Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20690 |
Jun. 30 2021 |
Section 17 –
(DIRECT TAXES)
Hello everyone!! How to obtain list of CIT approved hospital specified u/s 17(2) of income tax Act. BY: Manisha No answers yet View Answers | Post Answers |
| 20689 |
Jun. 28 2021 |
229489 –
(OTHER BODIES)
Respected Sir, which ITR form is to be used for trust/Society not having registration u/s 12A. How it is assessable and rate of taxation on it? Is tax payable on gross receipts or on net surplus after meeting all expenses? Thanks BY: MOHAMMED QUSROO No answers yet View Answers | Post Answers |
| 20688 |
Jun. 26 2021 |
Original owner vs beneficial owner , Tax Treatment –
(DIRECT TAXES)
When Land and building transferred by settlement who is original owner and beneficial owner. If settled property sold in future year in whos hand tax is leviable. Example: Wife has transferred her land and building to her husband by settlement. For the property original owner is wife and beneficial owner is husband. If this property will be sale in future in whos hand tax is levy. In this situation wife has sold another one property, when claiming deduction u/s 54 settled property may be count in the hand of wife. BY: KANAGARAJ No answers yet View Answers | Post Answers |
| 20686 |
Jun. 25 2021 |
PROVIDENT FUND ESTABLISHMENT –
(OTHER BODIES)
WHAT WILL HAPPEN TO PF ESTABLISHMENT ON DEATH OF PROPRIETOR WHEN HIS BUSINESS WILL BE RUN BY HIS WIFE ? WILL NEW PF REGISTRATION WILL BE REQUIRED ? BY: ARIHANT JAIN No answers yet View Answers | Post Answers |
| 20687 |
Jun. 25 2021 |
Transfer of Input credit on change in constitution –
(GST)
A Partnership Firm is going to be converted into Proprietorship concern (One of the Partner will become proprietor) In this case whether it will be possible to transfer whole balance of GST credit lying in Credit Ledger to Proprietorship Firm. BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20685 |
Jun. 24 2021 |
AMOUNT RECEIVED FROM SON ABROAD –
(Compliance)
Amount received by a father from his Son residing abroad. Son is a NRI and holding Indian passport. Whether such receipts more than 1 lakhs has to be reported in FCRA form FC1. Rule 6 of FCRA requires submission of FC1 in cases where gift is recieved from any relative. Or is FC1 applicable only for gift received from foreign citizen. Please clarify BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
| 20684 |
Jun. 23 2021 |
Excess Output paid in 2020-21 –
(GST)
A Firm has paid excess Output tax around Rs 10000- during Dec 20 Quarter because of totalling mistake while Sales is correct.Can it claim this amount of Rs 10000- in 2021-22 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20683 |
Jun. 20 2021 |
Converaion to Part time COP –
(MISC.)
I am partner in a Chartered Accountancy Firm with two partners (including me). Now I want to convert my COP to part time for working in Industry. Will it effect existence of our partnership firm? Can the firm name contain my name also? BY: AYISHA INSHAD P T No answers yet View Answers | Post Answers |
| 20682 |
Jun. 19 2021 |
CAPITAL GAIN ON SALE OF PART OF PROPERTY –
(Capital Gains)
The major income source of company is from rent on building. The land was purchased by company in 2011-12 and the multiple floors was constructed during 2012-13. The company was claiming depreciation on the building from 2012-13 and the cost of land are also in the books of accounts as asset. Out of multiple floors, one floor is sold out during 2020-21. So, I want to know that the gain from the sale of floor is long-term capital gain (LTCG) or short-term capital gain (STCG) for company. Seller gives Rs.2cr for the floor, in that case how I can calculate the sale amount of land and building out of Rs.2cr. BY: CA Neha Gupta No answers yet View Answers | Post Answers |
| 20681 |
Jun. 18 2021 |
Certificate in relation to Section 281 of Income Tax Act –
(DIRECT TAXES)
While providing loan facility and creating charge on asset of the Company, bank / financial institution is asking for a certificate in relation to Section 281 of Income tax Act. Can Chartered Accountants issue such certificate or it shall be given by the Assessing Officer only? BY: NISHIL KHANDHAR No answers yet View Answers | Post Answers |
| 20679 |
Jun. 17 2021 |
GST sale less reported –
(GST)
A person is selling his goods at Amajon,Flipcart etc .He is Preparing sales from monthly statements submitted by E Commerce cos . These cos have started deducting TDS now and their figs in 26AS are Amount credited and TDS deducted @.75% Amount credited figs are not matching with our sales Can we amed figs of 2020-21 in GSTR1 for JUne 21 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20680 |
Jun. 17 2021 |
sec 196 of companies act –
(CORPORATE & OTHER LAWS)
A person was appointed as MD under companies act 1956 for life. Under section 196 of 2013 Act MD can be appointed only for 5 years. Will he continue to be MD or should he be again re-appointed for 5 years only BY: t sankar No answers yet View Answers | Post Answers |
| 20677 |
Jun. 15 2021 |
tds u/s 195 on sale of long term property –
(DIRECT TAXES)
what is the consequence on buyer for non deduction of tds u/s 195 for 1cr? seller being a nri has sold a property of rs 5 cr on a agreement to sell dated 26.04.21 and taken adv of rs 1 cr dated 26 april 21 and applied for lower deduction of tds in form 13 on 30 april 21. now lower ded cert comes of amt 4 cr only instead of 5 cr. now buyer has ded tds on whole 5 cr amt at a lower ded as mentioned in lower ded cert. will buyer be liable to deduct tds at normal rate as per sec 195 on 1 cr or at lower rate itself. if on 1 cr tds at lower rate ded instead of whole rate as mentioned in 195 then what consequences buyer wl bear? BY: jyotika No answers yet View Answers | Post Answers |
| 20678 |
Jun. 15 2021 |
APPLICABILITY OF PROVISION NORMS IN CASE OF SMALL NBFC. –
(MISC.)
Dear Sir, I want to clarify, that provisional norms or producence norm of any advance/loan is applicable to small NBFC which is non systemically not important NBFC. which is not accepting deposit having assets size 2-3 cr only. BY: ashish agarwal No answers yet View Answers | Post Answers |
| 20675 |
Jun. 14 2021 |
539285 –
(TDS/TCS)
Whats the remedy against 197 lower ded certificate issued u/s 197 in case of nri BY: jyotika No answers yet View Answers | Post Answers |
| 20676 |
Jun. 14 2021 |
539285 –
(TDS/TCS)
If total amt of sale consideration is 50 lacs and advance already paid before applying lower deduction certificate is 10 lacs and now lower deduction certificate is applied on whole amount of sale consideration i.e. 50 lacs but dept has issued lower ded cert on amount of rs. 40 lac only and buyer is saying he will ded tds on 40lac at rate specified in lower ded cert and on 10 lac (which was given as adv on which earlier no tds was ded), normal rate as mentioned in 195 will be deducted. Is it right from angle of buyer? if yes then whats the remedy with us shall we approach to department and how? bcz everything is online no manual response from dept we got as of now? BY: jyotika No answers yet View Answers | Post Answers |
| 20674 |
Jun. 12 2021 |
Partner Contribution –
(DIRECT TAXES)
A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is 1) Whether any registration by paying stamp duty is required 2) a factory is proposed to be constructed on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner. BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
| 20673 |
Jun. 09 2021 |
Taxation of transfer of balance funds raised through crowd funding for covid emergency to his family –
(DIRECT TAXES)
A fundraising was started for medical treatment of Mr.X, on a platform named Milaap (www.milaap.org). Milap Social Ventures India Pvt. Ltd. is registered as a private limited company to help raise crowdfunding for emergencies and social cause. He was advised lung transplant, due to post COVID complications. Unfortunately, he passed away during the fundraising process. As he is survived by his wife, and a 2-year old son, we're keen on giving out the money to the family (to be used for his son's education). We seek your guidance on following questions: 1. What is the legal approach to transfer this money to his family, as the initial cause of fundraiser was medical treatment? (Milaap allows for the cause to be changed to a memorial fund, informing all donors of the present situation. But will anything additional need to be done at our end?) 2. How do we minimize the tax deductions applicable in this case? What will be the minimum tax deduction, given that we're able to materialize the best possible option? 3. Should this be transferred in the name of his 2-year old son or his working wife (30% income tax slab)? 4. What will the process look like, and what will be the documentation support required ? BY: ASHOK DIXITHA JAIN No answers yet View Answers | Post Answers |
| 20671 |
Jun. 07 2021 |
079710 –
(Service Tax)
Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc) Can we Challange the validity period of Show cause notice issue after period of 30 months BY: SANDEEP KAPOOR No answers yet View Answers | Post Answers |
| 20672 |
Jun. 07 2021 |
Date of registration with RBI. –
(Compliance)
My MRN is 421961, UCN is 1004308, FRN is 020714C. Please help me in knowing my date of registration with RBI as it is being asked while empanelling with Nationalized Banks. BY: Gaurav Khanna No answers yet View Answers | Post Answers |
