Hi,
If a auditor had given a form 3cd and latter it was found that the depriciation was not charged on one of the assets as it was wrongly clubbed by the accountant in work in progress. The client now wants to claim the depriciation and wants to file a revised return.
Can the chartered accountant give a new report and change the annexure I of the form 3CD is there a guideline for changing the audit report or rectifying a genuine mistake
regards
ashok mehta
Dear All,
We have an interesting case that goes like this:
2 shareholders cum directors in India has set up a company in singapore engage in the business of software development. Both the directors are in India. The company has appointed a Company Secretary in singapore and the directors never visited Singapore in that FY.
The company has made a net profit of Rs. 300,000 Singapore dollars in the year.
The question is:
1. Is this Net Profit taxable in India?
2. What is the best way to get this profits back to India?
Regards,
Malay
We have an interesting case that goes like this:
2 shareholders cum directors in India has set up a company in singapore engage in the business of software development. Both the directors are in India. The company has appointed a Company Secretary in singapore and the directors never visited Singapore in that FY.
The company has made a net profit of Rs. 300,000 Singapore dollars in the year.
The question is:
1. Is this Net Profit taxable in India?
2. What is the best way to get this profits back to India?
Regards,
Malay
POWER OF CBDT TO CONDONE THE DELAY IN FILING LOSS RETURN
whether cbdt has the power to condone the delay in filing return of loss thereby allowing the carry forward of loss and refund of tax
Procedure for Issuance of Statutory Forms
Procedure for Issuance of Statutory Forms under Central Sales Tax Act, 1956 .
NO.VAT//JC(REG)/C.R./07-08 Mumbai, Date : 25.01.2008
(Trade Circular No. 1 T of 2008)
NO.VAT//JC(REG)/C.R./07-08 Mumbai, Date : 25.01.2008
(Trade Circular No. 1 T of 2008)
Clarification regarding applicability of provisions of Section 194-I to payments made by the customers on account of cooling charges to the cold stora
Clarification regarding applicability of provisions of Section 194-I to payments made by the customers on account of cooling charges to the cold storage owners
CIRCULAR NO. 1/2008, DATED 10-1-2008
Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite service, which involves preservation of essential food items including perishable goods at various temperatures suitable for specific food items for required periods and storage of goods being incidental to the activity of preservation. The cooling of goods is controlled through mechanical process. The customer brings its packages for preservation for a required period and takes away its packages after paying cooling charges. The customer does not hire the building, plant/machinery etc. in any manner and does not become a tenant of any kind.
2. The matter has been examined. The main function of the cold storage is to preserve perishable goods by means of a mechanical process, and storage of such goods is only incidental in nature. The customer is also not given any right to use any demarcated space/place or the machinery of the cold store and thus does not become a tenant. Therefore, the provision of 194-I is not applicable to the cooling charges paid by the customers of the cold storage.
3. However, since the arrangement between the customers and cold storage owners are basically contractual in nature, the provision of section 194-C will be applicable to the amounts paid as cooling charges by the customers of the cold storage. This may be brought to the notice of the Assessing Officers under your charge.
F.No.275/59/2007-IT(B
CIRCULAR NO. 1/2008, DATED 10-1-2008
Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite service, which involves preservation of essential food items including perishable goods at various temperatures suitable for specific food items for required periods and storage of goods being incidental to the activity of preservation. The cooling of goods is controlled through mechanical process. The customer brings its packages for preservation for a required period and takes away its packages after paying cooling charges. The customer does not hire the building, plant/machinery etc. in any manner and does not become a tenant of any kind.
2. The matter has been examined. The main function of the cold storage is to preserve perishable goods by means of a mechanical process, and storage of such goods is only incidental in nature. The customer is also not given any right to use any demarcated space/place or the machinery of the cold store and thus does not become a tenant. Therefore, the provision of 194-I is not applicable to the cooling charges paid by the customers of the cold storage.
3. However, since the arrangement between the customers and cold storage owners are basically contractual in nature, the provision of section 194-C will be applicable to the amounts paid as cooling charges by the customers of the cold storage. This may be brought to the notice of the Assessing Officers under your charge.
F.No.275/59/2007-IT(B
TDS ON BANK CHARGES, PROCESSING FEES
Whether TDS is deductible on Bank Charges/Bank Processing Fees paid to the bank.---Vikram Mehta
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