Sebi offers a way over FPI tax rule hurdle
You can add further comments to your query by clicking on "Add Comment".
This link will appear only, if you are logged-in with your user id and password. The same will appear as
"Querist Comment" on the Forum.
Click here to Post your Query >>5987 unanswered question(s) — Showing 4721–4740
| Que. Id | Date | Description |
|---|---|---|
| 4252 |
Sep. 09 2006 |
Disallowance u/s 40(a) –
(DIRECT TAXES)
It has been d that payment of Rs one cs made to contractor and TDS deducted but not at the correct rate, i,e sucharge not cred while deductg TDS. My query is whether the total payment shall be disallowed u,s 40(a) or a proportionate amount shall be disallowed. Should we report this observation Tax Audit report. Thanks ' BY: CA Rajesh Kumar No answers yet View Answers | Post Answers |
| 4253 |
Sep. 09 2006 |
Thershold limit - Rs 4 lacs –
(Service Tax)
Dear sir,Madam, Mr A is a professional durg F.Y 05-06 his total billg was 2 cs, and sce it is below the threshold limit of Rs 4 cs, he does not charge the service tax his bills. Durg the F.Y 06-07 also he expects his professional receipts to be below Rs 4 cs, hence he does not charge the service tax on his bills, Say by now his total professional receipts billed is Rs 2.5 cs. Now he gets a big assignment which he has to bill for Rs 2 cs. For the year 06-07 his total receipts cross the threshold limit of Rs 4 cs, I have 2 queries on this matter : 1. When should he apply for service tax registration and should he have to pay service tax on the receipts of Rs 2.5 cs which he had earned the earlier months ( he many not be able to charge his clients whom he has already serviced and billed i.e Rs 2.5 cs) 2. case he is already registered under service tax, and durg the year his receipts cross the threshold limit, what happens for the receipts o ' BY: Rajesh No answers yet View Answers | Post Answers |
| 4255 |
Sep. 09 2006 |
what is the generally accepted accounting for post dated cheques on the end of fin. year. –
(MISC.)
one state PSU got loan from fancial corporation and issued post dated cheques to lender. It has posted all the post dated cheques books of accounts. On the end of the f. year it made a journal entry post dated cheques account dr and loan account cr. Hence the loan had been shown with actual outstandg by year end. But the bank bance shown less compensatg with other account post dated cheques current assets. Please give ur opion...on this practise. Is this practise right? if right which standard or guide le of stitute support that. If not what is the correct practise?? ' BY: pushpa kumar No answers yet View Answers | Post Answers |
| 4235 |
Sep. 08 2006 |
cenvat credit on service –
(INDIRECT TAXES)
Whether clearg and forwardg services provided at the port for export will fall under defation of put service and why? ' BY: PRAVIN KUMAR SAHARIA No answers yet View Answers | Post Answers |
| 4236 |
Sep. 08 2006 |
DEATH OF PARTNER DURING THE YEAR –
(DIRECT TAXES)
M,S ABC & CO. IS PARTNERSHIP FIRM HAVG THREE PARTNERS A,B,& C.C DIES JUNE. BY WILL HE TRANSFER HIS SHARE(CAPITAL & PROFIT SHARG) TO A. 1)IS THE FIRM REQD.TO PREPARE SGLE B,S & P&L A,C FOR THE YEAR OR TWO? ' BY: NITIN AGGARWAL No answers yet View Answers | Post Answers |
| 4237 |
Sep. 08 2006 |
Daily Allowance to Medical Representative –
(DIRECT TAXES)
Dear Sir, A Pharma Co makes fixed per day Head Quarter Allowance to Medical Representative. The MR cims this alongwith his travellg bill, hence the entire amount goes to Travellg. Wheneve the MR is hout of Head Quarter then Head Quarter Allowance is not given but the Travel ALlowance is given per day of travellg. Is it part of Travellg or Sary. ' BY: R K Dhandia No answers yet View Answers | Post Answers |
| 4239 |
Sep. 08 2006 |
Section 37 –
(DIRECT TAXES)
Mr. X is a partner a firm and also a director a Pvt Limited Co. Mr x. uses its credit card for payment of his personal expenses, expenses ed to firm and expenses ed to Co. The expenses ed to firm and Co. are paid by the firm and Co. out of its respective bank accounts. However personal expenses are paid by Mr. X out of his personal bank account. Whether the practice ia acceptable and whether the amount so paid by the firm and the Co. out of their respective account is a deductible exepnditure come Tax. If yes under what section? Also please tell how to treat the payment of Annual fees on Credit Card ' BY: Harkesh Sharma No answers yet View Answers | Post Answers |
| 4240 |
Sep. 08 2006 |
How to take credit of Work contract dedutcted at source –
(VAT/Sales Tax)
Our company registered Maharashtra State under MVAT Act and taken works contract Tamil Nadu state. Contractee deducted works contract taxas per sale tax act Tamil Nadu state. We have not registered Tamil Nadu State. Maharashtra govt not refund or adjust TDS deducted by other state. What remedies avaible. Pls crify. Thankg You ' BY: Ajay Salagare No answers yet View Answers | Post Answers |
| 4241 |
Sep. 08 2006 |
Capital gains - application of amount deposited in Capital Gains Scheme –
(DIRECT TAXES)
The assessee has sold house 2004 feb and cimed exemtion of Capital Gas by depositg applicable scheme with SBI. By 2007 Feb (3 yrs) he will have ved more than the amount ved the scheme for the purchase of a new house, but the title of the same will get transferred to him only 2009. Can he cim that the money has been utilised with the 3 year period? Or else what is the remedy avaible to him? Will the entire amount be taxed on grounds that the amount is uutilised, as the title is not passed? ' BY: Gribin Jacob B No answers yet View Answers | Post Answers |
| 4244 |
Sep. 08 2006 |
Accounting of Excise Duty –
(MISC.)
Figures BAsic Raw rial cost 90 put Excise Duty 10 Total Cost 100 Sellg Price 130 Output Excise Duty 20 Total Sale Price 150 Output excise duty 20 put excise duty 10 Net curred by entity 10 Quion is how accountg should be done to show expense component of excise duty P&L and Bance Sheet to squareoff put & output excise duty after payg Rs 10 (Net) cash speciall if we want to show Rs 10 net excise duty as expense item P&L Pls guide ' BY: Ajay Salagare No answers yet View Answers | Post Answers |
| 4246 |
Sep. 08 2006 |
Export of Services –
(Service Tax)
What are the conditions that need to be satisfied for conrg a service as export case of Management Consultants? One of the mandatory condition to be satisfied to conr a service as export is that service is delivered out dia and used out dia as mentioned Rule 3(2) of export rules. Sce the terms delivered out dia and used out dia is not mentioned the rules,act how can the assessee prove that services are used and delivered out of dia. To illustrate, Suppose a company is providg services to foreign client who wants to set up the busess dia (to say Entry strategy for dia)and has asked for conductg market survey for its products (its demand and prospective customer base). The service provider compiles the data and deliver the same to the client.Sce the client is at foreign location and the reports are delivered to him foreign location the services can be safely said to be delivered out dia.However, the quion now arise ' BY: Ravi Raj Singh No answers yet View Answers | Post Answers |
| 4247 |
Sep. 08 2006 |
LONG TERM CAPITAL GAIN ON LAND –
(DIRECT TAXES)
A private Limited Company is holdg nd sce 1967-68 and showg it under the head fixed assets. current fancial year the company has started construction of a rential fts and proposed to sale them. Whether on sale of ft nd cost as on 1.4.81 will be conrred and long term capital ga on id market value as on date of sale takg dex cost will be avaible to the Pvt. Ltd company. or the nd cost will be added to the consruction cost and tax has to be paid as normal profit. ' BY: Madhav Sureka No answers yet View Answers | Post Answers |
| 4214 |
Sep. 07 2006 |
Section 80 IB –
(DIRECT TAXES)
Q: Section 80IB (10) Allows 100 % deduction to dustrial undertakgs derivg profit from developg and bulidg housg projects subject to condition id down the section. there are some housg project which are approved by the state govt. and local authorities wher the developer develop a colony and sell plot. whether such type of housg project are eligible if they donot construct any buildg or fts on such plots. ' BY: Yachna No answers yet View Answers | Post Answers |
| 4215 |
Sep. 07 2006 |
Refund of Service Tax –
(Service Tax)
Sir, madam, Is Refund of Service Tax applicable? if yes wat is the procedure for Application of Refund of Service tax for OCt - Mar 06 Which is the form for Refund application urgent reply plz rca ' BY: rca No answers yet View Answers | Post Answers |
| 4217 |
Sep. 07 2006 |
Credit Balances Written back –
(DIRECT TAXES)
The assessee , a partnership firm, has some credit bances for purchase of goods of A.Y.2005-06 which are not vrifiable as the parties are not Traceble. The case for the said assessment year has been selected for scruty. the subsequent year i.e A.Y.2006-07 assessee wants to write back the creditors and shown as come P & L account. It is to be crified that durg scruty the A.O.fd the same non verifiable and give show cause. reply the assessee submit that it has already been written off next fancial year.What can be the A O s reaction. ' BY: Madhav Sureka No answers yet View Answers | Post Answers |
| 4219 |
Sep. 07 2006 |
treatment of Tax deducted joining bonus returned to the company. –
(DIRECT TAXES)
The employee recieved Rs 1,00,000 of jog bonus after deduction of TDS. Now subsequently he leaves the organization next fancial year. As per the terms he has to urn the bonus to the comapny. 1) How much should he urn to the company or to say how much is he liable for 1c or 70,000. 2) the subsequent year can he cim the tax deducted on his come for the previous year as that bonus is no more an come for that year. ' BY: piyush dhir No answers yet View Answers | Post Answers |
| 4221 |
Sep. 07 2006 |
FBT on Partners' Conveyance. –
(DIRECT TAXES)
Dear Members, With regard to FBT,any conveyance expenses curred from rence to pce of work is exempted from FBT.Suppose a partnership firm is payg conveyance to the partners for travel from their rence to office,is it exempt from FBT?Pls crify.Thanks ' BY: Balasubramanian No answers yet View Answers | Post Answers |
| 4227 |
Sep. 07 2006 |
TDS ON ADVANCE PAYMENT –
(TDS/TCS)
COMPANY A HAS PAID ADVANCE TO B LTD FOR SOME CONTRACT WORK SAY F.Y. 2005-06. WHETHER COMPANY A HAS TO DEDUCT TDS ON SUCH ADVANCE PAYMENT EVEN IF COMPANY A HAS NOT RECOGNISED EXPENSES DURG THE SAME FANCIAL YEAR( ASSUME WORK HAS NOT STARTED). PLS CRIFY ME. ' BY: Manmath Biswal No answers yet View Answers | Post Answers |
| 4230 |
Sep. 07 2006 |
service tax on j & K residents –
(INDIRECT TAXES)
Whether service tax should be charged on the service provided by the Jammu & kashmir outr to rent of J & K. ' BY: PRAVIN KUMAR SAHARIA No answers yet View Answers | Post Answers |
| 4231 |
Sep. 07 2006 |
T D S ON COMMISSION ON SALE OF FORWARD TRADING –
(DIRECT TAXES)
Whether T D S is required to deduct U,S 194 H of I T act for services provided by member of vaydar Bazar for sale of goods without delivery. i.e.commission payable on forward contract of arenda vayda if such commission exeeds Rs. 2. Pl. crify.BHARAT A SHAH ' BY: BHARAT ARVINDBHAI SHAH No answers yet View Answers | Post Answers |
