Dear All


We are paying commission for overseas parties for Sales of our product

IF it will affect withholding tax what is the percentage

Dear Sir,

i am an old student of the C.A institute registered in the year 1992 and completed my C.A. Articleship and attended for intermediate exams also due to some personal reasons i discontinued now i wish to complete my course but iam working in abroad (west africa) pls suggest me can i go this course or shll i join icwai of CS please send me your suggestions to my personal email id srini_preddy@hotmail.com

Dear Sir,

i am an old student of the C.A institute registered in the year 1992 and completed my C.A. Articleship and attended for intermediate exams also due to some personal reasons i discontinued now i wish to complete my course but iam working in abroad west africa can you pls suggest me can i go this course of shll i join icwai of CS please send my your answer to my personal email id srini_preddy@hotmail.com

Whether one should recognize the Sec. 44AB limit for stock-market Intra-day transaction and how?

Dear Sir/Madam,

We have one query-

If one scenario is there where X company which is an Indian Company has 100% shareholding registered company Y in UK/US/China etc. and the co. wants to raise an invoice somewhere mentioned above for some Software development purpose.

While receiving payment from Party if Y company receives the payt. and then if the same is being routed to X conmpany.

What will be the implication? As per Double avoidance treaty, what is the treatment?

Last year i filed the return of a compnay online, but pdf file has been misplaced but xml file is there. Some one please tell me how to file the return in this case.

In case of proprietorship which has been converted into partnership on 01/01/2008 and sales upto 31/12/2007 are 32.40 lacs. tell me about the applicability of Tax Audit. the prop. is also partner in the new firm. the firms sales are 8 lacs for 3 months. Please advice me in this regard from the point of view of prop. & partnership.

Service tax is exempt if turnover is less then Rs. 10 Lacs.

For which year this 10 Lacs criterie is applicable? like Our Turn over for 2007-08 is Rs. 7 Lacs and till Apr-Sep, 08 Billing is rs. 15 Lacs. So is service tax applicable for this year?

QUERY:

1. ABC Ltd is a public ltd. co. incorporated under the companies Act, 1956.

2. DEF Ltd. is also a company incorporated in India under the Companies Act. The ABC Ltd is holding the majority shares of DEF Ltd. Thus, ABC Ltd. is holding co. of DEF Ltd. and DEF Ltd. is a subsidiary of ABC Ltd.


3. GHI Ltd. is also a company incorporated in India under the Companies Act. and is also a subsidiary of ABC Ltd.

4. JKL Ltd. is also a company incorporated in India under the Companies Act. and is also a subsidiary of ABC Ltd.

5. MNO Ltd. is another company incorporated in India under the companies Act which is also a subsidiary of ABC Ltd.

6. PQR Ltd. is another company incorporated in India under the companies Act which is Associates Company of ABC Ltd.

With a view to augment the business operation of all these companies, as a measure of mobilization of funds amongst the companies it is proposed to transfer the shares of the companies referred to at serial no. 3, 4, 5, & 6 to the Company mentioned at Sr. No. 2.

After implementation of the swapping of shareholding as above, the shareholding pattern of the company at Sr. no.2 may be modified. The ABC Ltd. will be holding 100% shares of DEF Ltd. However, later on DEF Ltd. may issue new shares in such a way that ABC Ltd. will continue to have 85% of the authorized & issued & Subscribed share capital and remaining 15% will be allotted to the outside parties. For 15% shares of DEF Ltd., the share applicant will pay Rs.100 crore.


Now the question that arises out of the above transactions is,

1. What are the implications of the transaction of swapping of the shares by the subsidiary company, so far as liability of capital gain is concerned?

2. Whether the transaction would amount to transfer within the meaning of section 2(47) of the Income Tax Act. ?

3. Whether the transactions of swapping of shares of the subsidiary companies will be covered by the exemptions provided u/s 47(iv) & (v) of the Income Tax Act. ?

4. Whether, in view of the provisions of section 47A (1), 47A (2), DEF Ltd. can alter its share capital structure and issue new shares to the extent of 15% of the authorized capital. ?

5. Whether this transaction will attract capital gain tax in the case of ABC Ltd.?

6. Is there any other mode by which share held under serial no 3,4,5 & 6 can be transferred to company of serial no. 2 against issue of share by DEF Ltd. to ABC Ltd. so that capital gain tax can be avoided ?

Dear All

Can you provide Me the latest list of exempted services list. Particularly from Insurance Industry

eg for what type of Insurance policies the service tax is exempt???

Your reply will be highly helpful to me as I am a Insurance Professional