Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 2686 |
May. 11 2006 |
Exemption u.s. 54EC - investment to be made from 01.04.2006 –
(Capital Gains)
For my Q.no. 2875 regardg exemption u.s. 54 EC answer was given by Mr Satyanaran (Answer ID 3922) where it has been stated that bonds will be avaible on or befor 30.09.2006. Perhaps the quion has not been understood correctly. The serious concern is for those who have to v now i.e. from 01.04.2006 onwards for whom 6 months period is over for sale made Oct,Nov 2005. Notification of Bonds and extention of time of atleast one month from the date of notification the from CBDT is urgently needed to redress the genue hardship. ' BY: M.Lakshmanan No answers yet View Answers | Post Answers |
| 2687 |
May. 11 2006 |
TDS ON GUEST HOUSE RENT –
(TDS/TCS)
We are a Pvt. Company dia payg rent to an dividual (come less than 10 khs) as we have taken a house from him which we use as gu house. Rent paid per month is Rs.21000. What is the rate of TDS to be deducted? Can we conr it as amount paid to contractor & deduct 2.04% as TDS or Gu house rent would be conred as RENT payment & 15.30% TDS is to be deducted Also, please let me know the recourse if we have already deducted only 2.04% upto march 2006. Can we issue a certificate for 2.04% TDS showg the nature of payment as RENT kdly reply at the earli. Thanks & Regards Deepak ' BY: Deepak kumar Agrawal No answers yet View Answers | Post Answers |
| 2688 |
May. 11 2006 |
Enhancement of Authorised Share Capital. –
(DIRECT TAXES)
Enhancement of Authorised share capital after the commencement of busess (e.g..3-4 months after the commencement of busess)is prelimary expenses or capital expenses. Two type of expenses generally covered: 1. ROC ed 2.Stamp Expenses. Any decided case w or our view this regard kdly forward me as far as earlier. ' BY: Vikash Vijayvargiya No answers yet View Answers | Post Answers |
| 2689 |
May. 11 2006 |
share capital amount withdrwal. –
(CORPORATE & OTHER LAWS)
share capital amount can be withdrawal from the bank after the subsribation by the director. If Yes what is the procedure adopted. ' BY: Vikash Vijayvargiya No answers yet View Answers | Post Answers |
| 2690 |
May. 11 2006 |
TDS on Salary –
(TDS/TCS)
My client is a company. Its policy is to pay bonus at the start of the next year i.e.April. and also accounted for the next year. one of the employee will be receivg the followg durg 2006-07:- April 2006- sary 64000 + Bonus 194000= 258000 May 2006 to March 2007- sary 64000 per month. My client wants to know the TDS for the month of April 2006. The employees contention is that sce the total tax on Rs.9,62,000 (64000*12+194000) is rs. 243372, TDS for April 2006 would be 20281 (243372,12) The employer is not sure whether the employee would contue or not. He wants to deduct such amount of TDS so that even if the employee leaves the organisation, the employer is not held liable for payment of any tax, ter or penalty. Can the employer deduct 30%+education cess on April months sary (so that he is at least risk of payg any ter or penalty)? Is there any provision for payment of any tax, ter or penalty case of short TDS deduction? Kdly enlighten. Deepak-9440545557 ' BY: Deepak Kumar Agrawal No answers yet View Answers | Post Answers |
| 2691 |
May. 11 2006 |
INHERITED PROPERTY - IS IT INDIAVIDUAL PROPERTY OR HUR PROPERTY –
(DIRECT TAXES)
Sir, My assessee got agricultural nd after the death of his father.As per the will the property received by the my client is to be held by him until his marriage and ter on mariage it belongs to his family. However the case of Dr. H.N.Mehrotra CIT (276 ITR 158 (2005) (Alhabad) it is mentioed that any come from house property herited by son from his father is taxed his dividual capacity and not the status of HUF. ?? What will be the implication of the above case my clients case if he gets the come from agricultural nd.? dividualy he has come from sary. ' BY: SATISH CHANDRA S JAIN No answers yet View Answers | Post Answers |
| 2692 |
May. 11 2006 |
Applicablility of FBT –
(FBT)
A private limited company, havg no employee except directors, who are not chargg any remuneration for their services. The company is havg a car, whose depreciation and nance expenses are beg charged to profit & account. Whether the company is liable to pay FBT on the said expenses. Rgds. Arun Kumar Ja ' BY: JAIN ARUN KUMAR No answers yet View Answers | Post Answers |
| 2676 |
May. 10 2006 |
tds on software development –
(DIRECT TAXES)
dear members, i understand that there is no tds on software development charges. One of the profession notified under 194 J is formation technology. does this not make software development subject to tds? kdly crify regards raghu ' BY: raghu No answers yet View Answers | Post Answers |
| 2682 |
May. 10 2006 |
TDS on Payment made by the Official Liquidator –
(DIRECT TAXES)
Dear Members, Payment made by the official liquidator for the purpose of hirg of security services by the official liquidator, after the company went to iquidation, whether such payment is liable to tax deduction under section 194C of the come Tax Act. Veet_Agrawal_ca@yahoo.com ' BY: Vineet Agrawal No answers yet View Answers | Post Answers |
| 2661 |
May. 09 2006 |
Service Tax on Goods transported –
(INDIRECT TAXES)
where the goods to be transported are exported, whether service tax on goods transportation charges is applciable. ' BY: Rajesh Bagrecha No answers yet View Answers | Post Answers |
| 2664 |
May. 09 2006 |
ISSUE OF BONUS SHARES –
(CORPORATE & OTHER LAWS)
MY CLT A NON LISTED PUBLIC CO PROPOSES TO ISSUE BONOUS SHARES OUT OF THE ACCUMUTED PROFITS. WHAT FORMALITIES SHOULD BE D. THANKS N REGRDS ' BY: navin chander goel No answers yet View Answers | Post Answers |
| 2667 |
May. 09 2006 |
INVESTMENT U/S 54EC IN CAPITAL GAIN BONDS- TIME LIMIT –
(DIRECT TAXES)
Assessee has time limit of 6 months to v 54EC bonds to aviod capital ga tax. this connection non of the bonds are open for subscription on tap from 01-04-2006 due to budget proposal and change rate of ter (w.e.f. 01,04,06 only two agencies are authorised to collect the bondds REC, NHAI). There is no dication of proposed date for openg of new bonds for subscription from these agencies. What are the consequences for the assessee if the bonds are not avaible for subscription before due date (6 months from the date of sale) for no fault of the assesse. Is there any provisions under IT act for extension of time for the same . If so where and how to approach the dept. ' BY: Raghuveer B.S No answers yet View Answers | Post Answers |
| 2670 |
May. 09 2006 |
FBT on special circumstances –
(FBT)
As per provision g to FBT, a entity did not required to pay FBT unless and untill commencement of busess is started my quion is that if busess of the entity had been closed down or sell off but entity though exist the eye of w for sometime and curred some nomal expenses like depreciation on car etc. then whether the entity has to pay FBT on this nomal expenses. Please exp ? ' BY: Akhil Kejriwal No answers yet View Answers | Post Answers |
| 2674 |
May. 09 2006 |
Excemption U/s.54EC - MOST URGENT –
(DIRECT TAXES)
Can anybody advise me on S.54EC of cometax for grantg Exemption U,s.54EC for vemnt NHAI and REC. Sce asessess is time limit for vg was on 10th May 2006, Durg ther period from 29th march 2006 to till date, there were no issue of NHAI And REC for Fanci year 2006-2007. So what will be status of such Case. ' BY: P.Khatri No answers yet View Answers | Post Answers |
| 2648 |
May. 08 2006 |
KYC Norms and Money Laundering Norms –
(AUDIT)
Recently a Public sector sceduled Bank wants report from the concurrent auditor on the above titles for 100% compliance ca any body enlighten me who are the customer for the above purpose ' BY: SHYAMAL CHANDRA DHAR No answers yet View Answers | Post Answers |
| 2653 |
May. 08 2006 |
80HHE –
(DIRECT TAXES)
Assessee co. is exporter of computer software. A.Y 2003-04, asseesee co. have cimed deduction u,s 80HHE @ 50% of export profit. whereas while calcution deduction as per 115JB, assessee cimed 100% 80HHE of export profit. Whether assessee co. is right from his by cimg 100% 80HHE for the calcultion of 80HHE. Please crify with section. ' BY: R.C.Jain No answers yet View Answers | Post Answers |
| 2645 |
May. 07 2006 |
EXEMPTION UNDER NOTIFICATION NO. 32/2004 –
(Service Tax)
UNDER NOTIFICATION NO. 32,2004 DATED 03.12.2004, EXEMPTION OF 75% OF FREIGHT IS GIVEN TO TRANSPORTER PROVIDED HE DOES NOT TAKE CENVAT CREDIT AND ACCRDGLY HE IS LIABLE TO PAY SERVICE TAX ON 25% OF FREIGHT VALUE. CERTA PERSON LIKE COMPANY,PARTNERSHIP FIRM ARE ALSO LIABLE TO PAY SERVICE TAX ON PAYMENT TO GOODS TRANSPORT UNDER RULE 2(1)(d)(v). WHETHER THE EXMPTION U,S 32,2004 IS AVAIBLE TO THOSE SPECIFIED PERSON LIKE COMPANY MAKG PAYMENT OF SERVICES TAX ON BEHALF OF TRANSPORTER. IF IT IS NOT AVAIABLE TO THEM EVEN IF TRANSPORTER DOES NOT CIM CENAVAT CREDIT. WHETHER THEY CAN CLIAN CENVAT CREDIT. R.K.DGLIWAL ' BY: R.K.DINGLIWAL No answers yet View Answers | Post Answers |
| 2631 |
May. 06 2006 |
WORKS CONTRACT TAX IN RAJASTHAN –
(VAT/Sales Tax)
tell me what provisions made for Works Contract VAT 1. Rate of Tax 2. Rate of Tax if Composition Scheme adopted 3. Tax credit of put tax and adjustment 4. if turnover is less than 50 c Composition rate may be 0.25% 5. Forms used for Work Contract etc. ' BY: NITIN JAIN No answers yet View Answers | Post Answers |
| 2632 |
May. 06 2006 |
Acceptance of Audit –
(AUDIT)
Due to some un avoidavle reasons the tax audit of the assessee for the ass yr 2004-05 & 2005-06 becomes null & void, the origal books of the assessee are with ITD The assessee approached us for re-audit,revised audit for the said years Till date the department has not issue any letter for special audit can the audit be accepted current dates ? is NOC required from the previous auditors ? only photo copies of the set of books is avaible for audit purpose, is it sufficient ? ' BY: Bhushan No answers yet View Answers | Post Answers |
| 2636 |
May. 06 2006 |
applying for bank audit –
(COUNCIL DECISION)
my query is that i am a partner a chartered accountants firm which is already eligible for the allotment of bank audit.i am also proprietor of firm my dividual name and whether from this year i can apply for bank audit? ' BY: amit agrawal No answers yet View Answers | Post Answers |
