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Que. Id Date Description
44376
Sep, 22
2022
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

44377
Sep, 22
2022
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

44375
Sep, 21
2022
AUDIT - ( COMMUNICATION WITH PREVIOUS AUDITOR IN CASE OF COMPILED BALANCE SHEETS )

Whether a CA is required to obtain NOC from previous Chartered Accountant in case of Compiled Balance Sheets certified by him (not audited under any law) ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44374
Sep, 20
2022
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

44372
Sep, 19
2022
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

44373
Sep, 19
2022
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

44371
Sep, 14
2022
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

44369
Sep, 13
2022
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

44370
Sep, 13
2022
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

44368
Sep, 11
2022
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

44366
Sep, 10
2022
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

44367
Sep, 10
2022
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

44365
Sep, 08
2022
INDIRECT TAXES - ( GST REGISTRATION FOR PRIMARY COOP SOCIETIES )

A coop society collects milk from members and sells to an agency . It also provides fertilizers,pesticide and essential commodities to members .Whethe it is required to get registered under GST if total turnover is more than 40 lacs in Punjab

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44363
Sep, 07
2022
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

44364
Sep, 07
2022
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

44362
Sep, 06
2022
DIRECT TAXES - ( ITR 5 )

Quantitative details are not being confirmed in above ITR utility,( Java based). Is any body else also has such issue

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44361
Sep, 04
2022
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

44360
Sep, 03
2022
DIRECT TAXES - ( TAX AUDIT - LOAN ACCPETED - PAN NOT AVAIALBLE )

Clause 31a- loan accepted from farmers who does not have PAN. without PAN, the Tax Audit form is not getting uploaded.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44359
Sep, 02
2022
GST - ( TAXABILITY OF IMPACT CREDIT )

Is receipts of Impact arising on account of roll out of GST structure of Contractors is taxable in the hands of assessee, if so relevant proisio may also be given

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44358
Sep, 01
2022
MISC. - ( COULD A CA, BEING A PARTNER IN ANOTHER FIRM, ALSO OPEN A PROPRIETORSHIP FIRM UNDER HIS NAME AND PRAC )

Could a CA, being a partner in another firm, also open a proprietorship firm under his name and practice there?

BY: DEEPAK BHANDARI

Total Answers : 3 | View Answers | Post Answers

44357
Aug, 30
2022
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

44356
Aug, 29
2022
Profits & Gains of Business & Profession - ( RECEIPTS OF COSMETOLOGIST - BUSINESS RECEIPTS OR PROFESSIONAL RECEIPTS )

WHETHER RECEIPTS FROM COSMETOLOGY/SKIN CARE/ HAIR TREATMENT IN CASE OF A PERSON QUALIFIED B. H.M.S AND DIPLOMA HOLDER IN COSMETOLOGY & SKIN AESTHETICS WILL BE CONSIDERED AS PROFESSIONAL RECEIPTS OR BUSINESS RECEIPTS & COMPUTATION OF INCOME WOULD BE UNDER SECTION 44AD OR 44ADA ?

BY: CA. SHAH KAJAL ARVIND

Total Answers : 3 | View Answers | Post Answers

44355
Aug, 28
2022
MISC. - ( 123789 )

Can CA in which he is director , can also become shareholder of the same company?

BY: GIRISH D MITTAL

Total Answers : 3 | View Answers | Post Answers

44353
Aug, 27
2022
Compliance - ( PAYING FOR GOOGLE FOR 360 DEGREES VIEW IS IT A BREACH OF PROFESSIONAL ETHICS? )

Paying for Google for Enabling a 360 Degrees View of our office listed on Google Maps, is this a breach of Professional Ethics? Can this be allowed if it was hosted for free?

BY: CA. DOSHI RAJENDRA RAMCHAND

Total Answers : 1 | View Answers | Post Answers

44354
Aug, 27
2022
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

44352
Aug, 26
2022
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

44350
Aug, 25
2022
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

44351
Aug, 25
2022
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

44349
Aug, 24
2022
GST - ( RCM ON RENTING OF COMMERCIAL PROPERTY BY UNREGISTERED DEALER )

Tenant is a registered taxpayer paying rent on commercial property and Landlord is unregistered dealer. Total rent in a year is below Rs. 20 Lakhs. My question is whether RCM is applicable on renting of commercial property?

BY: SUDHAKAR

Total Answers : 2 | View Answers | Post Answers

44348
Aug, 23
2022
MISC. - ( NET WORTH CERTIFICATION )

Can a chartered accountant issue net worth certificate of private limited company on the basis of valuation report issued by a Registered valuer under IBBI

BY: ASHISH GULATI

Total Answers : 2 | View Answers | Post Answers

44347
Aug, 21
2022
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

44346
Aug, 20
2022
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

44345
Aug, 19
2022
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

44344
Aug, 14
2022
DIRECT TAXES - ( QUANTITATIVE DETAILS IN ITR 5 )

While preparing ITR 5 System is not validating ITR if Quantitative details are not filled of Stocks,Purchhase,sale etc If asessee is not maintaining stock records How can we fill that

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44342
Aug, 13
2022
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

44343
Aug, 13
2022
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

44341
Aug, 12
2022
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

44340
Aug, 08
2022
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

44339
Aug, 07
2022
DIRECT TAXES - ( PRESUMPTIVE TAXATION FOR PROFESSIONALS )

A professional having Turnover of 18 Lacs but income of Rs 4 Lacs whether will require Tax Audit as condition for not requiring Tax Audit is that he should not have income more than exempted Limit that is 2.50 Lacs

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

44338
Aug, 04
2022
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

44335
Aug, 03
2022
MISC. - ( PURCHASE OF RESIDENTIAL PROPERTY FROM PVT LTD COMPANY )

Mr. A is purchasing a Resindetial property from ABC Pvt ltd Company. What documents are required Specifically in case of Company who seller.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44336
Aug, 03
2022
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

44337
Aug, 03
2022
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

44334
Aug, 02
2022
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

44333
Jul, 25
2022
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

44331
Jul, 23
2022
DIRECT TAXES - ( WHICH EXPENSES CAN BE CLAIMED FROM INCOME OF SPORTS PLAYER ON CONTRACT BASIS WHILE AUDITING ?? )

Which expenses can be claimed from Income Of Sports Player On Contract basis while auditing ??

BY: ARIHANT JAIN

Total Answers : 2 | View Answers | Post Answers

44332
Jul, 23
2022
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

44329
Jul, 21
2022
MISC. - ( 212866 )

WHAT IS THE UNIQUE IDENTIFICATION NUMBER OF OUR FIRM RAMKUMAR VAIRVAN AND CO PROP V RAMKUMAR FROM 23.05.2022

BY: V.Ramkumar

Total Answers : 1 | View Answers | Post Answers

44330
Jul, 21
2022
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

43329
Jul, 20
2022
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

43328
Jul, 16
2022
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

43326
Jul, 15
2022
DIRECT TAXES - ( TAXABILITY OF INCOME OF SPORTS PLAYER ON CONTRACT BASIS )

whether Income of sports Player on contract basis covered in 44AD / 44ADA & which expense is appropriate for this?

BY: ARIHANT JAIN

Total Answers : 2 | View Answers | Post Answers

43327
Jul, 15
2022
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

43324
Jul, 13
2022
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

43325
Jul, 13
2022
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

43321
Jul, 06
2022
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

43322
Jul, 06
2022
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

43323
Jul, 06
2022
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

43319
Jul, 05
2022
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

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43320
Jul, 05
2022
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

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43318
Jul, 04
2022
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

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43317
Jul, 03
2022
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

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43316
Jun, 29
2022
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

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43315
Jun, 28
2022
AUDIT - ( REPORTING FOR SMALL COMPANIES )

In case of small companies where CARO is not applicable , how & where to report non compliance/ violation of various sections e.g. 185,188 etc in the auditors report.

BY: Mayur

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43314
Jun, 24
2022
AUDIT - ( 082701 )

Can A CA sign Compiled Balance sheet without Audit of His brother and nephew .

BY: Mahesh Kumar

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42314
Jun, 21
2022
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

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42313
Jun, 20
2022
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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42312
Jun, 18
2022
DIRECT TAXES - ( CLAUSE-44 AND 30 C OF FORM-3CD )

Whether clause 44 And 30C of Form 3Cd are applicable for Reporting in 3CD for Asst Year 2022-23.

BY: ARUN KUMAR ARORA

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42309
Jun, 17
2022
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

Total Answers : 1 | View Answers | Post Answers

42310
Jun, 17
2022
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
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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42308
Jun, 16
2022
DIRECT TAXES - ( REVISION U/S264 IS FACELESS OR NOT? )

Whether revision petition U/s264 will be filed in hard copy with PCIT or any mode to file online. It will be faceless or opportunity will be in physical form?

BY: CA Arun Daga

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42306
Jun, 13
2022
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
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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42305
Jun, 12
2022
Capital Gains - ( COST OF ACQUISITION OF PROPERTY ACQUIRED ON ACCOUNT OF SETTLEMENT DEED AS PART OF DIVORCE )

property was transferred by husband to wife as per divorce agreement and the same is also mentioned in court order. The FMV was mentioned in both settlement deed and court order. what will be the cost of acquisition in the hands of wife on subsequent sale of the said property. Whether FMV as per settlement deed can be taken as cost of acquisition as the transaction not gift, inheritance/succession? Thank you

BY: Suresh Raman

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42304
Jun, 11
2022
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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42303
Jun, 10
2022
DIRECT TAXES - ( 013537 )

under which head commission received by a nominated director should shown in ITR? SALARY, INCOME FROM OTHER SOURCES..?

BY: CA. JAIN JAWAHAR LAL

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42300
Jun, 09
2022
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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42301
Jun, 09
2022
Companies Act, 2013 - ( STATUTORY AUDITOR )

Can firm be the auditor of PVT LTd company where nephew of Partner of the firm is the promoter/director of the company?

BY: CA Arun Daga

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42302
Jun, 09
2022
AUDIT - ( 082701 )

Can A CA do Tax Audit of a Prop Firm where Nephew is the Prop

BY: Mahesh Kumar

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42296
Jun, 07
2022
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
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
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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42299
Jun, 07
2022
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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42295
Jun, 06
2022
INDIRECT TAXES - ( LEVY OF EXPORT DUTY ON SEZ UNIT )

Query - Will export duty be applicable of products sold by a SEZ unit to let say an Australian customer. Will benefit under Section 26(1)(b) of SEZ act be available in this case

BY: SARTHAK MITTAL

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42294
Jun, 05
2022
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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42293
Jun, 03
2022
DIRECT TAXES - ( 082701 )

Whether Income Tax site is working properly i.e Return filing is smooth or there are issues again?

BY: Mahesh Kumar

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42292
May, 30
2022
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
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
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
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

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42288
May, 20
2022
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
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
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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42285
May, 15
2022
DIRECT TAXES - ( WRONG PAN FILLED WHILE UPDATING UDIN )

By mistake wrong PAN was filled while updating UDIN on Income Tax Portal.Now it is showing consumed u8nder different PAN. Is there a solution ?THis UDIN was generated in Dec 21

BY: Mahesh Kumar

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42283
May, 12
2022
DIRECT TAXES - ( FILING OF FORM 10BD )

Sir, If a society having approval U/s 80G, is not having any donation during the F.Y. 2021-22, than do we need to file form 10BD ?

BY: RAM KUMAR SARASWAT

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42284
May, 12
2022
MISC. - ( LLP SUPPLEMENTARY AGREEMENT STAMP DUTY IN MAHARASHTRA )

HOW MUCH IS STAMP DUTY IN MAHARASHTRA ON LLP SUPPLEMENTARY AGREEMENT TO RECORD DEATH OF A PARTNER. NO NEW CAPITAL IS INTRODUCED. NO NEW PARTNER TO INTRIDUCE. THERE IS NO IMMOVABLE PROPERTY IN THE LLP

BY: GALA ASHWIN M..

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42280
May, 11
2022
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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42281
May, 11
2022
DIRECT TAXES - ( FORM 10A AND 10AB )

KINDLY ENLIGHTEN THE DIFFERENCE BETWEEN THE ABOVE TWO FORMS.

BY: Anwar Iqbal

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42282
May, 11
2022
DIRECT TAXES - ( FORM FOR 80G APPROVAL )

WHICH FORM TO BE USED FOR APPLICATION FOR GETTING THE APPROVAL FOR FRESH AND RENEWAL OF 80G APPROVAL

BY: Anwar Iqbal

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