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Que. Id Date Description
38108
Apr, 24
2019
AUDIT - ( GST AUDIT )

I have a query on GSTR 9C. I have my offices in the state of Punjab, Maharashtra, Tamilnadu and Gujrat. PAN is the same but the GSTN is different for each state. The aggregate turnover of all the states is more than 2 Crore But the state wise turnover of each state is less than 2 crore except the state of Maharastra which is more than 2 Crore. In this position Can we file GSTR9C of each state separately or for only the state of Maharashtra?

BY: CA. ASHWANI KANT

Total Answers : 0 | View Answers | Post Answers

38106
Apr, 23
2019
GST - ( GST )

Dear Sir, As there is a change in GST provision regarding gst rate from declared tariff to "Value of Supply". In my case the room rent declared is Rs 900 now the person has breakfast orders a bisleri bottle and other services and his bill goes to Rs 1350/- will we have to charge GSt or not. Can we give two bills one for stay and other for Service. and get rid of GST or we will cought under composite supply and will be liable to GST

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

38107
Apr, 23
2019
GST - ( CLARIFICATION REGARDING NEW REAL ESTATE GST RATES )

Respected sir, I have doubt that whether contractor(constructs resedential house) is eligible for new rates (1% and 5%). our case is that owner who is having or purchased plot of land and enters into agreement with contrator for construction of house. now question is that whether contractor have to pay gst with old rates or new rates? In every notification the word promoter is mentioned. In notification defination of promoter is to be seen as per RERA act. in that promoter includes contractor.At what rates Gst is applicable to contractor?

BY: HARDIK KETANKUMAR THACKER

Total Answers : 0 | View Answers | Post Answers

38105
Apr, 21
2019
GST - ( REVERSAL OF ITC BY REAL ESTATE DEVELOPER BEFORE 01 APRIL 2019 )

Whether input tax credit shall be reversed by a Real Estate Developer engaged in providing construction services of Residential/Commercial complex where the whole/part consideration has been received before issuance of Completion certificate ?

BY: DEEPAK ARYA

Total Answers : 0 | View Answers | Post Answers

38102
Apr, 19
2019
GST - ( RCM UNDER GST )

Supplier is registered in Karnataka, purchased machinery from Maharashtra. however for transportation supplier received the service of GTA from Karnataka. query is 01. whether supplier is liable to pay GST under RCM for GTA service, as this service is capitalised in books of account. 02.Will it be input service or capital goods under GST.

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

38103
Apr, 19
2019
GST - ( GST LIABILITY )

PROP FIRM REGD WITH GST PROVIDES TRANSPORT SERVICE AND SO ON ITC IS CLAIMED ON CAPITAL GOODS PUCHASED,(TRUCKS). NOW A NEW PARTNERSHIP FIRM IS FORMED AND TRUCK ARE BROUGHT IN FIRM AS CAPITAL CONTRIBUTION. WHETHER GST ON TRUCK IS APPLICABLE ON PROP FIRM.???

BY: YOGESH GANDHI

Total Answers : 1 | View Answers | Post Answers

38104
Apr, 19
2019
DIRECT TAXES - ( 108293 )

A land owned by partnership firm is transferred to retiring partner. Whether Sec.45(4) is attracted

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 2 | View Answers | Post Answers

38101
Apr, 18
2019
MISC. - ( FINANCIAL CREDIT NOTE AGAINST THE SALE BILL )

Sir, We are involved in Construction Company and we have raised a escalation Bill of Rs.29L in the period March'2018 (FIN Year 2017-18) and client has found that some excess value charged in the calculation and has passed only Rs.17L and accordingly payment were release to us in the month of Dec'2018 (FIN Year 2018-19).Kindly confirm that can we raise Financial credit note for the difference amount or is there any other process or any implication for differences amount in the IND AS.

BY: Chandra Kant Prasad

Total Answers : 1 | View Answers | Post Answers

38099
Apr, 17
2019
GST - ( GST - )

As per notification no.3/2019 (Central Tax - Rate), new rate of GST has been prescribed. This applies to a "promoter". As per this notification, the meaning of promoter is the same as defined under RERA. Sec.2(zk) defines the term promoter. As per the "explanaion" given at the end of the sec.2(zk), if the person who construct the apartment & the person who sells the apartment are different, both are treated as "promoter" for purpose of RERA. This means a person who is acting as "contractor" for the developers also become a promoter & is covered by notification no.3/2019. Hence, I feel even the "contractor" has to charge 1% or 5% GST without ITC. However, I find the said notification has entry (v) providing for 12% GST for pure “contractor” who renders service to a promoters. There appears to be conflict of meanings. Experts please give your comments.

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

38100
Apr, 17
2019
GST - ( GST )

Dear sir, We have imported plant and machinery by mistake we have entered ITC of it in column " All other ITC " instead of "Import of goods". Will it create any problem in our claim of ITC of IGST and the tax paid on ocean freight on reverse charge has been entered in inward supply liable to reverse charge instead of Import of service. Please guide.

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

38097
Apr, 16
2019
GST - ( GST REGISTRATION OF SALES OFFICES )

Company has manufacturing facilities in Bangalore and Sales office in Delhi. Delhi sales office does not do any billing or other invoicing, but only support Bangalore office for procuring orders. No materials are moved from Bangalore to Delhi office. Queries: Whether Delhi office is required to registration? Whether Delhi office is to be billed from Bangalore office for share services provided to Delhi office like accounting, payroll etc Whether for billing shared services, registration of other distinct entity like Delhi in this is necessary. Thanks in advance for valuable suggestion. CA. Anant N.

BY: Anant Nyamannavar

Total Answers : 1 | View Answers | Post Answers

38098
Apr, 16
2019
MERGER & ACQUISITION - ( CONVERSION FROM SOLE PROPRIETORSHIP TO PARTNERSHIP )

Please apprise whether a Chartered Accountant practicing as Sole Proprietorship Firm can be converted into a Partnership Firm and whether the Partnership Firm would be considered as having existence from the date on which the proprietorship firm had been established. Further, also please inform whether the original Sole Proprietorship Firm name as registered with the Institute, can be retained.

BY: Nilanjan Kayal

Total Answers : 1 | View Answers | Post Answers

38094
Apr, 15
2019
DIRECT TAXES - ( 079710 )

We have filed ITR for AY 2018-19 in the m/o. July 2018 and send ITR V to CPC Banglore office through Post However the same was not received by them by whatsoever reason . Now we revise the same return on Dec. 18 and file revised return NOw Intimation U/s. 143(1) recd. and they calculate Late fee Rs. 5000/- u/s 271 F . What is remedy

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

38095
Apr, 15
2019
DIRECT TAXES - ( STAY OF DEMAND- CPC ORDER )

Suppose Income tax order u/s 143(1) is passed by CPC Bangalore raising a demand. The assessee filed an appeal before CIT(a) online disputing the demand. Who has to be approached for stay of demand? is it CIT(A) or the A.O (in this case CPC)? How to apply for stay of demand online?

BY: Sarath_CA

Total Answers : 2 | View Answers | Post Answers

38096
Apr, 15
2019
GST - ( CLARIFICATION ON GST RATE 12% OR 18% )

One of our Client has received Works Contract from Central Govt. entity for Developing Integrated Security System. The Scope of Work include all works, supplies and services for Supply, Installation, Testing and Commissioning of Communication System, CCTV System & Access Control System. Can anyone clarify GST rate to be charged on above Works Contract i.e. 12% or 18% ?

BY: Harshal Punamchand Jain

Total Answers : 1 | View Answers | Post Answers

38090
Apr, 12
2019
GST - ( REVERSAL OF ITC UNDER RULE 42 WRT TAX PAID ON REVERSE CHARGE )

A private Limited paid GST under reverse charge wrt import of service from its parent company. The total GST paid on import of service is Rs 1,00,000 and subsequently claimed ITC. As per rule 42, the ITC is to be reversed wrt exempt suppy. As per section 17(3), the GST paid on reverse charge is exempt supply. So, does it mean the entire GST paid of Rs 1,00,00 on this transaction we have to reverse it. Kindly confirm the same. Thanx in advance

BY: CA Neha Gupta

Total Answers : 2 | View Answers | Post Answers

38091
Apr, 12
2019
GST - ( INPUT ELIGIBILITY )

Whether Amount spent on Fan.Furniture,Ac,invertor etc used in Office/Shop will be eligible for Input6 Credit

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

38092
Apr, 12
2019
GST - ( INPUT ELIGIBILITY )

Whether Amount spent on Fan.Furniture,Ac,invertor etc used in Office/Shop will be eligible for Input6 Credit

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

38093
Apr, 12
2019
GST - ( INVOICE MISSED IN 2017-18 )

An Asessee forgot to upload One Invoice in GSTR-1 during 2017-18. In First Quarter of 2018-19 on realising his mistake he added in June 18 Quarter as there was no way to amend previous year entry at that time. Whether he should make amendment and change date to Oct 17? But then his Annual accounts will not tally with GSTR 1 figures in that case. What will be the best solution

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

38088
Apr, 10
2019
GST - ( GST ON TRANSPORTERS )

If a transporter is charging GST @12% whether Recepient of Service will be out of Reverse Charge and claim GST paid on Freight etc

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

38089
Apr, 10
2019
Companies Act, 2013 - ( APPOINTMENT OF INTERNAL AUDITOR )

Our firm has been appointed as GST auditor by a Company, limited by guarantee, for the FY 2017-18 and we shall submit our resignation after 30.06.2019 I.e. the last of the said audit. Now the said Company also want to appoint us as their internal auditor w.e.f. 01.04.2019. Can we accept the appointment of internal auditor before submitting resignation as GST auditor?

BY: CA. GHOSH SAMRAT

Total Answers : 2 | View Answers | Post Answers

38087
Apr, 09
2019
GST - ( 079710 )

We are service provider and till 31st March 2018 we have filed & deposited GST on Services and due to services lower than the minimum prescribed Limits i.e Rs. 20 lacs we have applied in April 2018 for Surrender and they same approved on March 2019 w.e.f. April 2018. My querry is whether we have to file GSTR -9 for FY 2017-18 as the my GST has already cancelled or may I simply file GSTR-10 or both

BY: SANDEEP KAPOOR

Total Answers : 3 | View Answers | Post Answers

38086
Apr, 08
2019
CORPORATE & OTHER LAWS - ( DIR 3 KYC )

For one of the Private Limited Company, DIR-3 KYC was filed on 18-08-2018 for all Directors. Is it necessary to file once again DIR-3 KYC? While trying to file the form the message is coming as follows: " For this DIN already DIR-3 KYC was filed".

BY: somu balasrinivasa murthy

Total Answers : 2 | View Answers | Post Answers

38085
Apr, 07
2019
CORPORATE & OTHER LAWS - ( GRATUTITY )

Director of a private limited company in India is appointed by it foreign holding company and the director is a national of that country. Is the Indian Company under obligation to pay gratuity to him? That director by virtue of being in India so long has become resident in India. He is in the rolls of the Indian Company and getting monthly salary. After completing 10 years of service at the time of his resignation, should the Indian Company pay gratuity?

BY: balasubramanian

Total Answers : 2 | View Answers | Post Answers

38083
Apr, 06
2019
GST - ( ITC REVERSAL IN CASE OF IMPORT )

I have imported material and paid applicable IGST at custom clearance now, I have issued debit note for less material received or for material received was defective to foreign party. Now whether i have to reverse proportionate IGST ITC or not ?

BY: parth

Total Answers : 3 | View Answers | Post Answers

38084
Apr, 06
2019
GST - ( UNMATCHED ENTRIES )

An asessee has filed his GST returns correctly but one of the supplier has not shown his sale to above asessee in his returns. that will amount to mismatch . While filing GSTR 9 whether this asessee have to reverse GST availed on above transaction while he has paid GST and is in posession of Invoice also

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

38080
Apr, 05
2019
AUDIT - ( UDIN )

Can we Sign Bank Certificates for Branch Statutory Audits in Bank Branch and issue UDIN later on within 15 days at our Office?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

38081
Apr, 05
2019
MISC. - ( LOAN FROM OUT SIDE INDIA )

In case of individual , can he received a loan from outside India (from individual only -POI) and later on, can he repay this loan to him back ? what is the limit ? and the process to be followed?Thanks

BY: CA. BISHT RAKESH

Total Answers : 2 | View Answers | Post Answers

38082
Apr, 05
2019
AUDIT - ( AGRICULTURE LOAN )

Two agriculture Loans of same amount one for Long term Crop and other for Short term crop are given on 1-4-2017 Interest as well Principal are pending /Not adjusted When will they become NPA

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

38075
Apr, 04
2019
AUDIT - ( UDIN )

Whether UDIN will have to be generated in Bank while issuing Certificates for Statutory Bank Branch audit and whether it will be written manually ?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

38076
Apr, 04
2019
AUDIT - ( UDIN )

Whether UDIN will have to be generated in Bank while issuing Certificates for Statutory Bank Branch audit and whether it will be written manually ?

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

38077
Apr, 04
2019
GST - ( HSN / SAC )

As per Kolkata High Court decision in the case of Srijan Realty (P) Ltd., the landlord is liable to pay service tax on electricity charges collected from tenants based on sub-meters installed. I presume this decision is hold good under GST also. If yes, what is SAC to be mentioned. I understand the Supreme Court has given finding that the electricity can be classified as a goods. Does it mean we should quote HSN not SAC.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

38078
Apr, 04
2019
GST - ( NIL RATED OR ZERO RATED )

Hello all, we are a company in India which is subsidiary of a company in USA wherein our parent company holds 87% of our shares, we provide support services to our parent company and we invoice them and we are of the opinion that this is export and hence its a zero rated supply, but there are other views and as per those this is a nil rated supply. can anyone guide us on this along with the provision of the law??? Also request you to elaborate the concept of distinct persons if possible

BY: SRIMANTH KULKARNI

Total Answers : 1 | View Answers | Post Answers

38079
Apr, 04
2019
MISC. - ( MISC )

Dear Sir, One of my client has got a contract for market research from US for this he will receive Rs 60 Lacs for a contract period of 4 Months. Sir i want to know do we have to take any registration or permission from RBI or any permission from other depatment

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

38072
Apr, 03
2019
DIRECT TAXES - ( TAN APPLICATION FOR INDIVIDUAL IN CASE OF TURNOVER ABOVE RS 1 CRORE BUT NO TAX AUDIT IS REQUIRED )

An individual whose turnover exceeds Rs 1 crore during FY 2018-19 but has opted for presumptive taxation. Hence, no Tax Audit is required. Now my question is does he need to apply TAN No since his turnover exceeds Rs 1 crore as per section 44AB...??

BY: CA Neha Gupta

Total Answers : 4 | View Answers | Post Answers

38073
Apr, 03
2019
GST - ( APPEAL TO APPELLATE AUTHORITY )

We want to apply against the order issued by Deputy Commissioner, State GST where he has charged Interest amount which is in dispute. Only the interest amount is in dispute then 10% pre-deposit on interest amount is required to be made for filing this appeal since we are contesting the imposition of interest ?

BY: Chandra Kant Prasad

Total Answers : 3 | View Answers | Post Answers

38074
Apr, 03
2019
Companies Act, 2013 - ( LOAN FROM NRI DIRECTOR TO A PRIVATE LIMITED COMPANY ON NON REPATRIABLE BASIS )

A private limited company wants to avail loan in USD from its NRI director for working capital requirement. Loan is being availed on non repatriable basis and hence the company will repay the loan to the NRI Director in INR. can the company avail loan in such a manner. what would be the consequences under FEMA and Comapnies Act ??

BY: SRIMANTH KULKARNI

Total Answers : 2 | View Answers | Post Answers

38071
Apr, 02
2019
GST - ( REFUND OF TDS UNDER GST WHERE SERVICES ARE WHOLLY EXEMPT UNDER GST )

Whether a Hospital , having 100% exempt turnover, will be able to get the refund of TDS deducted by the Govt under GST Law..??

BY: CA Neha Gupta

Total Answers : 2 | View Answers | Post Answers

38066
Mar, 31
2019
GST - ( GST - ( DISCLOSURE OF ITC IN GST3B FOR IGST PAID ON IMPORT ) )

IGST IS PAID ON IMPORT . HOW THIS IGST PAID IS SHOWN IN GST3B IN TABLE 3.1.d "Tax on outward and reverse charge inward supplies " UNDER INWARD SUPPLIES (LIABLE TO REVERSE CHARGE) AND IN TABLE 4 " ELIGIBLE ITC UNDER 4 (A(3) "INWARD SUPPLIES LIABLE TO REVERSE CHARGE IF IT IS SHOWN IN TABLE 4 TITLED "ELIGIBLE ITC" AT 4(A)(1) UNDER IMPORT OF GOODS , THIS IGST PAID ON IMPORT IS NOT SHOWN IN ITC CREDIT CLAIMED AND DUE SUMMARY GENERATED BY DEFAULT ON GST PORTAL UNDER TAB COMPARISON OF LIABILITY DECLARED AND ITC CLAIMED

BY: SHYAM SUNDER

Total Answers : 0 | View Answers | Post Answers

38067
Mar, 31
2019
GST - ( PUNJAB DEVELOPMENT TAX 2018 )

Punjab Govt has notified Punjab development tax for Persons having income more than 250000- Can any body confirm whether this amount is before availing Chapter VI deductions or after deducting deductions like 80C

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

38068
Mar, 31
2019
GST - ( PUNJAB DEVELOPMENT TAX 2018 )

Punjab Govt has notified Punjab development tax for Persons having income more than 250000- Can any body confirm whether this amount is before availing Chapter VI deductions or after deducting deductions like 80C

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

38069
Mar, 31
2019
GST - ( GSTR 9 )

After adding one Outward Liability in GSTR 9,We used Compute Liability button . There was no liability shown and we filed the annual return hoping we will be able to generate Tax challan but Return has been already filed. Now We do not know how to deposit pending liability as no outstanding Liability is being shown

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

38070
Mar, 31
2019
GST - ( GSTR 9 )

After adding one Outward Liability in GSTR 9,We used Compute Liability button . There was no liability shown and we filed the annual return hoping we will be able to generate Tax challan but Return has been already filed. Now We do not know how to deposit pending liability as no outstanding Liability is being shown

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

38063
Mar, 30
2019
GST - ( STATUTORY BANK AUDIT FEES FOR 2018-19 )

Can We issue bill in March 2019 for the Statutory bank Audit 0f 2018-19 (to be commenced in April 19) as Banks will provide for Audit fees in 2018-19 in their books

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

38064
Mar, 30
2019
GST - ( OLD ITC )

ITC not claimed in F.Y.17-18 and expenses debited with full amount, while checking 2A, Tax amount is showing. Can we calim ITC in F.Y.18-19 and correct the accounting entry?

BY: CA. TOMAR MAHENDRA SINGH

Total Answers : 1 | View Answers | Post Answers

38065
Mar, 30
2019
GST - ( DICLOSURE OF FREE SALE )

I have made free sample sale and i have paid GST on such sale at applicable rate and i have disclosed such sale in GSTR-1 in B2B transaction and paid GST in GSTR-3B and i have issued financial CN(including GST amount) to customer and i have borne GST paid as expense now , GST paid is showing in customer's GSTR-2A which is not eligible credit for him as he has not borne GST amount so customer wish me to do something that GST credit amount will not display in his GSTR-2A now how can i amend original sales invoice in GSTR-1 ? if i amend GSTR-1 with zero taxable amount and tax then there will be difference in my GSTR-1 & GSTR-3B. And Then how i can disclosure in GSTR-9 and 9C for this transaction difference ?

BY: parth

Total Answers : 0 | View Answers | Post Answers

38061
Mar, 29
2019
MISC. - ( SEZ RAISING A DEBIT NOTE IN INR )

We X ltd, purchase goods from a SEZ unit, Y ltd and exports the same to our customers. Since we buy from a SEZ unit, there is a pink shipping bill against which we buy the goods and then export the said goods by filing shipping documents. There is no customs duty involved in the both the legs of the transaction. During the course of transactions with the supplier, he had noticed that, the goods have been invoiced at a lower cost, owing to charging of lower Overhead expenses. The volumes promised by Xltd in the beginning of the year was more than 50 Cr, and negotiated the purchase price based on the said volumes. The supplier also had prepared the cost sheets, absorbing the Overheads based on the said volumes but unfortunately, we could not buy so much from the them, and hence the supplier revised the cost sheets with the actual volumes sold to us and realised that, a total of Rs. 1 cr should be the fall (estimate amt). The supplier is planning to raise a debit note(s) to that extent, since the original billing happened in USd and he is located in SEZ unit, the debit note amount will also be in USD. Question : 1) What is the procedure to make the payment against this debit note(s). 2) Can Y ltd, located in SEZ unit raise a debit note for rate difference in INR, the value could be Rs. 2 Cr. (for the short price charged for FY 2018-19 supplies, which were originally invoiced in US dollars) Comment: All the payment invoices and export bills are settled in with the same AD bank.

BY: AVINASH GARIGANTI

Total Answers : 1 | View Answers | Post Answers

38062
Mar, 29
2019
GST - ( DISCLOSURE OF DTA SALE BY SEZ UNIT IN GSTR-3B & GSTR-1 )

Where to show sales made by SEZ to DTA in GSTR-1 & GSTR-3B ?

BY: parth

Total Answers : 2 | View Answers | Post Answers

38058
Mar, 28
2019
Companies Act, 2013 - ( AOC 4 FILING )

One of my client which is a private limited company, conducted AGM before 30 Sept 2018 but could not adopt the financials as the audit was not over. The audited financials was adopted in an adjourned AGM which was conducted in the month of October 2018. Is it mandatory to file AOC 4 for the first AGM and file again after Adjourned AGM?

BY: NIRAJ PM

Total Answers : 1 | View Answers | Post Answers

38059
Mar, 28
2019
GST - ( UTILIZATION OF ITC UNDER GST )

My total liability under gst is CGST 24,00,000 and SGST 24,00,000. I had available itc in credit ledger IGST 33,00,000, CGST 2,72,000 and SGST 2,72,000 and in cash Ledger CGST 5,72,000 and SGCT 5,72,000. My calculation is CGST Liabi. 24,00,000-2,72,000(CGST credit)-5,72,000 (Cash ledger)-15,56,000(IGST Credit)=0 SGST Liab. 24,00,000-2,72,000(CGST credit)-5,72,000 (Cash ledger)-15,56,000(IGST Credit)=0 ITC in credit ledger is IGST =188000. Whether it is correct.

BY: MAHADEO VIRUPAX WALI

Total Answers : 3 | View Answers | Post Answers

38060
Mar, 28
2019
DIRECT TAXES - ( 240554 )

What is the sale value of Recharge dealer for income tax purpose. Is it the Voucher value or the commission amount? and how to show reconciliation between IT sales, GST sales and TDS as per 26AS

BY: Sai Ram

Total Answers : 1 | View Answers | Post Answers

38056
Mar, 27
2019
MISC. - ( BANK AUDIT )

For classification of KCC loan account as NPA do we have to take 90 Days criteia in addition to two crop season for short duration crop.Or the account will be NPA after two crop season

BY: VIPIN GUPTA

Total Answers : 2 | View Answers | Post Answers

38057
Mar, 27
2019
GST - ( OMITTED TRANSACTIONS OF SALE/INPUT CREDIT )

A person has filed Nil returns during July 17 to March 18 However he had made around Rs 2000- sales through Snapdeal to Non GST Customers during one month of above period .He also has some input credit on account of commission paid to Snapdeal on above transactions.. My Question is: Whether he can make changes in GSTR 9 directly without any modification of GSTR-1 etc by adjusting Input Credit or making cash payment as Bills can be added in B 2 B Customers only . If input credit is sufficient to discharge liability, whether still interest will has to be paid?

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

38052
Mar, 26
2019
GST - ( GST ON REVERSE CHARGE BASIS )

If a person has paid freight and other charges related to a purchase transaction alongwith GST to a transporter. Whether he will be out of Reverse charge liability and still claim input credit for GST paid

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

38053
Mar, 26
2019
Companies Act, 2013 - ( FORM NO. DPT3 )

One of my client is Private Limited Company. There are no Public Deposits. But the Company has accepted Unsecured Loans form Directors. Is it necessary to file DPT 3? In such a case upto which date the balance of unsecured Loans to be disclosed.

BY: somu balasrinivasa murthy

Total Answers : 2 | View Answers | Post Answers

38054
Mar, 26
2019
Companies Act, 2013 - ( DIR 3 KYC )

Last year I have filed DIR 3 KYC for all the Directors. Is it necessary to file DIR 3 KYC for all the Directors once again?

BY: somu balasrinivasa murthy

Total Answers : 2 | View Answers | Post Answers

38055
Mar, 26
2019
Profits & Gains of Business & Profession - ( TALK TIME RECHARGE TO )

When mobile recharge coupons are received from and sold by distributor to retailer full value is recorded as value of supply for the purpose of GST. However for in reality distributor get only a commission and TDS is deducted for the purpose income tax. How does this turnover to be considered in Income tax return. Is it the full value (consider as a normal merchant) or only commission

BY: Sai Ram

Total Answers : 1 | View Answers | Post Answers

38050
Mar, 24
2019
Service Tax - ( SERVICE TAX LIABILITY (OLD INVOICE , PAYMENT NOT RECEIVED ) )

HI , invoices were raised to the Clients for Rs 10r Plus Service tax in FY 2013-14. . As the service tax is to be paid once the invoices are raised, company has not paid the service tax on same as no money has received from the Client. Not even after 5 years the payment of the invoices are still not received. Department is asking for service tax. How to deal with this? in books as well as department level. Thanks in advance

BY: CA. BISHT RAKESH

Total Answers : 1 | View Answers | Post Answers

38051
Mar, 24
2019
GST - ( GST )

Dear sir, One of my client has got a research work from US Generator company to give a market survey report for there product for that they are paying Rs 45 Lacs. Do we have to take GST registration for it. Will it be not covered under export services and not liable to GST

BY: VIPIN GUPTA

Total Answers : 4 | View Answers | Post Answers

38048
Mar, 23
2019
GST - ( ITC 04 )

Dear Sir, I have following doubts regarding ITC 04 1. My client is an manufacturer and is sending rough diamonds to job worker and the job worker after processing is sending polished diamonds. so now in the sheet of JW TO MFG. whether i have to mention Rough diamonds or Polished Diamonds?? 2. Another Client is based at Mumbai (as an principal manufacturer) is sending goods at surat for job work and the surat job worker is again sending it to another job worker for process. Than the processed goods are than returned by sub job worker to surat and than surat to mumbai for sale. whether the surat job worker will have to file ITC 04? If no than whether mumbai manufacturer will have to describe in his return about goods sent to another job worker??

BY: ALIRAZA SAJJAD RAVJANI

Total Answers : 0 | View Answers | Post Answers

38049
Mar, 23
2019
Profits & Gains of Business & Profession - ( SECTION 80IBA )

if an individual own a land & Builder approached the land owner for housing project by executing JDA (Joint Development Agreement) . Can Builder & also the land owner of his business income (other than capital gain income) can claimed benefit of Section 80IBA or only builder can take benefit of that. Also please inform is there any approval to be taken from income tax department for the project or any other authority for claiming the Section 80IBA benefits.

BY: NADIR D SHAIKH

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38043
Mar, 22
2019
GST - ( COMPOSITION SCHEME )

After the amendments in the year 2019. 1. Is the service provider other then restaurants is also eligible to opt for composition scheme?

BY: SK

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38044
Mar, 22
2019
Capital Gains - ( 171879 )

ASSESSEE HAS ACQUIRED SHARES THROUGH PRIVATE PALCEMENT IN THE YEAR 2006 WHEREIN STT WAS NOT PAID. LATER ON SHARES OF THE COMPANY GOT LISTED IN YEAR 2016. ASSESSEE SOLD SHARES IN THE FINANCIAL YEAR 2018-19. SO IS BENEFIT OF SECTION 10(38) AVAILAIBLE?? THANKS IN ADVANCE.

BY: BHAIRAV P JAIN

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38045
Mar, 22
2019
GST - ( GSTR 9 )

In table 5(F) of GSTR 9 relating to Non-GST supply, it mentions to report about No Supply. Please clarify what are the categories of supply that we have to include under No Supply?

BY: NIRAJ PM

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38046
Mar, 22
2019
GST - ( GSTR 9 FOR NON AUDIT CASES )

In case of asessee not subject to audit ,ITC eligible during 2017-18 not availed then, but added in GSTR 3B for April 18 will be shown as there is no reconcillation statement it seems

BY: Mahesh Kumar

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38047
Mar, 22
2019
GST - ( DISCLOSURE OF ITC IN GST3B FOR IGST PAID ON IMPORT )

IGST IS PAID ON IMPORT . HOW THIS GST PAID IS SHOWN IN GST3B IN TABLE 3.1.d "Tax on outward and reverse charge inward supplies " UNDER INWARD SUPPLIES (LIABLE TO REVERSE CHARGE) AND IN TABLE TABLE 4 " ELIGIBLE ITC UNDER ITC ON REVERSE CHARGE

BY: SHYAM SUNDER

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38041
Mar, 19
2019
GST - ( 078989 )

Rule 46(n) mentions :- Place of supply along with the name of the state, in course of inter-state or commerce; Does it make mandatory to mention a separate line on invoice like " Place of Supply-- New Delhi" Or State name mentioned in "Bill to","Ship to" or "Invoice to" provide full address as well as state like Bill To:- ABC Ltd, 123 xyz labe, New Delhi-1100110 Does above "Bill to" will suffice requirement of Rule 46(n)

BY: Vivek Gupta

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38042
Mar, 19
2019
DIRECT TAXES - ( 019451 )

a return for a charitable trust with registration under section 12 was filed in ITR 7. for the assessment year 2018-19. I get a notice under section 139(9) saying that the return is considered defective as I have not claimed any exemption under section 10 or 11 or 13A. The intimation further says I should file ITR 6. I did not claim any exemption as there was no receipt for the previous year ended 2018. Can anyone guide as to what I should do? The department has accepted earlier year returns filed in ITR 7 despite there was no income in earlier assessment years

BY: BALRAM Flats

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38039
Mar, 18
2019
GST - ( GST ON REVERSE CHARGES )

Dear Sir, One of my client is a trader of agriculture produce, we have by oversight not paid RCM on Raw Cotton. However we have paid tax in every month to the tune of Rs 1 lacs and the reverse charge libility come to Rs 5000/-. We have not shown in form 3B. My query is can be can be directly show it in form GSTR 9 annual return for the March 2018. Tax Payable and Input Received. Will there be any interest liability

BY: VIPIN GUPTA

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38040
Mar, 18
2019
GST - ( CHARITABLE ORGANISATON )

Notification No. 12/2017 Central Tax (Rate) dt: 28/06/2017, which exempts charitable organizations from GST Law is applicable to organizations Registered u/s 12AA of IT Act 1961. Section 12AA has come into force w.e.f 01/04/1997 There are older, organizations who are registered u/s 12A of Income Tax Act. Will this notification apply to such organizations also.

BY: Ethirajan

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38038
Mar, 17
2019
GST - ( INTEREST IN GST_ WHETHER ON GROSS OUTPUT TAX OR NET TAX LIABILITY )

Should i pay interest for late payment of GST on Gross liability or Net liability (after adjusting inputs)? Please clarify

BY: GADE RANGA REDDY

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38037
Mar, 16
2019
GST - ( SUPPLY TO SEZ )

Dear Sir, We are supplying goods to SEZ under LUT. The ITC of Inputs is being used for payment of tax on others taxable supply is the procedure correct. Or we have to apply for refund for ITC used in Inputs which are being supplied to SEZ Unit

BY: VIPIN GUPTA

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38036
Mar, 15
2019
DIRECT TAXES - ( 44AD AMENDMENT )

X AN INDIVIDUAL FILED BUSINESS INCOME U/S 44AD FOR THE FY 2014-15, AND THEREAFTER THE RETURN WAS FILED U/S 44AB, DULY AUDITED TILL FY 2016-17. NOW IN FY 2017-18 THE TURNOVER IS RS 150 LACS, AND WANT TO FILE THE RETURN U/S 44AD, CAN HE FILE THE SAME IN 44AD. BECAUSE THE CHANGES IN 44AD HAS BEEN MADE FROM FY 2015-16.

BY: pradeep kumar agrawal

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38035
Mar, 14
2019
DIRECT TAXES - ( 240554 )

How to setoff of business loss in the below scenario for NRI. Loss from Business -235000, Short term capital gain 220000 and income from other sources 200000. With which income loss should be setoff first, STCG or Other sources. If setoff with other sources first, need to pay tax STCG as basic exemption limit is not available.

BY: Sai Ram

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38033
Mar, 12
2019
AUDIT - ( EMPANELMENT FOR BANK AUDIT )

Sir ICAI has developed a new software for allocation of branches for statutory audit from 2018 and 2019 It is learnt some banks have not adopted this software and in the absence of such consistency in following a uniform system for allotment of branches it is injustice with those who fall in category IV and live in small towns depending on small firms for audit and allied purposes My question is those falling in above category and after completion of 4th year of audit allotment who have not got audit of public sector banks Also comments solicited on new system for the year 2019 Regards Ashok Aggarwal Moga Punjab

BY: ASHOK AGGARWAL

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38034
Mar, 12
2019
MISC. - ( SALE OF LAND BY TRUST )

The land has been sold by trust and accordingly, the tax has been paid and the proceeds realized from the sale of land has been distributed to the trustees. There are two points: 1. Whether tax paid at the time of sale has been correct. 2. Tax treatment in the hands of the trustee.

BY: Shobhit Bansal

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38032
Mar, 11
2019
GST - ( GST FILING )

A cooperative bank, which has obtained registration for GST during FY 2018-19. However bank has taxable gst turnover during FY 2017-18. 01. Whether such taxable turnover needs to be filed and How to file earlier taxable details in GST portal. 02.If bank is subject to audit under GST, how to file 9 and 9C for FY 2017-18.

BY: Sachin

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38030
Mar, 10
2019
TDS/TCS - ( TDS ON PROPERTY )

Mr. X has alloted a plot (Lease -90 years)by Authority for Rs. 47.00lacs and Mr. X has opt for payment option as 10% down payment i.e 4.7 lacs immediately and balance in 10 equalhalf yearly instalment with 10.5% p.a int and Lease Rent-10% will also levied after 5 years My querry is whether Mr. X has to deduct 1% TDS of payment as total consideration paid by Mr. X is exceeds Rs. 50 lacs (with Int) Whether TDS will deducted on LeaseRent also.

BY: SANDEEP KAPOOR

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38031
Mar, 10
2019
MISC. - ( CONVERSION FROM CA PROPRIETORSHIP TO PARTNERSHIP FIRM )

A proprietor CA (has not obtained firm name) who is into practice for more than 6 years in his own name, wants now to convert into partnership firm. O1. Will his period of 6 years be counted for bank and insurance audits. 02. Will change in name has any impact. 03. What is procedure to convert proprietorship to partnership firm.

BY: Sachin

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38024
Mar, 08
2019
DIRECT TAXES - ( UNREGULATED DEPOSIT ORDINANCE 2019 )

Whether Unregulated deposit Ordinance will have any effect on small businesses taking deposits/loans from Relatives/nonrelatives in their books of accounts. I feel this ordinance has been brought only to prohibit deposit from Public by only those entities whose primary business is accepting deposits from people on the pretext of returning with heavy interest etc. Please clarify

BY: Mahesh Kumar

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38025
Mar, 08
2019
GST - ( GST ON UNDERCONSTRUCTION PROPERTY )

A person had booked flat around one year back with a Construction company and has paid 60% of payment already alongwith GST @12% Now wef 01-04-2019 GST rate has come down to 5% without input credit. Whether he has to pay remaining amount with GST @ 5%

BY: Mahesh Kumar

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38026
Mar, 08
2019
GST - ( VAT CREDIT WRONGLY CARRY FORWARD INTO TRANSITIONAL RETURN (TRAN 1) )

We have carried forward Excess tax into the TRAN-1and taken as transitional SGST credit on 27.12.2017. Such excess tax carried forward amount includes WCT/STDS (Works Contract tax/SALES TAX DEDUCTED AT SOURCE) deducted by our Customer/client which was actually adjusted with the payment of output VAT. But this amount was inadmissible as per transitional provison as per sec.140 so we have never utilised the same credit for the payment of the output GST and we have reversed the same through GSTR 3B in the month of July'2018. After that after July'2018 we have received DRC 07 summary of order that we have to make payment of interest @24% on such availment of inadmissible transitional credit on the full amount of inadmissible credit. Kindly give your light on the above action whether interest will be applicable on the full amount amount of inadmiisble credit @24%. If interets will not be charged how can we convince out commercial tax officer or what will be the ground of appeal for rectification of order.

BY: Chandra Kant Prasad

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38027
Mar, 08
2019
MISC. - ( AUDITOR DISQUALIFICATION )

Whether Auditor disqualification u/s 226 under Co Act 1956 or u/s 141 under Co Act 2013 will apply presently? Few are asking under one and others are in 2nd condition. Will 226 under Co Act 1956 still hold good?

BY: SURAJ KUMAR CHOUDHURY

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38028
Mar, 08
2019
DIRECT TAXES - ( ASSETS APPORTIONMENT OF MEMBER OF HUF )

How assets of a member of HUF can be apportioned? Whether it will go to heir only or it can be apportioned to the HUF? Is assets can also be apportioned in between both ?

BY: SURAJ KUMAR CHOUDHURY

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38029
Mar, 08
2019
DIRECT TAXES - ( DIRECT TAXES - ( UNREGULATED DEPOSIT ORDINANCE 2019 ) )

Whether the said regulation will effect existing deposits or loans also? How it would effect the deposits or loan already taken on the date of ordinance, whether the same is to be paid back immediately or it can continue and only effect fresh deposit or loan only.

BY: SURAJ KUMAR CHOUDHURY

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38019
Mar, 07
2019
CORPORATE & OTHER LAWS - ( CONSOLIDATED FINANCIAL STATEMENT ( )

Mr X and Y are directors in M/s A Private Limited , B Private Limited and C Private Limited . In all the three companies both directors hold 50% each . Doe we need to prepare the Consolidated Financial Statement ? if yes then for which entity and if no, the reason. Thanks in advance .

BY: CA. BISHT RAKESH

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38020
Mar, 07
2019
Service Tax - ( AGGREGATE TURNOVER CALCULATION )

As per notification no 05/2012 dated 17/03/2012, aggregate value of Rs.1000000 calculated by sum of taxable services charged in first consecutive invoices. In the case of work contractor , taxable value comes after abatement of 40% for material part, if total contract receipt Rs.1200000 then taxable value comes Rs. 720000. But as per department view first deduct Rs. 1000000 and then calculate abatement on Rs. 200000. Finally taxable amount comes Rs.120000. Please explain correct legal position.

BY: vikas jain

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38021
Mar, 07
2019
DIRECT TAXES - ( SEC 194IA )

Dear Sir, We have received an consideration of Rs 2 Cr from a party against sale of land on 29/09/2018. The party has not entered into verbal agreement that it will do the registry in May 2019. We have handed over the possession to the party. So you are requested to kindly guide in which year we should account for the income A/y 2019-20 to A/y 2020-21.

BY: VIPIN GUPTA

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38022
Mar, 07
2019
Capital Gains - ( CAPITAL GAIN )

Dear Sir, One of our assessee father has expired and the property has devolved on the assessee on 15/05/2016. The Property was purchased by his father in year 1989. Sir, I want to know the period of holding for indexation will be taxed from 2001 or F/y 2016-17.

BY: VIPIN GUPTA

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38023
Mar, 07
2019
AUDIT - ( SIGNING OF THE CONSOLIDATED FINANCIAL STATEMENT )

If the standalone Financial statement of M/s X Limited, a Private limited company , is signed by Mr A , the statutory auditors , Can the Consolidated financial statement of M/s X limited , be signed by the Mr B , a different Chartered accountant? Thanks In Advance .

BY: CA. BISHT RAKESH

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38017
Mar, 05
2019
DIRECT TAXES - ( CAPITAL GAIN ON LAND )

A plot was named of Two Directors and they have introduced the same in company's stock by crediting their Loan A/c. in 2014-15 However they had not made registry in favour of co. Thereafter co has constructed three floor from co. fund and sold them and returned the loan of director in different diffrent year . Director has not disclosed the same in their personal ITR . Now what to do and what is the implications thereof . Thanks in Advance

BY: SANDEEP KAPOOR

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38018
Mar, 05
2019
GST - ( SERVICES TO NEPAL AND BHUTAN )

Dear Sir, After notification 2/2019 whether service supplied to nepal and bhutan will be taxable if amount is received in indian currency

BY: VIPIN GUPTA

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38016
Mar, 02
2019
GST - ( GST ON MOVEMENT OF CRANES )

Dear Sir, one of our client is registered in Rajasthan and has got a contract for construction of Factory shed at Gujrat. We donot have any fixed establishment at Gujrat and have not taken any registration there. Now we have to send some cranes there for job work can be send it on delivery challan or we have to issue invoice. As i have read the circular 1/1/2017 of IGST Dt 07/07/2017 and further clarifed by 21/21/2017 that we send the cranes only between distinct persons. As we are not registered there will we be treated distinct person. Can be follow the procedure to send goods by delivery challan

BY: VIPIN GUPTA

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38012
Mar, 01
2019
Service Tax - ( SERVICE TAX )

Sir, One of my client is a agent of LIC he is receiving commission income to the tune of Rs 17-18 Lacs during the F/y 2015--16,2016-17 is he liable to pay servie tax. Please mention the supporting notification as we have to give reply to service tax Deptt

BY: VIPIN GUPTA

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38013
Mar, 01
2019
TDS/TCS - ( TAN CORRECTION )

In Case of Change in State of Business, Should i Apply for a Fresh TAN in the New state or apply for correction of address in the existing TAN.

BY: Harish

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38014
Mar, 01
2019
GST - ( GST ON TECHNICAL OR MANAGEMENT FEES )

Foreign Holding Company of an Indian MNC Subsidiary, charges Technical or Management Fees on an Annual basis. Is this Import of Service for the Indian entity within the definition of Supply ? Whether GST payable on RCM basis even when the charge of RCM is delayed as per the Notifications ?

BY: Hemal Yogesh Shah

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38015
Mar, 01
2019
GST - ( ITC FOR INSURANCE COMPANY )

Can insurance company claim ITC on payments made to third party while settling claims like garage service payments etc. What will be base for claiming such ITC for Insurance company.

BY: Sachin

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38011
Feb, 28
2019
DIRECT TAXES - ( 12 A CERTIFICATE IS NOT AVAILABLE IN CASE OF EDUCATIONAL INSTITUTION )

THERE IS ONE EDUCATION INSTITUTION WHICH IS NOT REGISTERED U/S 12A OF THE INCOME TAX ACT. THE GROSS RECEIPTS OF EDUCATION INSTITUTES ARE MORE THAN 1 CRORE INCLUDING SALARY GRANT FROM STATE GOVT. RETURN OF INCOME NOT FILED DUE TO NON AVAILABILITY OF 12A. HOW TO FILE INCOME TAX RETURN? PLEASE LET ME KNOW WHAT ARE THE CONSEQUENSES.

BY: MAHADEO VIRUPAX WALI

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38002
Feb, 27
2019
IFRS - ( PERCENTAGE COMPLETION METHOD FOR CONSTRUCTION COMPANY )

If a construction Company has received permission for first 10 floors out of total 20 floors. Construction of 10 floors is completed and advances of more than 25% saleable area (of 10 floors) is secured by contracts/agreements. It is also proposed that Company will receive permission for 11-20 floors soon. Whether 10 floors can be considered as 1 unit and Percentage completion method be applied on it? OR Whether entire 20 floors should be considered as one unit since common spaces like lobby will be utilised for entire 20 floors only and consequently POCM to be ignored?

BY: Prachi Vora

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38003
Feb, 27
2019
DIRECT TAXES - ( 079710 )

My client is an educational society having 12A and filed their return of AY 2016-17 to AY 18-19 within due date . Further they could not spent 85% of their gross receipts and accumulated excess funds for further expansion and the same has been also reported in Audit report (Form 10 B) However we have omitted to File electronically Form 10 and the CPC has raised the tax demand . what is remedy to us pl. clarify . Can we file condone of delay or any other remedy ??

BY: SANDEEP KAPOOR

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