Baljinder Singh
21 September 2007 at 16:30

TDS supply of Tea & Tiffin lunch

Sir,

Are we liable to deduct tds on supply the follwoing Service :

1. Morning & evening Tea given to workers & staff member by Tea stall monthly bill around Rs.50000/-
2. Tiffin Lunch supply by party to our factory for staff & workers. Supplier not registered under service tax or vat. so he not charge any tax on his bill. Monthly bill around Rs.135000/-

Pls advise that is we liable to deduct tds on these type of service.


CA Mohit Kumar Tyagi
21 September 2007 at 13:29

FBT (Reimbursement)

Q. company send its employee outside india and pay DA-TA to its employee, employee stays there, incur there in foreign currency. later the expenditure is reimburse by the client. does it attract FBT? and if full amount is not reimbursed then ?


nikunj patel
21 September 2007 at 13:14

TDS on Contract

one of my client having an export business in which there is one party covered u/s194 C for freight forwarding contract & they deducted tds on all payments to that party but in that there is two payments of around 7 lacs which is paid on behalf of my client by the freight forwarding contractor to the shipping company & this payments were later on reimbursed by the client

so pls tell me the tds applicability on this 7 lacs & the shipping line is indian company having lower deduction certificate from IT


AjeshkumarM.P
21 September 2007 at 12:26

Transfer of shere

Hello Sir,
can you sent me the relevant sec s relating tax libility of a non resident at the time of tranferign the shares of a Indian company to a foriegn company

Thankyou


AjeshkumarM.P
21 September 2007 at 12:18

Transfer of shere

Hello Sir,
What is the Rate of capital gain tax and how we calculate tax liability st time of tranfering the share by a non resident to a foriegn company which is going to take over the existing company. existing company is a private company the nri has shares in the company


Sadhuanj

Ours is a indian company registered under companies act, has a joint venture with Saudi Arabian Company with a 20% Share capital of Saudi Arabian company. The indian company receives net dividend regularly from the saudi arabian company for the share of 20%. The net dividend crediting to our bank account after deduction of TDS and tax on total profits of saudi.arabian company. Example




Saudi Arabian Company earned a profit before taxes 1000000




Tax at saudi arabia 300000




Profit after Tax 700000




Saudi Arabian Company declared dividend 500000




Dividend of Indian Company @ 20% 100000




Less Tax or TDS @ 20% paid by saudi arabian co. 60000




Net dividend distributed to indian company by saudi co. 40000




Now how to account the entries in indian company and what is the tax treatment for indian company. The indian compay incurring operational losses, but after considering the dividend received from the saudi arabian company, the indian company gaining some net profits. Suppose in a financial year after receiving the dividend of Rs 100000/- the indian company gained taxable income of Rs 20000/-.




Kindly advise how to account the entries in books and what is the tax treatment and how do claim the deduction of tax Rs 60000/- by the saudi arabian company ?




Regards




S Anjaneyulu



CA CS Kumarpal Jain
20 September 2007 at 18:47

Fringe benefit tax

Is FBT applicable on expenses incurred by the directors of the company?
Will your answer differ on whether the director is executive or non executive or whether he is paid salary or proffessional fees?


lohithakshan u k
20 September 2007 at 17:14

TREATMENT OF ASSET-INCOMETAX/CO.'S ACT

WHILE ACCOUNTING ASSET ITEMS BELOW RS. 5000
IS THERE ANY STATUTORY REQUIREMENT TO TREAT THESE ITEMS AS ASSET AS WE CAN SET OFF THE ENTIRE AMOUNT BELOW 5000/= IN THE SAME FINANCIAL YEAR AS EXPENSE. WHEN WE ARE ACCOUNTING SMALL FAN, PHONE OR OTHER SMALL ITEM IS IT NECESSARY TO TREAT THESE AS ASSETS AS WE ARE NOT CLAIMING DEPRECTION


MAHESH
20 September 2007 at 15:32

Gratuity And Leave Salary

Whether Gratuity and Leave Salary becoming due on the death of an employee is taxable in the hands of nominee? Please explain with reasons.


Ankit Jain

Dear All,

As per rule 26 of Income Tax Rules, the SBI's TTB rates to be taken for converting foreign currency.

Where to find SBI's TTB rate without going SBI (Foreign Branch) daily for getting the same.

Please reply

Thanks
AJ