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Que. Id Date Description
39364
Aug, 24
2019
Profits & Gains of Business & Profession - ( CLARIFICATION ON NEW AMENDMENT IN SECTION 44 AE OF THE I T ACT )

Dear sir, In section 44 AE (2) (i) the section says that, being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of gross vehicle weight or unladen weight as the case may be. Please clarify

BY: MAHADEO VIRUPAX WALI

Total Answers : 0 | View Answers | Post Answers

39362
Aug, 23
2019
GST - ( PERIOD FOR ITC-04 )

In GSTR ITC-04, let I'm sending goods for job-work 25-08-2019 and receiving it back 10-10-2019, then will both the details of sending and receiving shown in different ITC-04 i.e. Q-2 and Q-3 GSTR or in same. If answer is same quarter then in Which Quarter ?

BY: VIJAYKUMAR BHANUBHAI GEVARIYA

Total Answers : 1 | View Answers | Post Answers

39363
Aug, 23
2019
DIRECT TAXES - ( REPORTING OF GST ITC IN FORM 3CD )

Do we require to report GST ITC credit opening balance, availed and Utilised in Clause number 27(a) of Form 3CD. if required to be reported in which format same needs to be reported?

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

39360
Aug, 21
2019
Capital Gains - ( ASSET PARTLY SHOWN AS DEPRECIABLE AND PARTLY AS LONG TERM, WHETHER CAPITAL GAIN WOULD BE SHORT TERM )

A Building is being sold which was used by the Seller for running a hospital and had taken depreciation in ITR from 1988 to 1996. After 1996 it was locked as they shifted to another place. From 2011 the sellar has given the building on rent to another individual. Now he is selling this building, whether capital gain would short term or long term?

BY: Hunny Badlani

Total Answers : 1 | View Answers | Post Answers

39361
Aug, 21
2019
DIRECT TAXES - ( DEDUCTION U/S 80E )

FATHER IS PAYING EDUCATION LOAN OF SON AS EMI. SON IS IN EMPLOYMENT. NOW SON WANTS TO CLAIM DEDUCTION U/S 80E IN HIS PAN, WHEREAS THE PAYMENT OF EMI HAS BEEN MADE BY HIS FATHER. PLEASE ADVICE CAN HE CLAIM

BY: pradeep kumar agrawal

Total Answers : 1 | View Answers | Post Answers

39357
Aug, 20
2019
GST - ( GST ON SERVICES GIVEN TO WORLD BANK )

Dear Colleagues, Is there any GST exemption on services given to World Bank?

BY: Prashanth Karanth

Total Answers : 0 | View Answers | Post Answers

39358
Aug, 20
2019
GST - ( GSTR 9C RECONCLIATON VS CASH SYSTEM OF ACCOUNTING )

IF tax payer has followed Cash system of accounting and prepared his financials on that same basis, but filed his GST Returns as per the applicable provisions under GST Law, how to reconcile the Turnover and other Expenses in GSTR 9C with books of accounts and where to disclose the unreconciled amounts arises due to cash system of accounting

BY: SUDHAKAR

Total Answers : 1 | View Answers | Post Answers

39359
Aug, 20
2019
DIRECT TAXES - ( INTEREST PAID ON EDUCATION LOAN OF SON )

A person is repaying loan and Interest on Education loan obtained in his son's name. Whether he can claim deduction for the same

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

39355
Aug, 19
2019
AUDIT - ( TAX AUDIT - STOCK SUMMARY )

In the case of trading concern of electronics products, how to show the stock summary of principal items of goods traded? Can it be given as a summary of products of similar use? such as LEDs, ACs, Machines, etc.

BY: Hunny Badlani

Total Answers : 4 | View Answers | Post Answers

39356
Aug, 19
2019
GST - ( GSTR 9 )

Do we need to show other income like interest income , creditors write back etc in GSTR 9 . If yes then where ?

BY: KISHORE RANE

Total Answers : 1 | View Answers | Post Answers

39353
Aug, 18
2019
DIRECT TAXES - ( GIFT )

Assessee has received the immovable property under Gift from her relative. The gift is registered Having a DLC Rate of 2 Crores. The relation is not covered under the definition of Relatives under Sec 56 of income tax act. My Query is what will be the value of Gift in the hands of the receipient 1 Will it be the cost of previous owner as per Sec 49 2 Will it be DLC Rate at which the property is registered with registering authority.

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

39354
Aug, 18
2019
Income From Salary - ( FORGET TO TRANSFER PF TO ACCOUNT MAINTAINED BY NEW EMPLOYER ACCOUNT )

An employee was working with Company A for three years. Then he got job in new company B and is remained emplyoed for another 3 years. There is no gap in employment. PF maintained with old employer is not transferred. So there are two PF accounts. After 6 years, PF balance with Company A is withdrawn (Rs 2lakh). PF Trust deducted TDS. Is there any provision which exempts this PF withdrawal inspite of being remaining continuous service for 5 years but PF balance not transferred?

BY: Sivaraman A.R.

Total Answers : 1 | View Answers | Post Answers

39351
Aug, 17
2019
GST - ( 079542 )

GSTR 9C JSON Creation :-There was a problem while clicking initiate signing. I didn’t get ready to sign message while clicking on initiate signing. How to solve this error

BY: Vineet Kumar Agarwal

Total Answers : 2 | View Answers | Post Answers

39352
Aug, 17
2019
GST - ( ADDITION OF SERVICE IN EXISTING GST NUMBER )

A Person is dealing in Textiles and is having GST number for the same. He is also receiving Commision and wants to add this service in the same GST by making amendment Whether there is any problem in this? Further Whether Commision particulars should be shown alongwith goods sale in Sales return

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39348
Aug, 16
2019
DIRECT TAXES - ( 079710 )

We are filing of ITR 5 of approved Gratuity Trust Fund (private discretionery trust) and the income is exempt u/s 10(25)(iv) . my query is that if we have to file Balance Sheet and Income and expenditure a/c. in ITR form then the system calculate tax @ MMR . Can we directly declare income as Exempt (without filling balance sheet /Income exp. a/c.) or declare in Exempt schedule or any other method pl. explain how to show in ITR

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

39349
Aug, 16
2019
DIRECT TAXES - ( INCOME TAX DEBITED TO PROFIT AND LOSS ACCOUNT )

WHERE HAS INCOME TAX DEBITED TO PROFIT AND LOSS ACCOUNT TO BE REPORTED IN TAX AUDIT REPORT IN FORM 3CD.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 3 | View Answers | Post Answers

39350
Aug, 16
2019
GST - ( 167287 )

Builder who has opted for the scheme of 1%/5% gst payment for the REP now got the another work for construction of residential bunglow on his customer plot only. what gst rate will be applicable to him on this work contract service. can he charged 12% beneficiary led individual house rate & claim ITC. please guide me for the same

BY: NADIR D SHAIKH

Total Answers : 1 | View Answers | Post Answers

39344
Aug, 14
2019
Companies Act, 2013 - ( STK - 8 SIGNING POWER )

a company wants to file STK 2 for strike off. now as attachment, STK-8 is required to be signed by a CA in practice. company has not appointed any CA since beginning. my query is, who can sign STK - 8 (STATEMENT OF AFFAIRS) : a CA in practice not being auditor of that company OR an auditor to be appointed first and then auditor will sign.

BY: SOURAV MODI

Total Answers : 1 | View Answers | Post Answers

39345
Aug, 14
2019
Companies Act, 2013 - ( STK - 8 SIGNING POWER )

a company wants to file STK 2 for strike off. now as attachment, STK-8 is required to be signed by a CA in practice. company has not appointed any CA since beginning. my query is, who can sign STK - 8 (STATEMENT OF AFFAIRS) : a CA in practice not being auditor of that company OR an auditor to be appointed first and then auditor will sign.

BY: SOURAV MODI

Total Answers : 1 | View Answers | Post Answers

39346
Aug, 14
2019
DIRECT TAXES - ( 079710 )

A society is regd. under society registration act and their object is to specific for interest of particular community . They collect membership from their members and Donation from members and outsiders too and spent on their cultural activity , refreshment and some time some charitable activity also like medical camp etc. My querry is whether surplus of such cultural activity is exempt and weather concept of principal of mutuality will attract pl. clarify in details

BY: SANDEEP KAPOOR

Total Answers : 0 | View Answers | Post Answers

39347
Aug, 14
2019
GST - ( AMOUNT COLLECTED TO DEPOSIT BILLS ETC )

ONE PERSON IS RUNNING A CYBER CAFE FROM WHERE HE IS PAYING ELECTRIC BILLS,DEPOSITING INCOME TAX & GST AND OTHER STATUTORY LIABILITIES OF GENERAL PUBLIC AFTER COLLECTING CASH FROM THEM.HE IS PAYING FROM HIS CURRENT OR SAVINGS A/C.TOTAL DEPOSIT DURING THE YEAR EXCEEDS 60 LACS IN A YEAR.SHOULD HE GET GST NUMBER AND ISSUE INVOICE TO HIS CUSTOMERS ???

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 0 | View Answers | Post Answers

39341
Aug, 13
2019
DIRECT TAXES - ( PROOF OF TAX DEDUCTION IN FOREIGN COUNTRY )

Dear All, An assessee (Resident Individual) received income from US Company by way dividend on Stock Options held. Withholding tax has been deducted @ 25% on the Dividend Income by the Foreign Company/ Broker. Before filing ITR 2, we need to file Form 67, in order to claim credit of Tax deducted in Foreign Country. While filing Form 67, we need to attach the proof of Tax deduction in Foreign Country. We have Form 1042-S, for the Tax deducted during the period Jan – Dec 2018, whereas for the Period Jan – Mar 2019, we have only the broker statement. Is it sufficient to attach the Broker Statement for the period Jan – Mar 2019, or is there any other alternative. Please advise. Thanks,

BY: RAMAN

Total Answers : 0 | View Answers | Post Answers

39342
Aug, 13
2019
GST - ( SHORT PAYMENT DUE TO PRICE DIFFERENTIATION )

OUR CLIENT RAISES BILL SAY FOR RS 50000/- FOR GOODS SOLD TO ITS IGST CUSTOMER AFTER CHARGING IGST.THAT CUSTOMER IN TURN MAKES PAYMENT OF ,SAY,RS 40000/-,BALANCE RS 10000/- WILL NOT BE PAID DUE TO "PRICE DIFFERENTIATION " AS EVIDENT FROM DEBIT NOTE ISSUED BY CUSTOMER. WHAT WILL BE THE TREATMENT OF THAT PRICE DIFFERENTIATION FORM GST POINT OF VIEW ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

39343
Aug, 13
2019
DIRECT TAXES - ( APPLICABILITY OF SECTION 44AD OR SECTION 44AE )

1) One of our client is in the business of Goods Transport. 2) He owns 4 vehicles for Transport of Goods. His 40% of business comes from his own vehicle and rest 60% from hiring the vehicle from other Transporter. In short he uses his own vehicles as well as vehicles from other transporter for his customer. 3) His total turnover is between 1 cr to 2 cr. 4) He receives transport charges from customer and pays to other transporter as expenes. He is not an agent between his customer and other transporter. Request you to guide whether, he is eligible for presumptive taxation under Section 44 AD or Section 44AE.

BY: DAYANAND SHIVAJI MALUSARE

Total Answers : 1 | View Answers | Post Answers

39338
Aug, 11
2019
Profits & Gains of Business & Profession - ( DISALLOWANCE OF CASH EXPENDITURE U/S 40A(3) )

If I made payment of rupees of 15,000 in cash to a single person, in a single day but for two different invoices 1st for 8000 and 2nd for 7000 Is payment of rupees 15,000 allowable or not ? Plz.. provide supporting section/rule/case law also...

BY: VIJAYKUMAR BHANUBHAI GEVARIYA

Total Answers : 3 | View Answers | Post Answers

39339
Aug, 11
2019
DIRECT TAXES - ( PRIVATE TRUST )

One of our Clients want to make a private trust for that he want to transfer land and builiding presently held by him, his father and mother. DLC rate of it is 2 Crores at nominal value. The beneficiaries of trust will be his father, mother and his two daughters. Will there be capital gain tax on this transfer. What will be the sale price the amount recorded in trust books or DLC Rate.

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

39340
Aug, 11
2019
Profits & Gains of Business & Profession - ( 35 AD DEDUCTION QUERY )

Hotel commenced in f.y 2016-2017 and 35 AD Claimed . Now hotel wants to add 8 more rooms whether 35 AD will be available on fresh capital expenditure done for 8 rooms in f.y 2018-2019 ?

BY: Abhishek

Total Answers : 1 | View Answers | Post Answers

39337
Aug, 10
2019
GST - ( EXEMPTION LIMIT FOR SERVICES(COMMISSION AGENT) )

Whether GST Exemption Limit for service sector is 20 Lac or 40 Lac in Punjab

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39336
Aug, 09
2019
GST - ( GST ON EXPORTS )

An assessee has failed to pay IGST on exports during the month of Dec 2017 and has also not filed any LUT for the same. In the monthly returns, he had filed the same as Exports - without payment of tax. The matter had been noticed during the preparation of GSTR 9. Please suggest the best possible course of action.

BY: Nilanjan Kayal

Total Answers : 1 | View Answers | Post Answers

39335
Aug, 07
2019
GST - ( GST LIABILITY PAID UNDER WRONG HEAD )

When preparation of GSTR 9 of a client for FY 2017-18, We came to know that IGST amount was wrongly paid instead of paying CGST and SGST Head and now need to show correct liability as per books of accounts in GSTR 9. Now My client agrees to pay short SGST & CGST with applicable interest. Now my query is that: (1) can my client will get refund for excess IGST paid for FY 2017-18 (2) if yes, what will be the procedures to file refund application (Please specify head of refund application) as the same is offset while filing original 3B.

BY: Gaurav Thepadia

Total Answers : 1 | View Answers | Post Answers

39333
Aug, 06
2019
DIRECT TAXES - ( JDA )

JDA AGREEMENT ENTERED INTO IN 2013.LANDLORD GOT SAY,20 LACS AS SECURITY DEPOSIT AND SHOWN AS LIABILITY IN B/SHEET. IN 2018,PROMOTER AND LANDLORD ENTERED INTO SEPARATE AGREEMENT TO SALE OUT LANDLORD`S PORTION FOR CONSIDERATION OF SAY RS 2 CR. AND RECEIVED RS 5 LACS IN FY 2018-19 AS PART PAYMENT. LANDLORD DOES NOT HAVE GST NUMBER. WHAT WILL BE THE INCOME TAX & GST IMPLICATION IN THE BOOKS OF LANDLORD ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

39334
Aug, 06
2019
MERGER & ACQUISITION - ( CA FIRM MERGER )

One of 20 Year Old Proprietary CA firm want to merger with 4 Yr Old CA partnership firm. what will we date of incorporation if CA Partnership firm name continue as it is. will partnership firm get benefit of older date of incorporation of proprietor firm.

BY: Vijay garg

Total Answers : 1 | View Answers | Post Answers

39331
Aug, 05
2019
AUDIT - ( 072433 )

While generating UDIN for statutory Audit under companies Act, question is asked what is shareholder's / owner's fund. Does it include loan from shareholders?

BY: CA SHAILESH S. URDHWARESHE

Total Answers : 3 | View Answers | Post Answers

39332
Aug, 05
2019
GST - ( GST )

Can a invoice issue for regular supply be amended by issuing supplementary invoice or revised invoice

BY: VIPIN GUPTA

Total Answers : 2 | View Answers | Post Answers

39327
Aug, 04
2019
AUDIT - ( CONCURRENT AUDIT OF BANK )

WHO WILL SIGN IN MONTHLY CONCURRENT AUDIT REPORT ,BRANCH MANAGER OR AUDITOR ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

39328
Aug, 04
2019
AUDIT - ( CONCURRENT AUDIT OF BANK )

PLEASE LET ME KNOW WHO WILL SIGN IN MONTHLY CONCURRENT AUDIT REPORT OF BRANCH FIRST, BRANCH MANAGER OR AUDITOR ???

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 2 | View Answers | Post Answers

39329
Aug, 04
2019
OTHER BODIES - ( TRUST REGISTRATION )

Can a trust registered under Indian Trust act 1882 for imparting education be treated as charitable trust? Can this trust be illegible to be registered under 12 A of I.Tax act 1961?

BY: CA. SAMAL SAMIR KUMAR

Total Answers : 4 | View Answers | Post Answers

39330
Aug, 04
2019
GST - ( NEW GST RETURNS )

Whether New GST Returns will be applicable from 1-10-19 onwards?

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39326
Aug, 03
2019
GST - ( GST ON DAMAGES CAUSED BY THE TENANT )

While the tenant vacates, the Landlord with holds certain sum, towards damages caused by the tenant. Is Landlord (who is GST registered) liable to pay GST on such sum recovered from the tenant.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

39322
Aug, 02
2019
GST - ( 167287 )

In Construction of Affordable Housing Project. if my input & input service is Cement - 20%, Steel - 15%, Sand & Misc - 25% & Labour - 40%, then i am liable to pay gst @ 18% on labour to acheive 80% of input & input service from registered person. whether labour is included in input & input service for 80% criteria from registered person.

BY: NADIR D SHAIKH

Total Answers : 1 | View Answers | Post Answers

39323
Aug, 02
2019
Profits & Gains of Business & Profession - ( WHETHER SELF EMPLOYED PILOTS ARE COVERED U/S 44ADA )

Whether Pilots receiving Remuneration under Business & Profession are treated as Professional and taxed U/S 44ADA on the Ground ot Technical Consultacy.

BY: CA. PANDEY SATISH KUMAR

Total Answers : 1 | View Answers | Post Answers

39324
Aug, 02
2019
CORPORATE & OTHER LAWS - ( NON FILLING OF THE ANNUAL RETURN UNDER FCRA )

A Society registered under 12AA of the income tax act and also with FCRA, did not file annual return in Form FC 4 to the Ministry of Home Affairs for year ending 31.03.2018, because the Secretary of the society was unwell .Now the Society wants to file the return. What is the procedure and consequences. How to save the rigor of penalty.

BY: Varthamana Chandranathan Devadoss

Total Answers : 0 | View Answers | Post Answers

39325
Aug, 02
2019
DIRECT TAXES - ( INTEREST ON HOUSING LOAN FOR UNDER CONSTRUCTION PROPERTY )

A salaried Person has booked a Flat in Fin Year 2018-19 which is still under construction and posession is expected to be given after two years from now. He has taken housing loan, Partially availed according to requirement and EMI on that part has started in 2018-19 Fin Year . Should he claim interest after taking posession @ 20% per year then or there is any other way to claim interest deduction under House Property Loss in Fin Year 2018-19 itself

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

39317
Jul, 31
2019
DIRECT TAXES - ( JDA )

JDA AGREEMENT ENTERED INTO IN 2013.LANDLORD GOT SAY,20 LACS AS SECURITY DEPOSIT AND SHOWN AS LIABILITY IN B/SHEET. IN 2018,PROMOTER AND LANDLORD ENTERED INTO SEPARATE AGREEMENT TO SALE OUT LANDLORD`S PORTION FOR CONSIDERATION OF SAY RS 2 CR. AND RECEIVED RS 5 LACS IN FY 2018-19 AS PART PAYMENT. LANDLORD DOES NOT HAVE GST NUMBER. WHAT WILL BE THE INCOME TAX & GST IMPLICATION IN THE BOOKS OF LANDLORD ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 0 | View Answers | Post Answers

39318
Jul, 31
2019
AUDIT - ( TAX AUDIT REPORT SIGNED ON 30 JUNE 2019 )

Whether Tax Audit report issued for Fin Year 2018-19 on 30-06-2019 will require UID number or it will be applicable from Fin Year 2019-20

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

39319
Jul, 31
2019
AUDIT - ( TAX AUDIT REPORT SIGNED ON 30 JUNE 2019 )

Whether Tax Audit report issued for Fin Year 2018-19 on 30-06-2019 will require UID number or it will be applicable from Fin Year 2019-20

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

39320
Jul, 31
2019
GST - ( ITC WRONGLY UTILISED AGAINST WRONG LIABILITY )

A party has declared wrong IGST liability and adjusted CREDIT of IGST IN 3B .WHERE AS actual liabilty(C/SGST) is declared in GSTR-1 which is higher than liabilty(C/SGST) higher than 3B. Therefor C/SGST is short paid. Whether excess IGST input can be adjusted for payment of output C/SGST ??? Or take refund of IGST and paid the short liability of C/SGST ??

BY: avadhesh gabel

Total Answers : 0 | View Answers | Post Answers

39321
Jul, 31
2019
ANNOUNCEMENT - ( EDIT PROFILE )

ICAI I want to update my profile, Contact details and Pay Annual Fees ( Not Practicing Chartered Accountant over the age of 60 years ) Mobile # 732 896 6201 ( USA )

BY: Dilip Desai

Total Answers : 1 | View Answers | Post Answers

39316
Jul, 30
2019
Companies Act, 2013 - ( GUARANTEE BY COMPANY TO BANK FOR ITS RELATIVE ENTITIES )

ABCD Pvt Ltd is a Company with 4 Directors viz A, B, C and D. PQ is a partnership firm wherein Mr.A and one other person are partners. Now, ABCD Pvt Ltd and PQ (Partnership firm) have applied for Cash Credit Limit in Bank (say 50 Lacs for ABCD Pvt Ltd and 40 Lacs for PQ). The property which is to be mortgaged as security is owned by ABCD Pvt Ltd. Now is there any bar on the Company giving guarantee for PQ so that Extension of EM can be done? Please help

BY: BIJOY KUMAR BANSHAL

Total Answers : 0 | View Answers | Post Answers

39313
Jul, 29
2019
Companies Act, 2013 - ( BENIFICIAL OWNERSHIP )

Whether BEN form is applicable to existing ownership in Private limited Company? Since most of the private limited companies in India is governed by beneficial Owner only in which separate disclosures are already made in financial statements. Despite of these, whether the same is required to be submitted by these Companies? Any exceptions?

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

39314
Jul, 29
2019
AUDIT - ( SEPERATE UDIN ? )

Do we need to generate separate UDIN for Balance sheet and Audit report?

BY: Shailesh Maheshwari

Total Answers : 6 | View Answers | Post Answers

39315
Jul, 29
2019
GST - ( GST )

We have made a supply to a unit which purchaser told us to be in SEZ unit latter on it was discovered that the unit was in dometic tarrif area, as a result tax is to be deposited now. We have earlier issued bills without mentioning GST under LUT. Now we have to deposit tax. I want to ask 1. As earlier we have shown in 3B as zero rated now we have to deposit tax through 3B. Do we have to show the sale again in taxable outward supply or we have to show only tax along with other outward supply. 2. As regards GSTR 1 we have shown it as deemed export now we have to show it as taxable sales. As we have shown the taxable value and not the tax. To give benefit of tax will debit note will be correct option or supplementary invoice. If we issue debit note what we have to fill in note value will it not make the sale double if we show note value or we can show only tax. Will there be any mismatch in the purchasers 2A i.e invoice value without tax and debit note without value

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

39312
Jul, 28
2019
AUDIT - ( UDIN INCASE OF NETWORTH CERTIFICATE/TAX AUDIT )

Whether Udin will have to be generated in case of issuing Networth Certificate or Tax audit for 2018-19 fin Year

BY: Mahesh Kumar

Total Answers : 5 | View Answers | Post Answers

39309
Jul, 27
2019
DIRECT TAXES - ( NOTICE UNDER SECTION 142(1) FOR FY 2017-18 )

Sir Notice is received under sub section 1 of section 142 for Ay 2017-18 , Can AO ask the bank statement since April 2014 ? Can she also ask Balance sheet PL if the assesse is availing presumptive scheme ? She asked in Notice as : 1. Please furnish your audited financial statement along with all the annexure for the assessment year 2015-16, 2016-17, 2017-18 and 2018-19. 2. Please furnish details of your bank accounts along with copy of bank statements maintained by you in your name, in proprietorship firm name, jointly with others or in any other capacity for the period 01.04.2014 to till date, with complete narration

BY: CA. BISHT RAKESH

Total Answers : 1 | View Answers | Post Answers

39310
Jul, 27
2019
DIRECT TAXES - ( PAYMENT TO CREDITORS OR RECEIPT FROM DEBTORS IN CASH )

amount received in cash 10000-each day from Old debtors or Payment is made to Creditors in installment up to 10000-per day. Whether this is in order

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

39311
Jul, 27
2019
MISC. - ( PROFESSION TAX )

Hello everyone, Need the suggestion If a person who is proprietor in a business. He is also a director, partner in other businesses. Is single one time profession tax is sufficient or he has to make the payment of profession tax separately for each capacity?

BY: Roop Kishore Aheer

Total Answers : 1 | View Answers | Post Answers

39307
Jul, 26
2019
DIRECT TAXES - ( UNREGISTERED TRUST-AOP-HEAD OF INCOME )

UNREGISTERED TRUST HAS RECEIVED VOLUNTARY CONTRIBUTIONS OF RS 7 LAKHS AND HAS APPLIED RS 1LAKH FOR CHARITABLE EXP AND REMAINING FOR ESTABLISHMENT AND ADMINISTRATIVE EXP. UNREGISTERED TRUST IS LIABLE TO FILE RETURN AS AOP, HENCE ITR 5 IS TO BE FILED. MY QUESTION IS WHETHER VOLUNTARY CONTRIBUTION IS TO BE SHOWN IN INCOME FROM BUSINESS AND PROFESSION AND DEDUCT EXP IN PNL ACCOUNT OR VOLUNTARY CONTRIBUTION IS TO BE SHOWN IN INCOME FROM OTHER SOURCES AND CLAIM EXP UNDER SECTION 57??? ACCORDING TO MY OPINION, IT SHOULD BE SHOWN UNDER THE HEAD INCOME FROM OTHER SOURCES AND CLAIM EXP U/S 57 AS AOP TRUST IS NOT INDULGE IN ANY BUSINESS ACTIVITIES, PLS GIVE YOUR SUGGESTIONS. REGARDS.

BY: ALIAKBAR K TIMBAWALA

Total Answers : 1 | View Answers | Post Answers

39308
Jul, 26
2019
DIRECT TAXES - ( CASH PAYMENT IN PARTS )

A person purchases Goods valued 1 Lac from a supplier and is making payment in Rs 10000- each on different dates. whether this is permissable

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39306
Jul, 25
2019
GST - ( COMMERCIAL RENT RECEIVED BY A COMPO OPTED TRADER )

A sole proprietor trader opted composition scheme and paying GST @ 1% on Turnover. From this month he started getting commercial rent on renting of his property. Getting Rs 22,000/- per month (rent receipt is within limit specified ie 10% of TO or Rs 5 Lakh whichever is higher). What is GST rate for Commercial rent for this compos dealer?

BY: Sivaraman A.R.

Total Answers : 0 | View Answers | Post Answers

39304
Jul, 24
2019
DIRECT TAXES - ( TAXABILITY OF SBI LIFE INSURANCE ON MATURITY )

What will be tax treatment of amount received on Maturity under life insurance. Section 10(10D) start with the word "Any sum received including bonus............." Meaning thereby what ever amount received including the premium paid by insurer is taxable. Please provide the answer in detail.

BY: SUMANT CHOUBEY

Total Answers : 2 | View Answers | Post Answers

39305
Jul, 24
2019
DIRECT TAXES - ( PAYMENT OF SELF ASSESSMENT TAX FY 2018-19 )

Income Tax Return date has been extended to 31.08.2019, whether 234A interest is chargeable on payment of tax made after 31.07.2019. Only return date has been extended or payment date was also extended.

BY: Shobhit Bansal

Total Answers : 1 | View Answers | Post Answers

39303
Jul, 23
2019
MISC. - ( CERTIFICATION OF PROVISIONAL BALANCE SHEET )

Can a qualified chartered accountant certify provisional balance sheet ?

BY: JAI SINGH

Total Answers : 5 | View Answers | Post Answers

39302
Jul, 22
2019
GST - ( GST RATE FOR CONTRACTOR BILLING TO MUNICIPALITY ( AFFORDABLE HOUSING UNDER RAJIV AWAS YOJANA) )

What is GST Rate for Contractor on construction of affordable Housing under Rajiv Awas Yojana on work order issued by Municipality? (At what rate Contractor issue bill to Municipality?)

BY: Pradip Senjaliya

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39300
Jul, 21
2019
TDS/TCS - ( FILLING OF 26Q IN CASE OF NIL TRANSACTIONS )

A PERSON HAD NO TRANSACTIONS DURING 1ST QUARTER.SO NO PAYMENT WAS THERE AND NO DEDUCTION OF TAX ?? WHICH FORM SHOULD HE FILL FOR QTR 1 ??

BY: SUDIP KUMAR MUKHOPADHYAY

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39301
Jul, 21
2019
DIRECT TAXES - ( RELIEF U/S. 90 )

Dear Sir, One of my client has earned salary income for 2 months in FY 2018-19 in USA. He has also paid tax on it. My query is that - Whether he is allowed to claim relief in respect of all the taxes paid in USA like Fedral Income Tax, Social Security tax, Medicare tax or only Fedral Income Tax? Please clarify the same. Thanking you, Regards Hayedar Shaikh

BY: HAYEDAR SALEEM SHAIKH

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39298
Jul, 20
2019
GST - ( CASH FLOW IN 9C )

Please guide us do we need to attach cash flow in all cases while auditing filling gstr -9c

BY: deepak

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39299
Jul, 20
2019
GST - ( GST ON RESTAURANT )

Hi , A Food Operator has taken a franchisee, serving ice Cream to their customer through the Retail shops in India and Also through E-commerce Operator with the rate of 5%, Such person has also not taken any Composition scheme for the Restaurants, Now the queries are:- 1. Franchisee fees, Rental for retail shops could be allowed as an input tax credit. 2. If such person will give their franchisee rights to other person and receipt some amount, then can we offset the franschisee fees Input tax credit against the tax liability on Receipt amount.

BY: Shobhit Bansal

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39296
Jul, 19
2019
TDS/TCS - ( MEDICINE EXPORT 15CB TDS )

Company has to pay registration fees to foreign government for getting his medicine registered in that country Does the amount to be remitted is liable for TDS deduction under Income Tax and DTAA of Uzbekistan In my opinion TDS under IT to be stated @20.6% while we claim exemption under article 7 of DTAA Please guide really urgent

BY: DIVYA AGGARWAL

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39297
Jul, 19
2019
DIRECT TAXES - ( JDA )

JDA AGREEMENT ENTERED INTO IN 2013.LANDLORD GOT SAY,20 LACS AS SECURITY DEPOSIT AND SHOWN AS LIABILITY IN B/SHEET. IN 2018,PROMOTER AND LANDLORD ENTERED INTO SEPARATE AGREEMENT TO SALE OUT LANDLORD`S PORTION FOR CONSIDERATION OF SAY RS 2 CR. AND RECEIVED RS 5 LACS IN FY 2018-19 AS PART PAYMENT. LANDLORD DOES NOT HAVE GST NUMBER. WHAT WILL BE THE INCOME TAX & GST IMPLICATION IN THE BOOKS OF LANDLORD ??

BY: SUDIP KUMAR MUKHOPADHYAY

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39295
Jul, 18
2019
GST - ( EWAY BILL GENERATED BY MISTAKE IN LAST FY 18-19 )

Dear Professionals, Please guide for the below case study. For the FY 2018-19, my Client's Turnover as per GSTR-3B & Books is 10 Lacs(Assumed).He is involved only in interstate sale of goods.The Turnover as per the E-Way bills generated is coming to 11 Lacs.(Extra way Bill generated twice for same invoice by the client) In April-19 he received a notice(DRC-01) from the department u/s 73 for payment of differences of output tax coming as per returns and way bill. The notice had a demand of CGST and SGST on differential of 1 lacs instead of IGST. The same was also paid by the client under the wrong head SGST and CGST. Now the point is that the notice amount has been paid under the wrong head and the extra way bill was also generated by mistake. How to proceed in above case.

BY: Anuj Kumar Khaitan

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39293
Jul, 16
2019
DIRECT TAXES - ( AUDIT FOR COMMISSION AGENTS )

Whether Commission agents receiving less than 50 Lacs commission have to get tax audit if their net income comes below 50% of commission

BY: Mahesh Kumar

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39294
Jul, 16
2019
GST - ( INPUT TAX CREDIT ON CAPITAL GOODS )

In case of registered dealer, dealing in taxable goods only, is ITC on capital goods to be availed in 60 instalments or full ITC can be availed in one go ?

BY: Rikta Karia

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39291
Jul, 15
2019
DIRECT TAXES - ( WHETHER 30% STANDARD DEDUCTION )

Whether 30% standard deduction is allowed on let out of Commercial Property by shop owner ?

BY: HARJEET

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39292
Jul, 15
2019
Income From Salary - ( SALARY RECEIVED FROM FOREIGN COMPANY IN CHINA )

Individual is rendering services from India to chineses company. They are paying him a salary and tax free allowances. My question is 1. Applicability of income tax on the tax free allowance given by chinese company. 2. Exchange rate to be taken on monthly salary

BY: Nitin Porwal

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39289
Jul, 13
2019
GST - ( UNABLE TO GENERATE JSON FILE FOR GSTR 9C )

WE ARE NOT ABLE TO GENERATE GSTR 9C .PLEASE SHARE YOUR VIEWS IN DETAIL INCLUDING SIGNATURE PART OF AUDITOR.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

39290
Jul, 13
2019
GST - ( PASSING OF GST PAID THROUGH PL A/C )

SOME ACCOUNTANTS ARE PASSING GST & LATE FEE PAID THROUGH PL A/C .IS IT CORRECT PROCESS ?? PLEASE SHARE YOUR VIEWS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

39283
Jul, 12
2019
DIRECT TAXES - ( TAXABILITY OF PPF INTEREST )

WHAT WILL BE THE TREATMENT OF INTEREST EARNED ON PPF.ACCORDING TO SEC 10(11) IT IS AN EXEMPT INCOME.SHALL WE INCLUDE THIS IN TOTAL INCOME AND THEN CLAIM EXEMPTION UNDER TABLE 7 OF ITR 1 ?? PLEASE SHARE YOUR VIEWS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 5 | View Answers | Post Answers

39284
Jul, 12
2019
GST - ( APPLICABILITY OF GST )

A firm located in India is providing digital marketing, ticket booking and customer support services for a cruise company in Australia. The Australian company have been paying in Australian dollars to the firm. Some of the customers of the Australian company are from India and they are ready to pay in INR to the Indian firm directly for the tickets booked. Does the firm has to register under GST and pay on this transaction??

BY: Achuthan P

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39285
Jul, 12
2019
GST - ( INTER STATE BRANCH SALES AT COST )

One of my client sell goods to its branch in another state at cost . Whether taxable value (which is actually cost to the client) shown in the invoice can be taken as open market value? Whether he has to add additional 10% in accordance with rule 30.

BY: NIRAJ PM

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39286
Jul, 12
2019
DIRECT TAXES - ( DEDUCTION OF INTEREST ON HOUSING LOAN IF PAYMENT MADE OUTSIDE INDIA )

If a person is paying interest on housing loan from a financial institution outside india (whose income is tax free in that country), whether the payer (who gets her salary from WHO which is Tax Free) needs to deduct the TDS on that for claiming the interest on housing loan.

BY: CA Neha Gupta

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39287
Jul, 12
2019
DIRECT TAXES - ( LTCG ON SALE OF US SECURITIES BY INDIAN RESIDENT )

If a person who is filing the ITR as a Resident this year and who has some Long-term capital gains from sale of equities of US outside India, whether it is taxable in India and if taxable, at which rate. As per my knowledge, Section 5 says that every Resident is liable for taxes on income earned from from outside India as well. and Also, as per section 112: LTCG is taxable @ 20%. Hence, the LTCG on sale of Securities of US is taxable @ 20% in India.

BY: CA Neha Gupta

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39288
Jul, 12
2019
DIRECT TAXES - ( DETERMINATION OF BOOK PROFIT IF A PARTNERSHIP FIRM HAS OPTED FOR 44AD )

If a partnership firm has opted for 44AD, the turnover is Rs 50,00,000 and the profit declared thereon is Rs 3L (being 6% of Rs 50L) and the partners of the firm are getting the remuneration of Rs 10L each (there are 2 partners). How Book Profit will be calculated so that maximum amount of partners Remuneration allowed as per law is determined.

BY: CA Neha Gupta

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39280
Jul, 11
2019
GST - ( SHORT CREDIT GIVEN IN 2A )

OUR CLIENT SHOWN ACTUAL CREDIT AND UTILISED THE SAME DURING 2017-18,BUT THE FELLOW SUPPLIER HAD NOT SHOWN PROPERLY IN GSTR 1DUE TO USE OF WRONG GSTIN.THAT`S WHY THERE IS A SHORTFALL OF 27 LACS IN 2A AS COMPARED TO 3B. WHAT SHALL WE DO ??

BY: SUDIP KUMAR MUKHOPADHYAY

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39281
Jul, 11
2019
DIRECT TAXES - ( DISCLOSURE OF GIFT IN ITR )

Whether it is required to disclose gift received from father in income tax return. and if required where we have to disclose.

BY: Shobhit Bansal

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39282
Jul, 11
2019
MISC. - ( STATUTORY AUDITOR CERTIFICATE FOR FINANCIAL INFORMATION )

We require to sign a certificate addressed to "National Skill Development Corporation" for RFP to be submitted by Client. The certificate is prescribed in a format which contains the clause that " We understand that we are solely responsible for the captive employment of at least 50% candidates trained from the Target Allocated under this RFP" As a PCA should we take we sole responsibility as mentioned and the sign the certificate.

BY: TEKCHAND BODHWANI

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39278
Jul, 10
2019
MISC. - ( DIRECTORSHIP FOR CA IN PRACTICE )

Can a Chartered Accountant in full time practice become director in a co and if yes, whether permission of ICAI is required.

BY: Shobhit Bansal

Total Answers : 4 | View Answers | Post Answers

39279
Jul, 10
2019
AUDIT - ( REMOVAL OF AUDITORS IN CASE OF PARTNERSHIP FIRM )

How a statutory Auditors /tax auditors firm can be removed? if he has denied to give his resignation

BY: CA. BISHT RAKESH

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39277
Jul, 08
2019
DIRECT TAXES - ( 80EEA AND 80IBA BUDGET CHANGES_2019 )

As per Section 80EEA, Rs 1.50 lacs deduction is allowed if: (a) loan sanctioned during 2019-2010 (b) value upto Rs 45 lakhs (c) assessee's first residential HP. Now, is there any condition of carpet area i.e. property is limited to 60/90 sq meter carpet area under section 80EEA.

BY: Shobhit Bansal

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39275
Jul, 06
2019
MISC. - ( UDIN )

We are certifying the P & L & B/s of client, to whom section 44AD is applicable by making the note as unaudited financial statements on the basis of which IT return is Filled. Is it mandatory to generate the UDIN for the same.

BY: NADIR D SHAIKH

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39276
Jul, 06
2019
DIRECT TAXES - ( 425727 )

I have to file return of a Charitable Trust running a School, which neither have a 12AA registration nor eligible to exemption under any clause of section 10(23C), Now my questions are: 1. Which ITR form is to be selected 5 or 7. 2. Whether Tax Audit u/s 44AB or any other Audit under the provisions of Income Tax Act. 3. Whether the trust is eligible for Basic tax exemption of Rs. 250000.

BY: SHYAM KUMAR SHARMA

Total Answers : 3 | View Answers | Post Answers

39272
Jul, 05
2019
GST - ( TRANSACTION VALUE FOR SALE OF CAPITAL ASSETS UNDER GST )

As per CGST Rule 32(5), second hand goods sold by second hand goods dealer, transaction value (TV) shall be the margin portion (ie selling price and purchase price) on which GST to be charged. As per Notf 8/2018 CTR dt 25.1.18, sale of used vehicle by any registered person, TV shall be the margin portion. (Situtation – Vehicle lying as fixed asset sold) Other than the above Rule or notification, Is there any other rule or notification which says that TV shall be margin, for sale of any other used asset (say furniture or computer or printer lying as fixed asset).?

BY: Sivaraman A.R.

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39273
Jul, 05
2019
MERGER & ACQUISITION - ( MERGER OF TRUST )

Whether a charitable trust registered under 12A running an educational institution having immovable properties and not able to run the institution succesfully due to the advanced age of the managing trustee can merge with another charitable institution registered under 12 A

BY: nagappan.sm

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39274
Jul, 05
2019
MERGER & ACQUISITION - ( MERGER OF TRUST )

What is the procedure for merging a charitable trust registered under sec. 12 A with another such Trust?.suppose if the charitable has immovable properties - land and buildings whether they have to be sold before merging?

BY: nagappan.sm

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39265
Jul, 04
2019
Income From Salary - ( TAX ON NOTICE PERIOD DEDUCTION )

TDS was deducted on salary income including notice period deduction from the first employer. Now filing income tax return how to show this notice period deduction to get a refund of the TDS deducted on notice period amount?

BY: Hunny Badlani

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39266
Jul, 04
2019
DIRECT TAXES - ( 079710 )

We have filed ITR for AY 18-19 and disallowed 100% of whole figure on which TDS was not deducted (Instead of 30% dis allowance) . The same is also 100% disallowed in Form 3CD inadvertently . Now department has further disallowed additional 30% of amount which was already disallowed compute Tax demand . Now what is remedy . Can we rectified u/s 154 as we have already excess disallowed or prefer an appeal

BY: SANDEEP KAPOOR

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39267
Jul, 04
2019
AUDIT - ( TAX AUDIT CEILING )

If an individual is having gross receipt (Turnover) Exceeding 1 crore but less than 2 crore and he declares profit below 8% than this particular audit will come under the audit ceiling of 60 Tax Audit U/s 44AB or not?

BY: Kachhawa Dinesh Dahyaji

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39268
Jul, 04
2019
GST - ( REVERSE CHARGE ON COMPOSITE SUPPLIER )

Could anybody please through light on liability of composite service provider who is liable to GST @6 % (w.e.f. 01.04.2019) on advances received and at what rate if he is liable.

BY: CA. KANTIPUDI VEERA VENKATA SATYANARAYANA

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39269
Jul, 04
2019
Companies Act, 2013 - ( MOA OF PRIVATE LIMITED COMPANY )

I need a draft format of MOA for company which will be engaged in Amusement Activities such as Water Park etc

BY: PALLAV

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39270
Jul, 04
2019
GST - ( ITC REVERSAL IN TOUR & TRAVEL INDUSTRY )

This query is regarding ITC reversal in case of a company engaged in Tour & Travel industry. Suppose there is total turnover of Rs 10L in a month:- 1. Rs 6L is 5% sale (package sale). 2. Rs 4L is 18% sale (commission Income). There is total ITC of Rs 1L in that month which is as follows: 1. ITC directly related to commission Income is Rs 40,000. 2. ITC related to Package sale is Rs 30,000. 3. Common ITC is Rs 30,000. So, the total ITC reversal is as follows: 1. Rs 30,000 ( being amount directly related to supply on which ITC cannot be taken) 2. Rs 18,000 ( Rs 30,000* Rs6L/Rs 10L) Kindly confirm the same.

BY: CA Neha Gupta

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39271
Jul, 04
2019
DIRECT TAXES - ( BOOKS OF ACCOUNTS )

If a person is earning commission income & also he has another business in which wishes to opt for 44AD.. First case-by-case Whether he can opt for 44AD for one business if he is having commission income as his secondary income. Second case- If in place of commission Income, he is having professional income and wishes to opt 44ADA. Whether 44AD can be opt for if 44ADA is chosen. Thanx in advance.

BY: CA Neha Gupta

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