• Registered Users :
  • 157366
  • Current Active Users :
  • 99386

Forum

DID YOU KNOW ?

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

Click here to Post your Query >>
Top 50 Question
Que. Id Date Description
39293
Jul, 16
2019
DIRECT TAXES - ( AUDIT FOR COMMISSION AGENTS )

Whether Commission agents receiving less than 50 Lacs commission have to get tax audit if their net income comes below 50% of commission

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39294
Jul, 16
2019
GST - ( INPUT TAX CREDIT ON CAPITAL GOODS )

In case of registered dealer, dealing in taxable goods only, is ITC on capital goods to be availed in 60 instalments or full ITC can be availed in one go ?

BY: Rikta Karia

Total Answers : 1 | View Answers | Post Answers

39291
Jul, 15
2019
DIRECT TAXES - ( WHETHER 30% STANDARD DEDUCTION )

Whether 30% standard deduction is allowed on let out of Commercial Property by shop owner ?

BY: HARJEET

Total Answers : 3 | View Answers | Post Answers

39292
Jul, 15
2019
Income From Salary - ( SALARY RECEIVED FROM FOREIGN COMPANY IN CHINA )

Individual is rendering services from India to chineses company. They are paying him a salary and tax free allowances. My question is 1. Applicability of income tax on the tax free allowance given by chinese company. 2. Exchange rate to be taken on monthly salary

BY: Nitin Porwal

Total Answers : 2 | View Answers | Post Answers

39289
Jul, 13
2019
GST - ( UNABLE TO GENERATE JSON FILE FOR GSTR 9C )

WE ARE NOT ABLE TO GENERATE GSTR 9C .PLEASE SHARE YOUR VIEWS IN DETAIL INCLUDING SIGNATURE PART OF AUDITOR.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

39290
Jul, 13
2019
GST - ( PASSING OF GST PAID THROUGH PL A/C )

SOME ACCOUNTANTS ARE PASSING GST & LATE FEE PAID THROUGH PL A/C .IS IT CORRECT PROCESS ?? PLEASE SHARE YOUR VIEWS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

39283
Jul, 12
2019
DIRECT TAXES - ( TAXABILITY OF PPF INTEREST )

WHAT WILL BE THE TREATMENT OF INTEREST EARNED ON PPF.ACCORDING TO SEC 10(11) IT IS AN EXEMPT INCOME.SHALL WE INCLUDE THIS IN TOTAL INCOME AND THEN CLAIM EXEMPTION UNDER TABLE 7 OF ITR 1 ?? PLEASE SHARE YOUR VIEWS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 5 | View Answers | Post Answers

39284
Jul, 12
2019
GST - ( APPLICABILITY OF GST )

A firm located in India is providing digital marketing, ticket booking and customer support services for a cruise company in Australia. The Australian company have been paying in Australian dollars to the firm. Some of the customers of the Australian company are from India and they are ready to pay in INR to the Indian firm directly for the tickets booked. Does the firm has to register under GST and pay on this transaction??

BY: Achuthan P

Total Answers : 0 | View Answers | Post Answers

39285
Jul, 12
2019
GST - ( INTER STATE BRANCH SALES AT COST )

One of my client sell goods to its branch in another state at cost . Whether taxable value (which is actually cost to the client) shown in the invoice can be taken as open market value? Whether he has to add additional 10% in accordance with rule 30.

BY: NIRAJ PM

Total Answers : 0 | View Answers | Post Answers

39286
Jul, 12
2019
DIRECT TAXES - ( DEDUCTION OF INTEREST ON HOUSING LOAN IF PAYMENT MADE OUTSIDE INDIA )

If a person is paying interest on housing loan from a financial institution outside india (whose income is tax free in that country), whether the payer (who gets her salary from WHO which is Tax Free) needs to deduct the TDS on that for claiming the interest on housing loan.

BY: CA Neha Gupta

Total Answers : 0 | View Answers | Post Answers

39287
Jul, 12
2019
DIRECT TAXES - ( LTCG ON SALE OF US SECURITIES BY INDIAN RESIDENT )

If a person who is filing the ITR as a Resident this year and who has some Long-term capital gains from sale of equities of US outside India, whether it is taxable in India and if taxable, at which rate. As per my knowledge, Section 5 says that every Resident is liable for taxes on income earned from from outside India as well. and Also, as per section 112: LTCG is taxable @ 20%. Hence, the LTCG on sale of Securities of US is taxable @ 20% in India.

BY: CA Neha Gupta

Total Answers : 1 | View Answers | Post Answers

39288
Jul, 12
2019
DIRECT TAXES - ( DETERMINATION OF BOOK PROFIT IF A PARTNERSHIP FIRM HAS OPTED FOR 44AD )

If a partnership firm has opted for 44AD, the turnover is Rs 50,00,000 and the profit declared thereon is Rs 3L (being 6% of Rs 50L) and the partners of the firm are getting the remuneration of Rs 10L each (there are 2 partners). How Book Profit will be calculated so that maximum amount of partners Remuneration allowed as per law is determined.

BY: CA Neha Gupta

Total Answers : 3 | View Answers | Post Answers

39280
Jul, 11
2019
GST - ( SHORT CREDIT GIVEN IN 2A )

OUR CLIENT SHOWN ACTUAL CREDIT AND UTILISED THE SAME DURING 2017-18,BUT THE FELLOW SUPPLIER HAD NOT SHOWN PROPERLY IN GSTR 1DUE TO USE OF WRONG GSTIN.THAT`S WHY THERE IS A SHORTFALL OF 27 LACS IN 2A AS COMPARED TO 3B. WHAT SHALL WE DO ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

39281
Jul, 11
2019
DIRECT TAXES - ( DISCLOSURE OF GIFT IN ITR )

Whether it is required to disclose gift received from father in income tax return. and if required where we have to disclose.

BY: Shobhit Bansal

Total Answers : 3 | View Answers | Post Answers

39282
Jul, 11
2019
MISC. - ( STATUTORY AUDITOR CERTIFICATE FOR FINANCIAL INFORMATION )

We require to sign a certificate addressed to "National Skill Development Corporation" for RFP to be submitted by Client. The certificate is prescribed in a format which contains the clause that " We understand that we are solely responsible for the captive employment of at least 50% candidates trained from the Target Allocated under this RFP" As a PCA should we take we sole responsibility as mentioned and the sign the certificate.

BY: TEKCHAND BODHWANI

Total Answers : 2 | View Answers | Post Answers

39278
Jul, 10
2019
MISC. - ( DIRECTORSHIP FOR CA IN PRACTICE )

Can a Chartered Accountant in full time practice become director in a co and if yes, whether permission of ICAI is required.

BY: Shobhit Bansal

Total Answers : 4 | View Answers | Post Answers

39279
Jul, 10
2019
AUDIT - ( REMOVAL OF AUDITORS IN CASE OF PARTNERSHIP FIRM )

How a statutory Auditors /tax auditors firm can be removed? if he has denied to give his resignation

BY: CA. BISHT RAKESH

Total Answers : 2 | View Answers | Post Answers

39277
Jul, 08
2019
DIRECT TAXES - ( 80EEA AND 80IBA BUDGET CHANGES_2019 )

As per Section 80EEA, Rs 1.50 lacs deduction is allowed if: (a) loan sanctioned during 2019-2010 (b) value upto Rs 45 lakhs (c) assessee's first residential HP. Now, is there any condition of carpet area i.e. property is limited to 60/90 sq meter carpet area under section 80EEA.

BY: Shobhit Bansal

Total Answers : 3 | View Answers | Post Answers

39275
Jul, 06
2019
MISC. - ( UDIN )

We are certifying the P & L & B/s of client, to whom section 44AD is applicable by making the note as unaudited financial statements on the basis of which IT return is Filled. Is it mandatory to generate the UDIN for the same.

BY: NADIR D SHAIKH

Total Answers : 5 | View Answers | Post Answers

39276
Jul, 06
2019
DIRECT TAXES - ( 425727 )

I have to file return of a Charitable Trust running a School, which neither have a 12AA registration nor eligible to exemption under any clause of section 10(23C), Now my questions are: 1. Which ITR form is to be selected 5 or 7. 2. Whether Tax Audit u/s 44AB or any other Audit under the provisions of Income Tax Act. 3. Whether the trust is eligible for Basic tax exemption of Rs. 250000.

BY: SHYAM KUMAR SHARMA

Total Answers : 3 | View Answers | Post Answers

39272
Jul, 05
2019
GST - ( TRANSACTION VALUE FOR SALE OF CAPITAL ASSETS UNDER GST )

As per CGST Rule 32(5), second hand goods sold by second hand goods dealer, transaction value (TV) shall be the margin portion (ie selling price and purchase price) on which GST to be charged. As per Notf 8/2018 CTR dt 25.1.18, sale of used vehicle by any registered person, TV shall be the margin portion. (Situtation – Vehicle lying as fixed asset sold) Other than the above Rule or notification, Is there any other rule or notification which says that TV shall be margin, for sale of any other used asset (say furniture or computer or printer lying as fixed asset).?

BY: Sivaraman A.R.

Total Answers : 2 | View Answers | Post Answers

39273
Jul, 05
2019
MERGER & ACQUISITION - ( MERGER OF TRUST )

Whether a charitable trust registered under 12A running an educational institution having immovable properties and not able to run the institution succesfully due to the advanced age of the managing trustee can merge with another charitable institution registered under 12 A

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

39274
Jul, 05
2019
MERGER & ACQUISITION - ( MERGER OF TRUST )

What is the procedure for merging a charitable trust registered under sec. 12 A with another such Trust?.suppose if the charitable has immovable properties - land and buildings whether they have to be sold before merging?

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

39265
Jul, 04
2019
Income From Salary - ( TAX ON NOTICE PERIOD DEDUCTION )

TDS was deducted on salary income including notice period deduction from the first employer. Now filing income tax return how to show this notice period deduction to get a refund of the TDS deducted on notice period amount?

BY: Hunny Badlani

Total Answers : 4 | View Answers | Post Answers

39266
Jul, 04
2019
DIRECT TAXES - ( 079710 )

We have filed ITR for AY 18-19 and disallowed 100% of whole figure on which TDS was not deducted (Instead of 30% dis allowance) . The same is also 100% disallowed in Form 3CD inadvertently . Now department has further disallowed additional 30% of amount which was already disallowed compute Tax demand . Now what is remedy . Can we rectified u/s 154 as we have already excess disallowed or prefer an appeal

BY: SANDEEP KAPOOR

Total Answers : 3 | View Answers | Post Answers

39267
Jul, 04
2019
AUDIT - ( TAX AUDIT CEILING )

If an individual is having gross receipt (Turnover) Exceeding 1 crore but less than 2 crore and he declares profit below 8% than this particular audit will come under the audit ceiling of 60 Tax Audit U/s 44AB or not?

BY: Kachhawa Dinesh Dahyaji

Total Answers : 3 | View Answers | Post Answers

39268
Jul, 04
2019
GST - ( REVERSE CHARGE ON COMPOSITE SUPPLIER )

Could anybody please through light on liability of composite service provider who is liable to GST @6 % (w.e.f. 01.04.2019) on advances received and at what rate if he is liable.

BY: CA. KANTIPUDI VEERA VENKATA SATYANARAYANA

Total Answers : 1 | View Answers | Post Answers

39269
Jul, 04
2019
Companies Act, 2013 - ( MOA OF PRIVATE LIMITED COMPANY )

I need a draft format of MOA for company which will be engaged in Amusement Activities such as Water Park etc

BY: PALLAV

Total Answers : 1 | View Answers | Post Answers

39270
Jul, 04
2019
GST - ( ITC REVERSAL IN TOUR & TRAVEL INDUSTRY )

This query is regarding ITC reversal in case of a company engaged in Tour & Travel industry. Suppose there is total turnover of Rs 10L in a month:- 1. Rs 6L is 5% sale (package sale). 2. Rs 4L is 18% sale (commission Income). There is total ITC of Rs 1L in that month which is as follows: 1. ITC directly related to commission Income is Rs 40,000. 2. ITC related to Package sale is Rs 30,000. 3. Common ITC is Rs 30,000. So, the total ITC reversal is as follows: 1. Rs 30,000 ( being amount directly related to supply on which ITC cannot be taken) 2. Rs 18,000 ( Rs 30,000* Rs6L/Rs 10L) Kindly confirm the same.

BY: CA Neha Gupta

Total Answers : 1 | View Answers | Post Answers

39271
Jul, 04
2019
DIRECT TAXES - ( BOOKS OF ACCOUNTS )

If a person is earning commission income & also he has another business in which wishes to opt for 44AD.. First case-by-case Whether he can opt for 44AD for one business if he is having commission income as his secondary income. Second case- If in place of commission Income, he is having professional income and wishes to opt 44ADA. Whether 44AD can be opt for if 44ADA is chosen. Thanx in advance.

BY: CA Neha Gupta

Total Answers : 2 | View Answers | Post Answers

39260
Jul, 03
2019
GST - ( GST ON APPLICATION FORMS AND TENDER FEES )

A Municipal Corporation collects (1) Rs. 100/- towards charges for application forms for awas yojna (under Affordable Housing) (2) Charges for tender application documents for awarding various outsourced work of corporation. Whether GST is applicable in both the cases? If yes under which head GST is to be collected.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 0 | View Answers | Post Answers

39261
Jul, 03
2019
MISC. - ( WHETHER OUTSTANDING EXPENSES IS INCLUDED IN CONSTRUCTION / DEVELOPMENT COST UNDER RERA FOR FORM 3 CE )

I have doubt under RERA 1. Suppose builder purchases material and incurred direct expenses for construction of a building, then for issuing Form 3 for cash withdrawal from a bank account, whether any outstanding payment (balance payment to be made to Creditors) towards the purchase of Material (Cement, Bricks etc) and Direct expenses (labour, rent of machinery) is to be included or not in Development/construction cost for Form 3 under RERA. (w.r..t.Maharashtra RERA) 2.Whether Closing stock is to be deducted from development/construction cost under RERA for issuing Form 3.(w.r.t. Maharashtra RERA)

BY: SHEKHAR KUNDLIK SAWANT

Total Answers : 0 | View Answers | Post Answers

39262
Jul, 03
2019
INDIRECT TAXES - ( MANAGEMENT REPRESENTATION LETTER )

As per the technical guide published by ICAI-Indirect Tax Committee on GST audit,we need to take Management Representation letter (MRL) from the client GSTIN wise. Can we take MRL on PAN India basis i.e single MRL for all the GSTIN considering all the relevant fields of MRL.

BY: Nidhi Aggarwal

Total Answers : 1 | View Answers | Post Answers

39263
Jul, 03
2019
GST - ( COMPENSATION INCASE OF DEATH )

Is there any compensation which has been paid incase of death of proprietor who is registered under GST.

BY: Shobhit Bansal

Total Answers : 0 | View Answers | Post Answers

39264
Jul, 03
2019
Profits & Gains of Business & Profession - ( TAXABILITY OF LLP U/S 44AD )

A LLP is having Turnover of Rs.35 lacs. The same is interested to show profit below 8% of the Turnover. Whereas provision of Sec 44AD are not applicable for LLP. Whether the LLP can do so. If not whether Tax Audit is compulsory even though Turnover is less than Rs.1 cr. and Profit showing less than 8% of the Turnover..

BY: AJAY JAIN

Total Answers : 3 | View Answers | Post Answers

39257
Jul, 02
2019
Profits & Gains of Business & Profession - ( 078994 )

Under Sec 44 AE kindly clarify taxability of Heavy Goods Vehicles. As per reading of the provisions of the Section, it appears that if Gross Vehicle weight is more than 12 Mt, its taxable @ Rs.1000/- per MT. Whereas there is difference in Gross Vehicle Weight and Unladen Weight. Which weight is to be taken

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

39258
Jul, 02
2019
GST - ( INTEREST FOR EXCESS CREDIT TAKEN IN TRAN 1 )

ONE OF CLIENTS GOT LETTER FROM DEPT CHARGING INTEREST U/S 50 OF CGST ACT FOR EXCESS TRAN CREDIT AVAILED UPTO THE PERIOD OF REVERSAL OF EXCESS CREDIT TAKEN. QUERY : IS THERE ANY OTHER RECOURSE THAN MAKING PAYMENT ??? SHALL WE GET LEGAL HELP IF WE GO FOR APPEAL ?? YOUR OPINION IS HIGHLY SOLICITED WITH REFERENCE TO SECTION,RULE,NOTIFICATION AND CASE LAWS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 0 | View Answers | Post Answers

39259
Jul, 02
2019
GST - ( INTEREST FOR EXCESS CREDIT TAKEN IN TRAN 1 )

ONE OF CLIENTS GOT LETTER FROM DEPT CHARGING INTEREST U/S 50 OF CGST ACT FOR EXCESS TRAN CREDIT AVAILED UPTO THE PERIOD OF REVERSAL OF EXCESS CREDIT TAKEN. QUERY : IS THERE ANY OTHER RECOURSE THAN MAKING PAYMENT ??? SHALL WE GET LEGAL HELP IF WE GO FOR APPEAL ?? YOUR OPINION IS HIGHLY SOLICITED WITH REFERENCE TO SECTION,RULE,NOTIFICATION AND CASE LAWS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

39255
Jul, 01
2019
GST - ( RCM ON FREIGHT CHARGE TO TRANSPORTER )

Freight charges being paid to transporter by the purchaser. The same is being reimbursed by the supplier in the form of credit note. Who is liable to pay GST under RCM on freight charges?

BY: Anuj Kumar Khaitan

Total Answers : 3 | View Answers | Post Answers

39256
Jul, 01
2019
GST - ( GST ON RCM ON RAW COTTON )

Dear Sir Our client is working as kacha artiya. the payment is received by him and is given to the agriculturist after deducting his commission. He did not record this purchase and sales in his books and only account his share of the commission. Now i want to ask whether he will be liable to reverse charge even though he does not record the same in his books. Or he will be liable only on those purchases of raw cotton which he records in his books as purchases. We are however paying GST at the time of sale.

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

39254
Jun, 29
2019
GST - ( SURRENDER/ CANCELLATION OF GSTN )

X AN INDIVIDUAL HAVING A TIN NO BEFORE GST WAS ALLOTTED A GST NO BY SYSTEM. NOW X REALIZED THAT TIN NO WAS ALREADY SURRENDERED ON 31.05.2016, BUT DUE TO SOME REASON THE TIN NO WAS NOT CANCELLED BY THE VAT AUTHORITY. NOW HE APPROACHED THE VAT AUTHRORITY AND GOT TIN NO CANCELLED WEF 2016. MY QUERY IS AS GSTN NO IS ALLOTED BY GST SYSTEM TO MR X, AND IS UNDER PROVISIONAL BASIS, MR X HAS NOT UPDATED THE GSTN NO. NOW HE WANTS TO SURRENDER/CANCEL THE GSTN NO. SO WHAT IS THE PROCEDURE TO SURRENDER THE GSTN NO. WHETHER NOW HE WILL HAVE TO FILE ALL THE GSTN RETRUN FROM 01.07.18 TO UP TO DATE, SO THAT HE WILL BE ABLE TO CANCEL THE SAME, HE HAS NO GSTN SALE RIGHT FROM BEGINNING. BUT IF HE FILES THE GSTN RETURN THEN LATE FEE OF HIGH VALUE WILL ARISE, WITHOUT ANY FAULT OF ASSESEE WHAT TO DO IN THIS CASE.

BY: pradeep kumar agrawal

Total Answers : 4 | View Answers | Post Answers

39251
Jun, 28
2019
GST - ( GST )

Dear Sir One of our client is registered in Rajasthan he has taken stall in exhibition at chennai where he will display its products. we are supplying goods on delivery challan for display no sale will happen there, but we may get orders from there. Do we have to take registration as casual taxable person or not at chennai

BY: VIPIN GUPTA

Total Answers : 4 | View Answers | Post Answers

39252
Jun, 28
2019
TDS/TCS - ( TDS ON LISTING FEE AND INTEREST TO BSE )

1. Whether listing fee paid to Bombay stock exchange is liable to TdS? 2. Whether interest on listing fee is liable to TDS?

BY: Sivaraman A.R.

Total Answers : 2 | View Answers | Post Answers

39253
Jun, 28
2019
DIRECT TAXES - ( TDS ON PAYMENTS TO GOOGLE, FACEBOOK ETC )

Whether TDS is required to be deducted on payments to Google, FB etc. If yes, how TDS can be deducted on such payments

BY: CA Neha Gupta

Total Answers : 3 | View Answers | Post Answers

39250
Jun, 27
2019
DIRECT TAXES - ( REVISING RETURN FOR AY 2018-19 )

AY 2018-19 intimation U/S 143(1)(a) received. Addition happened. Now found an error in return. Now what is the recourse. Also observed that the auditor has made slight typographical mistake that has led to addition.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 4 | View Answers | Post Answers

39246
Jun, 26
2019
TDS/TCS - ( TDS ON PAYMENTS TO INDIAN RAILWAYS )

Municipal Corporation - local authority has to make a contractual payment to Indian Railways. Whether local authority is required to deduct tax at source on payment to be made to Indian Railways?

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 4 | View Answers | Post Answers

39247
Jun, 26
2019
GST - ( GST TYPE WHETHER CGST/SGST OR IGST )

Company is exporting the goods through courier company. My query is courier company is charging IGST whether it was correct as both company are in the same state.

BY: Shobhit Bansal

Total Answers : 3 | View Answers | Post Answers

39248
Jun, 26
2019
DIRECT TAXES - ( EXCHANGE RATE FOR EXPENDITURE INCURRED IN FOREIGN CURRENCY )

Hello Professional Colleagues, Can you please guide me on which exchange rate is to be considered in income tax for expenditure incurred in foreign currency and also paid in foreign currency through EEFC account? (Which exchange rate is to be considered in Books of account for booking the Expenditure in INR?)

BY: Manisha

Total Answers : 2 | View Answers | Post Answers

39249
Jun, 26
2019
GST - ( REVERSE CHARGE )

GST on Transfer fee received by Municipality (who is registered) from lessee is under reverse charge i.e. lessee has to pay GST and not Municipality. Now if in this case if lessee is unregistered then who has to pay GST. Is Municipality liable to pay GST because lessee is unregistered?

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 2 | View Answers | Post Answers

39243
Jun, 25
2019
AUDIT - ( CONSOLIDATION OF FINANCIAL STATEMENT )

The audit for Fy 2017-18 of holding and its subsidiaries companies was done by M/s XYZ and Company, Chartered accountants and resigned . Can the Consolidation for FY 2017-18 be done by another Auditors?

BY: CA. BISHT RAKESH

Total Answers : 1 | View Answers | Post Answers