• Registered Users :
  • 157798
  • Current Active Users :
  • 100061

Forum

DID YOU KNOW ?

You can add further comments to your query by clicking on "Add Comment".
This link will appear only, if you are logged-in with your user id and password. The same will appear as
"Querist Comment" on the Forum.

Click here to Post your Query >>
View Archive
Que. Id Date Description
40431
Oct, 14
2019
AUDIT - ( TAX AUDIT APPLICABILITY )

Dear all, Is there any voluntary tax audit system available on income tax act ? if yes, under which section we need to mention in audit report or while udin generation.

BY: CHANTI EMBADI

Total Answers : 1 | View Answers | Post Answers

40432
Oct, 14
2019
DIRECT TAXES - ( LLP DEED CHANGES )

A LLP is working. Now some Partners are to be inducted in the same LLP. The new Parthers have already give their Share to the LLP before 31.3.19. The LLP has kept their money as Unsecured Loan. Now they want to become Partners in the LLP. A Fresh LLP Agreement is Drafted on 01.10.19. Whether we can make it effective w.e.f 01.04.2019. Meaning that the New Partners shall become Partners of the LLP since 01.04.2019.

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40428
Oct, 12
2019
DIRECT TAXES - ( AMOUNT RECEIVED FROM INSURANCE CO )

AMOUNT RECEIVED FROM INSURANCE CO IS EXEMPT U/S 10(10D).IS IT APPLICABLE TO ANY AMOUNT OR THERE IS SOME OTHER CONDITIONS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

40429
Oct, 12
2019
DIRECT TAXES - ( CHARITABLE TRUST )

TRANSFER FIXED ASSET BY A CHARITABLE TRUST REGISTERED U/S 12AA TO ANOTHER CHARITABLE TRUST WITH SAME OBJECT S BUT WITHOUT REGN. U/S12AA. KINDLY CLARIFY THE IMPACT FOR THE TRANSFERROR TRUST AND THE TRANSFEREE TRUST UNDER INCOME TAX ACT

BY: P.SHANGAR

Total Answers : 0 | View Answers | Post Answers

40430
Oct, 12
2019
DIRECT TAXES - ( MAT ON FARMERS PRODUCER COMPANY )

AS PER SECTION 80 P THE INCOME TAX ACT, INCOME OF THE FARMERS PRODUCER COMPANY IS EXEMPT FROM FY 18-19 ( AS PER THE BUDGET 18-19) LIMIT TURNOVER IS UP TO 100 CRORES, AVAILABLE FOR 5 YEARS FROM AY 2019-20 LET ME KNOW WHETHER MAT IS PAYABLE ON THE SAME FOR COOPERATIVE SOCIETIES THE AMT IS NIL WHETHER THE SAME BENEFIT IS AVAILABLE FOR FARMERS PRODUCER COMPANY

BY: sadashiv iranna c

Total Answers : 0 | View Answers | Post Answers

40426
Oct, 11
2019
DIRECT TAXES - ( SECTION 145A OF INCOME TAX ACT INMPACT )

After the introduction of section 145A of the Income tax Act 1961 Whether exclusive system of accounting for taxes is still permitred ? Exclusive system of taxes Considering taxes which can be claimable as a part of Balance sheet and npt routing through Profit and loss statement

BY: DINESH ARAVINDH V

Total Answers : 0 | View Answers | Post Answers

40427
Oct, 11
2019
DIRECT TAXES - ( HUF DIFFERENCE BETWEEN MEMBER AND CO PARCENER )

Sir, kindly let me know difference between Member and Co parcener in the case of HUF

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40423
Oct, 10
2019
AUDIT - ( UDIN GENERATION )

In case of Trusts which are registered u/s 12AA of the Act and for which audit reports in Form No.10B are to be issued, whether separate UDIN is to be generated for signing audit report in Form No.10B and for separately for signing financials ?

BY: CA. GANESH R

Total Answers : 1 | View Answers | Post Answers

40424
Oct, 10
2019
GST - ( GST ON JOINT DEVELOPMENT AGREEMENT )

WHETHER GST LIABLE ON JOINT DEVLOPMENT AGREEMENT?? IF YES THEN WHO IS LIABLE TO PAY AND ON WHAT VALUE IT IS PAYABLE??

BY: Ninad Prataprao Shete

Total Answers : 1 | View Answers | Post Answers

40425
Oct, 10
2019
MISC. - ( STANDING OF A CA PROPRIETOR FIRM MADE BY A PART TIME COP HOLDER )

Q1 If a member holding Part time COP made a Proprietorship firm and later on he started a full time practice, so from which date standing of that firm will be counted, whether from date of its incorporation or date from which member converted its COP to full time? Q2 Also member holding Part time COP can train article assistant while acting as a partner of a practicing CA firm?

BY: JAYESH GEHANI

Total Answers : 0 | View Answers | Post Answers

40421
Oct, 07
2019
DIRECT TAXES - ( MEMBERS OF HUF )

Who can be Members of a HUF? Whether son's wife is eligible to become Member of a HUF ?

BY: AJAY JAIN

Total Answers : 2 | View Answers | Post Answers

40422
Oct, 07
2019
DIRECT TAXES - ( HUF'S RELATIVES )

Who are the Relatives in the case of a HUF?

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40420
Oct, 06
2019
DIRECT TAXES - ( PAYMENT IN PARTS )

A person purchases Fixed asset value 19000- but makes cash payment 10000- on date of purchase and 9000 on next day. Whether this is ok for income tax .

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40419
Oct, 05
2019
AUDIT - ( UDIN GENERATION )

Auditor has uploaded 3CBCD for his client to accept. Same is yet to be accepted.Whether UDIN should be generated upon accepance by him or uploading the same.

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

40418
Oct, 04
2019
CORPORATE & OTHER LAWS - ( DIVIDEND )

A private Limited Co. has a paid up capital Rs. 6.50 lacs & accumulated surplus Rs. 11.50 as on 31.03.2018 During the FY 2018-19 company has suffered losses Rs. 3.50 lacs . The Company has declared and PAid Dividend Rs. 8.50 LAcs to shareholders and deposited 1.74 lacs as DDT (Dividend Distribution Tax) in FY 18-19 My querry is whether the company can paid the above dividend and if no what is remedy or consequences .

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

40417
Oct, 03
2019
MISC. - ( SETTING OFF OF EXPORT PROCEEDS )

An Indian Company exports software services to its holding company in USA. Holding Company settles the invoice as per terms. From current year, holding company decides to allocate some common costs to its subsidiaries located across the globe. Accordingly, a proportion is apportioned to Indian Subsidiary. This expense will hit Indian Subsidiary's Profit and loss account. Let know whether export proceeds realizable by the Indian Subsidiary can be netted off with this expense under FEMA Regulations. Also let know, if Indian Subsidiary has to pay GST on this expense.

BY: balasubramanian

Total Answers : 0 | View Answers | Post Answers

40416
Oct, 02
2019
GST - ( GST AND INCOME TAX IMPLICATION IN CASE OF SLUMP SALE )

Shree Advertisers (here-in-after referred to as ‘the company’) is engaged in the business of selling advertising space or time .The company intends to sell its sole proprietorship business (alongwith assets and liabilities) as a whole and wants to know the tax implications under GST and Income tax Act. 1.Whether GST is applicable on sale of proprietorship business and its assets and liabilities as a whole? 2.What will be the tax implication on sale of assets and liabilities as a whole under Income tax Act , 1961? . 3.Will there be any exemption from capital gains tax if the profit arising from slump sale is reinvested in long term capital asset?

BY: shruti chhalani

Total Answers : 0 | View Answers | Post Answers

40414
Sep, 30
2019
DIRECT TAXES - ( TOUR OPERATOR )

A Tour Operator in India books for foreign tour package in India. he takes amount by cheque from client & deposit in his current account. In foreign he withdraws amount from ATM by his international ATM & incurred all expenses by cash in foreign currency. whether all this expenditure is allowable as per income tax act. TDS will be applicable or not. Please guide me for Income Tax compliance of outbound tour operator. Also please guide me what other compliance is to be done for outbound tour operator

BY: NADIR D SHAIKH

Total Answers : 1 | View Answers | Post Answers

40415
Sep, 30
2019
GST - ( GST INPUT )

Mr X has taken a Residential building on Rent from his wife Y and starts to operate a guest house in that building Mr. X has some expenditure in interiors in Fy 19-20 and Commercial transactions /operation may commence in FY 2020-2021 . My Querry is whether GST Input on Expenditure incurred on interiors on Building and Fixed lighting , decoration etc will be available to Mr. X and what should be treatment of such expenditure as Pre-operative exps. or Booked as revenue expenditure and claim as Business Loss in Fy 19-20

BY: SANDEEP KAPOOR

Total Answers : 0 | View Answers | Post Answers

40412
Sep, 29
2019
DIRECT TAXES - ( CASH PAYMENT BY COOPERATIVE SOCIETY TO TRANSPORTERS/SALARY )

A Cooperative society in transport business is making payments in cash exceeding 10000- to transporters(Who are family members only)and without deduction of TDS also Whether obtaining PAN is sufficient for transport payments and whether payment exceeding 10000- as exp by Cooperative Society to transporters is alright

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40413
Sep, 29
2019
Companies Act, 2013 - ( FIRST AUDITOR APPOINTMENT )

Dear sir, If the company incorporation date is 23rd March 2018,then company appointed the first auditor as on 2nd January 2019(since the cop of auditor effect from 31st December 2018) whether it is is valid appointment or not? If yes,is there any late fee for company for late appointment?

BY: CHANTI EMBADI

Total Answers : 2 | View Answers | Post Answers

40410
Sep, 28
2019
DIRECT TAXES - ( AMOUNT RECEIVED FROM INSURANCE CO )

AMOUNT RECEIVED FROM INSURANCE CO IS EXEMPT U/S 10(10D).IS IT APPLICABLE TO ANY AMOUNT OR THERE IS SOME OTHER CONDITIONS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 0 | View Answers | Post Answers

40411
Sep, 28
2019
DIRECT TAXES - ( PROFIT & LOSS ACCOUNT IN CASE OF F&O TRADING INCOME )

Facing problem while preparing P&L account for the F&O Trader under tax audit. The turnover, in this case, is Profits + Losses + Premium on options if any. So if this is the turnover, then how to get to the net profit/loss in the P&L account? What will be the value taken for the purchase?

BY: Hunny Badlani

Total Answers : 1 | View Answers | Post Answers

40408
Sep, 27
2019
TDS/TCS - ( CLAUSE 34(A) OF TAX AUDIT - WHETHER THE ASSESSEE IS REQUIRED TO DEDUCT OR COLLECT TAX AS PER THE PRO )

Whether any reimbursed expenses should also be reported in column 4 of clause 34(a) of Tax Audit report?

BY: Mithan Lal

Total Answers : 1 | View Answers | Post Answers

40409
Sep, 27
2019
MISC. - ( INSTITUTE EMPLOYMENT DETAILS )

HI Could anyone please tell me how do i update employment details in icai records, I checked it in my member card and it's not showing any details of employment. Also i'm working in CA firm since beginning but I've not taken my COP, so while taking Fellow membership will this be counted or I've to take COP to apply for fellow membership?

BY: Kamreen Fatma

Total Answers : 1 | View Answers | Post Answers

40405
Sep, 26
2019
GST - ( INPUT CREDIT ON INVERTOR PURCHASED WITH BATTERY )

A new set of Invertor and Battery are purchased .Whether GST can be claimed on both. Further battery replaced from time to time for Laptop/Invertor will also be eligible for Input credit?

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40406
Sep, 26
2019
GST - ( RATE OF GST ON PURE LABOUR CONTRACT UNDER AFFORDABLE HOUSING PROJECTS )

Rate of GST on pure labour contract under affordable housing projects like projects under CM Jan Aavas Yojna ? Is they are exempt or liable for tax at what rate

BY: SUBHASH CHAND

Total Answers : 0 | View Answers | Post Answers

40407
Sep, 26
2019
DIRECT TAXES - ( TRANSFER OF ASSETS BY REGISTERED CHARITABLE TRUST U/S 12AA TO ANOTHER REGISTERED CHARITABLE TRUST U/ )

KIND ATTN. SIR Transfer of property has been made between trust registered u/S 12AA to another registered charitable trust u/s 12AA and made without consideration.What is the impact of income tax? for both the transferror trust and transferee trust .If such transfer is exempted how to show in the income tax return and how to account in the books of accounts for both the trusts.

BY: P.SHANGAR

Total Answers : 1 | View Answers | Post Answers

40402
Sep, 25
2019
TDS/TCS - ( HOW TO RETRIEVE 26QB )

I HAVE PAID TDS ON PROPERTY, 26QB COULD NOT BE SAVED AT THAT MOMENT, BUT I HAVE PAID TAX CHALLAN, AND GENERATED 16B. NOW MY CLIENT IS ASKING FOR 26QB AS IT IS TO BE SUBMITTED IN LAND REGISTGRAR OFFICE FOR REGISTRATION. BUT I AM NOT ABLE TO RETRIEVE THE 26QB. PLEASE HELP ME IN REGENERATING THE 26AB, I HAVE ACKNOWLEDGEMENT NO AND EVERY DETAILS REGARDING THE TRANSACTION

BY: pradeep kumar agrawal

Total Answers : 1 | View Answers | Post Answers

40403
Sep, 25
2019
DIRECT TAXES - ( CASH WITHDRAWL BY PARTNERS )

Whether Partners can Withdraw from Partnership /LLP Firm in Cash. If yes, whether provisions of Sec 269ST will be applicable

BY: AJAY JAIN

Total Answers : 2 | View Answers | Post Answers

40404
Sep, 25
2019
MISC. - ( UDIN FOR CERTIFYING IN DIR 3 KYC )

Whether UDIN needs to be taken for certifying in Form DIR 3 KYC?

BY: Sivaraman A.R.

Total Answers : 1 | View Answers | Post Answers

40401
Sep, 23
2019
AUDIT - ( REVISION OF TAX AUDIT REPORT )

Can a tax audit report submitted by CA and accepted by Client be revised on finding a mistake

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40399
Sep, 21
2019
CORPORATE & OTHER LAWS - ( DPT-3 UNDER RESUBMISSION )

DPT-3 filed for private limited company was put under resubmission with the remark to submit the same with details list of such outstandings. How it is possible to get these details in case of an old companies carrying these since long (20 years) and for which no informations is readily available. What is time limit for resubmission as no specific time limit is given under remarks.

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40400
Sep, 21
2019
GST - ( CONTRACTOR'S GTO )

As per the GST Law, Gross receipts of Govt Contractor is suppose to be reduced by the GST and accordingly Turnover is to be shown under GST. But if we show the same turnover in income-tax, it would mismatch with 26AS receipts. In either case, difference in GTO would result in scrutiny. What should be the appropriate way for income-tax return as well?

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 1 | View Answers | Post Answers

40398
Sep, 20
2019
AUDIT - ( UNIQUE DOCUMENT NO GENERATION )

Whether Uniqie document is required to be generated for Stock Audit and revenue audits of Banks.

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40397
Sep, 19
2019
AUDIT - ( AUDIT OF RELATIVE )

Whether a C.A. can do Audit of his Relative.

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40396
Sep, 18
2019
Capital Gains - ( 108293 )

My client has plot of land. He entered into development agreement on 28.10.2016. Developer in return alloted 4 flats to land owner. Completion certificate of that flats were obtained on 07.08.2019. As per Sec.45(5A) capital gain will be chargeable in the hands of land owner in 19-20. My question is what is the date of transfer as per Sec.2(47). Whether it is 28.10.2016 or 07.08.2019. Further can a land owner claim deduction u/s.54F in 2019-2020.

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

40395
Sep, 17
2019
MISC. - ( CONVERSION OF FULL TIME COP TO PART TIME COP )

Sir I am a partner in a firm. I have moved to another city where I want to join employment but want to remain as a partner in the same firm. Is this possible by converting my full time COP to Part time COP. I cannot find ICAI guidelines with respect to this subject matter Kindly reply this on priority basis. Its urgent. Thank you

BY: sweety sharma

Total Answers : 3 | View Answers | Post Answers

40393
Sep, 16
2019
DIRECT TAXES - ( SECTION 269ST )

Exceptions in respect to Section 269ST- Provision of Section 269ST shall not apply any of the following if receipt by- a. Government....... What is government under Income Tax ? Can municipality be called a government ? Can municipality receive tax of more than Rs. 2 Lakhs in cash ?

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 1 | View Answers | Post Answers

40394
Sep, 16
2019
INDIRECT TAXES - ( IGST -SEZ UNIT )

an SEZ unit is taking services of a hotel for an event management which will be taking place at their hotel - Convention hall. Will the services attract IGST (considering as supply of services to SEZ unit) or it will be subjected to CGST /SGST ( considering that place of supply is Hotel iteself and is not teh SEZ unit)

BY: GeetikaSetia

Total Answers : 0 | View Answers | Post Answers

40392
Sep, 15
2019
GST - ( GST ON TRAINING SERVICES )

what will be the gst impact for a person who is providing training services from india to people outside india through digital mode ?

BY: ravi kishore bhagi

Total Answers : 0 | View Answers | Post Answers

40391
Sep, 14
2019
SME - ( HOW TO CHANGE PROPRIETOR )

A proprietor ship firm wants to change its proprietor in the existing firm. What's the best way to do the same.

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40389
Sep, 13
2019
DIRECT TAXES - ( NEW REQUIREMENT IN COMPANY INCOME TAX RETURN )

In case of Pvt Ltd Company, there are two additional requirement apart from existing one, which are very difficult to furnish: 1. Shareholders details with PAN numbers. 2. Assets particulars with date of acquisition. A private limited company, which have been registered 30 years ago, how these details could be gathered and where from to arrive these figures. Even ROC data is available for last 12 years. Please respond

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40390
Sep, 13
2019
DIRECT TAXES - ( FORM 3CD LOAN REPAYMENT OTHERWISE THEN IN CASH )

Unsecured loan was taken by way of journal entry in one hand from another as legal heir fund. How to disclose the same in 3CD, as this entry fall in none of the prescribed mode. Similarly how to disclose payment of Interest on unsecured loans which is paid by way of journal entry only

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40386
Sep, 11
2019
Companies Act, 2013 - ( SCHEDULE III - DIVISION FY 2018-19 )

Whether a private limited company which is preparing its balance sheet as per Division I of Schedule III is required to disclose the details wrt MSME on the face of balance Sheet or not..?? Kindly treat this query as urgent.

BY: CA Neha Gupta

Total Answers : 2 | View Answers | Post Answers

40387
Sep, 11
2019
GST - ( ISSUE OF GST INVOICE FOR SERVICES )

A Proprietorship firm is dealing in textile business and having GST number. Now the Prop wants to add commission business under the same GST Whether he will have to get seperate bill book for services rendered or hr can continue with same bill book

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40388
Sep, 11
2019
GST - ( GST ANNUAL RETURN )

Whether pure agent services like paying taxes on behalf of some person be considered as exempt supply in GST...?? If yes, whether the amount received as a pure agent be included in computing the aggregate turnover for the purpose of audit of a taxpayer..???

BY: CA Neha Gupta

Total Answers : 0 | View Answers | Post Answers

40384
Sep, 10
2019
MISC. - ( ITR - 6 FILING )

Companies have to furnish details of “assets” including Jewellery, Painting etc., Unfortunately, it is not mentioned as “Fixed Assets”. Assets naturally includes inventories also. Does it mean a Private Company having a Jewellery Shop has to furnish details of jewellery for the above requirement in ITR 6

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

40385
Sep, 10
2019
AUDIT - ( TAX AUDIT )

Is Political Party liable to tax audit?, If yes, Then in which form tax audit shall be filed?

BY: Abhinav

Total Answers : 1 | View Answers | Post Answers

40382
Sep, 07
2019
DIRECT TAXES - ( INCOME TAX )

Dear sir, One of our client is selling a plot of land and to avoid tax he is telling me that he will gift the property to the purchaser and the purchaser has agreed to pay tax on it under sec 56. However there will be exchage of consideration in the form of Cash. Will there be any liablity on the Seller. Under Income Tax Act

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

40383
Sep, 07
2019
DIRECT TAXES - ( TDS )

Dear Sir, There is audit U/s 44AD and previous year and this year his turnover is 1.5 cr to 1.7 cr. He has paid interest to one party unsecured loan Rs 150000/- will he be liable to TDS. As limit U/s 44AB (a) is Rs 1 Cr.

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

40380
Sep, 06
2019
GST - ( GST APPLICABILITY TO SEZ UNIT )

If an SEZ unit is availing certain services outside SEZ area. Will this services will be eligible for Zero rated supply benefit under IGST Act.

BY: Mayank Jain

Total Answers : 3 | View Answers | Post Answers

40381
Sep, 06
2019
DIRECT TAXES - ( 079710 )

Mr. A has earned Salary income Rs. 28.00 lacs and also deals in Future & Option where turnover is approx. 50 Lacs and Loss approx. 4.00 lacs whether Mr. A is require to Tax Audit as the Profit is less than 8% or we can file ITR without Audit pl. suggest

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

40378
Sep, 05
2019
DIRECT TAXES - ( 019493 )

While surrundering the LIC Policy, LIC has deducted TDS u/s 194DA @ 1% on the surrender value. Premium paid over 5 years was Rs. 261297/- .The surrender value recived was Rs. 223212 less TDS Rs. 2233 . net value is Rs. 220979/-. Whether any amount is to be offerred for assessment.

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

40379
Sep, 05
2019
OTHER BODIES - ( REGARDING PART TIME COP )

Hi, I want to know whether Part Time COP Member can hold his Proprietor Firm while doing job at CA Firm?

BY: ABHISHEK SUSHILBHAI GOYAL

Total Answers : 0 | View Answers | Post Answers

40377
Sep, 03
2019
ANNOUNCEMENT - ( 077928 )

Sir Is there any Guidance note or recommendations issued by ICAI regarding tender process and criteria for Organisations who intend to appoint CAs as their auditor

BY: SAMEER SAMEER SINGH

Total Answers : 1 | View Answers | Post Answers

40376
Sep, 02
2019
MISC. - ( RECONVERSION OF CA PARTNERSHIP INTO CA PROPRIETORY FIRM )

I started my CA Practice in the year 2002 as a proprietor of a CA Firm and in the year 2013 I converted my Proprietory Firm into Partnership by adding my cousin brother as partner, as due to ours is Joint family we dont have any problems till April, 2018. From April, 2018 our HUF is divided and living separately. Now I dont want to continue this partnership with my cousin brother and want to convert this partnership into Proprietory Firm. Meanwhile i have intimated my changes in the status of the Firm to ICAI Regional office but my details are not yet changed in the Institute records. I tried to update in the SSP Portal but of no use at all. Can anybody guide me to how to go along with effectively to reconvert CA Partnership Firm to CA Proprietory Firm without loosing my old firm name. Thanks in advance for all your answers

BY: VENKATESH S BAKALE

Total Answers : 2 | View Answers | Post Answers

40373
Aug, 29
2019
DIRECT TAXES - ( SEC.115JB B/F LOSS AND UD )

As per sec.115JB for computing MAT, brought forward business loss or unabsorbed depreciation whichever is lower as per books has to be adjusted. Is this comparison of business loss vs depreciation to be made year on year for past years or cumulative figure as on date? All the past years have losses and no profit in any of the preceding years.

BY: balasubramanian

Total Answers : 3 | View Answers | Post Answers

40374
Aug, 29
2019
GST - ( GSTR 9 TABLE 18 HSN WISE REPORTING FOR IMPORT )

Dear Sirs, My query is relating to HSN wise reporting on imports. 1. Under taxable value which value we have to enter, whether assessable value as per Bill of Entry or Purchase value? 2. Sometimes the IGST charged by the customs authority slightly varies with the rates mentioned under rate tab in the table. Because of this portal is not accepting the import. How we can resolve this difference?

BY: NIRAJ PM

Total Answers : 0 | View Answers | Post Answers

40375
Aug, 29
2019
GST - ( GST )

The party is covered under composition scheme and has received discount by way of commercial credit note which do not contain any GST on it. In 44AD do we have to pay tax @ 8% on sale price and discount value. Or we pay tax only on Sale price and credit Discount value in purchase. under GST do we have to pay GST on Sale price and Discount amount

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

40370
Aug, 28
2019
GST - ( GST ON RESALE OF UNDER CONSTRUCTION COMMERCIAL PROPERTY )

Dear Sir, (1). Firm had purchased under construction commercial property. Firm was paying advance, on which 12% GST was charged by promoters / developers. The intention of the firm was to use this property as office premises. (2). Firm was capitalising GST paid, in books, since it is ineligible for ITC credit. (3). The property is still under construction and not completed yet. (4). Now the firm want’s to sale its commercial property. (5). Whether Firm is liable to pay GST on such resale of under construction property?

BY: Hitesh J Pandya

Total Answers : 1 | View Answers | Post Answers

40371
Aug, 28
2019
GST - ( ITC CLAIM ON REIMBURSEMENT OF FREIGHT CHARGES )

A small private limited co. makes zero-rated supply (export) without payment of tax and pays freight charges on behalf of overseas buyer. The overseas buyer reimburses the freight charges as per invoice raised by the exporter. As the freight charges are paid by the exporter ITC (@18%) is available to the exporter. Query : Whether the exporter is eligible to claim ITC pertaining to the full amount of freight charges paid by it OR only the unrecoverable amount of freight charges.

BY: Pranab Kumar Bose

Total Answers : 1 | View Answers | Post Answers

40372
Aug, 28
2019
DIRECT TAXES - ( TCS ON HIGH SEAS SALES )

WHETHER TCS ON SALE OF COAL TO TRADER ON HIGH SEAS SALES AGREEMENT APPLIANCE ? PLEASE GOOD BOOKS FOR HIGH SEAS SALES AGREEMENT DRAFT .

BY: CA Chirag Mirani

Total Answers : 0 | View Answers | Post Answers

39369
Aug, 27
2019
Service Tax - ( REGISTRATION UNDER SERVICE TAX )

Sir one of our client is rendering service for construction of government school buildings and work of phed and pwd. WE have recevied notice from service tax department alleging us to take service tax registration and discharge service tax liablity. He is telling us that you can ignore servie U/s 66D for registration since you are rendering service whether taxable or exempt you have to take registration. Is he correct kindly provide reply quoting proper section as i will use it in my reply

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

39370
Aug, 27
2019
DIRECT TAXES - ( PRESUMPTIVE INCOME TAX FOR COMMISION AGENT )

Can a commission agent declare Income under Presumptive Tax @ 50% of commission

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

39371
Aug, 27
2019
DIRECT TAXES - ( PRESUMPTIVE INCOME TAX FOR COMMISION AGENT )

Can a commission agent declare Income under Presumptive Tax @ 50% of commission

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39372
Aug, 27
2019
GST - ( SALE OF ICE CREAM IN ICE CREAAM PARLOUR - GOODS OR SERVICES )

One of my clients operates an ice cream parlour where they sell ice cream. Ice Cream is received from manufacturer in tub form . It is sold to customers in form of scoop in cone/cup. Some customer also buy the tub form and carry it away. No processing/change is done by the client . My query is whether this activity shall be considered as sale of goods of ice cream or shall it be considered as supply of services ( restaurant services)

BY: RAHUL PARASRAMPURIA

Total Answers : 2 | View Answers | Post Answers

39373
Aug, 27
2019
Companies Act, 2013 - ( APPX COST OF FORMING PVT LTD CO )

A Moneychanger wants to form Pvt Ltd co with Authorised capital of Rs 25 lacs What will be Toatal appx cost(Govt Fees etc)

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

39368
Aug, 26
2019
GST - ( ANNUAL RETURN - PT. IV COL 9 DETAILS OF TAX PAID. )

Dear Sir, Whether in Pt. IV Col 9 "Details of tax paid as declared in returns filed during the financial year", tax payable to be declared should be as provided in GSTR-3B filed during the year or it should be amended with the changes made through Annual Return and tax paid through DRC-03?

BY: Hunny Badlani

Total Answers : 0 | View Answers | Post Answers

39365
Aug, 25
2019
GST - ( BIFURCATION IN POINT 6B )

Dear sir, My query is bifurcation in point 6B will be as per books or we have to bifurcate point 6A figure whether it is wrong or right

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

39366
Aug, 25
2019
GST - ( GSTR 9 )

Dear sir, My query is bifurcation in point 6B will be as per books or we have to bifurcate point 6A figure whether it is wrong or right

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

39367
Aug, 25
2019
GST - ( GSTR 9 AND 9C )

Dear Sir, My query is do the amount reflected in point 5 C of GSTR 9 and point 13 of GSTR 9 and point 12C of GSTR 9C will be same

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

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 : 2 | 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 : 2 | 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 : 5 | 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 : 2 | 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