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44827 |
Mar, 21
2025
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MISC. - ( CHANGE IN FIRM NAME AND CHANGE IN PSR )
We are planning for change in Firm Name and Change in Profit Sharing Ratios amongst same partners. No new Partner is being added nor anyone is retiring. I want to know will it have any impact on our eligibility for Bank Audits, seniority of Firm etc.
BY: KRUSHNAKUMAR SARDA
Total Answers : 3 | View Answers | Post Answers
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44825 |
Mar, 19
2025
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GST - ( 541641 )
Is breast implant surgery on transgender chargeable under GST?
As per guidelines issued by Indian Association Of Aesthetic Plastic Surgeons such surgery is gender affirmation surgery and not in nature of cosmetic surgery.
It is considered as medical necessity.
BY: KRITI GUPTA
Total Answers : 0 | View Answers | Post Answers
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44824 |
Mar, 18
2025
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MISC. - ( 082701 )
We have to send one parcel with export invoice to Brampton,Ontario State CANADA.Please advice the import duty as well as GST to be charged by that country.
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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44822 |
Mar, 16
2025
|
DIRECT TAXES - ( TAX AUDIT APPLICABILITY )
For FY 23-24 - Turnover Rs 1.50 Cr. Showed 15% profit. Filed ITR 4.
In FY 24-25 - Turnover Rs 90 Lakh. Ready to prepare PL and BS fully and file ITR 3 with full disclosure. Profit 15%.
Should the client do audit in FY 24-25?
BY: Sivaraman A.R.
Total Answers : 3 | View Answers | Post Answers
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44819 |
Mar, 14
2025
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DIRECT TAXES - ( TRUST - REGULAR REGISTRATION )
A trust which has been in existence for 3 years, not registered, applied for registration and was granted the same u/s 12(ac)(vi) (b) from 2024-25 to 2028-29.
The charitable activities has been ongoing since 3 years.
Should the trust apply for regular registration now and also request for condonation ( since 6 months has already elapsed from the commencement of charitable activities) or should the application be made only by 2028-29?
For the past 3 years return has been filed and tax paid at MMR.
Thank you.
BY: sandhya
Total Answers : 0 | View Answers | Post Answers
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44818 |
Mar, 13
2025
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Compliance - ( FORMATION OF FIRM )
I am planning to take COP and start my own practise however i have one existing tax consultant firm on my fatherin laws name. Can i take the firm name and registar it in ICAI rather than opening a new firm. Further I am planning to start a consultancy business which will be in partnership with lawyer, Tech employees to provided full financial and legal assistance to the customers, Can I do this without impacting my COP status?
BY: EKTA CHHALLANI
Total Answers : 1 | View Answers | Post Answers
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44814 |
Mar, 11
2025
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DIRECT TAXES - ( ORDER UNDER SECTION 250 OF THE INCOME TAX ACT, 1961 )
Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication.
The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits.
Accordingly, the case is remanded back for a fresh assessment.
Please advise for the stratagy.
BY: RAJEEV KUMAR
Total Answers : 3 | View Answers | Post Answers
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44815 |
Mar, 11
2025
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DIRECT TAXES - ( ORDER UNDER SECTION 250 OF THE INCOME TAX ACT, 1961 )
Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication.
The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits.
Accordingly, the case is remanded back for a fresh assessment.
Please advise for the stratagy.
BY: RAJEEV KUMAR
Total Answers : 3 | View Answers | Post Answers
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44816 |
Mar, 11
2025
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DIRECT TAXES - ( ORDER UNDER SECTION 250 OF THE INCOME TAX ACT, 1961 )
Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication.
The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits.
Accordingly, the case is remanded back for a fresh assessment.
Please advise for the stratagy.
BY: RAJEEV KUMAR
Total Answers : 2 | View Answers | Post Answers
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44817 |
Mar, 11
2025
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MISC. - ( 082701 )
Has anybody idea how much import duty and GST is charged in canada for import from India on readymade garments
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44813 |
Mar, 07
2025
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DIRECT TAXES - ( 082701 )
While filing online appeal before ITAT against the order of CIT appeal,whether Hard copies of physical documents are also required to be submitted
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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44812 |
Mar, 06
2025
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DIRECT TAXES - ( NOTICE UNDER SECTION 250 )
Notice under section 250 has been issued by CIT Appeal after the expiry a period of 5 years from the date of filing the application of appeal to CIT Appeal.
Please advise the provisions in act for time barred / void notice.
BY: RAJEEV KUMAR
Total Answers : 4 | View Answers | Post Answers
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44808 |
Mar, 01
2025
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GST - ( 082701 )
Asessee had applied for cancellation of GST registration in June 24 After issuing a notice for clarification (As in 19-20 input claimed was more in GSTR 3B compared to GSTR 2A) after our reply which pointed to Input less caimed in FY 20-21 in GHSTR 3B v GSTR 2A However Cancellation request was denied Another application for cancellation was made in July 24 Though registration was suspended and return filing was not required. Till date cancellation has not been made Whether is any rule of automatic cancellation after long delay
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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44809 |
Mar, 01
2025
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GST - ( 082701 )
Asessee had applied for cancellation of GST registration in June 24 After issuing a notice for clarification (As in 19-20 input claimed was more in GSTR 3B compared to GSTR 2A) after our reply which pointed to Input less caimed in FY 20-21 in GHSTR 3B v GSTR 2A However Cancellation request was denied Another application for cancellation was made in July 24 Though registration was suspended and return filing was not required. Till date cancellation has not been made Whether is any rule of automatic cancellation after long delay
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44810 |
Mar, 01
2025
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GST - ( INPUT REVERSAL DETAILS IN ANNUAL RETURN. )
when a dealer has wrongly availed Section 17(5) input during 2023-24 and has reversed the input in subsequent year in September 2024 by making payment in cash the GST input credit and interest through DRC03,whether the reversed tax input credit is to be disclosed in clause 12 and 7E of annual return of 2023-24?
BY: SANTOSH JAGANNATH PAI
Total Answers : 2 | View Answers | Post Answers
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44807 |
Feb, 28
2025
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DIRECT TAXES - ( NOTICE UNDER SECTION 250 OF THE INCOME TAX ACT 1961 )
Received notice under section 250 of the income tax act, 1961 on 25-02-2025 in connection the appeal filed against the order under section 147 r.w.s.144 of the income tax act, 1961 passed by Assessing Officer vide DIN NO ITBA/COM/F/17/2019-20/1020814100(1) on 20-11-2019 for the assessment year 2012-13.
Appeal files on 20-11-2019
As per section 250, CIT Appeal must issue the order within one year from the end of financial year in which the appeal file. and in special case within next one year.
Hear is last date 31-03-2021 and in special case the last date is 31-03-2022.
but here notice is being issued on 25-02-2025.
PLESAE ADVISE AND PROVIDE CASE LAW FOR CHALLANGING THE NOTICE VALIDITY.
BY: RAJEEV KUMAR
Total Answers : 2 | View Answers | Post Answers
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44805 |
Feb, 27
2025
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DIRECT TAXES - ( FOREIGN DIVIDEND TREATMENT )
An assessee, resident individual, received Dividend on ESOP shares held in US company. They have deducted tax @ 25% in the USA. We have filed the ITR using DTAA rates, but while processing CPC treated it as normal income and taxed at normal rate leading to a tax demand. Please advise, is it correct to treat the foreign dividend as Income Chargeable at Special Rate or should it be at normal rate.
BY: CA. VASUDEVAN P K
Total Answers : 1 | View Answers | Post Answers
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44806 |
Feb, 27
2025
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INDIRECT TAXES - ( 082701 )
A nonresident according to Income tax defination has returned to India permanently .However his stay during 2024-25 Financial year will be around 90 days . During the previous three years period he has npt visited India (1-4-21 to 31-3-24)
Can he apply for GST registration as residents apply
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44803 |
Feb, 26
2025
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AUDIT - ( REMOVAL OF AUDITOR )
We have been appointed as a Statutory Auditor in a company for 5 years. The Company went into CIRP process. The Resolution Professional has removed us even though our term were not completed and appoint another auditor. Our fees were outstanding and thats why we have not given NOC to the incoming auditor. The incoming auditor has accepted the audit without our NOC. Can the incoming auditor accept the audit without the NOC of previous auditor when the company is in NCLT.
BY: manoj sethia
Total Answers : 2 | View Answers | Post Answers
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44801 |
Feb, 24
2025
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DIRECT TAXES - ( TDS ON FOREIGN PAYMENT )
Hi All, An assessee is going to make payment to a Foreign Company for the repair work done on a machinery part based on the Invoice issued. The Foreign Company don't have any presence in India. Bank is advising to use the purpose code S1023 - Technical Services for Form 15CA/CB. Since the work done was outside India and the Foreign Company don't have any establishment in India, does the remittance attract sec 195 for TDS deduction. Please advise.
BY: CA. VASUDEVAN P K
Total Answers : 2 | View Answers | Post Answers
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44800 |
Feb, 16
2025
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DIRECT TAXES - ( TDS ON SALARY )
A person who is working in Dubai for an Indian Company and receiving salary for getting Sales for Indian company . And the salary paid by company to the person without TDS deduction u/s 192B.
Whether TDS will be deductible?
If He is resident
If He is Non - resident.
BY: DEEKSHA GARG
Total Answers : 1 | View Answers | Post Answers
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44797 |
Feb, 14
2025
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INDIRECT TAXES - ( HSN OR SAC CODE )
I, wanted to know that regarding applicability of HSN or SAC Code under GST on the transactions regarding Interest received on late payment by buyer. As section-15(2)(d) of CGST Act, says the value of supply also includes interest, penalty, and late fees for delayed payment of any consideration for the supply of goods or services or both. The same will be taxable at the rate at which such goods or services were taxable. In short, the classification of interest cannot be different from the classification of such goods or services.
Please help in determining HSN or SAC Code as well as How to reflect it in GSTR-1 (Table-12 HSN Summary of Outward supplies with UQC)
BY: CA. SHAH AMIT ANIL HANSA
Total Answers : 1 | View Answers | Post Answers
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44795 |
Feb, 13
2025
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DIRECT TAXES - ( TAXABILITY OF NRI )
Divya is working as a Technical Advisor (contract role) for Quintessence Technology as freelancer and receives a net salary of ?2,35,000 per month after 10% tax deduction in Malaysia. The salary is received in her Indian bank account, but she is NOT residing in India and qualifies as an NRI.
Whether this will fall under section 5 of Income tax act and same will be taxable on the basis of receipt if not what is the taxability as per section?
BY: DEEKSHA GARG
Total Answers : 1 | View Answers | Post Answers
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44796 |
Feb, 13
2025
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MISC. - ( PEER REVIEW )
As per recent peer review notification, practice units which propose to undertake the statutory audit of entities which have raised funds from public or banks or financial institutions of over 50 cr or any body corporate including trusts which are covered under public interest entities are required to have PRC. My query is which trusts are covered under public interest entities ? Whether all public charitable or religious trusts are covered under this category even if they have not raised funds from public or bank above 50 cr ?
BY: CA KEYUR SUKHWANI
Total Answers : 1 | View Answers | Post Answers
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44794 |
Feb, 12
2025
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DIRECT TAXES - ( TRANSIT RENT RECEIVED BY LEGAL HEIR )
In few of the rulings High Court has clarified that Transit Rent i.e. Rent received for temporary accommodation by the owner of a property under redevelopment will be considered as "Capital Receipt" and hence will not be subjected to tax.
However, in case where the developer / builder has defaulted in payment of rent and pay in arrears after a few years after the death of the owner, the arrear is paid to the legal heir of the deceased owner, what will be the Income Tax Treatment of the arrears received by such legal heir.
BY: SHRUTI P BUDH
Total Answers : 1 | View Answers | Post Answers
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44792 |
Feb, 08
2025
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GST - ( REQUIREMENT OF REGISTRATION )
If a person is having authorized service station of any vehicle company but his total turnover is Rs.12 lac only, whether he is liable for compulsory registration as per Section 24 of CGST Act?
BY: CA ATUL TOSHNIWAL
Total Answers : 4 | View Answers | Post Answers
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44791 |
Feb, 05
2025
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DIRECT TAXES - ( 082701 )
A cooperative society was issued intimation by CPC in 2015 raising demand of Around 2.50 Lacs by disallowing Sec 80 P deductiowhile filing IT return the professional had wrongly
mentioned status as cooperative bank instead of cooperative society The secretarey of the society was not aware After issuing refunds till 2021-22 Fin Year Income tax departmewnt has started adjusting refund against pending payment which has become around Rs 9 Lacs because of interest Appeal filed with Commissioner appeal to condone delay in filing appeal has been dismissed stating they there is not sufficient cause for delay Whether going to Tribunal
is advisable as case has been dismissed on technical grounds not on merit
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44790 |
Feb, 04
2025
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GST - ( SECTION 50(1) VS RULE 88B(2) )
Taxpayer has missed out two invoices in GSTR 1 and GSTR 3B for the FY 2021-22 but reported in GSTR 9 and paid the taxes and interest on net liability. (ITC was maintained from due date till the payment at the time of GSTR 9). But the officer issued SCN to pay interest on entire taxes i.e., interest should be paid on gross liability as per Rule 88B(2) as the taxpayer did not reported in GSTR 1 and 3B.
Any supporting inputs to pay interest on cash portion only?
Thanks in advance
BY: CA. MADAGALA VENKATA RAMANA
Total Answers : 1 | View Answers | Post Answers
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44787 |
Feb, 02
2025
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DIRECT TAXES - ( 082701 )
Whether TDS is required to be deducted if Payments exceed threshold limits i.e 50000or 20000 or 600000 (for Professional service,Brokerage and rent paymennts respectively) or payments should be below these limits
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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44788 |
Feb, 02
2025
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DIRECT TAXES - ( 082701 )
In budget 2025 Up to 12 Lacs Deduction of Rs 60000 can be obtained under sec 87A If taxable income is 1220000 whether tax liability will be 63000 plus Surcharge or Rs 20000 plus surcharge
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44786 |
Jan, 29
2025
|
GST - ( GST ON FOOD SERVICES GIVEN IN HOSTEL AND ITS CLUBBING WITH ACCOMODATION )
My question is with respect to whether food, internet services are provided along with accommodation outside educational premise by a private PG service are exempt or not , after the the decision of 53rd council meeting where accomodation services are exempt when stay is more than 90 days and rent is below 20,000 per month.
Since only 'accomodation services' words are used in the notification under entry 12A and the chapter within notification that has written is chapter heading 9963 which has a heading accommodation, food ,beverages.
Whether PG services provided along with food, internet services is considered exempt services or it is considered as a composite supply and be liable to GST since,only accomodation services exempt.
BY: YAGNESH
Total Answers : 2 | View Answers | Post Answers
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44784 |
Jan, 25
2025
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DIRECT TAXES - ( 082701 )
A cooperative milk producers society that is eligible for deduction under sec 80 P has to file ITR in January or feb 25
It is not claiming deduction under sec 80P for FY 23-24
Can it file under new tax regime and under old tax regime next year i.e FY 24-25
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44779 |
Jan, 17
2025
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DIRECT TAXES - ( SALARY AND 80CCD(2) NETTED )
FY 2021-22
Actual Salary Rs 20 lakh. 80CCD(2) Rs 200,000/- Form 16 clearly mentions this.
But while return, the client filed it as Salary Rs 18 lakh and 80CCD(2) ZERO.
143(1) initimation came stating that you have shown lower salary and demand came Rs 30000. Ignorantly Assessee paid the demand instead of revising the return.
Now assessee want to get back Rs 30000 he paid out of ignorance by showing Salary Rs 20 lakh and 80CCD(2) Rs 200,000/- as mentioned in Form 16
What is the way out? Is this a mistake apparent on record to file rectification return or should assessee go for 119(2)(b)?
BY: Sivaraman A.R.
Total Answers : 1 | View Answers | Post Answers
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44778 |
Jan, 07
2025
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ANNOUNCEMENT - ( 204398 )
I had been receiving daily mails in my official mail from the PDC-ICAI which i do not receive now.
I do not get the ejournal or the daily mails
kindly subscribe me to get these valuable mails
BY: CA. RENJITH K K
Total Answers : 2 | View Answers | Post Answers
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44775 |
Jan, 06
2025
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GST - ( GST RATE )
A chain of restaurants has one central kitchen in one city for supplying food (in fully cooked and semi-coooked form) to franchised standalone restaurant located in city and near city..can main kitchen charge 5% gst on the same??
BY: Ninad Prataprao Shete
Total Answers : 3 | View Answers | Post Answers
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44776 |
Jan, 06
2025
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MISC. - ( UNABLE TO CREATE USER ID FOR CAG EMPANELMENT )
I have been joined Shailendra Mishra & Associates on 12th Nov 2024. Shailendra Mishra & Associates (FRN -036800C) was incorporated on 20th July 2024 as a sole propritorship firm and later on converted intopartnership firm on 12th Nov, 2024. Now we want to empanel this firm with CAG, however we are not able to do so as we don't have the login credentail. Kindly help and guide.
BY: SATISH KUMAR SINGH
Total Answers : 2 | View Answers | Post Answers
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44777 |
Jan, 06
2025
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MISC. - ( 552646 )
i want to convert my proprietorship firm into partnership firm but there are questions in my mind pls help:
1. I have to resign from existing companies and appoint my partnership firm as auditor? or partnership firm will automatically become auditor of existing companies?
2. What procedure should i follow for conversion ? like first partnership deed is to be made or some approval required from icai first?
3. Will FRN no. will be same ?
BY: AAKASH GARG
Total Answers : 1 | View Answers | Post Answers
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44772 |
Jan, 04
2025
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DIRECT TAXES - ( 228923 )
Dear All, I have a Query, One of my client has converted his agriculture land in to Non Agriculture land and has made 30 plots in year 2021, and he has sold 2 plots in FY 2021-22 and 2 plots in FY 2022-23, during the FY 2023-24 he has executed a partition deed among his family members(3 sons) and has given 9 plots to his 3 sons in the partition deed.
1. Now my query is do i have to show these 9 plots in my sale consideration and pay tax on it or should i say i have gifted those plots to my family and debit my capital account and pay no tax.
2. Can Stock in trade be gifted/partitioned among family members and what would be the tax implications on it ??
Kindly request to post your reply as early as possible.
BY: SHAILESH KUMAR
Total Answers : 1 | View Answers | Post Answers
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44774 |
Jan, 04
2025
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GST - ( RATE OF GST )
A chain of restaurants has one central kitchen in one city for supplying food (in fully cooked and semi-coooked form) to franchised standalone restaurant located in city and near city..can main kitchen charge 5% gst on the same??
BY: Ninad Prataprao Shete
Total Answers : 1 | View Answers | Post Answers
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44769 |
Dec, 27
2024
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INDIRECT TAXES - ( 082701 )
A HUF consisting of Father mother and son is existing Does have movable property only There is daughter in law married around two years back and a granddaughter also
a few months old Whether Family settlement is ideal amongst Father Mother and son If Partion deed is opted whether it will attract stamp duty
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44770 |
Dec, 27
2024
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INDIRECT TAXES - ( 082701 )
A HUF consisting of Father mother and son is existing Does have movable property only There is daughter in law married around two years back and a granddaughter also
a few months old Whether Family settlement is ideal amongst Father Mother and son If Partion deed is opted whether it will attract stamp duty
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44771 |
Dec, 27
2024
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Service Tax - ( PROCEDURE TO CLAIM SERVICE TAX APPEAL REFUND )
KIND ATTENTION SIR, THE ASSESSEE HAS FILED AN APPEAL DURING THE FY 2022 WITH THE APPELLATE AUTHORITY WITH REGARD TO SERVICE TAX DEMAND . THE APPEAL HAS BEEN ALLOWED AND ORDER HAS BEEN RECEIVED IN FAVOUR OF THE ASSESSEE . KINDLY GUIDE US TO GET REFUND OF TAX DEPOSITED AT THE TIME OF FILING APPEAL. WHETHER REFUND APPLICATION FORM TO BE FILED MANUALLY OR THROUGH ONLINE WITH SERVICE TAX DEPARTMENT . THANK YOU SIR
BY: P.SHANGAR
Total Answers : 1 | View Answers | Post Answers
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44767 |
Dec, 26
2024
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DIRECT TAXES - ( INCOME-TAX PORTAL )
How to remove an existing Director from a private limited company in Income-tax portal, (in continuation to query ID 44766) . Profile page does not allow the same, any possible solution.
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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44768 |
Dec, 26
2024
|
GST - ( GST )
assessee has taken gst credit in gstr 3b but by mistake not taken entry in audited books of account
can assessee claimed credit
BY: Amit
Total Answers : 2 | View Answers | Post Answers
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44763 |
Dec, 24
2024
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GST - ( TURNOVER OF GSTR 1 IS HIGHER THAN GSTR 3B )
Dear all,
GST dept has sent notice regarding mismatch of turnover shown in GSTR 1 and that of shown in GSTR 3B resulting in demand of additional tax and interest.
Turnover shown in GSTR 3B had been considered in GSTR 9 & 9C,properly reflected in 26AS /TIS and considered while submitting 3CB & 3CD.
Concerned GST officer is reluctant to consider all these things.He is demanding additional tax on differential amount with interest.
Please guide,how to go about it ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 2 | View Answers | Post Answers
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44765 |
Dec, 24
2024
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GST - ( GSTR 9 )
An invoice was wrongly reported by the party in GSTR-1 of March 2024. As a result, in my GSTR 2B for March 2024 this extra invoice was featuring. In line with Circular 170 reporting, I availed the credit and simultaneously reversed it in table 4(B)(2) so that the credit is not coming in my GSTR 3B. Subsequently, the invoice was amended in April 2024. In GSTR 3B of April 24, I reclaimed the credit earlier reversed and the amendment done by counterparty ensured that net effect on ITC became NIL. Now how to disclose the claim and reversal of this extra invoice in GSTR 9 for FY 23-24 & FY 24-25
BY: RAHUL PARASRAMPURIA
Total Answers : 1 | View Answers | Post Answers
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44761 |
Dec, 18
2024
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GST - ( GSTR 9 AND GSTR 9C ISSUE )
Negative difference in Table 8 of GSTR 9:
1. Due to ITC taken, but necessary invoice was never uploaded by supplier (finally reversed within due time) and
2. Due to ITC taken for previous year, duly reflected with stipulated time and reflected in GSTR 9 of PY.
Difference in table 9 of 9C:
1. Due to outward supply of previous year duly amended in GSTR1 and GSTR3B of July next year and
2. Due to ITC taken, but necessary invoice was never uploaded by supplier (finally reversed within due time) as above.
How to resolve or show the same
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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44762 |
Dec, 18
2024
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GST - ( HOW TO SHOW SALE PROCEEDS OF A PROPERTY IN GSTR 9 )
In case of an assessee who is renting an immovable commercial property we show rent of property in gst 1 and gst 3 and pay gst on rent . But if in an year if that property is sold after receiving oc than gst is not applicable on it..will sale proceeds of property be shown in GSTR 9 as no supply turnover or is it not required to show sale proceeds of property in GSTR 9 as it is a capital gain
BY: NISHANT NARANG
Total Answers : 1 | View Answers | Post Answers
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44760 |
Dec, 16
2024
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MISC. - ( OCI HOLDER ARE PARTNERS AND HOLDING 99% )
A partnership firm floated with 3 partners out of which 2 partners are Overseas Citizen of India and both of them contributed 99% of capital and profit sharing also 99%.
Please clarify whether OCI can float partnership firm and contribute 99% capital and what are the compliances to be made
BY: E VARALAKSHMI
Total Answers : 2 | View Answers | Post Answers
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44758 |
Dec, 12
2024
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MISC. - ( CODE OF ETHICS )
Queries related to Code of ethics
1.Is it mandatory to use common logo of CA. There are many firms which does not use common CA logo. However they write their firm name with some different symbol ( like Star or Box or upward arrow) or colour or design. Is this correct.
2. Can we use Common CA logo and Firm name with some different symbol ( like Star or Box or upward arrow) or colour or design.
3. Is there any restriction or Guidelines for writing name of firm. Whether related to style,design, colour, etc ?
4.Can write name of firm uniquely or some other colour background or some symbol/Designs etc.
5.Can we mention QR code on Signboard and Letterhead. ?
6.Can we display name of services in our office premises
7. On Linekdin , Can we prepare separate profile of Firm . Is there any guidelines for Firm Profile .
Can we show Linkedin symbol in visiting card
8.Can we mention minimum recommended fees of ICAI on our website
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44757 |
Dec, 09
2024
|
DIRECT TAXES - ( SECTION 80JJAA )
For claiming deduction under section 80JJAA, whether contract labourers are to be considered. Due to contract workers, the head count at the end of the year increases compared with that at the beginning of the year.
BY: balasubramanian
Total Answers : 3 | View Answers | Post Answers
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44755 |
Dec, 03
2024
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GST - ( HOW TO TAKE BENEFIT OF SEC16(6) )
In this case 2020-21 notice is issued DRC-01
History - Sept-2020 to Mar-2021 return was filed on 10.01.2022 ( as number was cancelled and appeal was filed and then after restore all pending return were filed ) so all ITC claimed in this period is disallowed . The notice is issued before sec 16(6) is enacted. Here query is The appeal order was passed on 24.11.2021 with condition to file all pending returns within 5 days. But to file return GST portal need to give access technically restore of GST Number. So, Ghatak given restore effect on 05.01.2022 and we file all pending returns before 10.01.2022 So my question here is that genuinely 30 days as per sec 16(6) shall be counted from activation of GST number on portal . But we don't have any evidence ( GST REG 20,) which proves our genuineness. No restore order available online.
So any solution to this query pls
BY: CA. HEMANG KISHORBHAI AMBANI
Total Answers : 1 | View Answers | Post Answers
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44753 |
Dec, 02
2024
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GST - ( IGST REVERSAL )
IGST reversal due to CDNR was not effected in GSTR 3B as there was no IGST sale in the respective return, and GSTR 3B not consider it automatically in next month.
Can manual reduction of liability be made in 3B
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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44752 |
Nov, 30
2024
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MISC. - ( 082701 )
Goods have been sent to Canada by Speed post (Indiapost)Bill has been given to Post office What is the next requirement to be fulfilled
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44750 |
Nov, 21
2024
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GST - ( 082701 )
If we have to sed goods abroad to close relative Can it be sent without issuing bill
In case we send it from a business Firm whether we have to issue invoice as well as pay IGST
BY: Mahesh Kumar
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44751 |
Nov, 21
2024
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GST - ( RCM ON RENT PAID TO GOVERNMENT )
AS PER NOTIFICATION NO 03/2018 DATED 25.01.2018 GST ON REVERSE CHARGE BASIS TO BE PAID BY "Any person registered under the Central Goods and Services Tax Act, 2017" FOR "Services supplied by the Central Government, State
Government, Union territory or local authority by way of
renting of immovable property to a person registered
under the Central Goods and Services Tax Act, 2017" and As per section 24 (iii) of CGST Act "person who are required to pay tax under reverse charge" is compulsory liable for registration. My query is if a person having turnover less than 10 lakhs and paying rent for commercial property to Government whether required to pay tax under reverse charge. On other way whether he is required to registered compulsorily under GST act to pay GST on reverse charge basis.
BY: ABHISHEK MITTAL
Total Answers : 1 | View Answers | Post Answers
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44748 |
Nov, 18
2024
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Companies Act, 2013 - ( ROTATION OF STATUTORY AUDITORS PARTNERSHIP FIRM )
Whether the same partner can sign the financials of a listed entity for the sixth to seventh year in a row for a firm of statutory auditors ? As SQC 1 explains that signing partner can be engagement partner for seven years in a row of a listed entity? Is there any preventive clause anywhere in Companies Act,2013 to prevent a signing partner to sign the financials for sixth year in a row.As companies act says 50% of audit team should be rotated .But silent about the signing partner.
BY: DIXIT SHAILENDRA PREMSHANKAR
Total Answers : 1 | View Answers | Post Answers
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44749 |
Nov, 18
2024
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DIRECT TAXES - ( FILING OF UPDATED RETURN )
Assessee has a refund of Rs.1.70 lakhs in original return for AY 2023-24. But it was never paid and demand was raised by intimation under 143(1a) for Rs.54 lakhs due to clerical error in capital gain reporting.
Now there are other items left out and the assessee wants to file an updated reuturn. However systems takes Rs.1.70 as paid and tax is computed over and above that amount.
Is there any solution?
BY: ALAMELU N N
Total Answers : 3 | View Answers | Post Answers
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44746 |
Nov, 13
2024
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AUDIT - ( 082701 )
Whether MSME category of Chartered accountants gets any priority in audit alottments If not Whether any of the Central Council member has included this in their agenda while approaching for votes
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44747 |
Nov, 13
2024
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DIRECT TAXES - ( INCOME TAX TREATMENT OF CONVERSION OF PROPRIETORSHIP INTO LLP )
I have converted a Proprietorship into LLP w.e.f. 08.04.2024 and all the assets and liabilities of the said proprietorship have been transferred into LLP. Thus, Sale from 01.04.2024 to 07.04.2024 are in the proprietorship firm and from 08.04.2024 onwards the sales and all the business transactions are appearing in the LLP. Now my questions are:
1. What will the tax treatment in the hands of the person whose business has been transferred into LLP ?
2. How will the ITR of that person be filed ?
3. What entries are required to be made in his ITR with respect to the transfer of business to LLP?
BY: Gaurav Kumar Baranwal
Total Answers : 1 | View Answers | Post Answers
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44745 |
Nov, 09
2024
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MISC. - ( PEER REVIEW )
As per revised applicability of peer review mandate (Phase II & III), Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities are to be covered from 01.01.2025.
How can we identify trusts which are covered under public interest entities ? Do all Public Charitable and/or Religious Trusts fall under the category of public interest entity ? Is there any threshold monetary limit for these trusts ?
BY: Nilanjan Kayal
Total Answers : 1 | View Answers | Post Answers
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44743 |
Oct, 27
2024
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AUDIT - ( 082701 )
Can a firm with plumbing service of Rs 49 Lacs and Goods sale of 20 Lacs is required to get Tax Audit compulsorily If it opts for Presumptive taxation How much profit should be shown for plumber service
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44742 |
Oct, 23
2024
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DIRECT TAXES - ( 082701 )
A firm providing plumber service Value around 50 Lacs and at the same time selling motors etc of 20 Lacs Whether Tax audit is necessary
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44741 |
Oct, 19
2024
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AUDIT - ( 082701 )
A firm is in loss to the tune of Rs 50 Lacs A Tax Audit report is to be revised and a few Balance sheet figures are also to be amended Whether it can cause problem from Income Tax End
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44740 |
Oct, 16
2024
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DIRECT TAXES - ( 082701 )
A restaurent has been opened (additional branch of existing franchisee) Expenses incurred on inaugration includes Hotel and travelling expenses of family members. Whether these can be amortised/capitalised
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44738 |
Oct, 15
2024
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AUDIT - ( 082701 )
TAR has been filed without filling clause 18 (depreciation particulars) Can we revise TAR filling assets details but not claiming Depreciation in a Partnership firm
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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44739 |
Oct, 15
2024
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GST - ( 082701 )
I want to add certain figure in GST sales in B2Cs (unregistered Sale) to already filed B2Cs figure in GSTR 1 but old figure is not visible in GSTR 1A Will this figure be added to already filed GSTR1
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44737 |
Oct, 14
2024
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GST - ( ITC ON SUBSIDIZED PRODUCTS TO COMPANY OWN DIVISION IN OTHER STATE )
A manufacturing company producing taxable and exempt goods in Rajasthan and send some of exempt goods as sample @Rs.1/- per item excluding GST (whereas GST is Nil) to Delhi head office (Both have different GSTIN but related parties as PAN is Same) but the market price of such item is Rs.115/- per item. The main raw material also exempt received from other vendor but the other packing materials which is purchased by another division under same GSTIN and transferred to Manufacturing division through delivery challan, used in production of such exempt good is taxable under GST. How this would be treated as GST credit taken or reversal of ITC. can a organization sell Goods lesser than cost because it will create a gap between ITC availed and Output liability in case of taxable goods.
BY: UMESH SHARMA
Total Answers : 0 | View Answers | Post Answers
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44736 |
Oct, 02
2024
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OTHER BODIES - ( ETHICAL BOARD )
I am a practicing chartered accountant and an additional director in a private limited company duly complying to the norms prescribed by ICAI. The private limited company has borrowed a vehicle loan from a scheduled bank.
The scheduled bank is creating a charge for the loan borrowed and is insisting that the concerned form for creating charge should be signed by affixing the practicing CA digital signature instead of the other directors of the company.
Whether the same is permitted according to the ethics prescribed by ICAI and would it not amount to participating in the day to day activities of the company?
BY: PANI RAJ KATEPALLI
Total Answers : 1 | View Answers | Post Answers
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44735 |
Sep, 27
2024
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DIRECT TAXES - ( INCOME TAX RETURN FILED BY A GRATUITY TRUST BUT NOT REQUIRED TO BE FILED UNDER SECTION 139 - DEMAND )
Vide CIRCULAR NO.18/2017 [F.NO.385/01/2015-IT(B)] dated 29-05-2017, it is provided in para 4 of the Circular that accordingly, it has been decided that in case of below mentioned funds or authorities or Boards or bodies, by whatever name called, referred to in section 10 of the Income-tax Act, whose income is unconditionally exempt under that section and who are also statutorily not required to file return of income as per section 139 of the Income-tax Act, there would be no requirement for tax deduction at source, since their income is anyway exempt under the Income-tax Act.
Question: However, a recognised provident Fund inadvertently filed its return of income which was processed by CPC and raised a tax demand. We have replied to the TRO that a recognised provident fund is not required to file income tax return hence the demand should be struck off.
He replied that assessee fails to answer the question as to if the recognised trust is not required to file income tax return then why it was filed? And asking the demand to be paid.
Please advise.
BY: Babulal Sharma
Total Answers : 1 | View Answers | Post Answers
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44733 |
Sep, 23
2024
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INDIRECT TAXES - ( BILL OF ENTRY NO REFLECT IN GSTR 2A )
Dear Sir,
we was paid of payment for the bills of entry of As per our reassessment of bills of entry for the financial years 2019-2020 and 2020-2021, we have made payments for all outstanding bills, including interest and penalty. However, we have noticed that the reassessed bills of entry are not reflecting in the GSTR 2A.
please provide suggestion for ITC take or Not
BY: SHAILESH JIVANBHAI SUTHAR
Total Answers : 2 | View Answers | Post Answers
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44732 |
Sep, 22
2024
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AUDIT - ( FORM 10B/10BB(AUDIT REPORT) FOR FY 23-24 )
A society (Registered under Societies registration Act) has obtained provisional registration under 12A/80G and Form 10AB is still pending to be filed. Audit Report For FY 23-24 has been issued. Is the provisionally registered society required to File Form 10B/10BB(Audit Report) for FY 23-24 since it has not obtained the final registration and approval under Section 12A/80G from IT dept? Gross Receipts of the Society for FY 23-24 is 58 Lacs approx ans whether tax audit is applicable to such society?
Kindly guide in this matter with relevant information
BY: CA INDRANEEL BISWAS
Total Answers : 1 | View Answers | Post Answers
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44731 |
Sep, 17
2024
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MISC. - ( 255279 )
Subject: Assistance Required: COP Application Issue Due to Outdated Employment Records in ICAI Portal
Dear Respected Seniors,
I am writing on behalf of a fellow Chartered Accountant who recently transitioned from employment to practice. He is facing a significant issue while trying to apply for a full-time Certificate of Practice (COP) through the ICAI SSP portal.
Background:
My friend was previously employed with two organizations.
The first employer had registered the employment with ICAI, but the termination of this employment was never updated in ICAI's records.
The second employer, with whom he worked for four years, was not registered at all in the ICAI system.
As a result, ICAI records still show him employed with the first employer, and the termination and subsequent employment details are missing.
Current Situation:
More than three years have passed since he left the first employer, and around six months have elapsed since we initiated efforts to resolve this issue.
We have raised multiple tickets through the SSP portal, but unfortunately, we have not been able to rectify the employment details.
We need to terminate the first employment, update the second, and then apply for a full-time COP.
Both employers are willing to cooperate, but despite their assistance and our attempts through the portal, the issue remains unresolved.
Request for Guidance:
If anyone has encountered a similar situation or has any knowledge of a proper channel to escalate this issue within ICAI, we would be extremely grateful for your advice.
If you could provide any email addresses, contact persons, or specific ICAI departments that could assist in resolving this, it would be of immense help to us.
Due to this issue, my friend has been unable to perform audits or engage in practice for the past six months. We are seeking urgent guidance on how to navigate this situation and successfully update the records in the ICAI portal to obtain a valid
BY: RYALI VAMSI KRISHNA
Total Answers : 1 | View Answers | Post Answers
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44730 |
Sep, 12
2024
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GST - ( 082701 )
An asessee is selling majority of goods out of state and is issuing interstate bill with Eway bill but his purchases are local and through Cycle rickshaw and Erickshaw that are not accompanied with Ewaybill GST officials are asking for explanation for difference in Ewaybill generatewd and Ewaybill received
BY: Mahesh Kumar
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44727 |
Sep, 07
2024
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COUNCIL DECISION - ( PRIVATE TUTORSHIP LESS THEN 25 HOURS A WEEK )
Private tutorship less then 25 hours a week whether General Permission or Specific Permission as per below 190A extract -
Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to
such activities taken together do not exceed 25 hours a week.
BY: ANKIT BHANSALI
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