Nikhil Kaushik's Expert Profile

Queries Replied : 24294

I handle tax compliance, litigation and advisory services. I am reachable at canikhilkaushik @ gmail.com

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shashi singh says : challan no 280 online payment
Dear sir,I read your expert comments on some of the queries on CA club. Thanks for your contribution. i have query regarding detailes furnished in challan 280 and whether it can be altered???

ARADHYA CHOUBEY says : Income Tax
Sir, Whether a partnership firm [registered in UK] is a ‘firm’ under Section 2(23) of the 1961 Act and is it an association of persons ?

jineesh says : gratuity provision
Please answer my query Instead of calculating provision for gratuity yearly and to charge corresponding to expenses company calculated provision (end of service benefit) during the year and charged to expense for the last couple of years accumulated one. This will come around half million and it will really affect the profitability of the firm. So my question is company can show the gratuity provision this year in full and charged to expense for the previous years in current year financial statements? Or Company can show each year 25% and complete this within 4 years? Or Company can show this as prior year adjustment and show the full amount as current year expense Or Company can create an head like prior year adjustment under noncurrent asset and portion of these will transferred to expenses each year

binny says : service tax on foreign commission in USD
Dear Mr. Kaushik I read your expert comments on some of the queries on CA club. Thanks for your contribution. I have some query regarding service tax applicability on commission received in US dollars from a foreign company. Pl. see if you can comment. An Indian REP. company is procuring orders for foreign principal company from Indian customers. The Indian customers place their orders directly on the name of Foreign principal company. The Indian REP company is not buying and selling. The whole process is like this: 1) The enquiries of Indian customers are issued on the name of foreign supplier. These are sent to Indian company or even directly to foreign company. 2) The Indian REP. advises foreign company to make the offer sheet directly to foreign company keeping his margin/profit included in the offer sheet. 3) The Indian customer places the order and payment directly on that price of the offer sheet directly on the name of foreign company. 4) After the order execution by the foreign company , the foreign company remits the margin/profit to Indian rep. in USD. This profit varies on each order. Please advise service tax applicability in this scenario. Best Regards Binny

binny says : Service tax on commission received in USD
Dear Mr. Kaushik I read your expert comments on some of the queries on CA club. Thanks for your contribution. I have some query regarding service tax applicability on commission received in US dollars from a foreign company. Pl. see if you can comment. An Indian REP. company is procuring orders for foreign principal company from Indian customers. The Indian customers place their orders directly on the name of Foreign principal company. The Indian REP company is not buying and selling. The whole process is like this: 1) The enquiries of Indian customers are issued on the name of foreign supplier. These are sent to Indian company or even directly to foreign company. 2) The Indian REP. advises foreign company to make the offer sheet directly to foreign company keeping his margin/profit included in the offer sheet. 3) The Indian customer places the order and payment directly on that price of the offer sheet directly on the name of foreign company. 4) After the order execution by the foreign company , the foreign company remits the margin/profit to Indian rep. in USD. This profit varies on each order. Please advise service tax applicability in this scenario. Best Regards Binny