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44718 |
Aug, 27
2024
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Compliance - ( FOR APPOINTMENT AND RESIGNATION OF AUDITOR IN CASE MERGER OF FIRM )
I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view
BY: SACHINDER GARG
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44716 |
Aug, 24
2024
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AUDIT - ( 082701 )
A cooperative society has furnished Audit note of Society Inspector( who does Statutory Auditor) and financial statements for Tax audit and tax audit report has been furnished.Now we find there is mistake in Profit and loss account. One entry around Rs 70000- has been entered twice Whether We should revise TAR altering the deduction amount under Sec 80P so that tax i\liability is nil or pay tax
on Rs 70000- by adding back Rs 70000-
BY: Mahesh Kumar
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44714 |
Aug, 21
2024
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Companies Act, 2013 - ( 406847 )
I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view.
BY: SACHINDER GARG
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44715 |
Aug, 21
2024
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AUDIT - ( UDIN GENERATION )
An audit report was issued on 1st August and subsequently the auditor issued another revised audit report on 5th August with changes in the wordings of the new audit report along with a new udin in 5th August since time limit to revoke the udin for 1st August has elapsed. How ever there was no changes in the figures of the FS on both the dates. Now will the new udin with revised audit report will overrule over the old udin as two udins were generated for the same set of FS? The assessee is a non corporate audit client and assessee is not liable to get its accounts audited under IT act or any other act and declares his income under 44AD(he voluntarily choose to get its accounts audited basically to apply for tenders) kindly guide whether any requirements to be followed
BY: CA INDRANEEL BISWAS
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44712 |
Aug, 20
2024
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AUDIT - ( 082701 )
While doing Tax Audit of a cooperative Society whose statutory Audit is done by Department of cooperatives through its Inspectors ,Inspector's name is to be filled in Form 3CA
However in Express ITR software of KDK Software asks for CA Auditors particulars and ICAI membership etc
What to do
BY: Mahesh Kumar
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44711 |
Aug, 19
2024
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TDS/TCS - ( 063083 )
Please clarify if a company is required to revise its TDS return for 3rd quarter of FY-2324 to give effect to wrong tax deducted in respect of a vendor then within which timeline the unutilized amount of tax available in TDS challan can be utilised.
BY: CA. PRUSTY SIDHARTHA SHANKAR
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44710 |
Aug, 12
2024
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GST - ( LUT FOR NEW ADDRESS )
Kindly guide for following,
Client having Registered Office at A and having LUT for the address. Now he has shifted his registered address to B. Kindly advise,
1. Whether there any procedure to surrender LUT of old address (A) and Can client apply for new LUT for New Address (B) ?
2. Without surrendering, whether we need to apply for LUT for New Address (B)
3. Whether we can use old LUT only and there is procedure of change in Address from old (A) to New (B)
Regards,
CA Trupti
BY: CA. CHAVAN TRUPTI GAJANAN
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44709 |
Aug, 11
2024
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DIRECT TAXES - ( 082701 )
Can Presumptive taxation details be filled in ITR 3 leaving detailed Financial data filled otherwise if because of Capital gain this form is to be filled
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44707 |
Aug, 10
2024
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AUDIT - ( CARO APPLICABILITY )
A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44705 |
Aug, 08
2024
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DIRECT TAXES - ( TAX AUDIT )
When Income-tax return is already filed u/s 44ADA, whether the same could be filed as revised after getting the same audited with lower profits with appropriate books
BY: CA. SURAJ KUMAR CHOUDHARY
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44706 |
Aug, 08
2024
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Companies Act, 2013 - ( CARO APPLICABILITY )
A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.
BY: samirkumar gokulbhai kasvala
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44703 |
Aug, 07
2024
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MISC. - ( 430378 )
A partnership firm is to be reconstituted where one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution land is being revalued and balance (Revalued profit) is to be adjusted to existing partners capital. After admission land is gain revalued to old rate and difference to be adjusted with new and old partners capital account. Resulting increase in Old partners capital account and decrease in new partner capital account. Query- Whether section 45(4) and 9B are applicable in the above situation where no distribution of the LAND. If it is applicable then how the tax on deemed capital or any other taxability
BY: Aman Kesharwani
Total Answers : 1 | View Answers | Post Answers
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44700 |
Aug, 01
2024
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GST - ( NOTICE U/S.61 AND NOTICE U/S.65 FOR SAME PERIOD FOR SAME ASSESSEE )
where for FY 2020-21 a notice u/s 61 for Scrutiny was issued & certain points raised, but before the process was completed u/s 61, a notice u/s 65 was issued for complete audit of the same FY which is due to take place during the present month of August 2024, and after the issue of notice for audit u/s 65, SCN has been issued u/s 73(1) for issues raised in ASMT-10, which remain uncluded at the time of issue of notice u/s 65..... the PO too is the same & its a case of STATE GOVT .... MY QUERY HERE IS - CAN TWO PROCEEDINGS UNDER TWO DIFFERENT SECTIONS FOR SAME ASSESSEE AND SAME PERIOD BE CONTINUED PARALELLY BY SAME PROPER OFFICER
BY: CA ATUL TOSHNIWAL
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44699 |
Jul, 30
2024
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GST - ( 104792 )
MR A IS RETAILER FOR DIGITAL SEVA KENDRA ( DSK) . THIS DSK OFFER VARIOUS SERVICES LIKE PAYMENT OF UTILITY BILLS , BANKING , TICKETING OF RAILWAY, RECHARGES FOR MOBILES, DTH ETC. MR A RECIEVE CASH FROM CUTOMERS TOWARDS PAYMENT OF UTILTY BILLS , RECHARGES ETC AND DEPOSIT THE CASH IN IS CURRENT ACCOUNT AND TRANSFER THE SAME TO THE BANK ACCOUNT OF DSK. FOR PROVIDING THIS SERVICES AS A RETAILER THROUGH THE DSK , HE GETS COMMISION INCOMEONLY
THE QUESTION IS
1.WHAT IS THE TRESHHOLD LIMIT FOR GST REGISTRATION FOR RETAILER MR A
2. WHAT WILL BE THE TAXABLE SUPPLY FOR THE RETAILER , WIL IT BE THE COMMISION INCOME OR THE VALUE OF CAH RECEIVED FROM CUSTOMER.
BY: CA. SHIRODKAR YESHWANT VINAYAK
Total Answers : 2 | View Answers | Post Answers
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44696 |
Jul, 27
2024
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DIRECT TAXES - ( 082701 )
If Taxable income is below 5 Lacs for a supersenior citizen and Agriculture Income is Around 5Lacs Whether it is optional to file Incomne Tax Return
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44693 |
Jul, 17
2024
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DIRECT TAXES - ( 082701 )
Agriculture Income 2 lacs Short term Capital Gain 2 Lacs
Interest income 90000- If the asessee has died whether Legal heirs are supposed to file return If legal heir certificate is not available How to file Return
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44691 |
Jul, 14
2024
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DIRECT TAXES - ( 082701 )
An oldman has died His income from Share trading during 2023-24 FY is around Rs 2lac Whether his heirs are required to file ITR as his Taxable income is below 3Lacs
BY: Mahesh Kumar
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44682 |
Jul, 11
2024
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DIRECT TAXES - ( SPOUSE TDS )
Deductor furnished all the payments and TDs on contracts under Husband PAN instead of part being dedcuted on Spouse income. Even payment is also made in her bank account. As deductor is showing inability in revision of TDS return and feedback in AIS statement can also be not confirmed, if submitted. In this circumstances, can we directly show under TDS column in ITR and claim it in Spouse ITR?
BY: CA. SURAJ KUMAR CHOUDHARY
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44683 |
Jul, 11
2024
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Capital Gains - ( VALUATION OF HOUSE PROPERTY )
Assets purchased in AY 2014-15 and ITR filed at cost without taking valuation difference. Even ITD not raised any objection thereof. on sale of the same, what would be the cost of acquisition, actual price or valuation price as per the registered deed. Both value is mentioned in the deed.
BY: CA. SURAJ KUMAR CHOUDHARY
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44684 |
Jul, 11
2024
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DIRECT TAXES - ( COMPENSATION RECEIVED FROM DEVELOPER FOR DELAY IN GIVING POSSESSION OF FLATS TO LAND OWNER )
One of the client has received amount of Rs.25,27,000 during FY 2023-24 towards compensation for Delay in Giving Possession of Flats to Land Owner towards his share of Flats as per Development Agreement. Developer has deducted TDS under sectoin 194I(b) from the said payment. Delay payment was for the period from FY 2019-20 till FY 2023-24. Whether the amount of Rs.25,27,000 is taxable? If Yes under which head? If No, under what section exemption can be claimed?.Please advise..
BY: CA Ravish Thakur
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44685 |
Jul, 11
2024
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MISC. - ( DIFFERENCE BETWEEN CA PRACTICING AS SOLE PRACTICE AND AS PROPRIETOR )
While Filling up Form 18 there are two options
a) Proprietor/ Partner and
B) Sole Practice.
What is the exact difference between Proprietorship and sole practice form of practice between the two ? And What Kind Of Function Which Can Performed By CA Practicing As a Proprietorship Can Not Be Performed By CA Practicing As Sole Proprietor And Vise Versa.
BY: CA INDRANEEL BISWAS
Total Answers : 1 | View Answers | Post Answers
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44687 |
Jul, 11
2024
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DIRECT TAXES - ( TAXABILITY OF CONSIDERATION RECEIVED BY A PERSON WHO IS NOT OWNER OF THE LAND FROM THE DEVELOPER TOW )
A person having possession over a land since last 20 years. He is cultivating the land and produce rice crop out of it. He is not owner of the land. Now owner has entered into agreement to sale with a builder to transfer the said land. Builder paid consideration amount of ?60,00,000 to land owner and deducted TDS u/s 194IA. Builder also paid ?20,00,000 to the person holding possession over the land and deducted TDS u/s 194 IA. How Capital Gain will be attracted in this case? Who will get Indexation Benefit? Who will be eligible for exemption u/s 54B? Please advise.
BY: CA Ravish Thakur
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44681 |
Jul, 10
2024
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MISC. - ( CONVERSION OF CA SOLE PROPRITORSHIP INTO PARTNERSHIP )
I am practicing as a sole proprietary firm , but now want to convert it into a partnership in firm . Will it affect the empanelment status.? Which year will be considered as the year of establishment- Year of starting the firm as a sole proprietary firm or the year in which the conversion has taken place?
BY: INDUKALA VISWANATH
Total Answers : 1 | View Answers | Post Answers
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44678 |
Jul, 07
2024
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Capital Gains - ( STCG ON UNLISTED SHARES )
in a case of sale of unlisted share of a salaried employee purchased unlisted shares and sold the shares in 3months from date of purchase
i)it is a case of short term capital gains on sale of unlisted shares
the party to whom the shares was sold has deducted tds as the sale is more than 50 lakhs sec 194(Q) is applicable and shown as sale of goods
and it appears as business receipts in the AIS of the salaried employee how is the correction to be made and shown as sale of securities in the ais as the salaried employee is not a dealer in share
2 where in the ITR2 is short term capital gains on sale of unlisted shares to be shown ?
BY: KUSHAL HEGDE
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44680 |
Jul, 07
2024
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GST - ( CANCELLATION OF GST REGISTRATION ON VOLUNTERY BASIS )
The client submitted application for cancellation of GST registration on 10 Oct 2020 on voluntery basis.
No action from the department till 17 Jun 2024.
on 18 Jun 2024 the department communicated an order confirming cancellation of registration w.e.f. 10 Oct 2020.
In the mean time the client had issued 3 invoices with GST to his customers. Customers availed ITC. The client paid the GST so collected befiore due date.
The client also claimed ITC on purchases for the period from 10 Oct 2020 to 18 Jun 2024.
All returns were filed till March 2024. What are the consequences for ITC claimed by client and his customers.
BY: CA. LONIKAR SHASHIKANT ACHYUTR
Total Answers : 1 | View Answers | Post Answers
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44676 |
Jul, 04
2024
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AUDIT - ( TDS RECEIVABLE ADJUSTED AGAINST DEMAND )
One of my clients has demand related to previous years and dept is adjusting TDS receivable against demand. They have filed appeal against the matter and are still recording TDS receivable for previous year under assets. How to treat this from financial reporting perspective? What are recommended/ suggested disclosures or reporting steps for same.
BY: AYUSH AGARWAL
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44674 |
Jul, 03
2024
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GST - ( RULE 96A OF CGST RULE 2017 )
During the departmental GST Audit it is observed that in case of export under LUT, the EGM filed date is later than 3 months from the export invoice date. Hence the department is invoking rule 96A and accordingly demanding Interest for the delayed period. Not only that, they are also invoking section 74, ready with rule 96A(1)(a), and demanding for the IGST on export. Is department justified in asking Interest and IGST for delay in filing EGM. Whether for the purpose of Rule 96A, whether EGM date is important or LEO date ( i.e. Let Export Order) date is important. Rule 96A does not say what is "export out of India". Request professional colleague to guide on this. Thanks for your efforts in advance.
BY: Shridhar H
Total Answers : 1 | View Answers | Post Answers
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44675 |
Jul, 03
2024
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MISC. - ( ADT-1 IN INDIVIDUAL NAME, FIRM FORMED LATER )
Dear Sirs/Madam
I had started my practice in own name and did not opt for any proprietorship firm. A client company has duly appointed me by filing ADT-1 for 5 years. Now I have formed and registered a sole proprietorship firm and got a separate FRN.
Now my question is, for those cases where my appointment as auditor has been done in individual name, can I issue the audit report on behalf of the firm. ?
What I think is that it is better to issue the remaining time period on the individual name only. Once the next renewal ADT-1 if filed, the firm can be appointed.
Kindly share your thoughts on the same.
Regards
Manish
BY: MANISH KUMAR TRIPATHI
Total Answers : 1 | View Answers | Post Answers
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44673 |
Jul, 01
2024
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GST - ( 424100 )
A PERSON GIVING SPRITUAL BLESSING TO FALLOWERS AND CHARGING FEES FROM THEM AND HE IS ALSO KNOWLEDGE OF VEDIC AND HOLISTIC SCIENCES AND ALSO AN AYURVEDIC DOCTOR BUT HIS MAIN SOURCE OF INCOME FROM BLESSING. PLEASE GUIDE ME WHETHER GST IS APPLICABLE AND WHAT IS THE CHARGEBALE RATE AND IF ANY ADVANCE RULING PLEASE PROVIDE
BY: SHWETA JAIN
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44669 |
Jun, 22
2024
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DIRECT TAXES - ( POWER OF A.O. UNDER SEC. 44AD )
one my client engaged in the business of developing and selling residential land during the year 2019-20 he sold land worth Rs40 Lacs but by virtue of sec 43CA the value came Rs 10500000 the asessee took Rs 10500000 as consideration resorted to Sec 44AD and filed the return taking the profit @ 8% but A.O. mentioning that profit in real state business used to be 20% assessed the income at 15%. without any evidence otherwise ,Is there any case law in support.
BY: Rajesh Chandra Sharma
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