Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 207 |
Sep. 10 2005 |
Educational Institution –
(DIRECT TAXES)
eductional stitution regd as society its gross receipt is 85 khs will the stitution required to file I.T.urn,Whether the come of stitution will be exempted,tax treatment of Grants MP Fund ' BY: Dhanraj kankani No answers yet View Answers | Post Answers |
| 186 |
Sep. 08 2005 |
Transfer Pricing Issue –
(DIRECT TAXES)
wud Issue of Preference Shares to Associated Enterprises attract Transfer pricg Regutions as future there wud be dividend on shares which will have impact on profit or of the company the future ' BY: Jain Ravindra K. No answers yet View Answers | Post Answers |
| 188 |
Sep. 08 2005 |
FDI –
(INTERNATIONAL BUSINESS)
Facts: A foreign company wants to do busess dog sales on consignment basis by ablishg a 100% subsidiary company dia. The proposed entity will receive goods from various suppliers on consignment (not purchases)basis and sell them to ailers and consumers on their behalf. Its major source of come will be commission on consignment sales made as a consignment agent along with certa fixed charges on monthly basis for takg care of their stocks and providg frastructure facilities to the consignor. Query: Will the proposed activity be covered under service sector? If yes Then will it be covered under 100% FDI under automatic route? If No then under what sector it has to be cssified and how much FDI is allowed such a case? ' BY: namita bhandari No answers yet View Answers | Post Answers |
| 190 |
Sep. 08 2005 |
E-Tds- Taxable Amount means? –
(DIRECT TAXES)
Dear Members, the quaterly sary etds urns there is column number 318 Taxable amount on which tax deducted. Is this gross pay to the employee each month? Do we have to give this figure for each month. that means a quaterly urn for each employee we need to show three months gross pay seperately? How do we calcute tax under column number 345(Annexurs) quarterly urns? can we take 1,00,000 exemption first quater? or do we take 1,4 of it? regards raghu ' BY: Raghu No answers yet View Answers | Post Answers |
| 191 |
Sep. 08 2005 |
etds -book entry –
(INDIRECT TAXES)
Dear Members There is column etds urns askg whether the transanction is a book entry or not. For example i have to pay rent. I pass a entry on 31st providg for rent.say june 30th. i have not paid rent till date. Is this a book entry? pls crify regards raghu ' BY: raghu No answers yet View Answers | Post Answers |
| 170 |
Sep. 07 2005 |
OVERDUE IN CASE OF EQUITABLE MONTHLY INSTALLMENTS IN BANK LOAN –
(AUDIT)
CASE OF TERM LOAN GIVEN BY BANK AND THE REPAYMENTS EMI WHICH CLUDES TER AND PRCIPAL AMOUNT. THEN HOW CAN WE FD OVERDUE AMT. FOR NPA ? FOR EXEMPLE IF RS.60000 LOAN PAID 60 MONTHLY STALLMENT RS.1000 AND TER SEPERATELY PAYBLE. THEN AFTER 24 MONTHS THE DRAWG POWER WILL BE 36000. IF BANCE ACCOUNT 42000 THEN WE CAN ASCERTA THAT OVERDUE IS RS.6000 AND ACCOUNT IS NPA. BUT IF THERE IS EMI SUPPOSE RS.1200 WHICH CLUDE T AND PRICIPAL, THEN WHAT THE DRAWG POWER AFTER 24 MONTHS ? ' BY: MEHTA JAYSUKH T. No answers yet View Answers | Post Answers |
| 171 |
Sep. 07 2005 |
Service tax-VAT -elevators. –
(INDIRECT TAXES)
Dear members Does staltion of elevators,lifts ,escators etc attract service tax? do we need to pay 10.2% on 33.33 % of the total conration? (Under staltion and comissiong services) Is it treated as works contract uner VAT. Under CST IF U SELL A LIFT TO A BUILDER ANOTHER STATE(SAY UNREGISTEED) HOW MUCH TAX DO WE NEED TO PAY ? ALSO DO WE NEED TO PAY ENTRY TAX APART FROM THE CST TAX? Can there be a branch transfer without payg entry tax? for each transaction can goods be first transferred to branch to save entry tax and cst tax and then be sold locally? Please confirm if anyone has dealth with this practically. Thank you raghu ' BY: raghu No answers yet View Answers | Post Answers |
| 172 |
Sep. 07 2005 |
as 22 applicability for sick industrial company –
(CORPORATE & OTHER LAWS)
kdly let me know, whether the accountg standard no.22, [taxes on come,] is applicable to a sick company? ' BY: SRINIVASAN RM No answers yet View Answers | Post Answers |
| 177 |
Sep. 07 2005 |
FBT on Reimbursement of Out of Pocket Expenses –
(DIRECT TAXES)
Circur No. 8,2005 on FBT details about FBT stance on Reimbursement of Out of Pocket Expenses. case of a Company, an employees stays hotel and currs some expenses on telephone etc. which is billed his hotel bill. As per crifications, FBT this case should be paid by Hotel. The Company which ultily reimburse its employee will aga have to pay FBT on this as it will be booked under head Travellg and Conveyance. Is this not double taxation? How to avoid this situation? ' BY: Neeraj Kumar Rastogi No answers yet View Answers | Post Answers |
| 180 |
Sep. 07 2005 |
COMPLETE PARTITION OF HUF –
(DIRECT TAXES)
An Assessee HUF made a partition deed respect of immovable properties owned by the HUF only and distributed among the members. Thi was duly registered with the registar of properties also by payg appropriate stamp duty. HUF was havg bank bances, bonds and some fdrs also, which were not mentioned this deed so registered. To have the complete partition of the HUF is it open for the HUF to have a separate deed on the same date to show partion of the other assets or the alternative to prepare a partion deed statg there that this is a complete partion deed of HUF and for the purpose of transfer of immoval properties a separate deed has been prepared which forms part of this partion deed. Does two separate deed of the same date satisfy the mandatory requirement of complete partion of HUF. If not then any other options. Please advise. Thanks ' BY: Dinesh Agarwal No answers yet View Answers | Post Answers |
| 166 |
Sep. 06 2005 |
Disallowance u/s40(a)(ia) - delayed payment of TDS –
(DIRECT TAXES)
A job worker (company), for the year ended 31-3-05 received Rs.100cs receipts and pays 80cs sub-contract charges. TDS @ 1.02% Rs.81,600,- is paid by him only June 2005 (Due date u,s 200(1) beg 31-5-05). His Net profit is Rs.10cs and come-tax liability should be Rs.36,600,-. If the sub-contract payment of Rs.80cs is disallowed, his tax liability would be around Rs.35cs cludg 234B & 234C. How can he pay Rs.35cs havg earned only Rs.10cs.The Assessee may not survive to get the set-off the subsequent years for it will take more than 7 years for him to get the set-off full, conrg his earng of Rs.10cs per year. He may not survive even the first year, due to the fancial burden? His entire workg capital would be draed and his Bank loan would become NPA. What is the remedy? ' BY: Ramachandran.S No answers yet View Answers | Post Answers |
| 160 |
Sep. 05 2005 |
APPLICABILITY OF PROVISION OF SERVICE TAX IN CASE OF AVAILING SERVICES OF GTA –
(INDIRECT TAXES)
WHETHER CONSIGNOR,CONSIGNEE IS LIABLE TO PAY SERVICE TAX WHERE GOOD TRANSPORT AGENCY TURNOVER,RECEIPT IS NOT EXCEEDS THE EXEMPTED LIMIT UNDER THE SERVICE TAX? ' BY: Parveen Kumar Bajaj No answers yet View Answers | Post Answers |
| 161 |
Sep. 05 2005 |
Service Tax on Weighting bridge services –
(INDIRECT TAXES)
the assessee is providg g bridge services and he gets a notice from the Department that he is liable to pay service tax under the head Busess Auxiliary Services . kdly tell me whether he is liable? ' BY: Munish Sood No answers yet View Answers | Post Answers |
| 162 |
Sep. 05 2005 |
Sales Commission to Foreign Wholly owned subsidiary or Foreign Joint venture –
(DIRECT TAXES)
Whether Sales Commission paid to Foreign Wholly owned subsidiary or Foreign Jot venture is allowable expenditure for an dian company ' BY: VINAY KUMAR JAIN No answers yet View Answers | Post Answers |
| 145 |
Sep. 04 2005 |
IS THERE ANY PROCESS TO SURRENDER SERVICE TAX NUMBER –
(INDIRECT TAXES)
IS THERE ANY PROCESS TO SURRENDER SERVICE TAX NUMBER, IF TOTAL OF RECEIPTS THE FANCIAL YEAR 2004-2005 NOT EXCEEDS RS. 4 CS SERVICE TAX NUMBER CONTUE TO BE HOLD OR NOT AND WHAT IS THE TAXABILITY OF TAXABLE RECEIPTS OF 2004-2005 RECEIVED 2005-2006 OR THERE AFTER AND WHAT IS THE POSITION OF SERVICE TAX URNS & TAX ON SERVICES FIRST 6 MONTH OF 2005-2006 IF SERVICE TAX NUMBER NOT SURRENDER TILL THE DATE ' BY: AMAR AHUJA No answers yet View Answers | Post Answers |
| 152 |
Sep. 04 2005 |
How to calculate Deffered Tax Liability in case party is eligible for deduction u/s 80-IC. –
(AUDIT)
MY QUERRY IS HOW TO CALCUTE DEFFERED TAX LIABILITY TO BE SHOWN BANCE SHEET AS AT 31.3.2005 IF FOLLOWG PARTICUR TO BE DEALT WITH ELIGIBLE DEDUCTION U,S 80-IC FIRST FIVE YEAR 100% Next Five year 30% DEPRECIATION AS PER COME TAX ACT FOR THE YEAR Year 2004-05 2005-06 2006-07 Dep.IT 1662701.69 4138122.20 3232622.62 Dep Co. 1376546.72 2812533.49 2433081.16 Diff. 286154.97 1325588.70 799541.46 Year 2007-08 2008-09 2009-10 Dep.IT 2543052.83 2014745.67 1607857.31 Dep Co. 2109371.05 1832084.61 1593763.66 Diff. 433681.78 182661.06 14093.65 Year 2010-11 2011-12 2012-13 Dep. IT 1292882.84 1047770.62 855947.62 Dep.Co 1388357.93 1210903.16 1057287.21 Diff -95475.09 -163132.54 -201339.59 Rate of Tax 35.00% Surcharge 2.50% Education Cess 2.00% Effective Rate 36.60% Please guide us SATISH GOEL, FCA MEMBERSHIP NO. 89414 E=MAIL satishgoelca@yahoo.com ' BY: satish goel No answers yet View Answers | Post Answers |
| 154 |
Sep. 04 2005 |
GIFT TO GRAND SON/ GRAND DAUGHTER –
(DIRECT TAXES)
Can grand parents give gift to their grand children the amounts without limit. If yes, is there any document required if there is cheque entry. Can Cash gifts also be accepted. ' BY: RAJESH SAWHNEY No answers yet View Answers | Post Answers |
| 155 |
Sep. 04 2005 |
GIFT TAX –
(MISC.)
WOULD THE GIFT GIVEN BY AN HUF TO ITS MEMBER BE TAXABLE THE HANDS OF HUF? ALSO WHETHER THE COME GENERATED FROM SUCH GIFT BE CLUDED THE TOTAL COME OF DONER I.E HUF OR DONEE? ' BY: RADHIKA S. BHOTICA No answers yet View Answers | Post Answers |
| 157 |
Sep. 04 2005 |
PARTLY COMMISSION FORWARDED FROM POST OFFICE COMMISSION –
(DIRECT TAXES)
PARTLY COMMISSION FORWARDED (TRANSFERRED) TO CLIENTS (VORS) IS ALLOWABLE UNDER COME TAX ACT AS AN EXPENDITURE FROM RECEIPT OF POST OFFICE COMMISSION OR NOT? IF IT IS ALLOWABLE THEN WHAT IS THE POSITION UNDER POST OFFICE RULES AND IF IT IS NOT ALLOWABLE, THEN WHAT ARE THE OPTIONS AVAIBLE TO ASSESSEE REGARDG COMMISSION TRANSFERRED TO ITS CLIENTS ' BY: AMAR AHUJA No answers yet View Answers | Post Answers |
| 140 |
Sep. 03 2005 |
RECENT C HANGES, IF ANY, IN TAXATION OF PRINCIPAL AMOUNT OF NATIONAL SAVING CERTIFICATES RECEIVED ON MATURITY –
(DIRECT TAXES)
I HAVE RECEIVED SOME QUERRIES REGARDG, TAXATION OF PRCIPAL AMOUNT OF NATIONAL SAVG CERTIFICATES(ISSUED BY POST OFFICES) RECEIVED ON MATURITY,PLEASE FORM T POSITION AND CHANGES IF ANY. ' BY: NAVIN CHANDER No answers yet View Answers | Post Answers |
