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| 44376 |
Sep, 22
2022
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DIRECT TAXES - ( DSC FOR PASSWORD CHANGE )
A cooperative society has procured New DSC in the name of Secretary who has recently joined. While resetting password of Society , message appears DSC of previous secretary's PAN required. How to fix this problem
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44377 |
Sep, 22
2022
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DIRECT TAXES - ( DSC FOR PASSWORD CHANGE )
A cooperative society has procured New DSC in the name of Secretary who has recently joined. While resetting password of Society , message appears DSC of previous secretary's PAN required. How to fix this problem
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44374 |
Sep, 20
2022
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DIRECT TAXES - ( TDS MATTERS )
A reality co has demanded full and final payment 2500000-from an applicant. It has credited Interest for late posession
Rs 22500-(25000--2500 TDS)
Should asessee deduct TDS on 2500000- or on 2477500-(2500000-22500) Net payable amount
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44372 |
Sep, 19
2022
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DIRECT TAXES - ( SPECIFIED NUMBER OF TAX AUDIT ASSIGNEMENTS )
Dear Sir an assessee who declares profit U/s 44AD i.e. 8% for previous year and subsequently for CY he declares profit lower then 8% (his turnover is below 2 Cr and Above 1 CR ) wherein 44AD(4) is attracted and liable for Audit U/s 44Ab(e) whether such tax audit will be counted within specified limit of 60 tax audits ?
BY: Sachin
Total Answers : 2 | View Answers | Post Answers
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| 44373 |
Sep, 19
2022
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AUDIT - ( 082701 )
I had to generate UDIN for compilation of Financials but by Mistake I chose Tax audit under 44 AB(a) Should I revoke and generate fresh UDIN
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44371 |
Sep, 14
2022
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DIRECT TAXES - ( SHORTAGES IN TAX AUDIT )
Where to show shortages in PL? Whether it is to be directly reduced from closing stock or it should be shown both sides of the PL for the equal amount? such shortages is mandatory as per the nature of business
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 44369 |
Sep, 13
2022
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DIRECT TAXES - ( DEDUCTION UNDER SEC 80P )
A cooperative Milk society with turnover less than 1 crore is not required to get Tax audit done but files ITR after 31-7-22
Whether it will lose deduction under sec 80P and will have to pay tax on income
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44370 |
Sep, 13
2022
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MISC. - ( 255109 )
Whether member with Part time COP is considered as Member with COP or Without COP for the purpose of CPE Hours.
BY: LUQMAN AL HAKEEM
Total Answers : 2 | View Answers | Post Answers
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| 44368 |
Sep, 11
2022
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TDS/TCS - ( APPLICABLE OF TDS PROVISION IN CASE OF FIRST YEAR OF AUDIT )
Dear Sir,
A Proprietary business having turnover more than 9.00 Crore during the FY 2021-22.He is liable to Tax Audit u/s 44AB during FY 2021-22.Please let me know, whether TDS provisions are applicable or not for FY-2021-22.He has made payments for Contractors, Professional fees, etc. during 2021-22 without deducting TDS. Please explain whether these expenses will be disallowed on the ground that TDS not deducted ?
BY: KAMAL KISHORE VERMA
Total Answers : 1 | View Answers | Post Answers
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| 44366 |
Sep, 10
2022
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GST - ( GST REGISTRATION )
A cooperative society is dealing in exempted as as well GST supply and taxable supply is around 5 lacs but exepted supply is 40 lacs will both figs will be added to determine its GST registration requirement
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44367 |
Sep, 10
2022
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GST - ( 305618 )
RCM ON RENTING OF RESIDENTIAL AND DWEELING PROPERTY BOTH ARE REGISTERED UNDER GST:-
As new Notification-05/202022 came for RCM on renting of Residential dwelling , please let us clarify :-
1. Whether both tenant and landlord are registered under GST , who will be liable to pay GST ? whether RCM or Forward ?
2. For identification of "residential dwelling properties" , Since GST act is not define ,how to identify. In some of cities categories properties by municipality Corporation for taxability on commercial and residential but uses may not be the same.
3. Whether companies Guest house taken on lease , the same will be classified under residential ?
BY: PREM NIWAS CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 44363 |
Sep, 07
2022
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AUDIT - ( FORM 10B )
This has reference to Form 10B (Audit report under section 12A(b) of the Income-tax Act). As per point no. (7), the information required is,
'Whether any part of the income in respect of which an option was exercised under clause (2) of the Explanation to section 11(1) in any earlier year is deemed to be income of the previous year under section 11(1B) ? If so, the details thereo.'
Please guide whether the point should be considered as ANY earlier year or ONLY the previous year, in case it should be ANY earlier year, how many years should be go back.
BY: Nilanjan Kayal
Total Answers : 1 | View Answers | Post Answers
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| 44364 |
Sep, 07
2022
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MISC. - ( PART-TIME COP (CHARTERED ACCOUNTANT) )
1. How to Convert Full-Time COP into Part-Time COP ?
2. Is Part-Time COP holder can become a partner with Full-Time COP holder to form a CA Partnership Firm ?
3. If yes to (2), Does Part-Time COP Partner can continue to get Share of Profits / Remuneration from Firm ?
Thank You
BY: RYALI VAMSI KRISHNA
Total Answers : 3 | View Answers | Post Answers
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| 44361 |
Sep, 04
2022
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MISC. - ( 255279 )
Good Morning, Myself CA Vamsi Krishna Ryali, managing partner of 'Vamsi & Narasimha Chartered Accountants". Our firm having two partners namely Vamsi (myself) & Narasimha. Now Narasimha wants to move out of the firm, in such cases, is my partnership firm automatically closed ? or it will convert into sole proprietor ship firm ? Is ICAI firm registration number will going to change ? For bank empanelment purposes, how experience of firm will be dealt with ?
BY: RYALI VAMSI KRISHNA
Total Answers : 2 | View Answers | Post Answers
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| 44357 |
Aug, 30
2022
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MISC. - ( PDICAI DAILY NEWS ROUNDUP )
Hi Team, a Few Months Back I Used To Get PDICAI Daily News Roundup. Is It Stopped Now? If No then Kindly Start this again. It is a very helpful page to update myself.
Regards
CA AMIT KUMAR
BY: AMIT KUMAR
Total Answers : 2 | View Answers | Post Answers
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| 44354 |
Aug, 27
2022
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Capital Gains - ( ADMISSION OF A PARTNER-APPLICABILITY OF CAPITAL GAIN TAX-GAAR-SEC 56(2)(X) )
There is a Partnership Firm having three partners.The Net worth of the Firm is Rs. 100 Crores (considering Market value of Goodwill and Immovable Properties-whereas Net worth as per Books of Accounts is Rs. 50 Crores) as on 31-03-2022. A new Partner is admitted in the Firm on 1-4-2022 and he is given 25% Share of Profit in the Firm whereas existing partners Share is reduced. New Partner contributes Rs 25 Lacs in Firm as his Capital Contribution.Existing Partners are not given any Stock nor any Immovable Property nor any money over and above the balances appearing in their capital accounts.
Query
1-Such Transaction involves any Capital Gain Tax Liability on continuing Partners.
2-The incoming Partner is Liable to tax u/s 56(2)(x) of I.tax Act 1961.
3-The abovesaid arrangement is covered under GAAR Provisions
BY: ARUN KUMAR ARORA
Total Answers : 1 | View Answers | Post Answers
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| 44352 |
Aug, 26
2022
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CORPORATE & OTHER LAWS - ( SIGNING OF 15CB BY A SHAREHOLDER OF A COMPANY? )
Can a Partner of CA Firm sign Form15CB Certificate and Issue it to the company of which he or his partner is Shareholder (very small qty of share bought through demat, Say Issued shares are 1000000/- and the CA holds 10 Shares. (No Controlling Interest in the company). (Minority Shareholder).
Example:
P and his Father (R) are Partners in a CA firm. R (Father) holds shares of AbC Ltd.
Can P or R Issue 15CB to ABC Ltd?
BY: CA. DOSHI RAJENDRA RAMCHAND
Total Answers : 1 | View Answers | Post Answers
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| 44350 |
Aug, 25
2022
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AUDIT - ( 172905 )
Please provide some advice on the Vulnerability Assessment and Penetration Testing (VAPT) tools which can be best for DCCB banks.
BY: TRUPTI SANDIP PANDYA
Total Answers : 1 | View Answers | Post Answers
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| 44351 |
Aug, 25
2022
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MISC. - ( 079710 )
X (Land Owner) and Y (Developers) created a LLP firm namely XY LLP , where according to capital contribution clause X will introduce Land as his capital cont part and Y will invest amount . NO other activity has made till 31.03.2021 and No bank account opened . The Management has drafted balances sheet as on 31.03.2021 by assets as Land and Investment and in assets Capital cont. with disclosures that Land are regd in personal name pf X partner
Querry
Whether above acts are legal . Can we further proceeds as Land as assets without their Title in Firms name what is best way to proceed further
BY: SANDEEP KAPOOR
Total Answers : 2 | View Answers | Post Answers
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| 44347 |
Aug, 21
2022
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GST - ( ITC NOT REFLECTED IN GSTR2A/B )
Sir,
Input Tax credit of Purchases in Jul-22 in not shown in GSTR2A/B in July 22, due to the supplier not file GSTR-1 within due date i.e. filed after cut off date 13/08/2022. From suppler side screenshot of filed GSTR -1 is available. Can we take ITC in the month of July-22 while filing GSTR3B.In portal login there is Red box showing displaying 'you are contravening Rule 36(4)'
Can we go ahead, whether any penalty or Interest will be charged. Please explain.
BY: KAMAL KISHORE VERMA
Total Answers : 3 | View Answers | Post Answers
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| 44346 |
Aug, 20
2022
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TDS/TCS - ( 082701 )
A proprietor has filed TDS return for 4th quarter 2021-22
which has been rejected by TDS department for no obvious reason as Invalid TAN is the reason while TAN is correct
The deductee can not claim it as it is not reflecting n 26AS.
Can we utilize the same challan now for Sep 22 Quarter trating it unconsumed
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44345 |
Aug, 19
2022
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MISC. - ( PROPERTY )
M/S XYZ Pvt ltd ( the last purchaser) wants to sell Residential property . However they have following query.
Background
1.M/s ABC Pvt Ltd has developed the property.
2.M/s ABC Pvt Ltd allotted 35% area to Mr. B.
3.Mr. B has sold flat to Mr.C
4.Mr. C sold to flat to M/s XYZ Pvt ltd
M/s XYZ Pvt ltd is last purchaser and it intends to sell the property.
Here agreement mentioned at point number 2 (i.e. between .M/s ABC Pvt ltd and Mr.B ) and point number 3 ( i.e. Mr.B and Mr.C ) ---These 2 agreements are not registered at sub registrar office and stamp duty not paid at all and hence not available. Only last Agreement is available i.e. between Mr. C to M/s XYZ Pvt ltd.
Kindly guide what is the consequences for future purchaser .
Thank you in advance
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 44342 |
Aug, 13
2022
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DIRECT TAXES - ( FILLING OF FORM 30C )
One person wants to submit form no 30C in IT portal, as he will leave India within 31st August.How he will do that ?? Please guide.
Is there any facility in income tax portal to file 30C or one needs to submit it physically ??? Pls let me know.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 0 | View Answers | Post Answers
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| 44343 |
Aug, 13
2022
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DIRECT TAXES - ( TDS ON COMMISSION TO E-COMMERCE WEBSITE OPERATOR )
One of my client sell goods through e commerce website operator. The e-com company deduct TDS u/s 194-O on payment made to my client (sales proceeds). Further the e-com company also deduct it's commission.
Is section 194H applicable on such commission charged by ecom company or its is excluded vide provision of section 194O(3)?
BY: MADHUSUDAN KUMAR PODDAR
Total Answers : 2 | View Answers | Post Answers
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| 44341 |
Aug, 12
2022
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GST - ( RCM ON DIRECTOR SERVICE )
Service of renting of immovable service provided by director (who is registered in GST) to company , now wehter GST needs ot charge on forward charge or company needs to pay RCM on this service ?
BY: parth
Total Answers : 2 | View Answers | Post Answers
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| 44340 |
Aug, 08
2022
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DIRECT TAXES - ( INCOME TAX RETURN FORM FOR AY-2022-23 )
Dear sir,
A taxpayer had filed return ITR 4 (44AD -Presumptive Taxation) up to AY 2021-22 (FY-2020-21).In FY 2021-22 (AY-2022-23) he became a Director in a Private Limited Company (The company has no turnover, no remuneration paid to Directors during the FY 2021-22).
In the current AY 2022-23 (FY-2021-22) he filed ITR in ITR-3.Is the Return filed under ITR -3 correct or not ? please explain.
BY: KAMAL KISHORE VERMA
Total Answers : 2 | View Answers | Post Answers
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| 44338 |
Aug, 04
2022
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Companies Act, 2013 - ( ACCOUNTING TREATMENT FOR MEIS SCRIPT )
Dear Experts,
Can some one guide on accounting treatment to be followed for MEIS Script sale for FY 21-22 and FY 22-23 under following situation.
Company received approval from Govt for MEIS script before 31st March 22 and Sale of MEIS took place in April 22.
My thoughts on same are as under -
As on 31st March 22 (on accrual of benefit)
MEIC Script Assets (Current Assets) Dr
To MEIS script income (Indirect Income)
in FY 22-23 (on actual sale of script)
Customer Ac Dr
To MEIC Script Assets (Current Asstes)
Can someone guide ???
BY: chetan jadhav
Total Answers : 2 | View Answers | Post Answers
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| 44336 |
Aug, 03
2022
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DIRECT TAXES - ( 082701 )
An assesse has income below 5 lacs i.e 495000- but his long term capital gain is Around 75000- though it is also exempted being less than 1 Lac Whether for the purpose of Rebate under Sec 87A Income from LTCG will be added and rebate will be not available ?
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44337 |
Aug, 03
2022
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TDS/TCS - ( TDS APPLICABILITY U/S 44AD,44ADA,44ADE )
Dear Sir,
Please let me know whether it is compulsory to deduct TDS for Salary, payment to contractors, payment for professional fees, etc. under presumptive Taxation scheme U/s 44AD,44ADA,44ADE of Income Tax Act. Also please highlight whether there is any limit of turnover or gross receipts to comply these provisions.
BY: KAMAL KISHORE VERMA
Total Answers : 2 | View Answers | Post Answers
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| 44334 |
Aug, 02
2022
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MERGER & ACQUISITION - ( PROCESS FOR MERGER OF TWO CA PROPRIETORHIP FIRM )
Please suggest me stepwise process regarding merger of two CA proprietorhip firm .
whether first we need to registered partnership firm and take new pan no ??
whether we need to registered merger deed also .??
whether we need to take approval for new name of partnership firm ??
Which form need to fill on ssp portal - Form E or Reconstitution form ??
BY: MOHIT AGRAWAL
Total Answers : 2 | View Answers | Post Answers
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| 44333 |
Jul, 25
2022
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DIRECT TAXES - ( 082701 )
A Person has received Share from ancestral property Around 7Lacs in FA 2021-22 It has not deposited any amount in Capiital Gain account but intends to buy New Residential Property for same value within next year. Whether there will be problem if Capital gain tax is not deposited for 2021-22 and new property is purchased in 2022-23 FY
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44332 |
Jul, 23
2022
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DIRECT TAXES - ( 442629 )
A partnership firm incorporated during FY 20-21 has nil turnover and nominal interest income (IFOS) from FD.
It is not allowed to opt 44AD since T.O. is Nil. whether audit U/S 44AB is required ?
BY: DEEP KUMAR GUPTA
Total Answers : 2 | View Answers | Post Answers
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| 44330 |
Jul, 21
2022
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DIRECT TAXES - ( REVISION OF FORM 3CD )
If we want to revise the tax audit report in Form 3CD, whether entire data has to be re entered in json utility? Or, is there any facility whereby we can open the previously downloaded json file and revise the relevant clauses alone which require modification? If we try opening the previously saved json file, it always show error message.
BY: balasubramanian
Total Answers : 1 | View Answers | Post Answers
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| 43329 |
Jul, 20
2022
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MERGER & ACQUISITION - ( CONVERSION FROM SOLE PROPREITORSHIP INTO PARTNERSHIP )
I am sole proprietor with trade name registered under ICAI in the month of Sep 2019. Can i apply/ am i eligible for MEF for 22-23, since i am going to complete my three years in Sep 2022. Can i convert my sole propreitorship into partnership firm ? does the conversion into partnership firm will affect the seniority of my firm and would i still be eligible for bank audits after conversion ?
BY: ravi kishore bhagi
Total Answers : 3 | View Answers | Post Answers
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| 43328 |
Jul, 16
2022
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GST - ( GST ON PRE-PACKAGED AND LABELLED COMMODITIES AFTER ISSUANCE OF NOTIFICATION NO. 6/2022 )
Some of our Assessee are Dal Miller / Jaggary Powder Producer. Up to 17/07/2022, Dall / jaggery sold without any brand name are liable to tax at NIL Rate.
Notification No. 6/2022-Central Tax (Rate), Dt 13th July, 2022, it is specifically mentioned that these commodities are liable to tax at specified rate if they are pre-packaged and labelled.
Aslo inserted an explanation with regard to pre-packaged and labelled with relation to Legal Metrology Act, 2009 (1 of 2010) and rules made thereunder.
There is confusion with regard to GST on Dall / Jaggery Powder, if pre-packaged and labelled these commodity having Quantity more than 25 Kg are liable to tax or not, having transaction with Intermediary Traders / Dealer / Agent who ultimately sale to Retail seller who sale these commodity to consumer.
HSN Commodity Description
0713 Dried leguminous vegetables, shelled, whether or not skinned or split pre-pakaged & labelled.
1701/1702 Jaggery of all types including Cane Jaggery (Gur) / Khandsari Sugar pre-pakaged & labelled.
We request you to reply urgently as these notifications are effective from 18/07/2022
BY: Pravin Taparia
Total Answers : 0 | View Answers | Post Answers
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| 43327 |
Jul, 15
2022
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DIRECT TAXES - ( PROCEDURE IN CASE DEATH OF WIDOW OF THE ONLY ONE MALE COPARSENER )
In our case of HUF there were one male member and his wife. Now in this previous year the wife is expeired and therefore the only sole surviving coparceners as a single male is remained. In this case the query is whether the balance sheet containing the properties of huf is necessarily to be added in the individual balance sheet of the male coparceners was doing business in his individual capacity and declaring individual income in his return of income. The huf since never having taxable income not file its return of income up to today. therefore in case we merge the properties and liabilities of the huf in the balance sheet of individual to disclose the properties of huf as received share of coparcener of the huf.
BY: MAHADEO VIRUPAX WALI
Total Answers : 1 | View Answers | Post Answers
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| 43324 |
Jul, 13
2022
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AUDIT - ( SECTION 44AD (4) INTRODUCED FROM AY 2017-18. )
What if in any subsequent AY year after getting audited, assessee failed to get accounts audited. i.e. if in AY 2018-19 non-audited and filed under 44AD, subsequent to that in AY 2019-20 Audited in view to GTO and again in AY 2020-21 it got unaudited. Whether Assessee can get accounts audited for AY 2021-22 ignoring previous omission of non-audit.
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 3 | View Answers | Post Answers
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| 43325 |
Jul, 13
2022
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DIRECT TAXES - ( BELATED AUDIT REPORT )
What is option left with Assessee after expiry of FY for Tax Audit. whether Assessee needs to wait for the notice to arrive from AO or any prior submission with late fine could be made, if so how. In any case Audit can only be done in current date only without which subsequent audit can't be done
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 43321 |
Jul, 06
2022
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DIRECT TAXES - ( BELATED AUDIT REPORT )
As per the Finance act 2022, now ITR of 2 previous AY can be filed.
Now utility for the same is also available for 1 & 4. Other may also be made available soon.
My question is whether audit reports can also be submitted for such AY.
Pl confirm
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 5 | View Answers | Post Answers
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| 43322 |
Jul, 06
2022
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DIRECT TAXES - ( SECTION 44AD (4) INTRODUCED FROM AY 2017-18. )
My queries pertaining to Section 44AD (4) introduced from AY 2017-18.
As per the section, if a person declares profit for any of the 5 consecutive subsequent AY at lower than 8 percent after declaring profit AT the rate of 8% or 6%, he shall not be eligible to claim the benefit of the prov of sec 44AD for 5 subsequent AY.
But my question is that if in any of such subsequent AY he declares profit at 8% (irrespective of the fact that accounts get audited due to Turnover exceeding the prescribed limit), can he still not be eligible to claim the benefit of the prov of sec 44AD for 5 subsequent AY.
Let us illustrate the same with example:
AY TO PROFIT % 44AD eligible or not
2017-18 45 lacs 8% taken
2018-19 215 lacs 8.1% Audited in view of the prescribed limit
2019-20 20 lacs 8% eligible or not
2020-21 0 lacs Other Income eligible or not
Please clarify the requirement of Audit under above situation.
Regards
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 43323 |
Jul, 06
2022
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GST - ( GST REGISTRATION )
As per sec.24 of CGST Act, persons who are required to pay tax under reverse charge are liable for compulsory registration under GST. But Sec.23 provides that registration requirement is not applicable any person engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax under this Act or under the Integrated Goods and Services Tax Act.
In the light of the above, I request the Experts to clarify whether a NGO registered u/s12AA of the income tax Act, which is engaged in recognized charitable organization is liable to take registration when it makes any payment to an advocate which attracts GST under RCM.
BY: Ethirajan
Total Answers : 1 | View Answers | Post Answers
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| 43319 |
Jul, 05
2022
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Income From Salary - ( RELIEF OF SECTION 89(1) FOR PENSIONER )
HELLO MEMBERS,
I had a query related to following:
An assessee is a pensioner but due to default of Bank Department he did not receive his pension of the FY 20-21 during the year. After correction, bank give his pension of FY 20-21 in the current financial year (that is FY 21-22) along with pension of current FY 21-22. Now my question is Can assessee get benefit of Section 89(1) that is relief for arrears of salary (Pension) received during the FY 21-22 ? If yes, how will we treat it? as arrears of salary received or something else?
BY: JYOTI MAHAJAN
Total Answers : 1 | View Answers | Post Answers
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| 43320 |
Jul, 05
2022
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Income From Salary - ( RELIEF OF SECTION 89(1) FOR PENSIONER )
HELLO MEMBERS,
I had a query related to following:
An assessee is a pensioner but due to default of Bank Department he did not receive his pension of the FY 20-21 during the year. After correction, bank give his pension of FY 20-21 in the current financial year (that is FY 21-22) along with pension of current FY 21-22. Now my question is Can assessee get benefit of Section 89(1) that is relief for arrears of salary (Pension) received during the FY 21-22 ? If yes, how will we treat it? as arrears of salary received or something else?
BY: JYOTI MAHAJAN
Total Answers : 1 | View Answers | Post Answers
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| 43318 |
Jul, 04
2022
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GST - ( 546529 )
Dear Sir / Ma'am
I had the following query with respect to GST on Air Ticket Agents. Would be highly obliged if the same is answered.
Air Travel Agent - Quota/Series Purchase of tickets from Airlines
Facts : Travel Agent is purchasing Air tickets from Airlines in advance in Bulk (Quota / Series Purchase). E.g. They purchased a ticket (PNR) from the Airline for Rs 3500 one month ago, now at the time of sale to customer they add their markup of say Rs. 500 and sell it to customer. At times they may sell it cost to cost or at lower than their purchase price (at loss) depending upon the demand in the market. The risk & reward is entirely of the Agent. In this case while purchasing the tickets from the Airline, Air travel Agent is giving his GSTIN and the invoice is raised by Airline in name of Air Travel Agent.
Queries
1. For Quota Purchase tickets, can the travel agent claim ITC and them further pass it on to actual customer for Airline GST. For markup, 18% GST is being charged and paid accordingly.
2. If the Travel Agent is not eligible to claim ITC on the airline GST. Is he required to deposit GST only on the markup charged to the customers?. Also, what would be the value of the taxable turnover for the purpose of GST. Can the entire basic cost of ticket be reported as exempt supply?
BY: SUHAIL AHMAD MIR
Total Answers : 0 | View Answers | Post Answers
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| 43317 |
Jul, 03
2022
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DIRECT TAXES - ( FOREIGN INCOME )
A Resident on Student visa is earning some income in Canada
and paying some taxes there also. Whether this income should be added in indian income during fin yr 21-22 and taxes paid should be added in taxes paid
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 43316 |
Jun, 29
2022
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DIRECT TAXES - ( 082701 )
If an expense say Interest or Professional charges are paid without TDS deduction. Can by Increasing Net profit by 1/3 of Expense We are not liable to any other penality.
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42314 |
Jun, 21
2022
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COUNCIL DECISION - ( DEMERGER OF CA FIRM )
A firm by name A & Co., (1year old) was merged with B & Co (15 years old), around 6 years ago. Now A & Co want to exit from the merger and get merged with another firm C &Co.,(3 years old).
When A & Co is getting merged with C & Co., whether the new merged firm will have seniority of 6 years of A & Co.,
BY: ASHWIN
Total Answers : 2 | View Answers | Post Answers
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| 42313 |
Jun, 20
2022
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DIRECT TAXES - ( RETURN MARKED INVALID - HOW TO MAKE IT VALID )
The assessee is a Resident Individual – Senior Citizen. For AY 2018-19, the assessee has filed the return of Income offering income from Foreign Source by the way of Dividend, Salaries & Other Sources.
The assessee was served with notice U/s 139(9) citing defects in disclosure “Income Chargeable to Tax at Special rate has been shown only in Sch Part B – TI , without giving the details of the same in the relevant schedules viz., Sch CG/SchOS and Sch SI“. The notice was duly responded through E-filing facility.
The return filed by the assessee was not accepted by the department citing some inexistent defects and marked the same as Invalid Return.
The assessee aggrieved by the action of AO, filed a petition before the PCIT U/s 119(2b), pleading the Commissioner to give directions to the AO to treat the return filed as Valid and process the same in accordance with the law.However PCIT rejected the petition stating that the petition filed is beyond the scope of authority of the office.
Please advise the available legal course of action, if any, to give directions to the AO to process the return as a valid one.
BY: CA. VASUDEVAN P K
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| 42309 |
Jun, 17
2022
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OTHER BODIES - ( REGISTRATION DATE WITH RBI )
Our Firm's UCN With RBI Is 1017342(The Firm's FRN Is 022107S). In The Application For Empanelment Of Chartered Accountants For The Concurrent Audit Hosted By Certain Nationalised Banks ,The Date Of Registration With RBI Is Shown As A Mandatory Field To Be Filled. However, Despite Our Best Efforts ,Our Online Search In This Regard Has Been In Vain. We Would Greatly Appreciate It If You Could Assist In Obtaining The Date Of Registration Of The Firm With RBI As Early As Possible
BY: TARUN JAGDISH
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| 42310 |
Jun, 17
2022
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ANNOUNCEMENT - ( PART TIME COP )
I Have joined an audit firm as a partner & branch incharge 2 years ago. Now I came out of the firm by march 2022 but I haven't surrender my COP and I thought of joining an MNC now. Can I still hold my COP and convert it to part time? then what is the procedure for the same?
BY: SRI HARSHITHA BAYAPUNENI
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| 42311 |
Jun, 17
2022
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DIRECT TAXES - ( ASSESSMENT US/. 148 VS 153C )
Search initiated in 2017 on patsanstha, some account holder has received the notices for Income escapment u/s 148 in April 2021, whether the notice issued u/s 148 is valid?? Or it should be issued u/-s 153C?? Plz guide on the same
BY: Ninad Prataprao Shete
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| 42306 |
Jun, 13
2022
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DIRECT TAXES - ( ASSESSMENT )
Search initiated in 2017 on patsanstha, some account holder has received the notices for Income escapment u/s 148 in April 2021, whether the notice issued u/s 148 is valid?? Or it should be issued u/-s 153C?? Plz guide on the same
BY: Ninad Prataprao Shete
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| 42307 |
Jun, 13
2022
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MISC. - ( SIGNING OF PROJECT REPORT BY CA. )
Respected Sir/Madam,
Please clarify whether project report can be signed by a CA ? As there are various regulatory bodies such as Pollution Control Board, etc. are demanding CA signed Project Report. If no, please provide the reference of the Act under which it is not permissible and if yes, then what are the precautions to be taken before signing the project report.
Yours faithfully,
BY: Mustafa
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| 42304 |
Jun, 11
2022
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MISC. - ( SIGNING OF UNAUDITED STATEMENTS )
The Bankers asking Signature of Chartered Accountants wiith UDIN in case of unaudited statements and 44AD clients. When we say with regard to our Guidelines on Unaudited statements they are not satisfied. Hence kindly provide the opinion on that topic, so that we could able to forward the same to the Bankers.
We feel that the Institute may issue general guidelines to the Bankers with regard to this matter, in appropriate channel.
BY: R. KANDASAMY
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| 42300 |
Jun, 09
2022
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DIRECT TAXES - ( TAX AUDIT CLAUSE 44 )
Clause no 44 of Tax audit is applicable from FY 21-22, The clause requires reporting of expenditure breakup as GST paid Expenses AND Non GST Paid expenses.
Is this clause compulsory for reporting?
BY: CA Shrawan Suthar
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| 42296 |
Jun, 07
2022
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DIRECT TAXES - ( ESOP TAX IMPACT IN INDIA ENTITY )
Hi All, i need an insight on ESOP tax liability on India entity.
Suppose my US entity is providing shares to employees and it gets vested in April. what is the tax impact on India entity on this situation?
Suppose if US entity/ US stock broker deduct the tax value of shares and credit the remaining shares to employees, what is the tax impact/ liability on India entity on this?
BY: KARTHIK ATHREYAN
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| 42297 |
Jun, 07
2022
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DIRECT TAXES - ( 082701 )
Can we show Interest payable in 2021-22 and pay in July 22 without deductong TDS in 21-22 as Form 15 H could not be submitted in April 22 due to problem in Portal
BY: Mahesh Kumar
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| 42298 |
Jun, 07
2022
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DIRECT TAXES - ( 082701 )
Can we show Interest payable in 2021-22 and pay in July 22 without deductong TDS in 21-22 as Form 15 H could not be submitted in April 22 due to problem in Portal
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42299 |
Jun, 07
2022
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GST - ( 082701 )
A Firm has purchased yarn and got fabrication from outside.
It itself does not has machinery as such. GST officials pay visit compulsarily while issuing refund in case of inverted tax structure.Can it claim GST Refund in the absence of manufacturing facility.
BY: Mahesh Kumar
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| 42294 |
Jun, 05
2022
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DIRECT TAXES - ( WDV-SECTION 43(6)(C) )
Opening WDV as on 1-4-2021 Of only Vehicles Block(consisting of Car A-WDV Rs. 1 Lakh and Car B-WDV Rs. 8 Lakhs) is Rs. 9 Lakhs. During the year 2021-22, Car B is stolen. Insurance claim of Rs. 12 Lakhs is received. One new Car C is purchased for Rs. 22 Lakhs during the year 2021-22.What will be the WDV for working out of Depreciation for the year 2021-22 under the circumstances. Also, how these transactions should be booked in Books of Accounts.
BY: ARUN KUMAR ARORA
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| 42292 |
May, 30
2022
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Compliance - ( UDIN )
I remember to have generated UDIN for all the forms filed on Income tax e-filing portal. But now I find that some forms in the tax portal appear to be without valid UDIN. Was it the UDIN portal or the Income tax portal or neither?
Even in the unlikely event that I have forgotten to generate the relevant UDINs, what is the solution
BY: RAVICHANDRAN R
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| 42291 |
May, 28
2022
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MERGER & ACQUISITION - ( CONSEQUENCES OF MERGER OF 2 CA FIRMS )
I am currently practising as a sole proprietor. I am also a partner in another firm. Now we are planning to merge the 2 firms. My sole proprietorship is 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 the partnership firm will automatically be appointed as auditor
BY: Abi Muthuraj
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| 42290 |
May, 23
2022
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DIRECT TAXES - ( 082701 )
If a NRI sends RS 10Lacs app to account of a Indian resident (Not close relative), whether Indian resident has to pay Gift tax or tax applicable to to his income including 10 Lacs as applicable .Is their any other reporting requirement also to RBI/Other authorities ?
BY: Mahesh Kumar
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| 42289 |
May, 21
2022
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DIRECT TAXES - ( 082701 )
A cooperative Bank has deducted TCS of a Society in F Y 20-21
and since it was not visible in 26AS/AIS It could not be claimed.
Now we learn that Bank had deducted TCS for FY 2019-20 during 2020-21 and filed revised TDS Returns during 2020-21 for 2019-20 Financial year. Asessments of FY 2019-20 and 2020-21 are already completed. In these Circumstances How to claim TDS.
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42288 |
May, 20
2022
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GST - ( 144106 )
GST Registration for one of the Service Provider is wrongly taken as Regular Taxpayer instead of Composition Dealer. Is there any way i can get the registration amended to "Composition Dealer".
BY: Ganesh Suresh Agrawal
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| 42287 |
May, 19
2022
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DIRECT TAXES - ( PROCEDURE OF CLAIMING DEDUCTION 80IBA : DEVELOPING AND BUILDING HOUSING PROJECTS )
PROCEDURE OF CLAIMING DEDUCTION 80IBA : Developing and Building Housing Projects
Questions
1) Do we require any special FORM to be filled before filing the Income Tax Return ??
2) Can the deduction can we claimed directly in the ITR
3) Can the Partners in a PartnershipFirm can claim the total profit deduction in the respective partners ITR??
4) Does it require any formalities Please elaborate the process of claiming Deduction under Sec : 80IBA
BY: GOVIND MUNDADA
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| 42286 |
May, 18
2022
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DIRECT TAXES - ( TDS ON PROPERTY PURCHASED )
THE PURCHASER AND SELLER BOTH ARE NON RESIDENT INDIANS WORKING ABROAD, TDS IS TO BE DEDUCTED ON PURCHASE OF HOUSE PROPERTY FROM THE SELLER WHO IS A NON RESIDENT. THE SALE CONSIDERATION IS MORE THAN ONE CRORE AND THE APPLICABLE TDS RATE IS 23.92%. WHILE FILLING UP CHALLAN 26QB ONCE THE STATUS OF THE SELLER IS PUT AS NON RESIDENT, THE FOLLOWING MESSAGE IS SHOWN AND NOT ALLOWING TO GO FURTHER
"As Status of the Payee/Seller/Transferor is A Non-Resident, Form 26QB will not be applicable. The correct form to be used is Form 27Q"
MY QUERY IS FORM 27Q IS THE QUATERLY RETURN WHICH HAS TO BE FILED EVERY QUATERLY, THEN FOR PAYMENT OF TDS WHICH CHALLAN IS TO BE USED.
FURTHER WHEN THE SELLER IS A RESIDENT PAYMENT OF TDS IS THOUGH CHALLAN 26QB AND THE PURCHASER NEED NOT TO HAVE A TAN BUT WHEN THE SELLER IS A NON RESIDENT, THE PURCHASER HAVE TO FIRST OBTAIN TAN. PLEASE GUIDE..
BY: Anwar Iqbal
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| 42280 |
May, 11
2022
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MISC. - ( UPDATION OF UDIN )
UDIN was generated for an individual assessee whose accounts are subject to tax audit under section 44AB . Subsequently the accounts were revised and the UDIN was revoked. New UDIN was generated and tax audit report was filed with the new UDIN. . New UDIN is updated successfully. The UDIN which is revoked cannot be updated. kindly advice
BY: Anwar Iqbal
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