My friend's brother (part of original team of google)was allotted 50000 shares at a dollar apiece in 2004. He gifted 1000 shares to my friend (indian resident and salaried) in 2005. During 2012-13, the shares were sold (through A/c maintained by DSP MErril Lynch in US)and my friend claimed LTCG of about Rs. 2 crore as tax exempt during AY 2013-14. Although he has used entire LTCG for tax free bond-50 lakh and rest for purchase of property. Now his return has been taken up for scrutiny by AO and he is worried. Whether he is right in claiming exemption?

In case Consignor is located in SEZ unit and lets say consignee is Individual/HUF then liability to bear Service Tax is on Whom?

As in case of such type of Services, liability of Service Tax is on Service Receiver....

Dear Friends..

I need ur valuable suggestion regarding income tax return filing of one of my friend Vikash Kumar.

My friend is a labour contractor and provides the casual as well as pay roll labour under his own name to a manufacturing concern.He is registered with labour dept. as well as service tax dept. and files return regularly.


He has no assets & no liability.He just takes the money from company and distribute among his labour, profit margin is very low approx 20000 per month but he recd from the company approx 3 to 4 lacs per month. He charged Rs 55 per Mt of goods manufactured from the company.

Waiting for your valuable advice.

Regards

Vivek.

FOR A PRIVATE LTD COMPANY..I FILLED ROC FORM-23AC FOR 31.03.2013, AND IN DIRECTOR REPORT I HAVE MENTIONED M/S XYZ CHARTERED ACCOUNTANT HAVE BEEN APPOINTED AS THE STATUTORY AUDITOR FOR 01.04.2013 TO 31.03.2013

BUT UNFORTUNATELY M/S XYZ CHARTERED ACCOUNTANTS ARE NOT ABLE TO SIGN AND THEY ARE NOR SIGNING FORM-23B, FOR 01.04.2013 TO 31.03.2014

NOW WHAT I SHOULD DO, AS I HAVE SUBMITED FORM-23AC FOR 31.03.2013 ALONG WITH DIRECTOR REPORT.

We are taking services from Company A which situated at Maurituis who translates our laungauge in electronic form and sends signals to B company situated at london B company sends signal to us in indis
1) Is Service tax Payable under Reverse Method and under which head
2) Effective date

We are Broadcaster

We have four specified domestic transaction with four parties(associated enterprise), two of which are exceeding 5 crores.Do I need to mention the details of the other two parties as the aggregate of all the transaction exceeds 5 crores or just of those whose transactions exceeds the threshold limit of 5crores. Please reply. Its urgent.

If a Fixed Assets is purchased in the Director name not in the company how to account it ? how to treat that Asset?

3 Directors of the Company are available in India out of which one of them is a Member as well. Rest all the shareholders are settled abroad who can attend the AGM through electronic mode. The AGM is to be held on 30.09.2013. Since there is only one member available, the meeting will not be valid in lack of quorum. In such a case can members present through electronic mode be counted as qourum? If not then whats the way out to constitute a valid general meeting??

In a trust,advance is being paid to employees for their expenses like bus pass,fuel etc say Rs.2000..they are being accounted under the head STAFF ADVANCES..but the employee incurred an expense of Rs.3000..now can he be accounted under the head CREDITORS as he has incurred expenses more than the advance given which are to be reimbursed..????
or is there any other treatment..please help..

Whether ST applicable on agent's commission ? Why ?