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| 44576 |
Nov, 20
2023
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MISC. - ( PART TIME COP WITH FIRM NAME ALLOWED OR NOT )
A member took full time COP and has registered her Firm with ICAI. Now is planning to join a CA firm as an employee wants to know that on doing so when employer firm will add his details in their firm with the ICAI then his COP will automatically get converted into Part time COP or he has to intimate ICAI as unable to fill form 190A because sole incharge of proprietorship firm?
And also wants to know his (members) firm registered under him will continue as it it's or need to do anything?
BY: TAMANNA VASANTA
Total Answers : 2 | View Answers | Post Answers
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| 44573 |
Nov, 15
2023
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GST - ( ITC CREDIT FOR OCT.'23 )
Supplier had filed its sales without GST no. during the month of March'23 and still not filed its GST return for Aug'23 and onwards. Can we take GST credit of the same without being updated in GSTR 2B. As post Nov.'23 we can't claim ITC for the period 22-23, is other option left to take this ITC
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 44574 |
Nov, 15
2023
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GST - ( PAYMENT OF GST BY THE OWNERS IN DEVELOPMENT AGREEMENTS )
Sir in the case of a Development agreement to construct apartments on the site of the owner by a builder, how do we pay the GST on the owner's share of apartments. It is the onus of the developer to pay the GST on the owners share of apartments. How do we pay the GST.
Should it be paid in RCM or
DRC03 or
Should it be shown as the turnover of the Developer and pay 18% GST on services of construction renedered to the owner?
Kindly clarify.
BY: Y.KANAKAMAHALAKSHMI
Total Answers : 2 | View Answers | Post Answers
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| 44575 |
Nov, 15
2023
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GST - ( HOW TO CLAIM INPUT GST ON ONLINE TRADING OF GOODS )
The dealer sells goods through flipkart say for Rs100/- per unit. Flipkart pays Rs. 30 for delivery charges and remits Rs. 30 to the dealer with GST. The turnover is booked at RS. 70 with GST for a sale of Rs. 100. Besides the input GST on delivery charges paid by Flipkart is passed on to the dealer as it is booked on the dealer's GST. The dealer is recording a gross profit of Rs 40 being 70-30 = 40 ( booked turnover- delivery charges) where his gross profit is 100-30=70.
Hence resulting in a loss with heavy input to be reversed. How do we deal with this situation?
BY: Y.KANAKAMAHALAKSHMI
Total Answers : 1 | View Answers | Post Answers
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| 44569 |
Nov, 06
2023
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GST - ( NON- RECEIPT OF GOODS )
In case of few purchases, supplier of goods raises invoices in the name of particular buyer, but goods taken away by some other person from transporter. Only issue is ITC comes under buyers name without actual purchases / payment / supplies. If buyer not take credit of the same from 2B on account of the above, how it would deal with possible reversal if any (in future)
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 44568 |
Nov, 03
2023
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DIRECT TAXES - ( 082701 )
A HUF was formed around 15 years back by accepting a nominal Rs 5000- gift from brother of Karta .HUF consisted of Karta,his wife and a male child then minor. It did business for around 12 years and has a capital of Around 27Lacs which is standing in the books of a firm to whom all assets and liabilities were transferred while closing the firm owned by HUF Now The said firm is returning Rs 27 Lac to HUF's saving account Son of Karta has recently got married.How should be amount of Rs 27 Lacs should be distributed Whether Daughter in law of Karta will also be entitled to her share or Rs 27 Lacs can be divided between Karta.his wife and his Son only
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 44564 |
Oct, 26
2023
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DIRECT TAXES - ( CLAIMING 80IAC WHEN OPTED FOR 115BAA )
Assessee:- Pvt Ltd Company
Date of Inco:- Sept 2019
Filed Return:- AY-20-21, 21-22, 22-23
Tax Rate:- 115BAA i.e. 22% However 10IC filed for AY 21-22 only.
Status:- Startup Registration got on Nov 21
80IAC Approval:- 24 Oct 2023
ITR and Tax Audit:- Due date 31/10/23 not yet uploaded
Query:- Assessee want to exercise 80IAC for AY 23-24 or AY24-25 onwards.
Can he do so? Assessee wasn't aware at the time of filing first year return about start up registration and 80IAC. Mistakely selected tax rate u/s 115BAA. Now assessee wants to get deduction u/s 80IAC. He is ready to file rectification/Updated return with 25% tax rate for AY 21-22 and AY 22-23 and pay differential tax. Need opinion on this.
BY: ASIF MUJAWAR
Total Answers : 1 | View Answers | Post Answers
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| 44565 |
Oct, 26
2023
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DIRECT TAXES - ( TREATMENT OF SALES INVOICES )
Hi All,
As assessee, being a railway contractor, had raised an invoice during Mar'23, and filed GST return of Mar'23 by including the same. However TDS has been deducted by Railways only in Apr'23 at the time of payment. If I included this invoice in FY 22-23, we will be denied the TDS credit by the CPC. Please advise if it's right to carry forward the sales to next year by showing it as WIP or otherwise and include it in next year sales and claim TDS credit. Thanks
BY: CA. VASUDEVAN P K
Total Answers : 2 | View Answers | Post Answers
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| 44566 |
Oct, 26
2023
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GST - ( APPLICABILITY OF INTEREST ON DELAYED PAYMENT OF GST )
Fact of the case
1. Original 03 Invoices raised in the month of March 2018 - Taxable Value Rs. 40000000 on CGST / SGST @ 2.5% -1000000 /1000000
2. Amended one invoice in the month of August 2018 of Rs. 400000 @ 18%
3. Raised Two Debit Note in month of September 2018 for renaming two invoices pertaining to 2017-18 for differential tax
Original Invoice Date
31/03/2018
31/03/2018
31/03/2018
Later in the month of August 2018 invoice No. 02 amended for correction in GST Rate
Amendment
Original Invoice Date
31/03/2018
in the month of September 2018 raised two debit note for Invoices pertaining to 2017-18 for differential Tax amount
Date of Dr Note
15/09/2018
15/09/2018
GST Paid in the month of March 2019 through credit ledger
Now GST Department demanding Interest on Rs. 52,00,000/- on amended invoice as well as debit note raised in next financial year ( 2018-19) from 20/04/2018 till date of deposit of Tax. Tax deposited thrugh credit ledger.
Credit ledger have balance in the month of March 2018 Rs. 10,00,000 & in the month of March 2019 45,00,000/-
Required Advice / Guidance
Applicability of Interest -
1. From April 2018 on 52.00,000/-
2. From August 2018 on 19,50,000/-
3. From September 2018 on 32,50,000/-
4. Whether Credit ledger Balance in the Month of March/ August / September & March 2019 is considered for charging Interest ?
BY: Pravin Taparia
Total Answers : 0 | View Answers | Post Answers
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| 44563 |
Oct, 25
2023
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COUNCIL DECISION - ( WORKING IN INDUSTRY ON WORK FROM HOME BASIS AND HOLDING COP )
I am currently working in private limited company (IT consulting services) on work from home basis from 2 p.m. to 11 p.m. shift. Monday to Friday. At the same time I am holding a COP and associated with firm as branch in charge. I lost my job in gulf and returned to Indian. I was thinking of setting up a practice in home town. During the process of renewal of membership and COP as well as arrangement with firm, I got an offer for work from home basis. I accepted the offer to start employment and continued to hold COP and associated with firm. Establishing a practice in a small town with too much competition will take it's own time. Also, need to support families financially as well. In this circumstances can i continue with employment as well as hold full time COP or any other best option available.
BY: Jainuddin Nihal
Total Answers : 2 | View Answers | Post Answers
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| 44561 |
Oct, 18
2023
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DIRECT TAXES - ( QUERRY REGARDING FORM NO. 10B AND ITR-7 )
1) While filling form No. 10B - Sl No. 18, to fill the details of incidental business, we are getting only one line item to fill. Whereas in case of educational institutions, there are two or three incidental businesses such as busses and hostels etc. How to fill the drop down box. Can we give only one incidental activity and give the receipts of all the businesses put together in the column for gross receipts of incidental businesses.
2) While filling ITR-7 SCHEDULE - JA2, LONAS AND BORROWINGS, is it necessary to take the figures of "OD/CC" accounts also. Sometimes it may so happen that the expenditure for attainment of objects will be met out of OD/CC accounts and we will claim such expenditure as spent/
BY: CA. VENKATA SATYANARAYANA V
Total Answers : 1 | View Answers | Post Answers
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| 44560 |
Oct, 14
2023
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Capital Gains - ( LTCG WHEN SALE CONSIDERATION RECEIVED IN INSTALLMENTS )
Capital Gain on Sale of Urban Agriculture Land
Date of Sale :- 20/03/2023
Sale Consideration:- 1 crore (Only 20 lakhs is received till the date as agreed in registry and remaining will receive in March 24)
Indexed Cost of Acquisition:- Rs. 3 lakhs
Possession Given and Registry done on 20/03/2023
Seller wants to take Benefit of section 54B (Purchase of another agriculture land) but amount is not received till the date of return filing and even now.
Please suggest what to do ??
BY: Ankit Vijaywargiya
Total Answers : 1 | View Answers | Post Answers
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| 44559 |
Oct, 10
2023
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GST - ( EINVOICING OF TAXPAYER )
Assessee have been enabled for e-invoicing on the GST portal. But as the taxpayer deals Mainly in NON-GST items and small turnover of taxable items in B2C category only, what to respond if mail have been received for filing declaration for exemption under the specified category (which not applicable to aseessee)
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 44558 |
Oct, 09
2023
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DIRECT TAXES - ( REVISED TAX AUDIT REPORT )
During filing of tax audit report,
the details of Non-deduction of TDS on payment to resident was wrongly entered in coloum of non-resident.
i.e. detailed to be entered in 21.B.(ii) - 30% disallowed was entered in 21.B.(1) - 100% disallowance.
Query :
1. can revised report be filed ?
BY: DNYANESH PATADE
Total Answers : 3 | View Answers | Post Answers
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| 44557 |
Oct, 01
2023
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AUDIT - ( TAX AUDIT CEILING LIMIT CLARIFICATION )
"The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the "specified number of tax audit assignments".
FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD upto 2 CRORE OR 1 CRORE ?
For example
Last yr turnover 80lac opt for 44AD but current year turnover 1.6cr opt out 44AD and net income exceed minimum amount chargeble to tax.
Please clarify that under which section audit will be done 44AB(a) or (e) for current year and it will counted under our Audit limit of 60?
BY: MD AZHAR
Total Answers : 1 | View Answers | Post Answers
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| 44554 |
Sep, 24
2023
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DIRECT TAXES - ( INTER BRANCH SALES - GST, AUDIT, ITR )
Hi,
I have one client....it has 2 branches one in Delhi and one in Haryana.
Delhi Branch Sale - 2.5 Cr.
Haryana Branch Sale - 1 Cr.
Total Sale as per GST - 3.5 Cr.
But Haryana branch only transfers stock to Delhi branch and no outside sale.
Now, as per Income Tax audit will be done on 2.5 cr.
Can we show Rs. 3.5 cr. sale in ITR, as sale and purchase of 1 cr. will be set off against each other and no impact on GP/NP.
Because if we state 2.5 cr. sale in ITR, then we can get notice from Income Tax department and it can lead to unnecessary litigation.
If anyone of you have any such client, please respond how are dealing with the same in audit and ITR?
BY: CA ROHIT GARG
Total Answers : 1 | View Answers | Post Answers
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| 44553 |
Sep, 22
2023
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MISC. - ( FIRM APPROVAL FOR NEWLY QUALIFIED CA )
I HAVE APPLIED FOR COP. I WANT TO PRACTICE AS A PROPRIETOR, IS IT NECESSARY TO TAKE FIRM NAME APPROVAL AS I WANT TO PRACTICE AS "MANISHA & ASSOCIATED".
AS PER REGULATION 190 , IF CA WANTS TO PRACTICE IN HER OWN NAME, NEED NOT APPLY FOR APPROVAL. KINDLY RESOLVE MY QUERY.
BY: MANISHA RAJBHAR
Total Answers : 2 | View Answers | Post Answers
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| 44548 |
Sep, 21
2023
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AUDIT - ( APPLICABILITY OF CARO 2020 )
Regarding Private Limitred, have one Confusion . In the Order it is mentioned that
not being a subsidiary or holding company of a public company
Here My Query is Whether if Private Limited Company is a Subsidiary of one foreign Company. Then CARO is applicable to this or nor?
Because of the Professionals are telling that CARO is applicable to Any Subsidiary Company.
BY: LAKSHMI NARAYANA PANTHANGI
Total Answers : 1 | View Answers | Post Answers
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| 44549 |
Sep, 21
2023
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AUDIT - ( 168743 )
1. Can a CA do Audit of the Firm in which his Uncle's son is a partner holding 75% share?
2. Can a CA do the Audit of the proprietorship firm of Father-in-Law?
BY: DHANESH GALA
Total Answers : 1 | View Answers | Post Answers
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| 44546 |
Sep, 03
2023
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TDS/TCS - ( SUBMISSION OF 26Q FOR Q 1 OF FY 2324 )
Dear Member,
Has anybody submitted 26Q for Q1 of FY 2324 ?? I have tried it today.But error report is coming regarding latest version of FVU and/or old CSI file.But I have updated my software and downloaded latest CSI file.But of no use.What to do ?? Please suggest.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 44543 |
Aug, 31
2023
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AUDIT - ( AUDIT UNDER SECTION 44AB(E) )
My query is that one of my client is opted sec 44AD last year having turnover of 1.20 crore but for this year having turnover of 1.70 crore and profit is 8.5 lakh (5%) then under which clause audit is applicable 44AB(A) Or 44AB(E)
BY: ANIL SHARMA
Total Answers : 3 | View Answers | Post Answers
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| 44542 |
Aug, 27
2023
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TDS/TCS - ( CHALLAN CORRECTION )
Dear Members,
I want to make TDS challan correction regarding financial year only of Q1 of FY 23-24.26Q has not yet been submitted.TRACES is sending messages regarding new value is to be given of major head,minor head and section.But there will be no change regarding these three values. Can anybody tell me whether challan correction is possible before submission of return ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 1 | View Answers | Post Answers
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| 44539 |
Aug, 24
2023
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DIRECT TAXES - ( 082701 )
A Proprietorship firm with turnover less than 1 Crore and Net Profit exceeding 2.50 Lacs but less than 8%/6% does not required Tax Audit but has to file ITR in Form ITR 3. Am I correct
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44536 |
Aug, 21
2023
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DIRECT TAXES - ( 082701 )
A tax audit report has to be rectified for a clerical mistake not effecting Balance sheet or Tax liability.While ITR has been already filed and UDIn is created Whether it will have effect on ITR filed/UDIN generated
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44533 |
Aug, 20
2023
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TDS/TCS - ( CHALLAN CAN`T BE DOWNLOADED )
Dear Members,
I remitted TDS amount in challan 281 on 06/08/2023 and it was sunday.Status is showing as `` initiated`` and it is valid till 21/08/2023.Amount has been debited from bank and there was no reverse entry till date.TDS grievance is of no help.What to do ?? Please guide me.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 44534 |
Aug, 20
2023
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DIRECT TAXES - ( FORM NO 13 FOR LOWER DEDUCTION OF TDS )
An NRI has sold a flat for Rs 75 Lacs Short term capital gain is around 5.25 Lac Tax Liability is around 13000-
He has filed Form no 13 on 20-8-23 online and acknowledged by CPC (TDS) on 20-8-23
Registration of Title deed is due within a week
Sale agreement is dated 8-8-23 and TAN of deductor was applied on 10-8-23 which was issued a couple of days back
In such a case what will be the duty of Deductor reg TDS as certificate is not expected soon
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44531 |
Aug, 17
2023
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AUDIT - ( 082701 )
A CA has to file revised tax audit report by correcting Business Address and with the name of Prop Firm name to be added. In such a scenerioo whether UDIN will have to be generated with amended date of Tax Audit report
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44529 |
Aug, 14
2023
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OTHER BODIES - ( EMPLOYEE GRATUITY )
A company has taken Emp. Gratuity policy with LIC. For the outgoing employees LIC has remitted the Gratuity to the Trust. However due to Bank account operation issue, they made payment to the outgoing employees from the Company. They have also booked the payment as expense and disallowed the same in the Co. IT return. Now the funds are lying in the Trust. Is there any way out to utilize the Funds with the Trust. Can the Trust remit the money received from the LIC to the Co.
BY: CA. VASUDEVAN P K
Total Answers : 1 | View Answers | Post Answers
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| 44530 |
Aug, 14
2023
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OTHER BODIES - ( EMPLOYEE PROVIDENT FUND )
A Company made EPF payment to a retiring employee through Trust. The Assessee retired on Jul'21 and received the EPF payment on May'22. For the interim period the trust has paid interest on the accumulated balance. While making the payment the Trust deducted TDS on entire interest, i.e. int for the period Aug'21 to May '22 on accumulated balance. Is it right to deduct TDS on the entire interest. Shouldn't they segregate taxable and non taxable contributions and deduct TDS on interest from accumulated balance of taxable contributions.
BY: CA. VASUDEVAN P K
Total Answers : 1 | View Answers | Post Answers
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| 44528 |
Aug, 13
2023
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DIRECT TAXES - ( 082701 )
A Proprietoship Firm's Tax audit report has been filed mentioning only Name of Proprietor his PAN and his residential address.However Firm name was by mistake ommitted. Does it require rectification,although ITR has also been filed
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44526 |
Aug, 08
2023
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DIRECT TAXES - ( SALE OF PROPERTY BY NRI )
A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers
Is there any wayout
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44527 |
Aug, 08
2023
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DIRECT TAXES - ( SALE OF PROPERTY BY NRI )
A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers
Is there any wayout
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44522 |
Aug, 03
2023
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MISC. - ( WILL AND RELEASE DEED )
Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you.
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 44523 |
Aug, 03
2023
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AUDIT - ( CERTIFICATE ON INTEREST EQUALIZATION )
Dear Sir,
With respect to your mail seeking certificate from us, we would like to bring to your attention in respect of Interest Equalization Certificate that :
As per RBI circular RBI/2015-16/259 DBR.Dir.BC.No.62/04.02.001/2015-16 dated 4th December 2015, " The claims should be accompanied by an External Auditor’s Certificate (with stamp and membership number) certifying that the claim for interest equalisation of Rupees…………….. for the month ended ………….. has been verified and found to be strictly in accordance with the provisions of the Government scheme enclosed with the circular DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015. Claims for reimbursement will be considered for settlement only after receipt of this certificate."
Here, concurrent auditors cannot be considered as External Auditor from Banks point of view. The certificate if any to be obtained should be obtained from the Statutory Auditor of the Borrower. A certificate from an external auditor i.e. statutory auditor of the Borrower would be relevant here since there are few conditions given in the RBI circulars which cannot be verified by us. Few of the conditions enumerated in the circular that cannot be verified by us are as under-
a) The extended Scheme will not be available to those beneficiaries who are availing the benefit under any Production Linked Incentive (PLI) scheme of the government.
b) All eligible exports under the scheme would have to meet the criteria of minimum processing for the goods to be called as Originating from India and would be governed by provision of Paragraph 2.108 (a) (Rules of Origin [Non preferential]) of Handbook of Procedures of Foreign Trade Policy 2015-2020.
c) The scheme will be available to all exports under 416 tariff lines [at ITC (HS) code of 4 digit]as per Annexure A and exports made by Micro, Small & Medium Enterprises (MSMEs) across all ITC(HS) codes.
Also, an article regarding the same issue was published in Economic Times wh
BY: CA. TOTLA RAJENDRA P
Total Answers : 0 | View Answers | Post Answers
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| 44521 |
Aug, 01
2023
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CORPORATE & OTHER LAWS - ( WILL AND RELEASE DEED )
Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died .
Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ?
I want to know difference between Will and Release deed
Also I want to know requirement of preparing Release deed.
Thanking you.
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 44518 |
Jul, 27
2023
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DIRECT TAXES - ( REGARDING REGISTERING AS A CA )
I am trying to register as a CA on efiling portal, but while doing so I am getting an error which says that the entered member name does matches with the PAN name but the name as per PAN records and ICAI records are same.
Please guide me regarding this issue.
BY: SIDDHARTH PADAMKUMAR MUNOT
Total Answers : 1 | View Answers | Post Answers
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| 44516 |
Jul, 19
2023
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GST - ( GST LIABILITY IN JOINT DEVELOPMENT AGREEMENTS )
The land owner entered into a JDA with the developer for construction of ten flats, five flats each. Should the Land owner pay GST on his share? If so what is the value of supply(Construction cost or land plus construction cost). If so at what rate?
The land owner wants to retain his share and does not want to sell them.
If the land owner is not willing to pay the GST, should the developer pay the GST on his behalf? If so should it be paid as RCM or regular GST showing owners share as turnover?
BY: Y.KANAKAMAHALAKSHMI
Total Answers : 0 | View Answers | Post Answers
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| 44514 |
Jul, 16
2023
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GST - ( GST ON DOOR TO DOOR SALE )
Members, a dealer is planning to sell his goods door to door to his prospective customers by going to the customer's place of business with goods in his vehicle. He is GST registered. The invoice can only be raised at the place of business of the customer since he doesnt know whether the customer will buy his product or not. The value of goods will be more than Rs. 50,000/-. What all documents he has to carry with him in his vehicle? Thanks in advance.
BY: Achuthan P
Total Answers : 1 | View Answers | Post Answers
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| 44515 |
Jul, 16
2023
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DIRECT TAXES - ( AUDIT REQUIREMENT )
For the Presumptive scheme of Income Tax Net profits should be 8 % of cash sale and 6 % for sale through
Neft/cheques etc How should this be bifurcated as most of the debtors remains unpaid at the time of finalisation of balance sheet
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44512 |
Jul, 12
2023
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GST - ( AMENDMENT OF GST B2C SALES )
Hi, How to Amend B2C figures once already amended to restore to Original figures.
Portal object stating :
Error! B2CS Amendment already exists for the original month in different return period.
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 44510 |
Jul, 08
2023
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MERGER & ACQUISITION - ( QUERY REGARDING CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )
I am a Practicing Chartered accountant practicing under Trade name and FRN. Also I am registered under RBI Bank branch audit panel and been alloted UCN. I am going to add one partner under my trade through which my proprietorship firm will get converted into partnership So I have two query due to above conversion :
1) Whether my FRN number and Trade Name will remain Same.?
2) Whether my UCN alloted for Bank branch audit panel will remain same.?
As I want both the above things to remain unchanged.
BY: GOPAL NANAKRAM POPTANI
Total Answers : 2 | View Answers | Post Answers
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| 44505 |
Jun, 26
2023
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DIRECT TAXES - ( LOSS FROM HOUSE PROPERTY )
An asessee has taken Housing loan around 5 years back for purchasing a flat. He is paying interest for last few years before registration of flat. During 2022-23 FY Registration was done and he got posession. Registation charges around 4 lacs were incurred. As there is no rent received This amount of 4 Lacs will result in Loss on housing property
Can he carry forward Rs 150000- Los on house property and adjust it from Short term Capital gain during 2023-24 FY.
Flat has been sold in 2023-24 FY and will be transferred shortly. Some principal amount payment has also taken place during 2022-23 FY
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44506 |
Jun, 26
2023
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DIRECT TAXES - ( LOSS FROM HOUSE PROPERTY )
An asessee has taken Housing loan around 5 years back for purchasing a flat. He is paying interest for last few years before registration of flat. During 2022-23 FY Registration was done and he got posession. Registation charges around 4 lacs were incurred. As there is no rent received This amount of 4 Lacs will result in Loss on housing property
Can he carry forward Rs 150000- Loss on house property and adjust it from Short term Capital gain during 2023-24 FY.
Flat has been sold in 2023-24 FY and will be transferred shortly. Some principal amount payment has also taken place during 2022-23 FY
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44503 |
Jun, 16
2023
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GST - ( GST RECONCILIATION )
In terms of Circular No. 170/02/2022-GST dtd 06-07-2022, various restriction was imposed on ITC credit viz. non credit of goods not received, payment not made within 180 days of purchases etc. How to reconcile the same on yearly basis with GST portal data as the same doesn't provide bifurcation on each item
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 44501 |
Jun, 14
2023
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DIRECT TAXES - ( ITRU )
A person has not filed ITR for 2020-21 and 2021-22 Financial years His income is 490000- and 495000- for the years.Can he file ITR by paying of Rs 1000- penality for each year and without paying any tax
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44500 |
Jun, 06
2023
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GST - ( REMEDY TO ADJUST LATE PAID TAX WITH INTEREST )
dear experts kindly guide
for pharma mfg client
for expansion bldg contractor during
fy 20-21 raised bill say appx 50 lakhs and
gst @18% at rs 9 lakhs was also added in his bill which were accounted and itc for 9 lakhs
claimed however due to covid at contractor end due to hospitalisation of staff and owners contractor failed to file same in gst return nor paid this gst billed in 21-22 on pointing out he paid in dec 22 tax of 9 lakhs with 2 lakhs interest however now gst officer informed last date to-avail credit was sep 22 so no itc credit for co is possible and nor contractor get this back
pl suggest way out to use this tax payment made and avail credit also pl note ,while paying in dec 22 vendor mention 21-22 invoice dates as 22-23 dates so then he can make payment in 22-23 for 21-22 bills
possible
BY: VIPUL JHAVERI
Total Answers : 0 | View Answers | Post Answers
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| 44499 |
Jun, 03
2023
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Companies Act, 2013 - ( SEQUENCE OF FINANCIAL STATEMENTS )
Is there any basis for presenting the Financial Statements in the Sequence wherein Balance Sheet, then P & L , then cash flow and later on the other disclosures (RPT etc.). As one of our client wants to disclose the notes to account like RPT, Ratios, CSR with the accounting policy.
BY: PREYA LUNAWAT
Total Answers : 2 | View Answers | Post Answers
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| 44496 |
May, 26
2023
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GST - ( GST REGISTRATION FOR A NEW FIRM )
Even after getting Aadhar linked mobile and email verified and providing ownership proof,GST department is asking for bank statement (account is yet to open after GST registration),source of investment proof and declaration whether the property is under mortgage or not.
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44493 |
May, 24
2023
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DIRECT TAXES - ( SUBMISSION OF FORM 15H / 15G )
Dear Friends,
I am A resident senior citizen (62 years of age) having only interest income of about Rs.6,50,000/= for Asst. Yr.2024-25. If I opt for the new scheme of taxation u.s.115BAC at the time of filing my Return of Income for Asst. yr.2024-25 then my Total Income will also be Rs.6,50,000/= and my tax liability will be NIL. Can I submit Form 15H to the Banks this year for non deduction of tax at source from my interest income.
Also, can my wife (57 years of age) submit Form 15G to the Banks under the above similar conditions.
Please advice accordingly. Thanks.
BY: Sudeep B. Sarwate
Total Answers : 4 | View Answers | Post Answers
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| 44492 |
May, 23
2023
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MISC. - ( 255279 )
Subject: Eligibility for LLB after CA
I am a Chartered Accountant who completed my CA after 10+2. I do not have any degree, and I have not completed any degree from IGNOU. I wish to join an LLB program and start my own practice as an advocate in courts. I am aware that I must surrender my COP before starting practice as an advocate.
I would like to know if I can join IGNOU to get a BCom degree and then join an LLB program. Will a degree from IGNOU be eligible for admission to an LLB program? Will the Bar Council of India make any objections while issuing COP to a person who has a degree from IGNOU?
I would be grateful if you could provide me with any information that you may have on this matter.
BY: RYALI VAMSI KRISHNA
Total Answers : 1 | View Answers | Post Answers
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| 44491 |
May, 19
2023
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DIRECT TAXES - ( FUNDS RECEIVED FROM START UP- TAXATION IN THE HANDS OF EMPLOYEE )
Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 44488 |
May, 18
2023
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MISC. - ( PART-TIME COP )
Hi Team,
I am having part-time COP & working in an MNC as an employee. Now I am having permanent work from home option. So can I place my name board outside my home & start provide tax consultancy services other than audit & signing related services?
Thank you in advance!
BY: VITTAL MATARE
Total Answers : 2 | View Answers | Post Answers
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| 44490 |
May, 18
2023
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Startup Funding - ( TAXATION IN HANDS OF EMPLOYEE )
Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited.
Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup.
Que.: What will be taxation of this receipt in the hands of employee?
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 44487 |
May, 16
2023
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AUDIT - ( APPOINTMENT OF TAX AUDITOR )
As per section Section 288(2) one of the partner of the firm is relative of the assessee firm hence it is understood that he cant be auditor of that firm. But there are other partners also who are not relative. Can other partner of the firm conduct audit.
BY: DEEPAK K GUJRATI
Total Answers : 3 | View Answers | Post Answers
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| 44486 |
May, 14
2023
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DIRECT TAXES - ( 091663 )
A TRUST IS TO CREATED BY A SETTLOR IN RELATION TO AN IMMOVABLE PROPERTY ,SINCE THE TRUST HAS NOT YET BEEN REGISTERED U/S 12A WHAT IS THE POSITION OF TAXABILITY OF IMMOVABLE PROPERTY .
BY: vikas kalra
Total Answers : 2 | View Answers | Post Answers
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| 44482 |
May, 13
2023
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GST - ( DIFFERENT BILL BOOKS )
A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there?
Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44483 |
May, 13
2023
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GST - ( DIFFERENT BILL BOOKS )
A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there?
Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44485 |
May, 13
2023
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DIRECT TAXES - ( SEC43B CLAUSE H FROM 01.04.2023 )
sir , could anyone explain new clause h inserted by FA2023, how it will be applicable and what is the scenario , if business entity has an agreement to pay the supplier say-90days , than , in such case will it be disallowed if paid after 45days.
BY: RAM SAMARIA
Total Answers : 1 | View Answers | Post Answers
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| 44481 |
May, 12
2023
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GST - ( TWO APPLICATIONS FORGST NO )
An application for GST registration has been made . though mobile no is authenticated E mail could not be. Now we can neither submit nor modify application till a notice comes from GST department
Can We file another application with new Email address
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44478 |
May, 08
2023
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MISC. - ( CODE OF ETHICS )
Can a Practicing Chartered Accountant suppose Mr. A in his personal capacity being a Proprietor of his 'A Firm' authentication Internal Audit Report of Listed Entity where one of the Director Mr. B of such Listed Entity and Mr. A are partners in another Chartered Accountant Firm named 'AB Firm'.
Will there be any conflict of interest?
BY: Mitul Makwana
Total Answers : 1 | View Answers | Post Answers
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