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

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In one of the cases, the Company has not done consolidation of financial statements for the year ending 31.03.2023. The statutory auditor has resigned after the audit. Can the new statutory auditor sign the consolidated financial statements of that year?

BY: K.V.Balasubramanyam

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How to reverse GST on ITC of fixed assets used over years and now discarded

BY: CA. SURAJ KUMAR CHOUDHARY

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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

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Whether Dry cleaning services would be covered under section 44AD / 44ADA. Would the same difference if it is under franchise agreement of particular Brand.

BY: CA. SURAJ KUMAR CHOUDHARY

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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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SERVICE PENSION OF RETIRED ARMY OFFICER EXEMPED UNDER SECTION 10? ( IT IS NOT DISABILITY PENSION BUT SERVICE PENSION GRANTED TO ARMY PERSONNEL AFTER NORMAL RETIREMENT)

BY: CA Shrawan Suthar

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Whether cost of improvement u/s.55 includes furniture cost for the purpose of computation of capital gain

BY: CA ATUL TOSHNIWAL

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What would be the turnover amount in case of intra-day share trading and in case of Future and Option trading

BY: CA. SURAJ KUMAR CHOUDHARY

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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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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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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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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

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Whether 87A rebate is allowed for tax on winning from lotteries?

BY: Sivaraman A.R.

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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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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

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in case of bonus stripping how and where is this to be shown in itr2

BY: KUSHAL HEGDE

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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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Sale 80 Lacs Net Profit 4 Lacs Less than 6% and 8 % Whether Tax Audit is required

BY: Mahesh Kumar

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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

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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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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

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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

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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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FY 22-23 - TO 80 lakhs. Profit 10%. Filed ITR4 FY 23-24 - TO 80 lakhs. Profit 10%. Ready to file with full PL and BS in ITR 3. Is Audit 44AB(e) applicable here?

BY: Sivaraman A.R.

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In case of AOP, yearly maintenance is received from members in cash as and when required. These cash is deposited into AOP bank A/c. and cheques are issued for expenditure. Whether cash received is revenue receipt of AOP

BY: CA ATUL TOSHNIWAL

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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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"Agriculture Land In Rural Area" is covered in "Immovable property" for the purpose of Sec 56 (2)(Vii) or not

BY: Rajesh Chandra Sharma

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I am a proprietor of CA Firm and also a partner in other CA firm, now we want to merge my proprietor firm into my existing Partnership firm. What is the process of merging CA Proprietor firm into existing CA Partnership Firm, which forms we need to file on SSP Portal ?

BY: ARCHANA KUMAWAT

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"Explanation 1(b) to Rule 42(5) of CGST Rules 2017 - provides that - for the purposes of rule 42 and this rule, it is hereby clarified that the aggregate value of exempt supplies shall exclude the value of services by way of accepting deposits, extending loans or advances in so far as the consideration is represented by way of interest or discount, except in case of a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances." As such Interest Income is to be Excluded for Rule 42 from Value of exempted supply. Does such interest Income is also to be Excluded from Value of Total turnover( in the denominator) , while calculating Common Input tax credit to be reversed.

BY: Prashanth Karanth

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Officer issued ASMT-10 for scrutiny of returns. In addition, he is demanding copies of financial statements, bank statements etc. Whether we are bound to submit these information

BY: CA ATUL TOSHNIWAL

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We are a private limited company with a land lease from 2019 to 2037. We completed construction on this land in the financial year 2023-24 and began using the property within the same year. *Depreciation Period:* The Companies Act 2013 specifies a 30-year useful life for buildings, with depreciation rates of 9.5% (WDV) and 3.17% (SLM). However, our lease is only 18 years. Accordingly, we should depreciate the building over the balance period .What rate of depreciation should we adopt ? *Change of Depreciation Method:* We currently use the WDV method, which front-loads depreciation. We are considering switching to SLM to better match our business needs by spreading depreciation evenly over the asset's useful life. This change is justified because with SLM, the depreciation amount remains consistent each year. This approach will help manage the later years' burden of repairs, which would otherwise impact the P&L account more significantly under WDV. Is it permissible to switch from WDV to SLM for this leased asset under these circumstances? We seek guidance on ensuring compliance with regulations and aligning our accounting practices with our business needs.

BY: ADRSH HIREMATH

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Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024. should the financials of firm as on 31.03.2024 reflect this transfer or it will be taken as post financials event? normal financials to be prepared for firm as on 31.03.2024?

BY: CA Shrawan Suthar

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Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024 SHOULD THIS BE REPORTED IN TAX AUDIT REPORT OR THIS WILL BE A POST FINANCIALS EVENT? IS THIS BE REPORTED IN TAX AUDIT REPORT?

BY: CA Shrawan Suthar

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Is UDIN is required for submission of Incorporation documents of Pvt Ltd Company and if yes, in case of resubmission, fresh UDIN is required

BY: CA. SURAJ KUMAR CHOUDHARY

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With effect from A.Y 2024 -25 only 85% of donation given by a 12AA approved charitable organization to similar organization will be considered as “application” of income. I have a 12AA approved Trust who undertake civil repairs at another approved trust and sometimes even provide food and educational materials to their inmates. Will these kind of outflow be treated as donation and only 85% of such expenditure will be considered as application of money or we can take 100% as application.

BY: C P Ethirajan

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Hello Everyone, I have recently got an audit of Petrol Pump . So whether in Karnataka petrol pumps owners have to file monthly VAT and Excise Duty return every month even after GST? They are filing their GST return every month, stating the sales under "Non-GST Supply". Please share some detailed picture of what general monthly and annual compliances for Petrol Pump owners in Karnataka?

BY: ANKIT JAIN

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Whether a COP holder can do intra day (share) trading ?

BY: E VARALAKSHMI

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Is any affidavit / Notorised document required in new private limited company formation through SPICe in V3 portal

BY: CA. SURAJ KUMAR CHOUDHARY

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Good morning, Background: Since Sep 2022, I'm practicing (under my proprietor firm). I'm planning to join as full time partner in another CA Firm (having 3 partners). My questions: Can I become full time partner without closing my existing proprietor firm? Will it be add any advantage to partnership firm in getting Bank /Govt Audits?

BY: DINESH SURENDRA BHALKIKAR

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Whether Spectra KDK software is satisfactorily working for Income tax TDS and Tax Audit work

BY: Mahesh Kumar

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Dear Sir/Madam, Please note, a manufacturing company run its own bus for transportation of its employees. Since the appointment letter given to employees does not specify about the Transportaion facility, the GST auditor treats this as service given by employer to employee treating it as related party transaction and applying cost+10% valuation rule asking company to pay the GST liability with interest and penalty. Whether the action of the auditor is justified. Please let me know how to go about this.

BY: Shridhar H

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Under section 50C of the Income Tax Act, if a person sells a capital asset below registration value, he will be liable to pay capital gain tax treating registration value as sale consideration. This rule is subject to certain tolerance. The section also provides that seller can also ask for valuation to be done if he has any genuine reason for selling at lower value. In such situation, he will offer capital gain tax based on actual value received. But I find in Income Tax portal, the ITR utility by default adopts only registration value and not actual sale consideration. Please look into this and revert.

BY: C P Ethirajan

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Whether Deposits received from the members of a/an Apartment Owners Association/Residential Association (the Association) towards future supplies is taxable at the time of its receipt? Contentions: 1. Deposits received from the members of an Association towards future supplies is taxable u/s. 7(1)(aa). 2. However, the taxability u/s. 7(1)(aa) attracts only if there is any consideration 3. As per the proviso to section 2(31), a deposit given in respect of the supply of goods or services or both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply. As such can one construe/interpret that- • unless the Supplier (the Association) applies (expends) such deposit (towards any supply) there is no payment made for such supply (and hence no consideration) as per section 2(31) • Taxability u/s. 7(1)(aa) arises only in the case of ‘consideration’. In case of such deposits, deposits received in advance partakes the character of consideration only when Supplier (the Association) applies (expends) such deposit (towards any supply to its members) as per the proviso to section 2(31). • Hence the time of supply shifts to the time of actual application of such deposits as against the date of receipt of payment (herein in advance) as envisaged u/s. 13(2)(a). • Hence no GST to be paid at the time of receipt of such Deposits, but only when and if at all the Supplier (the Association) applies (expends) such deposit (towards any supply to its members).

BY: SREEJITH M G

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one of my client manufacturing Rice which is exempted goods however its by product '"Bran" is taxable at 5% ,while purchasing some capital goods it has to pay freight to GTA,will RCM be applicable.

BY: Rajesh Chandra Sharma

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CA office from residential society(Thane district): 1. Is it allowed 2. Any permissions required We are not staying in the residential premises. We want to use entire flat for CA Office

BY: samirkumar gokulbhai kasvala

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ABC CUSTOM BROKER ASSOCIATION. ASSOCIATION IS CHARIRATABLE ENTITY REGISTERED U/S 12AA OF INCOME TAX ACT. WE ARE CHARGING MEMBERSHIP FEES ANNUALY. TRUST IS WORKING FOR ITS MEMBERS FOR EDUCATING, CONDUCTIONG SEMINARS AND ISSUE SOLVING FOR MEMEBERS WORKING AS CHA. FURTHER MAKING VARIOUS REPRESTATION WITH GOVERNMENT AND TAX AUTHORITIES FOR BETTERMENT OF CHA MEMBERS. WHETHER GST APPLICABLE ON MEMBERSHIP FEES AS ANNUAL MEMBERSHIP CROSS 20 LACS? IS THE ACTIVITIES COVERED UNDER CHARITABLE ACTIVITIES AS PER GST ACT? IS THERE ANY OTHER BENEFICIAL PROVISO TO SUCH TRUST/ASSOCIATIONS WITH RESPECT TO GST EXEMPTION?

BY: AHMEDRAZA ANIS SUMIYA

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While adding bank account on income tax portal, the validation is failed showing message as ‘EE-WS-BVB-ERR-100020’. How to resolve the issue

BY: CA ATUL TOSHNIWAL

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Dear Experts REG : RECOVERING GST PAID AT HIGHER RATE pl. share your valuable views and guidance Buyer - B was charged GST at 12% by Seller- S by mistake, while later on it is found that actually this product is with NIL rate of tax B paid off invoice and claimed ITC credit and S paid off GST collected to govt, now during GST audit of B - GST officer found ITC credit wrongly availed as there is NIL rate of tax and asked B to pay off GST for availing ineligible ITC credit of purchase of nil rated product and B has paid of the same demanded by govt now B trying to recover wrong charged GST from S, S is not willing to issue credit note, informing that matter is very old of FY 18-19 and they can not get back amount paid to govt under this circumstance can B apply for refund from Govt as he has paid undue tax as neither seller is liable to pay nor buyer is liable to pay any GST on nil rated product under "undue enrichment" to be refunded back to the payer/suffer, here to Buyer B

BY: VIPUL JHAVERI

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Applied for GST cancellation on 26-4-24 wef 31-3-2024 Last GSTR 3B for march filed a couple of days back Also some interest is payable How should I pay Late fee and Interest

BY: Mahesh Kumar

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