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Que. Id Date Description
44498
May, 31
2023
GST - ( SERVICE OUT OF STATE FOR COMPOSITION SCHEME )

An architect is having registration under GST.He wants to opt for composition scheme as his last year turnover is less than 50 Lacs. Whether he will be able to provide services out of state in which he is registered as Composition tx payer

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44497
May, 29
2023
ANNOUNCEMENT - ( REQUEST FOR PDICAI DAILY NEWS ROUNDUP DAILY NEWS LETTER )

I was receiving the PDICAI daily newsletter through mail. Due to unforeseen reasons I am not receiving the same for the last few months. I am interested in subscribing to the same. Kindly assist me to subscription for PDICAI daily newsletter.

BY: V KRISHNAKUMAR

Total Answers : 2 | View Answers | Post Answers

44496
May, 26
2023
GST - ( GST REGISTRATION FOR A NEW FIRM )

Even after getting Aadhar linked mobile and email verified and providing ownership proof,GST department is asking for bank statement (account is yet to open after GST registration),source of investment proof and declaration whether the property is under mortgage or not.

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44494
May, 25
2023
TDS/TCS - ( CORRECTION OF TDS RETURN OF Q4 OF FY 22-23 )

26Q has been submitted on 11 th May 2023 and accepted at CPC.But some corrections are required and two challans to be added.What to do ?? And what will be last date for that?? Plz let me know.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

44495
May, 25
2023
MISC. - ( RBI REGISTRATION DATE )

Our FRN is 011541c With unique code 781916 but i am unable to trace our Firm registration date with RBI

BY: CA. MANGAL SHARAD CHAND

Total Answers : 3 | View Answers | Post Answers

44493
May, 24
2023
DIRECT TAXES - ( SUBMISSION OF FORM 15H / 15G )

Dear Friends, I am A resident senior citizen (62 years of age) having only interest income of about Rs.6,50,000/= for Asst. Yr.2024-25. If I opt for the new scheme of taxation u.s.115BAC at the time of filing my Return of Income for Asst. yr.2024-25 then my Total Income will also be Rs.6,50,000/= and my tax liability will be NIL. Can I submit Form 15H to the Banks this year for non deduction of tax at source from my interest income. Also, can my wife (57 years of age) submit Form 15G to the Banks under the above similar conditions. Please advice accordingly. Thanks.

BY: Sudeep B. Sarwate

Total Answers : 3 | View Answers | Post Answers

44492
May, 23
2023
MISC. - ( 255279 )

Subject: Eligibility for LLB after CA I am a Chartered Accountant who completed my CA after 10+2. I do not have any degree, and I have not completed any degree from IGNOU. I wish to join an LLB program and start my own practice as an advocate in courts. I am aware that I must surrender my COP before starting practice as an advocate. I would like to know if I can join IGNOU to get a BCom degree and then join an LLB program. Will a degree from IGNOU be eligible for admission to an LLB program? Will the Bar Council of India make any objections while issuing COP to a person who has a degree from IGNOU? I would be grateful if you could provide me with any information that you may have on this matter.

BY: RYALI VAMSI KRISHNA

Total Answers : 1 | View Answers | Post Answers

44491
May, 19
2023
DIRECT TAXES - ( FUNDS RECEIVED FROM START UP- TAXATION IN THE HANDS OF EMPLOYEE )

Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

44488
May, 18
2023
MISC. - ( PART-TIME COP )

Hi Team, I am having part-time COP & working in an MNC as an employee. Now I am having permanent work from home option. So can I place my name board outside my home & start provide tax consultancy services other than audit & signing related services? Thank you in advance!

BY: VITTAL MATARE

Total Answers : 2 | View Answers | Post Answers

44489
May, 18
2023
DIRECT TAXES - ( APPLICABILITY OF TDS ON TRAINING FEE PAID TO CAMBRIDGE UNIVERSITY U.K. )

Whether TDS has to be deducted on Training Fee paid to Cambridge University U.K. towards training provided to teachers of a school through video conferencing ?

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

44490
May, 18
2023
Startup Funding - ( TAXATION IN HANDS OF EMPLOYEE )

Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

44487
May, 16
2023
AUDIT - ( APPOINTMENT OF TAX AUDITOR )

As per section Section 288(2) one of the partner of the firm is relative of the assessee firm hence it is understood that he cant be auditor of that firm. But there are other partners also who are not relative. Can other partner of the firm conduct audit.

BY: DEEPAK K GUJRATI

Total Answers : 3 | View Answers | Post Answers

44486
May, 14
2023
DIRECT TAXES - ( 091663 )

A TRUST IS TO CREATED BY A SETTLOR IN RELATION TO AN IMMOVABLE PROPERTY ,SINCE THE TRUST HAS NOT YET BEEN REGISTERED U/S 12A WHAT IS THE POSITION OF TAXABILITY OF IMMOVABLE PROPERTY .

BY: vikas kalra

Total Answers : 2 | View Answers | Post Answers

44482
May, 13
2023
GST - ( DIFFERENT BILL BOOKS )

A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44483
May, 13
2023
GST - ( DIFFERENT BILL BOOKS )

A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44484
May, 13
2023
Service Tax - ( REGARDING PRE-DEPOSIT OF SERVICE TAX DEMAND FOR FILING APPEAL )

An unregistered assessee has to pre-deposit 7.5% of service tax demand for filing appeal. While applying for Non-assessee registration through aces tab on cbic portal, it generates only excise registration number and excise accounting codes for deposit of taxes. How to deposit the aforesaid pre-deposit amount then ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44485
May, 13
2023
DIRECT TAXES - ( SEC43B CLAUSE H FROM 01.04.2023 )

sir , could anyone explain new clause h inserted by FA2023, how it will be applicable and what is the scenario , if business entity has an agreement to pay the supplier say-90days , than , in such case will it be disallowed if paid after 45days.

BY: RAM SAMARIA

Total Answers : 1 | View Answers | Post Answers

44481
May, 12
2023
GST - ( TWO APPLICATIONS FORGST NO )

An application for GST registration has been made . though mobile no is authenticated E mail could not be. Now we can neither submit nor modify application till a notice comes from GST department Can We file another application with new Email address

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44480
May, 11
2023
MISC. - ( FINANCIAL SOLVENCY CERTIFICATE )

Can a Chartered Accountant issue Financial Solvency Certificate to his client for procuring a Government Contract ?

BY: ALOK NATH SAHA

Total Answers : 1 | View Answers | Post Answers

44478
May, 08
2023
MISC. - ( CODE OF ETHICS )

Can a Practicing Chartered Accountant suppose Mr. A in his personal capacity being a Proprietor of his 'A Firm' authentication Internal Audit Report of Listed Entity where one of the Director Mr. B of such Listed Entity and Mr. A are partners in another Chartered Accountant Firm named 'AB Firm'. Will there be any conflict of interest?

BY: Mitul Makwana

Total Answers : 0 | View Answers | Post Answers

44479
May, 08
2023
DIRECT TAXES - ( WHETHER 50C APPLICABLE )

ONE OF MY CLIENT HAD PURCHASED AGRICULTURAL LAND IN DECEMBER 2014 AND PAID SALE CONSIDERATION IN CASH WITHOUT EVEN EXECUTION OF AGREEMENT OF SALE. THE VENDORS WERE HUSBAND AND WIFE. THEY HAVE NOT EXECUTED SALE DEED AS ONE OF THE VENDORS ( HUSBAND) HAD DIED AND THE LEGAL HEIRS OBTAINED LEGAL HEIRS CERTIFICATE IN SEPTEMBER 2016 ON THE NAME OF THE DECEASED WIFE AND SON. AS THE MUTATION AND LAND HOLDING WAS NOT TRANSFERRED ON THE NAMES OF THE LEGAL HEIRS , THEY KEPT THE EXECUTION OF SALE DEED PENDING. NOW THEY ARE READY TO EXECUTE THE SALE DEED. BUT THIS PARTICULAR AGRICULTURAL LAND HAD BECOME URBAN LAND AND THE SUB REGISTRAR OFFICE VALUE HAVE GONE IN CRORES. MY QUERY IS WHETHER THE SRO CAN ADOPT THE VALUE AS OF THE CURRENT DATE OR THE YEAR IN WHICH THE ORAL AGREEMENT ENTERED INTO AND FULL SALE CONSIDERATION WAS PAID. THAT WHETHER STAMP DUTY VALUE AS ON DATE OF AGREEMENT TO SELL OR THE DATE OF REGISTRATION OF SALE DEED TO BE ADOPTED FOR SECTION 50C.

BY: Anwar Iqbal

Total Answers : 0 | View Answers | Post Answers

44477
May, 06
2023
GST - ( AADHAR AUTHENTICATION FOR GST REGISTRATIONS )

I have just submitted Application for GST Registration opting for aadhar authentication. While mobile no of applicant is attatched with his Aadhar, Email address is mine. Whether it will be possible to authenticate in this case. Whether uploading KYC documents of applicant would have been better option

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44476
May, 05
2023
Profits & Gains of Business & Profession - ( QUERY REGARDING FINAL REGISTRATION OF A NEW NGO UNDER SECTION 12AB OF THE INCOME TAX ACT AND THE DAT )

Hello fellow CAs, I am CA Vamsi Krishna Ryali (Membership No 255279) from Dwarapudi of Andhra Pradesh. and I have a query regarding the final registration of a new NGO under section 12AB of the Income Tax Act. My client is a new NGO that was incorporated on 23-Jun-2021. I applied for provisional registration under 12AB and it was approved on 31-Dec-2021. As per the provisions of the Income Tax Act, we must apply for final registration within six months of commencement of activities or before expiry of provisional registration whichever is earlier. However, we did not apply for final registration within six months because our client did not have many activities or donations till date. I would like to know the following: 1. How is the date of commencement of activities determined for the purpose of final registration under 12AB ? 2. Is this date subjective or objective ? 3. Is this date the same as the date of issue of provisional registration or different ? 4. Can this date be decided by the management of the NGO or is it fixed by law ? I request any clarification or guidance from the experts in this forum. Thank you in advance.

BY: RYALI VAMSI KRISHNA

Total Answers : 1 | View Answers | Post Answers

44475
May, 04
2023
GST - ( TWO GST REGISTRATION NOS FOR A COMMON PAN )

Can a person registered already under GST apply for another GST no under the same PAN by forming another Prop Firm Whether GST authorities generally raise any objection?

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

44474
May, 01
2023
DIRECT TAXES - ( TDS ON NRI )

An asessee has gone abroad in Sep 2021 and has visited india in FY 22-23 for 43 days only. He will be nonresident for 2022-23 . If he sells a flat here in India in FY 23-24 which he has got posession of in Dec 22 .For calculation of his cost ,Consideration paid to a housing co mentioned in registry is around Rs 50 Lacs but adding GST part will be around 60 Lacs If he applies in form 13 to asessing officer for no deduction/Lower deduction of TDS whether it will be issued easily ?What are the other formalities to be complied in this case.Whether this consideration be deposited in normal saving account in India for further remittance to abroad

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44473
Apr, 27
2023
DIRECT TAXES - ( ALLOWABILITY OF ELECTRICITY SUPPLY CONNECTION CHARGES PAID TO STATE ELECTRICITY BOARD )

Whether Rs. 14 lakhs paid by an assessee to WBSEDCL (W.B. State Electricity Development Corporation Ltd.) towards installation of electric poles, cable laying and transmitter for new industrial electric supply connection at his newly constructed rice mill (based on their quotation). The poles, cables and transmitter shall continue to be the property of the WBSEDCL. Commercial production has not yet been commenced in the rice mill. Whether the expenditure shall be debited in full in the profit & loss account of the assessee in the year of payment and the same is allowable as revenue expenditure u/s 37(1) of the Income Tax Act, 1961? Please reply. With regards!

BY: ALOK NATH SAHA

Total Answers : 3 | View Answers | Post Answers

44472
Apr, 26
2023
CORPORATE & OTHER LAWS - ( DIRECTOR REMOVAL )

How to remove an existing director from Private limited company. Several notices were issued for attending Board meetings and all such meeting was not attended. DIN-KYC is not updated since last four years. In annual reports non attendance and non- signing of any of such statment is already reported

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44471
Apr, 25
2023
GST - ( ITC SET OFF FOLLOWED BY GST PORTAL )

Dear Sir, our client is engaged in renting of properties and also engaged in construction of apartments. we have IGST credit of Construction Business and And CGST & SGST liability for Rental Business. client wants to pay CGST & SGST Tax on cash basis without using IGST credit relating to apartment construction. reason for the same is that if IGST credit is used there will be no balance to reverse IGST credit pertaining to unsold inventory in apartment. However Portal does not allow to make payment of CGST & SGST tax in cash unless IGST credit is Exhausted . kindly guide us with the issue.

BY: Sachin

Total Answers : 0 | View Answers | Post Answers

44470
Apr, 20
2023
GST - ( INTEREST ON WRONG AVAILMENT OF ITC )

Rule 37 of CGST Act talks about reversal of ITC in case of non payment of consideration within 180 days . In the said rule , sub rule (3) was omitted w,e,f 1st Oct 2022 vide NN 19/2022 . Department contention is that erstwhile sub rule (3) which says “ RP shall be liable to pay Interest u/s 50(1) starting from the availment of ITC ( not utilisation ) shall be applicable till 1st Oct 2022 as this rule has been omitted w,e,f 1st Oct 2022 . Interest u/s 50 (3) as amended retrospectively vide NN 09/2022 w,e,f 5th July 2017 where Interest has to be paid on ITC availed & utilised shall not be applicable in such cases . Your view on above ?

BY: VINOD KUMAR SHARMA

Total Answers : 0 | View Answers | Post Answers

44469
Apr, 18
2023
GST - ( 082701 )

An assesse has claimed input tax credit on purchase but the transaction is not visible in GSTR 2A. Should it reverse the input credit by reducing current month(march 23) Input or add to output liability. Further whether interest also has to be added though actually this amount not utilised for payment,only balance amount increased of IGST ledgers

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44468
Apr, 15
2023
GST - ( GST TAX LIABILITY ON FORWARDING AGENT )

ABC Ltd is a forwarding agent and is taking tanks on rental to export the chemicals of XYZ Ltd. To take those tanks on rental ABC Ltd has three choices to deal with which are as below – 1. Whether ABC Ltd takes tanks on rent from PQR Ltd, a registered Indian company. In this case at what rate PQR Ltd will charge GST to ABC Ltd? 2. Whether ABC Ltd takes tanks on rent from DEF Pte Ltd registered company in Singapore with no permanent place of business in India. As its import of services, Will ABC Ltd be liable to pay GST on reverse charge mechanism (RCM) being the import of service and if yes then at what rate? 3. Whether ABC Ltd takes tanks on rent from PQR Pte Ltd registered company in Singapore with the place of business in India also but payments are being made to Singapore registered company and invoice is being made by PQR Pte Ltd. In such case who will charge GST at what rate?

BY: PRATIK M DUGAR

Total Answers : 0 | View Answers | Post Answers

44467
Apr, 14
2023
MISC. - ( CAN A CA BE A FULL TIME PARTNER IN CA FIRM ALONG WITH BEING PROPRIETOR IN HIS EXISTING PROPRIETORSHI )

Hi, Since 2020, I have held a COP and worked as a sole proprietor. I have been a member since 2019. So my experience is 3 years from COP and 4 years from becoming a CA member. My friend is also a sole proprietor and an FCA with more than 5 years of experience in audits. We want to form a partnership firm. Q1. Can we both become full-time partners in the new firm and proprietors of our respective existing sole proprietorship firms at the same time? Whether ICAI allows it? The address of the firm will be the same as the address of one of the proprietorship firms, so technically there will be one head of charge for two firms, i.e., a partnership firm and a proprietorship firm. Further, we will have 3 FRNs, i.e., 2 proprietorship firms and 1 partnership firm. (If proprietor and partner is not allowed, we will close the our proprietorship firm) Q2. Whether our partnership firm (as mentioned above) will be eligible for audits, if the criteria are as follows: "The Auditor / Audit firm or at least one of the partners should have a minimum of 5 years’ experience in carrying out audits" Q3. To qualify the above criteria of 5 years' experience, shall we convert the proprietorship of my friend (which is having experience of more than 5 years) into partnership firm adding me as a partner or shall form a new partnership firm? Basically, will the individual experience of partners be counted as the experience of the firm?

BY: YASH SUNIL SHAH

Total Answers : 1 | View Answers | Post Answers

44465
Apr, 12
2023
DIRECT TAXES - ( 082701 )

A person is receiving Salary and interest from the same Proprietorship firm and total amount from Salary and interest exceeds Rs 250000- but total income is below Rs 5Lacs. Can he give form 15G for nondeduction of TDS

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44466
Apr, 12
2023
DIRECT TAXES - ( FILING OF FORM 15G )

After login when we go for downloading 15G utility Financial year 2022-23.' It is not available' message appears.What to do. Further whether three few Forms received together can be uploaded?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44462
Apr, 05
2023
MISC. - ( FORM 15CA & 15CB )

Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000. Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment. So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done? Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.

BY: NAVEEN KUMAR AGARWAL

Total Answers : 0 | View Answers | Post Answers

44463
Apr, 05
2023
DIRECT TAXES - ( FORM 15CA & 15CB )

Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000. Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment. So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done? Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.

BY: NAVEEN KUMAR AGARWAL

Total Answers : 1 | View Answers | Post Answers

44464
Apr, 05
2023
GST - ( 082701 )

A firm is filing GST returns on quarterly basis. How can it change to monthly filing scheme. Further if it wants to furnish IFF on monthly basis and file GSTR3B on quarterly basis whether it can do the same within existing scheme of quarterly returns or has to request on portal.

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44461
Apr, 04
2023
MISC. - ( PART TIME COP )

I was holding full time COP and doing practice, now i have joined a company and have surrenderd my COP. Can i hold part time COP and resume my practise as Chartered Accountant ?

BY: ASHISH KUMAR

Total Answers : 2 | View Answers | Post Answers

44459
Apr, 03
2023
MISC. - ( CREATING A LOGO FOR CA FIRM )

Can a CA firm create a logo for it? Can it use in the name board any logo other than the CA logo?

BY: Achuthan P

Total Answers : 3 | View Answers | Post Answers

44460
Apr, 03
2023
TDS/TCS - ( TDS ON SALE OF IMMOVABLE PROPERTY )

If there is joint seller of immovable property. But the consideration is to be paid to single seller, can we deposit TDS in Form 26QB in the name of that single seller only

BY: ABHISHEK NALANGE

Total Answers : 1 | View Answers | Post Answers

44458
Apr, 02
2023
GST - ( 082701 )

A regular taxpayer Service provider with turnover less than 50 Lacs wants to opt for Composition scheme for 2023-24 Financial year. Whether he should have applied up to 31-3-23.

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44456
Apr, 01
2023
MISC. - ( 433074 )

Hi, I have two queries regarding Sign Board My first question is can we put our firm name on ACP board with acrylic letters. Second is whether the name of the firm is allowed to be written on the ACP board with paint.

BY: RISHABH AGARWAL

Total Answers : 2 | View Answers | Post Answers

44457
Apr, 01
2023
GST - ( IMPACT OF GST IN CASE OF LAND OWNER'S SHARE UPON ENTERING INTO DEVELOPMENT AGREEMENT )

What will be the impact of GST on Land Owners Share when is land given to a Developer under a Developer Agreement and in consideration receives proportionate flats ? At what rate will GST be deposited on above transaction ? Please guide with reference.

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

44452
Mar, 29
2023
DIRECT TAXES - ( APPEAL AGAINST ORDER U/S 264 )

We have filed revision application under section 264 last year but it is rejected this Year by CIT. What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT? Waiting for your Valuable suggestion Thanks in advance

BY: HAYEDAR SALEEM SHAIKH

Total Answers : 2 | View Answers | Post Answers

44453
Mar, 29
2023
Compliance - ( APPEAL AGAINST ORDER U/S 264 )

We have filed revision application under section 264 last year but it is rejected this Year by CIT. What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT? Waiting for your Valuable suggestion Thanks in advance

BY: HAYEDAR SALEEM SHAIKH

Total Answers : 1 | View Answers | Post Answers

44454
Mar, 29
2023
AUDIT - ( REDUCTION IN STATUTORY BANK BRANCH AUDIT ALOTTMENTS )

As no of Bank branches to be audited have been drastically reduced and from 2023-24 it is up to Bank management to decide no of branches to be audited, A regular source of CA's income is being finished. Will it not be appropriate for PDC to take some proactive action .Small MSME firms even Proprietorship firms with rich experience also are not being considered for CAG/Other bank audits. They should be given assured minimum Audit work . There are enough Audit works available . Only equitable distribution is required.

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44455
Mar, 29
2023
DIRECT TAXES - ( SECTION 45(4) AND SECTION 9(B) OF THE INCOME TAX ACT 1961 )

In a partnership firm, there are 3 partners having share as under A-55, B-40 & C-5. The partnership firm is having an immovable property in its name as a godown which is used for its business and accordingly appeared in block of assets as per the provisions of income tax act 1961. Now on 1 apr 2023 there will be change in the constitution of the firm as under by admitting one new partner and accordingly the profit sharing ratio will be as under. Please note that the incoming partner is also bringing in Rs 20 lacs as his capital. The fare market value of the godown (immovable property) as on 01.04.2023 will be RS 30 lacs. The new profit ratio as under A-45, B- 35, C -5 & D-15. In the above situation over query is whether provisions of section 45(4) & provision of section 9 (b) of the income tax act 1961 whether applicable either one or both. Please clarify along with any case laws if available.

BY: MAHADEO VIRUPAX WALI

Total Answers : 0 | View Answers | Post Answers

44451
Mar, 27
2023
GST - ( ITC OF FY 21-22 REVERSED IN SEP`22 )

One person had reversed excess ITC taken in FY 2021-22 [due to not uploaded in portal by suppliers] in sep `22.Now the issue is how to show this in FY 2022-23 ?? Will it affect purchase figure of FY 2021-22 which was already audited ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

44450
Mar, 25
2023
DIRECT TAXES - ( 082701 )

A resident individual has interest income less than Rs 250000- but has income from business and total income is around 495000- After rebate u/87A Tax will be Nil Whether he can give Form 15G to deductor for nondeduction of TDS on interest

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44449
Mar, 23
2023
GST - ( CATEGORIZATION OF TRANSACTION AS DEEMED EXPORT )

We are advance authorisation holders. During January 2019, we executed an export transaction on behalf of a third party advance license holder i.e. in the nature of third party exports. The said exported goods were procured by us from the said third party advance license holder on GST tax invoice and subsequently the goods were exported against advance authorisation license of the third party, thereby fulfilling the export obligation of third party. We had claimed refund of accumulated ITC on said export as per Rule 89(4) as the third party exporter had not claimed any refund. The said case has been picked up for assessment and the GST officials are categorizing the transaction as deemed export in line with Notification No. 48/2017 and are stating that refund has to be claimed as per Rule 89(4A). Given the above, my query is as follows: a) Are GST officials correct in categorising the above transaction as deemed export; b) In the event the above transactions are categorised as deemed export, can we claim refund of GST charged and paid on goods procured from third party exporter.

BY: SHRADDHA S KAMATH

Total Answers : 0 | View Answers | Post Answers

44448
Mar, 21
2023
GST - ( 082701 )

A registered Tenant is paying Rent on commercial Property Rs 50000-pm to Joint owners of a property both of whom are unregistered Whether registered tenant is liable to pay Reverse charge on GST @18%

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44446
Mar, 18
2023
MISC. - ( RECEIPT OF PROFESSIONAL FEES )

I wish to Apply for Partial COP. After getting Partial COP, i will be earning Salary income from 1 firm and i will also be earning professional fees towards Consultancy. is this allowed ? in partial COP, i will not be carrying out any attest function. the professional fees will be strictly towards consultancy.

BY: ROHIT SATYANARAYAN TAPADIYA

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44447
Mar, 18
2023
MISC. - ( PARTIAL COP - RECEIPT OF PROFESSIONAL FEES AND SALARY BOTH )

I am Partial COP Holder who is currently full time employed with a CA Firm. I also wish to have professional fees income towards Consultancy from another firm. is that Possible ? in partial COP, i will not be carrying out any attest function.

BY: ROHIT SATYANARAYAN TAPADIYA

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44445
Mar, 17
2023
TDS/TCS - ( DEDUCTION OF DONATION U/S 80G BY EMPLOYER )

Dear Sir, can employer take in to consideration the donation while computing the TDS on salary of employee?. Thanks & Regards Praveen

BY: CA. Praveen Gupta

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44443
Mar, 16
2023
GST - ( REVERSE CHARGE ON COMMISSION )

Whether a firm paying commission to a commission agent(unregistered) and paying rent(commercial property) to unregistered landlord is liable to pay Reverse charge @18%

BY: Mahesh Kumar

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44444
Mar, 16
2023
AUDIT - ( 151793 )

A company initiated its IPO application procedure during FY 2021-2022. It received approval for DRHP in November 2021 with a validity of 1 year i.e. by November 2022 to file the RHP and complete the listing procedure. Thus, the expenses incurred up to 31/03/2022 were treated as prepaid expenses and showed under current assets due to the pendency of completion of the listing procedure. Thereafter, the company incurred further expenses during FY 2022-2023 towards the IPO application procedure. These expenses were also treated as prepaid expenses and were shown under current assets. However, the company could not file the RHP and complete the listing procedure within the stipulated time period of 1 year i.e. by November 2022. Need guidance as to how the expenses which were treated as prepaid expenses should be accounted for in the financial statements as of 31/03/2023. Will they be considered as regular revenue expenses or treated as exceptional items or should be considered as Misc. Asset and be amortised as deferred revenue expense over a period.

BY: Harpreet Singh Ghai

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44442
Mar, 13
2023
DIRECT TAXES - ( 212760 )

Plse confirm "whether show cause notice is issued now for the AY 2012-13 to reopen the case U/s. 148" is valid..?

BY: CA. M. Santhosh Reddy

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44440
Mar, 10
2023
DIRECT TAXES - ( LINKING OF PAN AND AADHAR )

A farmer is having only agriculture income and age 70 years. He is not filing any Income Tax Return . Is he required to link PAN and Aadhar .

BY: samirkumar gokulbhai kasvala

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44441
Mar, 10
2023
GST - ( GST REGISTRATION - AGRICULTURIST )

A person is an agriculturist and having turnover from agriculture Rs 19,99,999. He has business Service income turnover of Rs 2 lakh. What is the position of requirement to take GST registration because of amendment in Finance bill 2023 in Section23 with retrospective effect from 01.07.2017? Show Less

BY: Sivaraman A.R.

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44439
Mar, 08
2023
DIRECT TAXES - ( TAXABILITY U/S.56(2)(VI) )

Taxability U/s.56(2)(VI) Dear Colleagues Please clarify on the following points: Whether a Male Donor can settle his Immovable Property infavour of his Grand Daughter (Daughter’s Daughter) and claim exemption 56(2) of the Income Tax Act. Assuming the Sub Registrar collects Stamp Duty on the Settlement Deed on treating it as Sale of Property, whether the assessee would be denied exemption on this account? A.S. Raman Chartered Accountant

BY: A S RAMAN

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44438
Mar, 05
2023
GST - ( SEPARATE REGISTRATION UNDER SAME PAN )

A person has applied for separate GST registration against same PAN as he is already having another GSTIN against same place of business.New business is different from old one.Hence separate trade licence has been obtained under separate trade name. GST dept is saying that second registration under same PAN in same place of business in same premises is not allowed under rule 11 od CGST Rules.But fact is that client will carry different businesses in different floors with separate accounting system.How to go about it ?? Will he go for amendment of existing RC with combined name?? If that be so, can he avail ITC of old business in his new one ??

BY: SUDIP KUMAR MUKHOPADHYAY

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44437
Mar, 03
2023
DIRECT TAXES - ( INTEREST EARNED FROM CPF FUND IN SINGAPORE )

A person is having Central Provident fund (CPF) in Singapore when he was in employment there. Now for FY 23-24 his status will become Resident and Ordinarily resident. CPF fund lies in Singapore only. Whether interest earned during FY 23-24 for CPF in Singapore will become taxable in India? Is there any exemption available?

BY: Sivaraman A.R.

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44435
Feb, 27
2023
GST - ( 075284 )

As it is understood that a GTA has to exercise an option for either FCM or RCM for making supplies in a financial year. But what are the remedies available to a assessee who have supplied services under both FCM and RCM in a given period. FY 17-18, 18-19 and 19-20 Is there any case law on this issue?

BY: sanjay kumar agrawal

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44436
Feb, 27
2023
GST - ( CHANGE IN PROPRIETOR )

Is proprietor can be changed in GST ? Relevant circular/ guidelines / notification, if any

BY: SURAJ KUMAR CHOUDHARY

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44434
Feb, 25
2023
DIRECT TAXES - ( AMT CREDIT IN CASE OF CHANGE IN PSR IN PARTNERSHIP FIRM )

Whether AMT Credit will be allowed to a Partnership Firm In case of Change in PSR in the Partnership Firm in the subsequent year ?

BY: Gaurav Kumar Baranwal

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44433
Feb, 24
2023
DIRECT TAXES - ( RECTIFICATION UNDER SEC.154 TO CHANGE THE RETURN FILING SEC. )

My client is a partner in the firm and that firm is liable to audit. But while filing his individual return, he was selected " not liable to audit" option and filed under Sec 139(4) .He was opted for Sec 115BAC also. So Department assessed return with demand (without considering the Sec.115BAC). If we try to file rectification, the error message shows " There is a change in the return filing section type when compared to input in return for which the rectification is initiated. Therefore the rectification request can not be entertained ". How to rectify this mistake in the return.

BY: PONNUSAMY R

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44431
Feb, 20
2023
AUDIT - ( CERTIFIED BALANCE SHEET )

Whats the difference between CA certified Balance sheet and Audited Balance sheet

BY: SURAJ KUMAR CHOUDHARY

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44432
Feb, 20
2023
GST - ( UTGST PAYMENT )

How to Generate UTGST challan (Tax on providing international services)

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44430
Feb, 17
2023
GST - ( CHARGING OF GST )

Dear all, One of our clients supplies goods & services to local PANCHAYAT SAMITY & BLOCK DEVELOPMENT OFFICER [BDO]. He is not charging GST separately in his GST invoice.On the other hand concerned PANCHAYAT SAMITY & BDO deducts GST TDS u/s 51(1) of GST Act @ 1% and income tax TDS u/s 194C and properly uploads the same. Query :: 1] whether concerned client is doing the right thing by not charging GST ?? 2] If not,what will be the actual GST rate that he should charge ??? Please advice.

BY: SUDIP KUMAR MUKHOPADHYAY

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44429
Feb, 16
2023
INTERNATIONAL BUSINESS - ( ANNUAL PERFORMANCE REPORT APR FOR OVERSEAS SUBSIDIARY )

A Ltd has Subsidiary outside India in Mauritius whose merger got approved from 1.4.2021, where Merger scheme approval got on 1.8.2022 from NCLT and accordingly Financial of 2021-22 of A Ltd has been made by incorporating such merger. Now, Whether APR of subsidiary under FEMA need to file for the FY 2021-22, where due date also not over or get over. Please guide where merger schemes are having retrospective effect and compliances that should look into .

BY: Pankaj Kumar Sharma

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44428
Feb, 15
2023
GST - ( GST ON ONLINE TUITION PROVIDED OUTSIDE INDIA )

I would like to get an expert advice from you regarding my doubt about GST computation of a firm providing online tuition services to students, mostly NRI students residing abroad. As parents of these students are working abroad, they transfer tuition fees in Indian Rupees from their NRE A/c. Since the payments are received in Indian Rupees, this cannot be considered as export of services. So I assume that this falls under taxable services liable for GST. My query is whether IGST is applicable and if IGST is applicable how to disclose place of supply in B2C of GSTR1.

BY: JOBIN BABU

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44426
Feb, 14
2023
DIRECT TAXES - ( TAXABILITY U/S.56(2) OF THE INCOME TAX ACT )

An Assessee had executed a Settlement Deed infavour of his Foster Daughter. The assessee had no issues. No Legal adoption was made for this Daughter. The Settlement was relating to immovable property being an Apartment. The Registering Authority while Registering the Settlement Deed had collected prevailing Stamp Duty as applicable for Regular Sale Deed instead applicable to Gift Deed. The Donee is the Daughter of Donor’s Wife’s Brother (Brother in law’s daughter) The Donar had retained Life estate to possess and enjoy the said property and enjoy all income derived from the property during the term of his Nature Life. As per Section 56(2) the List of Relatives mentioned Wife’s Brother only. No specific relevance to Wife’s Brother’s Daughter. More over the Registering authority had collected the Stamp Duty on the property value. The Donee’s Name had Reflected in Encumbrance Certificate of the Property. Please Clarify: 1) Whether the settlement made was exempt under U/s.56(2) of the Income Tax Act. Since Value exceeded Rs.50,000/- 2) Whether Lineal Ascendant or descendant of the Individual includes Wife’s Brother’s daughter 3) While Registering the Gift Deed the Registering Authority had collected Regular Stamp Duty as Applicable instead as applicable to Gift Deed. A.S. RAMAN

BY: A S RAMAN

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44427
Feb, 14
2023
DIRECT TAXES - ( GIFT BY WOULD BE FATHER IN LAW )

A boy receives gift of Rs 10 Lacs from his would be father in law a few days before marriage. Will it be considered gift at the time of marriage and tax free

BY: Mahesh Kumar

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44425
Feb, 11
2023
DIRECT TAXES - ( SEC.36) (1) (VIII) RESERVE CREATED BY A HOUSING FINANCE COMPANY )

A NBFC in housing finance sector is creating reserve as stipulated by sec.36(1)(viii) and claiming deduction under that section all the years. It is transferring its business in current year to another NBFC. Should the reserve created under sec.36 (1)(viii) be withdrawn and offered for tax in the same year?. Or, can it be offered for tax in subsequent years because the company is continuing to exist though the business is transferred to another company.

BY: balasubramanian

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44424
Feb, 08
2023
GST - ( INTEREST ON DELAYED PAYMENT )

How to resolve interest related claim raised by the department? Interest demand sought is from the original due dates, whereas interest should be applicable from the extended due dates as per the GST during various occasions such as COVID related etc.

BY: SURAJ KUMAR CHOUDHARY

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44423
Feb, 07
2023
AUDIT - ( 013537 )

I had uploaded form 3cb and 3cd for A.Y.2022-23 on 18-09-2022 after generating UDIN & consumed the UDIN for original 3cb & 3cd. Some technical errors were noticed by the Dept. I wish to REVISE 3cb & 3cd correcting the defects I am not revising ITR. please clarify the following 1. whether new UDIN is to be Generated? If yes what is the date of audit report? whether it is original date or Revised date of reports?

BY: CA. JAIN JAWAHAR LAL

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44422
Feb, 02
2023
GST - ( GSTR 9C )

Dear All, One person is having 3 businesses e.g. business A,business B & business C under same PAN.Client has not submitted GSTR 9C upto FY 2019-20 although aggregate turnover of that year exceeded Rs.5 Crs.But client has submitted seperate GSTR 9C from FY 2020-21 onwards in spite of individual turnover of all businesses doesn't exceed Rs.5Crs. In the meantime client has received a notice from GST Dept. u/s 65 for conducting audit from FY 2017-18 to FY 2021-22 for business A. Now the query is how to save client from penalty provisions for FY 2019-20 regarding business A ??? This is also to be noted that individual turnover of business A in FY 2019-20 was below Rs.5Crs. Please guide us.

BY: SUDIP KUMAR MUKHOPADHYAY

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44420
Feb, 01
2023
DIRECT TAXES - ( WRONG ASS YEAR IN TDS CHALLAN DEPOSITED ONLINE ON INCOME TAX SITE )

In the TDS challan deposited online in Dec 2022 by mistake on income tax site Asessment year was wrongly put as 2021-22 instead of 2023-24 and now demand has been raised for same challan amount plus interest while checking Statement status. What shoud be done to rectify mistake

BY: Mahesh Kumar

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44421
Feb, 01
2023
DIRECT TAXES - ( RECTIFICATION UNDER SECTION 154 )

While filing the return, wrong section was selected and filed. Can we rectify the return filing section from 139(4) to 139(1) under sec 154 plz Clarify

BY: PONNUSAMY R

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44416
Jan, 28
2023
GST - ( 082701 )

Whether GST refund on account of Services input @18% can be claimed now where output of goods is 5% under Inverted duty structure. This is applicable in case of Suppliers selling on Eportal like Amajon,Flipcart

BY: Mahesh Kumar

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44417
Jan, 28
2023
GST - ( 082701 )

Whether GST refund on account of Services input @18% can be claimed now where output of goods is 5% under Inverted duty structure. This is applicable in case of Suppliers selling on Eportal like Amajon,Flipcart

BY: Mahesh Kumar

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44418
Jan, 28
2023
MISC. - ( UNABLE TO VIEW MY APPLICATION HISTORY IN MCA V3 PORTAL )

Previous Forms in V2 portal not showing in My Applications of new V3 portal. I have created V3 login in October 2022 only. (MCA Help desk suggested to login with V2 credentials but, it sowing error of User already exist)and No Response from MCA for ticket raised. Provide and Solution for the issue.

BY: SRIKANTH TUMMANAPALLI

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44419
Jan, 28
2023
DIRECT TAXES - ( 241485 )

DTAA Applicability : We have received a service invoice from a company which is a resident of Germany. But the payment is required to be remitted to its bank account in UK. Which country DTAA we should refer? DTAA with Germany or DTAA with UK? Any notification/rules regarding this?

BY: Ajith Kumar K

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44415
Jan, 27
2023
GST - ( INPUT CREDIT FOR THE FY 2021-22 )

Assessee had opted for filling quarterly return. As per the 2B of Dec.'22 quarter, ITC of fy 2021-22 booked now by the supplier. Can it be taken by now as the 30-11-22 elapsed for taking credit for FY 2021-22

BY: SURAJ KUMAR CHOUDHARY

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44413
Jan, 20
2023
DIRECT TAXES - ( 082701 )

If We provide dates in filter on Incometax site Only challans paid in Dec 22 and Jan 23 appear While Challan of Nov 22 aappears in OLTAS CSI file Which file to upload while filing Quarterly TDS report .

BY: Mahesh Kumar

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44414
Jan, 20
2023
MISC. - ( TREATMENT OF PARTNERS CURRENT ACCOUNT )

One of our client who is a partnership Firm has filed its return of income u/s.44AD admitting 8% income on gross turnover. The partners have shared the gross receipts amount received in banks in their proportionate ratios. Since the return is filed/s.44AD the share of profit from firm in partners books is less than what has been transferred from bank. For Eg; Gross receipts Rs.1000000/-(Rs.5 lacs each transferred to 2 partners) Share of profit is Rs.40000/- each only (8% of Rs.1000000/- offered u/s.44AD) What is the treatment of the amount showing as excess credit in the books of the partners

BY: Parvathi

Total Answers : 2 | View Answers | Post Answers

44410
Jan, 19
2023
DIRECT TAXES - ( 082701 )

TDS challan deposited in dec 22 and after are not being validated because of sudden change made by Tax people. How to file TDS returns

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44411
Jan, 19
2023
COUNCIL DECISION - ( USE OF CA LOGO )

A member who is completing 25 years in practice wants to hold a get together of all present & past article students. On this occasion he wishes to give small mementos to those who attend the event. Can he emboss the CA Logo along with his firm name on the mementos?

BY: BHALCHANDRA GANGADHAR KALE

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44412
Jan, 19
2023
GST - ( E INVOICE )

A seller liable for e -invoicing has not generated e - invoicing. Kindly guide what is consequences for SELEER ? Kindly guide what is consequences for PURCHASER ?

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44408
Jan, 18
2023
GST - ( 104792 )

Can Defence Personal claim exemption in GST for purchase of Car from Dealer

BY: CA. SHIRODKAR YESHWANT VINAYAK

Total Answers : 1 | View Answers | Post Answers

44409
Jan, 18
2023
DIRECT TAXES - ( TAX U/S 115QA-CHALLAN NO. AND MINOR HEAD )

Our Company has to pay tax on distributed income to shareholders on buy-back of shares u/s 115QA of the I. T. Act, 1961. Please guide which challan is to be used and which major head (tax applicable) and which minor head (Type of Payment) is to be ticked for payment of such tax online? In the PDF challan 280 downloaded from the I. T. Website, code 106 is Tax on distributed profits of Domestic Companies and code 107 is Tax on Distributed income to Unit Holders. None specify tax on distributed income to shareholders on buyback of shares. Please help so that there should not be mistake in payment.

BY: BHARAT KUMAR KEDIA

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44406
Jan, 14
2023
GST - ( NEGATIVE LIABILITY GST -COMPOSITION SCHEME - SERVICE PROVIDERS )

Sir, I am a Practicing CA under Composition scheme and a Negative liability has arisen due to error in non reporting of the Out put service value in the Annual return 2020.21. The related credit not availed . In order to set off the Negative liability ,I had voluntarily declared higher tax due than the actual tax due in CMP08 of third Quarter 2021.22 .The Actual tax was paid . Annual return for 2021.22 was filed and there was an Error Message in GSTR 4 for 2021.22 ,directing me to declare appropriate Out put service value in consonance with the Tax due shown in CMP 08 third quarter. The said error message occurs even after the GST Dept has adjusted all negative liabilities for all Assessees Pl guide how to solve this issue ?

BY: A.Jeevanantham

Total Answers : 1 | View Answers | Post Answers

44407
Jan, 14
2023
DIRECT TAXES - ( AUDIT U/S 44AB )

One thing I want to know what will happen ,if turnover is below 1 cr and profit is less than 8%/6%,then tax liability would be huge if there is no audit u/s 44AB . What will be the course of action then ??

BY: SUDIP KUMAR MUKHOPADHYAY

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44405
Jan, 12
2023
MISC. - ( 254311 )

Hi Can only one form 15CB issued for making single payment against more than one invoice (date of deduction of TDS is different for each invoice)?

BY: SANTHOSH K L

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44403
Jan, 09
2023
DIRECT TAXES - ( CSV FILE FORM 15H TO BE SUBMITTED ONLINE )

Can anybody send above file format to upload on Income Tax site. Utility on Income tax portal is not able to validate Section code of Income details. Thanks in advance. CA Mahesh Aneja mahesh_aneja@rediffmail.com mahesh1aneja@gmail.com

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44404
Jan, 09
2023
MISC. - ( CA NAME BOARD )

As per our CA Ethics, what is the size of name board that can be displayed outside the office? A complaint raised by another CA against me. He is not a wellwisher. My office situated in a 6 storied govt. Building, so for appropriate visibility I fixed a board without any glowing lights,etc I completely read the ethics but I can't found any measurement of board size.It is better to reduce the size or keep it as it is. Please answer as soon as possible.

BY: PRASANNA M

Total Answers : 3 | View Answers | Post Answers

44402
Jan, 07
2023
DIRECT TAXES - ( 082701 )

Utility to upload Form 15H is not validating Section code in Income details file. This defect is there since Last year and has not been fixed by Income tax deptt/Co having prepared theutility (perhaps Infosys) Writing to Incometax helpdesk has not helped either. They close the querry after raising certain questions(

BY: Mahesh Kumar

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44398
Dec, 31
2022
DIRECT TAXES - ( 139(9) & 234A )

Filing return under 139(1) in time and due to defect notice , assessee responded notice and file ITR U/S 139(9). Can authority charged interest u/s 234A ? Sec 234A specifically mentioned return not filed u/s 139(1) & 139(4). Any case law available to get waiver of interest U/S 234A for filing return u/s 139(9).

BY: CA. CHAVAN TRUPTI GAJANAN

Total Answers : 2 | View Answers | Post Answers

44399
Dec, 31
2022
DIRECT TAXES - ( 139(9) & 234A )

Filing return under 139(1) in time and due to defect notice , assessee responded notice and file ITR U/S 139(9). Can authority charged interest u/s 234A ? Sec 234A specifically mentioned return not filed u/s 139(1) & 139(4). Any case law available to get waiver of interest U/S 234A for filing return u/s 139(9). Even tax was paid on due date while filing return u/s 139(1).

BY: CA. CHAVAN TRUPTI GAJANAN

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44400
Dec, 31
2022
DIRECT TAXES - ( 212760 )

As per the latest provisions of the Income-tax Act we cannot file belated/revised IT return for the AY 2022-23 after 31.12.2022 but we can file the ITR for the same period only after 1st April, 2023 under Updated Return U/s. 139(8A) Category. If any one wants to file the revised/belated return for the AY 2022-23 in between 1st January, 2023 to 31st March, 2023, whether any option is there to file the same..?

BY: CA. M. Santhosh Reddy

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