Any Requirements in Relation to Audit and Accountancy in Bhubaneswar?

BY: PANKAJ KUMAR MOHANTY

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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.

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

How to remove an existing Director from a private limited company

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

BY: balasubramanian

Total Answers : 4 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

A restaurent has been opened (additional branch of existing franchisee) Expenses incurred on inaugration includes Hotel and travelling expenses of family members. Whether these can be amortised/capitalised

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

TAR has been filed without filling clause 18 (depreciation particulars) Can we revise TAR filling assets details but not claiming Depreciation in a Partnership firm

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

I want to add certain figure in GST sales in B2Cs (unregistered Sale) to already filed B2Cs figure in GSTR 1 but old figure is not visible in GSTR 1A Will this figure be added to already filed GSTR1

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

A manufacturing company producing taxable and exempt goods in Rajasthan and send some of exempt goods as sample @Rs.1/- per item excluding GST (whereas GST is Nil) to Delhi head office (Both have different GSTIN but related parties as PAN is Same) but the market price of such item is Rs.115/- per item. The main raw material also exempt received from other vendor but the other packing materials which is purchased by another division under same GSTIN and transferred to Manufacturing division through delivery challan, used in production of such exempt good is taxable under GST. How this would be treated as GST credit taken or reversal of ITC. can a organization sell Goods lesser than cost because it will create a gap between ITC availed and Output liability in case of taxable goods.

BY: UMESH SHARMA

Total Answers : 0 | View Answers | Post Answers

I am a practicing chartered accountant and an additional director in a private limited company duly complying to the norms prescribed by ICAI. The private limited company has borrowed a vehicle loan from a scheduled bank. The scheduled bank is creating a charge for the loan borrowed and is insisting that the concerned form for creating charge should be signed by affixing the practicing CA digital signature instead of the other directors of the company. Whether the same is permitted according to the ethics prescribed by ICAI and would it not amount to participating in the day to day activities of the company?

BY: PANI RAJ KATEPALLI

Total Answers : 1 | View Answers | Post Answers

Vide CIRCULAR NO.18/2017 [F.NO.385/01/2015-IT(B)] dated 29-05-2017, it is provided in para 4 of the Circular that accordingly, it has been decided that in case of below mentioned funds or authorities or Boards or bodies, by whatever name called, referred to in section 10 of the Income-tax Act, whose income is unconditionally exempt under that section and who are also statutorily not required to file return of income as per section 139 of the Income-tax Act, there would be no requirement for tax deduction at source, since their income is anyway exempt under the Income-tax Act. Question: However, a recognised provident Fund inadvertently filed its return of income which was processed by CPC and raised a tax demand. We have replied to the TRO that a recognised provident fund is not required to file income tax return hence the demand should be struck off. He replied that assessee fails to answer the question as to if the recognised trust is not required to file income tax return then why it was filed? And asking the demand to be paid. Please advise.

BY: Babulal Sharma

Total Answers : 1 | View Answers | Post Answers

Dear Sir, we was paid of payment for the bills of entry of As per our reassessment of bills of entry for the financial years 2019-2020 and 2020-2021, we have made payments for all outstanding bills, including interest and penalty. However, we have noticed that the reassessed bills of entry are not reflecting in the GSTR 2A. please provide suggestion for ITC take or Not

BY: SHAILESH JIVANBHAI SUTHAR

Total Answers : 2 | View Answers | Post Answers

Whether Clause 44 of Tax Audit report applies to Construction co only providing service activity also

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers