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Que. Id Date Description
35852
Oct, 20
2018
Capital Gains - ( LONG TERM CAPITAL GAIN )

An asessee has sold a plot earning around Rs 5 Lacs as long term capital gain. He is owning a residential house which he wants to reconstruct after demolishing existing structure. Whether it will be treated as construction of new house for availing exemption from Capital gain

BY: Mahesh Kumar

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35849
Oct, 19
2018
GST - ( TREATMENT OF STOCK ON CONVERSION OF COMPANY INTO LLP )

What would be the treatment of stock lying in the hands of the company on Conversion of the Private Limited Company into a LLP ? Whether the same has to be as sale in the hands of the company and purchase in the hands of LLP under GST as well ?

BY: Gaurav Kumar Baranwal

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35850
Oct, 19
2018
DIRECT TAXES - ( TAX AUDIT OF AGRICULTURAL PRODUCE MARKET COMMITTEE )

Whether The Agricultural Produce Market committee registered as Local Authority [ exempt u/s 10(26AAB)] is liable for Tax Audit ? If yes under which section ? and which form is applicable ?

BY: KOMAL APURV VORA

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35851
Oct, 19
2018
GST - ( GST INPUT TAX CREDIT )

GST Registration taken w.e.f 1st July, 2017. However No GST returns filed for the period from July 2017 - Mar 2018. Can ITC be availed in that case if all Old Returns for period from Jul 2017 - Mar 2018 filed with Late FIling Fees on 01st Nov, 2018 (i.e. after Last date of availment of ITC - 20th Oct, 2018 for FY 2017-18)

BY: Harshal Punamchand Jain

Total Answers : 0 | View Answers | Post Answers

35846
Oct, 17
2018
AUDIT - ( STOCK AUDIT )

Whether Statutory Auditor of a Private Limited Company can do Stock Audit of the same company allotted by Bank….????

BY: SIDDARAMESHWARA GOWDA A

Total Answers : 1 | View Answers | Post Answers

35848
Oct, 17
2018
GST - ( INTEREST PAYABLE BEFORE OR AFTER SET-OFF ITC? )

An assessee has filed GSTR-3B returns of and from September 2017 in September 2018 wherein ITC of GST availed and set-off against output GST charging interest @ 18% p.a. for 1 year of delay. Interest was calculated on the net tax payable (after set-off ITC) however, department has sent an intimation that interest has not been discharged as per Section 50 of the CGST Act on the tax paid. As per Section 50 of the CGST Act interest at the rate of 18% is to be paid on the tax paid belatedly. Tax is paid only when the same is set off in the ITC ledger /Cash ledger at the time of filing the GSTR 3B. You are requested to calculate the interest payable on the delayed payments made by you and pay the interest. Please clarify if this stand taken by the department is correct or defendable? At what level?

BY: CA. RAJESH KUMAR C

Total Answers : 0 | View Answers | Post Answers

35844
Oct, 15
2018
DIRECT TAXES - ( IMPACT OF CHANGE IN METHOD OF DEPRECIATION ON MAT )

company was following Straight Line method of Depreciation till 31.03.2018. However it decides to shift to WDV method from 01.04.2018. The impact of change in method from inception till 31.03.2018 is being charged to opening reserves. What is the MAT impact of such reduction in the opening reserves on account of Change in method of depreciation. Whether any deduction can be made from Book Profits while computing MAT for AY 2019-20 or the reduction in opening reserves be added to unabsorbed depreciation (iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account 84[in case of a company other than the company referred to in clause (iih)]. As stated in Explanation 1 to 115JB

BY: Prashanth Karanth

Total Answers : 0 | View Answers | Post Answers

35845
Oct, 15
2018
GST - ( GST AUDIT )

For GST audit covered cases, is it necessary to prepare audited financials for the period July'17 to Mar'18, in additions to audited financials for the whole year.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

35843
Oct, 14
2018
GST - ( AAR )

Hello, In a AAR, an applicant asks two questions. One is answered in positive and one in negative for the applicant. Applicant decides to go in for appeal for question answered in negative only asks the appellate Authority to set aside/modify this question only. Can the appellate Authority go beyond the prayer and answer second question in negative as well? Regards.

BY: Adarsh

Total Answers : 0 | View Answers | Post Answers

35841
Oct, 13
2018
MISC. - ( QUANTUM OF ADVANCES TO BE CONSIDERED FOR BANK AUDIT FEE )

Facts: We have conducted Branch Audit of a Public Sector Bank in the month of April 2018, for which the quantum of Advances certified by us was in the slab of "Above 30 crore and up to 50 crore ". Accordingly, we have raised a bill for fees with basic audit fee at Rs.1,20,750/- Against this bill we have received an amount of Rs.79,350/= as basic audit fee in the slab of "Above 20 crore and up to 30 crore" On inquiry with the bank Head Office, we were informed that there is technical write offs and hence the quantum of advances have reduced and falling in the slab of "Above 20 crore and up to 30 crore" from slab of "Above 30 crore and up to 50 crore ". We are unable to understand as to how gross advances can be reduced, even though there was no such write off appearing in the balance sheet or other statements at the branch level which we have audited and signed. Query: 1. What are technical write off? 2. How should technical write off be treated in branch balance sheet? 3. Why are technical write off not brought to the notice of branch auditor at the time of audit? 4. Whether any certification is required for such write off? 5. Whether the audit fee payable to branch auditor will be based on gross advances or net advances (after technical write off)?

BY: Ravi Kiran M Jain

Total Answers : 0 | View Answers | Post Answers

35842
Oct, 13
2018
GST - ( GSTR-4 COMPOSITION RETURN )

whether purchase list upload is mandatory for return Q-2 July-Sep 2018, what (Penalty) if the same are not uploaded while filing GSTR-4

BY: VISHAL GOLCHHA

Total Answers : 2 | View Answers | Post Answers

35838
Oct, 11
2018
DIRECT TAXES - ( TDS ON PAYMENT TO TRANSPORTERS )

A cooperative Society providing Transportation services makes payments to transporters for availing their services. Whether it is liable to deduct any TDS on theses payments

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

35839
Oct, 11
2018
TDS/TCS - ( SHORT DEDUCTION OF TDS )

One Government employer did not deducted TDS on salary at the time of payment to employee. Now employer has received notice for short deduction of TDS on salary. Is there any remedy available with employer in this case? Or he has to pay full amount of short deduction to Income Tax Department.

BY: CA VISHWAJEET SINGH

Total Answers : 0 | View Answers | Post Answers

35840
Oct, 11
2018
Companies Act, 2013 - ( SPICE FORM )

Hi All, I have filed SPICe Form, in which First Director(s) do not have DIN. I have mentioned their landline numbers in required section of above mentioned form. Kindly suggest is it mandatory to mention their mobile numbers?

BY: Deeptika

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35837
Oct, 09
2018
GST - ( GST INPUT TAX CREDIT )

Whether GST Input Tax Credit available on purchase of GOLD BAR by Pvt. Ltd. Company if Purchase of Gold Bar is for Long Term Investment Purpose ? Please guide us...

BY: ANKIT MAHESHBHAI RASANIA

Total Answers : 1 | View Answers | Post Answers

35835
Oct, 08
2018
GST - ( MISSING INOVICE )

1. IN GST 1 OF FEB 18 ONE TAX INVOICE ( ON SALE)) HAS NOT BEEN REPORTED WHETHER SAME CAN BE ADDED IN THE SEP 18 OF GSR1 WITH ORIGINAL INVOICE DATE. IF NOT WHAT IS THE SOLUTION AS GST2 IS NOT ACTIVE 2. IF SUPPLIER ISUUES CREDIT NOTE WHETHER RECEIVER HAS TO PREPARE THE DEBIT NOTE AGAINST THIS CREDIT NOTE AND HOW TO REPORT THIS IN GST RETURN

BY: SHYAM SUNDER

Total Answers : 1 | View Answers | Post Answers

35836
Oct, 08
2018
DIRECT TAXES - ( ITR 4 )

The assessee is under audit u/s 44AB(e) . ( declaring the income @ lower than 8% but T/O is less than 2 Crores ) My query : Which ITR Form is applicable in this case. Can He file ITR4 - as per my understanding still asssessee is filing return u/s 44AD then he can file ITR4

BY: CA. HEMANG KISHORBHAI AMBANI

Total Answers : 1 | View Answers | Post Answers

35832
Oct, 06
2018
AUDIT - ( AUDIT OF SOCIETY )

Sir, An educational society is not registered U/S 12AA of IT Act and its gross receipts are 135 lacs . is it required to be audited U/s 44AB of IT Act and which form of ITR is to be filled.

BY: RAM KUMAR SARASWAT

Total Answers : 1 | View Answers | Post Answers

35833
Oct, 06
2018
GST - ( REGISTRATION IN CASE OF COMMISSION INCOME )

A person in Maharashtra providing services to his client in Gujarat by providing him buyer and gets commission from both seller and purchaser. He do not deal with goods in any way. His total receipts comes to Rs.10 lac. Whether he is liable for registration as per Sec.24.

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

35834
Oct, 06
2018
GST - ( GST )

1. RM which we are purchasing is on GST 18% and our final product is tax free (our being feed supplement for animals). This has increased our purchase prise as earlier we were procuring RM against CST 2%. Can we claim input as refund as done with cloth manufacturers. 2. Or can we adjust GST input credit of RM mentioned in point no. 1 in our other GST liabilities arising out of sale of taxable products.

BY: harjinder

Total Answers : 2 | View Answers | Post Answers

35831
Oct, 05
2018
MISC. - ( SEC 56 INFORMATION REQUIRED TO BE FILLED IN INCOME TAX RETURN FORM )

As per this year income tax return forms the difference between the circle rate and purchase rate has to be shown as income from other sources in return form. Does this mean that we have to pay tax on it compulsorily even if we have disputed the circle rate before the stamp duty authorities and in our opinion purchase rate is in fact less than the circle rate and we can successfully prove it before I T authorities? thx

BY: MAHESH KUMAR

Total Answers : 0 | View Answers | Post Answers

35830
Oct, 04
2018
GST - ( INPUT TAX CREDIT )

If a contractor is doing construction as well as provides repair and maintenance services, is he eligible to take input tax credit on material purchased for providing such services? Thanks in advance!

BY: Mith Jain

Total Answers : 1 | View Answers | Post Answers

35828
Oct, 01
2018
GST - ( ERROR CORRECTION IN GSTR-3B )

Export turnover (with IGST payment) got wrongly declared as non-export IGST turnover. The dealer does not have inter-state turnover for reversal of turnover in the subsequent months. Hence attempt to reverse this results in negative turnover - which 3B is not taking. More than three months refund is blocked. Is there any way of rectifying this situation as refund is processed only if cumulative export turnover in GSTR1 matches cumulative export turnover in GSTR3B.

BY: CA_STUDENT

Total Answers : 0 | View Answers | Post Answers

35826
Sep, 30
2018
DIRECT TAXES - ( FORM 3CD )

Clause 27(a) is for showing Cenvat credit availed and utilised. Whether KVAT/SGST credit availed and utilised should also be shown or not. One school of thought says, to show such details only up to 30-06-2017 since Cenvat Credit Rules, 2004 is substituted with Cenvat Credit Rules, 2017 w-e-f 01-07-2017. Request to comment.

BY: B.CHACKRAPANI WARRIER

Total Answers : 0 | View Answers | Post Answers

35827
Sep, 30
2018
GST - ( 529718 )

While filing GSTR-3B of Feb-2018 i missed one sale invoice, i have already filed GSTR-1 for that quarter ie Jan to March 2018. That invoice was wrongly taken in the month of May 2018 and again GSTR-3B and GSTR-1 filed for this. Is there any way to rectify the same?

BY: sanjeev kumar

Total Answers : 0 | View Answers | Post Answers

35824
Sep, 29
2018
GST - ( GST PRACTITIONER EXAM )

Whether it is necessary to clear GST practioner exam for Ca's What will be the Impact if he does not appear in exam

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

35825
Sep, 29
2018
GST - ( GST PRACTIONER EXAM )

Whether it is necessary for CA's to clear GST Practioner Exam Whether they will have any problem in GST practice otherwise

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

34824
Sep, 28
2018
GST - ( CLOSURE OF BUSINESS )

A PERSON REGISTERED IN GST AS TRADER DEALING IN GOODS AND AS SERVICE PROVIDER FOR RENTING OF PROPERTY UNDER ON GST REGISTRATION. NOW HE CLOSES HIS BUSINESS OF TRADING AND CONTINUE TO RENTING THE PROPERTY. QUESTION IS HOW TO INTIMATE ONLINE THIS CLOSURE OF BUSINESS AS THERE IS NO SUCH OPTION. AND REGISTRATION IS NOT TO BE CANCELLED/SURRENDERED AS RENTING OF PROPERTY IS CARRIED ON .

BY: SHYAM SUNDER

Total Answers : 0 | View Answers | Post Answers

34822
Sep, 27
2018
AUDIT - ( SIGNATURE REQUIREMENT ON 3CD SUBMITTED WITH IT PORTAL )

Sir, A print out of 3CD taken from IT Portal after duly submitted and approved , is it required to be stamped and signed while handing over to client ?

BY: RAM KUMAR SARASWAT

Total Answers : 0 | View Answers | Post Answers

34823
Sep, 27
2018
GST - ( 240554 )

Is GST applicable? Agreement to sell a constructed property on a future date and advance is taken now. There is no agreement for construction of property.

BY: Sai Ram

Total Answers : 1 | View Answers | Post Answers

34819
Sep, 26
2018
Companies Act, 2013 - ( REMOVAL OF DIRECTOR )

How to remove a director in Private limited company neither attended last three Board meeting nor tendering his resignation from the post of Directorship.

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

34820
Sep, 26
2018
Companies Act, 2013 - ( IND AS APPLICABILITY )

Whether Ind AS is applicable to Small Private Limited Company and if yes, from which financial year?

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

34821
Sep, 26
2018
Profits & Gains of Business & Profession - ( INCOME U/S 44AE )

Whether income under section 44AE can be booked under two assessee in the same financial year? i.e. for 6 month as individual and for the remaining 6 month as partner in firm. Lorry was hired in the name of firm for the remaining period of year.

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

34817
Sep, 25
2018
GST - ( TRAVEL AGENTS )

One of our clients is engaged in travel business who books air tickets/bus tickets/ railway tickets and also books hotel on behalf of customers. the client is receiving commission from airlines / other agents and in some cases also receives mark up from customers. so in above, client is charging GST @18% on commission received from airlines and also on mark up from customers in bookings of flight/bus/ railway. client also books hotel for customers in which he directly books hotel online and issues invoice in the name of customers and he sales the hotel accommodation to customer after adding the mark up. so respected experts what would be the % of GST would apply in the mark up. - whether 5% to be levied on mark up without ITC or - 18% to be levied on mark up or GST would be levied on entire amount? (if it is so then there would be double taxation as agent won't be getting any GST and also agent is raising invoice directly in the name of customers only) Kindly help me into above matter as soon as possible

BY: hemang savjani

Total Answers : 0 | View Answers | Post Answers

34818
Sep, 25
2018
AUDIT - ( REQUIREMENT OF AUDIT OF SOCIETY )

Sir, Is there any requirement of audit for a society not regd. U/s 12AA of IT Act, and claiming exemption U/S 10 (23C) (iii ad) of IT Act. If yes Please advice reporting form and section.

BY: RAM KUMAR SARASWAT

Total Answers : 0 | View Answers | Post Answers

34816
Sep, 24
2018
GST - ( AVAILABILITY OF ITC )

The dealer has paid RCM u/s 9(4) for inward supplies received from URD even after the section is kept in abeyance till March 2018 and claimed ITC. Whether the dealer can avail ITC of the amount paid. Thank You.

BY: Manasa N M Bhat

Total Answers : 0 | View Answers | Post Answers

34814
Sep, 22
2018
DIRECT TAXES - ( WHICH ITR FORM TO BE USED BY SOCIETY NOT HAVING REGN U/S 12AA )

Sirs, An educational society not Regn. U/S 12AA of IT Act, is having gross receipts of 235 Lacs. Which form of ITR should be filled? Is audit U/s 44AB is required in this case? Please advice,

BY: RAM KUMAR SARASWAT

Total Answers : 0 | View Answers | Post Answers

34815
Sep, 22
2018
GST - ( GST ON DISCOUNT )

IF THERE IS NO AGREEMENT FOR ANY DISCOUNT ON SALE AT THE TIME OF SUPPLY BUT AT YEAR END SUPPLIER GIVE DISCOUNT ON WHOLE YEAR SALE TO BUYER WHETHER GST TAX BE REVERSEDON DISCOUNT BY SUPPLER AND ITC BE REVERSED BY BUYER

BY: SHYAM SUNDER

Total Answers : 1 | View Answers | Post Answers

34813
Sep, 21
2018
CORPORATE & OTHER LAWS - ( 2 PARTNERS IN FIRM AND LLP )

There is a firm with 2 partners A and B. Can these same two partners form an LLP? 2 partners of a firm cannot create another firm. What about LLP?

BY: Sivaraman A.R.

Total Answers : 1 | View Answers | Post Answers

34812
Sep, 19
2018
DIRECT TAXES - ( ICDS )

As per ICDS –II the Inventory value should include taxes. There is a purchase of Rs.1,18,000/- which includes GST of Rs.18000/- which is accounted in Input GST account and carried to Balance Sheet if not utilised on the date of Balance sheet. In the above situation purchases debit will be only Rs.100000/. But closing stock valuation will be.1,18,000/- including taxes. As per ICDS the party’s income is artificially booked at Rs.18000/- for purpose of income tax levy. Is my understanding corect. If.Yes, how to address this problems

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

34811
Sep, 18
2018
DIRECT TAXES - ( IN CASE OF SEARCH UNDER 132, CAN WE GO SETTLEMENT COMMISSION FOR ONLY 2 OUT O F 6 YEARS )

One of our Clients has been searched. My question is CAN we go settlement commission only for 3 years.And for other 3 years can we go through the regular process of Scrutiny assessments.

BY: CA. SANJEEV DESHPANDE

Total Answers : 0 | View Answers | Post Answers

34810
Sep, 17
2018
DIRECT TAXES - ( IS AUDIT OF SOCIETY NOT REGISTERED U/S 12AA, COMPULSORY ? )

Sir, an educational society (not registered U/s 12AA of IT Act,) is having gross receipts of Rs. 170 Lacs and excess of income over exp. is Rs. 1.50 lacs only. Is its audit mandatory ? if yes, under which section and report in which form to be submitted? please advice.

BY: RAM KUMAR SARASWAT

Total Answers : 0 | View Answers | Post Answers

34809
Sep, 16
2018
GST - ( GST AUDIT )

a firm has 3 separate registrations. case 1. cummulative TO exceeds Rs. 2C but individual TO is less than Rs,2C. Is GST audit applicable case 2. TO of one registered address exceeds Rs.2C and TO of others is less than Rs.2C. Should those having less than 2C get GST audit done

BY: t sankar

Total Answers : 1 | View Answers | Post Answers

34807
Sep, 14
2018
GST - ( TAXABILITY OF TRANSACTION )

RespectedMembers One of my client has receipt goods on the basis of Delivery Challan as per rule 55(1)(C) against refundable security deposit.and no any TAX invoice has been issued from the supplier. the same goods is selling to retailer without giving Tax invoice and retailer to Customer along with some profit margin at each stage. Client is JIO Dealer and received Mobile Phone through Delivery Challan against Security Deposit. it is mentioned on the box NOT FOR RETAIL SALE. sir please reply to this query with respect to GST Return. whether it is Non GST inward Supply or it is Taxable supply ?

BY: ASHISH KUMAR

Total Answers : 1 | View Answers | Post Answers

34808
Sep, 14
2018
DIRECT TAXES - ( TDS ON CAPITAL EXPENDITURE )

A professional has made furniture and plumbing work for his rented premises on labour charges basis in FY 2017-18. He is under tax audit vide sec 44DA and has not deducted TDS . He was under tax audit during AY 2017-18 since he crossed the threshhold then. However in AY 2018-19 his gross receipts are below 50 lakhs but he has opted tax audit under sec 44 ADA. How has he to proceed now? How will it be shown inthe Tax Audit report? There is no question of disallowance ( since expenditure is of Capital nature )but only non deduction of TDS. Please help friends

BY: Pradnya M Oak

Total Answers : 0 | View Answers | Post Answers

34804
Sep, 13
2018
INDIRECT TAXES - ( GST APPILCABILITY ON RENT )

Dealer is registered for trading in building material his turnover for that business is 62 lakh . he is also earning income from house property by way of renting of immovable property of rs. 5 lak per year. wheather gst is applicable on renting of iimovable property to bank income of which is considered in income from house property

BY: NADIR D SHAIKH

Total Answers : 2 | View Answers | Post Answers

34805
Sep, 13
2018
Companies Act, 2013 - ( APPLICABILITY OF CARO IN FY 2017-18 )

Whether CARO is applicable to following Co.? 1. Turnover: Rs 28.08 Crore 2. Paid up share plus Reserve: Rs 23.03 crore 3. Borrowing: NIL

BY: CA. GHOSH SAMRAT

Total Answers : 1 | View Answers | Post Answers

34806
Sep, 13
2018
Companies Act, 2013 - ( DIGITAL SIGNATURE )

I am trying to register a DSC in MCA portal as 'authorised representative'. I need this registration to incorporate a Pvt Ltd company wherein the two subscribers to the MOA/AOA have no DIN. But the registration failed and an error message appeared as 'Instance belonging to object type Business Partner PS could not be created'. Please help.

BY: B.CHACKRAPANI WARRIER

Total Answers : 1 | View Answers | Post Answers

33804
Sep, 12
2018
DIRECT TAXES - ( SEC.145A AND GST )

As per earlier sec.145A, grossing up of purchases, sales and inventory was done to include excise, VAT, service tax paid thereon to establish that inclusive method is on par with exclusive method profit. After introduction of GST and new. sec.145A, is it necessary to gross up purchase, sale and inventory by GST?

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

33802
Sep, 09
2018
AUDIT - ( WILL TAX AUDIT CEILING OF 60 COVERS CASES HAVING TURNOVER BELOW 2CR )

The ceiling of tax audit assignments has been fixed as 60 audits per CA. As we are aware, audit cases having turnover below Rs. 1 Cr with profit below 8% are NOT counted or reckoned within this ceiling of 60. My question is, now the limit u/s 44AD has been raised to Rs, 2 Cr. If we have an audit case having turnover of Rs. 1.50 Cr with less than 8% profit; will this be counted within this ceiling of 60 or NOT. Appreciate advise from learned colleagues. Thanks in advance.

BY: VISHNU KAMATH K

Total Answers : 0 | View Answers | Post Answers

33803
Sep, 09
2018
GST - ( REFUND OF GST )

A dealer selling Goods on E Commerce sites is having GST Balance in his credit ledgers as companies like Flipcart,Amajon etc are charging GST on commission and courrier@18% While Outpur liability remains less. However GST Official is saying GST paid on Services can not be claimed as refund Whether he is right?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

33799
Sep, 08
2018
MISC. - ( ACCEPTANCE OF STOCK AUDIT ASSIGNMENT OF COOPERATIVE BANK )

A is appointed as Stock Auditor by an Cooperative Bank ( Scheduled Bank) . Mr A have Educational loan for his child with the same cooperative Bank . Can A accept the said appointment as stock Auditor

BY: CA. SHIRODKAR YESHWANT VINAYAK

Total Answers : 0 | View Answers | Post Answers

33800
Sep, 08
2018
DIRECT TAXES - ( FUTURE & OPTION LOSS )

As we know that future & option are no more speculative business.Now it is treated as normal business. Many salried person having future & option transaction & they have suffered losses.. One of my client is incurred net losses 8Lakh comprise of Total 14 lakh and 6 lakh profit.. In case of future and option TURNOVER= 20 LAKH (14 lakh +6 lakh).. Now my question is how will book expenses of 12 lakh,to show losses of 8 lakh , also while claiming loss do we need to do audit u/s44AD & if not how to show this in P & L of ITR return. Please guide me in details how to show this loss in ITR return.

BY: NADIR D SHAIKH

Total Answers : 1 | View Answers | Post Answers

33801
Sep, 08
2018
GST - ( GST ON PREPAID EXPENSES )

We claim input GST on all insurance expenses and long term expenses. As these expenses are paid for long period, we recognize them as prepaid expense.Is there any need to reverse GST on these prepaid expenses?

BY: Harsh Jain

Total Answers : 2 | View Answers | Post Answers

33798
Sep, 07
2018
INDIRECT TAXES - ( GST ON COMMERCIAL RENT )

A Company has business income of Rs.45.00lakh and GST registered ,it has given its own building on rent to a bank for Rs.6.00 lakh per year. will it collect GST on rent received from bank ? Please provide a suitable answer. With thanks Pksahoo

BY: Prasanna Kumar Sahoo

Total Answers : 4 | View Answers | Post Answers

33797
Sep, 06
2018
GST - ( NON RESIDENT MEMBER FEES GST EXEMPT )

Dear All, I have been paying my fees with GST but recently when I paid fees in different financial organization I fees was automatically exempt from GST as residence is out of country. Now my question is if the Membership fees paid by NRI is exempt from GST? If your how do we get that in our institution. Thanks in advance.

BY: Paras Modi

Total Answers : 0 | View Answers | Post Answers

33796
Sep, 05
2018
GST - ( GST ON DONATION )

Donations received by NGOs without any condition attached, should not attract GST since NGO does not render any “supply” to the Donar. But there is a view that the above interpretation, is negated by the decision of AAR Maharashtra in the case of Shrimad Raj Chandra Adhyatmik Satsang Sadhana Kendra. Experts view on the above is solicited.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

33793
Sep, 03
2018
DIRECT TAXES - ( REVISION OF TAX AUDIT REPORT )

Is revision of Tax Audit report permitted if subsequent to any other audit certain omissions were detected.

BY: ATHUL J

Total Answers : 2 | View Answers | Post Answers

33794
Sep, 03
2018
GST - ( ITC )

1. Section 16(4) Provides for Time Limit regarding Input tax set off. It is not clear to me whether the time limit apllies for Input tax “Availment” or Input tax ‘Credit”

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

33795
Sep, 03
2018
GST - ( GST )

A developer engages various contractors for putting up the Building. A percentage of contractor’s Bill is kept as “retention money” which will be paid after long duration. Similarly some portion of Bill is not paid and kept as “hold” money for defective work which will be paid after defect is set right Both the above could be outstanding for more than 180 days.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

33792
Sep, 02
2018
GST - ( GST ON HOSTEL FACILITY PROVIDED BY TRUST )

A charitable trust registered u/s 12AA imparting education upto higher secondary school is also providing hostel facility to its students as well as other students not studying in its institution. Whether GST is applicable on provision of hostel facility to other students and if yes, at what rate

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 2 | View Answers | Post Answers

33791
Sep, 01
2018
AUDIT - ( IS AUDIT OF SOCIETY NOT REGISTERED U/S 12AA COMPULSORY ? )

Dear Sir, An educational society , not registered U/S 12AA of IT Act, having gross receipts of 32 lacs. Is it compulsory to audit if, yes under which section, please guide.

BY: RAM KUMAR SARASWAT

Total Answers : 1 | View Answers | Post Answers

33790
Aug, 31
2018
INDIRECT TAXES - ( INTER BRANCH GST INPUT TAX CREDIT CAN BE UTILISED? )

Dear All, I have been facing this issue that we have an unclaimed ITC available from imports at Delhi branch while all the sale is directed from Bangalore branch so we are not able to claim ITC available in Delhi branch although for future I have already change GST number to Bangalore branch for imports. But I have last 6 months GST credit available. We have all sales from Bangalore branch only. Inter branch GST input tax credit can be utilised? Thanks Abha Sood

BY: Abha Sood

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33789
Aug, 30
2018
GST - ( RCM ON SERVICES SUPPLIED BY A PERSON LOCATED IN NON TAXABLE TERRITORY )

RCM Table Sl No 10 -- Service supplied by a person located in Non-Taxable territory by way of transportation of goods by a vessal from place outside india upto the customs stations of clearance in india where Receipent is liable to pay tax under RCM under the above lines please clarify the below query Goods imported from outside india under CIF inco terms. Amount paid to supplier for the goods (There is no specific mention about basic value of goods, freight & insurance by the supplier) under these conditions whether receipient is liable to pay tax under RCM on transportation charges paid by Supplier ?

BY: CA. BALASUBRAMANIAM P

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33786
Aug, 29
2018
CORPORATE & OTHER LAWS - ( WHETHER MRP STICKERS ON IMPORTED GOODS TO BE CHANGED ON COMPANY NAME CHANGE )

Please advise in following case: Company X is changing its name to Company Y on 05th October 2018. The company imports raw materials, spares, accessories and FG from foreign countries (which require MRP declaration) and trades in India. Stock received before above said date and few in-transit items expected to be received after above said date will have MRP stickers with importer's name as company X. Please suggest if all such goods sold after 5th october should have new company name on them as importer (on MRP stickers). Also, please let me know if there is any penalty for contravention. (the company does not want to change the name after importing the same, since more than 4,00,000 packages are involved) Thanks in advance.

BY: RAVITEJ Y H

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33787
Aug, 29
2018
CORPORATE & OTHER LAWS - ( WHETHER MRP STICKERS ON IMPORTED GOODS TO BE CHANGED ON COMPANY NAME CHANGE )

Please advise in the following case: Company X is changing its name to Company Y on October 5th 2018. It imports raw materials, spares, accessories and FG (which require MRP declaration) from foreign countries and trades in India. Stock imported prior to above said date and few in-transit items received after above said date are expected to have name of Company X as importer's name. Whether the Company has to remove the MRP sticker and paste new one with new company name on sale of such items ? (Company does not want to go through MRP sticker changing process as 4,00,000 plus packages are involved) Also, please suggest if there is any penalty for contravention. Please quote specific provisions of the Act or decided case laws.

BY: RAVITEJ Y H

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33788
Aug, 29
2018
Service Tax - ( EXPORT OF SERVICES )

1. Can Rule 6A(f) be read with Item (b) of Explanation 3 under Clause 44 of Section 65B to interpret that supply of services by a wholly-owned Indian (private limited) subsidiary company (WOS) to its overseas holding company is not an export? 2. Is it fair to interpret that a WOS and holding company are merely establishments of a person? 3. Is Explanation 4 to 65B(44) not exhaustive when it says that branch, agency or representation office (3 instances) are considered mere establishments of a person? 4. How can an Indian subsidiary be treated as a mere establishment of its overseas holding company when companies have separate legal identity?

BY: CA VISHRANT SHUKLA

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32786
Aug, 28
2018
DIRECT TAXES - ( REQUIREMENT OF FILLING ITR BY DISSOLVED PARTNERSHIP FIRM )

Sir, a firm was dissolved on 31-03-2017 by way of dissolution deed but bank account was closed later, Should we file ITR of the firm for F.Y. 2017-18 or not ? Please advise.

BY: RAM KUMAR SARASWAT

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32787
Aug, 28
2018
DIRECT TAXES - ( TDS )

An assesee has not paid TDS on Payment of 35000- single bill to contractor.Whether not claiming 35000- as deduction is sufficient.Or any other penality is also thee in this case.

BY: Mahesh Kumar

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32788
Aug, 28
2018
GST - ( REVERSAL OF INPUT CREDIT )

A firm has not made payment to creditor within 6 months of purchase bill in one case and made partial payment in another instance as on 31-3-18. Whether both these GST inputs will have to be reversed during Aug GSTR3B filing And If payment is made now whether it will be eligible fot input credit during month of Payment

BY: Mahesh Kumar

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32785
Aug, 26
2018
GST - ( REGARDING IGST ON GOODS RE-IMPORTED AFTER REPAIR. )

Sir, When Goods are exported for Repair outside india and re-import after such repair then by virtue of Notification No. 94/96-customs dated 16.12.1996 custom duty is leviable only on fair cost of repair +freight (both side) + insurance & not on value of goods. But after levy of custom duty whether it is further liable for IGST on such cost of repair+freight+insurance because under IGST exemption only value of goods exempted not cost of repair? If IGST leviable on cost of repair then it will conflict the section 13 (3)(a) of IGST Act as per which Place of supply is outside india & once POS is outside india then why such cost of repair is subject to IGST on Re-import. Please guide.

BY: Shyamprakash Nagarmal Agarwal

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32783
Aug, 25
2018
GST - ( CLARIFICATION REGARDING EXEMPTION ON MULTIMODAL TRANSPORTATION )

Is multi modal transport services rate 12% which came as per noti 13/2018 ctr is applicable on transportation of exempted products such as salt, agriculture produce, milk, food grains or not??? Please clarify

BY: GIRISH AGARWAL

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32784
Aug, 25
2018
GST - ( REFUND )

Whether itc claimed on capital goods be considered in the calculation of refund of input tax on exports without payment of gst?

BY: CA Altamush Zafar

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32780
Aug, 24
2018
DIRECT TAXES - ( FORM 3CD )

Whether TDS details under section 194-IB required to be mentioned in clause 34 (a) of 3CD or not?

BY: RAVI KUMAR

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32781
Aug, 24
2018
GST - ( REGARDING PLACE OF SUPPLY IN CASE OF ONLINE COACHING /TRAINING FROM OUTSIDE INDIA. )

Sir, what will be place of supply if any person registered under GST receive Coaching / Training service in relation to his business from outside India. In this situation whether Section 13(3) of IGST Act shall apply... Or default section 13(2) shall apply because if section 13(3) shall apply then No liablity under RCM as place of supply is outside India & If section 13(2) shall apply then RCM shall apply as place of supply is in India i. e. Location of Recipient.. Please suggest...

BY: Shyamprakash Nagarmal Agarwal

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32782
Aug, 24
2018
GST - ( REGARDING JOB WORK FROM OUTSIDE INDIA )

What will be procedure under Custom laws for export of Material outside india and after Job work the same shall be Re-Imported from outside india. Whether custom duty shall be payable on Export Or payable on Re-import. Further If payable on Re-import then the same shall be payable on only on Job charges or On the entire goods value including Material and Job charges. Please suggest.

BY: Shyamprakash Nagarmal Agarwal

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32779
Aug, 23
2018
DIRECT TAXES - ( CAPITAL GAIN )

Three Ladies Joint owners of a commercial property (purchased in 1998)having 1/3 share each have gifted their shares to their husbands who are brothers also in 2018-19. And Then the two brothers have surrendered their share in favour of Third Brother same year. Now the Third Brother fully owner of the property wants to sell the property I think this will be treated as Long term Capital gain with indexation benefit available since 1998. If he purchases a residential property with the amount of capital gain I think he need not pay any Capital gain. Am I Correct?

BY: Mahesh Kumar

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32778
Aug, 22
2018
DIRECT TAXES - ( TAXABILITY OF PAYMENT IN RESPECT OF LIFE INSURANCE POLICY. )

Any Payment received in respect of life insurance policy. other than the amount not includible in the total income under clause (10D) of section 10 is to be included in Income. Whether such income is to be included as income from capital gains or income from other sources

BY: Prashanth Karanth

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32776
Aug, 21
2018
GST - ( EWAY BILL BY DISTRIBUTOR )

6 invoices are there for different customers. Rs 10000 each. Goods to be taken in own car. Whether way bill is needed?

BY: Sivaraman A.R.

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32777
Aug, 21
2018
MISC. - ( FEMA QUERY )

Glossary Mr A(NRI) – NRI Individual who gradually shifted from India to Foreign Country in year 2011 and came back to India in May 17 and stayed more than 182 days in 2017-18 Mrs A (NRI-POI/OCI Holder) – NRI Non Citizen of India but holding PIO/OCI and married to MR A(NRI) in year 2006-07. Also she was resident of India for year 1998-2005. And after marriage she stayed in India till 2008 and did her post-graduation from Mumbai. MR B (RESIDENT) – Brother of MR A(NRI) MR C/ MRS D- Mother/ Father of both MR A(NRI) & MR B (RESIDENT) ABCD & Co.- A partnership firm with 4 partners A/B/C/D AB & Co.- A partnership firm with 2 partners Mr A (NR) & Mr B (Resident) ABC P Limited company incorporated in 2009 (With A/B/C/D as Directors and Shareholders) XYZ P Limited Company incorporated in 2015 by transferring all assets of ABCD & Co to XYZ P Ltd by Slump Sale ABCD Pty Ltd- Foreign Company incorporated outside India with 100% shareholding of ABCD & Co and Directors as A/B/C/D Overview- Upto the year 2011 ABCD & CO.& AB & CO.was operational and running business within India. In the said year 2011-12 trade opportunity was created outside india. And the family decided to take the call and work on the same. A new private limited company was incorporated ABCD Pty Ltd in year 2011 within Initial Capital of INR Value Rs 500-1000. Query 1: Does any information need to be sent to any statuory body if Indian entity invested outside India. Any reporting Requirement. And whether it can be filed now and any penalty applicable? Procedure to be adopted while sending any money abroad in shape of Capital. After incorporation both MR A (NR) & Mrs A moved out of India and started living outside India. And both Mr A & Mrs A became NR in year 2011 itself. All the banks accounts of MR A (NR) continued to operate as normal SB A/c as Bank didn’t change their status. Eventually NRO/ NRE accounts were also opened. Mr A remained partner/ director / shareholder in both AB & Co., ABC

BY: VIKAS

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32774
Aug, 18
2018
GST - ( GST ON USED CARS )

As per notification No.8/2018 Central Tax (rate)GST on used cars will be levied on margin. The Margin has to be arrived at by deducting the WDV as on the date of supply from the consideration. The income tax adopts Block system for allowing depreciation. The WDV of The Block in which car being sold is clubbed, might have been wiped out, or brought down substantially because sale value of any one asset included in the Block. A question arises how to arrive at WDV of car being sold for purpose of GST. Even otherwise, the income tax Act does not allow any proportioante Depreciation upto date on sale of any asset. Any suggestion to solve above two issues.

BY: Ethirajan

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32775
Aug, 18
2018
GST - ( INCORRECT ASSESSMENT OF VALUE OF SUPPLY )

Yearly discount is received based on the yearly purchase achievements by the dealer. GST credit note is not raised by supplier and hence the value of supply as per sec 15 cannot be applied. Dealer claimed input tax credit based on the invoice received and value as per the invoice which is wrong as sec 15 cannot be applied. What recourse dealer have?

BY: Sai Ram

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32772
Aug, 17
2018
DIRECT TAXES - ( LONG TERM /SHORT TERM CAPITAL GAIN )

Mr. X purchased a House property in June 1990 and Gifted to Mr. Y (his real brother) in June 2018 Now in Aug,2018 he sold that Property and invested the entire capital gain in new property . whether the Capital Gain will be considered as Long term capital gain in hands of Y and is he would be entitle to exemption u/s. 54

BY: SANDEEP KAPOOR

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32773
Aug, 17
2018
GST - ( DISCOUNT/ VACATION TRIP ON MEETING TARGETS )

There are couple issues which we are unable find the answers to. Could anyone guide us thru the same. 1)Yearly discount (have as part of terms of agreement) provided on the meeting the turnover. No GST credit note is raised. Normal Credit note is raised. Dealer used the credit note to pay his future invoices. Is there any violation of law in terms payment of bill within 180 days. (I knew company cannot take credit of input but is there any impact on dealer.) 2) Vacation trip provided by company to the dealer for achieving target. What is the impact of GST for dealer. 3) Gold coins given away to dealer by the company on achieving the target What is the impact of GST for dealer. Transaction value should be determined by Valuation rules. However, GST impact is NIL either if GST credit note or credit note is raised (if GST credit note is raised, company can claim input credit else not) Trying to find if dealer will face any liability in future on this issue

BY: Sai Ram

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32771
Aug, 16
2018
DIRECT TAXES - ( CAPITAL GAIN UNDER SECTION 54EC )

ASSESSEE SOLD HIS RESIDENTIAL PROPERTY ON 3/4/17 RS 4,04,00000 AND INDEX COST OF ACQUISITION AND INPROVEMENT IS OF RS 3,03,27,836. LTCG IS 1,00,72,164. HE INVESTED RS 39,50,000 IN PURCHASE OF HOUSE PROPERTY U/S 54 AND WANT TO INVEST RS 50,00,000 IN BOND UNDER SECTION 54EC.AS PER 54 EC HE MUST INVEST WITHIN 6 MONTHS FROM DATE OF TRANSFER OF ORIGINAL ASSEST. CAN HE INVEST IT BEFORE FILING OF RETURN OF AY 2018-19 UNDER 54EC?

BY: CHAITALI CHOKSHI

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32770
Aug, 14
2018
GST - ( GSTR 2A )

While finalising books of Accounts for FY 2017-18 , should we consider GSTR 2A . Also there is a provision to to reverse ITC before 30th september . So should we reverse ITC if it is not appearing in GSTR 2A. My point is that we have validly received goods or services and taken ITC in GSTR 3B now there is a need to check for GSTR 2A, if at all there is default then it is fault of supplier .

BY: samirkumar gokulbhai kasvala

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32769
Aug, 11
2018
GST - ( GST ON INCENTIVE RECEIVED )

Mobile handset company launches a incentive scheme. In response, my client purchases the handsets on which GST is charged by mobile compnay. Incentive is computed and paid after 2 to 3 months by distributor of company without adding GST or deducting TDS. My query is whether my client is liable to pay GST on such incentive

BY: ATUL MUKUNDLAL TOSHNIWAL

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32768
Aug, 10
2018
Capital Gains - ( LTCG - NON UTILISATION OF DEPOSIT UNDER CG SCHEME )

Dear Friends, An assessee while filing return of income for the AY 2013-14 had admitted LTCG by invoking indexed cost and arrived at liability under LTCG. U/s 54F of the IT Act, since the assessee had proposed to acquire or construct a residential house, invested the LTCG under Capital Gain Account Scheme. He did not utilize the amount to avail the exemption U/s 54 F of the IT Act and offered LTCG to tax for the AY 2016-17. While admitting the LTCG he had worked out liability by adopting indexed cost relevant for AY 2016-17 and paid taxes thereon. The AO, during the course of assessment, has pointed out that the amount invested under CG Scheme has to be offered for tax instead of applying fresh index cost and arrive at the LTCG. Please clarify whether the AO is correct in rejecting the claim of the assessee by assessing the amount invested under Capital Gain Account Scheme

BY: RAMAN

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32766
Aug, 09
2018
DIRECT TAXES - ( LIQUOR LICENSE )

An Assesses has leased out the liquor license (for Retail Trade) to another Party. As per terms of the contract, the lessee shall pay fixed amount monthly and also the annual fee payable for the license at the time of renewal. The lesser is entitled to take credit of TCS done on purchase made by lessee. There are three components 1. Monthly lease charges 2. TCS benefit 3. Annual license fee paid by the lessee I am of the opinion all the three will have to be offered to tax both for Income tax as well as GST. Please Confirm.

BY: Ethirajan

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32767
Aug, 09
2018
GST - ( DEMAND AND COLLECTION OF GST POST 01.07.2017 )

In case any person has wrongly demanded service tax @ 15% from service receiver instead of GST post 01.07.2017, how and which tax will have to be paid by the assessee? Both the demand and collection is post 01.07.2017. Issue is Chapter V of Finance Act, 1994 has been omitted but in this case amount has been demanded & collected as service tax. Now, whether service tax & GST both will have to be paid and separate refund to be filed for service tax or amount collected as service tax can be paid as GST including balance 3% not collected? Early response will be highly appreciated.

BY: Neeraj Bansal

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32764
Aug, 08
2018
DIRECT TAXES - ( INCOME TAX AUDIT UNDER SECTION 44AB AND 44AD )

Thank you very much in advance  An assesee is having turnover as under As per Profit and loss account                 Rs 88 lakhs (EXCLUDING TAXES) where As per sales register                               Rs 1.2 crores ( INCLUDING TAXES)  Q.1 Turnover Excluding Taxes or Turnover including taxes is to be considered  for audit u/s 44AB ?  Q.2  If assesee selects section 44AD, turnover limit for audit is Rs 2 Crores and he will not be liable for audit  . Is there any benefits in opting section 44AD as comared to section 44AB.?  

BY: samirkumar gokulbhai kasvala

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32765
Aug, 08
2018
GST - ( JOB WORK AND BRANCH TRANSFER IN GSTR-1 )

Whether material sent for job work and transfer of goods from one branch within state having same registration number , has to be shown in GSTR-1. If yes, under which table.

BY: ATUL MUKUNDLAL TOSHNIWAL

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32759
Aug, 07
2018
GST - ( COMPOSITION SCHEME )

A factory owner is manufacturing furniture as well as Doors/Windows etc for houses and Factories. Can he pay 1% GST on Total turnover

BY: Mahesh Kumar

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32760
Aug, 07
2018
GST - ( QUARTERLY FILING OF GSTR 1 FOR TURNOVER LESS THAN 5 CRORES )

Whether above change approved in last GST council meeting will be applicable for those whose turnover exceeds 1.50 crores but less than 5 crores from July 18

BY: Mahesh Kumar

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32761
Aug, 07
2018
GST - ( REFUND OF GST PAID IN EXCESS )

A dealer making online sales on sites like Amajon, Flipcart etc has deposited cash GST on monthly basis, unaware of that above companies were charging GST on commission charged by them @18% .Means he was not supposed to deposit as input tax was more than sufficientNow whether cash deposited during Aug 17 to Mar 18 can be claimed as refund

BY: Mahesh Kumar

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32762
Aug, 07
2018
DIRECT TAXES - ( CASH TRANSACTION BETWEEN HUBAND AND WIFE )

Whether wife can give cash gift to his husband or to his husband's firm ?

BY: Mahesh Kumar

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32758
Aug, 06
2018
AUDIT - ( ACCOUNTING OF DEFINED BENEFIT PLANS )

According to para 51 of the AS 15, Accounting by an enterprise for defined benefit plans involves discounting that benefit using the Projected unit Credit method (These lines are coloured in the attached document for your convenience). The standard specifies that the actuarial valuation method to be followed is Projected Unit credit method to determine the present value of its defined benefit obligations and the related current service cost and, where applicable, past service cost. Let us know is there any provision where it allows an enterprise to calculate the Gratuity based on the management's workings/calculations (without the use of Actuary).

BY: Prashanth Karanth

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32757
Aug, 03
2018
GST - ( TURNOVER )

whether turnover for the purpose of composition under Gst is to be consider from April 2017 or June 2017.

BY: Shailesh Agrawal

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32755
Aug, 02
2018
DIRECT TAXES - ( ARRANGEMENT BETWEEN PROFESSIONALS )

One professional has purchased premises and the other professional is investing in the furniture and infrastructure in the said premises. The premises and infrastructure are going to be used by both the professionals. How do we account for the furniture and other infrastructure expenditure in the books of the second professional ( as he is not the owner of the premises) ? Shall we need to show the value of arrangement viz. use of premises in return for use of furniture and machinery? Friends , could you suggest some tax planning tips for making the arrangement beneficial to both the professionals in term of taxation? Both are individual practitioners and under Tax Audit.

BY: Pradnya M Oak

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32756
Aug, 02
2018
CORPORATE & OTHER LAWS - ( AUDITOR'S ROTATION )

An auditing firm XYZ was appointed as the auditor of Co. ABC Pvt. Ltd in the AGM Held at 2014 as per the provisions of the companies Act, 2013 for 5 years. It being a Pvt Limited company, not breaching the limits of Section 139(2), rotation of auditors was not applicable to it. In F.Y. 2017-18 ABC Pvt Ltd converted into ABC Ltd and it breached the limits of Section 139(2) for the first time in F.y. 2017-18. My query are as follows :- a) From which effective date will the rotation be applicable from ? b) Is the appointment for 5 years still valid for XYZ or should the company appoint the auditor afresh ? b) Can the auditor be appointed for a term of 5 more years after F.Y. 2018-19 considering that the rotation of Auditors be applies to XYZ from F.y. 2017-18.

BY: Akshay

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