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Que. Id Date Description
41024
Apr, 14
2021
INDIRECT TAXES - ( 079710 )

Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc)

BY: SANDEEP KAPOOR

Total Answers : 0 | View Answers | Post Answers

41025
Apr, 14
2021
DIRECT TAXES - ( 562493 )

Dear sir, I am newly Enrolled Member Of ICAI M.N. 562493 (enrolled date 25/03/2021) , I am trying to register on Income Tax Efiling portal as Charterd Accountant but a message display " Membership does not exist" Please help

BY: CA VIJAY KUMAR YADAV

Total Answers : 2 | View Answers | Post Answers

41023
Apr, 11
2021
GST - ( THRESHOLD LIMIT FOR PROFESSIONALS FOR THE FINANCIAL YEAR 2020-2021 )

DEAR PROFESSIONAL FRIENDS, what is the threshold limit for the professionals in the state of Telangana to get themselves registered under GST for the financial year 2020-2021 whether it is 10 lakhs or 20 lakhs . please clarify thanks

BY: Anwar Iqbal

Total Answers : 3 | View Answers | Post Answers

41021
Apr, 10
2021
COUNCIL DECISION - ( WHETHER CA IN FULL-TIME PRACTICE CAN BE A PAID ASSISTANT IN ANOTHER CA FIRMS WITH HIS FULL-TIME STAT )

Whether CA in Full time practice be a paid assistant for another CA Firms. However, such CA is working as a Consultant & remuneration paid to him is subject to TDS u/s 194J. Even his appointment letter contains only professional fees & no other benefits like PF, Bonus etc. In such a situation whether the COP of CA would be Full time or part time status as per CA regulations. Kindly provide your thoughts.

BY: SANTHOSH R

Total Answers : 0 | View Answers | Post Answers

41022
Apr, 10
2021
MISC. - ( UDIN FOR ARBITRATION AWARD )

Whether UDIN is necessary for an Award of Arbitration, which I am going to give as a CA

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

41019
Apr, 07
2021
DIRECT TAXES - ( NOTICE U/S 148 )

Dear Members, Namaskar. Please help me to solve the case. Assessement completed by the ITO, demanded tax of Rs. 4 Lacs. Assessee paid 200000/- out of the demanded amount and filed appeal. The appeal is pending before the Asst. Commissioner. In the meantime Govt. Announced VIVAD SE VISHWAS SCHEME. As it is the fit case for opting for VSV Scheme the assessee opted for VSV and wanted to pay the balance 2 Lacs. The last date of payment under VSV Scheme is extended upto 30.04.2021. The Incumbent AO issued notice u/s 148 (Income Escaping Assessment ) for the same AY (Which appeal is Pending and VSV Scheme OPTED). My query is whether the AO is justified to issue notice u/s 148 ? Shall I advice the assessee to pay to under VSV or file return of income against the notice ? Please help. Thanks in Advance .

BY: Manoj Kumar Choudhury

Total Answers : 2 | View Answers | Post Answers

41020
Apr, 07
2021
GST - ( CAPITAL GOODS - BRANCH TRF )

Respected Expert kindly guide on the following scenario- Co is engaged in producing nil rated goods. It is having multiple branches in 4 states. For producing the nil rated goods it requires some machinery which is imported on maharashtra GSTIN - as per Bill of Entry in FY 2018-19. Now in April-2021 this machinery is required at the Gujrat Branch and therefore, we need the Trf the same. Query: Since all the purhcases are related to nil rated production we took the ITC in 3B and reversed it in Rule 42 + 43 in FY 2018-19 and capitalized the amt. Now in April-2021 branch trf being a outward supply for Maharashtra GSTIN - do I need to again charge GST on it? If yes - then can I re-avail the already reversed ITC and use it against the outward supply? If the ans is yes to above then no issues - but if Co is not eligible to re-avail the ITC then paying IGST on branch trf will only result in cascading effect. Any solution. Hope I am able to clear the facts. In case any additional information of facts is required - pl let me know. Kindly help. Thank you for your valuable time and advice.

BY: CA MITUL MAHENDRA MEHTA

Total Answers : 0 | View Answers | Post Answers

41017
Apr, 06
2021
TDS/TCS - ( TCS FOR SALE EXCEEDING 50 L DURING FY 20-21 )

A PVT LTD CO IS FORMED ON 01.06.20 AND THE SALE FOR 20-21 IS 15 CR. UPTO MARCH21. DO WE REQUIRE TO DEDUCT TCS @ 0.075% ON SALE MADE DURING THE FY 20-21 AS SOME OF THE PARTY’S TRANSACTION ARE IN EXCESS OF 50 L. BUT AS BECAUSE THE COMPANY WAS NOT EXISTED DURING FY 19-20 AND SO THE CRITERIA OF TURNOVER EXCEEDING 10 CR DURING FY 19-20 DOES NOT APPLY. PLEASE SUGGEST IF TCS IS REQUIRED OR WE CAN STOP CHARGING TCS IN FY 20-21.

BY: pradeep kumar agrawal

Total Answers : 4 | View Answers | Post Answers

41018
Apr, 06
2021
DIRECT TAXES - ( NOTICE U/S 148 )

A PVT LTD CO IS IN RECEIPT OF NOTICE U/S 148 IN APRIL 21 FOR THE ASSTT YEAR 13-14. DURING THAT PERIOD THE COMPANY HAS ISSUED SHARES WORTH RS 50 L BY CONVERTING UNSECURED LOAN OF DIRECTORS IN SHARE CAPITAL ACCOUNT. THE FACTS WAS ALSO EXPLAINED TO THE JURISIDICATIONAL AO SOME 2 YEARS BACK, WHEN A ENQUIREY WAS MADE FOR THE SAME. AND ALL THE FACTS WERE SUBMITTED. BUT NOW THE NOTICE HAS BEEN SERVED. PLEASE ANY ONE SUGGEST THE REAOSN OF 148 AS COMPANY HAS NOT RECEIVED ANY REASON OF REOPENNG

BY: pradeep kumar agrawal

Total Answers : 3 | View Answers | Post Answers

41016
Apr, 05
2021
DIRECT TAXES - ( FORM10IC-FY2019-20 )

Hello Everyone! Does ITR due date extension by ordinance applicable for filing form 10IC(form to exercise option u/s 115baa). Meaning thereby if extended ITR due date for domestic company (FY19-20) is 15th February 2021 and ITR filed on 22.12.2020 and form 10IC has also been filed on 22.12.2020. can form 10IC said to be filed on or before due date u/s 139(1)? Thank you

BY: Manisha

Total Answers : 2 | View Answers | Post Answers

41015
Apr, 04
2021
MERGER & ACQUISITION - ( CAN MERGING CA FIRM DO ATTESTATION WORK OF HIS CLIENT IN OLD FIRM NAME )

Suppose Ca firm A& Co. is merging with B&Co. Can A& Co do the attestation work in A& Co. after Merger ? Please reply with relevant rule/guidelines of ICAI in this regard. Thank You

BY: OMPRAKASH

Total Answers : 4 | View Answers | Post Answers

41012
Apr, 02
2021
GST - ( GST REVERSAL ON CAPITAL GOODS )

A Bank Branch has transferred some Furniture to its Branch within same state at Book value . Whether Reversal Provisions will apply

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

41013
Apr, 02
2021
GST - ( GST REVERSAL ON CAPITAL GOODS )

A Bank Branch has transferred some Furniture to its Branch within same state at Book value . Whether Reversal Provisions will apply

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

41014
Apr, 02
2021
GST - ( GST REVERSAL ON CAPITAL GOODS )

A Bank Branch has transferred some Furniture to its Branch within same state at Book value . Whether Reversal Provisions will apply

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

41010
Mar, 27
2021
MISC. - ( LATE FEE ON SFT )

How to pay and consume late fee on SFT return form 61A

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 3 | View Answers | Post Answers

41011
Mar, 27
2021
COUNCIL DECISION - ( TRADING IN DERIVATIVES FOR CAS IN PRACTICE )

Recently I came across news saying Central Council now allowed Chartered Accountants to trade in Equity Derivatives. Can anyone elaborate on the same? Was it like changing permission requirements as required under Clause 11 Part 1 of First Schedule (from Specific permission to General permission) or was it prohibited previously? Secondly, why CAs are not allowed to trade in derivatives (Even though done on Recognised Stock Exchanges)? Thanks in Advance!

BY: VENKATA PAVANKALYAN PESALA

Total Answers : 0 | View Answers | Post Answers

41008
Mar, 26
2021
MERGER & ACQUISITION - ( SENIORITY OF FIRM )

Dear colleagues, I am practicing as proprietor since 2019, and my senior colleague also practicing as proprietor since 2012, we have just created partnership two month ago in 2020, now we both want to merge both proprietorship into partnership firm. suggest about seniority of the new merged firm. thank you in advance

BY: DEVANGKUMAR

Total Answers : 4 | View Answers | Post Answers

41009
Mar, 26
2021
DIRECT TAXES - ( PARTNERSHIP SALARY AND INTEREST )

Is remuneration to partners and interest on capital to partners can be given below the prescribed minimum in Partnership deed. As per the IT Act, this is the maximum limit for payment, not mentioning anything showing that below which it can't be paid.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 6 | View Answers | Post Answers

41006
Mar, 25
2021
DIRECT TAXES - ( DISCLOSURE IN ITR IN CASE OF JOINT BANK ACCOUNTS )

Dear Friends, An individual and his wife, both residents, are filing income tax returns. The individual has few bank accounts on either or survivor basis with his name as first holder and his wife's name as second holder. The wife's name as second holder is for conveience sake only. The individual is showing the details of those bank accounts in his ITR every year as the first holder. Please advice me whether the wife should also disclose the details of those bank accounts where she is the second holder in her ITR.

BY: Sudeep B. Sarwate

Total Answers : 6 | View Answers | Post Answers

41007
Mar, 25
2021
GST - ( COMPOSITION DEALER )

A composition dealer cannot supply exempt goods. But whether can he supply exempt services. I believe there is a recent notification to this effect. Please clarify

BY: T.R.S. PATHY SENTHIL

Total Answers : 2 | View Answers | Post Answers

41005
Mar, 20
2021
DIRECT TAXES - ( DISCLOSSURE OF BANK ACCOUNTS IN ITR FORM )

Dear Friends, In July, 2020, a resident individual opened a Savings Account in the local Post Office near his residence for getting timely ECS Credits in that account from his investments in the Post Office Savings Schemes. Has he to disclose this Savings Account in his ITR Form for Asst. Yr. 2021- 2022. Please note that none of the Post Offices have IFSC Code which is required to be mentioned in the ITR Form. Please clarify.

BY: Sudeep B. Sarwate

Total Answers : 5 | View Answers | Post Answers

41004
Mar, 19
2021
GST - ( SAC CODE )

I was going through a article somewhere and it was mentioned therein that SAC code of 6 digits has to be mandatorily mentioned on invoice from 1 April, irrespective of turnover or B to B or B to C Supply? Is it correct or same analogy has to be applied which is to be applied for HSN code i.e based on Turnover less than 5 Cr./Above 5 Cr. and depending upon B to B or B to C Supply.

BY: CA ROHIT GARG

Total Answers : 2 | View Answers | Post Answers

41003
Mar, 17
2021
DIRECT TAXES - ( FORM 15H BY SENIOR CITIZEN )

Whether Form H should be taken from Senior Citizen above 80 years( having Income from Interest only) below 5Lacs for Nondeduction of TDS

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

41001
Mar, 15
2021
MISC. - ( SPECIFIC PERMISSION TO ACT AS PROFESSIONAL DIRECTOR )

WHETHER MEMBER IN PRACTICE REQUIRED TO OBTAIN SPECIFIC PERMISSION FROM INSTITUTE TO ACT AS CO -OPTED PROFESSIONAL DIRECTOR IN CO-OPERATIVE BANKS, AS PER NEW CODE PF ETHICS? IF NOT, IS IT NECESSARY TO INFORM INSTITUTE ABOUT APPOINTMENT AS CO-OPTED PROFESSIONAL DIRECTOR.

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

41002
Mar, 15
2021
MISC. - ( PART TIME COP HOLDER )

A Part time COP holder can be employed. Can a Part time COP holder get into a partnership with Practicing Chartered Accountant? Can a Part time COP holder who is in partnership with a Practicing Chartered Accountant be member-in-charge of a office of the partnership firm?

BY: YOGESH

Total Answers : 5 | View Answers | Post Answers

41000
Mar, 14
2021
GST - ( GSTR 9 QUERY )

My client has paid total tax in the form of CGST + SGST in 3B but his actual liability was CGST+SGST+IGST. In GSTR 1 he has shown liability correctly in the form of CGST+SGST+IGST. Now in GSTR 9 i had to disclose correct tax liability and correct sales revenue. What will happen to the unpaid IGST liability and over paid CGST +SGST if i file GSTR 9. Do i need to pay IGST and claim refund for over paid CGST+SGST?

BY: ABHISHEK PRAHLADKA

Total Answers : 4 | View Answers | Post Answers

40998
Mar, 13
2021
GST - ( COMPOSITION TAX RATE FOR BAKERY )

Hello all, A typical bakery person buys banded biscuits, chips, chocolates etc and also prepares cake, puffs, khara etc. He mostly does counter sales. What shall be composition tax rate? Can we apply 2.5% +2.5% for own products like cake, puffs etc and 0.5% +0.5% for traded items like biscuits, chocolate? or 1%+1% as a manufacturer.

BY: Anant Nyamannavar

Total Answers : 1 | View Answers | Post Answers

40999
Mar, 13
2021
DIRECT TAXES - ( PERQUISITES )

Hello Everyone! Is it a taxable perquisites if employer provides cell phones to employees free of cost? Whether any impact if Employer either shows the (i). cell phones as assets to the company or (ii).Expense out the cell phones given to employees in the Profit & Loss account?

BY: Manisha

Total Answers : 2 | View Answers | Post Answers

40996
Mar, 12
2021
GST - ( PROBLEM WITH GST SITE )

While filing RFD01 (Refund under Inverted Tax Structure) Certain cells requiring basic Information like Total Turnover,Adjustrd Turnover are not activated (not allowing to fiil) and if We upload Json file first of Refund application it is giving error messages for so many purchase entries Common error is , 'Invoice not found in GSTR-1' That is surprising as Purchase invoices are found only in GSTR 2A where they are available . GST Portal managing people donot agree for the site problem but are unable to provide solution Is Any body facing such problem

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40997
Mar, 12
2021
GST - ( GST ON LONG TERM LEASE )

MUNICIPAL CORPORATION CHARGES ONE TIME PREMIUM ON LAND AUCTIONED ON LONG TIME LEASE OF 99 YEARS FOR COMMERCIAL PURPOSE. IN THIE SITUATION WHO IS LIABLE TO PAY GST. MUNICIPAL CORPORATION OR THE BUYER?

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 2 | View Answers | Post Answers

40995
Mar, 11
2021
AUDIT - ( 073206 )

Kindly state whether a chartered accountant do the (as it is) computerisation of manual cash book and audit. The plea is we are doing only computerisation of cash book not involving any skill and not amending/ correcting the manual cash book. Many of the chartered accountants are doing this. kindly guide.

BY: CA. SHARMA ASHISH

Total Answers : 5 | View Answers | Post Answers

40994
Mar, 10
2021
DIRECT TAXES - ( ESTIMATED TOTAL INCOME FOR FORM 15H )

Dear Friends, For Fin. Yr. 2021-2022, the estimated Interest Income under the Head Income From Other Sources of a resident senior citizen above 60 years is Rs.6,80,000/=. He has no income under other Heads of Income.. He is entitled for deduction of Rs,1,50,000/= u.s.80C and Rs.50,000/= u.s.80TTB. Therefore, his estimated Total Income which he will be required to mention in Column No.16 of Form 15H will be Rs.4,80,000/=. Further, he will also be entitled to claim full Tax Rebate u.s.87A and so his Tax Liability for the year will be NIL. Please advice me whether such an individual can file a valid Form 15H for non deduction of tax at source in April or May, 2021.

BY: Sudeep B. Sarwate

Total Answers : 4 | View Answers | Post Answers

40993
Mar, 09
2021
DIRECT TAXES - ( E FILING SITE OTP NOT COMING FOR NEW REGISTRATION )

In the Income tax e-filing portal Mobile & Email OTP is not coming for new assessee registration since yesterday... Any body facing the same problem...?

BY: CA PRASHANTH KATTA

Total Answers : 2 | View Answers | Post Answers

40992
Mar, 08
2021
TDS/TCS - ( LATE FILING FEE AND INTEREST IN 26QB (TO ADJUST UNCONSUMED CHALLAN) )

I RECEIVED A DEMAND OF RS 1000 FOR LATE FILING FEE AND 500 FOR INTEREST ON TDS IN 26QB. I DEPOSITED THE CHALLAN AMOUNT WITH THE ABOVE DETAILS. NOW STILL THE AMOUNT OF CHALLAN IS SHOWN AS UNCONSUMED STATUS IN THE TRACES PORTAL AND DEFAULT OF LATE FEE AND INTEREST IS STILL REFLECTING IN THE TRACES. I WANT TO KNOW HOW CAN I CONSUMED THE UNCONSUMED CHALLAN WITH THE DEFAULT IN TRACES. I DO HAVE DSC OF THE PARTY ALSO

BY: pradeep kumar agrawal

Total Answers : 1 | View Answers | Post Answers

40989
Mar, 07
2021
DIRECT TAXES - ( 229489 )

RESPECTED EXPERTS, Can a 12A registered trust accepts donation in kind i.e. most of the donors gives Books, Blankets, Second Hand Goods, rice bags etc. to Trust? How to record such donation in kind in books and at value to be recorded in Books of accounts? Can second Hand goods be sold and uses its proceeds for charitable activities? Is it falls under commercial activities? What would be the treatment as per Income Tax Act? Please clarify it.. Thanks

BY: MOHAMMED QUSROO

Total Answers : 1 | View Answers | Post Answers

40990
Mar, 07
2021
MISC. - ( PATTEREN OF CA EXAM )

There was recently suggestions to make CA Exam completely on MCQ patteren Whether there is any progress in the matter

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40991
Mar, 07
2021
GST - ( DEMAND U/S 16(4) OWING TO LATE SUBMISSION OF RETURN POST SEPT )

How to resolve demand raised u/s 16(4) under GST. This is quit harassing provision. For sole default consequences are late fine, interest, disallowances and penalty. Please respond as these resulted into bank attachment without prior intimation.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

40987
Mar, 05
2021
DIRECT TAXES - ( FORM 15H )

A senior citizen above 80 years is going to submit Form 15 H by 10 th Mar 21 asking TDs deductor to not deduct TDS for Interest to be credited on 31-3-2021 for Financial year 2020-21.By which date deductor should upload the same to Income Tax department

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40988
Mar, 05
2021
DIRECT TAXES - ( TDS ON FILIPKAT COMMISSSION )

An Individual is supplying material online through Filipkart. Filipkart is remitting payment to the Individual after deducting its Commission and certain other charges. Whether the Individual is liable to deduct TDS on the payment/? If yes, how the same will be treated? If TDS is deductible, whether it can be avoided by taking any exemption Certificate from the Income Tax Department.

BY: AJAY JAIN

Total Answers : 3 | View Answers | Post Answers

40983
Mar, 04
2021
GST - ( GST UNDER RCM BY SEZ UNITS )

Whether SEZ units are liable to pay GST under RCM on GTA and legal services? Even if they pay and take ITC of the same, they have to apply and claim the same as refund. So why pay GST under RCM? Please clarify.

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

40984
Mar, 04
2021
GST - ( GST ON LEASED IMMOVABLE PROPERTY )

Whether a 12A Registered Trust can give , on Lease for 29 years, it's part Immovable Property - Building to another 12A Registered Trust , for the same objects. The property giving Trust is shaving Receipts from School , say Rs.1.5 cr on which GST is not applicable. It earns Lease Rent of Rs 2 lac per year. Whether GST registration is required

BY: AJAY JAIN

Total Answers : 2 | View Answers | Post Answers

40985
Mar, 04
2021
DIRECT TAXES - ( TRANSFER OF IMMOVABLE PROPERTY BY 12A REGISTERED TRUST )

Whether a 12A Registered Trust can donate it's part Immovable Property - Building to another 12A Registered Trust , for same objects.

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40986
Mar, 04
2021
AUDIT - ( THIRD PARTY AUDIT OF PF TRUST )

Hi Everyone, Kindly share the check list and draft Report of Third party audit of PF Trust. ThanQs in advance.

BY: SIDDARAMESHWARA GOWDA A

Total Answers : 1 | View Answers | Post Answers

40980
Mar, 03
2021
GST - ( PLACE OF SUPPLY OF SERVICE )

A person is engaged in providing bike rental services in Goa. Services are provided to tourists who are often from outside Goa and address of such tourists is available with the service provider. The bike is to be used within Goa only and not to be taken outside Goa. Whether such transaction will be liable to IGST or CGST+SGST? Thanks

BY: vikas kalra

Total Answers : 3 | View Answers | Post Answers

40981
Mar, 03
2021
GST - ( GSTR9C )

Taxes paid on advance received for booking of flats before GST Regime and Tax paid under GST period for advance received but invoice is issued during current year. how the same should be shown in GSTR9 and GSTR9C. Current Year Profit and loss account shows sales on which taxes paid prior to GST Regime and during GST period on advances basis.Kindly resolve.

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

40982
Mar, 03
2021
GST - ( ITC ON MOTOR BIKE )

Where taxpayer is engaged in bike rental service, whether ITC on purchase and servicing of motor bike can be claimed or not?

BY: vikas kalra

Total Answers : 5 | View Answers | Post Answers

40978
Mar, 02
2021
DIRECT TAXES - ( SECTION-80G & TDS ON SALARY )

Hello Everyone! Can Employer consider donation made by employees to Blind People Association (under section 80G(5)) while calculating TDS on Salary? --- Thank You.

BY: Manisha

Total Answers : 5 | View Answers | Post Answers

40979
Mar, 02
2021
DIRECT TAXES - ( SUBMISSION OF FORM 15H )

Dear Friends, A resident individual will complete 60 years in November, 2021. Fo r the Fin. Yr. 2021-2022, can he submit Form 15H to the Bank in April, 2021 for non deduction of tax at source from interest income. Please clarify.

BY: Sudeep B. Sarwate

Total Answers : 3 | View Answers | Post Answers

40975
Mar, 01
2021
GST - ( REFUND APPLICATION )

After creating Refund file (Under inverted tax structure) Cells to be filled eg Total Turnover,adjusted turnover are not activated.Further after uploading json file of Refund application Errors list is displayed showing various errors in Purchase details reason items not being displayed in GSTR 1 while purchase entries are never displayed in GSTR 1 (AlThough items are matching with GSTR 2A) Whether this is a fault of Software?

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40976
Mar, 01
2021
DIRECT TAXES - ( INDEPENDENT PROFESSIONAL SERVICES-DTAA )

1.As per Article 15 of India and UK DTAA, relaing to INDEPENDENT PERSONAL SERVICES, whether Designing Fee of Textile Garments charged by NRI Individual subject to TDS?

BY: SHRIDHAR

Total Answers : 2 | View Answers | Post Answers

40977
Mar, 01
2021
DIRECT TAXES - ( DTAA )

An Indian company paying Design fee relating to Textile Garment to "Non Resident Individual person" residing in UK. Is it possible to remit under Article 15,"Independent Personal Services" of India and UK DTAA ?

BY: SHRIDHAR

Total Answers : 1 | View Answers | Post Answers

40973
Feb, 24
2021
GST - ( WRONG PAYMENT IN GST )

Instead of CGST and SGST , paid IGST for the FY 2017-18. If the company pay CGST and SGST now can we claim the wrongly paid GST (IGST). Is there any time limit? Time limit of 2 years is applicable to this transaction?

BY: MADHUSUDHANA REDDY KS

Total Answers : 4 | View Answers | Post Answers

40974
Feb, 24
2021
MERGER & ACQUISITION - ( REGARDING MERGER OF TWO PROPRIETORSHIP FIRMS )

I have 2 Questions? First one is :--This is CA Jyoti Mahajan, I am Proprietor of B & Associates(2017). Another firm is C & Associates(2013) (Proprietorship) with whom I want to merge my CA Firm B & Associates. What will be the constitution of merged firm C & Associates and what will we both proprietor represent mean either proprietor or partners of merged firm and what will be the date of constitution of merged firm? Second Ques is :-- If B & Associates partnership having proprietor of C & Associates as partner and later on C & Associates merge with B & Associates then what will be the Implications and whether will get the benefit of oldest firm(2013)?And whether we should register merged firm with different name or can continue with B & Associates? and If in future C & Associates wants to demerge from B & Associates then what will be implication on B & Associates and C & Associates regarding date of constitution ?

BY: JYOTI MAHAJAN

Total Answers : 1 | View Answers | Post Answers

40972
Feb, 23
2021
Companies Act, 2013 - ( REASONS TO BE ATTACHED TO FORM NDH-2 )

What reasons can be justifiable for applying in FORM NDH-2 before ROC ? Reasons and justification if available with anyone ?

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

40971
Feb, 20
2021
MISC. - ( HIRING OF PAID ASSISTANT )

I am registered as a proprietary firm with ICAI. I want to hire a CA (Not holding COP) as paid assistant. My question is: 1. what is the procedure to be followed?? 2. what form is to be filled to inform the Institute?? Thank you in advance.

BY: ronak chetan kapadia

Total Answers : 2 | View Answers | Post Answers

40970
Feb, 19
2021
COUNCIL DECISION - ( CONVERTING INDIVIDUAL TO SOLE PROPRIETOR FIRM )

I am qualified from 2016 and full time practitioner. Now I want to convert my status as individual to sole proprietor firm. My query is whether experience of the new sole proprietor firm will be counted from the date of the conversion or my cop date ie. 2016

BY: KUPPUSAMY MUTHUKUMAR

Total Answers : 2 | View Answers | Post Answers

40969
Feb, 12
2021
DIRECT TAXES - ( SECTION 54F )

Hello Everyone! Whether exemption under section 54F available for investing in rural agriculture land and constructing a residential property thereon (Farm House) out of sale proceeds received from sale of shares of unlisted company? Please also provide reference of HC Judgements

BY: Manisha

Total Answers : 2 | View Answers | Post Answers

40968
Feb, 11
2021
DIRECT TAXES - ( 229489 )

DIRECT TAXES (TYPE OF REGISTRATION) RESPECTED SIR, THE QUESTION IS 2 PERSONS ARE COLLECTING SCRAP/SECOND HAND GOODS FROM DOOR TO DOOR PEOPLES AS A DONATION IN KIND. THE SAME GOODS THEY ARE SELLING TO GENERAL PEOPLE BY MAKING THEM FIT FOR USE BY INCURRING EXPENDITURE ON IT. THE SALE PROCEEDS ARE USING FOR CHARITABLE ACTIVITIES. NOW THEY WANT TO GO WITH NGO REGISTRATION. SO WHICH ONE IS RCOMMENDED UNDER SUCH CIRCUMSTANCES. 1. TRUST CANT DO BUSINESS ACTIVITY AS PER CONDITIONS LAID DOWN FOR 12A REGISTRATION. 2. CAN WE INCORPORATE SEC 8 COMPANY TO UNDERTAKE ABOVE ACTIVITIES. IS THERE ANY RESTRICTIONS ON SEC 8 COMPANY WITH RESPECT TO BUSINESS ACTIVITIES? THANKS IN ADVANCE

BY: MOHAMMED QUSROO

Total Answers : 1 | View Answers | Post Answers

40967
Feb, 09
2021
GST - ( DRC-03 PAYMENT )

One of my client received a notice ASMT-10 for filing nil 3B return in FY 2018-19. We have declared sales in GSTR-9 and paid tax. Whether department will demand interest and penalty also for not disclosing sales.

BY: Shobhit Bansal

Total Answers : 3 | View Answers | Post Answers

40966
Feb, 08
2021
GST - ( GSTR9 AND GSTR9C )

ITC of 2017-18 was taken in GSTR3B of FY 2018-19. However the same was missed to be reported in GSTR9 and GSTR9C of 2017-18. Query : So while preparing GSTR9 and GSTR9C of 2018-19 , should the ITC of 2017-18 taken in 2018-19 allowed or not ?

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

40965
Feb, 07
2021
DIRECT TAXES - ( RETURN FILLED WITH TAX PAYABLE ABOVE CRORE )

client has filled income tax return with tax payable due to financial crunch of his business. he has got his account audited u/s 44ab. i want to know what would be consequences of filling income tax return with tax payable. whether there is any provision for prosecution if liability is more than one crore.

BY: NADIR D SHAIKH

Total Answers : 3 | View Answers | Post Answers

40962
Feb, 06
2021
GST - ( CREDIT NOTE )

Can Credit note also be uploaded monthly by those who decide to go for Quarterly filing GSTR-1 return

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40963
Feb, 06
2021
GST - ( CREDIT NOTE )

Can Credit note also be uploaded monthly by those who decide to go for Quarterly filing GSTR-1 return

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40964
Feb, 06
2021
DIRECT TAXES - ( DIVIDEND INCOME TO NRI )

A Non resident earns 15 Lakhs Dividend from Indian Listed Companies for financial year 2019-20. Whether this is taxable or exempted ?

BY: PRABINA KUMAR MONINGI

Total Answers : 1 | View Answers | Post Answers

40959
Feb, 04
2021
GST - ( GST AUDIT FY 2018-19 )

ITC of 2017-18 was taken in GSTR3B of FY 2018-19. However the same was missed to be reported in GSTR9 and GSTR9C of 2017-18. Query : So while preparing GSTR9 and GSTR9C of 2018-19 , should the ITC of 2017-18 taken in 2018-19 allowed or not ?

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

40960
Feb, 04
2021
COUNCIL DECISION - ( SECOND OFFICE OF CA FIRM (SOLE PROPRIETOR) )

I'm a Practicing CA with Sole Firm in Telangana State. I have an office in one of the Towns (Municipality). Now I'm willing to open a second office in a small town which is 24 km away from my main office but it is in the state of Maharastra. Do I need to have a separate CA as in charge or not as it is within 50Kms Radius? (Note: within 24kms but in a different town and Different State)

BY: DASARI PRANAYREDDY

Total Answers : 2 | View Answers | Post Answers

40961
Feb, 04
2021
CORPORATE & OTHER LAWS - ( CO-OP.BANK EXPOSURE LIMIT )

A Co-op. Bank's exposure limit to a single borrower is say Rs. 1.5 crs. It has already advanced Rs. 1.5 crs to a borrower on mortgage of immovable property of Rs. 5 crs.Again it want to advance Rs. 1.5 crs. to another borrower on the same morgaged property. Whether advance on the same mortgaged property to different borrowers becomes an advance to a single borrower?

BY: KOMAL APURV VORA

Total Answers : 0 | View Answers | Post Answers

40958
Feb, 03
2021
DIRECT TAXES - ( TYPE OF REGISTRATION )

RESPECTED SIR, THE QUESTION IS 2 PERSONS ARE COLLECTING SCRAP/SECOND HAND GOODS FROM DOOR TO DOOR PEOPLES AS A DONATION IN KIND. THE SAME GOODS THEY ARE SELLING TO GENERAL PEOPLE BY MAKING THEM FIT FOR USE BY INCURRING EXPENDITURE ON IT. THE SALE PROCEEDS ARE USING FOR CHARITABLE ACTIVITIES. NOW THEY WANT TO GO WITH NGO REGISTRATION. SO WHICH ONE IS RCOMMENDED UNDER SUCH CIRCUMSTANCES. 1. TRUST CANT DO BUSINESS ACTIVITY AS PER CONDITIONS LAID DOWN FOR 12A REGISTRATION. 2. CAN WE INCORPORATE SEC 8 COMPANY TO UNDERTAKE ABOVE ACTIVITIES. IS THERE ANY RESTRICTIONS ON SEC 8 COMPANY WITH RESPECT TO BUSINESS ACTIVITIES? THANKS IN ADVANCE

BY: MOHAMMED QUSROO

Total Answers : 0 | View Answers | Post Answers

40957
Feb, 01
2021
DIRECT TAXES - ( LATE FILING OF FORM 67 )

Rule 128 provides that Form 67 must be filed before due date u/s 139(1) in order to claim foreign tax credit in return of income. If return to be filed is a belated return and Form 67 has not been filed upto due date u/s 139(1), whether foreign tax credit claimed in return will be disallowed?

BY: vikas kalra

Total Answers : 2 | View Answers | Post Answers

40956
Jan, 31
2021
DIRECT TAXES - ( DIFFERENCE BETWEEN STAMP VALUATION AND SALE CONSIDERATION RELAXED UPTO 20% )

Govt had relaxed the difference between stamp valuation and sale consideration upto 20% on sale of land and building in November 2020. Anybody has the circular/notification with respect to it ? Pls forward.

BY: Gaurav Kumar Baranwal

Total Answers : 4 | View Answers | Post Answers

40953
Jan, 30
2021
AUDIT - ( ACCEPTANCE OF REVENUE AUDIT )

We are doing statutory audit of OBC (now PNB) for Last two years . Recently We have received assignment of Revenue Audits of PNB . Can we go for it ?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

40954
Jan, 30
2021
DIRECT TAXES - ( SECTION.43B(A)- ANY TAX, DUTY, CESS OR FEE ETC )

Sec.43B(a) allows any tax, duty, cess or fee by whatever name called under any law for time being in force on payment basis. A company is paying lease rent to TN Govt for land taken on lease from Govt. It has made provision for rent arrears as the matter is in litigation. Is this amount provided towards arrears rent will be covered in sec.43B(a) and allowed on only payment basis? If not in sec.43B(a), will it get disallowed under any other section? Pls clarify. Thanks.

BY: balasubramanian

Total Answers : 2 | View Answers | Post Answers

40955
Jan, 30
2021
DIRECT TAXES - ( SEC 115BAA )

1.A company with carry forward depreciation and business loss(normal business). Is it possible to opt sec 115BAA with carry forward business loss? 2.Also, above company having short term borrowings from directors and not in the situation to repay. Is it possible to written off borrowings and adjust that income with carry forward business loss after opting Sec 115BAA? as MAT is not applicable.

BY: SHRIDHAR

Total Answers : 1 | View Answers | Post Answers

40951
Jan, 27
2021
TDS/TCS - ( TCS UNDER 206C 1H FOR SUPPLY TO NIC )

Will supply by a registered person TO NIC (government entity) liable for tcs

BY: HIMANSHU PUROHIT

Total Answers : 2 | View Answers | Post Answers

40952
Jan, 27
2021
TDS/TCS - ( PAYMENTS TO A REMOTE PROGRAMMER IN ABROAD - WHETHER TDS U/S. 195 IS REQUIRED TO BE DEDUCTED )

One of our client hires a Remote Programmer through Upwork portal occasionally and pays him / her in foreign currency. Whether we need to deduct TDS u/s.195 since the person is not located / not resident in India. Could anyone pls advise?

BY: DHIVYA G K

Total Answers : 1 | View Answers | Post Answers

40950
Jan, 23
2021
COUNCIL DECISION - ( SENIORITY ON CHANGE IN FIRM NAME )

What would be the seniority status in case a CA Partnership Firm wishes to change its name ? Will it continue to enjoy the seniority from it's earlier date only ?

BY: CA. DATTANI VISHAL MANSUKHLAL

Total Answers : 1 | View Answers | Post Answers

40949
Jan, 21
2021
DIRECT TAXES - ( INCOME TAX RETURN FOR FY 2018-2019 )

Can Income Tax Return be filed for FY 2018-2019 ( AY 2019-2020) .ITR 1 required to be filed and tax liability is zero as all taxes are deducted by Employer u/s 192? In the event no Tax Return can be filed is fees u/s 234f to be paid voluntarily or after receipt of Notice.?

BY: ANIRBAN BASU

Total Answers : 2 | View Answers | Post Answers

40947
Jan, 19
2021
DIRECT TAXES - ( 103762 )

Can we cancel form 10IC filed through oversight. We have yet not filed the return. Relevant section 115BAA is but we would like to otp for section 115BA.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 1 | View Answers | Post Answers

40948
Jan, 19
2021
MISC. - ( NON REVEIPT PDICAI CAPSULE DAILY )

Non receipt of pdicai capsule daily

BY: ASHWANI KUMAR KAPANIA

Total Answers : 2 | View Answers | Post Answers

40946
Jan, 18
2021
Companies Act, 2013 - ( CHANGE IN STATUS FROM INDIVIDUAL AUDITOR TO INDIVIDUAL AUDITOR'S FIRM (PAN IS SAME) )

The ADT-1 filed for the year is in the name of Individual auditor. However, later the Individual auditor registered his firm as a sole proprietorship. PAN of Auditor is the same. Only change in there is a firm registration number. Should there be ADT-3 filed and new ADT-1 or can the matter be ratified in the Board Meeting and in the AGM. To re-iterate, the signing auditor is the same. Only change is individual firm. Alternatively, can the signing auditor sign as a individual and not as a firm.

BY: Lokesh Chajed

Total Answers : 0 | View Answers | Post Answers

40945
Jan, 17
2021
CORPORATE & OTHER LAWS - ( CEILING FOR AGRICULTURE LAND PROCUREMENT )

Whether there is any ceiling/limitation for Purchase of Land in the name of Individual/HUF/COMPANY/Partnership/LLP/TRUST/Society in U.P.?

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40944
Jan, 16
2021
AUDIT - ( TAX AUDIT )

Can a multinational company involved in Tax Audit work put a condition that Tax Audit report can be used only by Income Tax Authorities and not by anybody else

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40943
Jan, 11
2021
ANNOUNCEMENT - ( TENDER FOR IFCOFR )

Want to upload RFP for appointment of consultant for implementation of Internal Financial Control over Financial Reporting (IFCOFR) in UCO Bank under opportunity section in PDICAI website.

BY: PRAVEEN JAIN

Total Answers : 0 | View Answers | Post Answers

40940
Jan, 08
2021
GST - ( UPDATES )

how do i get updates from GST portal before 23.10.2020 from news and updates.. Link - https://www.gst.gov.in/newsandupdates i can't find from cbic, journals, newsletters etc.

BY: shubham

Total Answers : 0 | View Answers | Post Answers

40941
Jan, 08
2021
MISC. - ( 1625832 )

is their any best alternative of tally software for a ca firm for macos?

BY: shubham

Total Answers : 0 | View Answers | Post Answers

40942
Jan, 08
2021
INDUSTRY WATCH - ( 1625832 )

how do i get all updates from icai on e-mail? because icai publish new mcq material without intimating to students . without informing to students icai change study material chapter or add new material on their bos knowledge portal how do i get updated about this type of matters so my study won't affect and not to be depend on private tutors? any RSS feed or web monitor or email alert facility provided by icai to students or members?

BY: shubham

Total Answers : 0 | View Answers | Post Answers

40939
Jan, 07
2021
ANNOUNCEMENT - ( PRIME TECHNICAL – SHARE MARKET TRAINING TOP ONLINE TRADING STRATEGIES )

Stock market is now becoming the leading business strategy attracting millions of business traders from across the world. Today’s millennial look at trading as one of the easiest methods for wealth creation and opt to trade as their part time business to earn extra money. Prime Technical is the Best Stock Market Training Institute in India. https://primetechnical.in

BY: AMELIA EMMA

Total Answers : 0 | View Answers | Post Answers

40938
Jan, 06
2021
DIRECT TAXES - ( TURNOVER FOR TAX AUDIT PURPOSE )

Whether GST Amount should be added for calculating Turnover for the purpose of Tax Audit u/s 44AB or it should be calculated without adding GST Amount ?

BY: GAURAV GUPTA

Total Answers : 5 | View Answers | Post Answers

40937
Jan, 05
2021
TDS/TCS - ( TDS ON NBFC )

The borrower has taken loan from NBFC. Is borrower liable to deduct TDS on interest paid to NBFC ? Thank you.

BY: samirkumar gokulbhai kasvala

Total Answers : 4 | View Answers | Post Answers

40936
Jan, 04
2021
TDS/TCS - ( TDS ON SALARIES )

In case pvt ltd Co. having turnover of Rs 2.5 cr and having 2 directors, TDS on salaries is not deducted by the company and Form 24Q not filed for all 4 Quarters . However in the person income Tax Return of both directors, Salaries from companies are properly reported and Self Assessment tax paid. Query : In this situation is company required to Deduct and pay TDS and File TDS Return . Thanking you

BY: samirkumar gokulbhai kasvala

Total Answers : 4 | View Answers | Post Answers

40935
Jan, 03
2021
OTHER BODIES - ( ETHICS )

can a practicing ca can do Intraday Share Trading Transactions . Because of COVID19 my practice has declined sharply. If any permission from Institute is required , please let me know the forms and formalities to be done.

BY: chandrol sanjay singh

Total Answers : 1 | View Answers | Post Answers

40933
Jan, 02
2021
GST - ( NEW GST RETURNS )

Under the new Scheme of GST returns wef 1-1-2021(For Turnover less than 5 crores) Either You have to file Monthly GSTR 1 and 3B or You can opt for filing monthly B2B data of sales,Pay taxes on monthly basis and then again submit B2C customers figures quarterly.Donot members agree that Second option is practically more cumbersome

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40934
Jan, 02
2021
OTHER BODIES - ( PF CLAIM BY BENEFICIARY )

Pf claim by beneficiary Reason of exit : death But while filling online claim by beneficiary Portal is showing not eligible for all forms Is there anybody who can guide in this regards..?

BY: ARIHANT JAIN

Total Answers : 0 | View Answers | Post Answers

40932
Jan, 01
2021
DIRECT TAXES - ( HOW TO FILE ITR FOR CHANGES IN PARTNERS )

There were 19 Partners in a LLP . Since 1.10.19 the number of Partners increased to 32. accordingly their Profit sharing Ratio changed. Whether 2 Profit and Loss and Balance Sheets will be filled in Computation of Income. In 3CD , changes in Partners will be filled and a single 3 CD will be filled. How to show different Profits of the Partners for two periods Kindly guide me

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40930
Dec, 27
2020
DIRECT TAXES - ( INTEREST PAID ON EDUCATION LOANOF CHILD )

An education loan has been taken for study abroad in joint names of Father and son. Repayment is being done by father here in India to a bank. Can Father claim deduction under sec 80E for any amount of interest.

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

40931
Dec, 27
2020
GST - ( APPLICABILITY OF 9C IN CASE OF ASSESSEE IS HAVING MULTIPLE GSTN UNDER SAME PAN IN SAME STATE )

Assessee is having multiple GSTIN under common PAN in one state and TO is as follows: GSTN 1 - 15 Cr., GSTN 2 - 7 Cr., GSTN 3 - 3 Cr., GSTN 4 - 75 lacs. How to prepare and submit GSTR 9 under the common PAN? Whether one GSTR 9C is to be prepared for all or separate 9C for each or whom? Pl reply with appropriate reference.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

40929
Dec, 26
2020
Capital Gains - ( SALE OF LAND AFTER PLOTTING BY POWER OF ATTORNY HOLDER )

A(GRANDFATHER) B(GRANDSON) A MADE A POWER OF ATTORNY IN THE NAME OF B. B SOLD CERTAIN PART OF THE LAND IN PLOTS I.E AFTER PLOTTING A DOESNOT HAVE PAN NO. IN ALL THE SALE DEED(BENAMAS) B's NAME is SHOWN AS HOLDER OF POWER OF ATTORNY ALONG WITH HIS PAN NO. NOW A IS NO MORE & HIS ONLY LEGAL HEIR IS B .THEN HOW SHOULD THIS BE REFELECTED IN ITR OF B ?

BY: ARIHANT JAIN

Total Answers : 3 | View Answers | Post Answers

40927
Dec, 25
2020
GST - ( GST REFUND )

Certain GST Officials are reducing GST refund figs stating that deduction is on trading activity if manufacturer is also doing trading. Whether they are right .We calculated refund as per the formala given on portal

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40928
Dec, 25
2020
Compliance - ( CAN CA DO PRACTICE AT PARTNERSHIP FIRM AS WELL AS INDIVIDUAL CAPACITY )

I am partner in firm. Can I do practice as partner in firm as well as individual capacity. I would wanted to sign tax audits few as a partner in firm and few as my individual capacity. Is it allowed?

BY: SACHIDANANDA LADE

Total Answers : 1 | View Answers | Post Answers

40925
Dec, 21
2020
DIRECT TAXES - ( EXEMPTION U/S 54F AND 54 )

Can Exemption U/S 54F for sale of land And 54 for sale of residential house be Claimed Simultaneously For Investment In Same House Property ? Pls guide with any reference.

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers