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Click here to Post your Query >>5983 unanswered question(s) — Showing 5821–5840
| Que. Id | Date | Description |
|---|---|---|
| 566 |
Oct. 14 2005 |
Taxability on transfer premium received –
(DIRECT TAXES)
One ndlord pays to old tenant to vacate his let out house. ndlord issues this house to new tenant and gets premium amount from new tenant. What is the come tax treatment? ' BY: Nilesh Khatu No answers yet View Answers | Post Answers |
| 568 |
Oct. 14 2005 |
Nature of treatment of Developement expenditure –
(DIRECT TAXES)
The Company is an EOU with a domic division.They are vovled software, hardware & firmware devt.For a contract recd valug Rs.1.25 cr,developemnt expenses amountg to Rs.33 cs has been spent.The expertise knowledge acqd from the project can be applied on other simir projects for which the Company has recd other simir contracts also. Can this expenditure be regarded as Devt expenses and be amortised over a 10 year period as per AS-26? Under the I.T.Act,nature of treatment to be done? Can it be regarded as tangible Asset and cim 25% depn or write off the entire amount? ' BY: Mita.J.Shah No answers yet View Answers | Post Answers |
| 571 |
Oct. 14 2005 |
Tax Treatment of Kisan Vikas Patra (KVP) –
(DIRECT TAXES)
Kdly eborate the tax treatment of KVP at all the three stages i.e. vment, ter accumution and fal stage of withdrawl. ' BY: AJAY SHARMA No answers yet View Answers | Post Answers |
| 572 |
Oct. 14 2005 |
667 –
(INDIRECT TAXES)
Please note that the centralised accountg is done at Delhi office. ' BY: AJAY SHARMA No answers yet View Answers | Post Answers |
| 573 |
Oct. 14 2005 |
Downloading of forms –
(DIRECT TAXES)
How to download Filble forms from come TAx Website or for that matter any website? ' BY: B. Sujeet Kumar No answers yet View Answers | Post Answers |
| 561 |
Oct. 13 2005 |
Service Tax –
(INDIRECT TAXES)
Is there any exemption from Service Tax to District Central Cooperative Banks? ' BY: Prakash Aditya No answers yet View Answers | Post Answers |
| 562 |
Oct. 13 2005 |
Expenditure on Telephone Lines-FBT –
(DIRECT TAXES)
Hotel dustry, telephone facility is provided to the gus who are -turn charged for that facility. Will FBT be charged on this expenditure, sce the telephone les are also beg used by the staff for official purposes? ' BY: Rupinder Garg No answers yet View Answers | Post Answers |
| 545 |
Oct. 12 2005 |
Prize amount taxability –
(DIRECT TAXES)
One of my client has won a two wheeler worth Rs. 40000 a draw news paper yearly subscription he is gettg amount Cash (by DD) after deductg TDS @ 30 % (+ EC) As per come Tax prov. it has to be taxed @ 30 % special rate. Now my quion is that if assessee has other come of only say Rs. 10000. Whether assessee can get full refund of TDS because his total come is below limit. ' BY: Ketan Doshi No answers yet View Answers | Post Answers |
| 547 |
Oct. 12 2005 |
Service Tax on Reimbursement of expenses also? –
(INDIRECT TAXES)
Is reimbursement of expenses is also chargeable for service tax. For example C&F Agent get commission for his services and also get reimbursemnt of expenses made on behalf of prcipal. this case service tax is chargeable on commission only or also on reimbursement of expenses? ' BY: Sanjay Maheshwari No answers yet View Answers | Post Answers |
| 549 |
Oct. 12 2005 |
TCS on Scrap by PSU –
(DIRECT TAXES)
A PSU mg company engaged the excavation of iron ore and sellg it domic as well as export markets. Manganese and steel sheets are used for fabrication works crushg, screeng and loadg pnts. Scrap is obtaed while dismantlg some worn-out areas of these pnts. Worn out conveyor belt pieces, rollers, pulleys, cables, wire ropes, batteries, dismantled metal sheets, used and unserviceable spares of dumpers, dozers, shovels, etc are sold auction from time to time. Is PSU a `dealer scrap rials? Is it required to register and obta the TCN? Whether tax is required to be collected at source under Section 206 C of the I-T Act? ' BY: Deepak Jain No answers yet View Answers | Post Answers |
| 555 |
Oct. 12 2005 |
624 –
(DIRECT TAXES)
I have not yet been cleared on the pot that : 1. Should I take 70 or 100000 as come. 2. Is there any supportive case w. Please form urgently ' BY: Raj No answers yet View Answers | Post Answers |
| 537 |
Oct. 11 2005 |
CASH PAYMENT –
(DIRECT TAXES)
This is contuation to Q ID 625. The IT Act is not runng with time. Conr payments made for purchases by Credit,Debit Card or through net Bankg . Sce the payments are not by account payee Cheque we have to disclose it 3CD. Some body should come forward to address the IT problem with IT (formation Tech) Developments. R.RAMANAN FCA Salem ' BY: RAMANAN R No answers yet View Answers | Post Answers |
| 539 |
Oct. 11 2005 |
Tax Audit limit for speculation transaction in shares or derivative transaction? –
(DIRECT TAXES)
What is tax audit limit ,if assessee dog share specution transaction or derivative transaction? ' BY: Neelesh Nema No answers yet View Answers | Post Answers |
| 532 |
Oct. 10 2005 |
FEMA provisions for maintenance of foreign currency accounts –
(INTERNATIONAL BUSINESS)
Our client is the busess of Multi-Level Marketg. All their suppliers are out dia, all of whom are Associted Enterprises. The suppliers are credited whenever purchase is made. The company also has this concept of Top-up sales viz. sales are effected out dia for which payment is received by the company from which the transaction origates. But the movement of goods would be from dia. This is done to allow foreign nationals to earn commission on sales effected by their downles dia. the dian companys books, the foreign companys account is debited for the value of the sale. Kdly crify on the followg: (i) Can the foreign currency receivables be adjusted agast foreign currency payables under FEMA? (ii) Would there be any FEMA viotion for the above mentionaed top-up sales? ' BY: Ashwin S KAlasapur No answers yet View Answers | Post Answers |
| 535 |
Oct. 10 2005 |
Validity of FBT –
(DIRECT TAXES)
Under terpation of ws I am of firm opion that the Frge Benefits Tax under the cometax Act is valid and unenforceable. I give below the rules of terpaion of ws : 1.If the Title of the Act is different than the Section thereunder the Title will prevail and the Section becomes valid and unenforceable. 2.If the Section contas matters than the Margal Notes then the margal notes will prevail and the contradictg matters becomes valid and unenforceable. 3.If the Sub-Section states matters other than the ma Section then the Sub-Section becomes valid and unenforceable. 4.If the Proviso is different than the Section or Sub-Section then the Proviso becomes valid and unenforceable. Therefore the Sections pertag to Frge Benifits Tax are valid and unenforceable sce they are not comes chargeable under cometax Act . The comes chargeable have been clearly defed under the cometax Act and it has not cluded the frge benefits. Even if it is cluded under the come then it is taxable the hands of employees and not employers. Serious thought can be given by all concerned for challengg the FBT under cometax Act. Satagopa Ramanujam Membership No.010088 ' BY: Satagopa Ramanujam No answers yet View Answers | Post Answers |
| 526 |
Oct. 09 2005 |
NO DEDUCTION OF TDS U/S 194A –
(DIRECT TAXES)
SUPPLIER OF GOODS DEBITED TER FOR TE PAYMENT AND ASSEESS WAS NOT DEDUCTED TDS ON PAYMANET OF TER FOR TE PAYAMENT , WHETEHR AUDITOR SHOULD QUALIFY THE TAX AUDIT REPORT FOR NOT DEDUCTION OF TDS U,S 194A ' BY: JITENDRA KUMAR RAAWAT No answers yet View Answers | Post Answers |
| 528 |
Oct. 09 2005 |
INTEREST BY HOUSING SOCIETY FOR DELAY IN POSSESSION OF PROPERTY –
(DIRECT TAXES)
I want your help to crify that:- If the development agency like HUDA, PUDA pays any ter for deyed possession of property, Is this ter a capital receipt or a revenue receipt. Is this payment for deprivg off a person to use a property as decided the case of DDA ITO (0531TD-19(ITAT Delhi). Please clearify me the nature of receipt. Also let me know its tax implications and any cases support of that. ' BY: DINESH K. GUPTA No answers yet View Answers | Post Answers |
| 530 |
Oct. 09 2005 |
TDS deducted on excess amount, what is the remedy available and the case law if any. –
(DIRECT TAXES)
Mr.A has an agreement worth Rs. 100000 with Mr.X. But Mr. X says,he is gog to a Rs. 30000.00 and will be payg it only after 8 years, if he likes the work done. Thereby creatg a contgency. Mr. X pays Rs. 70.00 but deducts TDS on Rs. 100000.00. Can Mr. A file his urn showg Rs. 75,000.00 as his come as he is not certa to get the bance amount or will he have to suffer the consequence of TDS beg deducted on higher amt. and show Rs. 100000.00 as come ' BY: Raj No answers yet View Answers | Post Answers |
| 520 |
Oct. 08 2005 |
Deduction of Interest and Principal repayment of Housing loan –
(DIRECT TAXES)
My client is pnng to take a housg loan for construction of first floor. The existg house is the name of his father. He does not have any ownership the property. He will repay the loan.The loan will be taken jot names. Whether he can cim tax benefits without ownership of the property? Whether GPA holder is conred as absolute owner of the property? If father makes a gift deed favour of his son can son cim the tax benefits ? Is it necessary that the son should have ownership at the time of takg loan ? ' BY: Rani Balasubramanyam No answers yet View Answers | Post Answers |
| 495 |
Oct. 06 2005 |
Loss of Books of Accounts –
(DIRECT TAXES)
My assistant had written books of accounts of my client for fancial year 2003-04 usg Tally 5.4 version. Based on this version I had certified the Audit Report U,s 44AB.Now come tax dept.has selected the case for scruty.Mean while I stalled 7.2 version.While Loadg another account, my assistant did not change the file no.This resulted overwritg of the accounts of my client.My assistant assured me that he can rewrite the books of my client with one month.But The come tax officer sistg on producg the books of accounts immediately.Unfortunately the backup flopppy is damaged.What is the course open? ' BY: Mukund Basidoni No answers yet View Answers | Post Answers |
