Dear Friends,

One of my clients belongs to Scheduled Tribe Category and is eligible for the exemption u/s 10(26) of I.T. Act, 1961.

He files his return from Guwahati.

He receives contract payments on account of Contract undertaken in the Schedule Tribe Area.

He has his Bank Account at Guwahati and deosits his contract receipts in this Bank Account.

Whether he can claim the benefit of Section 10(26) of the Incoe Tax Act,

An Individual/HUF Sub Contractor enters into a Labor Contract with a person.

1) Whether the Sub Contractor is liable to deduct TDS on the payments made to that person.

2) When a Sub Contracts further sub contracts, is it covered by Section 194 C?

FACTS of the case
1. KCR has entered into a job processing agreement with QT, Mumbai.
2. KCR has received 419 Kgs of semi finished product from MBA, Daman, for job processing.
3. MBA is doing job processing for QT, Mumbai.
4. The semi finished product has arrived with a Challan which states “Old rule 57AC [5(a)] and New Rule 3 and 4[5(a)]”. The name and address of the supplier/manufacturer is written as “MBA, Daman”
5. The material after further processing would be sent back to MBA, Daman a/c of QT.

NOTE
a. Normal procedure being followed by KCR in similar case was to obtain a letter from the PROCESSEE addressed to our jurisdictional Deputy Commissioner, intimating the DC about the processing at Kancor under notification 214/86 dated 25-03-86, and that the same would be used in manufacture of final products in the PROCESSEEs factory. KCR would obtain an acknowledgment from Excise Office on this letter and keep the same in its file. A D3 intimation would be filed with the Supdt and acknowledgment of the same is also obtained for the file.
b. In the current situation, QT is of the opinion that the job processing is under rule 3 & 4(5a) of Cenvat Credit Rules, and that it requires no intimation to be given to the jurisdictional DC/AC of KCR.

QUERRY
1. What is the procedure to be followed by KCR in this case?
2. If the processing amounts to manufacture, whether excise duty is chargeable to QT?
a. If yes, what are the procedures to be followed for determining the assessable value of the material?
b. What is the procedure of invoicing/charging the duty?
3. If the processing does not amount to manufacture and service tax is to be charged on the processing charges, whether there are any difference in the procedures to be followed?
4. Which are the applicable sections/rules for the above cases?

sir
i have joined a General Insurance Co. Recently as underwriter Mnager ,

I want to the future Prospects of this job in industry and would like to know whether i should do DIRM Course provided by our ICAI ?

Minor having rental income of Rs. 20,000.00 per month. Its income clubed with father for Income tax purpose. While clubing rental income of father exceeds Rs.8.00 lacs p.a. Whether minor is liable to charge service tax and get registered with service tax

Respected All,
Can anyone tell me some good book on mafa for concept clearity of Derivatives, Forex and Portfolio MAnagement.

Thanks

Respected All,
Can anyone tell me some good book on mafa for concept clearity of Derivatives, Forex and Portfolio MAnagement.

Thanks

A PERSON IS A RETAIL(HARDWARE) SHOP OWNER (SHOP IN RENTED).

OPERATES WITH HIS PESONAL SAVING BANK ACCOUNT. HE DO NOT HAVE A CURRENT ACCOUNT, SO


IS IT NECESSARY TO HAVE A CURRENT ACCOUNT?

HE HAS NOT MAINTAINED ANY SORT OF ACCOUNTS APART FROM BIT OF ROUGH TURNOVER DETAILS. CAN U PLS ADVICE ME THE WAY, TO GO AHEAD WITH THE RETURN FILLING PROCEDURE.

THANKS

i am PE-II student waiting for the result. Meanwhile i am looking for individuals seeking to file a return. So my query is whole lot related to basic things. And first of all am i eligible or is there any qualification for a person to be able to file a return of other persons. And is there is any website where i can get all the basic or preliminary knowledge about the procedure of filling a return.

thanks,

Dear All,
Sub: - I have a query about TDS and Service tax for employee in foreign

If we want to appoint employees / professional in INDIAN LTD Company and he is working in foreign.

We want to appoint an employee in foreign. He is working in foreign, resident of foreign, salary paid from us to him in foreign exchange so please advice about TDS and Service Tax Liability for above matter.
And further advice that we also appoint another person as a professional to visit our customer office in foreign and he is resident of foreign and paid fees to professional in foreign exchange. So please advice about TDS and Service Tax liability about that matter.

Please also give me section reference
Best regards,
Ritesh Mohan Jindal