Is it ok for a proprietor to purchase car in his name and bring it in his books giving credit to capital account. This has to be used in the profession use only

BY: Mahesh Kumar

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For FY 2017-18 unable to apply 85% of income, filed form 10 specifying the last date for accumulation as 31.03.2023. But AO states it should be applied latest by 31.03.2022. Whether he is correct. The remaining conditions are satisfied. Thank you

BY: ESWARAIAH Y

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JOB WORK CAPITAL GOODS TO RETURN IN 3 YEARS Dear Experts For our pharmaceutical client, wherein equipments were send to job worker / Loan Licence sites it has been advised to get such equipments back max in 3 years else revese ITC availed quoting sections 143 & 16 According to Section 143 of the CGST Act, capital goods sent to a job worker must be returned to the principal within three years from the date of being sent out. If not returned within this period, it is deemed as a supply from the principal to the job worker, and GST is applicable. As per Section 16 of the CGST Act, you can claim ITC on capital goods sent to job workers, provided they are returned within the stipulated period. If the capital goods are not returned within three years, the ITC claimed may need to be reversed. while business manufacturing and job work agreement are continuing and can be supported with jobwork in and job work outward challans, still institing on physical movements is somewhat hard to belive Please suggest way out if any or physical take back and re-send is the only option

BY: VIPUL JHAVERI

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Trust is provisionally registered for three years for the period 2023-24 to 2025-26. Trust activities started in 2023-24 but failed to apply for regular registration from 2023-24. Now which section is to be selected for applying 12A and 80G application as trust failed to convert provisional registration into regular registration ?

BY: SACHIN INGAWALE

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Dear All, A 12AB registered Trust wants to accumulate its surplus income for application in the future years. Since the accounts are not yet finalised, they were unable to determine the amount. Do the trust need to pass the resolution for accumulation before the year end i.e. 31/03/25 or is it ok for them to pass the resolution once the accounts are finalised and file the Form 10 before the due date. Thanks.

BY: CA. VASUDEVAN P K

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Can a CA form partnership firm with a company secretary and is eligible for Statutory bank audits?

BY: Mahesh Kumar

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We are planning for change in Firm Name and Change in Profit Sharing Ratios amongst same partners. No new Partner is being added nor anyone is retiring. I want to know will it have any impact on our eligibility for Bank Audits, seniority of Firm etc.

BY: KRUSHNAKUMAR SARDA

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A LLP consisting of a CA and a CS as partners, Can it do statutory Bank Audit and other Audits

BY: Mahesh Kumar

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Is breast implant surgery on transgender chargeable under GST? As per guidelines issued by Indian Association Of Aesthetic Plastic Surgeons such surgery is gender affirmation surgery and not in nature of cosmetic surgery. It is considered as medical necessity.

BY: KRITI GUPTA

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We have to send one parcel with export invoice to Brampton,Ontario State CANADA.Please advice the import duty as well as GST to be charged by that country.

BY: Mahesh Kumar

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Is indirect income received on account of return of expiry medicines is chargeable in GST?

BY: CA. SURAJ KUMAR CHOUDHARY

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After saving Draft appeal on ITAT portal, whithin how much time should be finalised and submitted

BY: Mahesh Kumar

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For FY 23-24 - Turnover Rs 1.50 Cr. Showed 15% profit. Filed ITR 4. In FY 24-25 - Turnover Rs 90 Lakh. Ready to prepare PL and BS fully and file ITR 3 with full disclosure. Profit 15%. Should the client do audit in FY 24-25?

BY: Sivaraman A.R.

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How to present redeemable preference share capital in financial statement. Please answer for both equity and liability part.

BY: GAURAV SHARMA

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A trust which has been in existence for 3 years, not registered, applied for registration and was granted the same u/s 12(ac)(vi) (b) from 2024-25 to 2028-29. The charitable activities has been ongoing since 3 years. Should the trust apply for regular registration now and also request for condonation ( since 6 months has already elapsed from the commencement of charitable activities) or should the application be made only by 2028-29? For the past 3 years return has been filed and tax paid at MMR. Thank you.

BY: sandhya

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I am planning to take COP and start my own practise however i have one existing tax consultant firm on my fatherin laws name. Can i take the firm name and registar it in ICAI rather than opening a new firm. Further I am planning to start a consultancy business which will be in partnership with lawyer, Tech employees to provided full financial and legal assistance to the customers, Can I do this without impacting my COP status?

BY: EKTA CHHALLANI

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Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication. The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits. Accordingly, the case is remanded back for a fresh assessment. Please advise for the stratagy.

BY: RAJEEV KUMAR

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Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication. The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits. Accordingly, the case is remanded back for a fresh assessment. Please advise for the stratagy.

BY: RAJEEV KUMAR

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Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication. The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits. Accordingly, the case is remanded back for a fresh assessment. Please advise for the stratagy.

BY: RAJEEV KUMAR

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Has anybody idea how much import duty and GST is charged in canada for import from India on readymade garments

BY: Mahesh Kumar

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While filing online appeal before ITAT against the order of CIT appeal,whether Hard copies of physical documents are also required to be submitted

BY: Mahesh Kumar

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Notice under section 250 has been issued by CIT Appeal after the expiry a period of 5 years from the date of filing the application of appeal to CIT Appeal. Please advise the provisions in act for time barred / void notice.

BY: RAJEEV KUMAR

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Asessee had applied for cancellation of GST registration in June 24 After issuing a notice for clarification (As in 19-20 input claimed was more in GSTR 3B compared to GSTR 2A) after our reply which pointed to Input less caimed in FY 20-21 in GHSTR 3B v GSTR 2A However Cancellation request was denied Another application for cancellation was made in July 24 Though registration was suspended and return filing was not required. Till date cancellation has not been made Whether is any rule of automatic cancellation after long delay

BY: Mahesh Kumar

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Asessee had applied for cancellation of GST registration in June 24 After issuing a notice for clarification (As in 19-20 input claimed was more in GSTR 3B compared to GSTR 2A) after our reply which pointed to Input less caimed in FY 20-21 in GHSTR 3B v GSTR 2A However Cancellation request was denied Another application for cancellation was made in July 24 Though registration was suspended and return filing was not required. Till date cancellation has not been made Whether is any rule of automatic cancellation after long delay

BY: Mahesh Kumar

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when a dealer has wrongly availed Section 17(5) input during 2023-24 and has reversed the input in subsequent year in September 2024 by making payment in cash the GST input credit and interest through DRC03,whether the reversed tax input credit is to be disclosed in clause 12 and 7E of annual return of 2023-24?

BY: SANTOSH JAGANNATH PAI

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Corpus fund of trust/Society not registered under Income Tax Act. Whether taxable?

BY: Sivaraman A.R.

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Received notice under section 250 of the income tax act, 1961 on 25-02-2025 in connection the appeal filed against the order under section 147 r.w.s.144 of the income tax act, 1961 passed by Assessing Officer vide DIN NO ITBA/COM/F/17/2019-20/1020814100(1) on 20-11-2019 for the assessment year 2012-13. Appeal files on 20-11-2019 As per section 250, CIT Appeal must issue the order within one year from the end of financial year in which the appeal file. and in special case within next one year. Hear is last date 31-03-2021 and in special case the last date is 31-03-2022. but here notice is being issued on 25-02-2025. PLESAE ADVISE AND PROVIDE CASE LAW FOR CHALLANGING THE NOTICE VALIDITY.

BY: RAJEEV KUMAR

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An assessee, resident individual, received Dividend on ESOP shares held in US company. They have deducted tax @ 25% in the USA. We have filed the ITR using DTAA rates, but while processing CPC treated it as normal income and taxed at normal rate leading to a tax demand. Please advise, is it correct to treat the foreign dividend as Income Chargeable at Special Rate or should it be at normal rate.

BY: CA. VASUDEVAN P K

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A nonresident according to Income tax defination has returned to India permanently .However his stay during 2024-25 Financial year will be around 90 days . During the previous three years period he has npt visited India (1-4-21 to 31-3-24) Can he apply for GST registration as residents apply

BY: Mahesh Kumar

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We have been appointed as a Statutory Auditor in a company for 5 years. The Company went into CIRP process. The Resolution Professional has removed us even though our term were not completed and appoint another auditor. Our fees were outstanding and thats why we have not given NOC to the incoming auditor. The incoming auditor has accepted the audit without our NOC. Can the incoming auditor accept the audit without the NOC of previous auditor when the company is in NCLT.

BY: manoj sethia

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GST officer Physically signed the assessment order on 29/04/2024 for FY 2018-19 but uploaded the same along with DRC 07 on 04/05/2024 on the GST portal. Whether the above assessment order is treated as time barred as the last date for issue of order for FY 2018-19 was 30/04/2024? Further physical signing of Assessment order is allowed as per Rule 26 of CGST rule?

BY: CA MADHUR ZANWAR

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We have filed a return for F.Y.2023-2024 by claiming Rs.25000 87A on long term income capital gain on sale of land Rs.298000 in addition to regular income of Rs.360000. . But 87A not allowed on capital gain. Even after filing revised return the position is same. What action to be taken

BY: CA ATUL TOSHNIWAL

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Hi All, An assessee is going to make payment to a Foreign Company for the repair work done on a machinery part based on the Invoice issued. The Foreign Company don't have any presence in India. Bank is advising to use the purpose code S1023 - Technical Services for Form 15CA/CB. Since the work done was outside India and the Foreign Company don't have any establishment in India, does the remittance attract sec 195 for TDS deduction. Please advise.

BY: CA. VASUDEVAN P K

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Are MSME Registered Audit firms getting any preference for Audits or it is limited to Business sector only

BY: Mahesh Kumar

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A person who is working in Dubai for an Indian Company and receiving salary for getting Sales for Indian company . And the salary paid by company to the person without TDS deduction u/s 192B. Whether TDS will be deductible? If He is resident If He is Non - resident.

BY: DEEKSHA GARG

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I have done Audit for 4 years of a particular bank continuously. Thereafter i took one year break. Now again can i do Statutory bank branch Audit of the same bank?

BY: PAREKH DHARAMESH

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I, wanted to know that regarding applicability of HSN or SAC Code under GST on the transactions regarding Interest received on late payment by buyer. As section-15(2)(d) of CGST Act, says the value of supply also includes interest, penalty, and late fees for delayed payment of any consideration for the supply of goods or services or both. The same will be taxable at the rate at which such goods or services were taxable. In short, the classification of interest cannot be different from the classification of such goods or services. Please help in determining HSN or SAC Code as well as How to reflect it in GSTR-1 (Table-12 HSN Summary of Outward supplies with UQC)

BY: CA. SHAH AMIT ANIL HANSA

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Divya is working as a Technical Advisor (contract role) for Quintessence Technology as freelancer and receives a net salary of ?2,35,000 per month after 10% tax deduction in Malaysia. The salary is received in her Indian bank account, but she is NOT residing in India and qualifies as an NRI. Whether this will fall under section 5 of Income tax act and same will be taxable on the basis of receipt if not what is the taxability as per section?

BY: DEEKSHA GARG

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As per recent peer review notification, practice units which propose to undertake the statutory audit of entities which have raised funds from public or banks or financial institutions of over 50 cr or any body corporate including trusts which are covered under public interest entities are required to have PRC. My query is which trusts are covered under public interest entities ? Whether all public charitable or religious trusts are covered under this category even if they have not raised funds from public or bank above 50 cr ?

BY: CA KEYUR SUKHWANI

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UNDER NEW TAX RAGIME, CAN WE DO DONATION TO POLITICAL PARTIES AND CLAIM REBATE UNDER SECTION 80GGC FOR THE FINANCIAL YEAR 2024-25. PLEASE ADVISE

BY: RAJEEV KUMAR

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In few of the rulings High Court has clarified that Transit Rent i.e. Rent received for temporary accommodation by the owner of a property under redevelopment will be considered as "Capital Receipt" and hence will not be subjected to tax. However, in case where the developer / builder has defaulted in payment of rent and pay in arrears after a few years after the death of the owner, the arrear is paid to the legal heir of the deceased owner, what will be the Income Tax Treatment of the arrears received by such legal heir.

BY: SHRUTI P BUDH

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If a person is having authorized service station of any vehicle company but his total turnover is Rs.12 lac only, whether he is liable for compulsory registration as per Section 24 of CGST Act?

BY: CA ATUL TOSHNIWAL

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A cooperative society was issued intimation by CPC in 2015 raising demand of Around 2.50 Lacs by disallowing Sec 80 P deductiowhile filing IT return the professional had wrongly mentioned status as cooperative bank instead of cooperative society The secretarey of the society was not aware After issuing refunds till 2021-22 Fin Year Income tax departmewnt has started adjusting refund against pending payment which has become around Rs 9 Lacs because of interest Appeal filed with Commissioner appeal to condone delay in filing appeal has been dismissed stating they there is not sufficient cause for delay Whether going to Tribunal is advisable as case has been dismissed on technical grounds not on merit

BY: Mahesh Kumar

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Taxpayer has missed out two invoices in GSTR 1 and GSTR 3B for the FY 2021-22 but reported in GSTR 9 and paid the taxes and interest on net liability. (ITC was maintained from due date till the payment at the time of GSTR 9). But the officer issued SCN to pay interest on entire taxes i.e., interest should be paid on gross liability as per Rule 88B(2) as the taxpayer did not reported in GSTR 1 and 3B. Any supporting inputs to pay interest on cash portion only? Thanks in advance

BY: CA. MADAGALA VENKATA RAMANA

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A practicing CA who is FCA, and he is having directorship in 4 companies as whole time director what are the implication as per ICAI ACT and how to intimate to ICAI and whether he can continue authentication or not

BY: DEEKSHA GARG

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Whether TDS is required to be deducted if Payments exceed threshold limits i.e 50000or 20000 or 600000 (for Professional service,Brokerage and rent paymennts respectively) or payments should be below these limits

BY: Mahesh Kumar

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In budget 2025 Up to 12 Lacs Deduction of Rs 60000 can be obtained under sec 87A If taxable income is 1220000 whether tax liability will be 63000 plus Surcharge or Rs 20000 plus surcharge

BY: Mahesh Kumar

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My question is with respect to whether food, internet services are provided along with accommodation outside educational premise by a private PG service are exempt or not , after the the decision of 53rd council meeting where accomodation services are exempt when stay is more than 90 days and rent is below 20,000 per month. Since only 'accomodation services' words are used in the notification under entry 12A and the chapter within notification that has written is chapter heading 9963 which has a heading accommodation, food ,beverages. Whether PG services provided along with food, internet services is considered exempt services or it is considered as a composite supply and be liable to GST since,only accomodation services exempt.

BY: YAGNESH

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A practicing CA who is FCA, and he is having directorship in 4 companies what are the implication as per ICAI ACT and how to intimate to ICAI and whether he can continue authentication or not

BY: DEEKSHA GARG

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A cooperative milk producers society that is eligible for deduction under sec 80 P has to file ITR in January or feb 25 It is not claiming deduction under sec 80P for FY 23-24 Can it file under new tax regime and under old tax regime next year i.e FY 24-25

BY: Mahesh Kumar

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