Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 915 |
Dec. 01 2005 |
Specilation Busines Profit –
(DIRECT TAXES)
Whether come derived from (1) Derivative Transaction stock market (2) short term capital ga wtihout any delivery of stocks i.e same day purchase and sell, is a specutive ocme on non-specutive come !!. Further if a person is saried employee i.e his ma occupation is service then whether above comes will be treated as busess come or capital ga !!! ' BY: VIJAY KUMAR JAIN No answers yet View Answers | Post Answers |
| 917 |
Dec. 01 2005 |
How is auditor supposed to report in the following situation. –
(CORPORATE & OTHER LAWS)
As an auditor, case of a newly formed company that does not have a profit and account (it has opened a project development account), how am i supposed to report to the shareholders of the company? Could i only report We have audited the attached bance sheet of xxxxx as on 31.03.2003 and report that .... Kdly let me know the verbatium as well as references to any such situations the past. Thanks and warm regards Dhananjay Parchure ' BY: Dhananjay Sadashiv Parchure No answers yet View Answers | Post Answers |
| 900 |
Nov. 30 2005 |
Delayed Contributions to Provident Fund but payment in same previous year whether deducteble? –
(DIRECT TAXES)
One of my clients have paid Provident Fund contributions on 20th May 2002 for the month of April 2002. The case is under assessment before the ACIT & the ACIT is refusg to allow the deduction on the basis that there is dey payment of 5 days Where as my stand is accordg to Sec 43B payments are to be allowed if paid the same fancial year. (deduction to be allowed the previous year which actual payment is made) The ACIT says that the department is Suprime court on this issue & hence he can not accept this cim. He is not even ready to go by Allied Motors case decided by SC. Urgent help Needed. ' BY: Aniruddha Chaudhary No answers yet View Answers | Post Answers |
| 904 |
Nov. 30 2005 |
section 194LA –
(DIRECT TAXES)
FROM OCTOBER1 2004 SECTION 194 WAS SERTED REGARDG DEDUCTG TAX ON COMPULSORY ACQUISITION OF ND FOR PAYMENTS EXCEEDG 10000,-.MY QUERY IS WHETHER WE ARE TO FILE QUARTERLY STATEMENT OF TDS FORM 26Q OR NOT .I HAV ETRIED TO MENTION SECTION 194 FORM 26Q BUT THE SOFTWARE SAYS THAT THE CODE IS VALID. ' BY: PUNITA BHATIA No answers yet View Answers | Post Answers |
| 898 |
Nov. 29 2005 |
TDS- 194 - C –
(DIRECT TAXES)
Please crify whether tax has to be deducted at source for the lorry freight paid exceedg Rs.20,000,- [ exceeds Rs.50,000,- durg a fancial year] by a Trader [ wholesale trader food gras]. There is no written contract between the trader and the lorry owner and the lorry is hired by the supplier of the foods gras. ' BY: V.Nagaraj No answers yet View Answers | Post Answers |
| 890 |
Nov. 28 2005 |
disclosure of indirect taxes paid in the financial statements –
(AUDIT)
is there any circur , notification , guidance note accordg to which all direct taxes paid by a company has to be disclosed separately the fancial statements. if yes kdly provide the ed reference ' BY: nilesh mehta No answers yet View Answers | Post Answers |
| 870 |
Nov. 24 2005 |
taxability of socities –
(DIRECT TAXES)
Dear friends, please tell me what is the status come tax act respect of educational society registered under socities registration act 1860.what will be the tax liability under come tax act if the society has not taken exemption from come tax department.receipts are less than rs.one crore a year.can members of society take rent and sary from society.please discuss this query alongwith sections of come tax act and society registration act 1860 ' BY: vikas sharma No answers yet View Answers | Post Answers |
| 871 |
Nov. 24 2005 |
Part time Certificate of Practice –
(MISC.)
Dear all, I would like to know if while I am employment with a Public Limited Company can I get a Certificate of Practice? If yes, what are the powers of such a COP? What would be the obligations , permissions that I would have to take? Do generally employers allow the employee to have a part time COP and lend his (employees) name to the firm as a sleepg partner? Regards, Vikram Shivram vikramshivram@gmail.com ' BY: Vikram Shivram No answers yet View Answers | Post Answers |
| 851 |
Nov. 22 2005 |
whether interest received u/s 244A be treated as income from business or as income from other sources in the case of a banking co operative society –
(DIRECT TAXES)
The assessee here is a co operative socity dog bankg busess.Durg the assessment year 2004-05 it received a sum of Rs.8,120 as ter u,s 244A of the come tax act.The querry is :whether the said ter received u,s 244A of the come tax Act,1961 be treated as part of come from busess eligible for deduction u,s 80P or be treated as come from other sources so that deduction u,s 80P cannot be cimed. ' BY: P.Mohana Kumar No answers yet View Answers | Post Answers |
| 845 |
Nov. 20 2005 |
Deivative Tansactions –
(DIRECT TAXES)
Dear Sir, Fom curunt year 2005-06 dervitaive transactions future options are to be conred as delivery baed bussess and not a specutive bussess. If it is delivery based normal bussess, then what amount of transacton is to be treated as turnover? Total amount of transaction or mearly difference amount ? Suposse 15 lots of Reliance purchase future for one month at total Rs. 4000 today and the same lots are sold after one week at total Rs. 4600000 then what is the amount of turnover ? Rs. 4600000 or Rs.100000 (Rs. 1 kh may come by differnce of daily marg) ? If total amount of Rs.4600000 is to be conred as turnover then audit under section 44AB is required ? ' BY: MEHTA JAYSUKHLAL THAKARSHI No answers yet View Answers | Post Answers |
| 840 |
Nov. 19 2005 |
10 A exemption - whel local sales and export sales are there –
(DIRECT TAXES)
sir, my client is havg an export turnover of 1 crore . and local turnover of 1 crore. but the local turnover is simply on no profit and no basis. what i mean to say is there is no sgle rupee profit from local sales. the export turnover yielded a profit of 11 cs . now, whether for calcutg eligible profit for calcutg exemption under sec. 10A once aga i say that there is no profit from local sale. just we purchased goods and supplied the same at cost price without any profit. whehter 11 cs should be taken or should it be bifuricated the proportion of export turnover to total turnover? kdly crify me this regard regards chandiprasad gchandiprasad@yahoo.com ' BY: gchandiprasad No answers yet View Answers | Post Answers |
| 827 |
Nov. 18 2005 |
932 –
(INDIRECT TAXES)
It May be Noted This Regard That Rential complex has been defed as Rential Complex means any complex comprisg of i) a buildg or buildgs ,havg more than twelve rential units ii) a common area ,and any one or more facilities or services provided. The housg Colony ,mentioned the quion will have 20 divdual units ,so the each Buildg or all the 20 buildgs will not have more than 12 rential units. This beg the Situation whether service tax is applicable. ' BY: Manoj Kumar Agarwal No answers yet View Answers | Post Answers |
| 829 |
Nov. 18 2005 |
Service tax on Job Work –
(INDIRECT TAXES)
Whether service tax is applicable on job work ( the nature of handicraft work)executed by a proprietorship firm? ' BY: Ajay Sharma No answers yet View Answers | Post Answers |
| 834 |
Nov. 18 2005 |
INSURANCE BROKER - CORPORATE/NON-CORPORATE –
(MISC.)
1.WHAT ARE ALL THE CONDITIONS TO ACT AS A BROKER UNDER IRDA ACT? 2. CAN AN DIVIDUAL BECOME A BROKER UNDER IRDA ACT? MENTION FEW OF THEM NOW DOG BUSESS UNDER THE IRDA ACT? ' BY: GANESH K A No answers yet View Answers | Post Answers |
| 838 |
Nov. 18 2005 |
Non receipt of C Forms –
(AUDIT)
What will be the reportg requirement both for Tax ,Audit, if a company rarely,frequently fail to get a few of C Forms. Further, if it is required to pay the difference of Sales Tax. ' BY: Satish No answers yet View Answers | Post Answers |
| 818 |
Nov. 17 2005 |
IMPORT OF GOODS NOT MEANT FOR SALE WILL ATTRACT PROVISION FOR REGISTRATION UNDER DVAT? –
(INDIRECT TAXES)
WHETHER IMPORT OF GOODS NOT MEANT FOR SALE WILL ATTRACT PROVISION FOR REGISTRATION UNDER DVAT ' BY: VIPUL BARANWAL No answers yet View Answers | Post Answers |
| 822 |
Nov. 17 2005 |
Question on JE on sale of fixed assets –
(MISC.)
What would be the JE for the sale of fixed asset? Origal cost - Rs.10000 WDV - Rs.6000 Sale conration - Rs. 11 ' BY: Sathish N No answers yet View Answers | Post Answers |
| 809 |
Nov. 16 2005 |
Section 194J Tax Deduction at Source –
(DIRECT TAXES)
Whether Tax has to be deducted at source u,s 194J for Delegate Fees paid for semar organised by an stitute? ' BY: Rekha Joshi No answers yet View Answers | Post Answers |
| 814 |
Nov. 16 2005 |
DEDUCTION U/S 80IB- FOR INDUSTRIAL UNDERTAKING-SSI –
(DIRECT TAXES)
WHETHER DEDUCTION U,S 80 IB IS AVAIBLE FOLLOWG CIRCUMSTANCE. A PVT. LTD. CO. HAVG 2 UNITS STATUS OF VMENT FIXED ASSETS AS ON 31.3.2005 - UNIT 1 - 40 CS UNIT 2 - 110 CS THE COMPANY HAS SATISFIED ALL THE CONDITIONS SPECIFIED U,S 80 IB(2) PROD. STARTED ON DATED: 1.4.2001 AT THAT TIME THE VMENT FIXED ASSET WAS AS UNDER UNIT 1 - 40 CS UNIT 2 - 30 CS WE R CIMG DEDUCTION U,S 80IB SCE F.YR.2001-2002 SEPARATELY FOR ABOVE UNITS , AS THE COMPANY AS A WHOLE WAS AN SSI UNIT. BUT AS ON TODAY I.E.31.03.2005 THE COMPANY AS A WHOLE IS NOT AN SSI , BUT DIVIDUAL UNITS ARE SSI. 1) WHETHER DEDUCTION IS AVAIBLE TO UNIT I OR IT IS NOT TOTALLY AVAIBLE TO THE COMPANY AS IT IS NOT AN SSI UNIT AS A WHOLE AS ON 31.03.2005? 2) WHETHER STATUS OF SSI IS TO BE SEEN AT THE TIME OF ITIAL YEAR OR IT IS TO BE SEEN AT THE END OF EVERY YEAR OF CIMG DEDUCTION ? ' BY: RISHIKESH JAISWAL No answers yet View Answers | Post Answers |
| 816 |
Nov. 16 2005 |
ACCEPTANCE OF BANK REVENUE,CONCURRENT AUDIT FOR WHICH PERIOD SHOULD BE COMMUNICATED TO RBI? –
(AUDIT)
AFTER APPLYG FOR BANK EMPANELMENT ACCEPTANCE OF REVENUE AUDIT UPTO WHICH PERIOD SHOULD BE COMMUNICATED TO RBI OR PDC COMMITTEE AND HOW? ' BY: GAJENDRA C BANDI No answers yet View Answers | Post Answers |
