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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 : 1 | 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
Total Answers : 0 | View Answers | Post Answers
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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
Total Answers : 0 | View Answers | Post Answers
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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
Total Answers : 1 | View Answers | Post Answers
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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
Total Answers : 0 | View Answers | Post Answers
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| 40656 |
May, 24
2020
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AUDIT - ( NEW MEMBER IN PRACTICE )
Dear Advisor , Please note that i have just obtained COP on 22.04.2020 as sole proprietor , so please guide me where can i submit my firm details for reference of my firm for future assignments. Please guide me how to proceed for obtaining / offering my self for any future assignment.
Thanking You
from - CA Vivek Kr Gupta
BY: VIVEK KUMAR GUPTA
Total Answers : 1 | View Answers | Post Answers
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| 40654 |
May, 21
2020
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Capital Gains - ( TRANSFER OF CAPITAL ASSET TO A COMPANY WHERE A FIRM IS SUCCEEDED BY A COMPANY U/S 47(XIII) NOT TREAT )
U/s 47(xiii) any transfer of capital asset by a firm to a company is not treated as Transfer provided, there are 4 condition.
1 All the assets and liability of the firm before the succession become the asset and liability of the company .
2. All the partners of the firm immediately before the succession become the shareholders of the company in same proportion in which their capital stood in the books of account of firm.
3. The partners of the firm do not receive any consideration/benefit other than by way of allotment of shares by the company
4. The aggregate of the shareholding in the company of the partners of the firm is not less than 50 % of the total voting power in the company, and their shareholding continues to be as such for a period of 5 years from the date of succession.
My query is if we observe all the above stipulated terms and conditions can we now proceed with such transfer of a firm’s capital assets to a company.or we need to observe some other conditions as well to proceed. if any other conditions are also required kindly explain the same
BY: pradeep kumar agrawal
Total Answers : 0 | View Answers | Post Answers
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| 40652 |
May, 19
2020
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GST - ( ITC CLAIMED UNDER WRONG HEAD )
Dear Members,
One of our client has claimed IGST credit as CGST/SGST in the month of September 2019.
Eg. Purchase Invoice having IGST as 2,20,000 is claimed as 1,10,000 each in CGST/SGST.
We found this error in the process of reconciliation of ITC with 2A. As we are yet to file the GSTR 3B for March 2020,can we reverse the CGST/SGST for March 2020 and claim the IGST.
(As the CGST/SGST for march is very less reversing the same will lead to a negative figure in GSTR 3B for March 2020. Will this be a problem?)
Kindly Advise.
Thanks in Advance.
Note: We can utilized the wrong ITC claimed for setting of our liability.
BY: S. JITESH
Total Answers : 1 | View Answers | Post Answers
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| 40651 |
May, 16
2020
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MISC. - ( UDIN FOR PROVISIONAL BALANCE SHEET )
Dear Expert,
Do we need to generate UDIN for provisional balance sheet signed with below disclaimer -
Disclaimer - The preparation and presentation of the Provisional financial statement is the responsibility of the management. Financial statement have been compiled for the limited purpose on the specific request and on the basis of documents and information furnished by the management without any risk and responsibility on our part in any respect of whatsoever nature. . The provisional financials statement is unaudited and hence no opinion is expressed on the same.
I understand, as per ICAI FAQ on UDIN, it is stated that, it is required for provisional balance sheet prepared/compiled.
but as per my understanding, UDIN is necessary if we are certifying/attesting/or expressing our opinion on something.
kindly advise.
Also confirm if a CA can sign the provisional financial with such note.
BY: chetan jadhav
Total Answers : 3 | View Answers | Post Answers
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| 40650 |
May, 14
2020
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DIRECT TAXES - ( EVERIFICATION OF ORIGINAL RETURN )
Do we need to e-verify both original and revised ITR, if a revised ITR has been filed & everified and the corresponding original ITR was not e-verified ?
Since for claiming Deduction, original return needs to filed within the due date.
In our case, original return was filed but not everified with in 120 days. Later revised return has been filed & everified.
Now we received intimation u/s 143(1) , in which deducation has not allowed and this revised return is considered as belated return.
Please let me know the possibilites of claiming deduction and options available. Please share the relevant case laws available
BY: Gogisetti Sivaji Ganesh
Total Answers : 1 | View Answers | Post Answers
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| 40649 |
May, 12
2020
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TDS/TCS - ( TDS ON PAYMENT TO PRIVATE DRUG REHAB )
Hi,
My question is as follows:
Is TDS required to be deducted on Payment made by a company to a Drug Rehab Centre? Drug Rehab Centre is a society registered under Manipur Society Registration Act, 1989. It is not formed by Government. The payment is not for employees and also not donation. It is for the welfare. Please reply. Warm regards.
BY: Kamlesh Mehra
Total Answers : 3 | View Answers | Post Answers
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| 40648 |
May, 11
2020
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OTHER BODIES - ( 239879 )
My querry is Regarding RERA Certifications,
While providing RERA Quarterly certificates to the clients, the RERA act defines the method of calculation of "the amount that can be withdrawn from RERA Account" i.e
"% completion method".
I am not able to understand clearly, about this method of calculation.
I would request members to help me in this case, with a small illustration for better understanding.
BY: Akash Gilda
Total Answers : 0 | View Answers | Post Answers
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| 40646 |
May, 08
2020
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AUDIT - ( 558351 )
I have started practice in april 2020, can i sign the balance sheet of proprietor who is not required to audit under any law, for financial year 2017-18.
Thanks in advance
BY: CA SACHIN SETIA
Total Answers : 4 | View Answers | Post Answers
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| 40647 |
May, 08
2020
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DIRECT TAXES - ( CLAIMING DEDUCTION IN REVISED RETURN )
ABC is a cooperative society which is subject to audit under Cooperative Societies Act, 1964. It has filed NIL IT Return for FY 2018-19 on 04/10/2019 and later filed the revised return on 1/12/2019 with all the income details and claimed deduction u/s 80P.
Please let me know the validity of above practice & can the society claim deduction ? As for the purpose of claiming deduction, IT return has to be filed with in the due date.
Please let me know at the earliest...
BY: Gogisetti Sivaji Ganesh
Total Answers : 2 | View Answers | Post Answers
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| 40644 |
May, 07
2020
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GST - ( APPLICABILITY OF GST )
M/s ABC is a Petroleum Dealer. Dealer receives transport charges from HPCL/BPCL/ IOC. Where to be shown in GSTR -3B , the outward supplies which are subject to RCM ? Dealer also receives Variable dealer Margin from HPCL/BPCL/ IOC. Is GST applicable on Variable dealer margin ? if Yes, at what rate ?
BY: Pravin Taparia
Total Answers : 2 | View Answers | Post Answers
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| 40645 |
May, 07
2020
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DIRECT TAXES - ( PENSION )
A retire from govt. job and he was entitled for pension. How ever due to some disputes pension was not released to him and meanwhile he expired. After two year from his death wife of A received pension from the date of retirement upto date of death of A apart from this arrear of pension was also received. Query here is whether pension received by wife is taxable in her hands of. if yes whether she can claim relief u/s 89. Or it is exempt in her hand. Thanks
BY: SUNIL KUMAR AGARWAL
Total Answers : 2 | View Answers | Post Answers
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| 40641 |
May, 05
2020
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GST - ( PAYMENT UNDER DRC 03 )
The taxable turnover as per final accounts for the year 2017-18 is Rs. 2.10 crores and GST payable is Rs. 58.8 lakhs. The taxable turnover as per GSTR 3B is Rs. Rs. 2 crores and GST amount is Rs. 56 lakhs. There is sufficient credit in the credit ledger. Whether the shortfall of Rs. 2.8 lakhs can be paid through GSTR 03 by adjustment through credit ledger before filing the annual return?
BY: SANTOSH JAGANNATH PAI
Total Answers : 3 | View Answers | Post Answers
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| 40642 |
May, 05
2020
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GST - ( GSTR-9C (QUERY ON DUTY DRAWBACK) )
Dear all,
Whether Duty drawback received on export of goods is required to be shown in GST or not?
If yes then this is fall under which of following:
1. Exempt Supply
2. Nil Rated
3. Non-GST Turnover
4. No Supply Turnover
and while filiing the GSTR-9C, we have to include duty drawback in Turnover as per audited financial statement or not?
BY: CA Neha Gupta
Total Answers : 1 | View Answers | Post Answers
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| 40640 |
Apr, 30
2020
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INDIRECT TAXES - ( GST-RENT COLLECTED FROM CLINIC )
Sir,
A person is collecting rent and GST from various shops in his commercial complex. One of the place being let out to a doctor for running his clinic. The Doctor says since he is doing exempted Health car service, GST should not be collected from him. Is it correct ?
BY: N.NAGARAJAN
Total Answers : 7 | View Answers | Post Answers
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| 40638 |
Apr, 27
2020
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CORPORATE & OTHER LAWS - ( INCORPORATION OF A PRODUCER COMPANY )
One NGO has promoted 4 Producer company for villagers in different areas of a district and the same NGO now wants to form a Producer Company with those 4 producer company as its members/shareholders at the district level for the reason below
1)The Grants given to the different Producer Company can be monitored well.
2)The procurement and sales of all the 4 Producer Companies can be negotiated well.
3)The Management of the companies can be monitored well.
Overall it will be easier for the NGO to keep an eye on the working of the company.
But as per the provisions of Producer Companies Act a Producer Company can be formed by
1)Ten or more producers (individuals); or
2)Two or more producer institutions; or
3)Combination of the above two (10+2).
My question is whether 2 or more Producer companies as stated above can be considered as a producer institutions and whether they can form a Producer Company.
I have one more question on same lines. Whether Producer Institutions which does not have PAN Card can become a member/shareholder of a Producer Company?
Please reply my above query. Thanks in advance
BY: AMIT GUPTA
Total Answers : 0 | View Answers | Post Answers
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| 40639 |
Apr, 27
2020
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INDIRECT TAXES - ( GST- RCM -DIRECTOR )
Sir,
I had posted query as to whether RCM is applicable for payments made for attending patients by a Private Ltd. Hospital to a Director who is also a director of that Company. For this I received a reply in our forum that it is applicable. But GST practitioners in other forums say that the service being Health service provided by the said doctor RCM is not applicable. Kindly explain as many hospitals would be impacted if the RCM is applicable.
BY: N.NAGARAJAN
Total Answers : 3 | View Answers | Post Answers
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| 40637 |
Apr, 26
2020
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DIRECT TAXES - ( DIGITAL MODES )
Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ? As these modes of payment can be provided.
Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019
In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) hasbeen inserted in the Income-tax Rules, 1962. Rule119AA provides that the speci?ed person shallprovide facility for accepting payment throughfollowing electronic modes, in addition to thefacility for other electronic modes of payment, ifany, being provided by such person, namely
(i) Debit Card powered by RuPay
(ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and
(iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code.
BY: DINESH KHURANA
Total Answers : 0 | View Answers | Post Answers
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| 40635 |
Apr, 25
2020
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DIRECT TAXES - ( FEES FOR TECHNICAL SERVICES )
Dear Colleagues,
How to identify the key difference between Fees for Technical service, technical consultancy, and fees for professional services so as to apply the TDS rate of 2% u/s 194J w.e.f 01.04.2020. As provided in section 194J definition of professional service includes the word technical consultancy and as per the definition of Fees for technical services provided in section 9 also includes the word consultancy in such circumstances how to decide the exact nomenclature of the service and TDS rate thereon whether 2% or 10%?
BY: Manisha
Total Answers : 1 | View Answers | Post Answers
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| 40634 |
Apr, 24
2020
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MISC. - ( ACCOUNTING FOR EXCESS PROVISION MADE ON 31.3.2020 )
Dear sir/Madam
One of the client has made provision for interest receivable for the financial year 19-20 as on 31.03.2020 (for eg.100000) . However during the first week of April 2020 the client has premature FD for salary paid to employee, so the Bank has reduced interest rate for the period 19-20 (for eg.only 90000) but tds has deducted as on 31.03.2020 for rs.100000. In this circumstances what are the entries to be made in the books of accounts as on 31.3.2020.
Kindly suggest me, thanks in advance
BY: KANAGARAJ
Total Answers : 1 | View Answers | Post Answers
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| 40632 |
Apr, 23
2020
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IFRS - ( ASSET CLASSIFICATION )
Dear All,
Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap
BY: KOSAL AGARWAL
Total Answers : 1 | View Answers | Post Answers
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| 40633 |
Apr, 23
2020
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IFRS - ( ASSET CLASSIFICATION )
Dear All,
Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap
BY: KOSAL AGARWAL
Total Answers : 0 | View Answers | Post Answers
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| 40630 |
Apr, 20
2020
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MISC. - ( CONVERSION FROM PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM )
Dear Professionals, I started my Practice In 1989 as a Proprietorship Concern under ICAI with GST as per trade name . In a case of addition of a new CA , the firm is to be converted into a partnership firm requiring new PAN and new GST registration .
With the above backdrop , my queries are :
1.Whether Proprietorship Experience Is Continued In the Partnership Firm as per ICAI records?
2. Whether the experience Will Count For Bank Audit Empanelment Under Partnership Firm ?
3. Also as a process , first conversion step to be taken from my Member SSP portal and later then the new partner should join ?
4. Whether my trade name "Palamalai & Co" can be changed as "Palamalai & Associates" or like including new partner initial as "RP & Associates" without any compromise in year of experience ?
Kindly suggest clear opinions point wise .
Thanks in advance .
BY: CA. PALAMALAI R
Total Answers : 0 | View Answers | Post Answers
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| 40629 |
Apr, 19
2020
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GST - ( GSTR 9 )
IN GSTR 9 OF FY 2018-19 ,TABLE 8 C ,WHETHER SUM OF ITC AVAILED OF YEAR 2017-18 BUT CLAIMED IN YEAR 2018-19 AS WELL AS ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME OR ONLY AMOUNT OF ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME ? PLEASE CLARIFY BY ANY ONE.
BY: SANJIV MEHROTRA
Total Answers : 0 | View Answers | Post Answers
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| 40628 |
Apr, 18
2020
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GST - ( PROFESSIONAL SERVICES BY NRI )
IF professional services are provided by NRI to Indian domestic company on a regular basis, then whether that NRI needs to take GST Registration ? If yes then whether with threshold or without threshold ? If not then whether company needs to pay GST on RCM ?
BY: Amol Prakash Kasat
Total Answers : 1 | View Answers | Post Answers
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| 40627 |
Apr, 16
2020
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GST - ( GST RATE & HSN FOR HAND SANITIZER )
M/s ABC Ltd is a Sugar Factory and also have Distillery unit. Food & Drug Authority (FDA) Maharashtra had issued Drug Licence for Manufacturing Hand Sanitizer.
Composition for Each 100 Ml Hand Sanitizer contains -
Ethly Alcohol IP - 80% V/V
Hydrogen Peroxide IP - 0.125% V/V
Glycerol IP - 1.45 % V/V
Purified Water - QS
Colour - Brilliant Blue & Pink
Request you to guide us GST Rate & HSN for Hand Sanitizer
BY: Pravin Taparia
Total Answers : 1 | View Answers | Post Answers
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| 40625 |
Apr, 15
2020
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MISC. - ( RECONVERSION OF CA PARTNERSHIP INTO CA PROPRIETORY FIRM )
I started my CA Practice in the year 2002 as a proprietor of a CA Firm and in the year 2013 I converted my Proprietory Firm into Partnership by adding my cousin brother as partner, as due to ours is Joint family we dont have any problems till April, 2018. From April, 2018 our HUF is divided and living separately. Now I dont want to continue this partnership with my cousin brother and want to convert this partnership into Proprietory Firm. Meanwhile i have intimated my changes in the status of the Firm to ICAI Regional office but my details are not yet changed in the Institute records. I tried to update in the SSP Portal but of no use at all. In SSP Portal a head office incharge partner only can move all the applications and Head Office incharge is my another partner, he is not allowing me to change the details in firm details and creating problems since from 1 year. I have also communicated on email to the concerned officials in the SIRC as well as ICAI-New Delhi and they just intimated to the other partner, SSP Portal procedure to update the changes. But still that other partner has not done nothing and just ignore their directives. Can anybody guide me to how to go along with effectively to reconvert CA Partnership Firm to CA Proprietory Firm without loosing my old firm name. Thanks in advance for all your answers.
My communication on mail is happened on the below email ids:
h.vanitha@icai.in, padmabalaji@icai.in, mss@icai.in, leena.khanvilkar@icai.in, josphine@icai.in, Secretary@icai.in, Secretary@icai.in, president@icai.in and vicepresident@icai.in
BY: VENKATESH S BAKALE
Total Answers : 1 | View Answers | Post Answers
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| 40626 |
Apr, 15
2020
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MISC. - ( EXAMINATION PATTEREN OF CA )
Around 6 months back, A Committee was formed to recommend Change in Exam System following reports of CA Exam Papers being outsourced to Non professionals by Empaneled Examiner following protests by students. A Large number of Students/Professionals are of the View that Entry to CA Course should be made Difficult and Once a Person Joins CA Course, He should be assured of Completion of CA degree Tests should be conducted online and Paperwise results should be declared so that same Question paper is not required to be written after passing that paper on the lines of ACCA and CPA.In the prevailing atmosphere it becomes more relevent that Only Online Exam is conducted . This will also be of help to those students who have developed Problems like Writer Cramps and can not get Proper Writers
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40624 |
Apr, 13
2020
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MISC. - ( CHANGE OF NAME OF EXISTING CA FIRM )
I am partner of ca firm and want to change the firm name. All partners are agreed for change of name. my firm has 15 years of standing.
please let me know, whether there is effect in standing and bank empanelment.
Regards
BY: UMA SHANKAR JHA
Total Answers : 1 | View Answers | Post Answers
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| 40623 |
Apr, 10
2020
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TDS/TCS - ( TDS ON SALE AND DISTRIBUTION OF FILMS )
Sale and distribution of films now included under royalty and hence TDS would be applicable. But the rate( 2% or 10%) is not clear after the amendment to Finance act 2020. Please refer below
As per the Finanace Act 2020,
In section 194J of the Income-tax Act, in sub-section (1),––
(a) in the long line, for the words “ten per cent. of such sum”, the words and
brackets “two per cent. of such sum in case of fees for technical services (not being a
professional services, or royalty where such royalty is in the nature of consideration for
sale, distribution or exhibition of cinematographic films and ten per cent. of such sum in
other cases,” shall be substituted;
So TDS for sale and distribution of films is now 2% or 10%. Please clarify
BY: T.R.S. PATHY SENTHIL
Total Answers : 1 | View Answers | Post Answers
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| 40620 |
Apr, 03
2020
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GST - ( TRANSPORTATION SERVICE )
Mr. A is a cement dealer and registered to GST. The supplier bills him for door delivery of cement at his premises. Mr. A also owns transport vehicle and collects the loads of cement in his own vehicle from local depot and is paid the transportation charges by the person entrusted with the transportation. Are the transportation charges exempt under GST? Is the person entrusted with transportation liable to pay GST under reverse charge? Does the transportation receipt forms part of his turnover? Whether Mr. A will be treated as GTA under GST?
BY: SANTOSH JAGANNATH PAI
Total Answers : 2 | View Answers | Post Answers
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| 40621 |
Apr, 03
2020
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GST - ( CREDIT NOTES )
Mr. A is dealer in electronic goods.He receives credit notes towards certain discounts from his supplier which are predetermined at the time of supply and GST is charges on them. Mr. A has accordingly reversed the input credit towards the credit notes reversed. There are also amounts credited to his account by the supplier towards incentives for achieving higher turnover and no GST is charged on the credit notes. Is Mr. A liable to pay GST on the credit notes? Are the receipts exempt in the hands of Mr. A under GST?
BY: SANTOSH JAGANNATH PAI
Total Answers : 2 | View Answers | Post Answers
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| 40618 |
Apr, 01
2020
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DIRECT TAXES - ( ONLINE FILING OF FOM 15H )
A Taxdeductor has received Form 15H for nondeductionof TDS on Interest income of Rs 496000- for Fin Year 2019-20
on 25-3-20 . Interest is credited on 31-3-20.
By which date Form 15H can be Efiled on Portal
Isthere any relaxation in current Scenerioas DSC is required for same
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40619 |
Apr, 01
2020
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MISC. - ( CONVERSION OF CA PARTNERSHIP TO CA PROPRIETOR )
A FIRM ESTB.1962 HAVING CURRENTLY 2 PARTNERS. SENIOR PARTNER PASSED AWAY RECENTLY. NOW LEFT WITH JUNIOR PARTNER HE WANTS TO CONTINUE THE FIRM AS PROPRIETOR...WHAT IMPLICATIONS ON, NAME, ESTB DATE. SENIORITY OF FIRM BEING CARRIED FORWARD FOR BANK AUDIT CAG EMPANELMENT ETC AND ICAI RECORDS? JUNIOR PARTNER EXPERIENCE IS 12 YEARS. SENIOR PARTNER QUALIFIED MORE THAN 50 YEARS BACK. OR IS IT BETTER TO ADD ANOTHER PARTNER AND CONTINUE TO FIRM PARTNERSHIP CONSTITUTION? MY PHONE NO. IS 9970088669 ANY FEEDBACK WOULD BE GRATEFUL.
BY: Kalyan Chakravarthy Vennety
Total Answers : 0 | View Answers | Post Answers
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| 40616 |
Mar, 27
2020
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DIRECT TAXES - ( 079710 )
My Individual (Non -business Income) Client has sold his residential house for Rs. 3 cr (SDV also 3 cr) . in FY 11-12 During assessment proceedings AO refer the valuer for Fair Market value to Departments valuer u/s. 142 A. and since the report was not got till 31st Dec. 2019 he made assessment subject to valuer's report . but Now the dept. valuer valued the same as 3.5 cr. and now AO issued notice u/s. 154 for enhance our income by Rs. 50 lacs.
Can he do so ? whereas our sells consideration is actually Rs. 3.5 cr. as well as our banking tr. are also same AO has not found any other material evedince for disbeliving the consideration . what are the other factors and grounds which we should rely on for further appeal .
Thanks in Advance
BY: SANDEEP KAPOOR
Total Answers : 0 | View Answers | Post Answers
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| 40613 |
Mar, 19
2020
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DIRECT TAXES - ( TAXABILITY OF INTEREST ON NRE DEPOSIT )
An individual who was an NRI has permanently shifted back to India. There are certain NRE deposits in his name. The query is can that individual take shelter under section 115H i.e. benefits available in certain cases even if after the assessee becomes resident and pay tax at the rate of 20% with regards to interest on NRE deposit as per section 115E.
BY: SHRADDHA S KAMATH
Total Answers : 1 | View Answers | Post Answers
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| 40610 |
Mar, 18
2020
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DIRECT TAXES - ( SECTION 206C(1H)-TCS ON SALE OF GOODS )
Hello Everyone!
Finance Act 2020 has introduced sub section (1H) of Section 206C WEF 01.04.2020 wherein it is inserted liability on seller (specified) to collect TCS from buyer (Buyer) @ 0.1%/1% . Here, TCS is required to be collected at the time of receipt of the collection from buyer. Now my query is whether collection received on or after 01.04.2020 for sales of Feb/March 2020, then whether TCS is required to be collected on such consideration received in April 2020 towards Feb/March 2020 sale or TCS is required to be collected on consideration received for Sale made on or after 01.04.2020.
BY: Manisha
Total Answers : 2 | View Answers | Post Answers
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| 40611 |
Mar, 18
2020
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AUDIT - ( TREATMENT OF LIFE MEMBERSHIP FEES )
A club received life membership fee. Should the amount be capitalized or taken to income? If income, can it be spread over number of years as decided by the management? Please share if there are any expert opinion or case studies. Thanks.
BY: balasubramanian
Total Answers : 2 | View Answers | Post Answers
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| 40606 |
Mar, 14
2020
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GST - ( GSTR 9C )
While uploading Json file of GSTR 9C Error message comes but
no Error report is generated for Fin Year 2018-19
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40607 |
Mar, 14
2020
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OTHER BODIES - ( PROPOSAL FOR CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )
Dear Sir,
Now my firm constitution is proprietor and file MEF Form for 2018-19. Now i decided to convert my proprietary concern into partnership firm after 15th April 2020. when i file my MEF for 2019-20 i fill the details in MOC regarding any changes made then in next year when bank statutory audit allotted to me then is it allotted in the name of partnership firm or proprietary firm, please advise. or if it is alloted in the name of proprietorship concern then how i sign the audit report in the capacity of propretor as i am a partner in firm at that time.
Thanks in advance.
BY: BHARAT AGARAWAL
Total Answers : 1 | View Answers | Post Answers
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| 40604 |
Mar, 13
2020
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GST - ( REVERSAL OF ITC WITH REGARDS TO SUPPLY OF MEIS SCRIPTS )
My client is engaged in export of cashew kernels which is a zero rated supply. In relation to said export, the client is in receipt of MEIS scripts from the Government which is linked to the exports made. The further supply of MEIS scripts is exempted from GST. The query is whether input tax credit has to be reversed with regards to supply of MEIS scripts
BY: SHRADDHA S KAMATH
Total Answers : 1 | View Answers | Post Answers
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| 40603 |
Mar, 09
2020
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GST - ( GST ON OUTWARD SUPPLIES TRANSPORTATION )
Company A is supplying Chemicals to Company B. As per PO Terms Company A shall arrange for Transportation & insurance on outward supplies and get the same reimbursed by B at actuals, for which Company A is raising two separate invoices , one is for goods with applicable GST And another invoice for Reimbursement of Expenses without charging GST,(since the Company is of the view that the services qualify as Pure Agent), further Company A is also paying GST on outward transportation under RCM basis and not availing any Input Tax Credit.
Query: 1
Whether the company A is liable to Collect GST on reimbursement of expenses (viz. Freight and Insurance)?
Query 2.
Whether the company A is eligible to take Input Tax credit on GST Paid under RCM basis for outward transportation?
BY: SUDHAKAR
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| 40601 |
Mar, 07
2020
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GST - ( GST EXCESS PAID )
GST for 2017-18 is excess paid and for 2018-19 also excess (nearly the same amount as in 2017-18). Excess amount paid in ultimately adjusted in Sep 2019 return. How to show this GSTR 9
BY: Sai Ram
Total Answers : 1 | View Answers | Post Answers
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| 40598 |
Mar, 06
2020
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GST - ( REFUND OF RCM PAID ON PURCHASE IN CASE OF SUPPLY TO SEZ. )
Dealer is exclusively supplying cab services to a SEZ unit. He is also taking services of unregistered persons on which he is paying tax on RCM. My query is that is he eligible to claim the refund of tax paid on RCM as he cannot utilise the same because there is only zero rated supply to SEZ and no other supply. Please reply the same.
BY: Ajay Lokhande
Total Answers : 1 | View Answers | Post Answers
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| 40596 |
Mar, 05
2020
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AUDIT - ( AUDIT US 44AB IS REQUIRED OR NOT )
An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD.
In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%.
In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by bank. Declared profit @ 6.28%.
He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-).
His Gross total income comes to below basic exemption limit of Rs. 2,50,000/- after set off of loss from house property.
In this case, do he need to get audited his books of accounts as he was not eligible to opt in u/s 44AD and total turnover was below 1 crore, declared income less that 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set off of loss from house property and before claiming deduction under chapter VI. ?
BY: VIRAL THACKER
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| 40597 |
Mar, 05
2020
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Service Tax - ( DEMAND DUE TO WRONG NOTFN NO. IN ST3 RETURNS )
A Service provider filed ST–3 Returns by wrongly including Negative list item-sale of goods turnover of Rs.9.5 crores to the taxable service and claimed exemption by giving Notification No.7 of 2015 .
On Rs.1.5 crores man power supply also, the assessee has claimed 100% abatement in ST-3 Returns by giving notification No.30/2012 item No.10 instead of Sl No.8. The mistakes were pointed out by the AG AUDIT PARTY. AC has issued show cause Notice with demand of around Rs1.8 crores saying that he is not entitled to the exemptions as mentioned in ST-3 RETURNS in respect of the services provided U/s Section 65(39a) and Section 65(64) – Erection, commissioning and Maintenance or Repair Service to Mobile companies
It is only disclosure mistake - the Sales Turnover suffered VAT Tax and the claim of 100% abatement on man power supply is also correct except giving wrong S.No.10 instead S.No.8 in ST3 Return.
Are there any case laws supporting the above facts where the department cannot levy service tax just for claiming exemptions/ abatements under wrong notification number in returns when the assessee can prove his claims with documentary evidence?
Please give your valuable advice with case laws, if any, in satisfying the A.C that the sales already suffered VAT and claim of abatement is also correct except giving wrong exemption notification No in ST-3 Returns
and there cannot be service tax demand just for disclosure mistakes
BY: M. UMA MAHESH
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| 40595 |
Mar, 04
2020
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GST - ( GST REGISTRATION )
AN E-COMMERCE SELLER WANTS TO REGISTER IN ANOTHER STATE AT E-COMMERCE OPERATOR WAREHOUSE THAN HOW TO OBTAIN NOC FROM ECO FOR USE OF WAREHOUSE AS PRINCIPAL PLACE OF BUSINESS .
BY: DHARMENDRA GORA
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| 40592 |
Mar, 03
2020
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GST - ( COMPOSITION SCHEME FOR ICE CREAM PARLOUR )
DEAR SIR, CAN ICE CREAM DEALER OPT FOR COMPOSITION. IF OPT THEN UNDER WHICH NOTIFICATION. I NOTIFICATION NO. 2/2019 CT(R) DTD 07.03.2019 A REGISTERED PERSON MAKING SUPPLIES OF THE ICE CREAM, PAN MASALA & TOBACCO IS ALSO NOT ELIGIBLE TO PAY CONCESSIONAL TAX UNDER THE SAID NOTIFICATION. PLZ ADVISE.
BY: RAHUL MADHAVARAO KHANDEBHARAD
Total Answers : 1 | View Answers | Post Answers
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| 40593 |
Mar, 03
2020
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MISC. - ( BANK STOCK AUDIT )
I want to know where to apply for stock auditor empanelment with Nationalized / private bank.
Is there any online link or physical documents to be submit. If physical submission than where to submit.
BY: RAHUL jain
Total Answers : 1 | View Answers | Post Answers
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| 40590 |
Mar, 02
2020
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MISC. - ( 019493 )
Whether a Private family trust can be a partner in a ordinary partnership firm?? . Also whether it can be partner in Limited Liability partnership Firm(LLP) ??
BY: nagappan.sm
Total Answers : 2 | View Answers | Post Answers
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| 40591 |
Mar, 02
2020
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GST - ( WHETHER LIABLE FOR CGST AND SGST OR IGST )
A Limited is registered company having registered office at Rajasthan engage in manufacturing. A Ltd. Is registered in Rajasthan and MP under GST law.
Another Company B Ltd (Registered in MP) provides manpower supply service to A Ltd for employees at Rajasthan and MP.
Now Question arises, whether B Ltd should raise GST invoice for manpower supply from MP by charging CGST& SGST OR IGST.
BY: Ankit Vijaywargiya
Total Answers : 1 | View Answers | Post Answers
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| 40587 |
Feb, 29
2020
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DIRECT TAXES - ( ACCEPTANCE OF LOAN IN CASH )
X AN INDIVIDUAL CARRY ON BUSINESS OF CONTRACT WORKS. HE FILED HIS RETURN FOR FY 2017-18 U/S 44AD. NOW IN FY 2018-19 THE SAME BUSINESS IS CONTINUED AND HE WILL BE FILING RETURN U/S 44AD. BUT IN FY HE HAS TAKEN A UNSECURED LOAN OF RS 5.00 L FROM HIS FRIENDS, BUT THIS LOAN IS IN CASH. SO THE ACCEPTANCE OF LOAN ATTRACTS TAXATION LIABILITY U/S 269SS. (ACCEPTANCE OF DEPOSIT OR LOAN IN CASH IN EXCESS OF RS 10 K) , WE WILL ADD THE LOAN AMOUNT TO HIS INCOME. BUT MY QUERY IS IN WHICH HEAD THIS LOAN TAKEN IN CASH WILL BE ADDED. BECAUSE HE IS NOT FILING 3CD AS THE BUSINESS IS DECLARED IN 44AD. SO HOW THE ADDITIONS FROM 3CD WILL BE INCLUDED IN HIS RETURN OF INCOME. IN FY 2018-19 HE HAS A TOTAL BUSINESS RECEIPT OF RS20 L AND NP @ 10% IS RS 2.00 L + UNSECURED LOAN OF RS 5.00 L = 7.00 L IS HIS TAXABLE INCOME. PLEASE GUIDE HOW TO SHOW THIS 5 L IN HIS TOTAL INCOME IN THE RETURN SO THAT THE QUESTION OF ADDITION U/S 269SS WILL BE TAKEN CARE OF ASSESEE HIMSELF
BY: pradeep kumar agrawal
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| 40588 |
Feb, 29
2020
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GST - ( ANNUAL RETURN FY 2018-19 )
I have a query after seeing the Offline Tool for Annual Return with respect to FY 2018-19 . There is no row to adjust the amounts being adjustments relating to FY 2017-18 done in GSTR-3B/1 for FY 2018-19. How to show effect of the same in Annual Return for FY 2018-19. or is it not be shown at all?
BY: KASHISH CHAWLA
Total Answers : 1 | View Answers | Post Answers
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| 40585 |
Feb, 28
2020
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GST - ( GSTR-10 )
If the GST registration is cancelled by the department on failure to file returns for continuous period of 6 months or more and the taxpayer does not wish to continue his business, then in that case whether all the returns have to be filed upto the date of cancellation and then file GSTR-10 or we can directly file GSTR-10 without filing previous returns.
BY: Aman Jain
Total Answers : 2 | View Answers | Post Answers
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| 40581 |
Feb, 27
2020
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GST - ( POWER OF SPECIAL SECRETARY_CBIC )
Dear all,
As all of you are aware that CBIC in its special drive has started sending mails demanding interest for belated filling of 3B after passing an internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 by Special Secretary,CBIC .
One of our clients got such type of mail.We have given our submission citing provisions and case laws.In response to that submission honble superintendent revert following mail to us.I am sending that mail in toto to all of you for my information and knowledge that WHETHER A SPECIAL SECRETARY HAS GOT POWER TO SUPERSEDE HIGH COURT`S JUDGEMENT ???
Awaiting for your response.
Dear Taxpayer,
in response to your letter, this is for your kind information that the amendment what you have stated in your reply has not been notified by the Government till date. Section 50 of the CGST Act, 2017 is very clear in this regard. Hence, you claim of payment of interest on cash amount is not sustainable. Secondly, despite of judgement of Madras High Court, Special Secretary, CBIC superseding the Judgement of Madras High Court, vide D.O. letter dated 10.02.2020 has ordered to recovery the interest on Gross Tax and Gujrat High Court's interim stay order is not a final order. Therefore, you are again requested to deposit the interest amount failing which recovery proceeding under Sub-Section 12 of Section 75 of the CGST Act, 2017 will be initiated against you.
Thanking you
Yours faithfully
(Nikhilesh Bhattacharyya )
Superintendent of Central Tax & Cx
Range-IV: Junglepur CGST & CX Division
BY: SUDIP KUMAR MUKHOPADHYAY
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| 40583 |
Feb, 27
2020
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MISC. - ( NAFRA-2 )
With regard to Form NFRA-2, following clarifications are required. It would be very helpful for us to file the form accurately.
1. Under clause 3b - Whether the Auditor filing the annual return has been subjected to any other reviews by other regulators ? - Do an auditor regulated by ICAI, need to report its peer review conducted by ICAI.
2. Under clause 4 (AUDIT CLIENTS AND AUDIT REPORTS OF THE AUDITOR) of the Form NFRA-2, do an auditor who has been appointed as the branch auditor of Banks, Insurance Co., or other companies etc. are also required to report under this para.
BY: SAHIB CHOUDHARY
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| 40580 |
Feb, 26
2020
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DIRECT TAXES - ( 079710 )
w.r.t foreign payment made there arose a TDS liability, but inadvertently the same was grossed up in form 15CA as well as form 15CB . In consequences thereof, an excess of TDS is being deposited to the IT department. Now , Can we adjust the excess TDS deposited in another payment made to the same person if yes what is procedure for adjustment .
BY: SANDEEP KAPOOR
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| 40578 |
Feb, 24
2020
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GST - ( GST FOR TRANSPORTER )
Company is engaged in providing transport service. GST has to be paid under RCM method by the service receiver. Now, in one cases company itself is paying GST under Forward Charge Mechanism(FCM) approach.
Can it be possible to opt RCM in few cases & FCM in few cases.
BY: Shobhit Bansal
Total Answers : 2 | View Answers | Post Answers
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| 40579 |
Feb, 24
2020
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DIRECT TAXES - ( TDS ON ROYALTY )
Dear Experts
There is a change in the royalty definition in the budget 2020 which includes now the sale of cinematagrophic films also. So will this apply to Section 9 , the intended section only or will it apply to Section 194J (tds section also,as they both have the same definition)
BY: T.R.S. PATHY SENTHIL
Total Answers : 3 | View Answers | Post Answers
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| 40576 |
Feb, 22
2020
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AUDIT - ( AUDIT REQUIREMENT )
An asessee having Net profit less than 8%,Having Credit limit from Banks for more than 10 Lacs,Having Cash receipts more than 5 percentage,Having Cash payments more than 5% are required to get tax audit done irrespective of whether Turnover is up to 5 crores or more than 5 CroresTurnover . Am I correct ?
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 40577 |
Feb, 22
2020
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AUDIT - ( TAX AUDIT APPLICABILITY FY 2019-20 )
A Company whose turnover is Rs. 4 crores in fy 2019-20 and has more than 95% of its transactions in sales and purchases in electronic mode
in aforesaid case will tax audit not be applicable to the company as per the proposed amendment made in finance act 2020 wherein the limit specified in said cases ie more than 95% of transaction in sales and purchases thru electronic mode is upto Rs. 5 crores
BY: iyengar madhavan
Total Answers : 3 | View Answers | Post Answers
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| 40573 |
Feb, 21
2020
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GST - ( GST ON TRANSPORT SERVCIE )
My client is carrying business of transport of molasses, and raised invoice to 1) Ltd Company 2) sugar Factories 3) Goods transport agency in different situations. Out of these cases on which GST applicable and at what rate??
BY: Ninad Prataprao Shete
Total Answers : 1 | View Answers | Post Answers
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| 40574 |
Feb, 21
2020
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GST - ( GST ON TRUST )
Contribution Received by Trust from Its members which will be spend for the benefit of members. whether Trust is liable to pay GST on such contribution?
BY: SIDHARATH SUSHIL KUMAR BANSAL
Total Answers : 2 | View Answers | Post Answers
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| 40572 |
Feb, 20
2020
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GST - ( INTEREST FOR BELATED FILLING OF 3B )
After the internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 comes into play regarding recovery of interest on gross tax liability for belated return filling of 3B,concerned GST officers have started sending notices to registered persons regarding payment of interest.Will Madras HC`s judgement in Refex Industries Ltd`s case be of any help in this regard ?? Please let me know.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 40569 |
Feb, 14
2020
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GST - ( APPLICABILITY OF GSTR-9D )
Respected Sir/ Mam,
1) What is date of applicability of GSTR-9D (As per Rule-80) and from which financial year it become applicable?
2) Whether applicability is mandatory or optional?
3) Whether said form is fill by member or Clients?
BY: BRIJEN
Total Answers : 1 | View Answers | Post Answers
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| 40568 |
Feb, 13
2020
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DIRECT TAXES - ( TAXATION OF UNREGISTERED TRUST )
If trust is not registered under income tax than income shall be taxable as if income in the hands of AOP. AOP taxation depends on his member's share identity. than my Question is in case of unregistered trust how to check member's share?
BY: PRAKASHKUMAR HASMUKHLAL THAKKAR
Total Answers : 1 | View Answers | Post Answers
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| 40567 |
Feb, 11
2020
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GST - ( RCM, BILLING IN TRANSPORTATION )
CAN A TRANSPORTER BILL FOR FREIGHT UNDER RCM TO MAIN TRANSPORTER. SUPPOSE X IS A SUB TRANSPORTER WORKING FOR Y MAIN TRANSPORTER. AND A IS TRADER GIVEN TRANSPORT CONTRACT TO Y FOR MATERIAL DELIVERY. AND Y IN TURN OFF LOADED THE TASK TO X FOR DELIVERY. SO MY QUERY IS WHETHER X CAN BILL UNDER RCM TO Y FOR TRANSPORTATION.
BY: pradeep kumar agrawal
Total Answers : 2 | View Answers | Post Answers
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| 40566 |
Feb, 10
2020
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DIRECT TAXES - ( RECTIFICATION OF ERRORS )
Mr. A had filed his Income tax return for AY 2017-18 on 22.12.2017 claiming no refund and also no tax were payable in that year. While filing his return due to an oversight, under Income from House Property, he had claimed 50% ownership instead of 100% ownership. The department has also issued intimation u/s 143(1) on 03.03.2018. After realizing the mistake, the assessee now wants to correct this mistake. But online rectification in e-filing portal is not allowed now, as the Gross Total Income is changing due to the above mentioned correction. Also there is no option available for revised return in e-filing portal for AY 2017-18 due to time bar. When enquired the above mentioned position with CPC, they advised us to approach the Assessing Officer.
But the query is: whether we should approach the assessing officer for revising the return or making a rectification for AY 2017-18.
Thanking you in advance.
CA T.V.S Raghavan
BY: T.V.SRINIVASA RAGHAVAN
Total Answers : 1 | View Answers | Post Answers
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| 40565 |
Feb, 08
2020
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GST - ( WRONG TURNOVER IN GSTR 9C )
While entering Turnover as per audited financial statement in gstr 9C i include turnover of other unit of april 17 to june 17 by mistake because prior to Gst one books of accounts was maintained.
What should i do to correct this error?
BY: SUSHIL KUMAR
Total Answers : 2 | View Answers | Post Answers
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| 40563 |
Feb, 07
2020
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GST - ( TAX PAID ON DETENTION OF GOODS FOR NOT CARRYING E WAY BILL )
Goods transported after raising invoice, but Eway bill was not generated. GST officials detained the goods and later released the goods on payment of tax and equal penalty.
My doubt in this regard is , what is to be done on filing 3B for the month, if taxable value and tax is entered in form 3B , extra tax to be paid for filing.
What is the treatment of the invoice in GSTR 1.
BY: DEEPA SURESH
Total Answers : 1 | View Answers | Post Answers
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