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| 40753 |
Aug, 04
2020
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GST - ( RCM ON GOVERNMENT SERVICES )
1. WATER CESS CHARGED BY POLLUTION CONTROL BOARD
2. ROC XBRL FEES OF RS 600
3. DIN SURRENDER FEES OF 10,000
4. BOILER INSPECTION FEES
5. RENEWAL FEES CHARGED BY POLLUTION CONTROL BOARD
6. FACTORY RENEWAL FEES
PLEASE GIVE THE ANSWER WITH RELATED NOTIFICATION AND SECTION NUMBER
BY: Akshay Verma
Total Answers : 0 | View Answers | Post Answers
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| 40754 |
Aug, 04
2020
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FINANCIAL MANAGEMENT - ( 542430 )
TDS deposited under wrong TAN for FY20-21 Qtr-1. Does the TRACES Portal (OLTAS) has the facility to apply for TAN correction i.r.o said challan? Moreover, the challan has been paid through electronic mode and the period of 7days has already been passed.
BY: ARJUN GUPTA
Total Answers : 1 | View Answers | Post Answers
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| 40755 |
Aug, 04
2020
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DIRECT TAXES - ( 542430 )
An Advocate has his Gross Receipts from his profession Rs. 25,00,000 and Net Profit Rs.8,50,000 during FY19-20. He is maintaining proper books of accounts u/s 44AA. Can he file ITR-3 showing such profits? Also, can his books of accounts be audited by his son, who is a Chartered Accountant in Practice?
BY: ARJUN GUPTA
Total Answers : 0 | View Answers | Post Answers
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| 40756 |
Aug, 04
2020
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MISC. - ( SING ON PROVISIONAL BALANCE SHEET )
I am denied to sing provisional balance sheet and UDIN on provisional balance sheet.bank harras my client and say loan file will process without above said sing.what Can do and any step against bank can be taken.
BY: niladri Sekhar maiti
Total Answers : 0 | View Answers | Post Answers
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| 40752 |
Aug, 03
2020
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GST - ( CESS ON COAL UNDER GST CAN BE REFUNDED TO A TRADER )
A coal Trader has purchased coal and paid cess @400 per M.Tonne now subsequently the coal Trader has sold coal to SEZ unit where he has to charge NIL GST/cess.
As a result of sale to SEZ now there is excess IGST input and cess is lying in his credit ledger. The trader wants to adjust IGST for susequent sale but he wants cess to be refunded because the cess now can not be utilised for subsequent sale as there is always cess on purchase of coal at fixed rate as input and on sale cess will be output at fixed rate hence, the cess of SEZ sale will always remain in his credit ledger,so he wants the refund.
Now the question is whether
1. A TRADER of coal can file application for refund of cess or it is allowed only to manufacturer.
2. Trader of coal is eligible for refund or not. He is not manufaturing any goods. only Purchases COAL and sales COAL.
Pl. clarify.
BY: DILIP DOSHI
Total Answers : 1 | View Answers | Post Answers
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| 40749 |
Aug, 01
2020
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GST - ( REFUND ON SERVICES INPUT )
In case of Inverted Duty structure GST paid on services was not being allowed but in a court case in Gujarat Decision has been taken in favour of asessee.
Whether this can be of benefit to other states asessees
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40751 |
Aug, 01
2020
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Capital Gains - ( WHETHER EXEMPTION U/S 54 IS ELIGIBLE? )
Assessee is an Individual aged about 72 years during the financial year 2019-2020, she transferred a residential house property and purchased two other residential properties within the same financial year.
But the properties acquired were in the name of her son and the sources for acquisition were transferred from her bank account to the sellers accounts.
Now, the query is whether she can claim exemption under section 54 for the LTCG on the sale of residential house property.
BY: D R V NARENDRA REDDY
Total Answers : 3 | View Answers | Post Answers
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| 40746 |
Jul, 30
2020
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MISC. - ( CAPITAL/ REVENUE )
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years.
What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor?
Whether to capitalise or treat it as revenue expenditure?
If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?
BY: Babitha
Total Answers : 0 | View Answers | Post Answers
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| 40747 |
Jul, 30
2020
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MISC. - ( CAPITAL/ REVENUE )
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years.
What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor?
Whether to capitalise or treat it as revenue expenditure?
If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?
BY: Babitha
Total Answers : 0 | View Answers | Post Answers
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| 40741 |
Jul, 27
2020
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GST - ( GST REGISTRATION REQUIREMENT )
Dear All, A GST registered Railway Contractor has his Principal place of business in TN. He also have registration in AP. He had completed a project in AP (works contract), now the same project got extended to Telangana (Contract value would be around 40 lakhs). Could you please advise do he require to get registered in Telangana and Issue invoice with CGST/ SGST or can he execute the contract with AP registration and issue invoice with IGST. He don't have any office or fixed establishment in Telangana. Thanks.
BY: CA. VASUDEVAN P K
Total Answers : 2 | View Answers | Post Answers
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| 40736 |
Jul, 26
2020
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MISC. - ( 451096 )
Regarding: Visiting Cards Guidelines
Sir,
Please suggest me, whether the Chartered Accountant in practice can mention their services offered on the reverse side of Visiting Cards.
Whether the above amounts to any publicity consecutively amount to Professional Misconduct?
BY: ANUJ JAISWAL
Total Answers : 1 | View Answers | Post Answers
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| 40737 |
Jul, 26
2020
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DIRECT TAXES - ( 194298 )
CA providing services, turnover less than 50 lacs, not selecting to opt for 44ADA, but files ITR under normal taxation in ITR 3,
and declares profit less than 50% .
is he liable for tax audit ?
BY: CA Shrawan Suthar
Total Answers : 1 | View Answers | Post Answers
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| 40739 |
Jul, 26
2020
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MISC. - ( CIBIL SCORE IMPROVEMENT )
A Person has been informed by a Bank that his cibil report is showing Loan from a Financial institution but the person does not owe any loan. He has been informed by bank to contact
his CA to grt it rectified. How can we do the same
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40740 |
Jul, 26
2020
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GST - ( RCM UNDER SECTION 9(4) )
In view of section 9(4) of CGST Act, RCM is applicable only in case of receipt of supply of goods or/and services by a registered person from unregistered supplier, in respect of specified categories of goods or services as may be notified by Government and as per notifications issued u/s. 9(4) RCM under Real Estate Sector and Renting of Motor Vehicle is applicable.
Is RCM on purchase of Dress Material, payment of rent / brokearage, etc. from unregistered supplier applicable? If yes under what notification?
BY: Shyamal Jariwala
Total Answers : 0 | View Answers | Post Answers
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| 40734 |
Jul, 24
2020
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TDS/TCS - ( TDS ON SALARY )
While filing TDS Return of salary:-
1. Do we need to give salary details of every employee? or
2. Only those employees whose salary is above tax exemption limit? or
3. Only those whose Tax is deducted at source from the Salary?
Thanks & Regards.
BY: SK
Total Answers : 2 | View Answers | Post Answers
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| 40733 |
Jul, 23
2020
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Capital Gains - ( 167287 )
Interesting case please do write me your opinion.
Mr. X relinquished his right on jully 2020 in his ancestral property by executing sammatti patra/ manyata patra which was sold by his brothers without his consent on 2002 to builder. at that that time the land was agriculture land. now to close the said matter outside the court the builder had agreed to pay consideration of Rs.50 lakh to Mr.X by executing sammati patra/manyata patra for relinquishment of his right in said property. the said agriculture land was converted to residential NA plot on 2016 & now converted to commercial property in 2020.
please guide me regarding this if i considered his relinquishment in agriculture land then it will not come under capital assets & consequently no capital gain.
if i considered it to be capital assets then what should be cost of acquisition for the same i.e ( stamp duty value as on 01/04/2001 of agriculture land rate is to be considered or NA plot value rate or Commercial Plot value rate .
Please guide me that how this transaction would be taxed for income tax.
Also guide me for exemption u/s 54 which can be availed from this transaction.
BY: NADIR D SHAIKH
Total Answers : 0 | View Answers | Post Answers
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| 40729 |
Jul, 22
2020
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DIRECT TAXES - ( OPTING OF PRESUMPTIVE TAXATION )
Mr. X who is doing trading business has filed IT returns for FY 15-16 & 16-17 under presumptive taxation. In FY 17-18, his turnover exceeded 2 crores, so he is subject to tax audit. He got books audited and filed ITR 3. Now in FY 18-19, his turnover is less than 1 crore and wants to opt for presumptive taxation. Can he file IT Return under presumptive taxation for 18-19 , as he opted out of presumptive for FY 2017-18 only because his T/O exceeded 2 crores.
Please do reply
BY: Gogisetti Sivaji Ganesh
Total Answers : 2 | View Answers | Post Answers
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| 40728 |
Jul, 20
2020
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Capital Gains - ( CAPITAL GAIN )
A Father has transferred his residential cum commercial property to his son in 2005 when the collector rate was Rs 8 Lacs . Now son has sold this property in 2019-20 for Rs 9 Lacs
How capital gain will be calculated. Further as the son who is the coowner of a plot with his wife (this plot was purchased four years back) . Son has constructed house on this plot whuch is completed in 2019-20 Whether one half of this construction cost will be treated as investment in new house by son
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40725 |
Jul, 19
2020
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GST - ( EWAY BILL PENALITY )
A businessman sent goods to UP and generated Ewaybill.
After that Ewaybill was cancelled and new ewaybill was not completed by Transporter it appears so as asessee is not sure why Eway bill was cancelled Now GST department has found this difference ,Although Sale bill was not cancelled and GST amount has also been paid for this bill.Can they impose penality for this clerical mistake
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40726 |
Jul, 19
2020
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DIRECT TAXES - ( TAXABILITY TO A FOREIGN CITIZEN IN INDIA )
Sirs,
A person was born and educated in India later he migrated to Australia in 1985, now he is citizen of Australia and posses Australian passport since 1999. Now he has sold his ancestral property in India, on which there is some LT capital gain. Is he entitled to take benefit of section 54F and 54EC. If he pay income tax what will be the rate of tax. If his income become fully tax free by virtue of sec. 54F or 54EC, does he still require Form 15CA (and so form 15CB) for remittance of the fund from India to Australia after stipulated time. Please advise.
BY: RAM KUMAR SARASWAT
Total Answers : 1 | View Answers | Post Answers
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| 40727 |
Jul, 19
2020
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CORPORATE & OTHER LAWS - ( EXPULSION OF PARTNER. )
Sirs,
Can two partners expel the third one (without following long time consuming proceedings of court) ? when there is no such provision in partnership deed. The third partner is doing illegal activities and acting against interest of firm. If any member has handled such case please let me know , I will contact him personally. Thanks
BY: RAM KUMAR SARASWAT
Total Answers : 0 | View Answers | Post Answers
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| 40721 |
Jul, 16
2020
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GST - ( TURNOVER OF PRE GST )
Dealer has registered under GST in March, and turnover from Jan to March is Rs. 198,80,000/-, whether this pre GST Turnover consider while filling first GSTR 3B?? and if yes the in which head?
BY: Ninad Prataprao Shete
Total Answers : 2 | View Answers | Post Answers
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| 40722 |
Jul, 16
2020
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Companies Act, 2013 - ( INCORPORATION OF PRODUCER COMPANY )
During incorporation of Producer Company, can we attach the proof of farming 7/ 12 extracts of Agricultural Land which is in the name of father or grandfather of member of producer company. Father or grandfather is not the member of producer company.
Whether it is mandatory that agriculture land must be in the name of member of producer company or not?
BY: CA Neha Gupta
Total Answers : 0 | View Answers | Post Answers
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| 40723 |
Jul, 16
2020
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TDS/TCS - ( PAYMENT TO NRI FOR PURCHASE OF FLAT )
X A RESIDENT INDIVIDUAL PURCHASED A FLAT FROM NRI WORTH RS 60 L. TDS TO BE DEDUCTED AT 20.80% RATE, AND WHAT OTHER PROVISIONS IS APPLICABLE IN THIS REGARD, PLEASE LET ME KNOW.
FURTHER WHILE FILLING THE TDS RETURN WE NOTICE VARIOUS NATURE OF PAYMENTS TO NRI IN SECTION 195, WE NEED TO CLARIFY THE NATURE OF PAYMENT. WHETHER IT IS LTCG, OR OTHER INCOME. BUT WE DIDN’T FIND SALE OF FLAT NATURE IN THIS PART. P[LEASE ADVICE
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40724 |
Jul, 16
2020
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GST - ( GST REFUND )
A company created websites for clients abroad and received payments in bank in forex. Bank has not provided BRC/FIRC.
a. Is it compulsory for a bank to provide BRC/FIRC?
b. If the bank does not provides BRC/FIRC then how to file Refund application with our the BRC/FIRC?
Please suggest the way out.
Thanks & Regards
BY: SK
Total Answers : 1 | View Answers | Post Answers
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| 40719 |
Jul, 13
2020
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GST - ( INTEREST - NON PAYMENT OF INVOICE WITHIN 180 DAYS )
Mr X purchased goods from Mr Y on 25 Jan 2020 . The ITC on GST on purchase was availed in the month of Jan 2020. The payment for the goods is still not made to the seller and shall happen in Aug 2020. What shall be the implications on ITC availed. (i) Should Mr X reverse ITC in July 2020 .(ii) Even if Mr X reverses ITC in July 2020 , is there any interest implications on ITC availed as the payment of invoice shall happen after 180 days from date of invoice
BY: RAHUL PARASRAMPURIA
Total Answers : 2 | View Answers | Post Answers
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| 40716 |
Jul, 12
2020
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INTERNATIONAL BUSINESS - ( IEC APPLICATION )
While filing Online application for Import Export Code after making necessary payment of Rs 500- I am not able to submit as it displays message "Amount of Rs 500- is to be paid"
Whether this is Site problem of DGFT
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40715 |
Jul, 10
2020
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DIRECT TAXES - ( 44AD )
Whether a partnership firm ( 1 partner is not a doctor) running a hospital will be eligble for presumptive taxation u/s 44ad? or will section 44ada be applicable?
BY: T.R.S. PATHY SENTHIL
Total Answers : 4 | View Answers | Post Answers
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| 40714 |
Jul, 07
2020
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GST - ( FINAL RETURN - GSTR-10 )
The concern's Order of Cancellation of Registration is issued by the department and now it is required to file Final Return. The reason for cancellation is that, this closed concern was taken over by another concern. The closed concern has utilised all the ITC including ITC on closing stock before the take over. Is it correct to file "NIL" GSTR-10, as the concern do not have any ITC which is required to be reversed and paid back to government, as the closing stock with NIL ITC has been taken over by the other concern.
BY: Shyamal Jariwala
Total Answers : 2 | View Answers | Post Answers
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| 40712 |
Jul, 06
2020
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GST - ( COMPOSITION DEALER : TAX ON ENTIRE SALES OR ONLY TAXABLE SALES )
(1) client is in business of stationery.His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to students.
our query that we have pay GST @ 1% on Total sales or only on taxable sales.
(2) client is in business of Medical stores .His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to unregistered persons.
our query that we have pay GST @ 1% on Total sales or only on taxable sales.
BY: samirkumar gokulbhai kasvala
Total Answers : 2 | View Answers | Post Answers
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| 40713 |
Jul, 06
2020
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Profits & Gains of Business & Profession - ( REMUNERATION UNDER SECTION 44AD AND 44ADA )
One of my client - partnership firm is a technical consultant. We are keeping the books of accounts and doing audit because his profit is below the rates specified under section section 44ADA. Both profit before and after remuneration are below the rates specified under section 44ADA.
Now, he has come up with a proposition that we should file return of income under section 44ADA declaring 50% profit and declare zero remuneration in partners' returns and thereby will have lesser tax if we consider partner's and firm's combined liability.
To what extent is this feasible and should one avoid this?
Because normally, you take a decision of choosing to go with 44AD or 44ADA only when your profit is higher than that at specified rate and here despite the profit being lower, he wants to go for 44ADA because he says partners return will not contain any remuneration.
BY: Anuj Tiwari
Total Answers : 1 | View Answers | Post Answers
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| 40710 |
Jul, 05
2020
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AUDIT - ( TAX AUDIT ENGAGEMENT )
As per 2nd SechedulePart-I , clause 4 -A member of the Institute shall not express his opinion on financial statements of any business or enterprise in which one or more persons who are his “relatives” within the meaning of Accounting Standard (AS - 18) .
As per AS 18 Relatives - in relation to an individual, means the spouse, son,daughter, brother, sister, father and mother who may be expected to influence, or be influenced by, that individual in his/her dealings with the reporting enterprise
Since definition of relative in AS-18 does not include spouse's father & mother , whether i can take up tax audit assignments of father-in-laws 'proprietorship/partnership business. Please clarify & help me .
BY: VIVEK KUMAR GUPTA
Total Answers : 2 | View Answers | Post Answers
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| 40711 |
Jul, 05
2020
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DIRECT TAXES - ( DEDUCTION OF EDUCATION CESS )
Hello Everyone!
Can any one please share views whether deduction of education cess can be claimed in computing taxable income based on Rajasthan HC ruling in case of Chambal Fertilizers and Bombay HC ruling in case of Sesa Goa?
BY: Manisha
Total Answers : 1 | View Answers | Post Answers
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| 40708 |
Jul, 04
2020
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GST - ( ITC REVERSAL )
A & Co, a proprietary concern having GST registration in the State of Tamilnadu. A&Co is an authorized distributor of various products manufactured and sold by XYZ Ltd. During the financial year 2019-2020, A&CO purchased materials worth Rs. 25 Crores with GSTof 18% from XYZ Ltd. A&CO took entire GST amount as Input based on satisfaction of all conditions of ITC. Now as per agreement, A&CO at the end of year received turnover discount (TOD) of say Rs. 1 crore from XYZ Ltd. XYZ Ltd issued a credit note for the TOD without GST and A&CO accounted for the same as other income without giving any impact of GST.
The query I have is, Whether A&CO is required to do ITC reversal as per rule 42 of CGST rules 2017, considering TOD as exempt or non-GST income. As this income is directly related to purchases and ITC being claimed fully when purchases were made.
Appreciate if you can give your humbled opinion on whether A&CO should carry out ITC reversal for this TOD (exempt Income) based on Rule 42 of CGST Rules 2017. In case your view is no ITC reversal then can you give reasoning for the same.
Thanks,
CA. Amith Khadloya
BY: Amith Kumar Khadloya
Total Answers : 2 | View Answers | Post Answers
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| 40709 |
Jul, 04
2020
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GST - ( WHILE FILING REFUND WITH REGARDS TO EXCESS BALANCE IN ELECTRONIC CASH LEDGER DUE TO TDS ACCUMULATION )
As one of State Tax officer has raised SCN regarding GST refund with regards to excess balance in electronic cash ledger due to TDS deducted by government department based on that they are saying that as your Claimed ITC as per GSTR-3B and ITC as per GSTR-2A (Auto Populated is differ so that please reconcile the same otherwise difference between ITC claimed minus auto populated is deducted from your refund so my quarry is this is it relevant particularly in case of Refund due to TDS on cash ledger. As per my opinion in case of refund in respect of excess balance in electronic cash ledger due to TDS then ITC is not relevant as assessment authority and refund authority both are different so contation of officer is right
BY: CA. KAKADIYA BHARATKUMAR POPATBHAI
Total Answers : 1 | View Answers | Post Answers
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| 40704 |
Jul, 02
2020
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DIRECT TAXES - ( TDS CREDIT MIS MATCH )
Q. The assessee is carrying the business of clearing and and forwarding agents and the assesee has received amount related to his services as well as out of pocket expenses ( pure Agent) services and the Assessee Customer has deducted the TDS on out of pocket ( Pure agent ) services also. at the time of filing of the ITR the Assessee has shown in the profit and loss account only the services which he has rendered not the out of pocket expenses since this is not income .after filing of ITR they have received the intimation as defective notice. the assessee has submit the reply against this defective notice by way of note that out of pocket expenses is not the income of the assesee this is pure agent services and customer has deduct the TDS . Now the asssee has received the Intimation u/s 143( 1) in which TDS Credit is Mis match showing in the statement while full tds are reflected in 26 AS till date.
Please sugeest what are remedies for that and we should file the rectification . please give your valuable suggessions for that.
BY: GOPAL KUMAR AGRAWAL
Total Answers : 1 | View Answers | Post Answers
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| 40706 |
Jul, 02
2020
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GST - ( MISTAKE COMMITTED WHILE FILING GSTR- 3B )
A Trader Mr.X had filed his GSTR-1 showing correct details consisting of IGST, CGST AND SGST liabilities. But while filing his GSTR-3B he made a mistake at table 3.1(a) by adding the IGST liability in equal portions to CGST & SGST. The liabilities were then discharged by the availing the ITC Balance.
As a consequence of which while filing GSTR-9C there is a balance of IGST payable in table no.9 of GSTR-9C (diff b/w taxes paid as per GSTR-9 and as per books of account).
Please advise about the treatment of the same in GSTR-9C.
BY: D R V NARENDRA REDDY
Total Answers : 1 | View Answers | Post Answers
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| 40700 |
Jul, 01
2020
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DIRECT TAXES - ( CAPITAL GAIN )
A person inherited a property from his father in 2001 and sold in 2019-20. How will Capital gain be calculated. If he spends entire proceeds in undercostruction house in 2019-20 Whether he will not be required to pay capital gain .
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40702 |
Jul, 01
2020
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Companies Act, 2013 - ( INCORPORATION OF PRODUCER COMPANY )
Whether it is mandatory at the time of incorporation of Producer Company as per Section 581 of CA 1956 that all five directors must be appointed from 10 members or not?
If this is mandatory to appoint directors from members of producer company, please mention the rule or section in detail.
BY: CA Neha Gupta
Total Answers : 0 | View Answers | Post Answers
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| 40699 |
Jun, 28
2020
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DIRECT TAXES - ( TDS ON PROPERY -- LATE FEES )
In our case Agreement is entered on 10.02.2020 . Due date of payment and filing form 26QB was 30.03.2020 . But client could not make payment and is going to file form on 30.06.2020 . Here there is delay of 92 days ( from 31st mar 2020 to 30th June 2020 ) and amount of late fees is Rs 18400 .
There are 2 buyers and 2 sellers and hence 4 forms required to be filed. Our query about disclosure of late fees .
1. Whether Rs 18400 is to be divided amongst 4 forms so per form late fees is Rs 4600
2. Whether Rs 18400 can be shown in any one form
3. Whether Rs 18400 per form so total for 4 forms will be Rs 73600 .
Please guide us.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 40698 |
Jun, 27
2020
|
GST - ( 038118 )
ITC - ELIGIBLE FOR GST ON PURCHASE OF AMBULANCE ??
Our Pharma client is purchasing an Ambulance for plant staff, we are informed no itc credit can be availed as it traps under 17(5)(a) for motor vehicle used for transportation of persons having seating capacity not more than 13 persons,please note this is a specialty vehicle having no seating but carries portable bed , this is maruti ecco converted at maruti plant and cleared from their factory gate as ambulance and not as car, even rto registration fees are different for a regular car and an ambulance , Prime definition in motor vehicle act 1988 , Motor-car, defined-: as other than a “transport vehicle” and “transport vehicle” means a public service vehicle, a goods carriage, an educational institution bus or a private service vehicle; Thus Ambulance being a private service vehicle, it is not motor car but a specialty Vehicle, kindly share your views and other suggestions to drive point on this GST ITC eligibility Thanks
CA VIPUL D. JHAVERI
MUMBAI
BY: VIPUL JHAVERI
Total Answers : 4 | View Answers | Post Answers
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| 40697 |
Jun, 26
2020
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GST - ( LUT )
After giving LUT, Export of Services can be made
without GST payment and Input credit can be claimed on Inputs . Whether this is given online and what details will have to be given therein
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40694 |
Jun, 24
2020
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GST - ( PROVIDING ACCOUNTANCY SERVICE TO A FOREIGN FIRM )
An Individual is providing Accountancy Services to a Foreign Firm and receiving his remuneration in his Saving account. Whether he is required to inform any authority ? And whether it will come under Export of services. Further any GST Liability though Person is unregistered under GST.
Please provide necessary answers
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 40692 |
Jun, 22
2020
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DIRECT TAXES - ( TDS CHALLAN BLOCKED )
We had booked a consultancy fees expense on provisional basis in March and TDS was also deducted and paid in Q4 u/s 195 and reported in 27Q-Q4. Since the party did not have a PAN in India, TDS was deducted @20%. However, on booking of invoice, the TDS was deducted again @20% erroneously and and reported again in next year's 27Q-Q1. However, since PAN number is not mentioned in the entry, we are unable to delete / remove this entry from 27Q-Q1. This is because entry is marked as 'C' type deduction, hence we are unable to edit the TDS deducted amount. Only solution we have found is to apply to TDS officer, which we have done but so far no response support from them. Has anyone faced similar issue? Kindly help.
BY: Vishal Shah
Total Answers : 1 | View Answers | Post Answers
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| 40693 |
Jun, 22
2020
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MISC. - ( FIRM NAME APPROVAL )
Dear members ,
As per Regulation 190(2)(ii)(g) of the chartered accountants ,1988 a distinguishing part of the name of the member or as per Regulation 190(2)(ii)(i) a part of the name of the proprietor can be used as firm name . For instance , as per point (g) "Ranga" is a distinguishing part commonly known of "Rangaraaj" .
Also as per point(i) ,"Ranga" is the part of the name of proprietor "Rangaraaj" .
So , Is "Ranga & Co" is a valid proprietor firm name for name approval ?
Kindly suggest , Thanks in advance.
BY: CA RANGARAAJ P
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| 40691 |
Jun, 19
2020
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GST - ( ITC IN CASE OF FOREX DEALER )
ASSESSEE WHO IS WORKING AS A MONEY CHANGER AND DEAL IN FOREIGN EXCHANGE. HE PAID GST AS PER THE VALUATION RULES STATED IN RULE 32 OF GST ACT. CAN HE TAKE ITC ON THE INPUT AND INPUT SERVICES WHICH IS RELATED TO FURTHEERENCE OF HIS BUSINESS. THNAK YOU IN ADVANCE.
BY: AJITKUMAR L PATEL
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| 40686 |
Jun, 15
2020
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DIRECT TAXES - ( FOREIGN TRIP FOR PURPOSE OF FILING ITR FOR FY 19-20 )
DOES A STUDENT HAVING F1 VISA (STUDENT VISA) STUDYING IN US, COMES HERE IN INDIA FOR 1 MONTH DURING FY 19-20. WILL BE CONSIDERED AS FOREIGN TRIP FOR THE PURPOSE OF FILING OF ITR FOR ASSTT YEAR 20-21. SO FAR IN FOREIGN TRIP VISTIOR CARRY B1 OR B2 VISA AND STAY OVERSEAS FOR VERY RESTRICTED PERIOD MAX 6 MONTHS.
BY: pradeep kumar agrawal
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| 40687 |
Jun, 15
2020
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GST - ( GST IMPLICATION OF SALE PRICE LESS THAN PURCHASE COST )
A trader sells goods at a price which is less than the purchase cost of the same and thereby accumulates the ITC. He does this for achieving volume discount on purchases made by him.
1. Can the trader carry forward such accumulated ITC and utilise the same for future GST liability? I guess there can not be a situation of refund since it does not fall under inverted duty structure.
2. Would the discounts so received amount to subsidies directly linked to price as stated in Sec 15(2)(e).
BY: CA. KRISHNA MURTHY N
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| 40688 |
Jun, 15
2020
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GST - ( IN CASE OF REVERSAL ITC CAN WE REVERSE INTER HEAD NET OFF BALANCE (I.E. CGST & SGST NETOFF) )
My question is with regards to reversal of ITC in textile sector, the quarry is as i have balance in CGST and SGST as against stock as on 31/07/2018 and electronic credit ledger in one CGST (-) while in SGST (+) so that we can reverse after set-off of minus balance against positive or we can reverse with respective head and pay interest thereon, in short at the time of reversal inter head adjustment is possible as per GST Law.
BY: CA. KAKADIYA BHARATKUMAR POPATBHAI
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| 40685 |
Jun, 14
2020
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DIRECT TAXES - ( TDS DEDUCTION LIABILITY )
During 2017-18 and 2018-19 A firm was getting Tax Audit done
for sale amount around 95 Lacs as Net profit was less than 8%
Now in 2019-20 as net profit after Chapter VI deductions will not be taxable after taking 8% profit so tax audit will not be required .Is it correct that firm will not be required to deduct TDS and file TDS returns during current year
BY: Mahesh Kumar
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| 40684 |
Jun, 13
2020
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DIRECT TAXES - ( BUSINESS INCOME )
X AN INDIVIDUAL CARRY ON A TRADING BUSINESS. DURING F Y 2017-18 THE RETURN WAS FILED WITH TURNOVER EXCEEDING 1 CR WITH AUDITED U/S44AB, BUT DURING FY 2018-19 THERE IS NO BUSINESS ACTIVITY . GST FOR FY 18-19 SHOW NIL OUTPUT. BUT PREVIOUS YEAR FY 17-18 BALANCE IN ACCOUNT RECEIVABLE, CREDITOR, BANK ETC IS COMING IN FY 18-19. AND FURTHER IN MONTH MARCH 19 HE PURCHASED A CONSINGMENT WHICH WAS SOLD IN APRIL 19 . BUT TCS HAS BEEN DEDUCTED IN FY 18-19 FOR THE PURCHASES MADE IN MARCH 19.
NOW HE WANTS TO FILE ITR UNDER OTHER INCOME HEAD . CAN HE DO SO. AND DOES HE REQUIRE TO SHOW BUSINESS HEAD, BALANCE SHEET IN ITR -3. DO IN ANY CASE WE NEED TO AUDIT THE NIL BUISNESS . PLEASE ADVICE
BY: pradeep kumar agrawal
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| 40682 |
Jun, 12
2020
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GST - ( CANCELLATION OF REGISTRATION AND FURNISHING STOCK IN CASE OF TAKEOVER )
"A" concern wants to cancel registration ( no more business) and has some stock (credit of stock already utilised in regular course). "B" wants to takeover the business of "A". While applying for cancellation of GST registration "A", is it compulsory to mention stock details with taxable value and NIL ITC on stock (Because if Credit details is entered, will it be carried forward to "B" and "B" will not be eligible for ITC as, "A" has already utilised ITC on such stock). What Stock details is to be entered while applying cancellation of GST registration of "A"?
BY: Shyamal Jariwala
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| 40680 |
Jun, 11
2020
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Capital Gains - ( CAPITAL GAIN A/C SCHEME DEPOSIT COULD NOT UTILISED DUE TO COVID 19 - WHETHER TAXABLE )
One assessee has deposited its sale consideration in capital gain account scheme in a nationalized bank. But 3 year has been elapsed and assessee could not utilised its money to construct a new house, however in a couple of month his builder is ready to get the possession and make the registry of his Flat.
Whether tax liability arises on him as he is not utilised his amount lying capital gain account scheme till 11th june the date where 3 years completed form sale of his capital assets (Plot)?
BY: Navin K. Gupta
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| 40681 |
Jun, 11
2020
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MISC. - ( SPICE+ FORM )
Does a member has the right not share the spice+ form (Incorporation form) with the client even when client demand it ?
Please provide your precious input.
Thanks
BY: Anubhav Jain
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| 40673 |
Jun, 05
2020
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TDS/TCS - ( 194J- TDS @ 2% TECHNICAL SERVICE )
Is there any provision in income tax whereby we could get a certificate from the assessing officer or from TDS department that TDS is to be deducted @ 2% U/s 194J if we give our reasons/explanation that the services rendered by us fall under Technical services for purpose of TDS U/s 194J?
The assessee does maintenance works of mobile/cell towers and falls under Technical service. (called as IME SERVICES)
The deductor is insisting for a certificate from IT dept that TDS can be deducted @2% for the payments made to client treating as technical services. If not given they will deduct TDs @ 10%. We Wrote a letter to the deductor explaining how the services rendered by us will fall under Technical service and not professional service as per Section 194j and attract 2% TDS, but the deductor is still asking for a certificate from Dept in this regard.
In the earlier years, when the TDS RATE U/S 194j is 10% with out distinction between technical or professional services, we used to apply for lower deduction in Form 13 and get a certificate for TDS @5/6% instead of 10%. Eventhough there is an amendment regarding tds @ 2% for technical services, the deductor is saying it still as 10%. We cannot go for a lower deduction application this year because if tds is deducted @ 2%, there will be tax payable by the assessee. If tds is deducted @ 10%/ 7.5% reduced rate, there will be a huge refund and case is getting selected for scrutiny
I didn't find any section in income tax for applying to dept regarding this. Can anyone throw some light on any provisions in this regard or any other options available to deductee to get a certificate from dept that TDS HAS TO BE DEDUCTED @ 2% ON TECHNICAL SERVICES PROVIDED BY THE DEDUCTEE
BY: M. UMA MAHESH
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| 40674 |
Jun, 05
2020
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GST - ( INWARD SUPPLY IN REAL ESTATE )
With respect to calculation of RCM on supply from URD's, Should total inward supply should include the supplies from Govt? In Andhra, sand is completely controlled by Govt. Payment done to Govt online and sand is take from mining company. There is not GST invoice received. Can this supply be excluded from Inward Supply for purpose of calculating 80: 20 ratio
BY: Sai Ram
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| 40676 |
Jun, 05
2020
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DIRECT TAXES - ( FORM 67 CAN BE FILLED AFTER DUE DATE? )
I have forgot to file form 67 within the due date i.e. on or before of the due date of filling of return under section 139(1).
After that when i known the same i filled the rectification u/s 154 which is rejected by the AO and processed the return with rejecting the claim stating that you have not filled the form 67 before due date.
What would be the remedy in this case???
BY: RAJAT
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| 40677 |
Jun, 05
2020
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GST - ( APPLICABILITY OF GST )
M/s ABC Ltd purchased Land , Factory Building and Plant & Machinery of M/s XYZ Ltd from POR Bank Ltd through DRT auction process under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act 2002).
1. Is GST Liability arises in case of auctinable Property ?, If Yes, on whom ?
2. What is GST Impact on ABC Ltd, PQR Bank Ltd & XYZ Ltd.
BY: Pravin Taparia
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| 40668 |
Jun, 04
2020
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Customs & Excise - ( BLOCKAGE OF REFUND OF DUTY PAID GOODS )
Dear Sir/Madam, By mistake we have filed export sale in table no. 3.1(a) in GSTR 3B of duty paid goods instead of table no. 3.1(b). In GSTR-1 the Export data have been filed in right column in 6A. Now we are facing problem of refund as the invoice do not get transmitted. Other problem is that we cannot amend GSTR 3B return in subsequent return as we do not have domestic sale in subsequent months. Please do the needful and suggest a way to get refund. THE MATTER IS RELATED TO FY 2019-20
BY: PAWAN PATIDAR
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| 40670 |
Jun, 04
2020
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Compliance - ( BEING A PARTNER IN CA FIRM, CAN I PRACTICE IN INDIVIDUAL NAME ALSO? )
I am a partner in ca firm and I can not register any proprietorship for myself in ICAI as per rules of the firm.
Now I want to do some work in my personal capacity without constituting a proprietary firm in ICAI. Personal practice will have work of audit, attest function and consultancy. Is it possible to do in personal capacity without having FRN.
One of the renowned faculty of ICAI told that A CA can not do any type of work in his personal capacity without registering proprietary firm if he is a partner in another ca firm.
I request all on you to enlighten the above matter.
BY: VIVEK KUMAR SINGHLA
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| 40671 |
Jun, 04
2020
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DIRECT TAXES - ( CHARITABLE TRUSTS )
As per Finance Act 2020, fresh registration process for the existing Charitable Trusts enjoying registration u/s 12A is to be got done from 01.06.2020. Kindly guide how to go through the process. Further also please inform whether the same is to be done through a digital platform or through a physical process.
BY: Nilanjan Kayal
Total Answers : 1 | View Answers | Post Answers
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| 40665 |
Jun, 02
2020
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AUDIT - ( TAX AUDIT )
Assesee is carrying business of collecting milk from Farmers and send them to Dudh sangh. Assesee received commission for collecting and sending milk to Dudh Sangh but all the transaction of sale and purchase of Milk are routed through assessee's current account and turnover in account is 4 cr and commsiion income is 10 lakhs, hence whether tax audit applkicable in this case??
BY: Ninad Prataprao Shete
Total Answers : 2 | View Answers | Post Answers
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| 40666 |
Jun, 02
2020
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DIRECT TAXES - ( 12A REGISTRATION )
Online application for 12A registration was made in January 2020. Trust was created in the FY 2019-20. But till now we have not received any communication, Should we apply u/s 12AB
BY: T.R.S. PATHY SENTHIL
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| 40667 |
Jun, 02
2020
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DIRECT TAXES - ( TAXATION OF AOP )
Income of Clubs and associaitons are excluded based on the mutuality concept. But how to claim the exemption in the ITR / Exempt under which section. Return has to be filed for getting the tds refund.
BY: T.R.S. PATHY SENTHIL
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| 40664 |
Jun, 01
2020
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FINANCIAL MANAGEMENT - ( HEDGING OF A FOREIGN CURRENCY LOAN )
A company is having receivables of USD 100 and Preshipment credit (working capital) of USD 150. Further it has 'Buy' forward contracts (i.e., Bank will buy USD from the company) with the bank for USD 20. In this case, what would be the unhedged foreign currency exposure in the wake of circulars issued by RBI.
BY: MOHAN SIVA PRASAD DODDIPATLA
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| 40661 |
May, 28
2020
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DIRECT TAXES - ( 058720 )
A society has its own pan and running a engineering college ,now state govt has converted the college into a university by passing an university Act.whether separate pan is required for university which is now a body corporate with perpetual succession and common seal.
with thanks
BY: Prasanna Kumar Sahoo
Total Answers : 3 | View Answers | Post Answers
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| 40662 |
May, 28
2020
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VAT/Sales Tax - ( REFUND OF VAT WRONGLY PAID )
Mr. A who was carrying on business in proprietary firm M/s A & CO expired in June 2015. His son Mr. B carried on the business in the same proprietary name and was allotted another TIN. The assessments of the proprietary firm up to June 2015 and balance period were finalized separately. The assessment dues of the firm up to June 2015 were wrongly paid under the TIN of the new firm. Subsequently the dues were again paid in the correct TIN to settle the dues. However the commercial Officer is refusing to refund the amount wrongly paid under the new TIN under the pretext that the firm is already assessed to tax and the same cannot be reopened. is there a way out.
BY: SANTOSH JAGANNATH PAI
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| 40660 |
May, 27
2020
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AUDIT - ( RBI- DATE OF REGISTRATION )
Our firm's UCN with RBI is 170030(The firm's FRN is 000740S). The UCN was allotted over 30 years ago and we have no record of the date of registration of our firm with the RBI.
In the application for empanelment of chartered accountants for the concurrent audit 2020-21 hosted by certain nationalised banks ,the date of registration with RBI is shown as a mandatory field to be filled.
However, despite our best efforts ,our online search in this regard has been in vain.
We would greatly appreciate it if you could assist in obtaining the date of registration of the firm with RBI as early as possible as the last date for submission of the online application is 05.06.2020
BY: CA. PREMILLA V NAIR
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| 40657 |
May, 26
2020
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GST - ( GST ON NGO )
A charitable organization is engaged in doing Annadhana. This activity is not included in the definition of charitable activity as defined in GST Law. In this circumstance, is there any GST liability on donations received. If not, what could be the receipt by the said NGO which will be subject to GST.
BY: Ethirajan
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| 40658 |
May, 26
2020
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GST - ( TAXABILITY OF CLAIM OF DAMAGES IN SALES RETURNED GOODS )
A manufacturer of machinery supplied goods to a buyer,who has returned them.later the vendor noticed some damages to the goods returned by the buyer.now the value of damages to the supplied goods is estimated at 3 lakhs.the supplier wants to raise a debit note on the buyer.whether gst is to charged on this?as per which provision of gst ?.because there is no supply of goods nor supply of services.
BY: nagappan.sm
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