Sans
Can you one please let me out of this doubt.

Well we are planning to float an Audit firm. Can any of us hold a proprietory firm registered under his name with the institute?
Also that can we apply individually for some audit assignments of our own apart from being a partner in a firm?
Please clarify about the full-time partner issue which the institute has been raising recently.

-Regards
SARMA

Subject: Clarification on TCS to be collected on sale of Coal u/s 206C (1), whether applicable at the point of first sale or at the point of all re-sale

As per the amendments inserted by the Finance Act, 2012, w.e.f. 01-07-2012 it is stated “that every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of Minerals , being coal or lignite or iron ore , a sum equal to One percent of such amount as Income Tax in accordance with the provisions of 206C(1).”

term “buyer” in section 206C is defined to mean “a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table referred above or the right to receive any such goods but does not include : (i) a public sector company, (ii) a buyer in the further sale of such goods obtained in pursuance of such sale, or (iii) a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act.


For the removal of doubts, it is hereby declared that the provisions of subsection (1) shall not apply to a buyer (other than a buyer who obtains any goods from any seller which is a public sector company) in the further sale of any goods obtained under or in pursuance of the sale under sub-section (1).


Now the debate lies that whether the TCS will be collected from the buyer at the point of first sale onlyi.e.by the Coal companies (Coal India & its subsidiaries) from the Wholesales/Retailers etc. Or whether the TCS is applicable on the re-sale also(on each point of sale).

Kindly support your answer with relevant circulars/notifications.

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On sale of residential plot the assessee
has deposited entire sale proceeds with a nationalised bank in the savings a/c under The Capital Gains deposit account scheme.
After sale but before opening the account the assessee' parents bought a flat with their savings in the name of assessee. Asseessee feels that he may return the amount to his parents from his capital gains account as he feels that he can afford the purchase with his own funds. Can he withdraw from the savings a/c of CG Scheme and return the sum to his parents as if he repays a loan?

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please suggest me the best reference books for ca-ipcc may 2014 attempt................

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