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Current Queries | Archives | Un-Answered Queries

ID	Description
DIRECT TAXES
14895	Interest paid to firm on debit balance by partner Firm has paid remuneration to partner say Rs 5 lacs. The partner had withdrawn more capital during the year and the firm has charged interest of Rs say 8 lacs from the partner. As the remuneration and interest both are taxable under the head business, can the partner in his return claim interest paid to firm i.e. can he show (-) 3 lacs, which will be adjusted from other source of income. Is there any case law. R K Dhandia by rkdhandia 2/3/2012 12:00:00 AM Post Answer Total Answers : 0

14891	Minimum alternative Tax pls. clarify whether the provisions of 115JA i.e. MAT is applicable if a company have only the agricultural income by mcjain 2/2/2012 12:00:00 AM Post Answer View Answer Total Answers : 3

14890	DISALLOWANCE UNDER SECTION 40(a)(ia) Facts of the case A Pvt. Ltd. B Pvt. Ltd. are sister concerns. A Pvt. Ltd. has made the payment of job work charges to B Pvt. Ltd. A.O. has made disallowance of job work charges us 40(a)(ia) for non-deduction of TDS. Query 1. What are the pleas that can be taken in the appeal? B Pvt. Ltd. offers the job work income from A Pvt. Ltd. in the return of income. Since A Pvt. Ltd. closes its business operations in subsequent years, it cannot claim deduction of the TDS deposited to the credit of government. Will A Pvt. Ltd. still be liable for disallowance us 40(a)(ia)? by Govind Agrawal 2/2/2012 12:00:00 AM Post Answer View Answer Total Answers : 3

14888	sale of jojoba oil Pls. anybody tell me whether the sale of jojoba oil will be considered as agricultural income or not? by mcjain 2/1/2012 12:00:00 AM Post Answer View Answer Total Answers : 3

14887	Dividend Distribution Tax If a company having agricultural income only. Now if it pays dividend to its shareholders. Whether it has to par dividend distribution Tax or not? pls. clarify. by mcjain 2/1/2012 12:00:00 AM Post Answer View Answer Total Answers : 3

14886	Perpetual Additional license fee on core software We pay Rs 50 lacs annually from April to March for Additional license fee for our core software. This consists of normal customisation, production support and support services from Vendor. Rs 50 lacs we expensed out during 12 months ( April to March ) of every financial year. Now, there is offer from vendor for PERPETUAL additional license against amount for 3 years i.e. Rs 1.5 Crores. PERPETUAL means then for life time there will be no annual charges and above services will be provided. I want to know, which condition of below 3 will be applicable - 1. Whether Rs 1.5 Crores can be capitalised under software as its PERPETUAL license fee 2. Whether Rs 1.5 Crores need to be expensed out within 3 years as payment amount is based on cost of 3 years 3. Whether Rs 1.5 Crore need to be expensed out in April 12 itself. Kindly confirm under which section of Income Tax Act this needs to be craved out. by kapil sethia 2/1/2012 12:00:00 AM Post Answer View Answer Total Answers : 2

14885	Perpetual License Fee for Software We pay Rs 50 lacs annually from April to March for Additional license fee for our core software. This consists of normal customisation, production support and support services from Vendor. Rs 50 lacs we expensed out during 12 months ( April to March ) of every financial year. Now, there is offer from vendor for PERPETUAL additional license against amount for 3 years i.e. Rs 1.5 Crores. PERPETUAL means then for life time there will be no annual charges and above services will be provided. I want to know, which condition of below 3 will be applicable - 1. Whether Rs 1.5 Crores can be capitalised under software as its PERPETUAL license fee 2. Whether Rs 1.5 Crores need to be expensed out within 3 years as payment amount is based on cost of 3 years 3. Whether Rs 1.5 Crore need to be expensed out in April 12 itself. Kindly confirm under which section of Income Tax Act this needs to be craved out. by kapil sethia 2/1/2012 12:00:00 AM Post Answer View Answer Total Answers : 2

CORPORATE & OTHER LAWS
14893	Acquisition of a private company by a foreign company Respected members, Specifics of the case 1. A foreign private company is interested in acquiring shares of an Indian private company. 2. This FDI is permitted under the automatic route. 3. 100 shares to be acquired. Clarity is sought regarding the following matters – 1. Is there a possibility of a 100 wholly owned subsidiary? 2. More so, as a private company needs to have at least 2 shareholders, in this case the foreign company shall be the sole shareholder and thus the company might be liable for winding up? 3. The FDI policy and RBI do not seem to be placing restrictions on acquisition of shares by a foreign company in an Indian private company? 4. S.394(4) (b) of the Companies Act, 1956, defines transferee company to be a company incorporated under the Act. Would this mean that a foreign company cannot acquire an Indian company? 5. How does the FDI permission in India by DIPP and RBI stand the test of the said S.394(4) (b) of the Companies Act? 6. What should be kept in mind given the provisions of the DIPP, the RBI, the Companies Act and the Income Tax Act? 7. What, if any, are the repercussions if there are shareholders that are common in the transferor and the transferee company? by CA. SHUKLA VISHRANT 2/3/2012 12:00:00 AM Post Answer Total Answers : 0

AUDIT
14889	AS 17 Segment Reporting If two unit of an listed company is located in SEZ and DTA. Product manufactured is same in both the areas. Whether AS-17 Segment Reporting will apply or Not as Geographical segment reporting by Ankit Vijaywargiya 2/2/2012 12:00:00 AM Post Answer Total Answers : 0

Capital Gains
14894	Cost of Purchase of one house property be treated as exemption for three Financial year X has sold residential plots in three financial years as per details given below FY Capital Gain Date of Sale 10-11 1.5 lacs 10.01.2011 11-12 3.00 lacs 05.12.2011 12-13 3.50 lacs 25.10.2012 X has purchased second residential house on 20.11.2011 (in FY 2011-12)for Rs. 9.00 lacs.This house is not self occupied. X has not yet filed IT Return for FY 10-11. Can X claim exemption in capital Gain for FY 10-11 by filing IT Return now. Since cost of new house is more than capital gain for FY 10-11. Can X claim exemption of balance cost of new house against capital gain arising for FY 11-12 12-13. by SUNIL KUMAR JAIN 2/3/2012 12:00:00 AM Post Answer Total Answers : 0

TDS/TCS
14892	E Payment Is e payment of tds mandatory ??? for Corporate Assessee and those liable for 44Ab .. by Ankit V. Agrawal 2/2/2012 12:00:00 AM Post Answer Total Answers : 0

Service Tax
14896	Applicability An Chartered Accountant firm is appointed in doing accounting job. The profit from the assignment is shared between the partners of the firm. One of the partner of the firm appoints another CA to carry out the said accounting job and pay the CA from his share of remuneration. The question is does the service tax applicable for the CA who ultimately does the accounting job assignd to the firm by CA. SHIRODKAR YESHWANT VINAYAK 2/3/2012 12:00:00 AM Post Answer Total Answers : 0

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