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Messages - Pankaj

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Discussion / Re: whether section 206AA will override DTAA?
« on: February 14, 2014, 01:31:45 PM »
I fear he is correct.

2
Discussion / Employee contribution of PF and ESI
« on: January 15, 2014, 05:09:57 PM »
Dear Members,
Recently the Gujrat High Court has ruled that Employees contribution to PF and ESI will be added to the income of the company if the same is not deposited with in due date of the respective Acts. We are going to open some branches in various parts of the country where PF will be applicable but getting the PF registration may take time as we would apply for trade licence and PF registration but the PF will be deducted at the time of salary. Thus without having PF registration number we will not be able to deposit the same in time. In this respect please guide how to deal with the situation so that the above addition is not made.
Regards
Pankaj

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No.
I believe STT is also not attracted on this transactions

4
Discussion / Depreciation on Finance Lease
« on: November 12, 2011, 12:13:17 PM »
Who will be able to claim depreciation on Finance Lease?

CBDT in circulars 9/1943 and 2/2001 has clarified that there is no difference between Operating Lease and Financial lease and thus accordingly lessor is entiled to depreciation. But we have opposite ruling of Apex court in Asea Brown Boveri’s case ( though not on a tax related matter) and ITAT Mumbai ruling in the case of Marico Industries. Further this matter was pending before the Special Bench, Mumbai. Any one can also update me on this case also.

Further what is the implication of Finance Lease as per the Draft DTC.

5
Discussion / Sec 44AD
« on: January 13, 2011, 12:16:36 PM »
Dear Members,

Please go through Sec 44AD which is going to be subsituted from 01.04.11.
As per this Section all the eligible business whose total turnover doesnot exceed Rs. 60 lacs is reqd. to get their accounts audited if profit  is less than 8% of the total turnover.

Eligible biz means any biz except the biz of plying, hiring or leasing goods carriages.

Thus all the biz are required to get their accounts audited if they show profit less than 8% of their turnover.
 ??? ::)

6
Discussion / Leave encashment
« on: August 19, 2010, 11:47:01 AM »
There was a case of Kolkata High Court in the case of Exide Industries where the assessee has cliamed the expenditure of leave encashment on provision basis and has won the case.

There after the Department has gone into the Supreme Court against it.

Could somebody tell me what is the current status of that case.

7
Discussion / Re: 14A
« on: August 19, 2010, 11:36:01 AM »
Now based on this judgment Department will be disallowing expenses as calculated under rule 8D. The same may be very harsh for some comapny.

Will now department also apply this section when during the year their is no exempt income OR will the disallowance may be more than the expenses claimed??

8
Discussion / Income from House Property
« on: March 26, 2010, 01:07:13 PM »
We have taken a land and building on a lease for 25 years and is regularly paying lease rent. Further we have given the same on rent and getting rental income. Now the AO is treating us as the deemed owner and is not allowing me the deduction of rent paid. He is only allowing me the standard deduction of 30%. How can I claim the rent paid?

9
Discussion / Re: Gift under section 56 vs Clubbing u/s 64
« on: March 26, 2010, 01:03:55 PM »
In case of immovable property Sec 27(1) will be applicable and not 56

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Discussion / Re: AMENDMENT OF THE SEC. 56 BY RECENT FINANCE BILL
« on: March 26, 2010, 12:57:46 PM »
i believe in the hands of the transferee

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