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Que. Id Date Description
42208
Jan, 17
2022
GST - ( WHETHER ITC CAN BE AVAILED FOR GOODS/SERVICES RECEIVED AT PLACE OF BUSINESS NOT MENTIONED IN THE REG )

In case a registered person has missed adding an additional place of business in the Registration Certificate and receives goods/services at such place, then can Department deny him the ITC since the said address was not mentioned in the registration certificate?

BY: DAYANAND PRABHAKAR KENY ROBOLO

Total Answers : 0 | View Answers | Post Answers

42207
Jan, 10
2022
AUDIT - ( INCOME ABROAD FOR A INDIAN RESIDENT GOING ABROAD ON STUDENT VISA )

A person has Salary Income from India for 5 months and has gone abroad for higher studies for PG Course. There he is authorised to do weekly job for specified hours. Whether he will be treated as resident and his forein income will be clubbed in Indian Salary for 21-22 Previous year During 21-22 his stay in india is 175 days

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

42206
Jan, 08
2022
MISC. - ( AMOUNT TAKEN OR PAID IN CASH IN EXCESS OF 20000- )

1 Whether amount taken for short time or paid for short time in cash exceeding 20000-(total )is also required to be reported in Tax Audit report 2 If TDS is not deducted on interest paid to persons,whether it will be suffice to make that Exp not allowable mean Add back to Profit without any other problem

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42205
Jan, 06
2022
AUDIT - ( AUDIT OF PANCHAYATS KEEPING ACCOUNTS ON SINGLE ENTRY SYSTEM )

Can Any body guide regarding Panchayat Audits having accounts on Single entry Sysyem

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

42204
Jan, 04
2022
DIRECT TAXES - ( TDS MATTERS )

TDS has been excess paid for Around 4000- under Sec 194 C .Whether same can be adjusted against TDs of Sec 194A

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42200
Jan, 01
2022
AUDIT - ( GST REFUND FIGS IN TAX AUDIT REPORT )

There is a column to fill GST refund received during the year in Tax Audit Report .What can be the intention behind this as i feel it is not liable to Income tax (Refund received under Inverted duty structure)

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

42201
Jan, 01
2022
DIRECT TAXES - ( TAX AUDIT LIMIT FOR SECTION 44AB(E) )

Dear sir if audit is conducted U/s 44AB(e) i.e Turnover is more than 1 cr but below 2 cr and he wishes to opt out of 44AD presumptive regime(where 44AD(4) is applicable). whether this will be counted for 60 Tax audit limit?? Kindly guide us regarding the same.

BY: Sachin

Total Answers : 0 | View Answers | Post Answers

42202
Jan, 01
2022
GST - ( ITC REVERSAL )

A party take credit of ITC against purchases in March 2021 GSTR3B.But the supplier not filed the returns (GSTR3B & GSTR1) or not paid GST, so ITC not showing in GSTR 2A/2B. Should ITC be reversed in portal & books and how ?

BY: KAMAL KISHORE VERMA

Total Answers : 1 | View Answers | Post Answers

42203
Jan, 01
2022
TDS/TCS - ( INVESTMENT SUBMISSION FOR TDS ON SALARY )

Please share your views on:- Is it necessary for an employee to show his Chapter VI-A eligible to employer. Can he get full TDS deducted without deduction and later on claim actual deductions while filing his ITR. (Obviously the Form 16 will not be in agreement with the ITR to be filed). Means can he claim deductions which are not shown to employer and are not in agreement with Form-16 ? Thanks in advance for your precious time to reply.

BY: SK

Total Answers : 0 | View Answers | Post Answers

42199
Dec, 24
2021
Capital Gains - ( 078994 )

An Individual is doing Share Trading. 1. Delivery basis , showing the same as Investment accordingly Long / Short Term Capital Gain is calculated 2. F & O Business of Shares 3. Intraday Business of Shares Query 1. Whether the assessee can show Capital Gain and Business Income simultaneously. 2. Whether the assessee should show as Business Income as a whole . 3. What is the right way?

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

42198
Dec, 23
2021
GST - ( UTILIZATION OF GST CREDIT )

Suppose I have Op. Balance of GST CGST Rs.1.00Lakh, SGST Rs.2.00Lakh and IGST Rs.1.00Lakh. at the closure of the month I have Liability of IGST Rs.1.50Lakh and CGST Rs.0.10Lakh and SGST Rs.0.10Lakh. GST credit for current month is Zero. Now Firstly IGST credit to be used to pay IGST. So to Pay Rs.1.50Lakh IGST I will use Rs.1Lakh GST Credit firstly. Now the question is for payment of Balance IGST of Rs.0.50Lakh can I use SGST Credit first ? or is it compulsory to use CGST first and after utilization of all the CGST credit only I will be able to use SGST balance. Or Can I use SGST credit instead of CGST Credit to make balance IGST Payment ?

BY: SK

Total Answers : 1 | View Answers | Post Answers

42197
Dec, 18
2021
INDIRECT TAXES - ( MONETARY LIMIT FOR DEPARTMENT REVISION/APPEALS IN GST )

Hello Members, Is there any Monetary limit for Department revision/appeals in GST. If yes, what are the limits. Thanks Anant

BY: Anant Nyamannavar

Total Answers : 0 | View Answers | Post Answers

42196
Dec, 17
2021
AUDIT - ( TAX AUDIT REPORT REJECTED DUE TO CLERICAL ERROR )

While resubmitting Tax Audit to Asessee after it is rejected once Whether it will be origional report or revised Tax Audit report

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42194
Dec, 15
2021
DIRECT TAXES - ( TAX AUDIT )

In AY 2020-21 assessee’s total turnover exceeded prescribed limit and hence tax audit was done. In AY 2021-22 assessee’s profit is less than 50% of professional turnover. Total income exceeds taxable limit. Is tax audit required for AY 2021-22?

BY: Sadhana N.Kubal

Total Answers : 2 | View Answers | Post Answers

42195
Dec, 15
2021
DIRECT TAXES - ( TAX AUDIT )

In AY2020-21 assessee filed his return of income after getting tax audit done under proviso of Sec44AB(d) as his net profit was Less than 8%. Now in AY2021-22, the assesse has incurred loss/profit below 8%, and his total income below taxable income. 1. Is tax audit is required for AY2021-22. 2. If other income exceeds taxable limit whether tax audit is required

BY: Sadhana N.Kubal

Total Answers : 1 | View Answers | Post Answers

42192
Dec, 13
2021
Customs & Excise - ( IMPORT OF RAW MATERIALS AT FREE OF COST )

Hi All, Request clarification and guide lines for following query 1. A Ltd Importing Raw material and components (HSN Codes 8481.90.90 & 4016.90.90 & 7225) free of Cost from T Inc (USA). Material values would be around INR 3 Crores. T Inc and A Ltd are subsidiaries of X Ltd and accordingly they are related parties. Is this transaction possible and what are the guidelines to be followed to import the materials

BY: CA. BALASUBRAMANIAM P

Total Answers : 0 | View Answers | Post Answers

42193
Dec, 13
2021
DIRECT TAXES - ( WHETHER 269SS IS APPLICABLE FOR CHIT FUNDS COMPANY? )

Whether 269SS is applicable for Chit Funds company is applicable for subscription amount received and paid in excess of Rs 20,000/- in cash from members of Chit regardless of prize money

BY: ADARSH

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42191
Dec, 12
2021
DIRECT TAXES - ( HOW TO PRESENT PROFIT & LOSS STATEMENT IN CASE OF INCOME FROM FUTURE & OPTIONS TRADING IN INCOME TAX )

As per Sec 43 and guidance note issued by ICAI on TAX audit us 44AB Turnover in case of Trading in Future & Option is to be calculated by taking absolute total of net profit/loss for the transaction . My Query is that in case i compute turnover as stated above, What items or expenses shall construed as deduction from turnover to derive the net profit/loss as the case maybe or how to present them for disclosure in the income tax return filed ??? Also, In case of loss where the turnover is less than 1 crore or other specified limits as the case maybe is Tax Audit u/s 44AB mandatory,if yes then under which clause ??

BY: SHUBHAM GARG

Total Answers : 0 | View Answers | Post Answers

42189
Dec, 09
2021
DIRECT TAXES - ( DONATION ALLOWED )

Can Donation upto 2% of the expenses can be claimed as deduction. Whether this Donation can also be claimed u/s 80G if 50% of such donation is allowed as exemption? If not, why to claim 80G where only 50% exemption, when allowed as expenses 100%. Please respond with relevant case, if any

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

42190
Dec, 09
2021
DIRECT TAXES - ( SHARE FROM INHERITED PROPERTY )

A married lady gets her share from her father's inherited property Around 20 Lacs by banker cheque It should be tax free in my opinion as there is no inheritance tax in India. Am I correct?

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42188
Dec, 06
2021
DIRECT TAXES - ( TAX AUDIT )

A individual is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm.

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

42186
Dec, 04
2021
Service Tax - ( 079710 )

A CA firm having Professional receipts less than Rs. 50 Lacs in FY 2015-16 . Whether Service tax department is levied on Relaisable basis or mercantile basis . Pl. suggest along with relevant provisions /notifications/rules etc.

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

42187
Dec, 04
2021
DIRECT TAXES - ( INCOME TAX AUDIT FOR FY 2020-21 )

A Taxpayer is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm.

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

42185
Nov, 30
2021
DIRECT TAXES - ( ONLINE FILING ITR3 )

While filing TR 3 online deduction under sec 54F is neither getting autopopulated nor figs can be filled manually under Capital Gain head.Is this also Portal problem? Please advice

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42184
Nov, 29
2021
DIRECT TAXES - ( TAX AUDIT IN COMPLIANCE OF SECTION 44AD )

Assessee had opted Section 44AD and was filing his return of income as per section 44AD for AY2017-18, 2018-19, 2019-20. In AY2020-21 assessee filed his return of income as per normal provisions and got his accounts audited as his net profit was Less than 8%. Now in AY2021-22, Assessee's Net Profit is more than 8% and turnover 17 Lakhs. As per Sec 44AD(4):- Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). As Per Sec44AD(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB. My Question is : Can Assessee File his Return of Income as per Normal Provisions and does not get accounts audited. or Is Audit Mandatory for 5 Succedding Years even if Turnover is Less than 1 crore and assessee declares net profit more than 8%. Thanks & Regards

BY: CA MOHIT SHARMA

Total Answers : 1 | View Answers | Post Answers

42182
Nov, 27
2021
DIRECT TAXES - ( DUE DATE OF EPF TO BE REPORTED IN TAX AUDIT REPORT FOR FY 2020-21 )

During FY 2020-21 EPFO issued a circular that no proceedings will be initiated for late deposit of EPF during the FY 2020-21 for any period during lockdown. Then What shall be the Due Date of EPF Payment for reporting in Tax Audit Report for FY2020-21 ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

42183
Nov, 27
2021
AUDIT - ( STOCK AUDIT EMPANELMENT )

I recently started practice, would my firm be eligible for bank stock audit? if not what are the options to get it empaneled

BY: CA GAJENDRA SHARMA

Total Answers : 3 | View Answers | Post Answers

42181
Nov, 26
2021
DIRECT TAXES - ( FORM 29B IN CASE OF LOSS )

Whether filing of Form 29B is required where there is loss as per Income Tax Act, loss as per books of accounts and book profits are also in negative? The company is not liable for audit u/s 44AB. If filing of Form 29B is required, then how to report Loss in Point no. 6 Total Income of Company as Form 29B on Income Tax Portal is not allowing negative figures?

BY: vikas kalra

Total Answers : 2 | View Answers | Post Answers

42178
Nov, 25
2021
DIRECT TAXES - ( CLAUSE 16(D) OF FORM 3CD )

Sir, Clause 16 is about "Amounts not credited to Profit and Loss Account" and Sub Clause (d) "any other item of income". Does this Clause 16(d) means any income which is not credited to Profit and Loss Account needs to be reported. Especially for a Proprietary Concern there can be Income From House Property or Income From Other Sources (Interest on Fixed Deposits) which are normally not credited to Profit and Loss Account. Does this clause cover to include such incomes which are not Credited to Profit and Loss Account.

BY: CA. KRISHNA MURTHY N

Total Answers : 1 | View Answers | Post Answers

42179
Nov, 25
2021
MERGER & ACQUISITION - ( CAN SOLE PROPRIETORS CREATE A PARTNERSHIP FIRM ? )

Two sole proprietors say A & B practices in their own proprietorship firms, they wants to create a partnership firm say XYZ. Can it is possible that both the partners practices in their own proprietorship firms and also in partnership firm XYZ ? Also please discuss whether in partnership firm counts experience of senior most partner.

BY: KAMAL KISHORE VERMA

Total Answers : 1 | View Answers | Post Answers

42180
Nov, 25
2021
DIRECT TAXES - ( LONG TERM CAPITAL GAIN )

An individual has sold a Plot after holding for 8 years and Sales consideration is 10 Lacs on which after indexation Long term capital gain of Rs 740000-arises He has invested Rs 7 Lacs for purchase of residential house within one year of transfer Under sec 54F Deduction of 540000- is available and around RS 200000- becomes Long Term Capital Gain liable to 20% Tax Can he invest another 3Lacs on another residential house to avoid tax payment by transferring 3Lacs to Capital gain scheme to reinvest 3 lac within 2 Years of sale of Plot Kindly advice

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42177
Nov, 24
2021
DIRECT TAXES - ( 255279 )

What was the recourse under Income Tax Law that left to the Assessee, who is seller of the Land, when Stamp Duty Value is much higher than Actual Market Value of the Land ?

BY: RYALI VAMSI KRISHNA

Total Answers : 1 | View Answers | Post Answers

42176
Nov, 23
2021
DIRECT TAXES - ( STAY PETITION )

I have filed appeal against order u/s 143(3) in facelss assessment but the jurisdictional AO is asking for payment of 20% demand. How do i file stay petition under faceless assessment scheme? Kindly help asap

BY: JAYASHREE RAJKUMAR BANG

Total Answers : 1 | View Answers | Post Answers

42175
Nov, 22
2021
DIRECT TAXES - ( FORM 29B )

Is Form 29B mandatory in all cases? Subsection 4 to section 115JB states that Every company to which this section applies, shall furnish a report in the prescribed form.i.e Form 29B.

BY: CA Shrawan Suthar

Total Answers : 2 | View Answers | Post Answers

42174
Nov, 20
2021
DIRECT TAXES - ( TAX AUDIT REPORTS )

Json file prepared is not being accepted while uploading by CA's showing it Invalid

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42172
Nov, 17
2021
GST - ( REVERSAL OF INELIGIBLE CREDIT )

ITC was wrongly declared as ineligible. How to reverse the same as negative figures is not allowed under ineligible row of 3B.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

42173
Nov, 17
2021
TDS/TCS - ( APPLICABILITY OF SURCHARGE ON TDS MADE U/S 195 )

The assessee has purchased a property from an NRI for an amount exceeding Rs one crore. While deducting TDS on total consideration ( not on the Long Term Capital gain) should EC and SC also be deducted on Total Consideration?

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 0 | View Answers | Post Answers

42171
Nov, 15
2021
GST - ( 444964 )

WHETHER FOOTBALL PLAYER CAN OBTAIN GST REGISTRATION FOR THEIR MATCH PLAYING SERIVICE . IF YES , PLZ SPECIFY THE SAC CODE.....

BY: ARIHANT JAIN

Total Answers : 1 | View Answers | Post Answers

41171
Nov, 09
2021
MERGER & ACQUISITION - ( SOLE PRACTICE AND PROPRIETARY CONCERN. )

Hi everyone, I have registered as a sole practitioner in 2016. After 2 years I have registered my proprietary concern. Now I am being intelligible to get bank audit empanelment because I am not exclusively associated with my firm. What is the best way to retain my experience of 5 years sole practice and getting empaneled for bank audit. Can I merge my sole practice in to my firm or I have to terminate my self as a sole practitioner. Please suggest.

BY: GIRIJA SHANKAR KOTA

Total Answers : 0 | View Answers | Post Answers

41170
Nov, 02
2021
AUDIT - ( PROVISIONAL BALANCE SHEET )

can a practicing chartered accountant sign provisional balance sheet ( non audited ) ? if yes what should he mention in the balance sheet while signing and whether UDIN is applicable for that or not?

BY: AKSHAYA CHANDRAKANTH KAMATH

Total Answers : 1 | View Answers | Post Answers

41169
Nov, 01
2021
GST - ( IGST IN EXPORT INVOICE )

In case an Exporter opts for Supply of Goods on Payment of IGST, then Whether the exporter shall charge IGST on FOB Value or on (FOB Value + Insurance + Freight) ? Please advise and clarify.

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

41168
Oct, 30
2021
AUDIT - ( 3CBCD JSON FILE NOT BEING UPLOADED ON PORTAL )

I have prepared Json file but while uploading it shows Invalid File

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

41167
Oct, 27
2021
AUDIT - ( TAX AUDIT )

A professional following cash basis ,whether tax audit is applicable or not in following circumstances , if yes than under which clause of 44AB, 1) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 40 lakhs 2) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 80 lakhs 3) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 1.05 crore Note:- 1)What if wants to offer Income under presumptive 44AD and 44ADA from professional activity is more than 50% of receipts and from trading of stock market is less than 6% of Turnover 2) Limit for tax audit U/S 44 AB for professional is above 50 lakhs and others is above 1 crore and if certain condition are satisfied than above 10 Cr

BY: CA. MEHTA DEVANG PRATAPRAI

Total Answers : 0 | View Answers | Post Answers

41166
Oct, 26
2021
MISC. - ( ACCOUNTING OF JOINT DEVELOPEMENT AGREEMENT )

How to make entries in books of account of Builder for Joint Development Agreement and flats given to landowner ??

BY: Ninad Prataprao Shete

Total Answers : 0 | View Answers | Post Answers

41165
Oct, 17
2021
DIRECT TAXES - ( LEGALITY OF ORDER PASSED U/S 144 )

Facts Individual Assessee has not filed original ITR for AY 12-13 based on some information AO has reopened the case u/s 148 in March 20 and assessee has also not filed his ITR within 30 days of service of above notice but filed delayed return against notice u/s 148 (before framed. Or completion of assessment ) Query Can AO passed order u/s 144 where assessee filed ITR before completion of assessment without issue notice u/s 143(2) of income tax act

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

41164
Oct, 14
2021
Service Tax - ( SERVICE TAX LIABILITY ON CREDIT CO OPERATIVE SOCIETY )

A credit co operative society is accepting deposits and lending to its members and accordingly earns interest income. It also provide some other services like railway ticketing and running electricity bills collection centre from which it is receiving commission income from IRCTC and PGVCL. Interest income - 25 Lacs Commission Income - 1.5 Lacs What are the service tax implications in the instant case.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 0 | View Answers | Post Answers

41162
Oct, 13
2021
DIRECT TAXES - ( FORM 29B )

IT portal is not correctly accepting form 29b data filing.

BY: SUMIT KUMAR BAGRA

Total Answers : 0 | View Answers | Post Answers

41163
Oct, 13
2021
OTHER BODIES - ( ONLINE CA EXAMINATION )

A long time back There was proposal to conduct CA Examinations online on MCQ pateren. In view of Pandemic like COVID this has become more urgent .Many Institutes in World are conducting online Examinations eg CPA . Why Our Institute is still persisting with Handwritten Examination which is many times not found to be foolproof

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

41160
Oct, 12
2021
AUDIT - ( TAX AUDIT REPORT )

WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

41161
Oct, 12
2021
AUDIT - ( TAX AUDIT REPORT )

WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

41159
Oct, 10
2021
DIRECT TAXES - ( TAX ON DIVIDENDS ETC )

Whether all sorts of dividend recd from any mutual fund,LIC or sip etc are taxable wef 1-4-20 or there is any exemption also?

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

41158
Oct, 06
2021
DIRECT TAXES - ( TAX AUDIT LIMITS )

Assessee is having turnover of Rs.99 lacs from contractual business and 1.5 lacs from hiring services u/s 44AE. Whether the same would be included in Gross turnover for Tax Audit or not. Otherwise Assessee can declare his income @ 6% on contractual receipts u/s 44AD and 1.50 lacs under 44AE without getting audited

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

41157
Oct, 01
2021
MISC. - ( DOES CONVERTING FROM SOLE PRACTICING (I.E., PRACTICING WITH MRN AND COP ON OWN NAME WITH OUT FRN ) T )

I am practicing on my own name having MRN & COP from last 15 years. Now, I want to convert it into a sole proprietary frim with FRN. So ,does it impact my standing for BANK AUDIT & CAG I am converting my practice with MRN to sole firm with FRN with a view that i will merge my firm with other firm. so does my experience will be counted for last 15 years after converting my practice to a FRN

BY: RAJAT AGARWAL

Total Answers : 1 | View Answers | Post Answers

41155
Sep, 29
2021
GST - ( ITC FOR SOCIETY MAINTENANCE CHARGES )

ITC for Society Maintenance charges for Immovable property The taxpayer has commercial property and it is let out. Query is that can the taxpayer take ITC for GST charged for society maintenance charges.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

41156
Sep, 29
2021
DIRECT TAXES - ( TDS CREDIT NOT GIVEN BY CPC )

Q. The Assesee Company is CHA has filed the ITR for the Assessment Year 2018-19 and some customer of the company has deducted TDS on Reimbursement of expenses . the company has shown the Turnover / Gross Receipts other than the reimbursement in ITR. Now the CPC has given the Proportionate TDS credit due to gross receipts not match with 26 AS .The Company has filed the rectification letter to local jurisdiction but ITO has given the reply that rectification is considered but Rectification Right with CPC so please see other alternate solution . So in that case what company can do to get the tax credit .and when we call CPC then they are showing PAN NO. and date of incorporation is wrong. So how we can approach to CPC . Please give your valuable suggestion.

BY: GOPAL KUMAR AGRAWAL

Total Answers : 1 | View Answers | Post Answers

41154
Sep, 27
2021
MISC. - ( 418074 )

If Sole proprietor Chartered Accountant firm will be merged into a partnership firm. Whether that sole proprietorship firm have an option to de-merge later on. If yes, how long the option is available for de-merger and whether ICAI reserves the name of proprietorship firm.

BY: Shobhit Bansal

Total Answers : 3 | View Answers | Post Answers

41152
Sep, 22
2021
DIRECT TAXES - ( NRI STATUS )

A person is going abroad for studies Has remained in India for 180 days during 2021-22 fin year During last 10 years he was in India only Whether he will be treated NRI for 2021-22 During this year whether Rebate under 87A will be available

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

41153
Sep, 22
2021
AUDIT - ( NEW UTILITIES FOR 3CACD AND 3CBCD )

I am not able to import draft data XML prepared on other computer for Tax Audit and ITR also Whether there is an issue here also

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

41150
Sep, 21
2021
MISC. - ( CONVERSION OF CA PROPRIETORSHIP INTO PARTNERSHIP AND CHANGE IN NAME )

Hi, Please do guide me in this. Ms. A (senior) and Ms. B have two proprietorship firms having separate FRNs. Both want to set up a partnership completely different from their individual practice. Can Ms. B join Ms. A as a partner convert her proprietorship into partnership and then change the firm name? Will a new FRN will be granted in a case of change in firm name or it can continue with existing one? What are the results of the above in relation to bank audit empanelment and CAG empanelment?

BY: Andrea Samantha Lewis

Total Answers : 1 | View Answers | Post Answers

41151
Sep, 21
2021
AUDIT - ( APPLICABILITY OF TAX AUDIT FOR DERIVATIVE TRANSACTIONS(F&O) )

Hello members, My client is a salaried person and also borne loss of Rs.7.00lakhs from Derivative transactions on a turnover of Rs.14lakhs (turnover arrived considering sum of positives and negatives in trade). As per section 43(5), this is non-speculative business. But other than business loss his Total Income(salary after deduction) is less than the maximum amount not chargeable to tax (i.e. below Rs.2.50lakhs). So, My question is: Whether to set off and carry forward the loss of Rs.7lakhs, tax audit is mandatory? or whether I can file the return simply by showing loss from business and If yes ,then can the same be carry forward? Can loss from F&O be set off with Capital Gains?

BY: JYOTI MAHAJAN

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41149
Sep, 18
2021
GST - ( REPO TRANSACTION OF OLD VEHICLES )

What should be accounting treatment to account for repo transactions of old vehicles wherein the gst valuation rules(proviso to rule 32 (5) of CGST rules) give a very different taxable value. Resulting into wide variations in actual turnover and GST turnover. This turnover difference might invite attention of taxmen. e.g:- original invoice value =200000/- date of original purchase= 1.4.2018/- REPO by financer on- 1.4.2020/- )also transfered to the new beneficiary on the same day) sales by the new beneficiary =220000/- date of this sale=1.4.2021 Now, purchase price as per proviso to rule 32(5)= 80000/- {200000-(200000*5%*12)} value of supply as per rule 32(5) = 140000/-[220000-80000] This is creating a difference of Rs. 60000/- Kindly post Any probable suggestions to this problem?

BY: MOHIT JAIN

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41147
Sep, 16
2021
DIRECT TAXES - ( TAX AUDIT )

In case of a Private Limited Company where the turnover is of 30 lakhs and there is a loss whether tax audit is required

BY: YASH PAL ANAND

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41148
Sep, 16
2021
AUDIT - ( IS SOLE PROPRIETORSHIP FIRM NOT HAVING ONE PAID CA ARE INELIGIBLE FOR BANK BRANCH AUDIT? )

I am already empanelled with RBI under category VI and allotted audit since last 2 years. But not other CA is associated with us .Are we eligible to get Bank Branch audit in future ?

BY: ANUJ AGRAWAL

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41145
Sep, 14
2021
GST - ( REVERSE CHARGE )

Where to enter RCM amount in GSTR1 for inward supplies from unregistered supplier, so that same could auto-populate in GSTR 3B

BY: SURAJ KUMAR CHOUDHARY

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41146
Sep, 14
2021
GST - ( INELIGIBLE CREDITS )

Ineligible credits are auto populated in gstr 3b. Whether the same is required to be taken ist, then reversal is to be made and finally again ineligible to be shown in GSTR 3B. Or its better to just show under ineligible head without claiming it first and then reversal.

BY: SURAJ KUMAR CHOUDHARY

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41144
Sep, 13
2021
DIRECT TAXES - ( BUSINESS INCOME OR NOT ? )

A person is dealing in Sale & purchase of rural Agriculture Land. Suppose in a Year, he Purchase 4 times and sale it. Is it to be shown as business income or no where. ??

BY: Harish Kumar

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41142
Sep, 11
2021
Capital Gains - ( 079710 )

An Individual Sold his residential house in Feb 21 and he made Construction on old plot in 2018-19 to July 20 . can we claim exemption u/s. 54 for investment in construction as completed before One year of Sale . Pl advise with supporting evidences /case law if any

BY: SANDEEP KAPOOR

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41143
Sep, 11
2021
DIRECT TAXES - ( SET OFF )

as per IT rules, in the same assessment Business loss can be set off against any income except salary. in AY2020-21 we filled IT return where business loss set off against other sources income. lateron, intimation received they have disallowed this set off and raised demand. please advice whats to do? no option availble on portal to make rectification application for the same.

BY: RAHUL jain

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41140
Sep, 10
2021
Capital Gains - ( 079710 )

An Individual Sold his Residential house in Feb 21 and made a construction of an old plot since 2018-19 to July 21 i.e construction complete before 1 year of Sale Can we claim Exemption u/s. 54 on capital gain earned on Sale of house . if yes pl. suggest some case law in support (if possible)

BY: SANDEEP KAPOOR

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41141
Sep, 10
2021
Companies Act, 2013 - ( REJECTION OF EFORM NDH-2 )

What steps will a company have to take if it's application in eForm NDH-2 gets rejected ? What would be the consequences and how can it be rectified ?

BY: Gaurav Kumar Baranwal

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41139
Sep, 09
2021
GST - ( INELIGIBLE UNDER SECTION 17(5) OF CGST ACT, 2017 )

ITC on bank charges/ processing fees, etc. for loan for vehicle's purchase is ineligible under section 17(5) of CGST ACT, 2017 or not?

BY: Akshay Verma

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41137
Sep, 08
2021
DIRECT TAXES - ( INCOME TAX ON DERIVATIVE INCOME(FUTURE & OPTIONS) )

my client earned a profit of Rs 90 lakhs from Derivate section on a turnover of 210 lakhs (turnover arrived considering sum of positives and negatives in trade). whether this to be considered as speculative or normal business. if treated as normal business whether can we opt for presumptive taxation and arrive at a profit of 6% on 210 lakhs.

BY: madhav rao

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41138
Sep, 08
2021
DIRECT TAXES - ( NRI RETURNING INDIA AND INTEREST INCOME FROM NRE & FCNR )

An assesse who is a NRI returned to India during November 2019. His Stay in India during FY 2019-20 is less than 182 days hence qualify as NRI for FY 2019-20. During FY 2020-21 the status of assessee is Resident. He has also satisfied the conditions for RNOR for the previous year 2020-21. (As he was Non Resident for 9 Financial year out of 10 financial year preceding previous year (2020-21). The said assessee has Interest income from NRE and FCNR deposits during FY 2020-21. Kindly guide me with regard to the taxability or exemption available on such interest income earned from NRE and FCNR deposits for FY 2020-21.

BY: Vignesh V Kamath

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41136
Sep, 03
2021
AUDIT - ( AVAILABILITRY OF TAX AUDIT UTILITIES )

Whether Tax Audit utilities eg 3CACD,3CBCD are available on New Income tax site

BY: Mahesh Kumar

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41133
Sep, 01
2021
MISC. - ( WHETHER CONVERSION WITH CHANGE OF NAME OF PROPRIETARY TO PARTNERSHIP LOOSE EXPERIENCE GATHERED? )

Proprietorship with 5 years of experience now get converted into partnership with change of name of firm. My question is whether new partnership firm count old experience?

BY: CA RAJ KARSAN VAGJIYANI

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41134
Sep, 01
2021
MISC. - ( PROFESSION TAX IN MAHARASHTRA )

The Company is registered in Maharashtra and it has 4 directors. One director is residing in Maharashtra and obtained PTEC Number. Other 3 directors are residing in another state i.e. Gujarat. Our Query is that in the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 directors who are not residing in the state of Maharashtra .?

BY: samirkumar gokulbhai kasvala

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41135
Sep, 01
2021
MISC. - ( PTEC IN THE STATE OF MAHARASHTRA )

The Partnership firm is in Maharashtra and it has 4 partners . One partner is residing in Maharashtra and obtained PTEC Number. Other 3 partners are residing in another state i.e. Gujarat. Our Queries are as under. 1. Do Partnership firm require to obtain PTEC Number 2. In the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 partners who are not residing in the state of Maharashtra .?

BY: samirkumar gokulbhai kasvala

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41130
Aug, 31
2021
GST - ( GRATUITOUS PAYMENT BY HOLDING CO TO SUBSIDIARY EMPLOYEES )

Dear All, Facts : Holding Co is based in UK Subsidiary is based in India. Due to Covid-19 holding co has resolved to pay certain amount to all employees all subsidiary and associates. No benefit / margin will be retained by subsidiary. E.g. 200 pounds recd by subsidiary & amount worth 200 pounds will be fully paid to employees of the subsidiary. Modus of payment: Subsidiary in India will pay the amount to its employees in India and this will be reimbursed by holding co along with all the employee related taxes borne by subsidiary, if any. Query: What shall be the tax treatment of amount received from holding co in the hands of subsidiary co.? If taxable - what is the service ? Who is the service provider? who is the recipient ? On what Value GST should be paid ? whether GST to be paid under RCM ? Thanking you in advance for your guidance.

BY: CA MITUL MAHENDRA MEHTA

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41131
Aug, 31
2021
DIRECT TAXES - ( TAXABILITY IN CASE OF COMPULSORY ACQUISITION OF THE PROPERTY )

Hello Everyone!!! What will be the taxability of compensation received by the members of the society from the society for compulsory acquisition of common area of society by the government? Here, the Government authority will provide compensation to society and then society will distribute to members? So, how members taxability would be computed?

BY: Manisha

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41132
Aug, 31
2021
DIRECT TAXES - ( CIT APPEAL ORDER )

WE HAVE RECEIVED ORDER PASSED BY CIT A UNDER FACELESS AND THESE ARE BEING PASSED WITHOUT CONSIDERING THE FACTS AND ISSUED RAISED BY APPELLANT. LIKE CPC PREOCESSED THE ITR WITH ADDITION BASED ON FORM 3CD FOR EPF CONTRIBUTION REPORTED WHICH IS ACTUALLY DEPOSITED WITHIN THE DUE DATE OF THE FUND AND IS REPORTED ACCORDING IN FORM 3CD. ASSESSED FILED THE APPEAL AND RAISED THE ISSUE THAT AS PER FORM 3CD TOTAL CONTRIBUTION IS REPORTED AND ONLY LATE DEPOSITED AMOUNT REQUIRED ADDTION AND NO THE WHOLE AMOUNT. APPELLANT SUBMITTED CHAALN AND EXTRACT OF FORM 3CD BUT THE CIT A DISMISSED THE APPEAL STATING THAT THE CONTRIBUTION IS LATE DEPOSIED AND CANNOT BE ALLOWED U/S 43B OR 139(1). THIS IS THE HEIGHT OF FACELESS APPEAL THAT SUCH A SMALL FACT IS NOT UNDERSTOOD. IF THIS IS THE APPROACH OBJECTIVES OF THE FACELESS SCHEME IS NOT SERVED AND IT IS COSTING HEAVILY TO THE TAXPAYERS.

BY: SUNIL KUMAR AGARWAL

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41129
Aug, 30
2021
GST - ( INTRA STATE TRANSACTION OR INTERSTATE TRANSACTION )

If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST .

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

41128
Aug, 28
2021
GST - ( GST - REGISTRATION )

If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST . We are thankful to you for your guidance.

BY: samirkumar gokulbhai kasvala

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41127
Aug, 27
2021
GST - ( QUERY ON STATE )

If a dealer is having GST registration in Maharashtra. The taxpayer is having agriculture land in gujarat and he sales agriculture produce from gujarat to gujarat. So should this be reported in GST Returns of Maharashtra . The Taxpayer does not have any other transaction of sales from Gujarat and hence not registered in Gujarat.

BY: samirkumar gokulbhai kasvala

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41126
Aug, 25
2021
AUDIT - ( 047887 )

he Society land conveyance deed was executed in favor of the society on 01.Oct 2019 i.e. during the FY 2019-20. The Land now becomes asset of the Society. However, while preparing the financial statements, neither the Managing Committee nor the Auditor considered this fact to include this land as an asset of the Society. There are few more assets which are also not considered while preparing the financial statements. When brought it to the notice of both, the auditor is of the opinion that this is a technical error and will be corrected in future years. My question is that, does this amount to negligence on the part of Auditor? Can it be referred to disciplinary committee? Thanks

BY: CA. LONIKAR SHASHIKANT ACHYUTR

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41124
Aug, 24
2021
AUDIT - ( FORM 10B )

SIr, a Trust has provided Interest carrying Unsecured loan to a Company, where the Trustee is having the substantial interest. The said loan is not in the form of investment of Shares. Sir, the same is being reported n the Form10b, Part II (a), but is the same is also to be shown in Part III, as in this, one of the column reads as "Where the concern is a Company, no. and class of shares held", and there is no such shares being acquired. Kindly guide.

BY: CA Gaurav Shah

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41125
Aug, 24
2021
DIRECT TAXES - ( ADDRESS CHANGE IN PAN CARD OF COMPANY )

Is it possible to change address in the TAN and PAN card of the company based on form INC 22?

BY: Manisha

Total Answers : 3 | View Answers | Post Answers

41122
Aug, 19
2021
GST - ( REPORTING IN GSTR 1 )

01. IN CASE OF SALE OF FLATS ADVANCE RECEIVED DURING VAT REGIME AND TAX PAID UNDER VAT REGIME FOR WHICH INVOICE ISSUED WHEN FLAT IS SOLD DURING GST REGIME. WHERE THE SALES TO BE DECLARED UNDER EXEMPTED OR NON GST SUPPLIES IN GSTR 1?? PLEASE CLARIFY.

BY: Sachin

Total Answers : 2 | View Answers | Post Answers

41123
Aug, 19
2021
Companies Act, 2013 - ( TRANSFER OF SHARES )

Upon Transfer of Shares, the Share Transfer Letter along with Share Transfer Form in SH-4 is delivered to the company. Whether Endorsement on the back of the Share Certificate in favour of Transferee will suffice or New Share Certificate is required to be issued in favour of Transferee ?

BY: Gaurav Kumar Baranwal

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41121
Aug, 14
2021
Compliance - ( REGARDING UDIN )

Hello Everyone, My query is:- If return is filed u/s 44AD and as required by Bank the Profit & loss and Balance sheet has been prepared, then Is it mandatory to put UDIN on that Balance sheet? Answer will be either yes or No please give reasons.

BY: JYOTI MAHAJAN

Total Answers : 4 | View Answers | Post Answers

41120
Aug, 13
2021
AUDIT - ( 082442 )

How to obtain RBIUCN ? Please suggest

BY: CA. MANOCHA JAGDISH KUMAR

Total Answers : 1 | View Answers | Post Answers

41119
Aug, 11
2021
DIRECT TAXES - ( 444964 )

INCOME OF HOCKEY PLAYER ON WHICH TDS IS DEDUCTED UNDER SECTION 194JB WILL BE SHOWN UNDER 44 AD OR 44ADA?? PLZ TELL ME KNOW THE BUSINESS CODE.

BY: ARIHANT JAIN

Total Answers : 2 | View Answers | Post Answers

41117
Aug, 10
2021
Companies Act, 2013 - ( CAN STATUTORY AUDITOR ISSUE 15CB FOR THE SAME COMPANY )

It is understood that an internal auditor of a Pvt ltd company issues a 15CB certificate under the IT Act. 1961 My query is can auditor issue 15CB for the same company where he is the statutory auditor appointed to audit the accounts of the company and issue an Independent audit report u/s CA 2013

BY: RAGHAVENDRA ACHARYA C

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41118
Aug, 10
2021
DIRECT TAXES - ( DATE OF CREATION OF HUF )

What should be the date of Creation of HUF ? 1. Date of Marriage OR 2. Date of Birth of Eldest Son

BY: Gaurav Kumar Baranwal

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41116
Aug, 09
2021
DIRECT TAXES - ( 444964 )

INCOME OF HOCKEY PLAYER ON WHICH TDS IS DEDUCTED UNDER SECTION 194JB WILL BE SHOWN UNDER 44 AD OR 44ADA??

BY: ARIHANT JAIN

Total Answers : 1 | View Answers | Post Answers

41115
Aug, 07
2021
MISC. - ( VALAKALTHANAMA FROM A NON RESIDENT INDIAN )

Good day to all my dear professional colleagues. Please help me out in resolving this query. My client who is a Non-Resident Indian had filed his appeal and now he wants to make me as his authorized representative so that I can represent before the appellate authorities. Kindly, let me know the process of obtaining Vakalathanama from him who is residing outside India. Thanking you all

BY: D R V NARENDRA REDDY

Total Answers : 2 | View Answers | Post Answers

41114
Aug, 06
2021
TDS/TCS - ( TDS-SECTION 206AB AND 206CC )

1. With inroduction of section 206CCA, earlier provision of section 206C(1H) i.e. applicable in case of Turnover of Rs 10 crores of more is still applicable ? 2.Section 206AB and 206CCA is applicable in following cases ? Is it applicable to only to the person who is having TAN Number (OR) It is applicable to all person who is having PAN(i.e. even to the person who does not have TAN ) 3.Compliance check functionality (a) Should it be checked only by TAN holders or even person who is having PAN but does not have TAN (b) Should TAN holder check only for the person for whom TDS /TCS is alreary dedcuted in last 2 years or TAN holder should check for all perosn (i.e. even for whom TDS/TCS is not dedcuted / collected in last 2 years ) Thank you in advance

BY: samirkumar gokulbhai kasvala

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41113
Aug, 05
2021
DIRECT TAXES - ( DEDUCTIONS UNDER INCOME TAX ACT IN CASE OF CANCELLATION OF ESOP?OP )

If the company had cancelled the granted employee stock options and on account of such Proposed Option Cancellation, employee gets cash compensation in full and final discharge during FY 2020-21. The TDS under section-192 was deducted by the company in respect of cash compensation against cancellation of ESOP. The employee was resigned from his job in the FY 2018-19 and the employee is not getting salary from any employer during FY 2020-21. Now, the query is whether the employee is eligible for deductions like Standard Deduction u/s 16(ia), Chapter-VIA deductions Section-80C etc.?

BY: CA Neha Gupta

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41111
Aug, 04
2021
GST - ( INPUT CREDIT OF GST PAID UNDER REVERSE CHARGE TO TRANSPORT AGENCY )

An asessee is paying GST under reverse charge on transportation charges @ 5% and is claiming input credit for the same also. Whether it is ok

BY: Mahesh Kumar

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41112
Aug, 04
2021
DIRECT TAXES - ( LONG TERM CAPITAL GAINS LIABILITY )

Dear Members, Please clarify the following: An Assessee had Sold Shares in Unlisted Company during the previous Financial year. The assessee had purchased the Shares Long time ago. The Cost of Acquisition of the Shares were made at the Face Value being Rs.5/- Per share. 1) Wheter the Sale Proceeds would attract Long Term Capital gains Tax at 20%. 2) On the other hand If no Indexation Benefit has been availed whether it would attract Tax at 10% as per provisions of section 112A of the Income Tax Act. A.S. Raman Charterted Accountant.

BY: A S RAMAN

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41109
Jul, 31
2021
AUDIT - ( 118411 )

When do MAT Entitlement become receivable in books of account ? Whether at the time of provision of MAT TAX OR in the next year when the company pays such MAT TAX PAYABLE?.

BY: KETAN SHETH

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