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Top 50 Question
Que. Id Date Description
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

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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

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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

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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 : 0 | 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

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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

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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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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.

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 5 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 5 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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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