I am an Indian resident in the business of imitation jewellery. One of my primary markets is Hong Kong and China. I frequently travel to Hong Kong & China for business.

I am looking to set up a company in Hong Kong which. The company will do trading outside India (that is buying from suppliers located outside India, and selling to clients located outside India). So the profits that will be generated will be purely foreign income (without any link to India).

My questions are as follows:

1) First and foremost: Is any prior permission of RBI required for setting up a company in Hong Kong by Indian resident individual?

2) I assume that it will be necessary to show the profits generated in the foreign company as foreign income in my books of accounts in India, correct? In such a case, will I have to pay taxes on the income of the Hong Kong company both in Hong Kong as well as in India? Is there a way to avoid such double-taxation on the same income?

Thanks in advance for your assistance.

What is the refund procedure under Maharashtra Value Added Tax.

It is bring to your notice that I had given own Machinery and Building on lease to someone Limited Company. Now company wants to windup the business and interested to return my machinery and building with dues. can i accept it or not.

Also, someone person has told me that if i received back machinery from company. Then i have to paid provident of workes on the behalf of company. Is it True or not.

our assesse has received an agriculture land as grant from his parents and he is selling that in Plot

now how can calculate his taxable income

Dear experts..
Plz let me knw which finance act applicable for may 2014 exams

Sir,
Please guide about filing of return of LIC Agent. What sort of expenses are allowable as deduction? In business head where to claim those expenses?

Thanks in anticipation.

I am confused about the notification 24/2012 which says in its Explanation 2 that the Service Provider can not get CENVAT Credit. Wheather this explanation is regarding option 2 (abatement Value) or option 1 (Service portion only).

Moreover,is there anything different in Reverse Charge Mechanism w.r.t. work contract i.e. POT, raising of Invoice, Cenvat Credit, refunds etc. or all these process are same for Work Contract also as other services in RCM

Please go through the below mentioned points which were collected from various sites via google-

1. There are many Government Departments who are maintaing Government Accounts also. They maintain Income Tax as head of account in their books. When they have to deduct TDS, they simply debit the expense or party and credit to Income Tax head. This is called TDS by book entry and in this system, no physical movement of cash or cheque takes place. In TDS return, we are required to furnish voucher No. through which tax is adjusted and date of voucher. BSR code of bank branch is not required. TDS deposit by book entry relates to certain govt ministry who does not depost
2.TDS by cash but only adjust the same by debiting/crediting to HO a/c. Defence Ministry is one of such ministry.
3. 'TDS deposited by book entry' is a concept for deposit of Government authorities/agencies etc., where all the transactions are through treasury itself. Thus, when these entities, makes payments to vendor from treasury and deduct TDS thereon, then instead of separately paying the TDS again to treasury, simply the amout of TDS is recorded through book entry.

also refer the following link:
http://nexgengroup.in/webtds/webTDS/faq.html
after the above points and link data it could be concluded from my side that in challan sheet (tds return) paid by book entry should be NO for non-government assessees & in annexure sheet paid by book entry or otherwise should be yes.
The above conflict have been complexed after one of the AO contended w.r.t demand raised by department that the demand has been raised due to selection of "NO" in paid by book entry or otherwise.
This is my understanding of the matter and I would request to correct me, if wrong.

Dear All,

I have only 10 days in my hand to study the III rd group of Final CS (Tax and Strategic Management,Alliances & International Trade) So you are requested to provide me the short cute and good notes for the same.

Thanks

Public charitable trust running an International School, Is there a need for tax audit if gross receipt from school fees is more than 1 crore.
Income of trust is exempt u/s 10(23) of the Income tax act, 1961