Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 3371 |
Jul. 06 2006 |
Capital Gains to Resident on ESOP Shares issued by Foreign Holding company –
(DIRECT TAXES)
One of the rent employee workg an MNC company has got certa shares under ESOP scheme from its holdg company. He sold few shares with one year and others after a year which are listed New York Stock Exchange. The purchase and sales were done foreign exchanges. Only on few transactions the tax was deducted abroad. How to compute the capital gas this case and can he take the Tax Credit under DTAA ? Whether provisions of Sec 115ACA will apply this case? Please advice on the tax consequences. ' BY: PRAMOD SHRIKANTH D No answers yet View Answers | Post Answers |
| 3372 |
Jul. 06 2006 |
Commission/Salaries paid to C.A. who is a director in a company –
(COUNCIL DECISION)
An practisg chartered accountant has been appoted as director ( not whole time )of a private limited company. Can he take commission,saries from that company and he is engaged full time his practice. Thank you, Scerely yours, Sunil Garg ' BY: Sunil Garg No answers yet View Answers | Post Answers |
| 3376 |
Jul. 06 2006 |
Full Value of Consideration –
(DIRECT TAXES)
The assessee negotiates to sell a commercial plot for 10 khs but the valuation as per the Stamp Valuation Authority that area is only 4 khs. The assessee would receive the actual conration of 10 khs as follows: a) Rs.4 khs through bank b) bance Rs.6 khs cash ( for this payment there wont be any documentary evidence). The assessee is prepared to decre the actual amount of Rs.10 khs received by him and pay LTCG Tax accordgly. Here the quion is : will the receipt of Rs.6 khs by the assessee out of the sale deed , even though he would decre it, have any legal implication ? ' BY: Joseph No answers yet View Answers | Post Answers |
| 3353 |
Jul. 05 2006 |
Depreciation –
(DIRECT TAXES)
Dear Colleagues, a Dentist has commenced his busess out of the funds of his ired father. Now the funds have been utilised for g medical equipments. my quion is whether he can cim depreciation on the medical equipments purchased? Sce the funds origated from his father,can he he cim depreciation. Please crify with regards from ashok ' BY: b. ashok No answers yet View Answers | Post Answers |
| 3361 |
Jul. 05 2006 |
Service tax on foreign billing and refund of service tax on input services –
(INDIRECT TAXES)
Our client is BPO busess and raisg bills for BPO service provided to foreign clients. whether service tax is payable on the services provided to foreign clients. all earngs are foreign exchange. My other querry is the case of same client. They have usg the facilities of space and computer on hire basis. the service provider is chargg service tax on these bills. Is our client eligible to get refund of service tax paid on these services ' BY: dharmender batra No answers yet View Answers | Post Answers |
| 3337 |
Jul. 04 2006 |
Applicability of AS-7 on purely architech service related to construction of assets –
(MISC.)
As per AS-7 (Para 8.3), the contracts for renderg of services which are directly ed to the construction of assets are covered under AS-7 if both construction and architech services are awarded. What is only architect service for construction of assets is awarded. whether the same is also covered under AS-7 ' BY: RAKESH KUMAR GUPTA No answers yet View Answers | Post Answers |
| 3339 |
Jul. 04 2006 |
Applicability of section 43B –
(DIRECT TAXES)
Whether ter on Deferred Payment Credit like vehicle loan agast hypothecation from any public fancial stitution is covered u,s. 43B? ' BY: HARPAL KAUR No answers yet View Answers | Post Answers |
| 3343 |
Jul. 04 2006 |
ADDITIONAL DEPRECIATION U/S. 32(1)(iia) –
(DIRECT TAXES)
The deduction respect of Additional Depreciation U,s. 32(1)(iia) @ 20% of new pnt and machery acquired durg the previous year is allowed from the asst. year 2006-07. Kdly confirm for the followg pots: a. Is Additional Depreciation is avaible @ 20% even if the machery is purchased on or after 31.10.2005. b. Is Additional Depreciation is avaible for only the asst. year correspondg to the previous year which pnt & machery is acquired or for next asst. years. c. Is it necessary to show P & L separtely regardg addition depreciation or is it ok to add along with the normal depreciation givg a note to that effect. Kdly reply immediately. ' BY: NARASIMHA MURTHY No answers yet View Answers | Post Answers |
| 3346 |
Jul. 04 2006 |
Treatment of Profit in derivative & commodities transaction –
(Profits & Gains of Business & Profession)
How the profit derivative & commodities transaction under the amended provision, whether the same will be treated as specutive or asnormal profit.Whether the es from general busess can be set off agast these comes. ' BY: M.C. Kochar No answers yet View Answers | Post Answers |
| 3350 |
Jul. 04 2006 |
Penalty u/sec.271D-Time limit for completion of proceedings. –
(DIRECT TAXES)
Block assessment was completed on 31,3,2005, penalty proceedgs u,sec 271D were itiated on 31,3,2005 respect of certa receipts of money cash exceedg Rs.20000,-. Penalty was levied under section 271D on 31,10,2005. The assessee had gone on appeal agast the origal block assessment disputg the undisclosed come assessed for the block period, which is still pendg disposal. Whether the levy of penalty is valid this case? If no of penalty is passed till date, whether that would vitiate the proceedgs or the penalty can be validly levied after disposal of the appeal. ' BY: Murali No answers yet View Answers | Post Answers |
| 3328 |
Jul. 03 2006 |
Deduction of Tax for payments made to hotels for holding Conferences / Seminars –
(TDS/TCS)
Many NGOs are hirg hotels i.e. rooms, Conference halls etc for organisg Conferences,semars,workshops. The bill will clude room rent, food, conference hall, hirg of audio visual equipments etc durg the period of the conference generally 1-2 days. Is TDS to be deducted on such payment - if so under which section. ' BY: MARTIN P PINTO No answers yet View Answers | Post Answers |
| 3329 |
Jul. 03 2006 |
Under Section 80 C There is Deduction Availbale For Children"s Education . Whether The same is available if Child is stydying at abroad. –
(DIRECT TAXES)
Whether Childs Education Fees Paid At Foreign Uniersity , School IS availbale for deduction Under Section 80 C ? If yes, what is Maximum Amount Of such Deduction ? ' BY: ketankumar Arajanbhai Bhut No answers yet View Answers | Post Answers |
| 3332 |
Jul. 03 2006 |
Meaning of Commercial Concern –
(Service Tax)
Dear All Can anyone crify whether soleproprietorship firm is a commercial concern or not,if it is havg an office and staff on its payroll specially with respect to service tax old provisions. Regards CA Abhishek Gupta ' BY: Abhishek Gupta No answers yet View Answers | Post Answers |
| 3333 |
Jul. 03 2006 |
Service Tax Exemption of Rs. 4 Lakhs –
(Service Tax)
Dear All If a person has two separate propritorship firm and dog separate busess and havg two separate service tax registration, than such case whether for the limit of Rs. 4 khs tuunover of both the busess had to be combed or he can cim Rs. 4 kh exemption separately for the two busess. Regards CA Abhishek Gupta ' BY: Abhishek Gupta No answers yet View Answers | Post Answers |
| 3320 |
Jul. 03 2006 |
Book Value –
(MISC.)
Do you take to account the value of software & the IP that is shown under fixed assets as tangible assets for the calcution of Book Value of a share. SHould we deduct this from the shareholdrs fund or should this be cluded as part of the asset value? Pls reply Seshadri ' BY: L Seshadri No answers yet View Answers | Post Answers |
| 3322 |
Jul. 03 2006 |
Management Seminars –
(Service Tax)
hi Mr.X is to the busess of hirg speakers, takg hall on rent and arrange the meetgs and thereby sellg the tickets for the meet, whatever remas is his profit. Sometimes even they supply speakers to the corporates, but without chargg service tax on fees. will he be covered under service tax, if yes under which category: 1. Commercial Trag : 2. Event Management: 3. Convention Services 4. Manpower recruitment services. 5. busess auxilry service. Please reply with some expnations Manish, C.A. Delhi ' BY: MANISH GUPTA No answers yet View Answers | Post Answers |
| 3327 |
Jul. 03 2006 |
Service Tax on Subbroker –
(Service Tax)
What is the present status on Subbroker registration and levy of service tax on subbroker? ' BY: B.Sriram No answers yet View Answers | Post Answers |
| 3310 |
Jul. 02 2006 |
Audit of Relative "s firm –
(AUDIT)
Can a CA audit firms owned by ives after makg appropriate disclosure Mahesh aneja ' BY: mahesh aneja No answers yet View Answers | Post Answers |
| 3317 |
Jul. 02 2006 |
Availability of CENVAT credit on Joint Asset to be manufatured –
(INDIRECT TAXES)
Dear Sir, We are pnng to manufacture a Jot asset with our neighbour company. The cost of the asset is to be borne on 50:50 basis. Ours is a manufacturg Co. How could we take CENVAT credit.Especially when some bill are on our own name. What are the procedures need to be completed. Can we take Depreciation under IT Act or Company Act, if yes How much ? Please guide. Thankg You ' BY: Ajay Salagare No answers yet View Answers | Post Answers |
| 3290 |
Jul. 01 2006 |
Business Expenditure –
(DIRECT TAXES)
A builder purchases rge qty. of scafoldg rials every year and also all thro the year. The acual life of these steel scafoldg comes to only 2 years and for 3rd year by undertakg repair works of wornout items. We were cimg it as loose tools by debitg the entire cost of purchase to P & L a,c and credg the year end value as closg stock. The IT dept. issued notice u,s 148 to disallow the exp. and to allow only dep. on it treatg it as pnt. Is it correct? ' BY: S.Ramalingam No answers yet View Answers | Post Answers |
