Even after filing the Form 3CD in new schema(22nd October 2020), I am unable to upload the XML. It reads- "The XML Schema is invalid. Please upload the XML in the correct schema. At Line Number 194 - Invalid content was found starting with element 'ns3:TotalPurchase'_ One of '{"http://incometaxindiaefiling_gov.in/F3CD":adjustment, "http://incometaxindiaefiling_gov.in/F3CD":adjustmentWrittenDown}' is expected."

BY: Ritesh Kumar

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payment of professional fees is as under Q1 10000 Q2 15000 Q3 20000 Upto Quarter 2 payment of professional fees was less than Rs 30000 so no TDS is deducted but in Q3 cumulative payment has exceeded Rs 30000 so liability for payment of TDS arises on entire payment including Q1 and Q2 . Our query is that while filing TDS return for Q3 , details of Q1 and Q2 can not be included. If we now go back to Q1 and Q2 and include these details then interest amount will have to be paid. So we want to know correct procedure.

BY: samirkumar gokulbhai kasvala

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A Construction company has entered in to Development agreement before March 2019, and also has opted old scheme where it is required to pay GST @ 18% (12%) while availing ITC. Question is whether the Land owners can take benefit of notification released on 29.03.2019, where the GST liability is shifted to Developers under RCM ? If not, can they pay the GST on construction cost plus 10% under rule 30? because paying GST @ 12% on FMV is not financial feasible. Is there any precedent or case law? Thank you.

BY: Nikhil Shendye

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A new unit took GST registration on 1st July 2017. They had made purchases just before that date and took tran -1 credit on the same. The unit is now thinking of closing and intend to forego tran-1 credit and some ITC credit available. There is no stock and everything is sold out. Is there any problem in filing the required forms for closure?

BY: SANTOSH JAGANNATH PAI

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What would be the GST rate applicable for a canteen in a movie theatre. Shall it be eligible for composition scheme at 1% or will it be treated as a restaurant

BY: T.R.S. PATHY SENTHIL

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Whether winning from playing online game ie., AC2Three Rummy online is liable for GST for the FY 2018-19,if Yes what's the rate?

BY: KATYAINI CH

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Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth

BY: SIDDHARTH MODI

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Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth

BY: SIDDHARTH MODI

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Dear Senior Members, Good morning, Hope you are doing great. I am requesting guidance for growing Audit practice. With experience of 1 year in practice, I want to do Assignments and Audits which will help in getting exposure in Public Audits / Assignments. Need guidance, suggestions and advices to develop my firm in right way to get satisfactory works as soon as possible. Thank you for your time and Regards, T RAJASHEKAR REDDY

BY: THAMATAM RAJASHEKAR REDDY

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Techical Issue in the Return Head of Annual GSTR 9: Head: Pt IV ‘Details of Tax Paid as Declared in Return Filed During The financial Year’ Of table 9 of GSTR 9 due to that we are unable to Filed GSTR 9C of F.Y.2017-18 Issue: While Filling the GSTR 9C, the error Message shown ”JSON ERROR” that is due to Technical error of not shown amount of Tax Payable in table 9 of Annual Return GSTR 9. Q : Whether Assessee can file physical report GSTR 9C to Jurisdiction office ?

BY: SANJAY G GAJERA

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A company has opted for lower rate of tax under sec.115BAA for FY 2019-20. It is a manufacturing company claiming additional depreciation till FY 2018-19. For FY 2019-20, it has opted sec.115BAA. It is a profit making company and there are no brought forward business loss or brought forward unabsorbed depreciation. During FY 2018-19, there were certain machinery items which were added for less than 180 days on which additional depreciation was claimed only at 10%. The balance 10% can be claimed in FY 2019-20. Since the Company has opted sec.115BAA, it has to forego this additional depreciation in FY 2019-20. As per proviso to sec.115BAA(2), whether the unclaimed additional depreciation of 10% has to be added back to the opening WDV of the block on 1.4.2019? Pls .clarify

BY: balasubramanian

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ASSESSEE HAD SUBMITTED GSTR-1 FOR THE MONTH OF JULY 2020 SHOWING THE SUPPLIES MADE AND TAX PAYABLE. ALL THE INVOICE DETAILS ARE SAVED AS PROVIDED BY THE SUPPLIER AND LATER ON HE FILED THE RETURN. BUT, UNEXPECTEDLY THE RETURN WAS FILED SHOWING NIL TURNOVER AND TAX PAYABLE DUE TO THE TECHNICAL GLITCH AT GST PORTAL, ALSO THE INVOICE DATA WAS NOT VISIBLE AFTER THE FILING OF RETURN GSTR-1 FOR JULY 2020. ASSESSEE THEN ENTERED THE SAME INVOICES OF JULY 2020 IN THE GSTR-1 OF AUGUST 2020 AND FILED THE SAME. HE THOUGHT THERE ENDS THE MATTER. BUT ON 12TH OCTOBER HE RECEIVED AN EMAIL STATING THAT THERE IS A TECHINAL ERROR IN THE GSTR-1 FOR THE MONTH OF JULY 2020 KINDLY RE-FILE THE SAME. SO, NOW ASSESSEE HAD RE-FILED THE RETURN GSTR-1 SINCE NON FILING LEADS TO PENAL CONSEQUENCES. NOW, COMES THE TWIST THAT THE GSTR-1 FOR THE MONTH OF AUGUST CONTAINS INVOICES FOR THE MONTH OF JULY 2020 AND ALSO JULY 2020 GSTR-1 CONTAINS SAME INVOICES. THIS HAD CAUSED DUPLICATION OF INVOICES AND RESULTANTLY SAME INVOICE WAS APPEARING TWICE IN GSTR-2A OF RECEIPIENT. KINDLY, PLEASE SUGGEST THE SOLUTION TO RECTIFY THE SAME AS THIS IS CAUSING DIFFERENCE BETWEEN TURNOVER AS PER BOOKS AND ALSO DIFFERENCE BETWEEN TAX PAYABLE AS PER GSTR-1 AND AS PER GSTR-3B.

BY: D R V NARENDRA REDDY

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Can the transporter who doesn't own any Vehicle (trucks) but hires the vehicles from somebody for his transport business claim the benefit of section 44AE ? If not then can he avail the benefit under 44AD ?? Thanks in Advance..!!

BY: SHRUTI KUTE

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Dear sir, CBDT has made some amendments in form 3cd. But new schema and utility is still not available for new format. Please suggest, can we upload tax audit report in old format ? Whether it will be valid efiling of report ?

BY: Rajesh Kumar Mandwariya

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GSTR 2A for the month of September 2020 shows invoice and gst details based on GSTR 1 filed by the supplier, but not showing in GSTR 2B for ITC availability. On verifying noted that the supplier has lately filed GSTR 1. Please advice whether we can claim ITC in the month of September 2020 (based on entry in GSTR 2A) or in the month when it reflects in GSTR 2B? Please clarify

BY: NIRAJ PM

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X a resident individual purchased a house property worth Rs 100 L, from NRI in India. The payment was made after deducting TDS at lower rate upon furnishing of certificate by NRI. We filed the TDS return, but we came to know that the traces did not allowed the lower rate of tds certificate, and raised a demand of full rate ie 10%+Cess . I found a mistake in drafting of certificate no , as the same was noticed by me in the qtrly tds return file redrived by traces. I get it corrected. But do we require to submit form 15CA/CB also. If we have earlier not submitted the same can we submit now. or is it an error due to misprint of lower certificate no. So far 15CA/CB is required in banking transactions. so do we have to mandatorily file form 15CA/CB for claiming lower tds rate in traces or not, please advice

BY: pradeep kumar agrawal

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Development agreement entered after 01-04-2019. Construction involves all affordable housing (1% GST). 1) Do builder need to charge Landowner for construction service? If so, what rate? 2) Landowner has no other income. Do landowner need to get registered under GST if he sells his share of under construction apartment.

BY: Sai Ram

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Dealer is a contractor providing labor to companies such as HUL for Door to door marketing and sales of products on the purchase price. Here dealer is issuing Invoice for amount of charges for services provided as labor contractor. Whereas he purchases product at his own and resell the product in cash to end cunsumers without any profit margin....... So my question is, Whether we should include amount he collect from customer by selling the product without profit margin in output supply for GST and also whether it is to be included in Turnover for section 44AB of Income Tax?

BY: KUNAL KALYAN TARGHALE

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Onerous contract as per Ind AS 37 is one where the unavoidable cost of executing the contract exceeds the economic benefits expected to flow from the contract. Para 68 defines unavoidable cost as minimum of cost of fulfilling it and penalty payable for exiting from the contract. Suppose in a contract, no penalty is payable by either party at the time of exiting the contract or the contract is silent with regard to penalty clause as such, whether the contract can become onerous? In other words, if no penalty is payable then penalty is zero which can not exceed the cost to be incurred in the contract. So the contract can never be onerous. Is this view correct?

BY: balasubramanian

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Dear Sir, Is it mandatory to conduct tax audit and give report 3CA-3CD of pvt ltd company even if the turnover is less than 1 crore and company declaring profit less than 8%? Thanks

BY: MOHAMMED QUSROO

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Dear Sir, One my clients is giving trucks on hire to GTA.He is not the owner of trucks but arranging the same from other Truck Owners to provide to GTA. Please guide on whether the amount he is receiving from GTA will be exempt as per Sl. No-22 of Noification No.12/2017-Central Tax(Rate) under Services by way of Hiring to GTA or the same will be taxable under GST. The Client is having turnover of more than 40 lacs from the amount he is receiving from GTA.

BY: Anuj Kumar Khaitan

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I want to ask that is practicing CA can sign Profit ans loss account and Balance sheet which has prepared for income tax return filling purpose . like presumptive income return filling by client can ca certify this client balance sheet

BY: CHANDRABHAGA PATIL

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A & Co. is a proprietorship firm of CA Mr. A, in which CA Mr. B and CA Mr. C are merging their proprietorship firms. Whether A & Co can change their firm name to ABC & Co. before the merger or after the merger to maintain A & Co.'s total experience years? Or A & Co. cannot change their name to ABC & Co. in order to maintain their total experience years? Any alternatives available to change the name of the firm?

BY: Hunny Badlani

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Hi all, I am having a proprietary firm since 2011. Now one of my junior have qualified CA and wanted to be my partner. In this regard my concerns are; 1.Will I lose the years of experience of my proprietary firm when it becomes a partnership firm? 2.Will the year of formation (for counting the 3years criteria) for bank audit be 2011 or 2020? Thankyou in advance.

BY: MALU NAIR

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Whether NRI (Indian origion recently went abroad in 2019-20) has got any tax exemption limit or has to deposit tax irrespective of income and whether his income abroad also has to be added in income

BY: Mahesh Kumar

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I have a nil return to be file in GSTR 3B for July’2020 which I did not file till date. In this case would there be any late fee levy? If yes, would it be calculated from 29-Sep’2020 till the date of filing of return (vide notif. 52/2020) or the liability of late fee would be calculated from the original due date of filing of the GSTR3B i.e. from 25-Aug-2020 till the date of filing of the GSTR3B at the rate of INR 20 per day. Kindly suggest and guide. Thanks a lot in advance.

BY: Prasen Pal

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For FY 2018-19 annual filing of a Small Company was done by CS. He signed AOC-4, MGT-7 . For FY 2019-20 Company intends to shift work to CA of annual filing and related filing. In such case is it necessary to obtain NOC from previous CS or any other compliance to be done

BY: Mayur

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Please anyone can share Form 3 working in an excel sheet (Form 3 - Certificate for withdrawal of funds from a separate account under MAHA RERA). I currently doing a study of the MAHA RERA ACT. Email:sksawantca21@gmail.com

BY: SHEKHAR KUNDLIK SAWANT

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A PERSON PROVIDED SERVICES TO OVERSEAS COMPANY AS A INTERMEDIARY SERVICE PROVIDER FOR MARKETING OF GOODS OF OVERSEAS COMPANY IN INDIA. THE ASSESSEE PROVIDES SERVICE OF FACILITATION A SUPPLY OF GOODS AND ARRANGEMENT OF DELIVERY OF GOODS IN LOCAL CUSTOMERS WHO IS SITUATED AT INDIA. THE OVERSEAS COMPANY GIVE COMMISSION FOR THIS SERVICE. THE WHOLE PAYMENT OF COMMISSION IS RECEIVED IN CONVERTIBLE FOREIGN EXCHANGE. IS THIS SERVICE FALL UNDER EXPORT OF SERVICE OR NOT. IS THERE ANY LIABILITY FOR PAYMENT OF GST ARISE IN THIS CASE. KINDLY GIVE ADVISE ON THIS MATTER.

BY: AJITKUMAR L PATEL

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Tax Auditor of a cooperative society in 3CACD has stated that in the absence of WDV at the start of Financial year of Fixed assets they are not able to calculate allowable depreciation for 2019-20 Whether while filing ITR we can also ignore depreciation to be claimed while depreciation debted has been added back to profit.

BY: Mahesh Kumar

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TCS deducted during July to Sep 2020 by a cooperative bank of a coopertaive society for more than permissable cash payments of 2019-20 Whether this deduction can be claimed in 2020-21 Financial year as in 26As for 2019-20 nothing is shown there as now

BY: Mahesh Kumar

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An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also

BY: Mahesh Kumar

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An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also

BY: Mahesh Kumar

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In case of an assessee who has not Paid Interest due to the NBFCs (covered under 43B(da) from AY 2020-21) and at the same time has not deducted TDS on the said Interest dues; How will be the disallowance made u/s 43B and 40(a)(ia)? For example, a company has not paid interest liability of Rs. 10 Lakhs to Non-Banking Finance Company and at the same time has not deducted TDS u/s 194A on the same amount. Thus under 40(a)(ia) 30% of expense i.e. 3 Lakhs shall be disallowed for non-deduction of TDS and under section 43B 100% of expense i.e. Rs. 10 Lakhs shall be disallowed for non-payment of liability. If the amount is disallowed under both the sections then there will be disallowance of 130% of actual expense incurred by the company. Thus, what shall be the correct course of action in the above case: - Whether disallowance shall be made under both the sections? i.e. 100% under 43B and 30% under 40(a)(ia)? (Total 130% Disallowance) Or 30% shall be first disallowed u/s 40(a)(ia) and then only 70% shall be disallowed u/s 43B? Or Any other course of action

BY: RONAK MOTA

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Pl. let me know that whether TCS u/s 206 (1H) will be levied on wind electricity sale receipt

BY: TARUN JAIN

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Sir, My client filed a form 10 in the portal for accumulation u/s 11(2). On verification, it is found that the amount calculated as accumulated u/s 11(2) is wrongly taken. What is the remedy now. Whether a new Form 10 with correct details can be filed now? This is relating to AY 2020-21. Kindly advise. Thanks

BY: CA. MADHUSOODANAN K P

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My Tunover is less than 1Cr Profit is below 8%/6% so whether Tax Audit required?

BY: DHEERAJ M AGRAWAL

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I want to know in case of LLP, that any relaxation given for filling Form No 11 and Form 8 for F.Y. 2019-20. weather any ralaxation given in the time for filling of form or Late fees waiver

BY: samirkumar gokulbhai kasvala

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Can accept Audit of Co. Op. Housing Society where I also executive committee member of that society.

BY: SANJAYKUMAR SOHANLAL AGRAWAL

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An NRI sells his flat in India , which he bought in 2010. there is no capital gain after indexation. Can he repatriate the sale proceeds without paying any tax including the recently introduced TDS on foreign remittances? IN case there is capital gain and he pays the same , can he repatriate without any further TDS? He is in U.K. now.

BY: Natarajan Janardhanan

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Whether affidavit in front of notary will suffice the purpose of legal heir certificate. So that the applicant can file return of his deceased father

BY: ATUL MUKUNDLAL TOSHNIWAL

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NCB just stumbled upon drugs catch from many rug peddlers as a consequence of SSR,s probe by CBI. Can GST authority assess and levy tax on such bounties after the same crystallize in money terms valued at market value of such supplies? I Tax the matter is clear as illegal income to can be taxed. Experts and connoisseurs of GST may dwell on this with reasoning as this is going to fill the lower collections as many culprits are in the fray.

BY: vijay kumar kalia

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X AN INDIVIDUAL IS PURCHASING A FLAT FROM NRI FOR RS 100 LACS. WE NEED TO DEDUCT TDS U/S 195. MY QUERY IS WHILE FILLING TDS THERE IS PAYMENT TYPE SHOWN - VIZ CAPITAL GAIN, OTHER INCOME, FOREIGN EXCHANGE , INTEREST AND SO ON, BUT NO WHERE WE FIND PAYMENT TYPE FOR PURCHASE OF PROPERTY. SO PLEASE SUGGEST WHERE TO FILL THE FORM IN PAYMENT TYPE OPTION

BY: pradeep kumar agrawal

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Whether doctor is liable to service tax for F.Y.2015-16 and afterwards. No / Yes with reason

BY: CA. HEMANG KISHORBHAI AMBANI

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PLEASE SHARE WITH ME DUE DATE EXTENSION IN COVID TIME FROM FEB 20 TO SEP 20 FOR ESIC AND EPF LIABILITY

BY: pradeep kumar agrawal

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Whether the CA Firm can claim Input on GST paid on membership fee of its partners? The ICAI asks for the Membership Number of its member only, Can expert member answer why the Firm can not claim the same as input when the Firm has GST registration and partners constitute the firm or ICAI give IGST of partners in the alternative for enabling the claim thereof. Where does the nitty gritty lie?

BY: vijay kumar kalia

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1. a) last year gst paid on advances b) this year invoice issued against that and not shown in gstr 3B 2. advance received for say 10 years and gst duly paid and it is amortised in 10 years in b sheet as income NOW FORM 9 WHERE TO SHOW the above incomes in 1 and 2 TO TALLY WITH SALES IN BALANCE SHEET.

BY: ambeesh marwah

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while reconciling our books ITC , kindly suggest , either GST2A or 2B to be considered. what is the basic difference between GST 2A and GST 2B

BY: RAM SAMARIA

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An individual assessee was regd under GST. However for 6 months he did not file returns, GST dept issued notice, assessed did not reply and hence regn was cancelled suo-moto. But he continued to raise taxable invoice for 6 more months. Now he is ready to file returns till date of cancellation and then file application for revocation of cancellation. 1. He raised invoices after cancellation. Is it in order? what are the consequences 2. Since he has raised invoices after cancellation, will he be able to file returns after revocation of cancellation (for the period he raised invoices) 3. If the appn for revocation of cancellation is accepted, then what will be date of revocation, will it be be application date or from the date of cancellation

BY: t sankar

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An individual whose presence in india was slightly above six months during 2019-20 Previous year has gone for higher studies etc to a foreign country.He is earning some income there doing part time job. At the same time a Proprietorship firm is working in his name. Whether his Income from India as well as Foreign country has to be clubbed in 2020-21 Financial year

BY: Mahesh Kumar

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A commissionagent has earned commission in excess of 20 lacs in 2019-20 Whether Limit of Rs 20 Lacs remains unchanged and he will be required to obtain GST registration

BY: Mahesh Kumar

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A milk producers cooperative society has to file Income tax return in ITR 5 and entire business income is eligible for deduction under Sec 80 P but we have not been able to validate Schedule B which states deduction under sec 80 P can not be claimed in Schedule P. Whether all members are facing such problem Updated Excel utility also gives the same message.

BY: Mahesh Kumar

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Dear Sir, We are exporting goods and doing currency trading to manage the risk. For Income Tax, it will be considered as a separate business, but is there any limit from RBI for currency trading to Corporate? Or do we have to take any other approval prior to doing it?

BY: Pujit

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How to obtain DSC for a person sitting abroad and not able to return because of Travel restrictions.Whether a simple letter from him to authorize somebody else to file return on his behalf will work

BY: Mahesh Kumar

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A Company registered in India incurring testing expenses (on behalf of B) and getting bill from M with GST. In turn A getting reimbursement of expenses incurred on behalf of B in foreign currency. Whether Company A is eligible for taking GST Input credit of bill raised by M on A

BY: CA. BALASUBRAMANIAM P

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Notification 56/2018(central tax) says if casual taxable person makes Inter-state supply of handicraft goods or certain products when made by craftsman predominantly by hands then exemption threshold(rs. 20L) shall be applicable to CTP. Does it mean if casual taxable person doesn't make inter state supply(means make only intra state supply) making of above mentioned goods then CTP have to apply for registration compulsorily as per sec. 24 of cgst act?

BY: GAURAV GUPTA

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Reclassified existing authorised share capital of rs. 10 lakhs(1 lakhs equity shares of rs. 10 each) to revised share capital of rs.1o lakhs (80k equity shares of rs. 10 each and 20k preference shares of rs. 10 each) and passed special resolution MGT 14 is approved by ROC but SH7 has been sent for resubmission on the ground that " No conversion/re-classification of Equity Shares into Preference Shares or vice. Versa has been permitted under the provisions of the Companies Act, 2013 (even not provided in Section 61 of the Act), therefore, Pl explain why not e-form may be consideredfor rejection." Please advice Whether we need to file sh7 at all? Read morts/details.asp?mod_id=2807799

BY: Rohit Gupta

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It is learnt that the Leave encashment received by employees of LIC at the time of retiremnt is also eligible for full exemption u/s.10(10AA) after 01.03.2018 . can anyone support this view with notification ?

BY: nagappan.sm

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How to file income tax return of a stamp duty seller who's gross receipts from sale of Stamp is more then 1 cr and it's income is 1.5 percent of Stamp sale further he also deposited the cash in bank account of more then 10 lacs which is further transferred to govt account. Is Gross receipts required to be shown in itr as receipt or only 1.5 percent is income and will be declared in itr.

BY: ANKUSH DUBEY

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our client has applied for their export refunds of oct-18,nov-18 and dec-18 for which department has issued scn informing to allow itc only for itc getting seen in 2A quoting circular 135 on close reading of 135 , it is found that restrictions for refund is due to introduction of rule 36(4) , which itself is introduced for eligible ITC vide notification 43/2019 dt. 09/10/2019, so in our view restricting ITC only as per 2(A) if at all is correct , needs to be applied only for such return period after 9/10/2019 , for eligible ITC , as in case of any earlier period , as 36(4) restrictions were inapplicable ,3B itc are fully eligible for refund and allowing ITC only for amount as seen in 2A for such period seems is a faulty application of law 2.also circular 135 mentions "refund of accumulated ITC shall be restricted to the ITC as per those invoices, the details of which are uploaded by the supplier in FORM GSTR-1 and are reflected in the FORM GSTR-2A of the applicant." it does not specify for which period , so for such invoices if they may not be seen on those month's 2A but it is seen even in earlier or later months 2A , implying genuine credits , such ITC as seen in any 2A stands eligible for refund Expert friends , Kindly share your views and opinions vipul d jhaveri - mubai- vdjmum@gmail.com

BY: VIPUL JHAVERI

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A Bank has deducted Tax for Cash Transactions being in excess of Certain Prescribed Limits from a Cooperative Society. Can this be claimed while filing Income Tax returns . Tax deducted is not appearing in 26AS for relevent year

BY: Mahesh Kumar

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A house is owned by Mrs. X. A home loan has been taken on said property by Mr. and Mrs. X (Co-borrowers). The EMI of the said loan has been paid from Mr. X Bank account. Who is eligible to claim deduction for Principal and Interest under Income Tax? If none of them are eligible, what is the general practice adopted by the professionals and in whose return deduction is claimed?

BY: CA ROHIT GARG

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I have an assessee who is carrying on 2 businesses 1. Photo Development Service - T.O (12 lakhs) 2. Commodity Trading (Futures Intraday, delivery is not there, squared off daily) - T.O (56 Crores) For 2nd business, he incurred 3 lakhs loss and intend to carry forward this speculative loss, hence tax audit is applicable here - Even sum of absolute figures (Profit/loss) per transaction also more than 1 crore, tax audit is inevitable In this case, how to proceed for tax audit. Is it possible to disclose speculative loss and avail presumptive taxation scheme for 1st business or both turnovers needs to be aggregated? For 2nd business what is the Turnover to be disclosed in ITR - Full sale - 56 crore, sum of absolute figures - 2 Crore? Plesae guide me in both tax audit and filling of information in ITR perspective also. Need experts help in proceeding further. Thanks in advance.

BY: UDAY KIRAN

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A person is engaged in selling of stamp papers. He procures the stamp papers from haryana government's website and sell to persons after charging his commission. Commission is not fixed by government but he charges it on his own discretion. For the purpose of Tax Audit, should we consider commission amount only or the whole sale proceeds from sale of stamp paper?

BY: CA ROHIT GARG

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Party A in USA making an order on Party B in USA and inturn Party B in USA making order of the material from Party C in India. Party C has manufactured the material and Exporting it to Part B in USA. Material has moved out of Indian port meantime Party A is getting an order for the above material from India hence Party A wants to instruct Party B to do a highsea sale agreement to send the goods back to India to Part D? Is the above transaction possible if so kindly provide documentation required and any other additional compliances?

BY: CA. BALASUBRAMANIAM P

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A - CA firm having 3 partners, one of the partner retire today. Please advice me which form we need to send to our Institute, further the retiring partner was also in charge of a separate branch. Kindly let me know all the forms which need to be filed with CA Institute and with GST for the closing of that particular branch , since that branch has operated in a separate GSTN No.

BY: pradeep kumar agrawal

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Private Limited company can accept loan from Situation 1) Can accept loan from Shareholders? If yes, please provide section 2) Can accept loan from Relative of directors? If yes, please provide section 3) Can accept loan from friends of directors or shareholders? If yes, please provide section 4) Company taken loan from directors but subsequently directors resigned from directorship. Can loan will be treated as deposit?

BY: RAMESH K S

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CAN ANYBODY THROW SOME LIGHT ON THE DATE OF AVAILABILITY OF GSTR 2A IN GST PORTAL.PLEASE LET ME KNOW THE NOTIFICATION,IF THERE IS ANY.THANK YOU.

BY: SUDIP KUMAR MUKHOPADHYAY

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Howmany No of Articles to be registred under CA who is in contiguous practice of morethan 3 years It means Only after FCA can engaged 2nd Article cleark In my views Smartly revised guidlines by ICAI ?? latest guidlines for no of articles ??

BY: HARSHAD JAYANTIBHAI VAGHELA

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For Financial Year 2019-20 , the position of Form 24Q filed are as under . For Quarter 1 and 2 deductor was liable for TDS dedcution and same was paid and filed TDS return . For Quarter3 and 4 Deductor was not liable for TDS decution and hence filed NIL declaration. Now, are submitting request for Form 16 . The message displayed is ‘’no data is available’’ . Also there is message that ‘’ Form 16 will not be available for the PAN(s), which are not mentioned in the Annexure-II of Form 24Q for Quarter (Q4) We have to mention that for Quarter4 deducted was liable for deduction and hence not deducted any TDS. So without TDS challan, TDS return can not filed and consequently Annexure II of Form 24Q also could not filed. So our query is that how to download TDS certificate for Quarter1 and Q2

BY: samirkumar gokulbhai kasvala

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What is the GST rate on Contract Canteen Service?

BY: NARENDER YARRAGORLA

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Hi all, We are receiving Computer generated Invoices from BSNL and GST input credit taken based such invoices and no hard copy of Invoices with signature available. Is Computer generated Invoices are a valid for availing GST Input credit

BY: CA. BALASUBRAMANIAM P

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WHAT IS THE PRESENT LIMIT FOR NOT GETTING AUDITED ACCOUNTS U/R 80(3).IN FY 2017-18 IT WAS RS 2 CRORES.PLEASE REFER NOTIFICATION NO IF THERE IS ANY CHANGE.

BY: SUDIP KUMAR MUKHOPADHYAY

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A person is getting his accounts audited under Tax Audit for Financial yr 2017-18 and 2018-19. Can he choose to opt for Presumptive Taxation this Financial year 2019-20 .

BY: Mahesh Kumar

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Whether we can avail the GST Input Credit based on Copy Invoice.

BY: CA. BALASUBRAMANIAM P

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Whether HSN Code needs to be mandatory mentioned in the Invoices for availing Input Credit.

BY: CA. BALASUBRAMANIAM P

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Hi sir/madam I have a question regarding of ITR form to be submitted of my client, he is having Commission income under 194D and he dont maintain books of account of Retail business (44AD) Can i file ITR 4 Or need to fill ITR 3 ?

BY: RAGHURAMIREDDY

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One person wants to sale products through amazon.He will purchase goods from registered suppliers. Will he be treated as e-commerce operator ?? It is pertinent to mention that he has already taken registration as e-commerce operator few days ago.Now amazon people say that TCS will be deducted by them not by him ?? How should he go about it ?? Will he amend or cancel his registration as ecommerce operator ??

BY: SUDIP KUMAR MUKHOPADHYAY

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Can a Director resign from Directorship of a Company pending filing of DIR-ACTIVE and DIR KYC

BY: SURAJ KUMAR CHOUDHARY

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A Gurdwara set up a few years back want to get PAN (This is required by Bank) What documents will be required for that Will it be Trust deed or any thing else.

BY: Mahesh Kumar

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A taxpayer was Normal scheme dealer till 31.03.2020 . From 01.04.2020, he has opted for composition scheme dealer. For FY 2019-20 , two sales invoices was not reported. Now he wants to report these 2 transactions of FY 2019-20 so that he can pay proper taxes and customer can get credit . Our query is that how to report these transactions. From FY 2020-21 , he is into composition scheme so not eligible to file GSTR1 .

BY: samirkumar gokulbhai kasvala

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An individual enters in to agreement with developer for purchase of an apartment in 2018, and regularly pays the instalment dues to developer in 2020 when the apartment in ready for delivery he executes into tripartite sale deed by which the apartments is registered in the name of third party. This results in substantial gain for the first agreement holder which can be treated as Long term capital gain. My question for purpose of re-investments, is he to comply with provision of section 54 or 54F.

BY: Ethirajan

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“A”, real estate company enters into agreement with land owner for purchase of land for Rs.50L and pays advance of say 30 Lacs. Shortly the company finds a buyer for 60 lacs. Sale deed is directly executed by the land owner to actual buyer with the with 'A' as consenting party for Rs. 60Lacs. The buyer pays 20Lacs to land owner and 40 lacs to the real estate company. My queries are 1. Is company liable for GST since what is transferred is not land per se, but only right in the land 2. If the company is liable for GST, is it on 60 lacs or on 10 lacs, being the margin money

BY: Ethirajan

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An illiterate person is not able to get DSC.Can he authorise some body else to use his DSC for his Prop firm's Income tax return by giving authorisation letter

BY: Mahesh Kumar

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X A business man engaged in trading purchased a Truck of Rs 20 L + GST 28% 5.60 = 25.60 in FY 2019-20. The GSt of Rs 5.60 was taken as input in the FY 2019-20. In CY 2020-21 now he wants to sale the truck for Rs 17 Lacs after deducting dep. My query is whether he will have to charge GST on sale price of truck of Rs 17.00 L + GST 28%. Or Input taken in FY 2019-20 ought to be reversed considering 1 year of usage of machinery in the business. Which option he will have to consider here.

BY: pradeep kumar agrawal

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A person raised 3 invoices to service receiver in F Y 2017 2018 but due to some mistake not uploaded right credit against each invoice. Now the receiver raised a debit note along with tax & Interest. Due to the fact that he is an Important customer, supplier can not bought him to his knees. Now the question is: 1. can the supplier get the GST refund which he has paid to the department against these invoices since the receiver has raised a debit note, reversed the credit and not paid for the Invoices? Thanks & Regards

BY: SK

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While preparing GSTR9 for the FY 2018-19, where to disclose the turnover relating to FY 2017-18 reported in the FY 2018-19.

BY: CA. MALLIKARJUNA RAO SIKHAKOLL

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While filling Sales details in Excel Utility B2C figure is to be filled alongwth Bill wise sales details of Registered customers B2C Sales includes IGST as well as CGST/SGST but Error message comes "Either tax should be IGSTor CGST/SGST Even if we bifurcate into two figures JSON file is not validated after uploading. Can any body suggest solution Thanks in advance Ca Mahesh Aneja

BY: Mahesh Kumar

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While filling Sales details in Excel Utility B2C figure is to be filled alongwth Bill wise sales details of Registered customers B2C Sales includes IGST as well as CGST/SGST but Error message comes "Either tax should be IGSTor CGST/SGST Even if we bifurcate into two figures JSON file is not validated after uploading. Can any body suggest solution Thanks in advance Ca Mahesh Aneja

BY: Mahesh Kumar

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An Individual is Govt. Employee. He received Medical Reimbursement from his Employer for Medical Treatment of his Son. Whether its Taxable in the hands of the Individual.

BY: AJAY JAIN

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An Individual Doctor, pays Life Insurance Premium of his Staff. Whether it will be eligible Business expenditure for him.

BY: AJAY JAIN

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A cooperative Society having turnover less tha Rs 1 crore dealing in Milk,Fertilizers,Karyana Goods has not been allotted to any Chartered Accountant for Tax audit by Department of Cooperation. Its Turnover is slightly less than 1 Crore and Net profit as per Balance Sheet is less than 8% of Turnover which becomes Nil after availing deuction under Sec 80 P Whether Tax Audit will apply to this Society

BY: Mahesh Kumar

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Financial year 2018-19 TO less than Rs. 1C. assessee did not avail 44D, but filed under normal accounts I know that for the next 5 years he cannot avail 44AD. But for 2019-20, he avails 44AD and files return. What will happen if this return is not accepted.

BY: t sankar

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The taxpayer has forgotten to claim TCS deducted by E commerce operator for 2018-19 and 2019-20. From Feb 2020 , taxpayers has applied for cancellation of his GSTIN. Now GSTIn is cancelled but '' TDS TCS claim received '' Tab is not active. As per taplk with CBIC, they saying once, GST number is cancelled then we can not claim, TCS claim.

BY: samirkumar gokulbhai kasvala

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My client has made right to use agreement with Power Grid Corporation for installation of Power Transmission line in the land for an infinite period and received compensation . The land has been declared as residential land in revenue record . Plz clarify the nature of income and tax position Thank you

BY: PONNUSAMY R

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CBDT issued the order dated 13.08.2020 as power given u/s-119 under Income Tax Act,1961. Order mentioned that all assessments orders w.e.f 13.08.2020 will be issued under Faceless Proceedings,2019 meaning thereby that even assessment going on under old regime also subject to Faceless Scheme,2019 or just notice issues after 13.08.2020 will be subject to Faceless Assessment Scheme?

BY: JIMESH SHAH

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While filling statement 01A, details of outward supplies, whenever once chooses B2C small, the date field gets disabled and when you validate, date error occurs. How to solve this? The file does not allow to enter date and the error says that the date can not be before 01 july 2017.

BY: Anuj Tiwari

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While comparing GSTR 2A and 3B it was found that excess credit taken in 2018-19 OR it can be said that suppliers not uploaded all bills properly. If we want to reverse that excess credit in the month of March,2020 then what would be the accounting treatment ??

BY: SUDIP KUMAR MUKHOPADHYAY

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will you please share soft copies of following case laws regarding reimbursement of expenses : 1] International Consultants and Technocrats P Ltd v UOI (2012)28 taxmann.com & 2]Glaxo Smithkline Pharmaceuticals v CCE (2005) 1 STT 37 (CESTST) mail id :: mukho_sudip@yahoo.co.in

BY: SUDIP KUMAR MUKHOPADHYAY

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I have 1000 shares @ 1500 of XYZ ltd and Co. issues right share in the ratio of 1:1 @ 1200. I sold this rights in open market @250 per share. So I had sum of Rs.250000(i.e. 250x1000). So my query is, under which head will it be taxed and what are the other applicable provision are there under IT Act ? Expect your valuable reply along with related Tax Provisions.

BY: VIJAYKUMAR BHANUBHAI GEVARIYA

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