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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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44667 |
Jun, 12
2024
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GST - ( INTEREST INCOME AND REVESAL OF INPUT TAX CREDIT )
"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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44666 |
Jun, 08
2024
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GST - ( SCRUTINY U/S.61 )
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
Total Answers : 1 | View Answers | Post Answers
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44665 |
Jun, 07
2024
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AUDIT - ( QUERY ON CLAIMING DEPRECIATION ON LEASED LAND )
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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44663 |
Jun, 05
2024
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AUDIT - ( 194298 )
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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44664 |
Jun, 05
2024
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AUDIT - ( TAX AUDIT - FIRM TAKEN OVER BY PARTNER )
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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44661 |
May, 31
2024
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DIRECT TAXES - ( 009829 )
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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44660 |
May, 30
2024
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VAT/Sales Tax - ( VAT, GST FOR PETROL PUMP INDUSTIRES )
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
Total Answers : 2 | View Answers | Post Answers
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44655 |
May, 25
2024
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GST - ( COMPANY RUN ITS OWN BUS FOR TRANSPORTATION OF ITS EMPLOYEES )
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
Total Answers : 3 | View Answers | Post Answers
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44653 |
May, 24
2024
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Capital Gains - ( SECTION 50C )
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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44654 |
May, 24
2024
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GST - ( 224173 )
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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44652 |
May, 20
2024
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GST - ( RCM )
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
Total Answers : 3 | View Answers | Post Answers
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44650 |
May, 16
2024
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GST - ( GST APPLICABILITY 12AA TRUST )
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
Total Answers : 2 | View Answers | Post Answers
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44649 |
May, 15
2024
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GST - ( RECOVERING GST PAID AT HIGHER RATE )
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
Total Answers : 2 | View Answers | Post Answers
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44647 |
May, 08
2024
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GST - ( 082701 )
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
Total Answers : 2 | View Answers | Post Answers
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44646 |
May, 06
2024
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GST - ( GST IMPLICATIONS ON MUSIC DISTRIBUTOR )
Dear Forum,
I would like to inquire about the tax (gst) implications for a music distributor who publishes albums for musicians and receives music royalties on their behalf from platforms like Spotify, depositing them into their bank account before paying the royalties to the artists. Should these royalties be taxed under GST, or are they exempt? Additionally, who is responsible for paying this tax?
BY: MUHAMMED AMEEN GUNAJE MOIDU HAJI
Total Answers : 1 | View Answers | Post Answers
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44644 |
Apr, 25
2024
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INDIRECT TAXES - ( 082701 )
A Firm wants to surrender GST registration wef 31-3-24
It is filing its GSTR 3B on 26 alongwith Taxes payable
Can it pay Late fees as well as Interest @18% in this return as well as it does not want to carry return filing in 24-25 Fin Year
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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44645 |
Apr, 25
2024
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CORPORATE & OTHER LAWS - ( PROBLEM FACED DUE TO MERGER OF CA FIRMS )
I was Practising As A Sole Proprietor till 09-Jan-2024. thereafter my firm was merged with another partnership firm from 10-Jan-2024 till now. My Sole Proprietorship was Appointed As 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, 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: ROSHAN CHHAGAN PAWAR
Total Answers : 2 | View Answers | Post Answers
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44642 |
Apr, 23
2024
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DIRECT TAXES - ( FORM 10 AB )
Section selected is 10(23c) instead of 12A. Form Application is not yet approved. Is there any way to withdraw application and file new with correct section
BY: CA. CHAVAN TRUPTI GAJANAN
Total Answers : 3 | View Answers | Post Answers
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44640 |
Apr, 18
2024
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GST - ( 082701 )
For nonfiling of return/nonpayment of tax by supplier of goods If SCN is issued to asessee for excess input claim of input Whether interest and penality be imposed if the Excess claim in GST credit ledger is unutilised
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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44639 |
Apr, 17
2024
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Companies Act, 2013 - ( CONSTRUCTION OF BUILDING CONSIDERATION FOR OCCUPANCY RIGHT )
The Private Limited company is getting lease of land and development cum occupancy right for 30 years from trust. The trust will get building constructed by company (builder) as donation when completed and some fixed rental amount yearly basis for lease. The company (builder) will use such property for rental income for 30 years.
How to give treatment of such donation in books of company ? Can we consider it as intangible asset (consideration for occupancy right)? Can we amortize it for 30 years? Please guide.
Further, How to treat in books of accounts of trust. ?
Thanks in Advance.
BY: CA DHAVAL GHADIYALI
Total Answers : 0 | View Answers | Post Answers
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44638 |
Apr, 15
2024
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DIRECT TAXES - ( CHARITABLE & RELIGIOUS TRUST )
Form 10 under Rule 17(2) is required to be submitted electronically two months before the due date of return. Can you please guide as to what is the due date for making such eligible investments, i.e. by when the deposit/investment of the money referred to in clause (b) of sub section (2) of Section 11 of the IT Act is to be made.
BY: Nilanjan Kayal
Total Answers : 2 | View Answers | Post Answers
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44635 |
Apr, 11
2024
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Capital Gains - ( CAPITAL GAIN )
“A” owns a site absolutely and the neighbouring site is owned by “B” absolutely. Both “A” and “B” give their sites for joint development to same builder.
Under the advice of developer, the two sites are amalgamated so as to get more floor area. My query is whether any capital gain tax is attracted when two sites of “A” & “B” are amalgamated.
This is because when sites are amalgamated, “A” gets 50% right in site owned by “B” previously and vice versa. Does it amount to exchange and capital gain tax is payable.
Invite experts opinion on this.
BY: C P Ethirajan
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44633 |
Apr, 05
2024
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GST - ( 082701 )
During early months of GST implementation GST 3B was filled and submitted fror Aug 2018 When it was filed,System neither added Input in the Credit Ledger nor Output tax was deducted Hpwever Return was filed on Portal Assessse added the above unadjusted figs in GSTR 3B for Sep 18
Now a mismatch notice has come from donotreply@gst.gov.in for Aug 2018 and being asked to submit fresh GSTR 3B for Aug 18(they have reset Return) This will require resetting of Sep 18 return also but resetting has been done for Aug 18 only Whethert we will have to visit Department
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44632 |
Apr, 04
2024
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MISC. - ( MRL - CONCURRENT AUDIT )
A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit. Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit. So kindly guide whether CA form should obtain MRL from Bank. Also guide whehtehr is MRL required from Peer Review point of view.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44630 |
Apr, 03
2024
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DIRECT TAXES - ( 082701 )
Whether NRI having carried forward Loss under Income from House property adjust the same against Short Term capital gain from sale of House Property
BY: Mahesh Kumar
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44631 |
Apr, 03
2024
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DIRECT TAXES - ( 45(4), 9B )
Fact of the case:-
A partnership firm is to be reconstituted where one partner is retiring and one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution neither the land is revalued nor any part of the land is given to the retiring partner. The retiring partner is getiing only the closing capital balance and nothing else.
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
BY: dhanindra kumar surana
Total Answers : 1 | View Answers | Post Answers
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44629 |
Mar, 31
2024
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DIRECT TAXES - ( 082701 )
A prop firm has to pay Interest to a Super senior citizen around 499000- He does not have any other source of income Is Form 15G required to be obtained
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44628 |
Mar, 30
2024
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MISC. - ( CONCURRENT AUDIT - MRL FROM BANK )
A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit.
Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit.
So kindly guide whether CA form should obtain MRL from Bank.
Also guide whehtehr is MRL required from Peer Review point of view.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44626 |
Mar, 28
2024
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AUDIT - ( STATUTORY BANK BRANCH AUDIT - RACC )
Can anybody please highlight on the scope of audit and audit program in case of statutory bank branch audit of RACC (Retail Asset Credit Centre - Centralized Loan Processing Centre) of a nationalized bank. Particularly in case of appraisal, sanctioning and monitoring of advances pertaining to various branches under that RACC.
BY: ALOK NATH SAHA
Total Answers : 1 | View Answers | Post Answers
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44625 |
Mar, 27
2024
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Companies Act, 2013 - ( EFFECTIVE DATE OF RESIGNATION )
What is the effective date of resignation of Director of the Private Limited Company. Is it the date of notice by the Director or the date on which the resignation is accepted by the Company in its Board Meeting. Can it be the date of Board meeting?
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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