Sebi offers a way over FPI tax rule hurdle
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Click here to Post your Query >>5986 unanswered question(s) — Showing 1921–1940
| Que. Id | Date | Description |
|---|---|---|
| 18222 |
May. 23 2017 |
Transitional Provision –
(GST)
Under existing law, certain assesses can pay service tax on receipt basis. What will be the tax on service rendered before appointed day, but amount received after that day. How long such billed items can be kept pending. Is the above situation covered under transitional provisions BY: Ethirajan No answers yet View Answers | Post Answers |
| 18216 |
May. 17 2017 |
Taxability on advance –
(GST)
Sir, Please clarify whether the following understanding is correct or not 1. A receipt voucher is to be raised on receiving any advance for supply of goods or services 2. Receipt voucher is for information purposes only (since tax liability arises on issuing tax invoice only) and no tax is to be paid on raising receipt voucher 3. time of supply of service or goods us 12 13 on date of payment comes into force only when such supply of goods or services is made as "cash carry" type of transactions when full consideration is received against supply of demarked identified goods . 4. For any other cases of advance receipt, receipt voucher provisions will act. referred Sec 12(1), 13(1), 31(1)(d), Rule 5 of invoice rules along with reference of GST model Returns as seen in GST site BY: Krishna Kumar No answers yet View Answers | Post Answers |
| 18217 |
May. 17 2017 |
Time of issue of invoice –
(GST)
Sir, A seller (from TN) supplies to customers (in Haryana) with the following terms Delivery ex-customer works Sale term on approval basis (pilot checking of lot) Freight, carriage, insurance on transport are borne by the seller. In such situation, can the seller raise the invoice once the approval of sale is made by the customer? The seller wants to send the goods through a delivery challan (on approval basis DC) and raise a tax invoice from the seller factory once the customer agrees to accept the goods, and mails the digitally signed invoice for the customer to inward the goods. Please clarify the legal stand on the same BY: Krishna Kumar No answers yet View Answers | Post Answers |
| 18199 |
May. 01 2017 |
ICDS –
(MISC.)
As per ICDS circular No 10.Dated 23032017, ICDS is applicable to Individual and HUF who is covered under provision of section 44AB of IT Act. As per contents of section 44AB, it is applicable to a person whose turnover exceeds prescribed limit. A trader with turnover of Rs.50L does not wish to offer 8 as profit as per section 44AD. Then he is forced to provide report Us 44AB. In this case and Sec. 44AB is not attracted directly. my question is whether such Assesses is also required to comply with ICDS. BY: Ethirajan No answers yet View Answers | Post Answers |
| 18191 |
Apr. 17 2017 |
input tax credit –
(GST)
whether a dealer registered under vat can take input credit for excise duty paid on purchases under transition provisions of GST BY: Chetan Chougule No answers yet View Answers | Post Answers |
| 18177 |
Mar. 23 2017 |
Stock Audit for Bank to Which Partner is Indebted. –
(AUDIT)
Sir, Can our partnership firm conduct stock audit for a bank, while partner of the firm are indebted to the same bank for housing loan? BY: RAM KUMAR SARASWAT No answers yet View Answers | Post Answers |
| 18176 |
Mar. 22 2017 |
Cirular 648 Dated 30.03.1993 Applicability –
(DIRECT TAXES)
Sir, Cirular no 648. Dated 30.03.1993 for adhoc deduction to LIC Commission agent is also relevant for A.Y 2016-17 and A.Y 2017-18. It is applicable or not for A.Y 2016-17 and Subsequent years. BY: Manish Bindal No answers yet View Answers | Post Answers |
| 18173 |
Mar. 21 2017 |
STOCK CRASSIFICATION –
(AUDIT)
Sir IN PSU the stock is declared damaged and auctioned when the stock and the stock is valued as damaged. Please advise whether the stock loss is loss for the year when detailed as damaged or when the stock relates to .The accounting policy contain stock valuation to be adjusted when declared damaged and auctioned. Please advise CHARAN DASS SHARMA BY: Charan Dass Sharma No answers yet View Answers | Post Answers |
| 18171 |
Mar. 20 2017 |
Long term capital gain –
(Capital Gains)
One of my clients purchased agricultural land long back and he converted that land into sites and he sold some of sites during the FY 2014-15 and FY 2015-16.Dear friends pl. guide me how to compute long term capital gain for income tax purpose BY: CA. SAVITHA I K No answers yet View Answers | Post Answers |
| 18155 |
Mar. 06 2017 |
SERVICE TAX ON DESIGNING & PRINTING OF FLEX, BROUCHERS, MARRIAGE CARDS ETC –
(Service Tax)
Whether Service Tax is applicable on Printing of Brochure, Marriage Cards, Flex, Advertisement Materials etc. The bill is charged composite, i.e. material and designing both in same bill. in some bills it is charged as whole detailing printing of Shaadi Card, etc. Kindly help me on this with appropriate case laws, etc. URGENTLY REQUIRED BY: NAMAN K DOKANIA No answers yet View Answers | Post Answers |
| 18137 |
Feb. 15 2017 |
Applicability of 15CA/CB for Foreign PAyments –
(DIRECT TAXES)
As per Rule 37BB ,sub rule 3 of IT rules 1962, Notwithstanding anything contained in sub-rule (2), no information is required to be furnished for any sum which is not chargeable under the provisions of the Act, if,— (i)the remittance is made by an individual and it does not require prior approval of Reserve Bank of India as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000, or (ii) the remittance is of the nature specified in column (3) of the specified list below As per Rule 37BB, certain 33 remittances does not attract tax under sec. 195 and as such does not require CA Certificate in form 15CB and furnishing of information in 15CA.However as per entry no.19- Travel for education including fees, hostel expenses etc. does not require 15CB and CA. Whether this condition is applicable only to individuals. If a company makes payment towards course fees of one of its employees to an university in U.K, whether such payment requires filing of 15CACB.? BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 18120 |
Jan. 30 2017 |
WORKS CONTRACT TDS ON SUB CONTRACTOR AS PER ANDHRA PRADESH VAT ACT 2005 –
(VAT/Sales Tax)
Kindly confirm the whether Works Contract TDS is to be made for sub contractors (with materials) by the main contractor as per AP VAT ACT 2005. If yes, on what amount? BY: Kagitala Lakshmi Janaki No answers yet View Answers | Post Answers |
| 18119 |
Jan. 27 2017 |
Professional Service Without COP –
(COUNCIL DECISION)
CA working as internal auditor in govt deptt receiving professional fee on monthly after deducting TDS US 194J. Is he require to get COP or covered under the provision "Deemed to ba a CA in Practice" BY: RAVI KUMAR AGRAWAL No answers yet View Answers | Post Answers |
| 18104 |
Jan. 16 2017 |
Seeking clarification on whether service recipient is liable to pay service tax under reverse charge –
(Service Tax)
Sir, In reference to the captioned subject, we received corrigendum no.07 to rates circular no. 29 of 2012 issued by Ministry of Railways on 15.12.2016 clarifying that there is no liability on the part of the Indian railways to collect service tax on demurrage wharfage charges, demand noteReceipt etc, however clearly specify that customer shall be solely liable for paying applicable service tax directly under reverse charge. Earlier before the issue of this corrigendum no.07, Indian railways was in a practice to charge service tax on the amount of demurrage wharfage charges, demand noteReceipt relying on Rule 6 sub rule 1 (X) of Service Tax (Determination of value) Rules 2006, “the amount realized as demurrage or by any other name whatever called for the provision of service beyond the period originally contracted or in any other manner relatable to provision of service” is included as a part of the taxable service. On referring to the NN 302012, we could not find no para where the demurrage would be covered under the provisions of reverse charge. We as service recipient seek your advice along with legal references that whether we as a service recipient are required to disburse the service tax liability on demurrage charged by the Indian railways even when it has been grouped under the inclusion part of Rule 6(2)(X) of Service Tax (Determination of value) Rules, 2006. Regards BY: VIKAS GUPTA No answers yet View Answers | Post Answers |
| 18100 |
Jan. 12 2017 |
EXCISE CREDIT ON CAPITAL ASSET –
(Customs & Excise)
Sir one of my client is going to incorporate an LLP, once it is incorporated he is going to buy a machinery on which central excise is applicable.the client want to take the credit of that excise paid on capital asset before getting central excise registration. can he claim the input credit before obtaining the central excise registration, please suggest BY: P Sowmya Lakshmi No answers yet View Answers | Post Answers |
| 18101 |
Jan. 12 2017 |
NRI wants to start any business (manufacturing /trading) –
(MISC.)
X a NRI wants to commence a business (manufacturing trading) in India. What formality should we observe for this. That is any registration required for VatService taxFactory licenseED etc do we have to specifically report of the promoter being NRI. Do we have to procure some prior approval from govt in this regard of his association in India as a promoter. Then from which Govt department. BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 18088 |
Dec. 29 2016 |
COP with Full-time employment –
(MISC.)
Hi, A CA in full time practice has now taken up a full-tie employment in a CA firm and the CA firm has consented him to continue to hold COP. What is the procedure to intimate the institute? Does he have to take prior permission or subsequent intimation about joining the employment is enough? BY: Shankar Raj M V No answers yet View Answers | Post Answers |
| 18058 |
Nov. 05 2016 |
Advice on Service tax Applicability –
(Service Tax)
Please Advice on Service tax applicability on following independent cases 1)Payment of Employee relinquishment charges by Indian Parent company to employees in Foreign branch. 2) Payment to Auditors for US GAAP services. Agreement is between Foreign branch(Non taxable territory) and Auditors in US(non taxable territory for auditing consolidated balance sheet of group as per standards of Public Company Accounting Oversight Board. Payment is done from parent Indian Company. BY: NIBIN JOSE No answers yet View Answers | Post Answers |
| 18049 |
Oct. 27 2016 |
Input Credit –
(GST)
I am registered under GST in Chhattisgarh and I travel to Gujarat and buys a mobile from a shop for Rs. 100. Shopowner charges Gujarat SGST + CGST on Rs. 100 i.e. Rs. 20 I take the mobile and book the invoice in my books maintained in Chhattisgarh. I sell this mobile in Chhattisgarh for Rs. 150 charging Chhattisgarh SGST + CGST Rs. 30 Whether I will be able to avail any Input Credit in this transaction ? If yes, then under which provisions Can the shop at Gujarat charge me IGST on this transaction if I disclose my Chhattisgarh registration number to him even if I take the delivery over the counter in Gujarat ? BY: Brindesh Sarda No answers yet View Answers | Post Answers |
| 18050 |
Oct. 27 2016 |
Loan to spouse –
(DIRECT TAXES)
Can a husband give the surplus funds to wife as interest free loan and the same amount is been invested by her in a FDR and interest is being earned on this FDR? 1. Can Husband Give such loan? 2. whether the Interest income on FDR will be taxable in the hands of wife or it will be clubbed in husbands income? BY: GOPAL KUMAR AGRAWAL No answers yet View Answers | Post Answers |
