Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 1190 |
Dec. 29 2005 |
credit of service tax –
(INDIRECT TAXES)
whether credit of service tax paid on L,C can be taken if such charges is reimbursebale from other party ' BY: Atul Kumar jaiswal No answers yet View Answers | Post Answers |
| 1191 |
Dec. 29 2005 |
Exemption to charitable trust U/S 12A and 80G,renewal refused,cancelled –
(DIRECT TAXES)
A Charitable truat was granted exemption U,S 12A and 80G 2000 for three years.When application was filed for renewal of 80G ,CIT cancelled exemption from 2000 and also refused renewal U,S 80G on technical grounds: 1.Trust is for a particur religious community the trust deed it was mention tha A dharamsa (Bhawan) to be constructed to be used preferably by Agarwal community and by others as well for social functions. 2nd was purchased by founders their name before creation of trust but had cuse that it will be used only for construction of Bhawan. 3.Trust deed contas as schedule full particurs of nd .Though a cuse was serted for a release deed favour of trust ,but registrar said this not required, 4.As usually happens name pques on rooms are given for major donors.CIT says donation is misused. Please advise steps to be taken and justification of the grounds. ' BY: Pravin Kumar jain No answers yet View Answers | Post Answers |
| 1193 |
Dec. 29 2005 |
AVAILING SERVICE TAX CREDIT-BEFORE COMMENCEMENT OF BUSINESS –
(INDIRECT TAXES)
THE COMPANY SUPPOSE - HOTEL BUSESS HAS NOT YET COMMENCE ITS OPERATION SCE CONSTRUCTION OF HOTEL PREMISES IS UNDERGOG. SERVICE TAX WILL BE APPLICABLE SCE ITS COMMENCEMENT OF OPERATION. QUERY....... WHETER THE CO. CAN REGISTER UNDER SERVICE TAX BEFORE ITS COMMENCEMENT OF BUSESS AND TAKE CREDIT OF SERVICE TAX PAID ON EXPENSES (PRE CORPORATION EXPENSES) ' BY: BHAVIN KAPADIA No answers yet View Answers | Post Answers |
| 1172 |
Dec. 28 2005 |
Quarterly filing of TDS Return –
(DIRECT TAXES)
1. Whether it is necessary to file Quartely TDS urn if the accoutg is done on the st day of accountg year ie. if they account for ter or borkeage or commission on 31-3-2006? If yes, then what is the procedure. if no, then whether we need to file Nil urn. ' BY: sunil lodha No answers yet View Answers | Post Answers |
| 1175 |
Dec. 28 2005 |
Capital or Revenue Expenditure- Abondoned Project –
(DIRECT TAXES)
Whether Capital expenditure curred the nature of Pnt and Machery etc. for settg up a new project which is extension of the existg le of busess is allowed to be written off when the company abondoned the project and decided not to set up the project and also such Pnt and Machery surrendered to Customs for their demurrages recovered. No amount is received by the company on such surrender. If yes, Please kdly provide suitable case ws support of the same. regards, VMV SUBBA RAO M.NO.203038 E mail: vmr@rediffmail.com ' BY: VMV SUBBA RAO No answers yet View Answers | Post Answers |
| 1180 |
Dec. 28 2005 |
Foreiign Subsidiary company –
(INTERNATIONAL BUSINESS)
A company corporated USA, by NRI, wants to set up a subsidiary company dia. What are the procedures to be followed ? Can the NRI, holdlg major shares USA, become the share holder of the subsidiary also? Mohamed Shafi shafi78647@yahoo.com ' BY: Mohamed Shafi No answers yet View Answers | Post Answers |
| 1181 |
Dec. 28 2005 |
Share holding in a private limited company up yo 99% and audit by close reletive –
(CORPORATE & OTHER LAWS)
Can a provate limited company be formed by two persons where one holds 99% of the capital ? is there any rrictions on the ceilg of share holdg ? As per professional ethic a CA can not accept an audit of a company where the major share holder is a close ive and even if he accepts he must reveal the same his report. Is there any rriction under Companies Act Mohamed Shafi shafi78647@yahoo.com ' BY: Mohamed Shafi No answers yet View Answers | Post Answers |
| 1182 |
Dec. 28 2005 |
FEMA –
(CORPORATE & OTHER LAWS)
An organisaion dog charity is registered and auhorised to receive foreign contribution from out dia. My query is whether the organisation can receive any donation from a foreigner who may or may not be a person of dian orig but is DIA at the time of givg donaion or the donation should come from out dia only kdly enlighten me about the acceptance of such donation contravenes the provisions of FEMA ' BY: Anwar Iqbal No answers yet View Answers | Post Answers |
| 1184 |
Dec. 28 2005 |
service tax - business auxillary services ? –
(INDIRECT TAXES)
A - Manufacturer B - Commission agent C - Brand Owner Tri agreement between A, B & C. B to procure s from the market and get the production done from A. Billg to be done by A, manufacturer on its sales voice as they have VAT regn & excise regn, to the distributors as under Consignee:- Distributors XYZ (On A,c - B) B to pay conversion charges , bottlg fees to A, excise duty payable on the production & vat payable on the production. B to pay royalty to C for use of brand. Will the conversion charges payable by B to A be liable to service tax? If yes, under which head? Note: The fal sales turnover would reflect the books of A sce coices are raised by A. Year end stock, debtors and creditors will also be shown the bance sheet of A. B is eligible for commission only. ' BY: deepak pawan jain No answers yet View Answers | Post Answers |
| 1185 |
Dec. 28 2005 |
EXEMPTION FOR NEWLY ESTABLISHED UNDERTAKINGS SEC.10 A –
(DIRECT TAXES)
Date : 28,12,2005 Exemption for newly ablished dustrial under takgs u,s. 10 A Q. If the Assessee has cimed the deduction u,s. 10 A, @90% of the profit of the busess undertakg the Assessment Year 2003-04 and for the 10% remag Profit the assessee has cimed the deduction u,s.80 HHC under chapter VI A ,can assessee cimed both the deductions please crify . The assesee thk that both deductions are different. ' BY: R.C.JAIN No answers yet View Answers | Post Answers |
| 1163 |
Dec. 27 2005 |
Concurrent Audit –
(AUDIT)
If a member want to become a concurrent auditor of a bank, how one can get the assignment? And from where one can get the formation about how to conduct the said audit? ' BY: SHITAL VIPUL VYAS No answers yet View Answers | Post Answers |
| 1164 |
Dec. 27 2005 |
applicability of sec 139(4C) –
(DIRECT TAXES)
our clet is a deemed university university is gettg major Grant from UGC and other expenses are met by ternal accruals. The Gross receipts is more than 5 crores. whether it is covered under 139(4C) or exempt under sec 10(23C)cuse (iiiab) ' BY: M.ALAGIRISWAMY No answers yet View Answers | Post Answers |
| 1169 |
Dec. 27 2005 |
Weather the PPF character as Exempt Exempt Exempt (EEE) is change to Exempt Exempt Taxable –
(DIRECT TAXES)
Earlier or say current year the PPF has character of Exempt on vment, Exempt on yearly accural of ter & exempt on maturity is converted from this year to EET, or is any propsal to do so? ' BY: Chanakya Shree No answers yet View Answers | Post Answers |
| 1170 |
Dec. 27 2005 |
PART OF AGRICULTURE INCOME TREATED AS "DISGUISED AGRICULTURE INCOME" –
(DIRECT TAXES)
The assessg officer treated a portion of the net agricultural come as come from other sources disguised as agricultural come on the grounds that the extent of nd cultivated by the assessee cannot yield so much of produce as cimed and disclosed. The assessee has produced sale bills, proof of nd holdg and the same have been verified by the Assessg Officer and found to be genue. But the Assessment u,s. 143(3) the A.O. treated the portion of the come based upon a certificate from a Director of Research who certified that yield of a particur crop cannot exceed the stated extent and on a news item which exceeded the cim of the research director. Whether the action of A.O. will stand judicial scruty? ' BY: MANOJ KUMAR VISHNUPRASAD BHATT No answers yet View Answers | Post Answers |
| 1171 |
Dec. 27 2005 |
T.D.S. on payments to Local Authorities –
(DIRECT TAXES)
M,sXYZ was alloted the rights to errect the arches across the Cantonment area on Built Own Operate Transfer (B O O T) basis on a yearly compensation of Rs. 5khs for a period of 10 years. Firm XYZ will get advertisement revenue from this arches. The Quions 1) Cantonment Board is alocal authority like Pune Cantonment Board , Whether XyZ the payer is Required to make T.D.S. on compensation paid to Local Authority covered under Expnation to section 10(20)? 2) If T.D. S. is required to be made then under What section .u,s 194 C (contract payment ) or u,s 194 I as rent ? 3) Whether Local Authorites like Municipal Corporatons, Cantonment Boardss are required to file come Tax urns u,s 139? 4) if T.D.S. is required to be done and party had not deducted the same what are the quansiquenses and remedy for the same? ' BY: Syryakant M Shah No answers yet View Answers | Post Answers |
| 1155 |
Dec. 26 2005 |
Construction Companies Audit Requirements –
(DIRECT TAXES)
If a non corporate body spends over Rs 150 cs or more out of capital and bank borrowgs and the Capital Work Progress is thus at the year end is creased by such amount. the statement of accounts prepared by Firm AS7 i.e recognition of revenue on completion contract method is certified by partners (as beg adopted ). whether ICAI has made mandatory of statutory audit of such entities ,second how the bank auditor(of bank from where such entity is takg credit facilities ) should ensure that the statment of account submitted by firm is true and correct? ' BY: Alok Chawla No answers yet View Answers | Post Answers |
| 1138 |
Dec. 24 2005 |
WHETHER MEMBER CAN USE CA IN V.CARD BEFORE HIS NAME? –
(MISC.)
Sir, Whether the Member of ICAI can use the Prefix like CA ( Chartered Accountant) before his name Visitg Card? ' BY: gopal agarwal No answers yet View Answers | Post Answers |
| 1139 |
Dec. 24 2005 |
capital gains section 54 –
(DIRECT TAXES)
An dividual,owng old house, entered to agreement with a developer for construction of rential complex on this nd the year 1997 and handed over the old house to the developer the year 1998. As per the terms of the agreement he is entitled to sft of constructed area the new rential complex. The parties obtaed the necessary permission from the Appropriate Authority under the come tax act. The developer handed over 0sft of constructed area the year 2001. Is he entitled to exemption under section 54 of the act ,he owns only this house. ' BY: Balaji Nagaraj No answers yet View Answers | Post Answers |
| 1140 |
Dec. 24 2005 |
Pvt.ltd company and NRI director –
(CORPORATE & OTHER LAWS)
Can a pvt ltd compnay be corporated with two members of which one of them is a NRI and always stays out of dia ? Can the NRI hold 95% of the share capital and the 5% share holder be designated as MD to carry out the day to day activities dia ? What are the resolutions that can be passed through emails, fax for periodic board meetgs and AGM Mohamed Shafi shafi78647@yahoo.com ' BY: Mohamed Shafi No answers yet View Answers | Post Answers |
| 1124 |
Dec. 23 2005 |
TDS- 194A –
(DIRECT TAXES)
Please crify whether Tax has to be deducted at source for ter payments exceedg Rs.0,- to hire purchase fanciers other than persons mentioned section 194A (3)[ eg. purchase of car either from Kotak Mahdra Ltd or Sundaram Fance Ltd.,] by any person other than an dividual,H.U.F whose turnover does not exceed Rs.40,00,000. ' BY: V.Nagaraj No answers yet View Answers | Post Answers |
