Dear All,

As per Press Note 7 of 2008 issued by the DIPP (available on the DIPP website) the minimum capitalisation of foreign holding requirements for NBFC's are as follows:

1. US$ 0.5 million in case the shareholding percentage is below 51%
2. US$ 5 million in case the shareholding percentage is between 51% & 75% &
3. US$ 20 million in case the shareholding percentage is between 75% & 100%

I want to know whether such minimum capitalisation requirement will also include the premium at which the shares are issued? Or whether 0.5, 5 & 20 millions should make up the total nominal amount of the face value of shares only.

Also please inform as to any Act, Rule, circular or notification or any other document where the definition of minimum capitalisation is given..

Need not necessarily be FDI norms... even SEBI etc may be applicable.

Would really appreciate an answer at the earliest.

Thanks in advance, Regards,

Chandan

Dear Sir,

I am working in properitory firm. they have just started business. they have to pay the commission to the persons & such amount is more than the amount applicable for TDS. Is it necessary to take TAN No.
Shall we apply for tan after cross the limit of 40 lakhs.

Pls.sir send me reply very soon it is very necessary

Dear sir/madam,

I have applied for Tin no. but I have purchased some taxable goods. & paid vat for that goods. my turnover is below 500000/- I have applied under volutarily scheme. shall we take setoff if the vat paid on purchases before the Registration made under vat. Such transactions made within maharashtra.

Hi,
One of My client had taken Housing Loan for Purchase of House Property in Feb 08 which is under construction. For getting the benefit agst tax (from Salary deduction) he had submitted Provisional Certificate from Bank stating total repayment say Rs. 100000/- as Ineterst & Rs.25000/- as Principal payments towards repayment of loan.
Now my question is Whether he can claim full benefit of Rs. 75000/- U/s. 24 & Rs. 25000/- U/s. 80C in FY 08-09? & What about benefits under same heads in FY 09-10 if the amt remains same i.e. Interest & Principal payments in 09-10
Assume same actual payments had been made in both years.

Hi experts

Ours is a Pvt Ltd comapny covered by provision of 44AB.

We are not in a position to file return before 30th September, 08, however we have already got our accounts audited before the said date.

Can you guide me about the interest or penalty whhich we have to pay for late filing of our income tax return.?

Rohit

I request all the member to sent their opinion on this issue

i am registered with the central excise department. i purhase raw material on excisable invoices and non excisable invoices.

i make dies for inernal use out of the material (iron) purchase on non-excisable bills i.e. without availing modvat.


during the process of manufacturing of dies scrap is generated.

Please clear whether i will have to pay duty on sale of this scrap or not.

Thanks Friends,

Anish jain

Dear Professionals,

I want one Service tax solution

Our company is received service on Transport by Road (Lorries). This is comes under Goods Transport Agency Services (GTA). We are only receiver of that service. we have no any other services.

we are mine traders. we are purchasing mines and and paying transport charges. but we are not providing any tranportation.

Monthly we are paying service tax approximately 6,00,000/- at rate of service Tax @ 3.09% afer taken of Abatment (75%)

In this one person claiming commission on our company and collecting service tax @ 12.36% by him. And we paid total commission with tax.

In this case shall we take input credit for payment of GTA Servcie tax.

Regards

Ganesh

sir, I have registered for pcc i.e, articles in april 2007 at that time i completed bcom 2nd yr and i got permission from icai regarding bcom but i also registered for icwai inter on june2007 which i want to appear on dec2008 and also i had completed my bcom final year in march 2008.My question is can i send 112 form at time of icwai final registration or i have to send now in view of latest amendment.

I have speculation Transactions during the year. From turnover of Rs. 60 lacs i have profit of 40.01 lacs and from yurnover of 20 lacs i have booked loss of 2 lac. Whether tax audit u/s 44AB is aaplicable. to see the applicability should we see the overall turnover or profit. Whether the transactions of loss and profit can be set off against each other

One wants to open a proprietorship business. What Liabilities he has to pay to concerning authority and where he has to register Firm and what have to do?