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Experts Query Daily Digest : 18 April 2014
Accounts
Posted by : Kruti
Posted On : 4/18/2014 9:50:37 PM
Fd list
how to prepare fd list in excel
 
Posted by : SRINIVAS
Posted On : 4/18/2014 8:50:01 PM
Provisional financial statements
Dear sir .......

what is provisional balance sheet & profit and loss account, what's the reason behind their preparation, is there any rules to prepare it,and when they are prepare?
 
Posted by : Gaurav Sharma
Posted On : 4/18/2014 6:30:21 PM
Without instrument cheque printing in tally.erp9
Hi Sir,

kya ham tally se without instrument date ke cheque prepare kar sakte hai. boz kabhi kabhi hamare pass fund available nhi hota h aur cheque date mentioned se hame wo chq. cancelled karna padta h. payment voucher date should be mentioned but instrument date should not be mention on cheque. when we have fund availed then we will mention manual date mention on the cheque.

Pls. reply.

R's
Gaurav
 
Posted by : MUNMUN SAHOO
Posted On : 4/18/2014 5:24:30 PM
How to calcujate dp.
PLEASE ANY ONE HELP ME TO CALCULATE DRAWING POWER(DP)IN BALANCE SHEET AND WHAT IS THE NEED OF THAT CALCULATION.
 
Posted by : Piyush Shah
Posted On : 4/18/2014 4:54:08 PM
Banking, performing assets
I have a doubt regarding the income to be recognized in performing assets. Will the income accrued AND income received will be recognized? Or, just income accrued?
 

Posted by : yogesh vijaykumar shah
Posted On : 4/18/2014 3:51:13 PM
Disclsosure of transaction as per as18
While disclosing related party transction in the financial statement, kindly let us know whether transactionj are to be disclosed with tax or without tax.

Kindly advise us.

 
Posted by : swati
Posted On : 4/18/2014 3:46:16 PM
Doubt regarding transportation cost
What is the formula to compute the transportation cost?
What elements are included for computation of such cost?
 
Posted by : swami123
Posted On : 4/18/2014 3:28:15 PM
Eefc account
Hi,

We are in IT business and doing domestic as well as Export services sale to our customers . We used to raise invoice in multy currencies depends on their country like USD, GBP, Euros. When we raise invoice in foreign currency and as per RBI reference rate we are accounting the INR value in Tally. Now are have opened EEFC account. So how to account the EEFC account in Tally, please guide me.
More over, if we raise the invoice immediately as per RBI rate we are accounting invoice in INR value in Tally. But if we receive the online payment to our bank, they will keep this foreign currency in EEFC account. so how account this in INR in Tally.
Please guide me
 
Posted by : BISWAJIT
Posted On : 4/18/2014 3:14:44 PM
Vinita ji
company invest in land. I want to know there is any necessity to increased in paid up or authorised share capital
 
Posted by : srikant jha
Posted On : 4/18/2014 1:28:18 PM
Depreciation
Dear Sir/ Madam,
We purchased machinery for Rs.450lakh in July 2011 and charge depreciation on SLM basis @ 4.75%. In Dec 2013 we received subsidy from government for Rs.88 lakhs. what should be the treatment of subsidy received and depreciation calculation after subsidy received for the period ended 31.03.2014????
 
Posted by : VIRAL MEHTA
Posted On : 4/18/2014 12:52:05 PM
Related party transactions
There is a AMC co. and a Trustee company, directors (Mr.A, Mr.B, Mr.C and Mr.D) of AMC company acts as directors of Trustee company and conducts board and audit committee meetings for which above four directors(Mr.A, Mr.B, Mr.C and Mr.D)get sitting fees for both audit committee meetings and board meeting.

Now my question is whether the above four Mr.A, Mr.B, Mr.C and Mr.D are related party to the trustee company and should we disclose in Financials ?

Please answer with referencing to Co.Act 1956, AS-18, Co.Act 2013, and income tax act separately.

Thankyou

 
Posted by : mohan s
Posted On : 4/18/2014 11:23:45 AM
Regarding line discounts
Hello,

Please Explain the what is the Line Discount..(which is given by seller to buyer)?



Please clarify me with example..
my mail id mohansbatia@gmail.com
 
Posted by : Gaurav Sharma
Posted On : 4/18/2014 10:56:32 AM
Cheque printing
hi sir, can i printing of cheque without instrument date in Tally.erp9. pls. reply. R's Gaurav
 
Audit


Posted by : Anonymous
Posted On : 4/18/2014 2:35:10 PM
Letter format
Can anyone post a audit appoinment letter format by a co-operative society in the document form....
 
Income Tax
Posted by : Prakash Kumar Singh
Posted On : 4/18/2014 9:47:39 PM
Itr
sir i have listen that now ITR V should be send by only speed post not by ordenery post?is it right?
 

Posted by : Ashish Ranpara
Posted On : 4/18/2014 7:36:21 PM
Very urgent
DEAR ALL

I WANT TO KNOW PROCEDURE REGRADING REGISTRATION OF AOP THE AOP WILL BE FOR BUILDING OWNERS ASSOCIATION FOR eg. BUILDING NAME IS XYZ ESTATE AND ASSOCIATION IS XYZ ESTATE OWNERS ASSOCIATION I NEED DRAFT OF THE AOP AND PROCEDURE OF AOP AND FROM WHERE IT WILL BE REGISTER

IT'S URGENT

THANKS IN ADVANCE

 
Posted by : Rajesh Kumar Sharma
Posted On : 4/18/2014 6:45:55 PM
Tds on intt to financial institution
Dear Sir,
We are partnership Firm. During FY13-14 we paid Intt. of Rs. 25550/- on car loan to a financial institution in 12 instalments but we did not deduct any TDS.
Can we deduct TDS on 31-03-2014 on Rs. 25550/- at once or we have to deduct on monthly basis and deposit with intt.@1.5% and revise our previous TDS return.
 
Posted by : Akshay Jape.
Posted On : 4/18/2014 6:20:26 PM
Investment in new plant and machinery
Can anyone tell me in detail if i made investment in new plant and machinery then whether any deduction available me? and by what amount?
 
Posted by : Akshay Jape.
Posted On : 4/18/2014 6:20:08 PM
Investment in new plant and machinery
Can anyone tell me in detail if i made investment in new plant and machinery then whether any deduction available me? and by what amount?
 
Posted by : archana parab
Posted On : 4/18/2014 6:17:52 PM
T.d.s
i have filed correction statment of t.d.s in c-9 addition of challan but bymistake i have entered the amount towards late fee u/s 234e in interest column. now again i have recd notice demanding late fee payable please guide how to update the challan details///
 


Posted by : Anonymous
Posted On : 4/18/2014 6:04:50 PM
Registration fees paid to a company for certification
1. Is Tax to be deducted on registration fees paid to a Foreign certifying company? If so whether the Tax rate is 40% as per sec - 195?

2.Also whether The Registration fees paid to foreign company for certifying purpose will be Included under Professional charges?? (That Foreign Company will certify only after registering and again they are charging separate fees for Certifying So can I include the Registration fees also in That Professional Fees and Can Deduct Tax on that?)
 


Posted by : Anonymous
Posted On : 4/18/2014 5:26:24 PM
Tds on container rent
We have taken a Container on rent for office use for 6 months and paying a monthly rent of RS 50000. i WANT TO KNOW AT WHICH RATE U/S 194I (10& OR 2%) DEDUCT TDS ON RENTAL CHARGES..
 


Posted by : Anonymous
Posted On : 4/18/2014 5:12:27 PM
Unclaimed tds b/f
respected sir,
for ay 2014-15 there was a provision incerted in itr forms to brought forward unclaimed tds .please discuss this point .








 


Posted by : Anonymous
Posted On : 4/18/2014 4:34:11 PM
Dtaa
How to make computation and what amount to claim for relief under DTAA for treaty between India and Nepal in case of salary income? Suppose Income from Salary is Rs. 500000?
 
Posted by : rajesh
Posted On : 4/18/2014 4:15:56 PM
Nri
Left to canada on september 2010 whether he is NRI or ROR or RNOR. came to india in previous financial year ie 2013-14 only for 30 days.
IF NRI what is the tax rate applicable to him ?
 


Posted by : Anonymous
Posted On : 4/18/2014 3:51:15 PM
Deduction u/s 80gg
Whether an assessee is required to file Declaration in Form 10BA for claiming deduction u/s 80GG? If yes where he needs to submit the Declaration if he files his income tax return online?
 


Posted by : Anonymous
Posted On : 4/18/2014 3:17:15 PM
269t
Dear Wxpert,
can a company convert its unsecured loan to share capital?Is it violation of sec 269 T.
In my opinion a company can convert becaz it is not repayment but its conversion.

Pls suggest and give your valuable opinion.

Thanks
 
Posted by : Bhargav Thakkar
Posted On : 4/18/2014 2:18:57 PM
Taxation on conversion of private limited company into llp
Dear Sir,
One of our client (pvt ltd Co) wants to convert into LLP, On conversion what will happen to the Reserves & Surplus of the existing Co? Can directors withdraw money from accumulated profit of company as consideration for such conversion?
And liable for Corporate dividend tax?

 
Posted by : Kalpesh jain
Posted On : 4/18/2014 12:44:15 PM
Letter of authority-profession tax
Can anyone provide me the Format of Letter of Authority.
 
Posted by : D.SRINIVASULU REDDY
Posted On : 4/18/2014 12:35:46 PM
Balance sheet format of charitable trust
please send me charitable trust balance sheet and profit and loss account format of excel
 


Posted by : Anonymous
Posted On : 4/18/2014 10:38:49 AM
Section 32 read with as-6
As per Companies Act and AS Depre can be claimed from the Date READY TO USE, but at the same time TRIAL and RUN Expenses are Capitalised. WHICH RESULTS INTO CALCULATING DEPRE FROM THE DATE OF COMMERCIAL PRODUCTION

Where as in Income Tax Act there are various judgements saying Depre can be Claimed during the period of Trial production.

If that is the Case than HOW PUT TO USE CAN BE EARLIER THAN READY TO USE..?
 
Custom
Posted by : amit
Posted On : 4/18/2014 7:48:01 PM
Foreign ware house and sale therefrom
I have a query -
We want to send the finished goods (after manufacturing) to our Foreign Ware house (in europe and USA) for storage and then We want to sale those finished goods from the foreign Warehouse to other foreign buyers.
in this regard, we want to know that 1.What is the procedure & formalities for the above transaction? 2.What is the Procedure to claim the Export incentives on Sale from Foreign warehouse?
3.under which Act/Law we have to comply/report or the applicability of Acts ?

waiting for valuable suggesyions.

Thanks
 


Posted by : Anonymous
Posted On : 4/18/2014 3:00:09 PM
Iec code
Dear Sir ,

For applying for IMPORT EXPORT CODE in india you Need one Bank certificate duly attach With Director photograph in Bank Letter Head...I just want to confirm that in bank letter head You need only Athority Signatory or all director photogarphs duly attached...

Please Suggest me know as soon as posible....
 
VAT
Posted by : anand pareek
Posted On : 4/18/2014 8:04:28 PM
Role of c form under vat
what is the role of c form under vat in gujrat?
 


Posted by : Anonymous
Posted On : 4/18/2014 6:35:35 PM
Vat on loading & unloading sale
Dear Sir,
Can i charge VAT on loading & unloading in sale invoice , if we are a registered dealer under rajasthan value addes tax.

VAT charges on loading & unloading is compulsory or optional...?

Please tell me notification no. related this matter.
 
Posted by : Shobhit Jain
Posted On : 4/18/2014 6:29:21 PM
Vat & cst rate on fashion items
Hello!

Please tell me the VAT & CST rates that are to be charged at the time of Sale of Fashionable items such as Ladies Handbags, Wallets, School Bags etc.

Thanks
Shobhit Jain
 
Posted by : vishal sharma
Posted On : 4/18/2014 4:30:40 PM
Registration
Dear Members pls tell me whether in vat registration(part B of DVAT 04), Details of all directors are compulsory or we can give details of any one director.

Pls reply me ASAP
 


Posted by : Anonymous
Posted On : 4/18/2014 4:08:44 PM
Cst c-form related
Please tell whether we can purchase from other states with c-form if further we give the goods for free or if further the goods after process become exempt or tax free?
 


Posted by : Anonymous
Posted On : 4/18/2014 3:45:41 PM
Tin # cancellation
hello, i would like to know how to cancel the mvat tin no.
i went through few details which say's to surrender all the original registration forms but we are not having any originals of the client. hence in this case can you tell me what procedure to follow in this case.
 

Posted by : Jagjeet singh
Posted On : 4/18/2014 3:39:59 PM
Dvat-purchase tax
Dear sir

We have made some interstte purchase from unregistered dealer.

whether we have to pay purchase tax

(We are in delhi) & (Dealer is from haryana)

Item is nature of consumables

We manufacture 99% tax free goods..
 


Posted by : Anonymous
Posted On : 4/18/2014 2:43:47 PM
Wrong j1 & j2 (for non audit dealers)
Hi,

I have wrongly filled Annexure J1 & J2 for non audit dealer.
In J1 details i have put all purchase parties tin number i.e J2 details & in J2 i have put all sales parties TIN number i.e J1 details.

How to rectify the same as revised return is uploading.

Please help its urgent
 
Posted by : SANJAY SHARMA
Posted On : 4/18/2014 2:39:11 PM
Vat balance for the f/y 2013-2014 could not be carry forward
4TH QTR. VAT IN RETURN THERE WILL BE NOT ANY OPTION TO CARRY FORWARD EXCESS TAX CREDIT FOR NEXT FINANCIAL YEAR,THERE WILL BE OPTION TO CLAIM REFUND.

MY QUESTION IS THAT THERE WILL BE NOT ANY OPTION TO CARRY FORWARD TAX CREDIT TO NEXT TAX PERIOD

 
Posted by : anusha
Posted On : 4/18/2014 1:48:13 PM
Downloading of c-form from website
Dear Sir,

I require information regarding online C-form generation. I have already uploaded the data through online mode but i am not able to get the C-Form. I tried to generate the C-form by giving all the information again. But, it is not accepting and showing the information as"The Invoice number is already existing and it cannot be accepted twice".

My question is how can i get that C-form copy? Is there any other procedure to download that C-form

Please reply.

Thanks in Advance
 
Posted by : anand pareek
Posted On : 4/18/2014 1:39:46 PM
Cst
can we take input credit of cst without or with c form or not ?
 
Posted by : AMAN JAIN
Posted On : 4/18/2014 11:54:32 AM
Form 56 digitally sign
HOW TO FILE FORM 56 OF DVAT DIGITALLY? PLZ HELP
 
Posted by : bhautik
Posted On : 4/18/2014 11:52:44 AM
Vat & cst return
Hi. Actulay just i want to learn to prepare return for VAT 201 & CST 3B form of gujarat.
 


Posted by : Anonymous
Posted On : 4/18/2014 11:52:22 AM
Sale to unregistered dealer/ individuals
Hi Sir/Mam,

I Have Doubt, Can we sell Goods to Individuals, Which Rate is applicable and any Limit sale Vale Please Suggest me.

Regards,
Venkat
 
Posted by : BIJOY KUNDU
Posted On : 4/18/2014 9:28:51 AM
Procedure for purchase return
what is the procedure for cst purchase return ? does the same need for a waybill? I mean sales tax procedure in case of cst purchase return???
 
Service Tax
Posted by : bankat p kabra
Posted On : 4/18/2014 7:25:06 PM
Cenvat credit
Local & Export both services provided
Whether Cenvat credit can be taken for full amount or proportionately
i.e.Total cenvat*Local service Income/Total service Income(local+export)
 

Posted by : HASAN JOKHIYA
Posted On : 4/18/2014 7:07:55 PM
Notification
NOTIFICATION 26/2012 & 9/2013 SERIAL NO 12
SERVICE CONSTRUCTION OF A COMPLEX BUILDING...
WHAT IS DIFFERENCE IN THAT BOTH NOTIFICATION
PLZ HELP ME
 

Posted by : HASAN JOKHIYA
Posted On : 4/18/2014 6:58:13 PM
Urgenr -man power supply
if service provider liable to pay ST on 25% (MAN POWER SUPPLY) ammount under revers charge machanism and remaining 75% in that case SERVICE PROVIDER CAN AVAIL CENVAT CREDIT @12.36% OR NOT ?????
plZ REPLAY
 

Posted by : Sairam
Posted On : 4/18/2014 6:41:25 PM
Claiming of cenvat credit in case of reverse charge by nbfc
Hi All, I came across a circumstance where an NBFC(being service receiver) settled an advocate fee with service tax portion of Rs.6000, though the advocate did not charge service tax in their bill. NBFC paid the bill and service tax separately to the govt under rev charge mec. Now my query is whether the NBFC can claim cenvat for entire 6000 or only half of it(6000/2=3000). Kindly reply with any notification or circular if any
 
Posted by : vikasw
Posted On : 4/18/2014 6:21:28 PM
Commission on sale of property.
my friend is getting an commission on sale of property as an agent, of more than rupees 1 to 2 crores, how much he is liable to pay tax or what is his tax liability, and also guide me how he minimize the tax liability.
 


Posted by : Anonymous
Posted On : 4/18/2014 5:24:52 PM
Small service provider
one of my clients turnover exceeds 10 lakhs in fy 2013-14 and he got st no.but in fy 2014-15 his expected to is less than 10 lakhs. can he avail exemption u/n 33/2012 for 2014-15? once registered means under liability for all upcoming years?
 

Posted by : digvijay k patel
Posted On : 4/18/2014 4:57:16 PM
Reverce charge machanism
agreement is make before the service is taxable under service tax so agreement is silent. and then after service is taxable under service tax act.

service provider(foreigner) raised a bill on service receiver for Ex.rs 1000 so its bill deemed to be a inclusive of service tax?



 


Posted by : Anonymous
Posted On : 4/18/2014 4:26:01 PM
Service tax query
we are taken one project for Retailer award function. for that we done the research work all india basis through Market Research company. we are received the finance from our sponserer then later on we hire the event management company for Award function. so my question is that i shall liable for service tax Registration or is it service tax applicable on us.
 
Posted by : Mahipalsinh Bihola
Posted On : 4/18/2014 3:58:32 PM
Ser. tax section
meri 1 party labour contractor he and turnover 7 -8 lac, kya ser. tax no. lena padega, ser. tax kab se lagta he, and unhe loan chahiye SSI nikal sakte he - sec. code & other rules ki jankari chahiye.
 

Posted by : ankit
Posted On : 4/18/2014 3:50:20 PM
Regarding confusion relating to cenvat credit
As per notification no.26/2012, can a builder & developer take cenvat credit. if yes than which notification no & sl. no. should be taken while return filling. with these which all items should be taken for cenvat credit.
 
Posted by : gurusaiprasannakumar
Posted On : 4/18/2014 3:49:43 PM
Form - a2
Dear all,

Can anyone tel me about the Form A2 in service tax? Regarding who is liable to issue and to whom it is to be issued and the consequences of such notification(12/2013)?

Please guide me in this regard.
Thanx in advance.
 
Posted by : Sayantan Choudhury
Posted On : 4/18/2014 2:49:38 PM
Service tax rules
Dear Sir/Mam,

Please advice me service tax is applicable in reinforcement work,if applicable service tax in this work, please tell me service tax calculation rules.ASAP

With Regards

Sayantan
 

Posted by : Bishwanath Shaw
Posted On : 4/18/2014 2:42:46 PM
St 3 return of manpower recruitment agency
I am filling the st 3 for the period oct to mar 2014 of mpr. As per st notification 75% of service tax paid by receiver and 25% tax paid by provider. So my question is how & where i show the dual mechanizm of st.
 


Posted by : Anonymous
Posted On : 4/18/2014 1:13:10 PM
St return filing prior obtaining s.t registraton number
What is the way to file Service Tax Return prior obtaining Service Tax Registration Number?
In my case, Service tax has been paid for the period 1.10.2007 to 31.12.2012 under VCES scheme after obtaining Service Tax registration Number as on Dec 2013 .Now, When I try to file service tax return for the period ; (a). 1.1.2013 to 31.3.2013, (b) 1.4.2013 to 30.9.2013 and ( c)1.1.2010 to 31.3.2014 ;It display .”Return cannot be filled Prior Period of obtaining Service Tax Registration No,” . Plz help me to solve the up given case.
 


Posted by : Anonymous
Posted On : 4/18/2014 1:01:20 PM
Service tax on railway wagons supply.
Dear Sir,

My client has purchase railway wagons for the central railway, and same is given to central railway for use.
In return my client receives rent from Central Railway.
Vat @ 5% is added in the Bill for the amount.

We received demand from Sales tax Department of Rs.1,53,50,737 as supply of wagons to C.R is classified under supply of tangible goods, Hence attract S.T, w.e.f April,2008.

So this demand is valid or not, please give your valuable advice.

Urgent.
 
Posted by : CA. Rajeev Jain
Posted On : 4/18/2014 12:41:39 PM
Regarding non payment of service tax
ONE OF MY CLIENTS HAVE RECEIVED PAYMENT IN JUNE 2013 BUT FILED SERVICE TAX RETURNS SHOWING NIL. NOW WHAT CAN BE DONE NOW.
 
Posted by : Saiprasanth reddy
Posted On : 4/18/2014 12:23:58 PM
Procedure for adjustment of excess service tax paid.
Hi friends,
While making the service tax payment online, due to some technical problems amount has deducted thrice and three challans have generated, for the same amount, and the excess amount deducted is around 70,000/-. Can this amount be adjusted against the next payments? If yes. how? If not, what to do?
 


Posted by : Anonymous
Posted On : 4/18/2014 11:44:03 AM
St-3 for gta
Dear Colleagues
Kindly let me know how to file ST-3 in case of GTA, as we are not charging service tax and whole service tax amount after abatement paid by either consignor or consignee under reverse charge.
While filing ST-3 of GTA as service provider which value has to be mentioned there, if total freight charged has to be mentioned than which row/column we can claim deduction of the same.


Email : gaganca2010@gmail.com
 

Posted by : prakash kumar singh
Posted On : 4/18/2014 11:39:56 AM
Tds on service tax ?? or not?
EXAMPLE: MANPOWER AGENCY' S BILL : RS 100 . 00/- SERVICE TAX IN BILL ( 25% ) :RS . 3. 09/ - BILLED AMOUNT :RS 103 . 09/- PAYABLE BY SERVICE RECIPIENT ( 75% ): RS 9. 27/ - IF MANPOWER AGENCY IN AN INDIVIDUAL , TDS @ 1 % ( PAYMENT INCLUDING SERVICE TAX) THEN WHAT WILL BE TDS AMOUNT ??? TDS =1 % (103 . 09) OR 1% ( 112 .36) ,OR 1% (100).
 
Posted by : vineet
Posted On : 4/18/2014 10:05:37 AM
Coaching registration
sir i want to know that if i start my coaching classes for Acadamic, UG and PG(specially for commerce) courses then is it compulsory to register. or when it will be compulsory ?????? plz answer my query to my mail id zylo.0522@gmail.com
thank you
 
Posted by : ABHIJIT ROY
Posted On : 4/18/2014 12:37:11 AM
Transporation of goods by rail
we are registered limited company, our non excisable raw material are transported from gujrat to raniganj station. during this transportation we have paid freight and service tax on freight to the western railway.
my question is we are eligible for taking cenvat credit on that paid service tax or not?
 
Corporate Law
Posted by : nidhi khetan
Posted On : 4/18/2014 8:59:07 PM
Amendment
related to sebi chapter
 


Posted by : Anonymous
Posted On : 4/18/2014 7:21:09 PM
Companies act 2013-composition of bord
i need an answer to following simple queries if any body can help 1. Can a women director pursuant to 2nd proviso to section 149 be among any one of the idependent director or additonal or rotational or non rotational or nominee( because manner of appointment not given) 2. In view of overriding effect of section 260 of Companies Act 1956 on section 255 additional directors not counted for rotational and non rotational. Under new Act no suc effect given to provisions of additional director and nominee director. Does it mean that Additional directors and nominee of govt pursuant of its shareholding are to be counted for non rotational director and for each such director atleast two rotational directors are to be appointed 3. As independent directors are not to be counted for rotational directors and ATLEAST 1/3rd of TOTAL.NO OF DIRECTORS SHOULD BE INDEPENDENT.Further 2/3rd of TOTAL NO OF DIRECTORS should be rotational. DOES TOTAL NO OF DIRECTORS same meaning for counting rotational directors and independent directors. 4. Does the following presumption holds good one additional director+ two Govt nominee is equal total three non rotational directors so double of thr ee means there should be atleast 6 rotational directors apptd at AGM.THEN 3PUS 6 IS EQUAL 9 SO ONE THIRD OF NINE IS 3 DIRECTORS TO BE APPOINTED AS IDEPENDENT DIRECTORS. So this combination makes total strenght as twelve
 
Posted by : Anil
Posted On : 4/18/2014 4:21:44 PM
Allotment of shares
Dear Friends,

As per new rules of Companies Bill 2013, rules about allotment of new shares has been changed. As per new rules, Share application money cannot be received in cash and has to be allotted within 60 days. Moreover, no of shareholders has been restricted to 200.

In case of sugar companies where no of shareholders are very large as they are farmers. in some cases, it goes more than 10000. But as per new rules, company cannot allot shares to person more than 200 shares. In this case, how can we go ahead for allotment to farmers.

 


Posted by : Anonymous
Posted On : 4/18/2014 2:48:24 PM
Director remuneration


a pvt ltd IT company formed in feb 2014 with 2 directors.now they need to appoint 3 more directors who will look after the day to day affairs.these 3 persons are technically qualified and are proposed to draw 40 lakhs per annum as remuneration.
my question

1. whether all 3 can be appointed as whole time directors.
2. whether for tax planning their salary can split into two
ie. 1.salary u/s 192 for dealing day today affairs and remuneration for technical service u/s 194 j

otherwise provide me suggestions for tax planning for wholetime directorsunder new companies act 2013
what all other procedural formalities there for appointment and fixing remuneration of wholetime directors
 
Posted by : S.Kesavan
Posted On : 4/18/2014 2:37:41 PM
Csr and independent director
CSR applies to Private companies u/s 135(1)
Rule 5(i) of Cos(Corporate Social Responsibility Policy) Rules 2014 refers to Sec149(4) which applies only to listed companies. Readng further the rule 5(ii) and 5(iii)it is clear that a Private limite company need not have independent director to be part of its CSR Committee.
Is this understanding correct? (the wordings of the rule are quite confusing)

Kesavan
 
Posted by : prit.katt
Posted On : 4/18/2014 2:02:10 PM
Csr committee
1.whether a person other than a director be appointed as a member of the csr committee???..... 2.if yes, whether there is any restriction in appointing a non-resident individual??
 


Posted by : Anonymous
Posted On : 4/18/2014 1:44:29 PM
Company deals in livestock
A private limited company deals in livestock. It takes money from people, transfers the ownership of the livestock to that person & keeps the livestock with the company. So I want to know whether:
1) Whether any approval is required for this business from any authority?
2) Is it necessary to convert the company to Public Limited?
3) Any compliance regarding this business under any statue?
 
Posted by : SHRUTI SHUKLA
Posted On : 4/18/2014 12:30:39 PM
Details of sections of companies bil,2013
hi, please provide me the section wise details of companies act,2013 which is applicable in a pvt ltd company?
 


Posted by : Anonymous
Posted On : 4/18/2014 12:25:28 PM
Loan from share holder by pvt ltd. co.
Sir,
I have following query..
A Pvt. Ltd. hold 50% shares in B Pvt. Ltd..
should A Pvt. Ltd give loan to B Pvt. Ltd. under Companies Act 2013 ? if yes give me relevant provision or rules relating to that..
 


Posted by : Anonymous
Posted On : 4/18/2014 11:27:01 AM
Right of member to receive information

A shareholder is asking details of registers maintained for the disclosure of interest by directors and investments of the co. from the inception of the co.

The CA' 13 has mandated that the co. should prepare and maintain the said registers permanently. however, the CA'56 did not mention any time limit, but under rules, it was meant to be kept for 8 yrs.

whether the shareholder is right to seek the details beyond the last 8 years (from its inception) only because it has been provided in the CA'13 ?

What should the co.'s reply to the shareholder.

Kindly reply asap.
 
Posted by : P.S.Vadiraja
Posted On : 4/18/2014 10:06:35 AM
Listed company definition ..interpretation
Hello Sir can anyone clarify me on the definition of listed company under Companies Act 2013.

Since the definition reads as listed company” means a company which has any of its securities listed on any recognised stock exchange;

whereas security includes Debentures....

So if a Private Company gets its Debenture Listed on Stock Exchange, raised by way of Private Placement ...will it be called as listed company as per definition..??
 
Posted by : The Company Law Desk
Posted On : 4/18/2014 9:03:31 AM
Promoters contribution not deposits company act 2013
2) Whether a company can take loan from a person other than promoters at the time of initiation of new project?
 
Students


Posted by : Anonymous
Posted On : 4/18/2014 6:57:25 PM
Isca and auditing suggested for for ca final
Dear All,
Can you please suggest good book for the following subjects to attend CA Final for Nov 14 exams. 1) Audinting
2)ISCA (Revised one)
 
Posted by : Saiyam Aggarwal
Posted On : 4/18/2014 6:15:03 PM
Loan staff
is the article on loan staff basis is legal or illegal and what are the other consequences
 

Posted by : Aravind Bulusu
Posted On : 4/18/2014 5:51:17 PM
Ca final attempt
Hello..!

I am already registered for articles before apr 30 2014. I am giving my gr2 in this may 2014. If i qualify my gr2 in this may, what is the due date i need to get registered for ca final so as to give my ca final attempt in nov 2016??? That is if the results come in august month of 2014 and i pass the exam what is the due date to register my ca final to give it in nov 2016?

thanks in advance
 


Posted by : Anonymous
Posted On : 4/18/2014 5:42:19 PM
Applicability of service tax topics for may 2014
sir , pls tell me whether service tax topics of central excise costoms duty and central sales tax ar e applicable for may 2014 attemt ?
 

Posted by : nikhita
Posted On : 4/18/2014 4:46:19 PM
Form 108
I am Due for submission of form 108 on 02.03.2014 but til date i dint submit my form 108...

I am planning to send it tomorrow i am submitting the form can any1 tell wat all things i need to send an for wat amount i need to remove DD?????

I need to submit my attendance an other records also due to delay in submission of form???????


its Very urgent..
 
Posted by : Amarpreet Singh
Posted On : 4/18/2014 3:26:14 PM
Helllpppp!!!!!!! please....
sir mera abi reg letter nai ayea to kya main abi form number 109 bej sakta hu? Muje form beje hue 20 days ho gye hai...... Nd kya main form 109, and 103 ikathe bej du?
 


Posted by : Anonymous
Posted On : 4/18/2014 2:47:54 PM
Defunct company
a company has foriegn equity and it wants to strike off its name from the Register of Companies. Do we have to take the approval of RBI? What is the procedure do we have to follow? How money will be sent back?
 


Posted by : Anonymous
Posted On : 4/18/2014 1:58:49 PM
Need to file form
do i need to fill the form if i go for ignou bcom ..to the institute ???
 
Posted by : chahat kathpal
Posted On : 4/18/2014 1:29:25 PM
Doubt
in capital budgeting while finding internal rate of return...any two rates can b assumed...or is thr some criteria??
 
Others
Posted by : sunita chauhan
Posted On : 4/18/2014 9:22:08 PM
Industrial training
Is there any criteria for stipend in industrial training?
If yes than provide the detail.
 
Posted by : sunita chauhan
Posted On : 4/18/2014 9:17:25 PM
Industrial training
Is there any time gap required in submission of form 109 & 104 or I can submit both the form at a time?
 
Posted by : Amit Nandy
Posted On : 4/18/2014 7:53:18 PM
Jewellery
If can a Jewellers took deposit from customer on monthly basis and end of tenure refund the money with an incentive to the customer but the company not a NBFC company.

In this above context my specific query is there any legal constrain according to RBI or Companies act.

Regards
Amit Nandy
 
Posted by : shubham singh
Posted On : 4/18/2014 5:23:06 PM
Gmcs
sir,
Is It compulsory to complete your GMCS in 1st year Of Articleship and if i do not do it what are the consequences of it.....?? i am in my second year of articleship and yet not done GMCS-1.the reason behind is that i was not able to arrange a seat in GMCS batches.
 


Posted by : Anonymous
Posted On : 4/18/2014 5:16:42 PM
Case studies
Pl. refer me content for case laws in direct and indirect tax laws (CA Final- MAy 14 attempt) apart from the one published by ICAI.
 

Posted by : vijay
Posted On : 4/18/2014 4:45:09 PM
Cash budget
I have been yold to prepare cash budget for one of My client who has applied for Term loan with bank
I want to know that whether cash budget closing balance should match with cash remaining at the end of the year ??
Like it does in Cash Flow statement
 
Posted by : KANHAIYA KUMAR JHA
Posted On : 4/18/2014 4:27:57 PM
Import export code
Dear Sir,

Question about Pvt Ltd co. The company is working since 2010 and providing software development service to overseas clients. The company is charging professional services fees from client on time consuming basis means company is not selling any goods or software in physical form this is a an IT company and many engineers are employed in the company and software development charges on Month basis are received by the company.


Now I would like know that company is receiving almost $1.50 lacs Monthly against invoice raise in usd. My question is that we need to obtain ICE code. How the service provider company can avail the benefit of export incentive ? Please advice.
 
Posted by : santosh prajapati
Posted On : 4/18/2014 1:26:33 PM
Tds on remuneration
Respected Expert,

Sir my issue is their is one LLP and in that one Pvt Ltd company is partner .LLP is paying remuneration to directors of that company. So what would be the TDS compliance for remuneration paid to them as remuneration pain to partner is exempt from TDS compliance.

 

Posted by : Chandrasekhar Reddy A
Posted On : 4/18/2014 1:07:50 PM
Cancellation of professional tax
Dear Sir,
Now i would like to cancel one of my clients PT Certificate? so please tell me what is the procedure for cancellation means where i should go for cancellation? and is there any option for do cancellation in online?
 


Posted by : Anonymous
Posted On : 4/18/2014 12:37:01 PM
Work contract tax (j&k) on consultancy services
Dear experts, kindly reply to below queries : -
1) Is Work Contract Tax applicable on
Engineering Consultancy Services (where no material or labour used by Consultancy providing Company)?

2) Can both WCT 10 % and TDS 10 % (u/s 194J) deducted on one bill.

Thanks in Advance.
 
Posted by : vithal
Posted On : 4/18/2014 12:33:07 PM
Application for firc
Dear Sir,

One of our consignee has made export payment in other bank in which we do not have our account and then that bank has transferred that amount to our bank a/c.

So in this case please advise how to apply for the FIRC to the bank in which consignee has directly remitted the amount to close this transaction.
 


Posted by : Anonymous
Posted On : 4/18/2014 12:22:26 PM
Applicable section
whether any applicable section in companies act which says that the company can charge cost to give annual report to the shareholders.

in my company shareholders demand annual report for past 10 year can we charge cost, if yes then at which rate or plss mention the applicable section.
 


Posted by : Anonymous
Posted On : 4/18/2014 10:42:46 AM
Debate topic
Hi,

Can anyone can suggest the debates topic linking new age thinking and enduring value, i also wantedits pros and cons.
 
Excise
Posted by : mukundan
Posted On : 4/18/2014 8:27:35 PM
Exise duty on scrap and valuation of goods
Dear Sir,
I'm working for a Central Government organisation under ministry of Railways engaged in manufacture of Coaches. We are not a corporate body but we are Government directly controlled by Railway Board like any other Zonal Railway like Southern Railway. Our transaction is through Book adjustment with Railway Board. We are not loading any profit element on the coach cost and the actual cost is transferred to Railway Board. We also manufacture spares for Railway Coaches under Chapter 8607 for our own use and also spare some material to Other Railway Workshop for maintenance activity.
From 2011 onwards, as the notification No 62/95 was withdrawn, our coaches became excisable w.e.f 20.04.2011. and spares from 31.05.2012. We are paying ED at lower rate of 2.06 percent on coach cost as per notification No 1/2011 without availing CENVAT credit and at the rate of 12.36 percent on spares. In this regard the follwoing points are to be clarified.
1. Excise Department is demanding assessable value of coaches and spares to be claculated at the rate of 110 percent of actual cost quoting rule no 8, 9 and 11 of valuation rules. Whether this is applicable in our case.
2. The also demand ED on whole scrap stating that notification No 27/2011 will not apply to us as we are also manufacturing spares which is not our main product. Whether this is correct.
If not how to reply to Excise dept.
Please clarify
 
Posted by : Arjun Rathi
Posted On : 4/18/2014 7:19:29 PM
Removal of capital goods
I removed a capital goods after use. And as per reversel rules of excise, duty payable by me is 50000/- but as per transaction value, excise duty payable is 40000/-(333333 12%). I have to pay whichever is higher.. pls tell me in creation of bill, how much amount of excise duty will be added?
 


Posted by : Anonymous
Posted On : 4/18/2014 5:58:02 PM
Excise duty calculation on capital goods when resale
Please Provided information for calculate of excise duty at the time of resale of capital goods. If possible please enplane with example.
 
Posted by : SANDEEP SHEDGE
Posted On : 4/18/2014 4:46:09 PM
Wrongly charge excise to eou unit
Dear Sir,

we have charge wrongly excise to EOU unit in six month before so what is the procedure to get the refund of the excise duty.

Also note we have also recd Form CT-3 against the same supply.

Please reply to my queries at the earliest.
 

Posted by : CA Binal Shah
Posted On : 4/18/2014 4:41:32 PM
Effect of new notification 08/2014 on already regd importer
if importer is already registered as excise dealer and if now it gets new registration as an importer then how to transfer closing credit as on 31.03.2014 from the existing excise no taken as dealer to new excise no taken as importer?
 
Posted by : Golak Panigrahy
Posted On : 4/18/2014 4:34:07 PM
Duty on e rishkaw
Dear Sir

I want to know that Excise Duty leviable on Battery operated Rickshaws & falling on which chapter heading & relevant notification on duty leivable.

Its urgent query please
 

Posted by : Jalpesh Maniyar
Posted On : 4/18/2014 4:34:06 PM
Is this manufacturing?
Dear Experts,

I have a confusion regarding taking a process as manufacturing or not....it is:

from the stock of discarded panels (scrap) I, take out aluminum wire and copper as well then i separately sale the same both, will this thing amount to manufacture? if yes why? if no why?

one more thing other than about:

If from the scrap our wire (cable) I by cutting separate the plastic and copper after words sale the same both separately, will this process be also considered manufacture? if yes why? if no why?

Thank yours in advance.
 
Posted by : Puneet Kejriwal
Posted On : 4/18/2014 12:46:33 PM
Exemption limit clarification for er4 return filing
Dear Sir/Ma'm,

Recently we received show cause notice for non-filing of ER4 return stating that our payment of duty including utilization of credit exceeds Rs. 10 Lakhs and we are liable to file as per Rule12(2)(a) of CE rules 2002.
the exemption limit for ER4 was Rs. 100 Lakhs and the same is still being informed to us by various excise officers and experts in the field. There is great confusion in the excise dept. regarding this and even they are not aware of any such notification that amends the rules to include ER4 return filing for units paying duty above Rs. 10 Lakhs. even after receiving the show cause notice, we are still being told that the exemption limit of rs. 100 lakhs holds and that we should send a letter to the excise office stating that as our duty is less than Rs. 100 lakhs, we are not required to file ER$.
Please guide me as to how I should proceed. A little online research about this suggests that such confusion exists as a new notification amending the CE Rules 2002 states that if duty above Rs. 10 lakhs is paid, then ER4 is to be filed, but the previous rule that if duty paid is below Rs. 100 lakhs, those are exempted from ER4 filing, still holds and has not been withdrawn. this creates contradictory rules in the CE Rules.
 
Career
Posted by : Nirmall
Posted On : 4/18/2014 8:39:21 AM
Master of business finance
Hi...can anyone please inform us regarding passing percentage of this 1 yr course or is it like almost everyone passes once enrolled. As already 6 exams are conducted this information might be known. All other relevant information was available in FAQs. Thanks in advance.
 

Posted by : mohit
Posted On : 4/18/2014 1:12:53 AM
Degree
what is ACCA ACMA ? RELEVANT ACT OR SITES? qualifications? thanks
 
Shares & Stock


Posted by : Anonymous
Posted On : 4/18/2014 1:04:57 PM
Want to take investment in private limited company
I have a company
share capital ---- 100000
Director -----------2

company want to sale 20% holding at 2200000

how to sale
 
Exams
Posted by : chahat kathpal
Posted On : 4/18/2014 1:41:34 PM
Doubt
can any body explain the meaning or concept of internal rate of return..
 
Posted by : Nirmall
Posted On : 4/18/2014 8:34:27 AM
Master of business finance - icai
Hi...can anyone please inform us regarding passing percentage of this 1 yr course or is it like almost everyone passes once enrolled. As already 6 exams are conducted this information might be known. All other relevant information was available in FAQs. Thanks in advance.
 
LAW
Posted by : Shubham
Posted On : 4/18/2014 4:15:33 PM
Companies act 2013
plz tell me how to prepare for companies act 2013 for nov2014 ipcc exam
 
Posted by : avneet bedi
Posted On : 4/18/2014 4:03:02 PM
Company law
difference between proceeding book and minute book?
 

Posted by : Shaziya
Posted On : 4/18/2014 12:15:41 PM
Fema: acquisition of immovable property outside india
Kindly advise the procedure to seek prior approval of RBI for Acquisition of Immovable Property outside India by an Indian resident.
 
Taxpayers
Posted by : vikram kadam
Posted On : 4/18/2014 3:47:37 PM
Applicability of tax (vat or st) to trade or service
One of my Client is selling educational CD's & DVD's (English Speaking Course). He has taken copyright.

My question is what type of taxes will be levied on such sales? VAT or Service Tax or Both.

As per case law, if on sale of SIM cards service tax is applicable as service provider is providing services to clients and not selling goods.

Under current case whether only Service tax will be applicable as my client is providing services (of providing education) through the medium of CD's & DVD's. The cost of CD will be approx Rs 1000/-.

Whether VAT will also be Applicable?
 


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