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ITAT issues guidelines for stay of demand.

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Messages - mitalidas

The main aspect here is how you calculate the value of the asset. If you look at Sec 45(3) it says that the amount that is taken into consideration should be the value of the property should be that which match the government rates or higher. The basic rule to remember here is to not undervalue the property. As far as I can understand this is what is the bottom line. For a clearer picture you should surely contact a professional as this affects both the firm's books as well as the partner's returns.

Mitali Das
Regarding your query, I am facing the same predicament too. About the first question regarding the status of branches of Indian banks in foreign countries, I have managed to find the answer. Any Indian bank branch which is located on foreign shores is considered to be an Indian branch by the IT Department and the same rules that would apply to a branch here would apply to a branch there. But for the second question even I am awaiting an answer. If you get to know please post.

Mitali Das
Discussion / Re: TAX IMPLICATION
September 18, 2012, 02:41:05 PM
To answer your question correctly we would require a few more details. Now there are many ways to remit money. Firstly, how does the agent himself collect the money from his clients and how much does this amount to? This I ask because the turnover as well as the income also make an impact on the taxes. Secondly, how does the agent remit the money to his foreign clients. Thirdly, what is the currency used for all these transactions? Give us all the details and we are sure we can answer you better.

Mitali Das
Discussion / Re: JUDGEMENT COPY
September 18, 2012, 02:38:51 PM
See there are quite a few ways to do this. Firstly you need to go to the website of the Indian Courts. Choose the High Court of Andhra Pradesh. On the very first page you will see the case status field. Click on it, enter the details you have and you can directly access the files. If you find that difficult or are unable to find your details for whatever reason simply ask an advocate or lawyer at the High Court to produce a copy for you.