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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Can a firm pay salary to its partners under employment contract? Will that come under the scope of 40(b) of the Income Tax Act, 1961?

BY: Abi Muthuraj

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Any Requirements in Relation to Audit and Accountancy in Bhubaneswar?

BY: PANKAJ KUMAR MOHANTY

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What are the professional works are allowed for a Part-Time COP holder member? Can he engage in representation before Tax authorities or can he share opinions on various matters?

BY: Vivek Singh

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Can a CA holding COP be a designated partner in a business consultancy LLP firm partnering with CS and assigned with Finance& Accounts function and no statutory audits. Does this require a prior permission from council? How to apply for this?

BY: sreevidhya v pai

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FY 2021-22 Actual Salary Rs 20 lakh. 80CCD(2) Rs 200,000/- Form 16 clearly mentions this. But while return, the client filed it as Salary Rs 18 lakh and 80CCD(2) ZERO. 143(1) initimation came stating that you have shown lower salary and demand came Rs 30000. Ignorantly Assessee paid the demand instead of revising the return. Now assessee want to get back Rs 30000 he paid out of ignorance by showing Salary Rs 20 lakh and 80CCD(2) Rs 200,000/- as mentioned in Form 16 What is the way out? Is this a mistake apparent on record to file rectification return or should assessee go for 119(2)(b)?

BY: Sivaraman A.R.

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I had been receiving daily mails in my official mail from the PDC-ICAI which i do not receive now. I do not get the ejournal or the daily mails kindly subscribe me to get these valuable mails

BY: CA. RENJITH K K

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A chain of restaurants has one central kitchen in one city for supplying food (in fully cooked and semi-coooked form) to franchised standalone restaurant located in city and near city..can main kitchen charge 5% gst on the same??

BY: Ninad Prataprao Shete

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I have been joined Shailendra Mishra & Associates on 12th Nov 2024. Shailendra Mishra & Associates (FRN -036800C) was incorporated on 20th July 2024 as a sole propritorship firm and later on converted intopartnership firm on 12th Nov, 2024. Now we want to empanel this firm with CAG, however we are not able to do so as we don't have the login credentail. Kindly help and guide.

BY: SATISH KUMAR SINGH

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i want to convert my proprietorship firm into partnership firm but there are questions in my mind pls help: 1. I have to resign from existing companies and appoint my partnership firm as auditor? or partnership firm will automatically become auditor of existing companies? 2. What procedure should i follow for conversion ? like first partnership deed is to be made or some approval required from icai first? 3. Will FRN no. will be same ?

BY: AAKASH GARG

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Dear All, I have a Query, One of my client has converted his agriculture land in to Non Agriculture land and has made 30 plots in year 2021, and he has sold 2 plots in FY 2021-22 and 2 plots in FY 2022-23, during the FY 2023-24 he has executed a partition deed among his family members(3 sons) and has given 9 plots to his 3 sons in the partition deed. 1. Now my query is do i have to show these 9 plots in my sale consideration and pay tax on it or should i say i have gifted those plots to my family and debit my capital account and pay no tax. 2. Can Stock in trade be gifted/partitioned among family members and what would be the tax implications on it ?? Kindly request to post your reply as early as possible.

BY: SHAILESH KUMAR

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ASEESSEE PROVIDE TRANSPORT AND LOADING AND UNLOADING OF GOODS SERVICE TO GATI TRANSPORT AS A ASSOCIATE , WHETHER SERVICE TAX LEVIABLE ON THIS TYPE OF SERVICE??

BY: Ninad Prataprao Shete

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A chain of restaurants has one central kitchen in one city for supplying food (in fully cooked and semi-coooked form) to franchised standalone restaurant located in city and near city..can main kitchen charge 5% gst on the same??

BY: Ninad Prataprao Shete

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A HUF consisting of Father mother and son is existing Does have movable property only There is daughter in law married around two years back and a granddaughter also a few months old Whether Family settlement is ideal amongst Father Mother and son If Partion deed is opted whether it will attract stamp duty

BY: Mahesh Kumar

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A HUF consisting of Father mother and son is existing Does have movable property only There is daughter in law married around two years back and a granddaughter also a few months old Whether Family settlement is ideal amongst Father Mother and son If Partion deed is opted whether it will attract stamp duty

BY: Mahesh Kumar

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KIND ATTENTION SIR, THE ASSESSEE HAS FILED AN APPEAL DURING THE FY 2022 WITH THE APPELLATE AUTHORITY WITH REGARD TO SERVICE TAX DEMAND . THE APPEAL HAS BEEN ALLOWED AND ORDER HAS BEEN RECEIVED IN FAVOUR OF THE ASSESSEE . KINDLY GUIDE US TO GET REFUND OF TAX DEPOSITED AT THE TIME OF FILING APPEAL. WHETHER REFUND APPLICATION FORM TO BE FILED MANUALLY OR THROUGH ONLINE WITH SERVICE TAX DEPARTMENT . THANK YOU SIR

BY: P.SHANGAR

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How to remove an existing Director from a private limited company in Income-tax portal, (in continuation to query ID 44766) . Profile page does not allow the same, any possible solution.

BY: CA. SURAJ KUMAR CHOUDHARY

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assessee has taken gst credit in gstr 3b but by mistake not taken entry in audited books of account can assessee claimed credit

BY: Amit

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How to remove an existing Director from a private limited company

BY: CA. SURAJ KUMAR CHOUDHARY

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Dear all, GST dept has sent notice regarding mismatch of turnover shown in GSTR 1 and that of shown in GSTR 3B resulting in demand of additional tax and interest. Turnover shown in GSTR 3B had been considered in GSTR 9 & 9C,properly reflected in 26AS /TIS and considered while submitting 3CB & 3CD. Concerned GST officer is reluctant to consider all these things.He is demanding additional tax on differential amount with interest. Please guide,how to go about it ??

BY: SUDIP KUMAR MUKHOPADHYAY

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If a company wants me to appoint as CFO, in what ways I can continue my practice experience with or without signing. Please provide the needful solution asap.

BY: ABHAY CHOPRA

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An invoice was wrongly reported by the party in GSTR-1 of March 2024. As a result, in my GSTR 2B for March 2024 this extra invoice was featuring. In line with Circular 170 reporting, I availed the credit and simultaneously reversed it in table 4(B)(2) so that the credit is not coming in my GSTR 3B. Subsequently, the invoice was amended in April 2024. In GSTR 3B of April 24, I reclaimed the credit earlier reversed and the amendment done by counterparty ensured that net effect on ITC became NIL. Now how to disclose the claim and reversal of this extra invoice in GSTR 9 for FY 23-24 & FY 24-25

BY: RAHUL PARASRAMPURIA

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Negative difference in Table 8 of GSTR 9: 1. Due to ITC taken, but necessary invoice was never uploaded by supplier (finally reversed within due time) and 2. Due to ITC taken for previous year, duly reflected with stipulated time and reflected in GSTR 9 of PY. Difference in table 9 of 9C: 1. Due to outward supply of previous year duly amended in GSTR1 and GSTR3B of July next year and 2. Due to ITC taken, but necessary invoice was never uploaded by supplier (finally reversed within due time) as above. How to resolve or show the same

BY: CA. SURAJ KUMAR CHOUDHARY

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In case of an assessee who is renting an immovable commercial property we show rent of property in gst 1 and gst 3 and pay gst on rent . But if in an year if that property is sold after receiving oc than gst is not applicable on it..will sale proceeds of property be shown in GSTR 9 as no supply turnover or is it not required to show sale proceeds of property in GSTR 9 as it is a capital gain

BY: NISHANT NARANG

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Whether land lease charges paid upfront for future period (say, for next 50 years) allowable under IT Act over the same period?

BY: balasubramanian

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A partnership firm floated with 3 partners out of which 2 partners are Overseas Citizen of India and both of them contributed 99% of capital and profit sharing also 99%. Please clarify whether OCI can float partnership firm and contribute 99% capital and what are the compliances to be made

BY: E VARALAKSHMI

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Queries related to Code of ethics 1.Is it mandatory to use common logo of CA. There are many firms which does not use common CA logo. However they write their firm name with some different symbol ( like Star or Box or upward arrow) or colour or design. Is this correct. 2. Can we use Common CA logo and Firm name with some different symbol ( like Star or Box or upward arrow) or colour or design. 3. Is there any restriction or Guidelines for writing name of firm. Whether related to style,design, colour, etc ? 4.Can write name of firm uniquely or some other colour background or some symbol/Designs etc. 5.Can we mention QR code on Signboard and Letterhead. ? 6.Can we display name of services in our office premises 7. On Linekdin , Can we prepare separate profile of Firm . Is there any guidelines for Firm Profile . Can we show Linkedin symbol in visiting card 8.Can we mention minimum recommended fees of ICAI on our website

BY: samirkumar gokulbhai kasvala

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For claiming deduction under section 80JJAA, whether contract labourers are to be considered. Due to contract workers, the head count at the end of the year increases compared with that at the beginning of the year.

BY: balasubramanian

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Considering the property is under construction and the title has not yet been registered in the taxpayer's name, should the advance payment be disclosed under the "Details of Immovable Property" section of Schedule FA?

BY: CA. KHURANA PANKAJ

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In faceless assessment of reopening case order u/s147 was passed but by mistake the credit is not given for Prepaid taxes and TDS so what is the remedy . As only filing of appeal is the only option ?

BY: CA. HEMANG KISHORBHAI AMBANI

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In this case 2020-21 notice is issued DRC-01 History - Sept-2020 to Mar-2021 return was filed on 10.01.2022 ( as number was cancelled and appeal was filed and then after restore all pending return were filed ) so all ITC claimed in this period is disallowed . The notice is issued before sec 16(6) is enacted. Here query is The appeal order was passed on 24.11.2021 with condition to file all pending returns within 5 days. But to file return GST portal need to give access technically restore of GST Number. So, Ghatak given restore effect on 05.01.2022 and we file all pending returns before 10.01.2022 So my question here is that genuinely 30 days as per sec 16(6) shall be counted from activation of GST number on portal . But we don't have any evidence ( GST REG 20,) which proves our genuineness. No restore order available online. So any solution to this query pls

BY: CA. HEMANG KISHORBHAI AMBANI

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IGST reversal due to CDNR was not effected in GSTR 3B as there was no IGST sale in the respective return, and GSTR 3B not consider it automatically in next month. Can manual reduction of liability be made in 3B

BY: CA. SURAJ KUMAR CHOUDHARY

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Goods have been sent to Canada by Speed post (Indiapost)Bill has been given to Post office What is the next requirement to be fulfilled

BY: Mahesh Kumar

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If we have to sed goods abroad to close relative Can it be sent without issuing bill In case we send it from a business Firm whether we have to issue invoice as well as pay IGST

BY: Mahesh Kumar

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AS PER NOTIFICATION NO 03/2018 DATED 25.01.2018 GST ON REVERSE CHARGE BASIS TO BE PAID BY "Any person registered under the Central Goods and Services Tax Act, 2017" FOR "Services supplied by the Central Government, State Government, Union territory or local authority by way of renting of immovable property to a person registered under the Central Goods and Services Tax Act, 2017" and As per section 24 (iii) of CGST Act "person who are required to pay tax under reverse charge" is compulsory liable for registration. My query is if a person having turnover less than 10 lakhs and paying rent for commercial property to Government whether required to pay tax under reverse charge. On other way whether he is required to registered compulsorily under GST act to pay GST on reverse charge basis.

BY: ABHISHEK MITTAL

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Whether the same partner can sign the financials of a listed entity for the sixth to seventh year in a row for a firm of statutory auditors ? As SQC 1 explains that signing partner can be engagement partner for seven years in a row of a listed entity? Is there any preventive clause anywhere in Companies Act,2013 to prevent a signing partner to sign the financials for sixth year in a row.As companies act says 50% of audit team should be rotated .But silent about the signing partner.

BY: DIXIT SHAILENDRA PREMSHANKAR

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Assessee has a refund of Rs.1.70 lakhs in original return for AY 2023-24. But it was never paid and demand was raised by intimation under 143(1a) for Rs.54 lakhs due to clerical error in capital gain reporting. Now there are other items left out and the assessee wants to file an updated reuturn. However systems takes Rs.1.70 as paid and tax is computed over and above that amount. Is there any solution?

BY: ALAMELU N N

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Whether MSME category of Chartered accountants gets any priority in audit alottments If not Whether any of the Central Council member has included this in their agenda while approaching for votes

BY: Mahesh Kumar

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I have converted a Proprietorship into LLP w.e.f. 08.04.2024 and all the assets and liabilities of the said proprietorship have been transferred into LLP. Thus, Sale from 01.04.2024 to 07.04.2024 are in the proprietorship firm and from 08.04.2024 onwards the sales and all the business transactions are appearing in the LLP. Now my questions are: 1. What will the tax treatment in the hands of the person whose business has been transferred into LLP ? 2. How will the ITR of that person be filed ? 3. What entries are required to be made in his ITR with respect to the transfer of business to LLP?

BY: Gaurav Kumar Baranwal

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As per revised applicability of peer review mandate (Phase II & III), Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities are to be covered from 01.01.2025. How can we identify trusts which are covered under public interest entities ? Do all Public Charitable and/or Religious Trusts fall under the category of public interest entity ? Is there any threshold monetary limit for these trusts ?

BY: Nilanjan Kayal

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DEAR ALL, CAN ANYBODY TELL ME HOW AND WHEN CONDONATION OF DELAY IN FORM NO 35 IS TO BE SUBMITTED BEFORE CIT(APPEALS) ????

BY: SUDIP KUMAR MUKHOPADHYAY

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Can a firm with plumbing service of Rs 49 Lacs and Goods sale of 20 Lacs is required to get Tax Audit compulsorily If it opts for Presumptive taxation How much profit should be shown for plumber service

BY: Mahesh Kumar

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A firm providing plumber service Value around 50 Lacs and at the same time selling motors etc of 20 Lacs Whether Tax audit is necessary

BY: Mahesh Kumar

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A firm is in loss to the tune of Rs 50 Lacs A Tax Audit report is to be revised and a few Balance sheet figures are also to be amended Whether it can cause problem from Income Tax End

BY: Mahesh Kumar

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