Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 2456 |
Apr. 21 2006 |
DEPRICIATION –
(AUDIT)
MY CLIENT IS A CO-OPRATIVE BANK REGISTERED UNDER C0-OP SOCITIES REGISTRATION ACT. THE BANK IS ABLISED 1959 AND OWN CONSTUCT THEIR BUILDG OF FIRST BRANCH 1976-77. PRESENTLY BANK IS HAVG 7 BRANCHES WITH ALL THEIR OWN BUILDG. BANK IS REGURLY CHARGG DEPRICIATION ON ND & BUILDG @10% P.A. AS THE ND & BUILDG ARE SHOWN COMBE. NOW BANK WANTS TO SEGREGATE ND FROM BUILDG AND CHARGE DEPRICIATION ON ONLY BUILDG. AND THEY ALSO WANT TO TREAT ADDITIONAL DEPRICIATION(ALREADY CHARGED ON ND) REVERTED BACK AND CREDIT TO PROFIT & ACCOUNT. BANK ALSO WANTS THAT IF THIS CAN NOT BE DONE THEN DEPRICIATION ON BUILDG BE SETOFF AGAST THE DEPRICIATION ALREADY CHARGED ON ND. CAN BANK DO THIS? ' BY: Hitesh D. Unadkat No answers yet View Answers | Post Answers |
| 2459 |
Apr. 21 2006 |
Date of appliicability of changed Service Tax Rate –
(INDIRECT TAXES)
Sir, Which date is applicable for changed service tax rate - 18.04.2006 or 19.04.2006 ? Because, some members are sayg its applicable from 19.04.2006 and the others, from 18.04.2006. Also on the site of PIB it is clearly stated over there that it applicable from 18.04.2006. The message from the Prent of the ICAI also says that it is applicable from 19.04.2006. Please guide. ' BY: Santosh Narayan No answers yet View Answers | Post Answers |
| 2464 |
Apr. 21 2006 |
Liability to pay service tax –
(INDIRECT TAXES)
When will liability to pay service tax arise- when the cheque is received from the client or when entry is made the books after receipt of the cheque and depositg the same to the Bank or when cheque is realised ? ' BY: Santosh Narayan No answers yet View Answers | Post Answers |
| 2465 |
Apr. 21 2006 |
wheather selling of upgarde version of alreday sold software comes under VAT or service tax?? –
(INDIRECT TAXES)
Our company is sole distributor of Autodesk products (3dmax,Maya etc) dia. Sometime we have to sell the upgrade version of the same software to our reseller and we used to charge VAT while billg . But recently we started to charge Service tax agast such kd of billg i.e sellg upgrade version of software which alreday sold to him . So my quion is that are we dog a right thg?? or else we should keep chargg a VAT on it. ' BY: Arvind Jain No answers yet View Answers | Post Answers |
| 2471 |
Apr. 21 2006 |
As per rule 2(d)(v) is a propretror of comercial contractor liable to pay service tax on freight –
(Service Tax)
Mr A is a proprietor or dividual construction contractor, constructg commercial buildg , pays freight on g bricks, sand, and other rials and also on shiftg matrials between sites and transportation of waste rials As per rule 2(d)(v) of goods transport agency service he does not come under any of 7 catogries 1) Is he liable to pay service tax on freight paid ' BY: M.UTHAMAN No answers yet View Answers | Post Answers |
| 2442 |
Apr. 20 2006 |
PAN CARD –
(DIRECT TAXES)
Hi, One of my friend had applied for PAN card. He has been allotted the PAN number and also the PAN card was also issued. He has lost the PAN card. Kldly let me know the procedure for applyg for New PAN card and what documents needs for justifyg the lost of old pan card. ' BY: SATISH CHANDRA S JAIN No answers yet View Answers | Post Answers |
| 2443 |
Apr. 20 2006 |
Adjustment for Excess Service Tax paid in Earlier month,s –
(Service Tax)
Whether we can adjust excess service tax paid earlier for settg off next month liablity. ' BY: Nihar Kotru No answers yet View Answers | Post Answers |
| 2445 |
Apr. 20 2006 |
Cenvat credit of Service Tax-Goods Transport Agency (Reply urgent) –
(INDIRECT TAXES)
Whether Service Tax credit can be taken by merely passg book entries. There is bance the Service Tax Receivable A,c and it is beg utilised to pay the liability of the Service tax on Freight (ward,Outward)thereafter the Service Tax receivable a,c is debited by the said amount of payment made through, by creditg the Service Tax Receivable a,c. Issue- 1. Is it justifiable to take the credit of service Tax paid without first depositg liability through cash,Bank? 2. Is it justifiable to take the credit of Service Tax paid on Freight( outward)? ' BY: Atul Kumar jaiswal No answers yet View Answers | Post Answers |
| 2446 |
Apr. 20 2006 |
Excess Fringe Benefit tax paid –
(DIRECT TAXES)
Suppose we have deposited Rs 100 as Advance Frge benefit Tax for the F,Y 2005-06. But Actual liability of FBT is Rs 130000. My Q is, How we should present the same our Fancial statement. Sce the guidance note on FBT issued by the stitute , it is written that the amount of FBT ( net of advance tax theron), outstyandg if any, at the year end, should be disclosed as a provision the Bance sheet. And it is silent about the treatment of prepaid FBT. ' BY: Vijaya nand Jha No answers yet View Answers | Post Answers |
| 2449 |
Apr. 20 2006 |
Transfer of property aquired to new company for 99 year lease –
(DIRECT TAXES)
Promoters of a company purchased nd Dec 05 for Rs 10 cs and transfrred the property to a new company for Rs 118 cs. This was paid by the company to the promoters the form of equity capital of 11.8 c shares of Rs 10 each Jan 06. What would be the tax implications of this transaction the hands of the proprietor while filg urns durg Asst year 2006,2007 ' BY: Robin Joseph No answers yet View Answers | Post Answers |
| 2450 |
Apr. 20 2006 |
Excise duty can be claim as cenvate against service tax. –
(INDIRECT TAXES)
I wants to know that the excise duty can be cim as cenvate credit agast service tax liability. If yes what is the requirement of act g to availment of cenvate credit agat service tax. 2. this case can registration under excise is compulsory. ' BY: Ram Avtar sharma No answers yet View Answers | Post Answers |
| 2451 |
Apr. 20 2006 |
Composition scheme under section 3(2) –
(VAT/Sales Tax)
WHETHER A DEALER IS REQUIRED TO OBTA REGISTRATION AND HAS TO DEPOSIT NSC THE CASE OF COMPOSITION SCHEME?? WHAT IS THE PROCEDURE TO GET THE REGISTRATION COMPOSITION SCHEME?? ' BY: MANOJ No answers yet View Answers | Post Answers |
| 2453 |
Apr. 20 2006 |
TAXABILITY OF THE TRANSFER –
(DIRECT TAXES)
FACTS OF THE CASE : 1.A Partnership firm ABC has 2 partners Mr.X & Mr Y. 2.There is some immovable property the firm. 3.As per Accounts firm stand dissolved sce 1997 due to dispute. 4.Immovable property goes to Mr.X as per MEMORANDUM OF UNDERSTANDG . 5.Subsequently a litigation arises between X and Y. 6.X is payg certa amount to Y compromise. NOW I HAVE 3 QUERIES : Q1.TAXABLITY THE HANDS OF FIRM FOR TRANSFER,DEEMED TRANSFER ON DISSOLUTION U,S 45(4) ? Q2.AMOUNT PAID BY X TO Y FOR PROPERTY, HOW CAN BE PART OF COST AND IMPROVEMENT ? Q3.IF Y SELLS HIS RIGHTS THE IMMOVABLE PROPERTY FIRM ABC TO A THIRD PARTY SAY Z WHAT SHOULD BE THE TAX IMPACT ON FIRM FOR SALE OF Ys OWN RIGHT THE PROPERTY TO A THIRD PARTY Z ? KDLY POST THE ANSWERS QUION WISE AND SUPPORTED BY ANY RECENT CASEWS,JUDGEMENTS ETC,AS THE AMT VOLVED IS CONRABLE AND THE ISSUE IS TO BE SETTLED SOON ?? ' BY: AMIT MITTAL No answers yet View Answers | Post Answers |
| 2440 |
Apr. 19 2006 |
tds on salaries –
(TDS/TCS)
Can any one quote a case w which states that it is sufficient to deduct tds on saries the year end stead of every month? ' BY: R.BALASUBRAMANIAN No answers yet View Answers | Post Answers |
| 2418 |
Apr. 18 2006 |
ELECTRIC CONNECTION AT CA OFFICE WHETHER COMMERCIAL –
(MISC.)
whether bilg of electric energy at chartered accountant office will be at commercial rate or domic rate.As I remember there was a decision of ANDHRA PRADESH HIGHCOURT that CA office is not acommercial ablishment from electricity pot of view which was published our STITUTE JOURNAL.Can anybody help me gettg that decision. ' BY: P.K.SAHOO No answers yet View Answers | Post Answers |
| 2419 |
Apr. 18 2006 |
Service tax –
(INDIRECT TAXES)
Whether Company can avail Credit of Service tax paid on Freight paid to transporter and service tax paid by company directly to government. ' BY: lalit v. Raithatha No answers yet View Answers | Post Answers |
| 2423 |
Apr. 18 2006 |
how is it taxed –
(DIRECT TAXES)
My company sent me abroad for 8 months and i received sary US dolrs for those 8 months, and bance of 4 months i received dian Rupees, so how will i be taxed as per dian tax ws. ' BY: Benarji No answers yet View Answers | Post Answers |
| 2401 |
Apr. 17 2006 |
is servicetax applicable on interest charges ? –
(Service Tax)
if we raised debit note with the narration of BEG THE AMOUNT DEBITED TO YOUR ACCOUNT TOWARDS THE TE PAYMENT CHARGES AS PER GIVEN BELOW DETAILS V v DUE PAYMENT OVER DUE No dt Amt Date RECD.DT DAYS 123 1,1,06 RS.100000,- 31,1,06 15,2,06 15 Amount charged @ 24%P.A ON Rs.100000,- for 15 days = Rs.986.30 ' BY: Ashish Mody No answers yet View Answers | Post Answers |
| 2404 |
Apr. 17 2006 |
Maintanance service and ST-3 ? –
(INDIRECT TAXES)
sir, (1)is there any abatment provision respect of nance and repaire service, if sevice provider also provide sevice with rial (goods).? (2) st date for s.tax urn is 25-04-2006? or any extended date? are we required to file ST-3 new form only? ' BY: R.B.MATHUR No answers yet View Answers | Post Answers |
| 2407 |
Apr. 17 2006 |
Whether Service Tax and Vat both can be charged . –
(INDIRECT TAXES)
One of my client got his car repaired. Company charged say Rs. 1000 for body pat charges. They levied a service tax on the Rs. 1000 and VAT on 80% of Rs. 1000 statg that 80% of Rs. 1000 is rial cost and r bour. My query is that shouldnt service tax should be charged only on 20% of Rs. 1000 if VAT is carged on 80% ? Please advice. ' BY: namita No answers yet View Answers | Post Answers |
