Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 1062 |
Dec. 17 2005 |
Exemption under section 54 –
(DIRECT TAXES)
One of my clients has given his rential property for development. The development agreement clearly says that the builder has to demolish the existg buildg and start the development. The rential property is a long term capial asset.The builder has constructed 15 apartments and transferred 7 fts to the owner of the buildgs. this case whether the assessee is liable for capital gas tax on notional transfer basis? If yes, is he also eligible for cimg exemption under section 54? If yes, for how many fts either for one ft or all seven fts? ' BY: Naga Raju G No answers yet View Answers | Post Answers |
| 1050 |
Dec. 16 2005 |
VRS exemption u/s10(10C) –
(DIRECT TAXES)
1.Will the reduction of employees an organization comes under VRS, if conditions id down Section 10(10C) and Rule 2BA of I.T.Act are fulfilled. 2. Can an employee cim exemption u,s10(10C) the above case, case the employer ignorantly not allowed the same while makg the lumpsum Payment (exgratia)to the employee. 3.Can an employee cim exemption his urn of come,if the employer is silent with regard to the scheme and is completely ignorant whether the scheme is satisfyg all the conditions for cimg exemption u,s10(10C)or not. Regards, Sridhar ' BY: Jalluri Sridhar Bose No answers yet View Answers | Post Answers |
| 1055 |
Dec. 16 2005 |
Allotement of Shares –
(CORPORATE & OTHER LAWS)
Subry Company alloted Equity shares to Holdg Company agast the unsecured loan made by Holdg Company to its Subry Now my Ques. is whether such allotemnt can be stated Bance sheet as Shares issued for cash as the loans were received cheque by subsidiery company? ' BY: KALYAN KUMAR SARKAR No answers yet View Answers | Post Answers |
| 1056 |
Dec. 16 2005 |
TAXATION OF PROFIT ON SALE OF ADRS BY RESIDENT INDIANS –
(DIRECT TAXES)
One of my client who is rent dian workg with a software company has been allotted ADRs by the company. ADRs are held by the trust. Now trust is tendg to sell the ADRs and credit profit on sale of ADRs to his account. Query is 1.How the profits on sale of ADRs is treated the hands of the clients hands i.e whether long term gas or other come. 2. Can he cim double taxation relief? 3. What is the tax treatment on profit on sale of ADRs if they are allotted by the company the name of the employee under ESOPS I shall be gd if I get my doubt crified with reference notifications issued by the C.B.D.T ' BY: Viswanadh P No answers yet View Answers | Post Answers |
| 1032 |
Dec. 15 2005 |
FOREX DEALERS-SERVICE TAX –
(INDIRECT TAXES)
Dear members, Can any one crify whether a full fledged money changer needs to pay service tax? If so is it on commission or whole amount?. There are contradictory circurs this regard where a earlier circur they have exepted and the t circur they have taxed! Kdly crify if some one is havg a simir case. Similry what about cases of money transfer like wern union and all.. is there any service tax liability this? Does commission received fall under service tax? Can we call it as commission to be taxd under Bsess auxilliary service? Regards Raghu ' BY: RAGHU No answers yet View Answers | Post Answers |
| 1037 |
Dec. 15 2005 |
specimen of Form 15 I prescribed? –
(DIRECT TAXES)
Thank you for lettg me know the Form 15I for non deduction of TDS from Transporters. Can you please forward the same? or let me know where it has been prescribed? Thank you. ' BY: KETAN KRISHNAKANT DESAI No answers yet View Answers | Post Answers |
| 1045 |
Dec. 15 2005 |
Non Coroprate construction bodies –
(AUDIT)
If a non corporate body spends over Rs 150 cs 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 |
| 1027 |
Dec. 14 2005 |
cpe hours –
(OTHER BODIES)
whether is it mandatory for the chartered accountant those practice for their first year to complete 20 cpe hours? if not completed what are the consequences? whether bance required can be completed next year? please reply early. ' BY: raghavendra No answers yet View Answers | Post Answers |
| 1028 |
Dec. 14 2005 |
tds on payments to interior decorator and his carpenter –
(DIRECT TAXES)
the assessee has made payments of Rs.2 cs to the terior decorator for new office furniture which has been capitalised. TDS has to be deducted from his payment? Assessee has made payment of Rs.3 cs to a carpenter without deduction of tax at source. Payment has been capitalised under the head Furniture.Whether TDs has to be deducted for payments for capital asset? Sce no expense has been routed through p& l what has to be disallowed 3CD? ' BY: KETAN KRISHNAKANT DESAI No answers yet View Answers | Post Answers |
| 1015 |
Dec. 14 2005 |
Creation of HUF –
(DIRECT TAXES)
Dear All One of my client has herted agriculture nd from his parrent and grand parent. He is satisfyg the all condition of creation of H.U.F. like that two mail member etc. My query is that whether the herted agricultural nd will be the property of his H.U.F.or his dividual property. Thanks and regards ' BY: D.Prasad No answers yet View Answers | Post Answers |
| 1017 |
Dec. 14 2005 |
Tax Treatment for Technical Know How Fees –
(DIRECT TAXES)
As per Section 35AB Technical Know How Fees paid upto 31.03.1998 can be amortised over a period of six years.What will be the tax treatment for Technical Know How Fees paid 2005-06? Further if part payment has been made 2005-06 and bance is paid the next year what would be the tax treatment? ' BY: Rekha Joshi No answers yet View Answers | Post Answers |
| 1010 |
Dec. 13 2005 |
INFORMATION FROM FINANCIAL INSTITUTION –
(CORPORATE & OTHER LAWS)
CAN A ACCOUNT HOLDER SEEK FORMATION FROM A BANK ABOUT THEIR ACCOUNT OPENG RESOLUTION,AND STRUCTIONS FOR OPERATG? WHAT SPECIFIC SECTION,W EMPOWERS THAT.THIS IS REQUIRED AS THE COMPANY HAS CHANGED HANDS AND BANK REFUSES TO HELP ON THE PEXT THAT THEY WILL RESPOND TO GOVT. AUTHORITIES ONLY NOT PVT.? ' BY: RANJAN KUMAR No answers yet View Answers | Post Answers |
| 1011 |
Dec. 13 2005 |
Statutory audits of bank branches with reference to change in firm name. –
(MISC.)
I was the proprietor of X & Co. as on 01.01.2005 and has applied for bank audit multipurpose empanelment form as such. I have entered to partnership with Y the month of November2005 and have changed the name of our firm to X & Y. What steps should I take so that the bank audit is alloted my new firms name. ' BY: BRIJESH PODDAR No answers yet View Answers | Post Answers |
| 1013 |
Dec. 13 2005 |
Taxation of Remuneration to Wholetime director –
(DIRECT TAXES)
I wish to know amount paid as remuneration to wholetime director of a private limited company taxable the hands of such director. The amount paid is fixed and have no realtion with profit of the company or no. of board meetgs ' BY: Rahul Singhal No answers yet View Answers | Post Answers |
| 1003 |
Dec. 12 2005 |
Allowable Investments u/s 11 (5) –
(DIRECT TAXES)
Can a Trust,Charitable stitution hold accumute its excess funds (filed vide Form no.10 with the IT department) with ABN Amro Bank? One of the permissible areas prescribed under Section 11 (5) is vment Scheduled banks. Does ABN Amro or any other Private,Foreign Bank fall this category? ' BY: R.Sathyanarayan No answers yet View Answers | Post Answers |
| 1004 |
Dec. 12 2005 |
194C- tax deduction from communication bills –
(DIRECT TAXES)
Will TDS provisions apply respect of payment for telphone, mobile phones charges payable to Tata dicom, Airtel, MTNL etc? These are service contracts. However, as per Skycells decision, 194J should not apply. Will section 194C apply? As per CBDT circur 681, all service contracts would be covered by section 194C. Kdly provide your conred views wrt correct TDS treatment. Thanks and regards, Hitesh Thakkar ' BY: HITESH LAXMIDAS THAKKAR No answers yet View Answers | Post Answers |
| 1005 |
Dec. 12 2005 |
ISA Audit –
(AUDIT)
Dear Sirs, Kdly advice as to how to sign an ISA report case of Partnership Firms i.e. the name of the firm with the name of the partner below ? also whether to put both the Membership No. and the ISA Regn. No. also ? ' BY: Deepak Azad No answers yet View Answers | Post Answers |
| 996 |
Dec. 11 2005 |
Deposit from dealers in cash added in the income U/s 68 and again U/s 271D penalty imposed for the same A.Y. –
(DIRECT TAXES)
The Assessee has deposited money from its dealers agast goods cash the year 1991-92. The Ao has added the whole deposit u,s 68 the come conrg it as undisclosed and aga by imposg penalty u,s 271D read with sec. 269SS. The assessee preferred appeal and got relief from the tribunal for sec. 68. The the time came for appeal of penalty. The assessee has reiterated that the both the sections can not be applied at the same time on the basis of trial and error method. The CIT (A)rejected this plea. Your comments vited. ' BY: ravi kumar dubey No answers yet View Answers | Post Answers |
| 986 |
Dec. 10 2005 |
accounting treatment of depriciation on sale of assets as per company law –
(CORPORATE & OTHER LAWS)
if any particur asset is sold .so as per company w how to account profit or and depriciation .and if the begg of the same year firm converted to pvt. ltd. then!!!!! ' BY: ankur n. nanavati No answers yet View Answers | Post Answers |
| 991 |
Dec. 10 2005 |
computation of income in the hands of trust –
(DIRECT TAXES)
A trust (registered u,s 12A)receives rental come from immovable properties and come from other sources i.e. ter on bank fdrs. While computg the come to be applied for charitable objects and the accumutions to be carried , is the come from house poperty to be taken as gross rent received or it has to be computed as come from house property by givg deductions under section 24 of the come Tax Act 1961 and the net come so obtaed to be added to the come from other sources to arrive the come of the trust which is beg applied on the objects of the trust. Kdly enlighten me about the computation supported by any circurs of the CBDT and court cases if any. ' BY: Anwar Iqbal No answers yet View Answers | Post Answers |
