ashish
19 September 2008 at 20:18
r/sir,
during an assessment under vat (jharkhand),the a.c.c.t.want to treat the scrap sale as part of g.t.o.
the dealer deals in furniture business
,and if he sells cartoon or plastic as scrap ,then he has to pay the tax?
garibnathsah
18 September 2008 at 17:51
A Japanees citizen arives in India on 13/04/08 for employment in a company registered in Japan and
1.gets salary in Japan in the Japanees currency(Yen) although he works in India.
2. NO TDS is deducted after he came in India.
3. In India he gets his allowances in US$.
ISSUES:1.His status in India, 2.His total taxable income in India,3.Tax relief under DTAA,4.If income is taxable in india conversation rate of Japanees'Yen,5. Whether deduction under Sec. 80C to 80U will be available 6.whethet deduction available in Japan will also be available in India.
Bharat Gala
18 September 2008 at 14:15
I would like to know the present status of Custom Duty on import of Medical Equipments by Charitable Trust running Eyes Hospital at Mumbai.Earlier duty on the Equipments imported by Trust were exempted.
Dulhani L C
17 September 2008 at 22:07
Dear Sir,
Some of my clients have earned commission income from network marketing.
Thay had to return money to their downlines as none of the downline was working and they were bound to repay the money to the downline.
Now the question is that whether they can claim money returned to the downlines as business expenses.
Kinldy clarify the matter with some citations if possible.
Thanking You,
Truly Yours,
L C Dulhani
arun shah
17 September 2008 at 20:36
there is provision in UP VAT to submit form no.38 within 24 hrs. now my question is that if i hv brought many parcels in one form and i wanna take only a part of consighnment from transport whats the procedure regarding same
thanx
arun shah
Kalpesh
17 September 2008 at 14:37
Could you please let me know on your view applicability of withholding tax on following transaction:
Payment of guarantee issuance charges by branch in India to HO in France .
Payment of fees for arrangement for ECB by branch in India to HO in France
Whether this payment could be considered as FTS and tax @ 10% should be withheld as per India France tax treaty.
bm
17 September 2008 at 12:24
pls help me
Surcharge is complusory for the fbt even though the compnay is not exceeding the gross income 1crore
thanks
Senguttuvan K
16 September 2008 at 09:52
Brief Facts
“X” is a FMCG company and products are notified under Schedule III of CEA 1944 and abatement % is notified for each item.
The products are manufactured at their own factory as well at Toll Manufacturers (TM) on P to P basis.
Normal expenditure on advertisement is around 25 to 35% of the sale turnover (TO) and advertisement service is under service tax net.
The understanding of the trade and as per the dictum Tribunal in certain cases, one is eligible for service tax credit on advertisement services received only for the brands produced in own factory and that too only to the extent of the volume done (if same brand is produced at own factory as well at TM, then pro rate basis)
Argument
Abatement is Diminution in amount, degree, or intensity; moderation, The amount lowered; a reduction
Under excise provisions, abatement was granted with an intention not to levy excise duty on the expenses such as taxes payable including excise duty, trade commission and distribution.
From the table it is evident that advertisement and marketing expenses are removed from assessable value by the way of abatement.
Hence the advertisement and marketing expenses were assumed to be part of assessable value (AV) under RSP provision by law makers.
Also, in practice the transfer price of TM to FMCG would be material cost + conversion cost, which is much lower than AV (MRP – abatement).
Since TM is discharging duty liability for the excisable goods produced by them, it should have been a case that TM’s incur the expenses and accordingly valuation (material cost + advertisement expenses to the volume of production + conversion cost) is done for transfer.
Query
The advertisement company can raise invoice on TM directly and FMCG can pay on behalf of the TM and debit to TM
OR
FMCG avails advertisement services and distribute through Debit Note with supporting of relevant agency invoice with pro rate computation (Total Advertisement Expenses for the Brand * volume procured from respective TM / Total volume procured & produced) to TM’s.
With respect to TDS provisions, distribution will not attract TDS under Sec 194C. As per the section “in pursuance of a contract with the sub-contractor for carrying out”.
“in pursuance of a contract (no contract between FMCG & TM. FMCG only facilitates by paying for all such services and getting reimbursed through DN) with the sub-contractor (FMCG is not sub-contractor) for carrying out (nothing has been carried out except receiving and sharing)”
Hence the suggested transaction has no implication from Income Tax Act.
The quantum of abatement is notified by taking into account the amount of excise duty, sales tax and other taxes and trade margins.
Hence, my query is whether suggested procedure for availing credit on service tax paid on advertisement services for brands is viable from the legal perception?
Aniruddha.P.Pawse
15 September 2008 at 17:28
Is prior approval of Income Tax Dept necessary for the sale of immovable property beyond a certain value. If Yes what is the amount. I am a Resident individual indian citizen.
Thank You in advance.
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Tax on motor vehicle
I purchased a motorbike/car from a state( Jharkhand) other than my native state(West Bengal) paying all the prevailing taxes of that state. If I take that vehicle to my own state(West Bengal) then what are the tax liabilities will be applicable on me in regard of that vehicle?