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Top 50 Question
Que. Id Date Description
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 : 1 | 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 : 3 | 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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

32754
Jul, 31
2018
GST - ( GST LIABILITY REPORTING IN GSTR -3B & GSTR 1 )

A person has reported under liability in GSTR-3B from July 17 to March 2018, he has filed GSTR 3B upto March 2018 but yet not filed GSTR-1 from July to March 2018. Now how he should correct his under reported liability in return..?? 1. should he correct under reported liability in GSTR-1 of relevant month if yes how he will pay tax on this under reported liability..? as no payment option in GSTR-1. (Also there will be mismatch in GSTR- 1& 3B data in this case) 2. should he add this under reported liability in next month's GSTR-3B (i.e. in April 2018 of next f.y.) so he can pay tax in 3B. and because of 2nd option show same under reported liability in GSTR-1 of july 17 to march 18 also, as given in GSTR-3B of July 17 to March 18. by choosing 2nd option there will be mismatch in books and GST return data for f.y. 2017-18, which will impact in annual return, very difficult to reconcile both data in form GSTR-9 . Suggest what should be done so that this can be handled in easy way..??

BY: Satyendra Bhana

Total Answers : 1 | View Answers | Post Answers

32752
Jul, 28
2018
GST - ( APPLICABILITY OF GST )

If social organisation like Rotary or Lions which is not registered as Trust/Society collects from its 300 members Rs.10000 per member per year. Whether GST is applicable to such organisation?

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 2 | View Answers | Post Answers

32753
Jul, 28
2018
GST - ( GST ON SUPPLY FROM PRISONS (JAILS) )

Will GST have to be paid for supplies of goods like furniture etc. made from prisons (Jails)? Earlier, vide Notification No 63/95-C.E dated 16.03.1995, goods manufactured in a prison were exempt from excise duty. Is there any exemption notification in relation to above situation? Early response will be highly appreciated.

BY: Neeraj Bansal

Total Answers : 1 | View Answers | Post Answers

32751
Jul, 26
2018
DIRECT TAXES - ( HOW TO CLAIM LOSSES OF FUTURE & OPTION )

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 10Lakh comprise of Total 14 lakh and 4 lakh profit.. In case of future and option TURNOVER= 18 LAKH (14 lakh +4 lakh).. Now my question is how will book expenses of 8 lakh,to show losses of 10 lakh as brokerage,consultancy,internet & other exp is not more than 2 lakh ?????

BY: Anit Mohapatra

Total Answers : 1 | View Answers | Post Answers

31751
Jul, 25
2018
GST - ( COMPOSITION SCHEME )

In a situation where a person registered under GST as regular tax payer from 1.7.2017 and thereafter opted for composition scheme from 01.12.2017, and filed GST returns till Apr-June 2018 under composition scheme. Option for composition is made on the basis of turnover for 2016-2017 which is below Rs.1 crore. While finalising accounts for F.Y. 2017-2018 for the purpose of filing income tax return came to know that it has crossed one crore which also included turnover during pre-GST regime i.e., Apr-June 2017. However Turnover during GST regime ie., July to Mar 2017 is not exceeding Rs.1 crore In this situation what is to be done by taxpayer for the returns filed under Composition Scheme from 1-12-2017 to 30.06.2018, i.e., whether to pay differential tax from date on which it has crossed Rs. 1 crore and for 2018-2019 whether to continue under composition scheme or not in view of proposed limit for composition scheme to Rs. 1.50 crore,since the words used in section 10 are Turnover during the preceeding financial year.

BY: CA. BHAMIDIPATI VANI KUMAR

Total Answers : 0 | View Answers | Post Answers

31752
Jul, 25
2018
GST - ( REFUND OF EXPORT SALES RETURN. )

Sir, A person made an export sale with payment of IGST in April 2018 but the goods were rejected by the custom Deptt thus could not be exported. Since we raised the bill of export, we paid IGST in the month of May. Now How to Claim refund of this IGST paid on returned goods and second how to show this in GSTR-1 of April , which is still pending?

BY: RAM KUMAR SARASWAT

Total Answers : 1 | View Answers | Post Answers

31753
Jul, 25
2018
GST - ( INPUT CREDIT ELIGIBILITY )

A company has installed wind mills during the past few years as a part of tax savings proposition, besides savings in power ( as the units generated through wind mills are set off in their consumption of power ); it has been paying AMC charges for the wind mill maintenance and upkeep. GST is being charged @ 18% on these AMC charges. can the company claim input credit on the GST paid on these AMC charges?

BY: RAMACHANDRAN ASHOK

Total Answers : 2 | View Answers | Post Answers

31746
Jul, 24
2018
GST - ( CLARIFICATION ON GST (ITC) ON CONSTRUCTION ACTIVITY )

“In case of builder, who has received the consideration for sale of flats before 01.07.2017 and paid service tax on it, whether any GST input would be available on inward supply of goods or services or both, or inward supply of works contract service, for construction of the flats? The construction is being done after 01.07.2017.” Also, in the case mentioned above, will the position change in case the flats rather than being sold have been allotted on lease hold basis? Early response will be highly appreciated.

BY: Neeraj Bansal

Total Answers : 3 | View Answers | Post Answers

31747
Jul, 24
2018
MISC. - ( SEEKING PROFESSIONAL ASSIGNMENT IN AHMEDABAD )

Any professional assignment (IFRS or Advisory/ Audit) within Ahmedabad region on sharing basis or other method, please contact at agrawal.anuj@icai.org.... (FCA with over 14 yr of exp)

BY: anuj agarwal

Total Answers : 0 | View Answers | Post Answers

31748
Jul, 24
2018
MERGER & ACQUISITION - ( NETWORKING ON PAN BASIS- CITY WISE )

Qualified FCA with over 14+ exp (specialised in Ind-As/ IFRS- Advisory & Audits & ex-EY/KPMG) requesting to submit proposal on CITY-WISE basis across India to make better platform where no-one interrupt its present working & will be benefited from sharing knowledge and experitisation in certain areas.. Together we can make a professional working group.. Feel free to share your thoughts and expedite in sending your consent representing your city (as we would make one firm only from a city) and your valuable thoughts on this Journey. Ping me on whatsapp 9634706933 or email me on agrawal.anuj@icai.org

BY: anuj agarwal

Total Answers : 0 | View Answers | Post Answers

31749
Jul, 24
2018
GST - ( WHEN SHOULD BE GENERATED INVOICE AND E-WAY BILL? )

Respected Members, X, made agreement with Y for mining of quarry and to sale of minerals at Rs.5000per tonn. Quarry is 60 Kms. away from business place of X. Minerals are sent by 2-3 vehicles along with transit pass of mining Department. Each vehicle makes 5 trips every day and each consignment is less than 50,000. Query is 1. A invoice can be made for whole sale of the day which will be more than Rs.50,000. 2. Is e-way bill required if each consignment is less than 50k while invoice value is more than 50k. 3. How should we manage with minimum invoicing and minimum eway bills.

BY: SUBHASH CHAND

Total Answers : 0 | View Answers | Post Answers

31750
Jul, 24
2018
GST - ( WHEN SHOULD BE GENERATED INVOICE AND E-WAY BILL? )

X, made agreement with Y for mining of quarry and to sale of minerals at Rs.5000per tonn. Quarry is 60 Kms. away from business place of X. Minerals are sent by 2-3 vehicles along with transit pass of mining Department. Each vehicle makes 5 trips every day and each consignment is less than 50,000. Query is 1. A invoice can be made for whole sale of the day which will be more than Rs.50,000. 2. Is e-way bill required if each consignment is less than 50k while invoice value is more than 50k. 3. How should we manage with minimum invoicing and minimum eway bills.

BY: SUBHASH CHAND

Total Answers : 0 | View Answers | Post Answers

31744
Jul, 18
2018
GST - ( RCM TAX )

The understanding between seller and purchaser of goods is that seller will send the goods by lorry at the cost of the buyer. Seller collects transportation charges separately in the invoice and charges GST on that amount at the some rate as applicable to goods supplied. Seller engages a lorry and pays the equivalent amount to the transporter as freight. The question is whether the seller has to pay GST on freight charges paid by him under RCM.

BY: Ethirajan

Total Answers : 3 | View Answers | Post Answers

31745
Jul, 18
2018
DIRECT TAXES - ( HUF STATUS )

Consequent to amendment in 2005 to The Hindu Succession Act and certain Supreme Court decision a daughter is also treated as co-parcener with the right to claim partition in HUF properties. A married daughter with children get some properties during partition between her father and brothers. My question is whether the income arising out of such properties will be treated as HUF income of the daughter.

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

31743
Jul, 16
2018
DIRECT TAXES - ( TDS ON TRANSFER OF MONEY FROM NRO TO NRE ACCOUNT )

NRI transferred his earnings to savings bank account maintained with ICICI Bank in India. Later on he converted the savings bank account as NRO account. Now he would like to transfer the amount from NRO to NRE account. Bankers require Form 15CB for transfer. Whether any TDS applicable on this transaction.

BY: V.Sivakumar

Total Answers : 1 | View Answers | Post Answers

31741
Jul, 14
2018
GST - ( CANCELLATION )

gst cancellation filed in Jan 2017. Till date status is shown as pending. Should nil return be filed? Till now nil return not filed. Is late fee applicable? If yes any chance for waiver

BY: t sankar

Total Answers : 1 | View Answers | Post Answers

31742
Jul, 14
2018
DIRECT TAXES - ( TAXABILITY OF RECEIPT FROM DISCRETIONARY FAMILY TRUST )

Sir, A Trust is created on 17.04.2015 in the name of Mr. X Family Trust. Trustees are Mr A and Mrs A. Beneficiaries of the Trust are Mr X , Mrs X, Son of Mr X and Daughter of Mr. X. The Trust is Discretionary Trust. The Trust has been settled to hold assets settled in the Trust by the Settlor for the Beneficiaries. The Trustees shall distribute the whole or any part of the Trust Fund ( including Income, Assets and Properties ) to any of the Beneficiaries as specified in the Clause of the Trust Deed in such proportion and in such manner and at such time as the Trustees in their absolute discretion as they deem fit. Now, the Trustees are going to pay Rs.40000/- p.m. to the Mr. X , one of the Beneficiary of the Trust. QUERY: 1. Whether the sum Rs.40000/- p.m. shall be Taxable in the hands of Mr. X? If not , under which Section? 2. How will Mr. X will spent the sum received ? Whether it will be distributed among all Beneficiaries ? 3. Kindly let me know in detail about Taxability or otherwise.

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

31740
Jul, 13
2018
DIRECT TAXES - ( PENALTY U/S.271D )

A director of private limited co has incurred revenue expenditure in cash on behalf of company to the tune of Rs.4 lakh. Whether Sec.269SS will be attracted and penalty will be levied?

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

31739
Jul, 12
2018
DIRECT TAXES - ( SECTION 44AD )

Small dealers who have GST registration filling gst return with 2% to 3% gross profit, can this dealer file income tax return under section 44AD by showing higher profit or they have to get their account audited u/s 44AD for tallying accounts with gst returns purchase. please elaborate on same...

BY: NADIR D SHAIKH

Total Answers : 2 | View Answers | Post Answers

31737
Jul, 10
2018
DIRECT TAXES - ( SECTION 44AA )

A PARTNERS HAVING TOTAL INCOME FROM PARTNERSHIP IN FORM OF INTEREST AND REMUNERATION AND PROFIT IS IN EXCESS OF RS. 120000/- , FIRM IN WHICH HE IS PARTNER IS LIABLE FOR TAX AUDIT , WHETHER IT IS MANDATORY FOR THE PARTNER ALSO TO COMPULSORILY MAINTAIN BOOKS OF ACCOUNTS UNDER SECTION 44AA AS HIS INCOME FROM THE PARTNERSHIP FIRM IS MORE THEN RS. 120000/- AS PER CATEGORY D OF SECTION 44AA.

BY: DEEPTI DHAKAD

Total Answers : 2 | View Answers | Post Answers

31738
Jul, 10
2018
DIRECT TAXES - ( INTEREST ON MORTGAGE LOAN )

A person has taken mortgage loan against security of a building which is in his wife's name. He is claiming deduction under sec 80C as well as reducing his profits availing loss on House property. Whether this is possible?

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

31736
Jul, 09
2018
Capital Gains - ( TAXABILITY OF MATURITY OF UTI MEP )

The amount received from UTI at the time of maturity of UTI - MEP after 36 months. Whether the same is exempt or taxable under which section.

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

31735
Jul, 07
2018
DIRECT TAXES - ( 14A DISALLOWANCES )

As per section 14A disallowance is called for of any expenditure in relation to income which does not form part of the total income. The main item of income hit by the section is dividend from domestic companies. Now as per section 115BBDA the dividend receipt in excess of 10 lakhs is subject to income tax . My query is whether an assessee who has received dividend of only 8 lakhs can contend that the dividend income in general is no longer exempted income for the limited purpose of section 14A. The second part of my query is whether section 14A cannot be invoked at all for an assessee who has dividend receipt of 11 lakhs.

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

31731
Jul, 06
2018
GST - ( NEGATIVE SALES )

An asessee has not made any sales during April 18 to June 18 Quarter but is having sales return during June. How it should be shown in GSTR 3 B and GSTR-1 for June18

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

31732
Jul, 06
2018
AUDIT - ( FINANCIAL BIDS SOUGHT BY COOPERATIVE BANKS FOR CONCURRENT AUDIT )

Whether CA firms can quote Minimum Fees to Cooperative Banks for Concurrent audits i.e Financial bids

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

31733
Jul, 06
2018
GST - ( GST ON WORKS CONTRACTORS )

Dear Members, One of my client who is a works contractor engaged in various projects of the Government of Odisha from different departments namely, ITDA,DRDA, PWD and Rural Works Departement. He signed various contracts (Works Contracts) before the implementation of GST i.e. before 01.07.2017. He got part payments on those works as per the existing Law (VAT) before implementation of GST. Presently he is drawing his part payments from the above mentioned departments. But now the Govt departments are not deducting VAT (5%) on those bills and nor they are paying GST Extra. My question is how can I show the receipts in GSTR3B and GSTR-1 returns ? Do I require to show it in my GST Returns ? Or I have to show it as Non-GST Outward Supply. Please Guide.

BY: Manoj Kumar Choudhury

Total Answers : 2 | View Answers | Post Answers

31734
Jul, 06
2018
GST - ( APPLICABILITY OF GST ON LATE COMING DEDUCTIONS FROM EMPLOYEE )

Is Late coming deductions should consider under clause I of schedule III of GST Act 2017 - Consider that this transaction as supply by the employer to the employee in terms of contractual agreement entered into between the employer and the employee, will not be subjected to GST.” or Clause 5(e ) of Schedule II of CGST Act 2017 - Amount deducted is Consideration to the employer for “tolerating the act and will be subjected to GST.

BY: Laxmikant Nilkanth Alai

Total Answers : 0 | View Answers | Post Answers

31729
Jul, 05
2018
DIRECT TAXES - ( JAVA BASED UTILITIES OF ITR )

Downloaded ITR 3 and ITR 5 utilities from ITax Site are not opening . We are having Windows 10 Home 64 bit operating system . Java installed is 8 update 171.

BY: Mahesh Kumar

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31730
Jul, 05
2018
Income from Other Sources - ( GIFT FROM HUF TO ITS KARTA )

Please advice me, whether gift received from HUF by its KARTA is taxable or exempt. In view of definition of relative in sec. 56 of the Income Tax Act 1961, whether such gift received by KARTA of HUF from his own HUF, comes under the definition of relative and accordingly whether it is exempt?

BY: MAHADEO VIRUPAX WALI

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31727
Jul, 04
2018
DIRECT TAXES - ( TAXATION OF PARTNERSHIP FIRM U/S 44 ADA )

U/S 44ADA. deductions from gross total income u/s 30 to 38 are deemed to be given while applying 50% profit. I understand from perusal of various articles that the partners' remuneration and interest is not to be deducted from gross TO before applying 50% profit. Again the remuneration is taxable in the hands of the individual partners. How? Or is it that the partner's remuneration & interest is deductible before arriving at 50% profit?

BY: Pradnya M Oak

Total Answers : 3 | View Answers | Post Answers

31728
Jul, 04
2018
GST - ( TAKEOVER OF BUSINESS )

a firm issued debit note of purchase return after takeover, how to issue credit note by seller in new firm after takeover as the earlier sale was made to old firm with old gstin. How to record credit note (on gst portal) in new firm?

BY: pratik vora

Total Answers : 0 | View Answers | Post Answers

31726
Jul, 03
2018
Income From Salary - ( MONTHLY PENSION RECEIVED BY EX-EMPLOYEE OF PRIVATE ORGANIZATION )

Does any form of monthly pension is exempt from tax? For example-pension received from employee pension scheme 1995 of EPFO is exempt or not? Further, accumulated payments received by employee from recognized provident fund is exempt from income tax... Please guide under which section the same is exempt.

BY: arpit mudgal

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31725
Jul, 02
2018
DIRECT TAXES - ( INCOME TAX RETURN )

one of our client is engaged in non specified business. providing services to banks like verification of pan card, financial statements, it returns. for this he is paid some amount. banks/financial institutions are deducting tds u/s194j. it return is filed u/s44AD. now cpc is sending emails tds made u/s194j is not declared u/s44ada. since it is a business income, not a profession income. we disagreed. please guide us in this regard for filing it return.profit is up to 10/5 after meeting out all office expenses. is it ok to file return u/s44AD again this year. else tax liability will be more.

BY: SURENDRA KSHEERASAGAR

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31723
Jun, 30
2018
DIRECT TAXES - ( SPECULATION SHARE PROFIT (WHETHER AUDIT REPORT 3CD & 3CB IS REQUIRED) )

X an individual is a salaried employee, and is deriving income from share profit, both normal share dealing as well as future option during F Y 2017-18. The sale & Purchase in future option is nearly Rs 4.00 crore, does he require to submit audit report or simply we will show the share profit in capital gain income.

BY: pradeep kumar agrawal

Total Answers : 1 | View Answers | Post Answers

31724
Jun, 30
2018
GST - ( TURNOVER FOR AUDIT )

WHICH TURNOVER TAKEN FOR GST AUDIT I.E. BASIC (WITHOUT GST) OR TOTAL TURNOVER (WITH GST). FOR EXAMPLE MY BASIC TURNOVER IS 1,85,00,000/- AND GST ON IT IS 51,80,000/- SO MY TOTAL TURNOVER IS 2,36,80,000/- . SO WHICH AMOUNT IS CONSIDER FOR UNIT TAKEN FOR AUDIT. RS. 1,85,00,000/- OR 2,36,80,000/-.

BY: AJITKUMAR L PATEL

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