CAclubindia

S.Srinivasaraghavan's Expert Profile

Queries Replied : 3560

About me

I am a Chartered Accountant, Cost Accountant and a Company Secretary.

I am attached to Amalgamations group of Chennai. I am also on the Board of some of their group companies, besides being a CFO & CS of Simpson and Company Ltd..

Interested in Carnatic Music, Deep reading of Science and Spiritual books and reconciling scientific truths with spiritual experiences, Travel, Games like tennis, cards etc., Watching documentaries on Animal plannet, Discovery, National geographic etc., Internet browsing - websites of Wikipedia, Nature, Astronomy and Professional forums.

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Rahul says : TDS on payment to NRI
Dear Sir, Pls help me on the following matter. we have hired consultants engineers to work in South Africa on behalf of our company, We generate our invoice to Africa and receive the payment in USD. Now we have to make the payment to Consultants Engineers who works in South Africa on behalf of our company, In that case, IF he does not stayed in india for less than 182 days in a FY and become a NRI, Our consultants make invoice to our company and asked for release the payment to his NRI account. ( Now the case is he rendered his services out side india and his consultancy charges is payable in India, by our compnay. q1) In that case should we deduct a TDS on his consultancy payment. Thanks a lot Rahul Kapoor tel 011-40567603 , MOb: 9717821107 (Sir if u can give me your mobile number then I can clarify this query on phone.

Sathish Karunakaran says : Interpretation of Joint Venture Agreement
Sir, there was a conversation between us quite few months back. I'm reproducing those messages for your perusal. Myself on 19-Feb-08 "My friend has got a NRI investor who is ready to invest in IT industry in India. Now, Confused on which form of legal organisation they both have to tie-up. Firstly they decided to go for partnership form of status. since FOREX inflows from NRI investor attracts FEMA and other RBI guidelines. In addition to that provisions regarding registration under partnership act also apply on them. This seem to be enormous formalities. I suggested both the resident and NRI can enter in to joint venture agreement (JCO-as per AS27) without creating any new organisation but having same share of management participation and profits intact. My doubts are - a) which form (i.e partnership or joint-venture) has got more formalities under FEMA b) can joint-venture be on-going basis? (i.e life time agreement possible) c) the ceiling limit, which a NRI can invest in business in India as per FEMA d) impact of transfer pricing as per sec.92 of IT Act,1961 e) any act regulating joint ventures and rules regarding registration of instruments of joint venture? Awaiting eagerly of responses Thanks a lot" Sir,you have resolved this query on 7-Mar-08 as follows : "1.Both have considerable formalities under FEMA 2. How can an individual have JV? what is your thinking on the form of JV? Your clarifications needed for further answers" For such further clarifications, that u have demanded, i responded on 5-Apr-08 as follows : "Thank you sir for resolving the query. My interpretation in respect of joint venture is if a resident proprietory concern and a non-resident proprietary concern join hands in their individual capacity after having consensus-ad-idem by entering in to a contract, without forming a separate company. (similar to Jointly Controlled operations - JCO - AS 27) This is in harmony with a transaction where an individual having plot join in building promotion venture with promoters by providing them plot and in turn he gets consideration in the form of 2 or 3 flats from apartments built thereon. Kindly let me know whether still I'm wrong. Thanks a lot" Thereafter there has been no conversation more in this regard. Sir, please kindly if u can spend few minutes on above issue, it will be of great help for me. Kindly comment about my interpretation on joint venture agreements. I don't require opinion on NRI investment, but i wish to know as per income tax act, whether JVs are allowed betweens two individuals and JV profits are assessed in individual hands or a separate concern alike Firm. Your response are eagerly awaited. Thanks for valuable efforts. Regards K. Sathish

Rakesh Pandya says : Regd Exemption
Dear Sir Can U Just Give me the Section No. For the Exemption Avbl to a Software Development Company Under the All Laws.

rakesh says : Income Tax
I Have A Problem About a individual having only insurance commission,& i couldn't Identify which ITR Form he have to submit.& what is the last date to submit Income tax for Individual

Kamal Puri says : PLEASE HELP ME
i am aPCC student undergoing articleship. i am under going grauation. i have taken permission from ICAI for graduation. NOW I HAVE AN ATTEMPT OF ICWAI INTER IN DEC 08. NOW I WANT TO ASK THAT WHETHER I HAVE TO TAKE PERMISSION FROM ICAI FOR SECOND COURSE I AM STUDYING? WHAT CAN HAPPEN IF I DONT TAKE PERMISSION?