Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 19372 |
Aug. 25 2018 |
CLARIFICATION REGARDING EXEMPTION ON MULTIMODAL TRANSPORTATION –
(GST)
Is multi modal transport services rate 12% which came as per noti 13/2018 ctr is applicable on transportation of exempted products such as salt, agriculture produce, milk, food grains or not??? Please clarify BY: GIRISH AGARWAL No answers yet View Answers | Post Answers |
| 19373 |
Aug. 25 2018 |
Refund –
(GST)
Whether itc claimed on capital goods be considered in the calculation of refund of input tax on exports without payment of gst? BY: CA Altamush Zafar No answers yet View Answers | Post Answers |
| 19370 |
Aug. 24 2018 |
Regarding Place of supply in case of Online Coaching /Training from outside India. –
(GST)
Sir, what will be place of supply if any person registered under GST receive Coaching / Training service in relation to his business from outside India. In this situation whether Section 13(3) of IGST Act shall apply... Or default section 13(2) shall apply because if section 13(3) shall apply then No liablity under RCM as place of supply is outside India & If section 13(2) shall apply then RCM shall apply as place of supply is in India i. e. Location of Recipient.. Please suggest... BY: Shyamprakash Nagarmal Agarwal No answers yet View Answers | Post Answers |
| 19371 |
Aug. 24 2018 |
Regarding Job work from outside india –
(GST)
What will be procedure under Custom laws for export of Material outside india and after Job work the same shall be Re-Imported from outside india. Whether custom duty shall be payable on Export Or payable on Re-import. Further If payable on Re-import then the same shall be payable on only on Job charges or On the entire goods value including Material and Job charges. Please suggest. BY: Shyamprakash Nagarmal Agarwal No answers yet View Answers | Post Answers |
| 19365 |
Aug. 21 2018 |
Eway bill by Distributor –
(GST)
6 invoices are there for different customers. Rs 10000 each. Goods to be taken in own car. Whether way bill is needed? BY: Sivaraman A.R. No answers yet View Answers | Post Answers |
| 19363 |
Aug. 18 2018 |
GST on used cars –
(GST)
As per notification No.8/2018 Central Tax (rate)GST on used cars will be levied on margin. The Margin has to be arrived at by deducting the WDV as on the date of supply from the consideration. The income tax adopts Block system for allowing depreciation. The WDV of The Block in which car being sold is clubbed, might have been wiped out, or brought down substantially because sale value of any one asset included in the Block. A question arises how to arrive at WDV of car being sold for purpose of GST. Even otherwise, the income tax Act does not allow any proportioante Depreciation upto date on sale of any asset. Any suggestion to solve above two issues. BY: Ethirajan No answers yet View Answers | Post Answers |
| 19361 |
Aug. 17 2018 |
Long term /Short term capital Gain –
(DIRECT TAXES)
Mr. X purchased a House property in June 1990 and Gifted to Mr. Y (his real brother) in June 2018 Now in Aug,2018 he sold that Property and invested the entire capital gain in new property . whether the Capital Gain will be considered as Long term capital gain in hands of Y and is he would be entitle to exemption u/s. 54 BY: SANDEEP KAPOOR No answers yet View Answers | Post Answers |
| 19362 |
Aug. 17 2018 |
Discount/ vacation trip on meeting targets –
(GST)
There are couple issues which we are unable find the answers to. Could anyone guide us thru the same. 1)Yearly discount (have as part of terms of agreement) provided on the meeting the turnover. No GST credit note is raised. Normal Credit note is raised. Dealer used the credit note to pay his future invoices. Is there any violation of law in terms payment of bill within 180 days. (I knew company cannot take credit of input but is there any impact on dealer.) 2) Vacation trip provided by company to the dealer for achieving target. What is the impact of GST for dealer. 3) Gold coins given away to dealer by the company on achieving the target What is the impact of GST for dealer. Transaction value should be determined by Valuation rules. However, GST impact is NIL either if GST credit note or credit note is raised (if GST credit note is raised, company can claim input credit else not) Trying to find if dealer will face any liability in future on this issue BY: Sai Ram No answers yet View Answers | Post Answers |
| 19357 |
Aug. 10 2018 |
LTCG - Non utilisation of deposit under CG Scheme –
(Capital Gains)
Dear Friends, An assessee while filing return of income for the AY 2013-14 had admitted LTCG by invoking indexed cost and arrived at liability under LTCG. U/s 54F of the IT Act, since the assessee had proposed to acquire or construct a residential house, invested the LTCG under Capital Gain Account Scheme. He did not utilize the amount to avail the exemption U/s 54 F of the IT Act and offered LTCG to tax for the AY 2016-17. While admitting the LTCG he had worked out liability by adopting indexed cost relevant for AY 2016-17 and paid taxes thereon. The AO, during the course of assessment, has pointed out that the amount invested under CG Scheme has to be offered for tax instead of applying fresh index cost and arrive at the LTCG. Please clarify whether the AO is correct in rejecting the claim of the assessee by assessing the amount invested under Capital Gain Account Scheme BY: RAMAN No answers yet View Answers | Post Answers |
| 19353 |
Aug. 08 2018 |
Income Tax Audit under section 44AB and 44AD –
(DIRECT TAXES)
Thank you very much in advance An assesee is having turnover as under As per Profit and loss account Rs 88 lakhs (EXCLUDING TAXES) where As per sales register Rs 1.2 crores ( INCLUDING TAXES) Q.1 Turnover Excluding Taxes or Turnover including taxes is to be considered for audit u/s 44AB ? Q.2 If assesee selects section 44AD, turnover limit for audit is Rs 2 Crores and he will not be liable for audit . Is there any benefits in opting section 44AD as comared to section 44AB.? BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 19354 |
Aug. 08 2018 |
JOB WORK AND BRANCH TRANSFER IN GSTR-1 –
(GST)
Whether material sent for job work and transfer of goods from one branch within state having same registration number , has to be shown in GSTR-1. If yes, under which table. BY: ATUL MUKUNDLAL TOSHNIWAL No answers yet View Answers | Post Answers |
| 19350 |
Aug. 07 2018 |
Quarterly filing of GSTR 1 for turnover less than 5 Crores –
(GST)
Whether above change approved in last GST council meeting will be applicable for those whose turnover exceeds 1.50 crores but less than 5 crores from July 18 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 19351 |
Aug. 07 2018 |
Refund of GST paid in excess –
(GST)
A dealer making online sales on sites like Amajon, Flipcart etc has deposited cash GST on monthly basis, unaware of that above companies were charging GST on commission charged by them @18% .Means he was not supposed to deposit as input tax was more than sufficientNow whether cash deposited during Aug 17 to Mar 18 can be claimed as refund BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 19352 |
Aug. 07 2018 |
Cash transaction between huband and wife –
(DIRECT TAXES)
Whether wife can give cash gift to his husband or to his husband's firm ? BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 19348 |
Aug. 06 2018 |
Accounting of Defined benefit plans –
(AUDIT)
According to para 51 of the AS 15, Accounting by an enterprise for defined benefit plans involves discounting that benefit using the Projected unit Credit method (These lines are coloured in the attached document for your convenience). The standard specifies that the actuarial valuation method to be followed is Projected Unit credit method to determine the present value of its defined benefit obligations and the related current service cost and, where applicable, past service cost. Let us know is there any provision where it allows an enterprise to calculate the Gratuity based on the management's workings/calculations (without the use of Actuary). BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 19345 |
Aug. 02 2018 |
Arrangement between professionals –
(DIRECT TAXES)
One professional has purchased premises and the other professional is investing in the furniture and infrastructure in the said premises. The premises and infrastructure are going to be used by both the professionals. How do we account for the furniture and other infrastructure expenditure in the books of the second professional ( as he is not the owner of the premises) ? Shall we need to show the value of arrangement viz. use of premises in return for use of furniture and machinery? Friends , could you suggest some tax planning tips for making the arrangement beneficial to both the professionals in term of taxation? Both are individual practitioners and under Tax Audit. BY: Pradnya M Oak No answers yet View Answers | Post Answers |
| 19342 |
Jul. 28 2018 |
APPLICABILITY OF GST –
(GST)
If social organisation like Rotary or Lions which is not registered as Trust/Society collects from its 300 members Rs.10000 per member per year. Whether GST is applicable to such organisation? BY: ATUL MUKUNDLAL TOSHNIWAL No answers yet View Answers | Post Answers |
| 19343 |
Jul. 28 2018 |
GST on Supply from Prisons (Jails) –
(GST)
Will GST have to be paid for supplies of goods like furniture etc. made from prisons (Jails)? Earlier, vide Notification No 63/95-C.E dated 16.03.1995, goods manufactured in a prison were exempt from excise duty. Is there any exemption notification in relation to above situation? Early response will be highly appreciated. BY: Neeraj Bansal No answers yet View Answers | Post Answers |
| 19341 |
Jul. 26 2018 |
How to claim losses of future & option –
(DIRECT TAXES)
As we know that future & option are no more speculative business.Now it is treated as normal business. Many salried person having future & option transaction & they have suffered losses.. One of my client is incurred net losses 10Lakh comprise of Total 14 lakh and 4 lakh profit.. In case of future and option TURNOVER= 18 LAKH (14 lakh +4 lakh).. Now my question is how will book expenses of 8 lakh,to show losses of 10 lakh as brokerage,consultancy,internet & other exp is not more than 2 lakh ????? BY: Anit Mohapatra No answers yet View Answers | Post Answers |
| 19339 |
Jul. 25 2018 |
Refund of Export sales return. –
(GST)
Sir, A person made an export sale with payment of IGST in April 2018 but the goods were rejected by the custom Deptt thus could not be exported. Since we raised the bill of export, we paid IGST in the month of May. Now How to Claim refund of this IGST paid on returned goods and second how to show this in GSTR-1 of April , which is still pending? BY: RAM KUMAR SARASWAT No answers yet View Answers | Post Answers |
