My Question:

A charitable trusts wishes to know the time limit of availing exemption under
various provisions of 11 and 12 as per new budjet.

Sharavan Kumar


[Non-text portions of this message have been removed]

Dear SIr\ Madam,

The form 15H is issued  to the deductee of TDS in case  the taxable income
is not more than the taxable slab. so an assesee whose taxable income is
more than the taxable limit cannot issue form 15 H. But we should take note
of his ductions under sections 88B and various deductions available in sec
80.

Sharavan Kumar
Chartered Accountant
----- Original Message -----
From: "Janaki" <sujatha_jn@...>
To: <caclubindia@yahoogroups.com>
Sent: Thursday, March 29, 2001 4:52 PM
Subject: CAclubindia.com Form15H


> Dear Sir/Madam
>
> As all are aware,in case of interest on fixed deposits,TDS will not be
deducted if Form15H is furnished where the total interest for a year exceeds
Rs.5000/-.
>
> But I would like to know upto what limit,Form15H can be furnished to avoid
TDS. Is it limited upto the taxable income slab only.
>
> For e.g. if a depositor earns Rs.65000/- as interest then can he give
Form15H to avoid TDS.
>
> Regards
>
> Janaki
>
>
>
>
> [Non-text portions of this message have been removed]
>
>
>
> To Post a message, send it to:   caclubindia@eGroups.com
> To Unsubscribe, send a blank message to:
caclubindia-unsubscribe@eGroups.com
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>

Dear Sir/Madam

As all are aware,in case of interest on fixed deposits,TDS will not be deducted
if Form15H is furnished where the total interest for a year exceeds Rs.5000/-.

But I would like to know upto what limit,Form15H can be furnished to avoid TDS.
Is it limited upto the taxable income slab only.

For e.g. if a depositor earns Rs.65000/- as interest then can he give Form15H to
avoid TDS.

Regards

Janaki




[Non-text portions of this message have been removed]

Dear Mr. Amrit Inder Singh,

Good Morning. Please take not of the following:

1. The term `Property' under Sec.22 is meant to consist of `any buildings or
land appurtenant thereto' and  not any  Buildings and Land Appurtenant
thereto as you have stated in your query. The word `OR' makes it clear that
the ownership  need not be extended to site on which the building stands as
well as the superstructure. For example,if a person builds a  superstructure
on a land held by him on lease agreement, he will be the owner of the
superstructure and as such the annual  value of the superstructure will be
taxable under the head `INCOME FROM HOUSE PROPERTY'. The position will be
the  same even if he were to transfer the  superstructure to the lessor of
the land free of cost on the expiry of the lease period .


Yours' Faithfully,



(RATAN KUMAR AGARWALA)
-----Original Message-----
From: Vivek Jain <webmaster@...>
To: caclubindia@yahoogroups.com <caclubindia@yahoogroups.com>
Date: Tuesday, March 13, 2001 10:13 PM
Subject: www.CAclubindia.com House property income


>amritinder singh
>
>EmailAddress: amritindernagpal@...
>
>message: u/h house property assessee must be a owner of the house property
which means building and land apparntunt thereto but if land and building
belongs to seprate persons than what will be the treatment.ref.case TINSUKIA
DEV.CORP. V CIT (1979)120ITR466(CAL)
>Please also reply at mail address above
>
>
>[Non-text portions of this message have been removed]
>
>
>
>To Post a message, send it to:   caclubindia@eGroups.com
>To Unsubscribe, send a blank message to:
caclubindia-unsubscribe@eGroups.com
>
>Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
>

Posted By:
Ajay Giridharan
Ajay@...
Connexions Management Services
C-18, Pamposh Enclave
Greater Kailash -I
New Delhi 110048
Telefax:011 6432643/44/45


I am from an executive search firm, my name is Ajay Giridharan. For
one of my clients I am looking for an India Tax Manager, details of
this position are given below. If you are keen on exploring this
position. You may reach me at my office no.s between 10:00 AM to 6:00
PM.


Position Name   :       INDIA TAX MANAGER
Location                :       Bangalore
Company         :       Fortune 500 (in fact no. 13th)
Experience              :       5-8 yrs


Business Environment


Responsibility for all aspects of India taxation, while participating
in the formulation, coordination and implementation of HP's Asia-
Pacific and global tax strategy with the objective of optimizing
worldwide ("WW") post-tax earnings.


Key Responsibilities:


*  Manage coordination of HP’s tax compliance for HP
subsidiaries in India (Corporation Tax and Transaction tax).
*  Develop and coordinate implementation of tax planning initiatives,
with a focus towards India.  Requires expertise of India tax regimes.
*  Provide general leadership in tax planning and other tax issues
for India.
*  Participate in and often lead the overall process of researching,
identifying and implementing tax-planning initiatives.
*  Responsible for examining the operating and legal structure of
HP's business in India for tax efficiencies.
*  Provide communications highlighting significant tax changes,
strategies, etc., to upper management.
*  Identify opportunities for increased tax incentives for HP
operations and work with the operations to secure the most beneficial
incentives given HP’s overall tax position.
*  Provide communication, education and coaching to finance teams in
India on a regular basis.
*  Contribute within WW Tax, Licensing & Customs team in order to
identify, analyze and implement the best solutions for the company as
a whole.
*  Build and develop excellent relationships with the India tax
authorities.
*  Build and develop excellent relationships with the HP India
Businesses and with the other HP operations in India.
*  Overall India responsibility for IC pricing agreements jointly
with the US IC Pricing group. Review monthly results, quarterly
earnings and tax forecasts, results and forecasts with the objective
to identify IC pricing related issues and to adjust (as required)
installment tax payments, understand deviation and off-track results.
*  Keep up to date with India legislation, practice and developments
in the key market places.
*  Maintain excellent access to expert external advisory services
ensuring effective response and follow-up.
*  Provide AP Tax Counsel with project management assistance,
technical and other support as needed.


Key India Technical Areas:


*  India tax laws and regulations, tax incentive opportunities,
treaty planning, withholding tax planning, mergers, acquisitions,
dividend planning.  Working knowledge of India GAAP.



Key U.S. Technical Areas:


·       Some knowledge and desire to learn US tax law relating to
dividend and foreign tax credit planning, international mergers,
acquisitions, formations and reorganizations, entity
characterization, Subpart F planning, low-tax jurisdiction planning,
treaty planning, U.S. based research and planning techniques, working
knowledge of U.S. accounting principles, etc.,



Skills / Knowledge Qualifications


Essential:


*  Minimum of 5 years India tax experience, with a multinational
company, law firm or accounting firm.
*  Legal degree, certified accountant, masters in taxation, or
equivalent.
*  Expert in India country tax rules and familiarity with cross-
border tax planning techniques.
*  Experience working with limited supervision and managing complex
projects.
*  Strong oral and written communication skills in English.
*  Ability to manage diverse functions and activities.


Preferred :


*  Knowledge of US tax rules and regulations, especially FTC, Subpart
F and reorganizations.
*  Willingness to travel; some travel may be required

EmailAddress: ddhandaria@...

message: As per budget proposals, one by six schemes is being extended to all
urban areas as per 1991 census.  Which towns of North east are falling in urban
areas as per last census ?

repl at above email also





[Non-text portions of this message have been removed]

I have the following queries
1) Do we have any legal entity managing E-Commerce in
India and are there definite policy by which E
-commerce is Governed?
2) Are contract done through electronic transcription
acceptable in court of law in India?
3) As CAs what scope can we see in our profession in E
Commerce ?
Indranil BAnerjee


__________________________________________________
Do You Yahoo!?
Get email at your own domain with Yahoo! Mail.
http://personal.mail.yahoo.com/

u r right

Deepak Bholusaria
Chartered Accountant


----- Original Message -----
From: Vivek Jain <webmaster@...>
To: <caclubindia@yahoogroups.com>
Sent: Tuesday, March 13, 2001 9:19 PM
Subject: www.CAclubindia.com rebate u/s 88


| With effect from A/Y 2001-02 i.e. the ongoing financial year, tax rebate for
women below the age of 65 years was introduced.
|
| Please provide me with full information about this rebate & whether Sandhya :
Age 23 years & Asha Jain : Age 49 years will be eligible for the same.
|
| From what I have understood is that, if tax payable arrives at an amount of
Rs.5,000/- or below, no tax will have to be paid.
|
| Please confirm urgently to enable me to plan my advance tax accordingly
|
| Amit Jain
|

With effect from A/Y 2001-02 i.e. the ongoing financial year, tax rebate for
women below the age of 65 years was introduced.

Please provide me with full information about this rebate & whether Sandhya :
Age 23 years & Asha Jain : Age 49 years will be eligible for the same.

From what I have understood is that, if tax payable arrives at an amount of
Rs.5,000/- or below, no tax will have to be paid.

Please confirm urgently to enable me to plan my advance tax accordingly

Amit Jain


[Non-text portions of this message have been removed]

amritinder singh

EmailAddress: amritindernagpal@...

message: u/h house property assessee must be a owner of the house property which
means building and land apparntunt thereto but if land and building belongs to
seprate persons than what will be the treatment.ref.case TINSUKIA DEV.CORP. V
CIT (1979)120ITR466(CAL)
Please also reply at mail address above


[Non-text portions of this message have been removed]

Response to Mr. Indranil Banerjee :

> I will be interested in knowing more about how to
> convert ourselves into Cyber CAs specially as there is
> no Cyber Laws applicable in India.Respond please.
> Indranil BAnerjee
> Mumbai

1.    To know more about Cyber CA, visit http://www.cyberCAindia.com

2.    Please clarify what you mean by "there is no Cyber Laws" applicable in
India. The country is moving at a great speed towards a cyber law regulated
economy. India is at the right pace to set a global example for democratic
e-governance.

=N=
------------------------
Nilesh Kapadia
ACA, MBA (USA), PGDTL, B.Com., HSD (Hon.) (USA)

Patel & Kapadia, Chartered Accountants
Arihant Complex, 2nd floor, P.O.Box 39
Machali Khadak, Aurangabad 431 001

Tel.: (Business) 91-240-329813
         (Home)      91-240-333352
Fax: (Business)  91-240-356322
         (Home)      91-240-322333

E-Mail : kapadias@...
             nilesh@...
URL : http://www.cyberCAindia.com
----- Original Message -----
From: indranil banerjee <indra_mom@...>
To: <caclubindia@yahoogroups.com>; caclubindia Moderator
<caclubindia-owner@yahoogroups.com>
Sent: Monday, March 12, 2001 1:26 PM
Subject: Re: www.CAclubindia.com From CA to Cyber CA : How Difficult or How
Easy ?


> I will be interested in knowing more about how to
> convert ourselves into Cyber CAs specially as there is
> no Cyber Laws applicable in India.Respond please.
> Indranil BAnerjee
> Mumbai

GUIDELINES FOR PERMITTING THE CHARTERED
ACCOUNTANTS/FIRMS OF CHARTERED ACCOUNTANTS
TO POST THEIR PARTICULARS AT WEBSITE

The following guidelines may be followed by the Chartered Accountants and
Chartered Accountants' Firms while posting their particulars at Website: -

1. The Chartered Accountants and/or Chartered Accountants' Firms would be free
to create their own Website subject to the overall guidelines laid down by the
Council hereunder. The actual format of the Website is not being prescribed nor
any standard format of the Website is being given to provide independence to the
Members. There is no restriction on the colours which may be used in the
Website.

2.Individual Members would also be permitted to have their Webpages in their
trade name or individual name.

3.The Chartered Accountants and/or Chartered Accountants' Firms would ensure
that their Websites are run on a "pull" model and not a "push" model of the
technology to ensure that any person who wishes to locate the Chartered
Accountants or Chartered Accountants' firms would only have access to the
information and the information should be provided only on the basis of specific
"pull" request.

4.The Chartered Accountants and/or Chartered Accountants' Firms should ensure
that none of the information contained in the Website be circulated on their own
or through E.mail or by any other mode or technique except on a specific "pull"
request.

5.The Chartered Accountants would also not issue any circular or any other
advertisement or any other material of any kind whatsoever by virtue of which
they solicit people to visit their Website. The Chartered Accountants would,
however, be permitted to mention their Website address on their professional
stationery.

6.The following information may be allowed to be displayed on the
Firms'/Members' Websites :

   1.. Member/Trade/Firm name.
   2.. Year of establishment.
   3.. Member/Firm's Address (both Head Office and Branches)
   Tel. No(s)
   Fax No(s)
   E-mail ID(s)
   4.. Nature of services rendered (to be displayable only on specific "pull"
request)
   5.. Partners Name  Year of Qualification  Other Qualifications  Tel. No.
         Off.-Direct
         Res.
         Mobile
         E-mail address  Area of Experience
         (to be displayable
         only on specific
         "pull" request)

   6.. Details of Employees - Professional  Others  Name  Designation  Area of
experience (to be displayable only on specific "pull" request)

   7.. Job vacancies for the Chartered Accountant/firm of Chartered Accountants
(including articleship)
   8.. No. of articled clerks. (to be displayable only on specific "pull"
request)
   9.. ix)Nature of assignments handled (to be displayable only on specific
"pull" request). Names of clients and fee charged cannot be given.
7) Since Chartered Accountants in practice/firms of Chartered Accountants are
not permitted to use logo with effect from 1st July, 1998, they cannot use logo
on Website also.

8) No photographs of any sort are permitted.

9) The members may include articles, professional information, professional
updation and other matters of larger importance or of professional interest.

10) The bulletin boards can be provided.

11) The chat rooms can be provided which permit chatting amongst members of the
ICAI and between Firms and its clients. The confidentiality protocol would have
to be observed.

12) The members/firms can provide on line advice to their clients who
specifically request for the advice whether free of charge or on payment.

13) The listing on suitable search engine should be permitted. However, the
field of search should be restricted only to the field of "Chartered
Accountants" or "CA" or "Indian CA", "Indian CPA", "Indian Chartered Accountant"
or any permutation or combination related thereto. The Websites would be
subjected to the guidelines contained herein and normally would not be vetted by
the Institute of Chartered Accountants of India (ICAI). ICAI at its sole
discretion may vet any of the Websites created by its members or individual
Chartered Accountant or firms of Chartered Accountants and would have powers to
direct deletion of certain portions and/or issue specific directions. In
addition, necessary action can be taken in accordance with the Chartered
Accountants Act, 1949 and the Regulations framed thereunder, in case there is
any violation of the above guidelines.

14) The details in the Website should be so designed that it does not amount to
soliciting client or professional work or advertisement of professional
attainments or services. In case any content or technical feature of Website is
against the professional Code of Conduct and Ethics as well as the restrictions
contained in the schedules to the Chartered Accountants Act, 1949 or against the
guidelines or directions issued by ICAI from time to time, appropriate action
will be initiated by the ICAI in terms of its disciplinary mechanism either
suo-motu or on complaint as provided under the Chartered Accountants Act, 1949.

15) The Website should ensure adequate secrecy of the matters of the clients
handled through Website.

16) A number of Chartered Accountants Societies or other bodies are creating
data-bases of Chartered Accountants or Chartered Accountants' Firms and are
offering listing to Chartered Accountants. Such listing would be permitted with
or without payment. In case a Chartered Accountant or Chartered Accountants'
Firm is a member of a professional body or association or Chamber of Commerce
and they offer listing to the members or firm, the same would be permitted.

17) The Institute of Chartered Accountants of India will regularly inform the
aforesaid guidelines to the members and the Chartered Accountants' Firms to
ensure the strict compliance of the guidelines. The guidelines may be revised
from time to time.

18) No Advertisement in the nature of banner or any other nature will be
permitted on the Website.

19) The Website should be befitting the profession of Chartered Accountants and
should not contain any information or material which is unbecoming of a
chartered accountant.

20) The Website may provide a link to the Website of ICAI, its Regional Councils
and Branches and also to the Websites of Govt./Govt. Departments/Regulatory
authorities. Except that neither link to nor information about any other Website
is permitted.

21) The address of the Website can be different from the name of the firm. But
it should not amount to soliciting clients or professional work or advertisement
of professional attainments or services. The Website address should be as near
as possible to the individual name/trade name, firm name of the Chartered
Accountant in practice or firm of Chartered Accountants in practice. The
Committee on Ethical Standards & Unjustified Removal of Auditors (CESURA) of
ICAI will decide in case there is any difficulty.

22) The address of the Website should be intimated to the ICAI within 30 days.

23) The Website should mention the date upto which it is updated and the
information should not be at material variance from the information as per the
ICAI's records.



[Non-text portions of this message have been removed]

I will be interested in knowing more about how to
convert ourselves into Cyber CAs specially as there is
no Cyber Laws applicable in India.Respond please.
Indranil BAnerjee
Mumbai
--- Kapadias <kapadias@...> wrote:
> From CA to Cyber CA : How Difficult or How Easy ?
>
> This is a Topic for Debate & Brain Storming :
>
> MUST be discussed BEFORE it is TOO LATE.
>
> Please respond with your views, opinions, arguments.
>
> ------------------
> Lets Talk About CONVERGENCE of a Different Kind
>
> CONVERGENCE OF CAs TO CYBER CAs
>
>
> IN THE BACKDROP :
>
> Global Business is shifting to the Net. Looking at
> the trend of e-Governance in the country and the
> Government's open and clear intentions of moving
> towards an E-Commerce Driven Economy, it won't be
> long before it becomes common practice to file all
> tax returns and government remittances over the
> internet (including income-tax, sales tax,
> excise....). We have already plunged deep into
> internet banking and stock trading on the net in a
> big way. Before we know it, investors will want to
> see published annual returns and periodic operating
> results on websites certified digitally by CAs; CAs
> will be auditing accounting networks right from
> their own offices and so on. WHY WAIT for the
> `change' to happen, when we know that it has already
> arrived in other countries, including the ones who
> may not be as I T savvy as India.
>
> A Chartered Accountant's practise MUST shift to a
> web based environment. Even audits will have to be
> web based. Just as we have statutory audits and tax
> audits, web audits will soon become the `bread &
> butter' of the profession. Audits of E-Commerce
> Web-sites will soon become a statutory requirement
> in order to bring Consumer Protection, Privacy &
> Security Issues, Law & Order to the Net. Consumers,
> Investors & Governing bodies will demand a third
> party audit of the way business is done on the Net.
> This is already a common practise in North America &
> Europe in the form of "WEBTRUST" Seal of Assurance
> issued by CAs & CPAs globally.
>
> HOW MANY C.A.s IN INDIA DO WE HAVE TO RENDER SUCH
> WEB BASED SERVICES ?  PERHAPS, NOT MORE THAN A
> HANDFULL........
>
>
> What should be our MISSION ?  THE OBJECTIVE :
>
> " To Involve and Train the Indian Chartered
> Accountant to render E-support & Web Assurance
> services and thus provide the much needed fillip for
> an E-commerce Driven Economy in India "
>
> Cyber CA SERVICES
> 1.                  To Provide locally the global
> WEBTRUST Seal of Assurance without which the
> E-consumer will not prefer to buy from Indian
> Web-sites.
>
> 2.                  To Generate Dollar Revenues by
> making India the INTERNATIONAL BACKOFFICE Accounting
> Hub of the world
>
> 3.                 To Mobilize Foreign Exchange
> inflow from NRIs through online Investment & Asset
> Management Services as well as Exchange Remittance
> Services (including Elder-Care)
>
> 4.                  To Enable & Provide Digital
> Certification of Financial Statements to facilitate
> faster processing of Overseas Investment Proposals
> in the country.
>
> 5.         To Encourage remittance of on-line
> Charity & Donations from other countries
>
>
>
>
> -----------------------
>
> AWAITING RESPONSE FROM INTERESTED CHARTERED
> ACCOUNTANTS WILLING TO TAKE UP
> THE TASK OF CONVERGING THEMSELVES FROM CAs TO CYBER
> CAs
>
> OUR PHILOSOPHY : REAL GROWTH LIES IN GROWING
> TOGETHER
>
> COME JOIN THE MISSION !
>
> ------------------------
> Nilesh Kapadia
> ACA, MBA (USA), PGDTL, B.Com., HSD (Hon.) (USA)
>
> Patel & Kapadia, Chartered Accountants
> Arihant Complex, 2nd floor, P.O.Box 39
> Machali Khadak, Aurangabad 431 001
>
> Tel.: (Business) 91-240-329813
>         (Home)      91-240-333352
> Fax: (Business)  91-240-356322
>         (Home)      91-240-322333
>
> E-Mail : kapadias@...
>             nilesh@...
> URL : http://www.cyberCAindia.com
>
>
>
>
>
>
> [Non-text portions of this message have been
> removed]
>
>


__________________________________________________
Do You Yahoo!?
Yahoo! Auctions - Buy the things you want at great prices.
http://auctions.yahoo.com/

From CA to Cyber CA : How Difficult or How Easy ?

This is a Topic for Debate & Brain Storming :

MUST be discussed BEFORE it is TOO LATE.

Please respond with your views, opinions, arguments.

------------------
Lets Talk About CONVERGENCE of a Different Kind

CONVERGENCE OF CAs TO CYBER CAs


IN THE BACKDROP :

Global Business is shifting to the Net. Looking at the trend of e-Governance in
the country and the Government's open and clear intentions of moving towards an
E-Commerce Driven Economy, it won't be long before it becomes common practice to
file all tax returns and government remittances over the internet (including
income-tax, sales tax, excise....). We have already plunged deep into internet
banking and stock trading on the net in a big way. Before we know it, investors
will want to see published annual returns and periodic operating results on
websites certified digitally by CAs; CAs will be auditing accounting networks
right from their own offices and so on. WHY WAIT for the `change' to happen,
when we know that it has already arrived in other countries, including the ones
who may not be as I T savvy as India.

A Chartered Accountant's practise MUST shift to a web based environment. Even
audits will have to be web based. Just as we have statutory audits and tax
audits, web audits will soon become the `bread & butter' of the profession.
Audits of E-Commerce Web-sites will soon become a statutory requirement in order
to bring Consumer Protection, Privacy & Security Issues, Law & Order to the Net.
Consumers, Investors & Governing bodies will demand a third party audit of the
way business is done on the Net. This is already a common practise in North
America & Europe in the form of "WEBTRUST" Seal of Assurance issued by CAs &
CPAs globally.

HOW MANY C.A.s IN INDIA DO WE HAVE TO RENDER SUCH WEB BASED SERVICES ?  PERHAPS,
NOT MORE THAN A HANDFULL........


What should be our MISSION ?  THE OBJECTIVE :

" To Involve and Train the Indian Chartered Accountant to render E-support & Web
Assurance services and thus provide the much needed fillip for an E-commerce
Driven Economy in India "

Cyber CA SERVICES
1.                  To Provide locally the global WEBTRUST Seal of Assurance
without which the E-consumer will not prefer to buy from Indian Web-sites.

2.                  To Generate Dollar Revenues by making India the
INTERNATIONAL BACKOFFICE Accounting Hub of the world

3.                 To Mobilize Foreign Exchange inflow from NRIs through online
Investment & Asset Management Services as well as Exchange Remittance Services
(including Elder-Care)

4.                  To Enable & Provide Digital Certification of Financial
Statements to facilitate faster processing of Overseas Investment Proposals in
the country.

5.         To Encourage remittance of on-line Charity & Donations from other
countries




-----------------------

AWAITING RESPONSE FROM INTERESTED CHARTERED ACCOUNTANTS WILLING TO TAKE UP
THE TASK OF CONVERGING THEMSELVES FROM CAs TO CYBER CAs

OUR PHILOSOPHY : REAL GROWTH LIES IN GROWING TOGETHER

COME JOIN THE MISSION !

------------------------
Nilesh Kapadia
ACA, MBA (USA), PGDTL, B.Com., HSD (Hon.) (USA)

Patel & Kapadia, Chartered Accountants
Arihant Complex, 2nd floor, P.O.Box 39
Machali Khadak, Aurangabad 431 001

Tel.: (Business) 91-240-329813
         (Home)      91-240-333352
Fax: (Business)  91-240-356322
         (Home)      91-240-322333

E-Mail : kapadias@...
             nilesh@...
URL : http://www.cyberCAindia.com






[Non-text portions of this message have been removed]

> I want solution of following Question regarding 80hhc for asst year
> 2001-2002
>
> Status - Manufacturer Exporter
>
> 1.Total Sales           -Rs.100000/-
> 2.Export Sales          -Rs.100000/-
> 3.Net Profit            -Rs.10000/-(Including Draw Back)
> 4.Drawback (Incentives) -Rs. 9000/-
>
> Pl. send your solution against (20% of such Income i.e. Rs.2000/-
> will be taxable as general understanding at present)
>
> Ratan moondra

Domain Name - Domain name is a unique address in www (World wide web)
which represent your unique existance in internet world.Once you have
booked your address no body else in the world can book.

The charges of registering a domain is Rs.350/- to 1200/- per
year .It depends on the person to person.But most reliable agent
charge 600/- per year.

Earlier it was managed by only network solution co. but there after
the governing body internic has given licence to so many company so
the rate has down fromRs.70$ /Per two year to the above mentioned rate

In domain name you have to check the name availability in some site
which is generay are  www.register.com,www.networksolutions.com

If your name are available than you can contact to any agent which
you know personally because in domain dispute he only can help you as
he keep  your diomain password and other details with his up line co.

Domain are various type which you can knew from register.com but
mainly used domain are  .com,.net,.org the domain extention are used
as per the site specification as .com is used for commercial
purpose,.org is used for organisation such as www.icai.org and .net
is used for networking co. such as www.vsnl.net

Now in india such domain name as extension .co.in is also available

We will extend this session tommorrow as domain rules and disputes
settelment .
ratan moondra

In case the purchases are related to goods in  which the firm dealt, then the
accounting procedure is absolutely correct.
In case the purchases are of Capital/Fixed Assets then the Forex Fluc. Diff.
shall be charged to Respective asset account.

Deepak Bholusaria
Chartered Accountant



----- Original Message -----
From: <ksrirama@...>
To: <caclubindia@yahoogroups.com>
Sent: Saturday, February 17, 2001 1:22 AM
Subject: www.CAclubindia.com Accounting for foreign currency transactions


| Our Moracco office is purchasing from a supplier in Dubai and pays to
| Dubai in US dollars. The supplier bills in Dubai Dhinams.
|
| Whaaat is the correct accounting procedure for accouning these
| transactions.
|
| Presently the Purchases are accounted at the rate at the date goods
| are recieved. The remittances are accounted at the rate at which the
| actual remittaances are made. The clsoing balance due to supplier at
| the end of the year is converted at the year end rate and the
| difference is taken to profit and loss account as exchange gain /
| loss.
|
| is the above treatment correct.

Hi
If you refer to the AS -11 , it is mentioned that "A
transaction in a foreign currency should be recorded
in the reporting curency by applying to the foreign
currency amount the exchange rate between the
reporting currency and the foreign currency at the
date of transaction, except as stated in para 4 above
in respect of inter-related transactions" It is
therefore in my opinion to value the purchases in the
date of transaction ie, when the purchases are
finalised or the contract of purchase comes into
force.I think it would be advisable to mention in the
purchase order itself the date for exchange rate.
The other entries seems OK and as per the provisions
of the AS.
THnks
Indranil
Mumbai
--- ksrirama@... wrote:
> Our Moracco office is purchasing from a supplier in
> Dubai and pays to
> Dubai in US dollars. The supplier bills in Dubai
> Dhinams.
>
> Whaaat is the correct accounting procedure for
> accouning these
> transactions.
>
> Presently the Purchases are accounted at the rate at
> the date goods
> are recieved. The remittances are accounted at the
> rate at which the
> actual remittaances are made. The clsoing balance
> due to supplier at
> the end of the year is converted at the year end
> rate and the
> difference is taken to profit and loss account as
> exchange gain /
> loss.
>
> is the above treatment correct.
>
>


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Dear Sir,

To give a fit reply to your query, one must look into Accounting Standard 11
on Accounting for the Effects of Changes in Foreign Exchange Rates.Paras 5 &
6 of AS 11 read as:

"5.         A transaction in a foreign currency should be recorded in the
reporting currency by applying to the foreign currency amount the exchange
rate between the reporting currency and the foreign currency at the date of
the transaction, except as stated in para 4 above in respect of
inter-related transactions."

"6.         A transaction in a foreign currency is recorded in the financial
records of an enterprise as at the date on which the transaction occurs,
normally using the exchange rate at that date. This exchange rate is often
referred to as the spot rate. For practical reasons, a rate that
approximates the actual rate is often used, for example, an average rate for
all transactions during the week or month in which the transactions occur.
However, if exchange rates fluctuate significantly, the use of the average
rate for a period is unreliable."


Para 4 of As 11 reads as:

"4.         The term 'exchange rate' is defined in this Statement with
reference to a specific asset, liability or transaction or a group of
inter-related transactions. For the purpose of this Statement, two or more
transactions are considered inter-related if, by virtue of being set off
against one another or otherwise, they affect the net amount of reporting
currency that will be available on, or required for, the settlement of those
transactions. Although the exchange rates applicable to realisations and
disbursements in a foreign currency may be different, an enterprise may,
where legally permissible, partly use the receivables to settle the payables
directly, in which case the payables and receivables are reported at the
exchange rate as applicable to the net amount of receivable or payable.
Further, where realisations are deposited into, and disbursements made out
of, a foreign currency bank account, all the transactions during a period
(e.g. a month) are reported at a rate that approximates the actual rate
during that period. However, where transactions cannot be considered
inter-related as stated above, by set-off or otherwise, the receivables and
payables are reported at the rates applicable to the respective amounts even
where these are receivable from, or payable to, the same foreign party."

In view of above, your treatment given to recording of Purchases at the rate
prevailing on the date of receiving of goods appears to be incorrect
because as per Para 5, the same should be recorded at the rate as on the
date of transaction of purchase ( i.e. the date on which the transaction is
entered into,which may be in cases
earlier to actual date of receipt of goods.)

Yes, of course, in my considered personal opinion, the treatment you are
giving to recording remittances at the  rate prevailing on the date of
actual remittance is quite correct in terms of AS 11.

For the 3rd part of your query, i.e., converting the closing balance into
reporting currency at the rate prevailing on the date of Balance Sheet at
the year end, a perusal of Para 7 (a) will clear the confusion. The same
stands  as under:

"7.         At each balance sheet date :

(a)        monetary items denominated in a foreign currency (e.g. foreign
currency notes, balances in bank accounts denominated in a foreign currency,
and receivables, payables and loans denominated in a foreign currency)
should be reported using the closing rate. However, in certain
circumstances, the closing rate may not reflect with reasonable accuracy the
amount in reporting currency that is likely to be realised from, or required
to disburse, a foreign currency monetary item at the balance sheet date,
e.g., where there are restrictions on remittances or where the closing rate
is unrealistic and it is not possible to effect an exchange of currencies at
that rate at the balance sheet date. In such circumstances, the relevant
monetary item should be reported in the reporting currency at the amount
which is likely to be realised from, or required to disburse, such item at
the balance sheet date;"

As such, AS 11 also confirms your treatment except in circumstances where
the closing rate may not  reflect
with fair accuracy the amount in Reporting Currency that may be  expected to
be disbursed of a foreign currency monetary item on the Balance Sheet date.
In such a case, reporting should be at the amount most likely to be
disbursed at the Balance Sheet date.

The last part of your query,i.e., tretment to Profit & Loss Account is to be
viewed in terms of Paras 9 to 12 of AS 11 which read as under:

. "9.       Exchange differences arising on foreign currency transactions
should be recognised as income or as expense in the period in which they
arise, except as stated in paragraphs 10 and 11 below.

10.        Exchange differences arising on repayment of liabilities incurred
for the purpose of acquiring fixed assets, which are carried in terms of
historical cost, should be adjusted in the carrying amount of the respective
fixed assets. The carrying amount of such fixed assets should, to the extent
not already so adjusted or otherwise accounted for, also be adjusted to
account for any increase or decrease in the liability of the enterprise, as
expressed in the reporting currency by applying the closing rate, for making
payment towards the whole or a part of the cost of the assets or for
repayment of the whole or a part of the monies borrowed by the enterprise
from any person, directly or indirectly, in foreign currency specifically
for the purpose of acquiring those assets.

11.        The carrying amount of fixed assets which are carried in terms of
revalued amounts should also be adjusted in the manner described in
paragraph 10 above. However, such adjustment should not result in the net
book value of a class of revalued fixed assets exceeding the recoverable
amount of assets of that class, the remaining amount of the increase in
liability, if any, being debited to the revaluation reserve, or to the
profit and loss statement in the event of inadequacy or absence of the
revaluation reserve.

12.        An exchange difference results when there is a change in the
exchange rate between the transaction date and the date of settlement of any
monetary items arising from a foreign currency transaction. When the
transaction is settled within the same accounting period as that in which it
occurred, the entire exchange difference arises in that period. However,
when the transaction is not settled in the same accounting period as that in
which it occurred, the exchange difference arises over more than one
accounting period."

Thus, to the extent the settlement has been done during the accounting
period, the loss or profit due to difference in exchange rate should be
debited/credited in the Profit & Loss Account . The balance of the Loss/
Profit due to difference in exchange rate betewwen the date of purchase and
closing date should be kept in
Foreign Exchange Suspense A/C and exact amount of loss /profit be
transferred to P/L Account  of next Financial Year on the basis of actual
loss/profit.

I have given the above reply in the best of my knowledge and would be happy
if the same works out to be in order.

Yours',

RATAN KUMAR AGARWALA,
C/O RATAN & ASSOCIATES,
Chartered Accountants,
H.C.Road,Uzan Bazar, Guwahati-1
(Assam)



-----Original Message-----
From: ksrirama@... <ksrirama@...>
To: caclubindia@yahoogroups.com <caclubindia@yahoogroups.com>
Date: Saturday, February 17, 2001 1:57 AM
Subject: www.CAclubindia.com Accounting for foreign currency transactions


>Our Moracco office is purchasing from a supplier in Dubai and pays to
>Dubai in US dollars. The supplier bills in Dubai Dhinams.
>
>Whaaat is the correct accounting procedure for accouning these
>transactions.
>
>Presently the Purchases are accounted at the rate at the date goods
>are recieved. The remittances are accounted at the rate at which the
>actual remittaances are made. The clsoing balance due to supplier at
>the end of the year is converted at the year end rate and the
>difference is taken to profit and loss account as exchange gain /
>loss.
>
>is the above treatment correct.
>
>
>
>To Post a message, send it to:   caclubindia@eGroups.com
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>
>

Our Moracco office is purchasing from a supplier in Dubai and pays to
Dubai in US dollars. The supplier bills in Dubai Dhinams.

Whaaat is the correct accounting procedure for accouning these
transactions.

Presently the Purchases are accounted at the rate at the date goods
are recieved. The remittances are accounted at the rate at which the
actual remittaances are made. The clsoing balance due to supplier at
the end of the year is converted at the year end rate and the
difference is taken to profit and loss account as exchange gain /
loss.

is the above treatment correct.

Hi
Can anybody help me in my query -I there any time limit for issue of
shares to a Overseas Corporate Body applying for shares under
automatic route of FDI.If so what is tthe limit?
Thnxs
Indra

| Posted by Shail on August 02, 19100 at 07:50:37:


1. Is 1/6 scheme also for persons having taxable income.If so, then wouldn't
they file return in the normal forms. If not,then why does Form 2C have
separate columns for tax.

Ans: The proviso the sec 139(1) uses the words ' not furnishing'. Now it may
have two interpretations
First where asssessee is 'not furnishing' return owing to the fact that
income is below taxable level and
second even if income is above the taxable level but tax is not payable.

As per Dep't, even if the person has income more than the taxable limit but
satisfies the economic criteria's ( of course should be living in the
specified cities) he should file the return in form 2C. No doubt he can file
the return in other forms also, like Saral.

But I have a different view, If  we read the section 271F related to
penalties it says that " If a person who is required to furnish a return of
his income, as required under sub-section (1) of section 139..." and then
under the same section there is a proviso which says that " Provided that a
person who is required to furnish a return of his income, as required by the
proviso to sub-section (1) of section 139, fails to furnish...", which
clearly shows that Intention of the legislature is to segregate the two
positions. In my view if a person is covered by the main provision of 139(1)
he should file the return under the main provision only and not in form 2C.



| 2. When is Form 30 applicable. If I have filed my return, refund can
| be granted without my making a claim inForm 30. Similarly, on appeal,
| rectification, revision or any other proceeding, I need not make a
| claim for refund. Also if income of any other person is clubbed with
| my income, I can get the refund on the basis of return itself. Then,
| what are the cases where I am required to make a claim in Form 30.

Ans: Like TDS,  or where no return was filed and tax was deposited.

| 3. Can refund be granted u/s 144 or u/s 147 or u/s 263.
Ans: NO


| 4. What are the documents comprising a refund voucher. Is the refund
| voucher different from a refund cheque.
Ans: Both are same thing.


| 5. Is income-tax refund taxable. Is interest on income-tax refund
| also taxable. If so, in what year and in how much amount. What if
| interest is subsequently increased or reduced.

Ans: Only interest part is taxable and in my view, in the year when interest
is finally due.


| 6. Is there any time limit within which refund is to granted to the
assessee.
Ans: No


| 7. If refund is not granted, should I go for revision u/s 264 or for
| appeal u/s 246A directly to the Commissioner (Appeals).

Ans: You can take shelter u/s 264 or 246A only for the matters specified in
those sections. As a matter of prudence assessee should always opt for
appeals rather than revision. Since any order u/s 264 are not applicable to
higher authorities.


| 8. When can I file writ petition in the High Court against the order
| of refund.

Ans: Only when there is no other option available in the statute itself.


| 9. What is the remedy if the refund cheque is in the wrong person's
| name or is of a wrong amount.

Ans: Get it rectified by applying to the AO.






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Hello Everyone!!!!!

	 I would like a certain advise regarding how one can save tax
on winning from game shows/quizzes etc.

 	 Would be grateful if you could advise at the earliest.

  Thanks

  Best Regards
  Ashish Bansal

1. Is 1/6 scheme also for persons having taxable income.If so, then
would'nt they file return in the normal forms. If not,then why does
Form 2C have separate columns for tax.
2. When is Form 30 applicable. If I have filed my return, refund can
be granted without my making a claim inForm 30. Similarly, on appeal,
rectification, revision or any other proceeding, I need not make a
claim for refund. Also if income of any other person is clubbed with
my income, I can get the refund on the basis of return itself. Then,
what are the cases where I am required to make a claim in Form 30.
3. Can refund be granted u/s 144 or u/s 147 or u/s 263.
4. What are the documents comprising a refund voucher. Is the refund
voucher different from a refund cheque.
5. Is income-tax refund taxable. Is interest on income-tax refund
also taxable. If so, in what year and in how much amount. What if
interest is subsequently increased or reduced.
6. Is there any time limit within which refund is to granted to the
assessee.
7. If refund is not granted, should I go for revision u/s 264 or for
appeal u/s 246A directly to the Commissioner (Appeals).
8. When can I file writ petition in the High Court against the order
of refund.
9. What is the remedy if the refund cheque is in the wrong person's
name or is of a wrong amount.

1. Is 1/6 scheme also for persons having taxable income.If so, then
would'nt they file return in the normal forms. If not,then why does
Form 2C have separate columns for tax.
2. When is Form 30 applicable. If I have filed my return, refund can
be granted without my making a claim inForm 30. Similarly, on appeal,
rectification, revision or any other proceeding, I need not make a
claim for refund. Also if income of any other person is clubbed with
my income, I can get the refund on the basis of return itself. Then,
what are the cases where I am required to make a claim in Form 30.
3. Can refund be granted u/s 144 or u/s 147 or u/s 263.
4. What are the documents comprising a refund voucher. Is the refund
voucher different from a refund cheque.
5. Is income-tax refund taxable. Is interest on income-tax refund
also taxable. If so, in what year and in how much amount. What if
interest is subsequently increased or reduced.
6. Is there any time limit within which refund is to granted to the
assessee.
7. If refund is not granted, should I go for revision u/s 264 or for
appeal u/s 246A directly to the Commissioner (Appeals).
8. When can I file writ petition in the High Court against the order
of refund.
9. What is the remedy if the refund cheque is in the wrong person's
name or is of a wrong amount.

Posted by Shail on August 02, 19100 at 07:50:37:

1. Is 1/6 scheme also for persons having taxable income.If so, then
would'nt they file return in the normal forms. If not,then why does
Form 2C have separate columns for tax.
2. When is Form 30 applicable. If I have filed my return, refund can
be granted without my making a claim inForm 30. Similarly, on appeal,
rectification, revision or any other proceeding, I need not make a
claim for refund. Also if income of any other person is clubbed with
my income, I can get the refund on the basis of return itself. Then,
what are the cases where I am required to make a claim in Form 30.
3. Can refund be granted u/s 144 or u/s 147 or u/s 263.
4. What are the documents comprising a refund voucher. Is the refund
voucher different from a refund cheque.
5. Is income-tax refund taxable. Is interest on income-tax refund
also taxable. If so, in what year and in how much amount. What if
interest is subsequently increased or reduced.
6. Is there any time limit within which refund is to granted to the
assessee.
7. If refund is not granted, should I go for revision u/s 264 or for
appeal u/s 246A directly to the Commissioner (Appeals).
8. When can I file writ petition in the High Court against the order
of refund.
9. What is the remedy if the refund cheque is in the wrong person's
name or is of a wrong amount.

DearMembers,
With a very good morning,I want to correct some of typographical
errors that crept in my message dated 23.4.2000.Instead of typing
"WE MUST NOT BOW DOWN TO CHALENGES", the same has been wrongly
typed as "WE MUST BOW DOWN TO CHALLENGES" due to typing mistake which
has negatived the  meaning of the message. Another word "FACE" has
been wronglytyped as "FAXE" wrongly. I express apology for the
avoidable
mistake caused in typing out the message.

Thanks,

RATAN AGARWALA

Question : Normally, any refund of tax has to be claimed in the
return of income itself and refund is granted by the Assessing
Officer u/s 237 of the Act without any specific claim by the assessee
specially when pre-paid taxes exceed the tax chargeable for the year.
In case refund is not claimed by a person, whether the claim for
belated refund can be admitted after six months, or twelve months.
And in case the claim of belated refund is more than Rs 1 lacs.
Whether the person is entitled to get refund.

Answer : The issue regarding condonation of delay in filing refund
claim is governed by the following provisions of I T Act, Rules,
Circulars and Instructions.

1.   Section 237 and 239 of the I T Act provides for entertaining the
claim of refund and limitation for delayed refund claims.

2.   The relevant Rule is 41 of Income-tax Rules and relevant Form is
form No 30.

3.   The belated refund claim is governed by various Orders of CBDT
and by Circular No 670 dated 26.10.93.

       Section 239 provides after first day of April, 1968, the
belated claim of refund in respect of income which is assessable for
any assessment year can be filed within one year from the last day of
such assessment year. Upto 1st day of April 1993, the limitation
period was two years.

       As per Circular No 670, where the refund does not exceed Rs
10,000 for any assessment year, the assessing officer shall obtain
the prior approval of CIT before entertaining a belated refund claim.
Where the refund exceeds Rs 10,000/- but does not exceed Rs 1,00,000/-
  for any assessment year, the assessing officer shall obtain the
approval of CCIT or DGIT before entertaining a belated refund claim.
The claim is accepted provided the following conditions are satisfied
as laid down in the order u/s 119(2)(b) passed by the CBDT on
12.10.93.

       The refund arises as a result of excess tax deducted at source,
collected at source and payments of advance tax as per the provisions
of Law and the amount of refund does not exceed Rs 1 lac for any
assessment year.

The returned income is not a loss where the assessee claims the
benefit of carry forward of the loss.

The refund claimed is not supplementary in nature i.e. Claim for
additional amount of refund after the completion of original
assessment for the same assessment year.

The income of the assessee is not assessable in the hands of any
other person under any of the provisions of the Act.



   Where the refund is more than the limit specified above, the claim
for belated refund shall be governed by section 119(2)(b) of the I T
Act, which provides that the Central Board of Direct Taxes may
authorise the assessing officer to admit claim for such refunds.



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