I have both short term and long term capital gains from sale of units of Fidelity Equity Fund (during the one month open window period when Fidelity Equity Fund was being taken over/merged with L&T Mutual Fund). Now LTCG should be tax-exempt on the sale of the equity units and the STCG should attract 15%. This is provided Securities Transaction Tax has been paid. Am I correct?

Now, during the open window period, Fidelity re-purchased the equity units without exit load. Fidelity also bore the Security Transaction Tax. Hence, Fidelity bore the Security Transaction Tax and not me. Does my not paying the STT but Fidelity paying the STT, change the situation?

Even if Fidelity paid the STT, LTCG will still be tax exempt and STCG will attract the usual 15% for me. Is this correct? Thanks.

I have both short term and long term capital gains from sale of units of Fidelity Equity Fund (during the one month open window period when Fidelity Equity Fund was being taken over/merged with L&T Mutual Fund). Now LTCG should be tax-exempt on the sale of the equity units and the STCG should attract 15%. This is provided Securities Transaction Tax has been paid. Am I correct?

Now, during the open window period, Fidelity re-purchased the equity units without exit load. Fidelity also bore the Security Transaction Tax. Hence, Fidelity bore the Security Transaction Tax and not me. Does my not paying the STT but Fidelity paying the STT, change the situation?

Even if Fidelity paid the STT, LTCG will still be tax exempt and STCG will attract the usual 15% for me. Is this correct? Thanks.

Dear Experts,
We are a Sole Proprietor company in Delhi. We are looking to open branches in multiple states doing same business as the parent.
Reading through two sites below,

http://business.gov.in/growing_business/opening_branch.php

http://www.lowtax.net/lowtax/html/asia_pacific/corpinv/india_corporate_taxation.html

We understood the following.

1. Domestic companies simply need to pass a Board resolution; foreign companies must undertake an approval process with the Reserve Bank of India.

2.
- The individual to be appointed manager of the branch; and giving
- Authorization to a parent company official to make provision for necessary support of the branch

3. Taxation:
If a branch office receives no income, then nominally it will not have to pay tax.

We sell electronics goods through a distributor network.

Some questions:
1. We would like to ask the experts if there is something major we are missing in our findings.
2. Do we need to get any new numbers, e.g., Sales tax # etc., per state branch office when we use the branch to store and forward goods to the distributors?
3. For simplicity, we would like to implement such that the branch does not receive any income. How does the invoicing work in this case? Would parent branch invoice with shipment-origin from the branch office?

Thanks for your expert opinions.

can an individual ca sign a balance sheet with only COP and without registering the firm's name

Respected sir,
If anyone takes excess leaves during articleship, Is there any problem regarding attempt?

I know that it illegal to give 15G/H if the income is taxable but does anybody really gets prosecuted? Specifically, if one has paid all the taxes due to him for relevant FY and filed the return on time by self assessing. Further the return has also been cleared by IT Dept. at nil demand/refund. The only reason for submitting 15G/15H was to avoid excessive TDS deduction and the refund processing overhead thereof as the new Website TRACES is still not 100% when it comes to claiming/getting refunds. I had a very bad experience when it comes to getting refunds as the TDS was not reflected in 26AS due to mistakes not attributable to me but to the deductor.

Secondly, if yes one indeed can get prosecuted then how can one rectify the mistake of giving 15g/15h for past FY 2012-13,2011-12 etc.

Thirdly, What else can be done to get the refunds if they have not been processed even after visiting dept. in person and giving an application and doing all the formalities thereof.

A PERSON WANT TO CREATE HUF-
1- WHAT IS PROCESS AND TREATMENT IN INCOME TAX

2- A PERSON CAN DEPOSITS HIS BUSINESS RECEIPTS IN SAVING BANK A/C

I have recently started a business of Indian handicraft trading. I buy the products from an artisan and sell it to my clients online via facebook.

All the payments are credited to my bank account and all the expenses are paid either via NEFT transfers or via cash. Recently I have got few international orders as well.

I wish to know what all accounting records will I have to maintain so that at the year end my bank account can be reconciled with my sales and expenses and the profit can be shown in the IT return? Please let me know the supportings also which I will have to attach with the invoices. Also For the international order, I wish to know that is it compulsory for me to apply for IEC code?

Is there any way by which I can send the products without IEC code because as of now the business has recently started and I am not sure if I will get regular international orders or not, so I feel applying for IEC for two or three orders will result in a lot of paper work for me.

Your expert opinions will help me a lot.

1.- WHAT IS PROCESS AND CONDITION OF FORMATION OF HUF.

2.- WHAT IS INCOME TAX TREATMENT OF hufn

If Mr.A had not filed ROI For last A.Y. and it had loss from business or profession. so it will not be carried forward as per section 139(3) read with sec 80 in current year but in same section there is one more provision in which the condonation of delay is allowed. which are those cases???? and what are the procedures to be followed for that???