Under Sec47A of IT Act, capital gain on transfer between Holding & subidiary which were exempt under Sec 47 would become taxable under certain circumstances and it is chargeable in the year of such occurrance.

The question is who is liable for tax payment - Transferor or Transferree?

If it is transferor (assuming- holding co)and such holding co was aquired by another company, who will be held liable?

I have a client company having 18 branches all over India. The company is liable to tax audit and hence is also liable to vat audit. I want to know whether VAT audit will be applicable only to those branches which have crossed the limit of 40 lakhs or all the 18 branches will be liable to conduct VAT audit.

Dear All,

Please clarify following:

Existing Limited Company wants to takeover the running Partnership Firm and close sown the partnership firm.

In case of purchase whether stamp Duty will be applicable even though there are no fixed assets of Partnership Firm.

Is it possible that the main object of the company be changed to insert the take over object.

Dear sir/madam,

I got disqualified in last 2 exams for pcc,bec'z of auditing. hence i don't know what they required for the above sub.

plz reply as soon as possible.

what will be the treatment for sale of one of the 4 flats build on a plot of land by demloishing previous one storeyed building? whether cost of demolition of previous house build be added in cost of acquisition/improvement? and how do we arrive at cost of one flat sold in May 2010 out of four flats constructed.Also whether Indexed cost of acquiring land be added to cost of construction of four flats and thereby taking 1/4th propotionately thereby for cost of acq/cons/improvement for one flat sold.?

Dear sir, please guide regarding the provision of Trust, which is accumulating more than 15% of its receipt by taking permission of AO in form 10. whether the trust is compulsorily required to make investment in the scheme specified in sec 11(5) all the money accumulated, despite of its construction work going on. For eg. the accumulated sum is 4cr. for march 10 and expense incurred for the purpose is 1 cr.??? whether 3cr. will be treated its income before the expiry of specified purpose if not utilized!

Dear Sir

Can i let u know the following details from u bcoz i had been overseas last 2 years and i should know

1. Rate of CST witout form C
2. Rate of CST against form c
3. Rate of VAT
4. Rate of Service Tax for Transport
5. Rate of Excise

Iam very very thankful to u for helping above my doubts

M/S “M” Pvt. Ltd Co. having three directors Mr. A, Mr. B &C (Indian resident) wants to appoint Mr. D (non resident) as director. Mr. D is employee of M/S “L” of Switzerland.

M/S M Pvt. ltd is in the business of repairs and maintenance and supply of parts of Machinery. M/S M Pvt. Ltd purchases more then 90 percent of parts from M/S L of Switzerland. M/S M Pvt. Ltd does majority of repairs works in India and supply of parts is of Machinery supply by L to Indian markets. Some times M/S M Pvt. Ltd billed to M/S L for repair worked done on behalf of M/S L (machinery under warranty period).

Whether the transaction between M/S M Pvt. Ltd and M/S L of Switzerland is international transaction under chapter X i.e. Section 92 etc before appointment of Mr. D or after appointment of Mr. D? What care should be taken?

Hi All

Can anyone send me any Official copy of Circular relating to Exemption Under Section 211 of the Companies Act 1956 for non disclosure of Quantitative information.

SIR I GOT 47MARKS IN TAXATION PAPER.I AM CONFIDENT THAT I WII GET 53MARKS BY THE SUGG. ANS NOV 2010 PUBLISHWD BY ICAI.I NEED 6MARK TO PASS GROUPII OF PCC. CAN IT POSSIBLE TO GOT 6MARKS BY RECHECKING OF ONLY TAXATION OR ALL 3PAPERS OF GROUPII.SIR GIVE SOME CASES RELATING TO THIS QWERY