Sebi offers a way over FPI tax rule hurdle
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Click here to Post your Query >>5987 unanswered question(s) — Showing 4641–4660
| Que. Id | Date | Description |
|---|---|---|
| 4583 |
Oct. 03 2006 |
proprietorship firm treated as partnership firm –
(DIRECT TAXES)
I have filed a urn of a proprietorship firm for the fancial year 2003-04 which was converted to partnership firm on 10th June 2004. On 7th of July the converted partnership firm applied for PAN form no. 49A. At the time of filg the urn of Proprietorship firm for the fancial year 2003-2004 the month of sept. 2004, stead of mentiong of PAN of proprietprship firm, the copy of 49A of partnership firm was attached with the urn. Now the Assessg officer treatg the firm as partnership firm applied the rate of tax @35% and there is a demand of tax. On gettg timation u,s143(1) i filed a requ for rectification u,s 154 but the assessg officer wants to reject the requ for rectification u,s 154. What should i do? ' BY: Rajni Kharbanda No answers yet View Answers | Post Answers |
| 4585 |
Oct. 03 2006 |
commission received in foregin currency –
(Service Tax)
Commission from Abroad received foreign currency dia for transaction done dia by foreign party with other parties dia. Commission is based on transactions done dia. ' BY: sachendra ksl No answers yet View Answers | Post Answers |
| 4588 |
Oct. 03 2006 |
qualififcation on Contigent liability for non dedcution and payment of TDS –
(DIRECT TAXES)
A assessee (Compnay) has filed urns with out adjustg the disallowances for non deduction of TDS which were reporteted the 3cd for the fancil year 2004-05. The Tax liaility is substantial conrg the busess of the assessee. Whether we have to qulify audit report for the year 2005-06. ' BY: M NAGESH No answers yet View Answers | Post Answers |
| 4577 |
Oct. 02 2006 |
audit u/s 44AB –
(DIRECT TAXES)
One of my client have civil construction busess. past yaers he had only come maximum 25 khs and fillg ROI takg come u,s 44 AD and not matag books . F.Y. 2005-2006 Upto feb he was not expectg come more then 35 khs but suddenly st week of march he received amount that cresed his receipts more then 45 khs .Now the problem is he has has not mataed books due to sec 44AD . But now he is fallg u,s 44AB .What I will do ,How can I proceed .Can any case w help this type of issue. . Can I will say it is a reasonable cause for not matag books as well audit u,s 44AB .Please suggast ' BY: fawad khan No answers yet View Answers | Post Answers |
| 4567 |
Oct. 01 2006 |
allowability u/s 40(a)(i) of the I.T.Act,1961 –
(DIRECT TAXES)
case of corporate and Non-corporate assessees,provision of auditors remuneration exceedg Rs.20,000,-at the year ended 31-03-2006 and no tax is deducted and paid to the credit of central government,whether such expenses are requiered to be diallowed while computg the come statement under the I.T.Act,1961? ' BY: SANJAY EKNATH SONI No answers yet View Answers | Post Answers |
| 4569 |
Oct. 01 2006 |
Transmission of Bonus Shares –
(CORPORATE & OTHER LAWS)
Resp. Sir, Please guide as to procedure(s) to be followed the transmission of shares the followg case: 210 Bonus Shares of Kirloskar Brothers Ltd., the origal vment was made by my te grandfather, which were transferred the name of my Uncle(sole member). Now, that my Uncle has died, and the Bonus Shares are still not sold. The Bonus Shares are not demat form. Please advise me as to what procedure is to be followed for sellg ths above referred shares. Now, sce, it is form of jot property No one(alive uncles) is ready to sell the shares the personal names, due to tax implication on personal taxation. Please let me know all the possible alternates avaible to resolve the issue. ' BY: Makarand Nashikkar No answers yet View Answers | Post Answers |
| 4563 |
Sep. 30 2006 |
exemption of income –
(DIRECT TAXES)
The Pharmacy council of dia (PCI) is a statutory body constituted under section 3 of the Pharmacy Act,1948 ( Act No. 8 of 1948 )and workg under central government i.e. Mistry of Health and Family Welfare, New Delhi. exercise of power conferred by section 19 of the Pharmacy Act,1948 , the state government has constituted the Chhattisgarh Pharmacy Council(CPC). The CPC collect fees from pharmacist , the fees are mostly deposited by CPC with banks the form of Fdr, which generate ter come. Whether this ter come is liable to tax and subject to deduction of tax at source by Bankers. case the CPC is exepmt from come tax, is there any liability to file urn U,s.139 by the CPC. ' BY: SUNIL KUMAR AGRAWAL No answers yet View Answers | Post Answers |
| 4538 |
Sep. 29 2006 |
TDS on Standing Charges for Maintenance of Asset –
(TDS/TCS)
Dear Friends, Their is a movable asset Owned by one of the company of a Group and used for common purpose of the Group as a whole. The charges like nce, sary of the staff dedicated to the asset, surance, etc., of such asset are shared by all the companies the group under an agreement. Whether the payment of ones share of expenditure to the owner company attract TDS, if so then at under which section and at what rate? ' BY: Vikash Vijayvargiya No answers yet View Answers | Post Answers |
| 4542 |
Sep. 29 2006 |
Reopening of Assessment. –
(DIRECT TAXES)
AO issues notice u,s 148 with the time limit avaible for notice u,s 143(2) ie. for pickg the case for regur scruty. This is because the case does not come with the criterian for selection for scruty. Is the reopeng valid ? ' BY: Unnikrishnan N No answers yet View Answers | Post Answers |
| 4524 |
Sep. 28 2006 |
whether FBT is appicable on capitalisation of expenses –
(FBT)
The assessee is engaged construction busess and executed work on BOT basis. All expenses curred durg constuction period cludg Travellg exp. dep. on cars etc. which are to be capitalised . whether FBT is applicable case of expenses which are capitalised. ' BY: om prakash gupta No answers yet View Answers | Post Answers |
| 4527 |
Sep. 28 2006 |
MEANING OF EXPECTED COMMISSION U/S 197(1)- TDS –
(DIRECT TAXES)
IF A PERSON TO WHOM THE COMMISSION IS TO BE PAID, HAD APPLIED FOR DEDUCTION OF TAX AT LOWER RATE, AND EXPECTED COMMMISSION MENTIONED THE EXEMPTION CERTIFICATE IS SAY Rs.10 CS. AT THE END OF THE YEAR ASSESSEE HAS PAID HIM COMMISSION OF RS.12 CS, AND HAS DEDUCTED TAX AT A LOWER RATE ON RS.12 CS. WHEATHER TDS ON ADDITIONAL RS.2 CS, WAS SUPPOSED TO BE DEDUCTED AT FULL RATE STEAD OF LOWER RATE ? WHAT ARE OUR DUTIES, SO FAR AS DISCLOSER FORM 3CD IS CONCERNED. PLEASE ADVICE. ' BY: SANJAY GULATI No answers yet View Answers | Post Answers |
| 4529 |
Sep. 28 2006 |
STT for Short Term Capital Gain –
(Customs & Excise)
PLEASE CLEARYFY THAT WHETHER STT PAID FOR SALG OF SHARES IS DEDUCTIBLE FROM SALES CONSIDARATION TO CALCUTE SHORT TERM CAPITAL GA ? ' BY: YATIN PATEL No answers yet View Answers | Post Answers |
| 4507 |
Sep. 27 2006 |
Business Query –
(DIRECT TAXES)
Dear all, my clientis havg a workshop where the come earned are threefold. a). from sales of parts to customers (ail) Rs 15 cs b). from bour charges, Rs 4 cs and c). from discount from suppliers. Rs 2 cs My query is that for the purpose of computg profit, does sec 44AF come to picture.? If is does, then is the provision satisfied if the profit is 5% or more of the total sales only? Kldy advise ' BY: CA Amit Sharma No answers yet View Answers | Post Answers |
| 4508 |
Sep. 27 2006 |
Double Taxation Agreement –
(DIRECT TAXES)
The assessee has a subsidiary company Nepal,Mauritius.The subsidiary company remit dividend to dia.Is it possible that dividend which is received from subsidiary company can be made exempt from tax hand of assessee dia under double taxation agreement with that country.Can assessee cim the benefit of tax and pay tax the couuntry which has lower rate of tax. ' BY: Ritesh Garodia No answers yet View Answers | Post Answers |
| 4512 |
Sep. 27 2006 |
contingent liability –
(AUDIT)
Our client has not met the mimum offtake quantity obligation of supplier of raw rial as per the contract for the st five years amountg to 34 cr.The supplier has not raised any bills hence the client shows it as contgent liability the notes to accounts each year. No liabilite shown the books of accounts. Now the current year the contgent liability settled for 7 cr.what is treatment the books of accounts.What entries to be passed the books ' BY: P.Srinivasa Rao No answers yet View Answers | Post Answers |
| 4513 |
Sep. 27 2006 |
Setting up of SEZ Unit –
(DIRECT TAXES)
To set up an SEZ Unit an ITES SEZ, is it necessary to start up a new busess(with new clients) or can a company shift its existg busess to form an SEZ Unit? Also can the unit be formed with the existg Fixed Assets and get the exemptions under come Tax and other acts? ' BY: V Suresh Babu No answers yet View Answers | Post Answers |
| 4516 |
Sep. 27 2006 |
Expenses related to subsidiary –
(DIRECT TAXES)
The assessee has 100% subsidiary.The subsidiary is shown as vment books of account and dividend is received from subsidiary.The assessee ternal auditor(employee)of assessee goes to subsidiary and audit the expenses there for 2 month.Is the sary of the ternal auditor for that period which he was vouchg the expense of subsidiary would be allowed assessee books of account. ' BY: Ritesh Garodia No answers yet View Answers | Post Answers |
| 4517 |
Sep. 27 2006 |
E FILLING OF INCOME TAX RETURNS –
(DIRECT TAXES)
Dear Members I have downloaded efillg software from come Tax site(exe utility) and have filled all the data form 1 and saved the xml file. I want to know how to validate the xml file as no file validator is avible on come Tax site the validator avaible is for excel file only ' BY: PANKAJ KUMAR No answers yet View Answers | Post Answers |
| 4485 |
Sep. 26 2006 |
Capital receipts for payment of Bonus –
(MISC.)
Whether profit or from sale of long term and current vments mutual funds (as per audited B,st. cssified as per AS - 13) can be treated as capital receipts for computation of Gross profits under the Payment of Bonus Act, 1965 ' BY: Santosh Narayan No answers yet View Answers | Post Answers |
| 4489 |
Sep. 26 2006 |
star house certificate –
(INTERNATIONAL BUSINESS)
Dear sir Whether export performance as required for applyg star export house certificate will be counted each of the precedg three years or cumutive export of three years will be taken for this purpose? ' BY: ca pravin No answers yet View Answers | Post Answers |
