IN PCC EXAM. WHICH CHAPTER OF A/CS HAVE MORE WEIGHATAGE?

A specific section of Inome tax act excluded co-operative societies(bank) from the surcharge on income tax. But in case of FBT co-opertive societies are not seperatly defined in Finance Act 2008.

Surcharge on FBT is governed by the 4th proviso of section 2(3) of the Finance Act, 2008 that reads as follows:

"Provided also that in respect of any fringe benefits chargeable to tax under section 115WA of the Income-tax Act, income-tax computed under this sub-section shall be increased by a surcharge, for purposes of the Union, calculated,—
(a) in the case of every association of persons and body of individuals, whether incorporated or not, at the rate of ten per cent of income-tax where the fringe benefits exceed ten lakh rupees;

(b) in the case of every firm, artificial juridical person referred to in sub-clause (v) of clause (a) of section 115W of the Income-tax Act, and domestic company, at the rate of ten per cent of such income-tax;

(c) in the case of every company, other than a domestic company, at the rate of two and one-half per cent of such income-tax."

If we refer some books on FBT and Income tax and some programmes calculating income tax/FBT liability they indicates no surcharge on FBT for Co-operative banks. But if we read the above extract of Finance Act its plain menaning is as Co-operative societies (Banks) are assessed as Artificial Judidcial Person they are chargeable to surcharge of 10% on FBT.

I am working in a co-opertiave bank. One assessment of the Asst year 2006-07 is already comleleted and AO had not charged any surcharge on FBT.


PLease clarify wether surcharge on FBT is capplicable to Co-operative banks or not.
Waiting for reply.

Can I File My Salaried IT Return For the year 2008-09.
After 31/07/2008.
For This There is any penalty to be paid by me ?
Pease Inform me as early as possible .

What is the basic difference between the words "annexure" and "attached" as these words are generally used in annual reports of the company.Sometimes in the report it is said that the annexures should be considered as an integral part of this report but not the attachment.

Waiting for the reply

Girish Kumar Mittal

Dear All

My company wants to get its shares dematrialised for which a board resolution is required authorising company sectretary and director to sign and execute documents with NSDL.

Please provide a format of board resolution.

Foreign Technology Collaboration – Royalty Payment.
Payment under the automatic route.


RBI issued the circular:
Foreign Technology Collaboration – Royalty Payment – Liberalisation
A.P. (DIR Series) Circular No.5 (July 21, 2003)

As per the above Circular following condition is mentioned in point no.3

All cases of payment of royalty under the automatic route will continue to require prior
registration with Reserve Bank in terms of Rule 5 read with item 14 of Schedule III of the
Foreign Exchange Management (Current Account Transactions) Rules, 2000 as notified under the Notification No.G.S.R.381(E) dated May 3, 2000 of the Government of India.

We will be obliged if anybody can provide/guide to get the copy of Notification No.G.S.R.381(E) dated May 3, 2000 of the Government of India.

Thanks
Nitin

dear sir, please let me know what are the various provisions need to be seen in case of a client who has started construction on his own land with the intention of selling them to out to outsiders or letting it out. apart from this is AS-7 applicable. as of now the building is notcompleted. so please let me know what i have to do for the current a.y 08-09 and coming year. thank u. waiting for an early reply

the exchange rate differece relating to foreign currency liability incurred in relation to fixed assets.

1.what is the treatment of above transaction as per co.act

2.wat is its treatment as per IT act.is it an allowable exp.

whts is inward bills of exchange and putward bills of exchange?

What is the final outcome of latest judgment given by the Bombay High court in regards to Sericve Tax on rented property for commercial use?

What should retailers do? Should they give undertaking or should they pay service tax as they are doing until SC decides in the matter?