exps. liable for TDS –
(DIRECT TAXES)
Is entire exps. disallowed if no TDS has been made or TDS has not been paid with due date of depositg the same? ' BY: Hitesh No answers yet View Answers | Post Answers |
| 4820 |
Oct. 30 2006 |
Retirement of partners. –
(DIRECT TAXES)
A partnership had four partners. Two of them ired on 31-03-06. the year 2005-06 some come was accounted on cash basis with oral agreement between the partners that when the bance of this amount g to 2005-06 is received, it will be shared among the old partners the old profit sharg ration. the year 2006-07 the bance is amount received. Is it possible to pass the payment through P&L( Ofcourse will be added back for the computation of Taxable come)? How it will be accounted? ' BY: Rajesh.R No answers yet View Answers | Post Answers |
| 4816 |
Oct. 29 2006 |
tds u/s 192 –
(TDS/TCS)
case sary is made payable at the end of every month, then when the TDS is to be deposited. (Ref. sec. 192 and 200 read with Rule 30) for ex. first case- sary payable on 31st october & paid on 5th of Nov. second case- sary payable and paid on 31st october. pls. tell me the date by which we are required to deposit tds. thanks... ' BY: ashish garg No answers yet View Answers | Post Answers |
| 4813 |
Oct. 28 2006 |
dissallowance u/43B - TDS –
(DIRECT TAXES)
whether tds is conred as tax for the purpose of disallowance u,s 43B? and, Whether such tds disallowed is allowable the year of payment? ' BY: ajay gupta No answers yet View Answers | Post Answers |
| 4808 |
Oct. 27 2006 |
COSTING ENTRIES IN FINANCIAL BOOKS –
(DIRECT TAXES)
Dear Professional Friends Our Company is implementg SAP.We are also implementg Costg module . Various variances and costg entries are gog from Costg module to fance module like books of accounts are havg Variances A,C. I am havg confusion whether such costg accounts fancial book can create problem from come tax prospective. Whether ITO can quion sock valuation due to various variances. Kdly guide me. CA. Vishal Sharma 9810952159 ' BY: Vishal Sharma No answers yet View Answers | Post Answers |
| 4793 |
Oct. 26 2006 |
SCRUTIRUTINY NORMS FOR AGRICULTURE INCOME –
(DIRECT TAXES)
SIR, I UNDERSTAND THAT NEW NORMS FOR SELECTG CASES FOR SCRUTY CLUDES AGRICULTURE COME ABOVE RS 2 CS IF SO PL FORM FROM WHICH A,Y THIS IS APPLICABLE ' BY: NAVIN CHANDER No answers yet View Answers | Post Answers |
| 4794 |
Oct. 26 2006 |
whether schools having surplus over expenditure is below 100000,is required to file Income tax ROI –
(DIRECT TAXES)
If a school regd. under societies act is required to file come tax urn for AY 2006-2007. what are the basic criteria for filg the ROI for a school(non govt). ' BY: lokesh sharma No answers yet View Answers | Post Answers |
| 4789 |
Oct. 25 2006 |
audit for speculative transaction –
(AUDIT)
If one has profit of 50 cs with one broker and of 45 cs with other broker from commodities tradg . The end result is net profit of rs. 000. whether it requires to file audit report u,s44ab or not please crify. ' BY: M.c. Jain No answers yet View Answers | Post Answers |
| 4784 |
Oct. 24 2006 |
STP 1 –
(CORPORATE & OTHER LAWS)
WHAT IS STP1 CANANYBODY GUIDE ME REGARDG STP1 REGISTRATION AND WHERE CAN MORE FORMATION BE GAED ' BY: KUSHAL HEGDE No answers yet View Answers | Post Answers |
| 4785 |
Oct. 24 2006 |
Value of perquisite of rent free accomodation where room are shared –
(DIRECT TAXES)
One of my clients is runng a charitable hospital. As per the rules of the hospital,the staff and nurses the hospital are required to stay the hostel located the hospital premises. The hostel is provided free of any charge to the staff. One room of the hostel is shared by two dividuals. The hospital adds 15% of the sary as perquisite for providg rent free accomodation the sary of the concerned employee and deducts TDS on sary accordgly. Employees resents this treatment and quions the justification of the action of the hospital admistration on the ground that they are sharg only one room of the hostel. Is the action of the hospital admistration addg perquisite of providg rent free hostel accomodation on tw-sharg basis is as per come Tax Act. Kdly advice. ' BY: ALOK AGGARWAL No answers yet View Answers | Post Answers |
| 4773 |
Oct. 22 2006 |
RECOGNITION OF REVENUE –
(DIRECT TAXES)
Respected Sir,Madam, Our Client is a co. which is service providg agency. The co. rendered services upto 31.3.2006 and raised bill on 07.04.06 for Rs 5.00 cs. The Bill was passed by co.s ma client on 15.04.2006 and tax deducted on 15.04.2006. Is it require to recognise come the F.Y. 2005-06 for the year 2006-07. Plz. sugg me. ' BY: NEERAJ DHINGRA No answers yet View Answers | Post Answers |
| 4775 |
Oct. 22 2006 |
maximum limit for FCA to conduct Tax Audit & Vat Audit –
(AUDIT)
What is the maximum No. Tax Audit a FCA member can conduct. Likewise what is limit for vat Audit. ' BY: Laxman Sundesha No answers yet View Answers | Post Answers |
| 4761 |
Oct. 20 2006 |
retun for tax deposited on freight paid to transport agencies –
(INDIRECT TAXES)
Dear Professional colligues, Kdly let me know whether there is any provision to file separate un for tax deposited by assessee on freight paid by it to the transporters. The assesse has taken CENVAT of such service tax deposited on freight paid by it and has filed un for put tax credit taken on freight alongwith other put services. Kdly advise whether it is neccesary to file separate un for tax directly deposited to the deptt. under GTA. regards, brijesh kuamr ' BY: BRIJESH KUMAR No answers yet View Answers | Post Answers |
| 4762 |
Oct. 20 2006 |
Telephone Charges of a DSA –
(FBT)
Apart from Sary, Telephone Charges is the bigg expense for any DSA (Direct Sellg Agencies - for Banks etc.), generally. As per circur 8 of 2005, pot no. 63, all call centre charges are exempt from the purview of FBT under 115WB(2)(D). As per pot no. 90, all telephone charges cludg mobile phone charges, but excludg leased telephone les, are chargeable under FBT under Sec. 115WB(2)(J). Can wel call a DSA as a call centre, as their busess is to source clients, thro telecallg. If so, whether the telephone charges (nd les) are exempt from FBT. As pot 63, speaks of cuse (D) only, which perta to sales promotion expenses, can telephone charges also be exempt as it is part of sales promotion. If that is so, then telephone charges of the Marketg Dept. of any company should be exempted from FBT, as the marketg dept. is a call centre for that company. Is there any defition for Call Centre Charges as stated pot 63 of the said circur. Can we cim exemption, by chargg the telephone charges to Sales Promotion Expenses. ' BY: V.Yuvaraj No answers yet View Answers | Post Answers |
| 4766 |
Oct. 20 2006 |
Deferred Taxation –
(AUDIT)
One of my clients has the followg position: Profit Before Depreciation & Tax Rs.140 cs. Depreciation under Companies Act Rs.125 cs. PBT Rs.15 cs Depreciation under come Tax Act Rs.350 cs. Provision for Deferred Tax has been providedfor timg difference i.e. Depn under IT Act mus Depn as per books. Total Provision for Deferred Tax Rs.75 cs. As a result Company has posted a of Rs.60 cs. Is the treatment correct? Even though Depn under IT Act is Rs.350 cs, the company will be able to cim only Rs.140 cs as Depn durg the year due to adequacy of profits and bance amount Rs.210 cs will be carried forward unabsorbed depreciation. Sce the same is carried forward, where is the timg difference on the carried forward amount. So my view no provision for deferred tax need to be made to the extent of carried forward depreciation. If full provision is made for Deferred Tax, should we not give effect to Deferred Tax Asset that arises as a result of . Can anybody crify? ' BY: Venkataraman No answers yet View Answers | Post Answers |
| 4767 |
Oct. 20 2006 |
Wat is Rate of Duty & is applicable –
(Customs & Excise)
On Conce mix (Cement) Excise Duty applicable & Wat is Rate of Duty & under which section , Notification ' BY: dipali No answers yet View Answers | Post Answers |
| 4754 |
Oct. 19 2006 |
GMCS class –
(COUNCIL DECISION)
What would be effect if i joed the GMCS css after 9 months which comes after passg the CA. ' BY: Santosh Jain No answers yet View Answers | Post Answers |
| 4756 |
Oct. 19 2006 |
New Form No. 3CD –
(AUDIT)
Whether figures for FBT Annexure - II of new Form No. 3CD are required to be reported a case of dividual , HUF, where FBT is not applicable? ' BY: Tanuj Agrawal No answers yet View Answers | Post Answers |
