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Forum Messages on 3/18/2012

Replied in :   

Five important questions from budget 2012 !!!

Posted by : Ankit 21 CA,CS,B.Comon   18 March 2012


 



Indian Budget 2012: A critical analysis



 



Union Budget of 2012, pronounced on 16th March, 2012, fails to deliver expectations of entire feternity of taxpayers except few lollypops which may not be siffice. A critical analysis of this budget is summarized in following points:



-         Retrospectively amendments in tax law as far as the Vodafone case is concerned. It will result in loss of confidence in Indian financial policies among foreign investors and would result in negative growth in FDI.



-         Applicability of tax deducted at source provisions on only cash sale of bullion and jewellery of value more than Rs. 2 lacs. It will encourage jewellers to undervalue invoicing or result in isolated transactions also.



-         Applicability of GAAR provisions in a manner which cast onus on taxpayer to prove commercial acceptance of transaction. Such provisions drafted in such a manner which shows no trust of government on taxpayer.



-         Applicability of Alternative minimum tax on other taxpayers also apart from corporate and LLP. It would result in complications in tax computing for small businesses running in proprietorship or partnership forms which were out of these provisions till date.



-         Amendment by omitting reference of part III of old schedule VI in sec 115JB as part III is omitted in revised schedule. Such amendment was expected retrospectively in view of applicability of revised schedule VI w.e.f. FY 11-12. Thus it will leave a room for corporate to prepare Profit & Loss accounts for sec 115JB(2) purpose as per old schedule VI for FY 11-12.



-         Applicability of provisions of tax deducted at source on all transaction of transfer or immoveable property other then agriculture land exceeds Rs. 25 lac. And no registration is possible without showing proof of deduction of tax and deposite of the same in revenue account. It would result in compliance burdon and delays in land acquisition process for industries in case if transferor having no PAN.



-         Applicability of provisions of transfer pricing regulations on domestic specified transactions also which results in excess compliance burdon and obligation of maintaining excessive records on taxpayer which results in enhancement of administrative cost of department as well as of assessee. Further lots of cases are laying pending in judiciary related to international transactions and by viding scope of TPR provisions results in increase in disputes traffics.



Hope group of lobbies draw attention of policy makers towards these critics and seek intervention in the matter.



 


Replied in :   

10 points to remember in budget 2012-13

Posted by : tanvi makkeron   18 March 2012


thanx a lot sir  for sharing this article..................it gives an overview of the  budget guidelines



Replied in :   

Discuss budget 2012-13 here !!

Posted by : Ankit 21 CA,CS,B.Comon   18 March 2012


 



Indian Budget 2012: A critical analysis



 



Union Budget of 2012, pronounced on 16th March, 2012, fails to deliver expectations of entire feternity of taxpayers except few lollypops which may not be siffice. A critical analysis of this budget is summarized in following points:



-         Retrospectively amendments in tax law as far as the Vodafone case is concerned. It will result in loss of confidence in Indian financial policies among foreign investors and would result in negative growth in FDI.



-         Applicability of tax deducted at source provisions on only cash sale of bullion and jewellery of value more than Rs. 2 lacs. It will encourage jewellers to undervalue invoicing or result in isolated transactions also.



-         Applicability of GAAR provisions in a manner which cast onus on taxpayer to prove commercial acceptance of transaction. Such provisions drafted in such a manner which shows no trust of government on taxpayer.



-         Applicability of Alternative minimum tax on other taxpayers also apart from corporate and LLP. It would result in complications in tax computing for small businesses running in proprietorship or partnership forms which were out of these provisions till date.



-         Amendment by omitting reference of part III of old schedule VI in sec 115JB as part III is omitted in revised schedule. Such amendment was expected retrospectively in view of applicability of revised schedule VI w.e.f. FY 11-12. Thus it will leave a room for corporate to prepare Profit & Loss accounts for sec 115JB(2) purpose as per old schedule VI for FY 11-12.



-         Applicability of provisions of tax deducted at source on all transaction of transfer or immoveable property other then agriculture land exceeds Rs. 25 lac. And no registration is possible without showing proof of deduction of tax and deposite of the same in revenue account. It would result in compliance burdon and delays in land acquisition process for industries in case if transferor having no PAN.



-         Applicability of provisions of transfer pricing regulations on domestic specified transactions also which results in excess compliance burdon and obligation of maintaining excessive records on taxpayer which results in enhancement of administrative cost of department as well as of assessee. Further lots of cases are laying pending in judiciary related to international transactions and by viding scope of TPR provisions results in increase in disputes traffics.



Hope group of lobbies draw attention of policy makers towards these critics and seek intervention in the matter.



 



New Topic :   

Tax rates for aop/boi u/s 167b

Posted by : Ankitaon   18 March 2012


Hi,



As per sec 167B if none of the members have "Total Income" which exceeds the maximum amount of income not chargeable to tax And None of the member is assessable to tax at MMR then



AOP/BOI is taxable at Normal rates..



For the same i wanted to know if the member is a women then will the Basic exemption be considered as 180,000 or 190,000.



 



Thank You,



Ankita



 



New Topic :   

Applicability of caro on private company

Posted by : CA. Nitin Guptaon   18 March 2012

 


         CARO will not be applicable if all the below conditions are satisfied together:-



  • Private limited company

  • Paid up capital & reserves is 50 lacs or less (Reserve Include Capital Reserve, Revenue Reserve, Revaluation Reserve)



  • Any debit balance of P&L a/c should be deducted from REVENUE RESERVE.

  • If there is no revenue reserve then debit balance in P&L a/c cannot be deducted from capital and any reserves.

  • Miscellaneous expenditure should not be deducted.



  • Outstanding loan from Banks or Financial Institutions is 25lacs or less



  • It includes Term loan, Demand loan, Export credit, Working capital limit, Cash credit, Overdraft facilities, Bill Purchased and Bank Guarantees.

  • Interests accrue and due should be included in loan.

  • Interests accrue but not due should not include in loan.

  • Loan may be short term or long term, secured or unsecured.

  • Loan taken from a private bank or foreign bank would also be taken in to consideration.



  • Turnover is 5 crores or less.


Turn Over- It includes sale of goods and services both and commission allowed to third parties. But it does not include                                                                                                   



  • Trade Discount

  • Sales Tax/Excise Duty

  • Sales Return


In case of where the principal business of the company is letting out of property or it is an investment company, the rent or dividend/interest would constitute turn over.


 


All the above limits will be considered at any time during the financial year covered under audit.


New Topic :   

Union budget 2012 a critical analysis

Posted by : Ankit 21 CA,CS,B.Comon   18 March 2012

 


Indian Budget 2012: A critical analysis


 


Union Budget of 2012, pronounced on 16th March, 2012, fails to deliver expectations of entire feternity of taxpayers except few lollypops. A critical analysis of this budget is summarized in following points:


-         Retrospectively amendments in tax law as far as the Vodafone case is concerned. It will result in loss of confidence in Indian financial policies among foreign investors and would result in negative growth in FDI.


-         Applicability of tax deducted at source provisions on only cash sale of bullion and jewellery of value more than Rs. 2 lacs. It will encourage jewellers to undervalue invoicing or result in isolated transactions also.


-         Applicability of GAAR provisions in a manner which cast onus on taxpayer to prove commercial acceptance of transaction. Such provisions drafted in such a manner which shows no trust of government on taxpayer.


-         Applicability of Alternative minimum tax on other taxpayers also apart from corporate and LLP. It would result in complications in tax computing for small businesses running in proprietorship or partnership forms which were out of these provisions till date.


-         Amendment by omitting reference of part III of old schedule VI in sec 115JB as part III is omitted in revised schedule. Such amendment was expected retrospectively in view of applicability of revised schedule VI w.e.f. FY 11-12. Thus it will leave a room for corporate to prepare Profit & Loss accounts for sec 115JB(2) purpose as per old schedule VI for FY 11-12.


-         Applicability of provisions of tax deducted at source on all transaction of transfer or immoveable property other then agriculture land exceeds Rs. 25 lac. And no registration is possible without showing proof of deduction of tax and deposite of the same in revenue account. It would result in compliance burdon and delays in land acquisition process for industries in case if transferor has no PAN.


-         Applicability of provisions of transfer pricing regulations on domestic specified transactions also which results in excess compliance burdon and obligation of maintaining excessive records on taxpayer which results in enhancement of administrative cost of department as well as of assessee. Further lots of cases are laying pending in judiciary related to international transactions and by viding scope of TPR provisions results in increase in disputes traffics.


Hope policy makers will soon address these issues also while converting Finance Bill into Act.


New Topic :   

State's sales tax rate before vat

Posted by : matteghion   18 March 2012


Does anyone know how to obtain sales tax rate of the states prior to VAT adoption? If searched a lot with no success. Any source about state budgets is also welcome!



New Topic :   

Karta rent income to huf

Posted by : mkaon   18 March 2012


Hello Friends,



Can the Karta of an HUF who owns a house property, show the income from house property in the name of the HUF instead of the individuals own name?



Please advice. Thanks



Replied in :   

Discuss budget 2012-13 here !!

Posted by : gauravon   18 March 2012


friends goverment ne mast band bajia SC ki decision ki band bja di by over ridding effect of VODAFONE case heheheh



Replied in :   

Deduction under section 80c query

Posted by : saket singhaniaon   18 March 2012


Is it neccessary that FD should be in name of sole proprietor firm or it can be in the name of the owner of the sole proprietoehip firm?????



New Topic :   

Cc certificate

Posted by : Deepanshuon   18 March 2012


Any1 got the CC CERTIFICATE from NIRC of ICWAI for June 2012 Final examination (postal coaching ) -then please mention the date when you have submitted the last Test Paper and thdate when you got the CC CERTIFICATE.



New Topic :   

Proprietorship firm and unsecured loans interest rates

Posted by : mkaon   18 March 2012


Dear Friends,



My Proprietorship firm has unsecured loans from 4 close relatives. During FY 2010-2012 interest was paid to all the 4 individuals (2 of them @ 12% and 2 of them @ 10%).



During FY 2011-2012 can I pay interest only to 2 of the relatives @ 12% and not pay the other two?  Can the interest rate be reduced to 8%? TDS is deduceted when the interest is paid.



 



Thanks in advance.



New Topic :   

Verification for nov 2011 final examination

Posted by : Deepanshuon   18 March 2012


Any one still waiting for the RESULT of  Verification for Nov 2011 Final examination -Please leave your Roll No. and name here.



New Topic :   

Ca final sfm

Posted by : Member (Account Deleted)on   18 March 2012


hi .can anybody plz explain What is unlevered and levered beta? Pls explain with example.thanks



Replied in :   

Need help!!!!!

Posted by : saitejaswion   18 March 2012


Friends plzz give me any tips for ipcc preparation of may2012



Replied in :   

Tax slabs

Posted by : nitin suvarnaon   18 March 2012


thx for ur replies



Replied in :   

Five important questions from budget 2012 !!!

Posted by : Member (Account Deleted)on   18 March 2012

Ankur sir,I am too small to say anything, but I have a question... For one full financial year, we pay service tax for many times, whether is there any provision in our taxation laws, that we can show all that service tax amount we paid, as deductions, or are we paying tax on that income also which already received by govt as servicetax...??


Replied in :   

Personal lines..

Posted by : Member (Account Deleted)on   18 March 2012


well said........................yes



New Topic :   

Unlevered beta

Posted by : Rakesh Rajbharon   18 March 2012


What is unlevered and levered beta? Pls explain with example.






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