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Que. Id Date Description
40473
Nov, 19
2019
DIRECT TAXES - ( REBATE U/S. 87A IF RETURN FILED BELATED )

Is the rebate under section 87A not available if the return is filed belatedly after the due date?

BY: Hunny Badlani

Total Answers : 0 | View Answers | Post Answers

40474
Nov, 19
2019
GST - ( 401260 )

My client is a kacha artiya he sells raw cotton , mustard oil seed on behalf of agricultueist and sells it to factories and takes his commission he issues his own bill collects payment and pay to agriculturiat after deducting his commission. Is he liable to pay gst under. Reverse charge on raw cotton and oil seeds. he is however charging gst on his sale bill.

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

40471
Nov, 18
2019
DIRECT TAXES - ( REFUND BY CPC )

ONE OF MY CLIENT RETURN IS PROCESSED BY CPC FOR AY 18-19. AND REFUND DETERMINED. BUT IN THE MEANTIME THE BANK ACCOUNT SHOWN IN ORIGINAL RETURN WAS CLOSED BY THE ASSESEE. AND NEW BANK ACCOUNT DETAILS IS FURNISHED IN CPC PORTAL WHICH WAS DULY VALIDATED ALSO. AND THEN WE REQUESTED FRO RE ISSUE OF REFUND. BUT CPC DENIED WITH THE MESSAGE THAT THE ACCOUNT NO FURNISHED BY US IS CLOSED. WE DID THE SAME PROCESS 2-3 TIMES AND REGULARLY THE REFUND WAS DENIED ON THE SAME GROUND. WHEN WE TALKED TO CPC THEY REPLIED TO DO AGAIN FOR RE ISSUE OF REFUND INDICATING THE CORRECT BANK A/C DETAILS. BUT THE POSITION IS SAME TILL NOW. PLEASE ADVICE WHAT TO DO

BY: pradeep kumar agrawal

Total Answers : 2 | View Answers | Post Answers

40472
Nov, 18
2019
Capital Gains - ( JDA OF F.Y. 2004-05 )

JDA was entered in F.Y. 2004-05 and flats acquired from JDA were sold in F.Y. 2014-15, while no tax has been till now, whether old provisions or new (as per Sec. 45(5A)) would be applicable now?

BY: Hunny Badlani

Total Answers : 0 | View Answers | Post Answers

40470
Nov, 17
2019
GST - ( GST )

As per sec 49A of Cgst Act, the utilization of IGST has to be done first. It there any order in which this utilisation is to be done. i.e igst then cgst and than sgst. or we can use for SGST first and than for CGST.

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

40468
Nov, 16
2019
DIRECT TAXES - ( TDS ON RENT PAID TO NRI ( NON RESIDENT INDIAN) )

Q. The landlord is NRI is having the immovable property situated in india and they have given property on rent to the Indian Company and the NRI also having the PAN what rate of TDS to be deducted by the indian Company so please give the your valuable advise on this matter if any supporting / Notification so please provide the same .

BY: GOPAL KUMAR AGRAWAL

Total Answers : 2 | View Answers | Post Answers

40469
Nov, 16
2019
TDS/TCS - ( TDS ON PAYMENT TO CUSTOM HOUSE AGENTS (CHA) OR CLEARING & FORWARDING (C&F) AGENTS )

Q;The Company has one shipment from X Pvt Ltd , they raised invoice in the name of Importer Y Ltd and CHA (Z Ltd) has made the payments after deducting the TDS on behalf of Y Ltd. But X Ltd is not accepting the payment because of CHA has deducted the TDS. According to Income Tax Act 1961, 1. Normally, Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents operate on a contractual basis and so the tax is deductible u/s 194C of the Income Tax Act 1961. 2. Section 194C (1) provides that any person responsible for paying any sum to any resident contractor, for carrying out any work in pursuance of a contract, shall deduct tax at source at a specified percentage. 3. Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents make payments on behalf of the importers and exporters towards statutory levies, for example,dues, customs duties, etc., and other reimbursable expenses like Container charges, ICD Charges, stamp charges, and processing other statutory charges. when the payment is Subject to TDS according to the provisions of IT Act 1961, making the payment through an agent does not alter TDS liability. Therefore we are liable to deduct TDS while making payment to Shipping line Still X Ltd are refusing to accept payment with TDS Deduction. They are saying that Third payment is always consider as reimbursement of expenses which is not liable for deduction of any tax at source so please don’t deduct our tds . Give your valuable suggestions regarding the above matter

BY: GOPAL KUMAR AGRAWAL

Total Answers : 0 | View Answers | Post Answers

40466
Nov, 15
2019
MISC. - ( PARTNERSHIP BY WILL )

A proprietorship was converted into Partnership at will a few years back consisting of the Prop of the old firm and two new Partners (his brothers) Now the Proprietor of Old firm who is Partner now wants to dissolve the existing Partnership firm. Can he do so under Partnership Act . He does not want to resign from Partnership. Please advice

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40467
Nov, 15
2019
GST - ( GST ON AGGREGATOR LIKE OLA )

My client Which is Pvt Ltd is starting business to provide service of aggregator for Radio Taxi Like OLa and Uber. 1. Is he required to Collect TCS and file GSTR 8? 2. Is he liable to take Input of RCM paid on behalf of driver ? 3. On what amount GST shall be levied i.e. Discount given by company to customer (Which will be borne by company) via coupon code , then customer should pay Tax on Discounted amount or full amount and then discount is charged on it? 4. Percentage of GST leviable on Commission charged per ride by aggregator in the name of Convinence Fees ? 5. The discount given by Company to customer is to be reduced from convience fees and then GST charged or any other way ? 6. Is any type of GST charged on incentives paid by company to driver on the basis of there rating ? 7. Is any type of GST charged on commission paid to Service partners at different cities? 8. At what all places GST reg is required to be taken when the Company is reg. in UP and Technical team Work in New delhi? 9. Which all Return it is required to file monthly? it would be more helpful if someone shares me full case study on ola related to taxation matter specifically GST.

BY: aditya banka

Total Answers : 1 | View Answers | Post Answers

40462
Nov, 13
2019
Companies Act, 2013 - ( PUBLIC BORROWINGS/FINANXIAL INSTITUTIONS )

in section 139(2) of companies act public borrowings from financial institutions .... whats is the meaning of public borrowings or what is the meaning of financial institutions please....... public borrowings as per defination is tradable instrument

BY: MANOJ

Total Answers : 0 | View Answers | Post Answers

40463
Nov, 13
2019
DIRECT TAXES - ( 079710 )

we have file ITR of AY 2017-18 of Trust in Feb 2018 along with Form 10B . My querry is that whether Exemption may be withdrawn for AY 2017-18 or we can save assesee for filing condonation of delay of Form10B and whether condonation of delay file be online or offline . pl. let us know the procedure to file Condonation of delay of Form 10 B . Its urgent

BY: SANDEEP KAPOOR

Total Answers : 0 | View Answers | Post Answers

40464
Nov, 13
2019
GST - ( TURN OVER FOR GSTR 9 AND 9 C )

Which period turnover shall consider for the Purpose of Applicability of GSTR 9 and GSTR 9C for F. Y. 2017 -18 ?

BY: SUYOG SUDHIR AWACHAT

Total Answers : 3 | View Answers | Post Answers

40465
Nov, 13
2019
VAT/Sales Tax - ( THIRD PARTY SALE TO SEZ UNIT )

i have done below transaction kindly clarify X company in TN purchased goods from B company in TN and sell it to SEZ units in AP. where the goods X company has not taken possession of goods and X company directed B company to moved goods directly from B company go-down to SEZ units. , kindly clarify whether B company can claim exemption or cover under CST

BY: CA. RAM PRABHU M

Total Answers : 1 | View Answers | Post Answers

40461
Nov, 12
2019
DIRECT TAXES - ( ADVANCE TAKEN AND SECTION 269SS )

WILL "ADVANCE TAKEN FROM CUSTOMER" BE INCLUDED WHILE CONSIDERING PROVISIONS OF SEC 269SS ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 2 | View Answers | Post Answers

40460
Nov, 09
2019
DIRECT TAXES - ( 079710 )

My Client has sold his residential House at a price in accordance with Stamp valuation Price . The entire sale consideration has received with banking mode . The AO has asked that why not matter to be refer for Valuation as in his opinion (without any evidences) the Sell Price is far below of FMV . He has asked to us whether you have any objection for valuation . What should we do . Pl. advise with relevant section and case law if possible .

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

40458
Nov, 08
2019
MISC. - ( NO OBJECTION CERTIFICATE )

Whether it is mandatory to send NOC to previous auidotr by post ???

BY: Ninad Prataprao Shete

Total Answers : 2 | View Answers | Post Answers

40459
Nov, 08
2019
MISC. - ( CA AS DSA OF BANKS )

Dear Fraternity members, my query is, can a full time practicing CA become DSA of any bank? Thanks

BY: Yogesh Bhutara

Total Answers : 1 | View Answers | Post Answers

40457
Nov, 07
2019
DIRECT TAXES - ( RECTIFICATION XML FOR INTIMATION U/S 143(1) )

Received intimation u/s 143(1) for my client.Want to file rectification request by uploading rectified ITR_3 XML file.But the ITR Utility is calculating late fine of 5000 u/s 234F.Original Return filed within due date only.Pls help.

BY: Anuj Kumar Khaitan

Total Answers : 2 | View Answers | Post Answers

40455
Nov, 06
2019
Companies Act, 2013 - ( APPOINTMENT OF CEO IN PVT LTD CO )

How to appoint a CEO in private limited company? Will DIR-12 will suffice by the appointment of Director or MGT-14 needs to be filed in addition to the same. Thanks and regards

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40456
Nov, 06
2019
DIRECT TAXES - ( DEDUCTION OF INDIRECT TAXES PAID )

A company has wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16. During GST Audit in current year, this was found out and the company paid the wrong credit availed in earlier years as above now, i.e. in FY 2019-20. The same has been expensed off. Is it an allowable expenses under Income Tax Act? Please provide any case laws, if available.

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

40453
Nov, 05
2019
MISC. - ( 182513 )

I want to know the difference between "Paid Assistant" and " Salaried Employee". As I am doing Job in CA Firm and I have to report to ICAI. What if I am holding Full Time CoP while Joining such Job. Your help will be really helpful.

BY: Pavankumar R. Nipanikar

Total Answers : 2 | View Answers | Post Answers

40454
Nov, 05
2019
DIRECT TAXES - ( SEC.80D )

A senior citizen has paid Rs.50,000 as health insurance premium for himself. He has also incurred Rs.8000 towards medical expenditure for himself. He has further incurred Rs.5000 for preventive health check up for himself . He being a senior citizen, what is the total amount of deduction available to him under section.80D?

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

40450
Nov, 04
2019
GST - ( RECTIFICATION PROCEDURES )

Dear Sir, One of my client is an exporter. In GSTR 1 exports have been shown correctly , however in GSTR 3B Exports turnover has been shown as Interstate sale and IGST has also been shown as IGST-Interstate sale coloumn instead on IGST-Export coloumn. Since my interstate sale is not much, I am unable to adjust the IGST & Turnover figures in the subsequent months due to (-) ive figures. So kindly guide me to claim my pending export refund....

BY: CA. KHANDHEDIYA BHAVIK DEEPAKKUMAR

Total Answers : 1 | View Answers | Post Answers

40451
Nov, 04
2019
GST - ( OUTPUT SERVICE WITHOUT PROPER TAX INVOICE )

Dear Sir A firm is engage in the business of labour supply to his client by deploying manpower from contractor with predifined margin. On the basis of record with client ( attendance record etc.), firm is raising the periodic Bills (GST TAX INVOICE)to his client and paid GST accordingly after taking the Input Tax Credit from his contractor.  In summary the business model is - Input from Contractor + Own Margin = Output Service to Client The query is If the Firm is raise Output Service Bills without Input Service ( By way of proper Tax Invoice from Contractor) and recognise his revenue and to math the revenue estimated expenditure is also provided for the month and after receiving the actual Tax Invoice from ( after 1-2 months ) Contractor claim ITC.  For ex. In April Output Service Rs. 100 Lakhs, Input Nil  In June Output Service Nil , Input Rs. 80 Lakhs Is there any violation of GST provision by following above practice ? Whether Month to Month booking is mandatory under GST Law ?

BY: CA ANIL KUMAR SAH

Total Answers : 1 | View Answers | Post Answers

40452
Nov, 04
2019
DIRECT TAXES - ( TAX AUDIT )

There was some clerical error in balance sheet attached to original tax audit report due to which It has been revised. But the assesee is not accepting the said revised tax audit report. Plz suggest what can be done to avoid future litigation and problems since the tax department will process original tax audit report which has mistake.

BY: MOHD AHSAN KHAN

Total Answers : 1 | View Answers | Post Answers

40449
Nov, 02
2019
DIRECT TAXES - ( TAXATION ON RETIREMENT OF PARTNER )

DEAR SIR, PLZ GUIDE ME RELATING TO TAXATION ON RETIREMENT OF PARTNER. IF PARTNER RESIGNS FROM PARTNERSHIP FIRM AND TAKEAWAY 1.50CR FROM AGAINST RETIREMENT FROM PARTNERSHIP. HIS INITIAL TO PARTNERSHIP FIRM ( CAPITAL ) RS.2071000/-. PARTNERSHIP FIRM ALSO HAVE THE LAND & BUILDING WORTH RS.3CR, BUT HE IS TAKING ALL MONEY IN CASH AND NOTHING TAKING IN FORM AS AN ASSET. PLZ GUIDE RELATING TO TAXATION. HE IS IN PARTNERSHIP SINCE 1992.

BY: RAHUL MADHAVARAO KHANDEBHARAD

Total Answers : 1 | View Answers | Post Answers

40447
Nov, 01
2019
DIRECT TAXES - ( ITR )

A NEW COMPANY PREPARE BALANCE SHEET FOR 15 MONTHS UNDER COMPANIES ACT. IN THIS CASE, UNDER INCOME TAX ACT HOW COMPANY FILE HIS ITR AND TAX AUDIT REPORT AND FOR WHAT PERIOD. THANKS,

BY: Punit Rai

Total Answers : 3 | View Answers | Post Answers

40448
Nov, 01
2019
MERGER & ACQUISITION - ( PRACTICE ON INDIVIDUAL NAME )

Whether a CA in practice can practice on his indivisual name or on the sole proprietorship name after Merger with other firm.

BY: Harish Pandey

Total Answers : 1 | View Answers | Post Answers

40446
Oct, 31
2019
DIRECT TAXES - ( HUF FUNDS )

How Funds owned by a HUF like capital in a firm or Loan to somebody,can be transferred partially to its members Whether Partial Partition deed is required to be prepared

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40443
Oct, 29
2019
MERGER & ACQUISITION - ( CA INDIVIDUAL FIRMS INTO PARTNERSHIP )

We have a group of 5 Different CA Proprietor Frims, We now intend to Form a CA Partnership Firm. All 5 Firms have different standing in number of years of practice. My Query Will it be beneficial to Convert the oldest Proprietorship Firm into a Partnership or any firm? So that the number of years standing of the firm is increased. Please suggest

BY: SUMIT BHARADIA

Total Answers : 1 | View Answers | Post Answers

40444
Oct, 29
2019
DIRECT TAXES - ( ITR FILING DATE IN CASE OF COOPERATIVE SOCIETY )

A cooperative society regd in Punjab doing construction and labour provider job has not done any business during F Y 2018-19. It has not been audited by Cooprative Society Auditor nor is eligible for Tax Audit. It is having a nominal Interest income which is adjustable against Previous Year carried forward Loss. Whether in this case date of reurn filing is 31-8-2019 or 31-10-2019in FY 2018-19

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40445
Oct, 29
2019
DIRECT TAXES - ( ITR WITHOUT DIGITAL SIGNATURES OF COOPERATIVE SOCIETY )

Whether a cooperative society can file ITR without Digital Signature if it is not eligible for Tax Audit.Statutory Audit has not been done by Cooperative department in this case

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40441
Oct, 24
2019
DIRECT TAXES - ( TDS )

One of the Private Limited Company in India dealing in software services. One Foreign entity situated in USA is providing software services to the Indian Company. Foreign entity is not having any place of establishment in India and providing services from USA. Foreign entity will raise Bills for their services. Now the query is: 1.Whether the Indian Company has to deduct any TDS? At what percentage? 2.Whether there is any requirement of Form No.15CA and Form No.15CB? 3.Whether is there any requirement of Indian PAN for Foreign entity? 4.Any prior permission of Reserve Bank of India required?

BY: somu balasrinivasa murthy

Total Answers : 1 | View Answers | Post Answers

40442
Oct, 24
2019
AUDIT - ( SALARY RETURN FILED, CAN NOW TAX AUDIT(F&O LOSS) PLUS REVISED RETURN CAN BE FILED? )

ITR-1 for Salary income only was filed by the assessee on 1st Sept 2019 for F.Y. 2018-19. ITR is not processed yet. Can now Tax Audit Report for F&O Business and Revised Return including the same be filed?

BY: Hunny Badlani

Total Answers : 0 | View Answers | Post Answers

40439
Oct, 22
2019
GST - ( GST PROVISIONS IN CASE OF TAXI HIRING CONTRACTS W.R.T. CENTRAL GOVERNMENT UNDERTAKING? )

I have the query regarding the exact GST provisions applicable in case of Taxi hiring contracts w.r.t. central government undertaking?

BY: puran bhat

Total Answers : 1 | View Answers | Post Answers

40440
Oct, 22
2019
DIRECT TAXES - ( LONG TERM CAPITAL GAINS )

Long Term Capital Gain Dear Friends, Please Clarify the following Issue:- An Assessee had inherited a property based on the “WILL” left by his mother. In the will executed by his mother. She had stated that property should go to him and after his life time it should go to his Son. During the year the assessee had disposed the property. The Sale Deed has been executed by the assessee’s son also due to the Buyer’s insistance as a matter of abundant caution. Both the Assessee and his Son had received 50% share of proceeds realised. 1) In this context whether the Long Term Capital Gain has arisen to the assessee’s son also. Since he has executed the Sale Deed even though No Right to the Property which was inherited by his father out of Will. 2) Whether the entire proceeds should be offered in ths hands of the Assessee alone who has got Absolute Right to the property inherited. 3) Since the assessee’s son Name has been included in the Sale Deed due to abundant caution of the Buyer of the property, whether to be ignored while working out the Long Term Capital Gains?

BY: RAMAN

Total Answers : 1 | View Answers | Post Answers

40438
Oct, 21
2019
GST - ( GST ON INCENTIVES RECEIVED )

Please clarify whether Incentives received on supply of exempt goods is taxable under GST ex. retail outlet of petrol and diesel.

BY: CA. KANTIPUDI VEERA VENKATA SATYANARAYANA

Total Answers : 1 | View Answers | Post Answers

40437
Oct, 20
2019
AUDIT - ( TDS MATTERS )

A firm's turnover during 2018-19 is 90 lacs (< 1 crore) It is getting tax audit done as net profit is less than 8%. it is paying Interest to a NBF Company. Whether it is required to deduct TDS or not

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40434
Oct, 18
2019
AUDIT - ( DEFERRED TAX )

what is the easiest way to calculate deferred tax assets or liabilities.

BY: VIJAY PROHIT

Total Answers : 1 | View Answers | Post Answers

40435
Oct, 18
2019
FINANCIAL MANAGEMENT - ( BREAK UP VALUE OF SHARES )

should we give effect to deferred tax liability or assets while arriving at break up value of shares

BY: VIJAY PROHIT

Total Answers : 0 | View Answers | Post Answers

40436
Oct, 18
2019
DIRECT TAXES - ( SEC 12A REGISTERED SOCIETY NOT FILED ITR WITH IN DUE TIME )

A Society is Registered in Sec 12AA. The Society is running a School. Its current year Receipts are Rs 2 cr and Application of Income ( Expenses ) are Rs.2.50 cr. Due to some unavoidable circumstances, it not able to file its ITR within due date. What will be Tax implications ? Whether it will be Taxed on Rs.2 cr Receipts or at Nil, since its in loss of Rs.0.50 cr. Whereas its not taking benefit of Sec 11 due to loss.

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40433
Oct, 16
2019
GST - ( ADDITIONAL PLACE OF BUSINESS )

Hello, Kindly explain what is additional place of business under gst? Do I have to obtain separate registration for each additional place of business, if the additional place of business and main place of business is in the same state?What other rules should we follow under gst for additional place of business?Should we charge gst when we transfer goods from main place of business to additional place ?If the supplier directly sends the goods to additional place of business, then also gst needs to be charged?please explain.

BY: deepika

Total Answers : 1 | View Answers | Post Answers

40431
Oct, 14
2019
AUDIT - ( TAX AUDIT APPLICABILITY )

Dear all, Is there any voluntary tax audit system available on income tax act ? if yes, under which section we need to mention in audit report or while udin generation.

BY: CHANTI EMBADI

Total Answers : 2 | View Answers | Post Answers

40432
Oct, 14
2019
DIRECT TAXES - ( LLP DEED CHANGES )

A LLP is working. Now some Partners are to be inducted in the same LLP. The new Parthers have already give their Share to the LLP before 31.3.19. The LLP has kept their money as Unsecured Loan. Now they want to become Partners in the LLP. A Fresh LLP Agreement is Drafted on 01.10.19. Whether we can make it effective w.e.f 01.04.2019. Meaning that the New Partners shall become Partners of the LLP since 01.04.2019.

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40428
Oct, 12
2019
DIRECT TAXES - ( AMOUNT RECEIVED FROM INSURANCE CO )

AMOUNT RECEIVED FROM INSURANCE CO IS EXEMPT U/S 10(10D).IS IT APPLICABLE TO ANY AMOUNT OR THERE IS SOME OTHER CONDITIONS.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

40429
Oct, 12
2019
DIRECT TAXES - ( CHARITABLE TRUST )

TRANSFER FIXED ASSET BY A CHARITABLE TRUST REGISTERED U/S 12AA TO ANOTHER CHARITABLE TRUST WITH SAME OBJECT S BUT WITHOUT REGN. U/S12AA. KINDLY CLARIFY THE IMPACT FOR THE TRANSFERROR TRUST AND THE TRANSFEREE TRUST UNDER INCOME TAX ACT

BY: P.SHANGAR

Total Answers : 0 | View Answers | Post Answers

40430
Oct, 12
2019
DIRECT TAXES - ( MAT ON FARMERS PRODUCER COMPANY )

AS PER SECTION 80 P THE INCOME TAX ACT, INCOME OF THE FARMERS PRODUCER COMPANY IS EXEMPT FROM FY 18-19 ( AS PER THE BUDGET 18-19) LIMIT TURNOVER IS UP TO 100 CRORES, AVAILABLE FOR 5 YEARS FROM AY 2019-20 LET ME KNOW WHETHER MAT IS PAYABLE ON THE SAME FOR COOPERATIVE SOCIETIES THE AMT IS NIL WHETHER THE SAME BENEFIT IS AVAILABLE FOR FARMERS PRODUCER COMPANY

BY: sadashiv iranna c

Total Answers : 0 | View Answers | Post Answers

40426
Oct, 11
2019
DIRECT TAXES - ( SECTION 145A OF INCOME TAX ACT INMPACT )

After the introduction of section 145A of the Income tax Act 1961 Whether exclusive system of accounting for taxes is still permitred ? Exclusive system of taxes Considering taxes which can be claimable as a part of Balance sheet and npt routing through Profit and loss statement

BY: DINESH ARAVINDH V

Total Answers : 0 | View Answers | Post Answers

40427
Oct, 11
2019
DIRECT TAXES - ( HUF DIFFERENCE BETWEEN MEMBER AND CO PARCENER )

Sir, kindly let me know difference between Member and Co parcener in the case of HUF

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40423
Oct, 10
2019
AUDIT - ( UDIN GENERATION )

In case of Trusts which are registered u/s 12AA of the Act and for which audit reports in Form No.10B are to be issued, whether separate UDIN is to be generated for signing audit report in Form No.10B and for separately for signing financials ?

BY: CA. GANESH R

Total Answers : 1 | View Answers | Post Answers

40424
Oct, 10
2019
GST - ( GST ON JOINT DEVELOPMENT AGREEMENT )

WHETHER GST LIABLE ON JOINT DEVLOPMENT AGREEMENT?? IF YES THEN WHO IS LIABLE TO PAY AND ON WHAT VALUE IT IS PAYABLE??

BY: Ninad Prataprao Shete

Total Answers : 2 | View Answers | Post Answers

40425
Oct, 10
2019
MISC. - ( STANDING OF A CA PROPRIETOR FIRM MADE BY A PART TIME COP HOLDER )

Q1 If a member holding Part time COP made a Proprietorship firm and later on he started a full time practice, so from which date standing of that firm will be counted, whether from date of its incorporation or date from which member converted its COP to full time? Q2 Also member holding Part time COP can train article assistant while acting as a partner of a practicing CA firm?

BY: JAYESH GEHANI

Total Answers : 0 | View Answers | Post Answers

40421
Oct, 07
2019
DIRECT TAXES - ( MEMBERS OF HUF )

Who can be Members of a HUF? Whether son's wife is eligible to become Member of a HUF ?

BY: AJAY JAIN

Total Answers : 2 | View Answers | Post Answers

40422
Oct, 07
2019
DIRECT TAXES - ( HUF'S RELATIVES )

Who are the Relatives in the case of a HUF?

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40420
Oct, 06
2019
DIRECT TAXES - ( PAYMENT IN PARTS )

A person purchases Fixed asset value 19000- but makes cash payment 10000- on date of purchase and 9000 on next day. Whether this is ok for income tax .

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40419
Oct, 05
2019
AUDIT - ( UDIN GENERATION )

Auditor has uploaded 3CBCD for his client to accept. Same is yet to be accepted.Whether UDIN should be generated upon accepance by him or uploading the same.

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

40418
Oct, 04
2019
CORPORATE & OTHER LAWS - ( DIVIDEND )

A private Limited Co. has a paid up capital Rs. 6.50 lacs & accumulated surplus Rs. 11.50 as on 31.03.2018 During the FY 2018-19 company has suffered losses Rs. 3.50 lacs . The Company has declared and PAid Dividend Rs. 8.50 LAcs to shareholders and deposited 1.74 lacs as DDT (Dividend Distribution Tax) in FY 18-19 My querry is whether the company can paid the above dividend and if no what is remedy or consequences .

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

40417
Oct, 03
2019
MISC. - ( SETTING OFF OF EXPORT PROCEEDS )

An Indian Company exports software services to its holding company in USA. Holding Company settles the invoice as per terms. From current year, holding company decides to allocate some common costs to its subsidiaries located across the globe. Accordingly, a proportion is apportioned to Indian Subsidiary. This expense will hit Indian Subsidiary's Profit and loss account. Let know whether export proceeds realizable by the Indian Subsidiary can be netted off with this expense under FEMA Regulations. Also let know, if Indian Subsidiary has to pay GST on this expense.

BY: balasubramanian

Total Answers : 0 | View Answers | Post Answers

40416
Oct, 02
2019
GST - ( GST AND INCOME TAX IMPLICATION IN CASE OF SLUMP SALE )

Shree Advertisers (here-in-after referred to as ‘the company’) is engaged in the business of selling advertising space or time .The company intends to sell its sole proprietorship business (alongwith assets and liabilities) as a whole and wants to know the tax implications under GST and Income tax Act. 1.Whether GST is applicable on sale of proprietorship business and its assets and liabilities as a whole? 2.What will be the tax implication on sale of assets and liabilities as a whole under Income tax Act , 1961? . 3.Will there be any exemption from capital gains tax if the profit arising from slump sale is reinvested in long term capital asset?

BY: shruti chhalani

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40414
Sep, 30
2019
DIRECT TAXES - ( TOUR OPERATOR )

A Tour Operator in India books for foreign tour package in India. he takes amount by cheque from client & deposit in his current account. In foreign he withdraws amount from ATM by his international ATM & incurred all expenses by cash in foreign currency. whether all this expenditure is allowable as per income tax act. TDS will be applicable or not. Please guide me for Income Tax compliance of outbound tour operator. Also please guide me what other compliance is to be done for outbound tour operator

BY: NADIR D SHAIKH

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40415
Sep, 30
2019
GST - ( GST INPUT )

Mr X has taken a Residential building on Rent from his wife Y and starts to operate a guest house in that building Mr. X has some expenditure in interiors in Fy 19-20 and Commercial transactions /operation may commence in FY 2020-2021 . My Querry is whether GST Input on Expenditure incurred on interiors on Building and Fixed lighting , decoration etc will be available to Mr. X and what should be treatment of such expenditure as Pre-operative exps. or Booked as revenue expenditure and claim as Business Loss in Fy 19-20

BY: SANDEEP KAPOOR

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40412
Sep, 29
2019
DIRECT TAXES - ( CASH PAYMENT BY COOPERATIVE SOCIETY TO TRANSPORTERS/SALARY )

A Cooperative society in transport business is making payments in cash exceeding 10000- to transporters(Who are family members only)and without deduction of TDS also Whether obtaining PAN is sufficient for transport payments and whether payment exceeding 10000- as exp by Cooperative Society to transporters is alright

BY: Mahesh Kumar

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40413
Sep, 29
2019
Companies Act, 2013 - ( FIRST AUDITOR APPOINTMENT )

Dear sir, If the company incorporation date is 23rd March 2018,then company appointed the first auditor as on 2nd January 2019(since the cop of auditor effect from 31st December 2018) whether it is is valid appointment or not? If yes,is there any late fee for company for late appointment?

BY: CHANTI EMBADI

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40410
Sep, 28
2019
DIRECT TAXES - ( AMOUNT RECEIVED FROM INSURANCE CO )

AMOUNT RECEIVED FROM INSURANCE CO IS EXEMPT U/S 10(10D).IS IT APPLICABLE TO ANY AMOUNT OR THERE IS SOME OTHER CONDITIONS.

BY: SUDIP KUMAR MUKHOPADHYAY

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40411
Sep, 28
2019
DIRECT TAXES - ( PROFIT & LOSS ACCOUNT IN CASE OF F&O TRADING INCOME )

Facing problem while preparing P&L account for the F&O Trader under tax audit. The turnover, in this case, is Profits + Losses + Premium on options if any. So if this is the turnover, then how to get to the net profit/loss in the P&L account? What will be the value taken for the purchase?

BY: Hunny Badlani

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40408
Sep, 27
2019
TDS/TCS - ( CLAUSE 34(A) OF TAX AUDIT - WHETHER THE ASSESSEE IS REQUIRED TO DEDUCT OR COLLECT TAX AS PER THE PRO )

Whether any reimbursed expenses should also be reported in column 4 of clause 34(a) of Tax Audit report?

BY: Mithan Lal

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40409
Sep, 27
2019
MISC. - ( INSTITUTE EMPLOYMENT DETAILS )

HI Could anyone please tell me how do i update employment details in icai records, I checked it in my member card and it's not showing any details of employment. Also i'm working in CA firm since beginning but I've not taken my COP, so while taking Fellow membership will this be counted or I've to take COP to apply for fellow membership?

BY: Kamreen Fatma

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40405
Sep, 26
2019
GST - ( INPUT CREDIT ON INVERTOR PURCHASED WITH BATTERY )

A new set of Invertor and Battery are purchased .Whether GST can be claimed on both. Further battery replaced from time to time for Laptop/Invertor will also be eligible for Input credit?

BY: Mahesh Kumar

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40406
Sep, 26
2019
GST - ( RATE OF GST ON PURE LABOUR CONTRACT UNDER AFFORDABLE HOUSING PROJECTS )

Rate of GST on pure labour contract under affordable housing projects like projects under CM Jan Aavas Yojna ? Is they are exempt or liable for tax at what rate

BY: SUBHASH CHAND

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40407
Sep, 26
2019
DIRECT TAXES - ( TRANSFER OF ASSETS BY REGISTERED CHARITABLE TRUST U/S 12AA TO ANOTHER REGISTERED CHARITABLE TRUST U/ )

KIND ATTN. SIR Transfer of property has been made between trust registered u/S 12AA to another registered charitable trust u/s 12AA and made without consideration.What is the impact of income tax? for both the transferror trust and transferee trust .If such transfer is exempted how to show in the income tax return and how to account in the books of accounts for both the trusts.

BY: P.SHANGAR

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40402
Sep, 25
2019
TDS/TCS - ( HOW TO RETRIEVE 26QB )

I HAVE PAID TDS ON PROPERTY, 26QB COULD NOT BE SAVED AT THAT MOMENT, BUT I HAVE PAID TAX CHALLAN, AND GENERATED 16B. NOW MY CLIENT IS ASKING FOR 26QB AS IT IS TO BE SUBMITTED IN LAND REGISTGRAR OFFICE FOR REGISTRATION. BUT I AM NOT ABLE TO RETRIEVE THE 26QB. PLEASE HELP ME IN REGENERATING THE 26AB, I HAVE ACKNOWLEDGEMENT NO AND EVERY DETAILS REGARDING THE TRANSACTION

BY: pradeep kumar agrawal

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40403
Sep, 25
2019
DIRECT TAXES - ( CASH WITHDRAWL BY PARTNERS )

Whether Partners can Withdraw from Partnership /LLP Firm in Cash. If yes, whether provisions of Sec 269ST will be applicable

BY: AJAY JAIN

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40404
Sep, 25
2019
MISC. - ( UDIN FOR CERTIFYING IN DIR 3 KYC )

Whether UDIN needs to be taken for certifying in Form DIR 3 KYC?

BY: Sivaraman A.R.

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40401
Sep, 23
2019
AUDIT - ( REVISION OF TAX AUDIT REPORT )

Can a tax audit report submitted by CA and accepted by Client be revised on finding a mistake

BY: Mahesh Kumar

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40399
Sep, 21
2019
CORPORATE & OTHER LAWS - ( DPT-3 UNDER RESUBMISSION )

DPT-3 filed for private limited company was put under resubmission with the remark to submit the same with details list of such outstandings. How it is possible to get these details in case of an old companies carrying these since long (20 years) and for which no informations is readily available. What is time limit for resubmission as no specific time limit is given under remarks.

BY: SURAJ KUMAR CHOUDHURY

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40400
Sep, 21
2019
GST - ( CONTRACTOR'S GTO )

As per the GST Law, Gross receipts of Govt Contractor is suppose to be reduced by the GST and accordingly Turnover is to be shown under GST. But if we show the same turnover in income-tax, it would mismatch with 26AS receipts. In either case, difference in GTO would result in scrutiny. What should be the appropriate way for income-tax return as well?

BY: SURAJ KUMAR CHOUDHURY

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40398
Sep, 20
2019
AUDIT - ( UNIQUE DOCUMENT NO GENERATION )

Whether Uniqie document is required to be generated for Stock Audit and revenue audits of Banks.

BY: Mahesh Kumar

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40397
Sep, 19
2019
AUDIT - ( AUDIT OF RELATIVE )

Whether a C.A. can do Audit of his Relative.

BY: AJAY JAIN

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40396
Sep, 18
2019
Capital Gains - ( 108293 )

My client has plot of land. He entered into development agreement on 28.10.2016. Developer in return alloted 4 flats to land owner. Completion certificate of that flats were obtained on 07.08.2019. As per Sec.45(5A) capital gain will be chargeable in the hands of land owner in 19-20. My question is what is the date of transfer as per Sec.2(47). Whether it is 28.10.2016 or 07.08.2019. Further can a land owner claim deduction u/s.54F in 2019-2020.

BY: ATUL MUKUNDLAL TOSHNIWAL

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40395
Sep, 17
2019
MISC. - ( CONVERSION OF FULL TIME COP TO PART TIME COP )

Sir I am a partner in a firm. I have moved to another city where I want to join employment but want to remain as a partner in the same firm. Is this possible by converting my full time COP to Part time COP. I cannot find ICAI guidelines with respect to this subject matter Kindly reply this on priority basis. Its urgent. Thank you

BY: sweety sharma

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40393
Sep, 16
2019
DIRECT TAXES - ( SECTION 269ST )

Exceptions in respect to Section 269ST- Provision of Section 269ST shall not apply any of the following if receipt by- a. Government....... What is government under Income Tax ? Can municipality be called a government ? Can municipality receive tax of more than Rs. 2 Lakhs in cash ?

BY: DARSHAK MAGANLAL THAKKAR

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40394
Sep, 16
2019
INDIRECT TAXES - ( IGST -SEZ UNIT )

an SEZ unit is taking services of a hotel for an event management which will be taking place at their hotel - Convention hall. Will the services attract IGST (considering as supply of services to SEZ unit) or it will be subjected to CGST /SGST ( considering that place of supply is Hotel iteself and is not teh SEZ unit)

BY: GeetikaSetia

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40392
Sep, 15
2019
GST - ( GST ON TRAINING SERVICES )

what will be the gst impact for a person who is providing training services from india to people outside india through digital mode ?

BY: ravi kishore bhagi

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40391
Sep, 14
2019
SME - ( HOW TO CHANGE PROPRIETOR )

A proprietor ship firm wants to change its proprietor in the existing firm. What's the best way to do the same.

BY: SURAJ KUMAR CHOUDHURY

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40389
Sep, 13
2019
DIRECT TAXES - ( NEW REQUIREMENT IN COMPANY INCOME TAX RETURN )

In case of Pvt Ltd Company, there are two additional requirement apart from existing one, which are very difficult to furnish: 1. Shareholders details with PAN numbers. 2. Assets particulars with date of acquisition. A private limited company, which have been registered 30 years ago, how these details could be gathered and where from to arrive these figures. Even ROC data is available for last 12 years. Please respond

BY: SURAJ KUMAR CHOUDHURY

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40390
Sep, 13
2019
DIRECT TAXES - ( FORM 3CD LOAN REPAYMENT OTHERWISE THEN IN CASH )

Unsecured loan was taken by way of journal entry in one hand from another as legal heir fund. How to disclose the same in 3CD, as this entry fall in none of the prescribed mode. Similarly how to disclose payment of Interest on unsecured loans which is paid by way of journal entry only

BY: SURAJ KUMAR CHOUDHURY

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40386
Sep, 11
2019
Companies Act, 2013 - ( SCHEDULE III - DIVISION FY 2018-19 )

Whether a private limited company which is preparing its balance sheet as per Division I of Schedule III is required to disclose the details wrt MSME on the face of balance Sheet or not..?? Kindly treat this query as urgent.

BY: CA Neha Gupta

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40387
Sep, 11
2019
GST - ( ISSUE OF GST INVOICE FOR SERVICES )

A Proprietorship firm is dealing in textile business and having GST number. Now the Prop wants to add commission business under the same GST Whether he will have to get seperate bill book for services rendered or hr can continue with same bill book

BY: Mahesh Kumar

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40388
Sep, 11
2019
GST - ( GST ANNUAL RETURN )

Whether pure agent services like paying taxes on behalf of some person be considered as exempt supply in GST...?? If yes, whether the amount received as a pure agent be included in computing the aggregate turnover for the purpose of audit of a taxpayer..???

BY: CA Neha Gupta

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40384
Sep, 10
2019
MISC. - ( ITR - 6 FILING )

Companies have to furnish details of “assets” including Jewellery, Painting etc., Unfortunately, it is not mentioned as “Fixed Assets”. Assets naturally includes inventories also. Does it mean a Private Company having a Jewellery Shop has to furnish details of jewellery for the above requirement in ITR 6

BY: Ethirajan

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40385
Sep, 10
2019
AUDIT - ( TAX AUDIT )

Is Political Party liable to tax audit?, If yes, Then in which form tax audit shall be filed?

BY: Abhinav

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40382
Sep, 07
2019
DIRECT TAXES - ( INCOME TAX )

Dear sir, One of our client is selling a plot of land and to avoid tax he is telling me that he will gift the property to the purchaser and the purchaser has agreed to pay tax on it under sec 56. However there will be exchage of consideration in the form of Cash. Will there be any liablity on the Seller. Under Income Tax Act

BY: VIPIN GUPTA

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40383
Sep, 07
2019
DIRECT TAXES - ( TDS )

Dear Sir, There is audit U/s 44AD and previous year and this year his turnover is 1.5 cr to 1.7 cr. He has paid interest to one party unsecured loan Rs 150000/- will he be liable to TDS. As limit U/s 44AB (a) is Rs 1 Cr.

BY: VIPIN GUPTA

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40380
Sep, 06
2019
GST - ( GST APPLICABILITY TO SEZ UNIT )

If an SEZ unit is availing certain services outside SEZ area. Will this services will be eligible for Zero rated supply benefit under IGST Act.

BY: Mayank Jain

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40381
Sep, 06
2019
DIRECT TAXES - ( 079710 )

Mr. A has earned Salary income Rs. 28.00 lacs and also deals in Future & Option where turnover is approx. 50 Lacs and Loss approx. 4.00 lacs whether Mr. A is require to Tax Audit as the Profit is less than 8% or we can file ITR without Audit pl. suggest

BY: SANDEEP KAPOOR

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40378
Sep, 05
2019
DIRECT TAXES - ( 019493 )

While surrundering the LIC Policy, LIC has deducted TDS u/s 194DA @ 1% on the surrender value. Premium paid over 5 years was Rs. 261297/- .The surrender value recived was Rs. 223212 less TDS Rs. 2233 . net value is Rs. 220979/-. Whether any amount is to be offerred for assessment.

BY: nagappan.sm

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40379
Sep, 05
2019
OTHER BODIES - ( REGARDING PART TIME COP )

Hi, I want to know whether Part Time COP Member can hold his Proprietor Firm while doing job at CA Firm?

BY: ABHISHEK SUSHILBHAI GOYAL

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40377
Sep, 03
2019
ANNOUNCEMENT - ( 077928 )

Sir Is there any Guidance note or recommendations issued by ICAI regarding tender process and criteria for Organisations who intend to appoint CAs as their auditor

BY: SAMEER SAMEER SINGH

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40376
Sep, 02
2019
MISC. - ( RECONVERSION OF CA PARTNERSHIP INTO CA PROPRIETORY FIRM )

I started my CA Practice in the year 2002 as a proprietor of a CA Firm and in the year 2013 I converted my Proprietory Firm into Partnership by adding my cousin brother as partner, as due to ours is Joint family we dont have any problems till April, 2018. From April, 2018 our HUF is divided and living separately. Now I dont want to continue this partnership with my cousin brother and want to convert this partnership into Proprietory Firm. Meanwhile i have intimated my changes in the status of the Firm to ICAI Regional office but my details are not yet changed in the Institute records. I tried to update in the SSP Portal but of no use at all. Can anybody guide me to how to go along with effectively to reconvert CA Partnership Firm to CA Proprietory Firm without loosing my old firm name. Thanks in advance for all your answers

BY: VENKATESH S BAKALE

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40373
Aug, 29
2019
DIRECT TAXES - ( SEC.115JB B/F LOSS AND UD )

As per sec.115JB for computing MAT, brought forward business loss or unabsorbed depreciation whichever is lower as per books has to be adjusted. Is this comparison of business loss vs depreciation to be made year on year for past years or cumulative figure as on date? All the past years have losses and no profit in any of the preceding years.

BY: balasubramanian

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