A person is going abroad for studies Has remained in India for 180 days during 2021-22 fin year During last 10 years he was in India only Whether he will be treated NRI for 2021-22 During this year whether Rebate under 87A will be available

BY: Mahesh Kumar

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I am not able to import draft data XML prepared on other computer for Tax Audit and ITR also Whether there is an issue here also

BY: Mahesh Kumar

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Hi, Please do guide me in this. Ms. A (senior) and Ms. B have two proprietorship firms having separate FRNs. Both want to set up a partnership completely different from their individual practice. Can Ms. B join Ms. A as a partner convert her proprietorship into partnership and then change the firm name? Will a new FRN will be granted in a case of change in firm name or it can continue with existing one? What are the results of the above in relation to bank audit empanelment and CAG empanelment?

BY: Andrea Samantha Lewis

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Hello members, My client is a salaried person and also borne loss of Rs.7.00lakhs from Derivative transactions on a turnover of Rs.14lakhs (turnover arrived considering sum of positives and negatives in trade). As per section 43(5), this is non-speculative business. But other than business loss his Total Income(salary after deduction) is less than the maximum amount not chargeable to tax (i.e. below Rs.2.50lakhs). So, My question is: Whether to set off and carry forward the loss of Rs.7lakhs, tax audit is mandatory? or whether I can file the return simply by showing loss from business and If yes ,then can the same be carry forward? Can loss from F&O be set off with Capital Gains?

BY: JYOTI MAHAJAN

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What should be accounting treatment to account for repo transactions of old vehicles wherein the gst valuation rules(proviso to rule 32 (5) of CGST rules) give a very different taxable value. Resulting into wide variations in actual turnover and GST turnover. This turnover difference might invite attention of taxmen. e.g:- original invoice value =200000/- date of original purchase= 1.4.2018/- REPO by financer on- 1.4.2020/- )also transfered to the new beneficiary on the same day) sales by the new beneficiary =220000/- date of this sale=1.4.2021 Now, purchase price as per proviso to rule 32(5)= 80000/- {200000-(200000*5%*12)} value of supply as per rule 32(5) = 140000/-[220000-80000] This is creating a difference of Rs. 60000/- Kindly post Any probable suggestions to this problem?

BY: MOHIT JAIN

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In case of a Private Limited Company where the turnover is of 30 lakhs and there is a loss whether tax audit is required

BY: YASH PAL ANAND

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I am already empanelled with RBI under category VI and allotted audit since last 2 years. But not other CA is associated with us .Are we eligible to get Bank Branch audit in future ?

BY: ANUJ AGRAWAL

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Where to enter RCM amount in GSTR1 for inward supplies from unregistered supplier, so that same could auto-populate in GSTR 3B

BY: SURAJ KUMAR CHOUDHARY

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Ineligible credits are auto populated in gstr 3b. Whether the same is required to be taken ist, then reversal is to be made and finally again ineligible to be shown in GSTR 3B. Or its better to just show under ineligible head without claiming it first and then reversal.

BY: SURAJ KUMAR CHOUDHARY

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A person is dealing in Sale & purchase of rural Agriculture Land. Suppose in a Year, he Purchase 4 times and sale it. Is it to be shown as business income or no where. ??

BY: Harish Kumar

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An Individual Sold his residential house in Feb 21 and he made Construction on old plot in 2018-19 to July 20 . can we claim exemption u/s. 54 for investment in construction as completed before One year of Sale . Pl advise with supporting evidences /case law if any

BY: SANDEEP KAPOOR

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as per IT rules, in the same assessment Business loss can be set off against any income except salary. in AY2020-21 we filled IT return where business loss set off against other sources income. lateron, intimation received they have disallowed this set off and raised demand. please advice whats to do? no option availble on portal to make rectification application for the same.

BY: RAHUL jain

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An Individual Sold his Residential house in Feb 21 and made a construction of an old plot since 2018-19 to July 21 i.e construction complete before 1 year of Sale Can we claim Exemption u/s. 54 on capital gain earned on Sale of house . if yes pl. suggest some case law in support (if possible)

BY: SANDEEP KAPOOR

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What steps will a company have to take if it's application in eForm NDH-2 gets rejected ? What would be the consequences and how can it be rectified ?

BY: Gaurav Kumar Baranwal

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ITC on bank charges/ processing fees, etc. for loan for vehicle's purchase is ineligible under section 17(5) of CGST ACT, 2017 or not?

BY: Akshay Verma

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my client earned a profit of Rs 90 lakhs from Derivate section on a turnover of 210 lakhs (turnover arrived considering sum of positives and negatives in trade). whether this to be considered as speculative or normal business. if treated as normal business whether can we opt for presumptive taxation and arrive at a profit of 6% on 210 lakhs.

BY: madhav rao

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An assesse who is a NRI returned to India during November 2019. His Stay in India during FY 2019-20 is less than 182 days hence qualify as NRI for FY 2019-20. During FY 2020-21 the status of assessee is Resident. He has also satisfied the conditions for RNOR for the previous year 2020-21. (As he was Non Resident for 9 Financial year out of 10 financial year preceding previous year (2020-21). The said assessee has Interest income from NRE and FCNR deposits during FY 2020-21. Kindly guide me with regard to the taxability or exemption available on such interest income earned from NRE and FCNR deposits for FY 2020-21.

BY: Vignesh V Kamath

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Whether Tax Audit utilities eg 3CACD,3CBCD are available on New Income tax site

BY: Mahesh Kumar

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Proprietorship with 5 years of experience now get converted into partnership with change of name of firm. My question is whether new partnership firm count old experience?

BY: CA RAJ KARSAN VAGJIYANI

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The Company is registered in Maharashtra and it has 4 directors. One director is residing in Maharashtra and obtained PTEC Number. Other 3 directors are residing in another state i.e. Gujarat. Our Query is that in the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 directors who are not residing in the state of Maharashtra .?

BY: samirkumar gokulbhai kasvala

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The Partnership firm is in Maharashtra and it has 4 partners . One partner is residing in Maharashtra and obtained PTEC Number. Other 3 partners are residing in another state i.e. Gujarat. Our Queries are as under. 1. Do Partnership firm require to obtain PTEC Number 2. In the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 partners who are not residing in the state of Maharashtra .?

BY: samirkumar gokulbhai kasvala

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Dear All, Facts : Holding Co is based in UK Subsidiary is based in India. Due to Covid-19 holding co has resolved to pay certain amount to all employees all subsidiary and associates. No benefit / margin will be retained by subsidiary. E.g. 200 pounds recd by subsidiary & amount worth 200 pounds will be fully paid to employees of the subsidiary. Modus of payment: Subsidiary in India will pay the amount to its employees in India and this will be reimbursed by holding co along with all the employee related taxes borne by subsidiary, if any. Query: What shall be the tax treatment of amount received from holding co in the hands of subsidiary co.? If taxable - what is the service ? Who is the service provider? who is the recipient ? On what Value GST should be paid ? whether GST to be paid under RCM ? Thanking you in advance for your guidance.

BY: CA MITUL MAHENDRA MEHTA

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Hello Everyone!!! What will be the taxability of compensation received by the members of the society from the society for compulsory acquisition of common area of society by the government? Here, the Government authority will provide compensation to society and then society will distribute to members? So, how members taxability would be computed?

BY: Manisha

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WE HAVE RECEIVED ORDER PASSED BY CIT A UNDER FACELESS AND THESE ARE BEING PASSED WITHOUT CONSIDERING THE FACTS AND ISSUED RAISED BY APPELLANT. LIKE CPC PREOCESSED THE ITR WITH ADDITION BASED ON FORM 3CD FOR EPF CONTRIBUTION REPORTED WHICH IS ACTUALLY DEPOSITED WITHIN THE DUE DATE OF THE FUND AND IS REPORTED ACCORDING IN FORM 3CD. ASSESSED FILED THE APPEAL AND RAISED THE ISSUE THAT AS PER FORM 3CD TOTAL CONTRIBUTION IS REPORTED AND ONLY LATE DEPOSITED AMOUNT REQUIRED ADDTION AND NO THE WHOLE AMOUNT. APPELLANT SUBMITTED CHAALN AND EXTRACT OF FORM 3CD BUT THE CIT A DISMISSED THE APPEAL STATING THAT THE CONTRIBUTION IS LATE DEPOSIED AND CANNOT BE ALLOWED U/S 43B OR 139(1). THIS IS THE HEIGHT OF FACELESS APPEAL THAT SUCH A SMALL FACT IS NOT UNDERSTOOD. IF THIS IS THE APPROACH OBJECTIVES OF THE FACELESS SCHEME IS NOT SERVED AND IT IS COSTING HEAVILY TO THE TAXPAYERS.

BY: SUNIL KUMAR AGARWAL

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If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST .

BY: samirkumar gokulbhai kasvala

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If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST . We are thankful to you for your guidance.

BY: samirkumar gokulbhai kasvala

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If a dealer is having GST registration in Maharashtra. The taxpayer is having agriculture land in gujarat and he sales agriculture produce from gujarat to gujarat. So should this be reported in GST Returns of Maharashtra . The Taxpayer does not have any other transaction of sales from Gujarat and hence not registered in Gujarat.

BY: samirkumar gokulbhai kasvala

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he Society land conveyance deed was executed in favor of the society on 01.Oct 2019 i.e. during the FY 2019-20. The Land now becomes asset of the Society. However, while preparing the financial statements, neither the Managing Committee nor the Auditor considered this fact to include this land as an asset of the Society. There are few more assets which are also not considered while preparing the financial statements. When brought it to the notice of both, the auditor is of the opinion that this is a technical error and will be corrected in future years. My question is that, does this amount to negligence on the part of Auditor? Can it be referred to disciplinary committee? Thanks

BY: CA. LONIKAR SHASHIKANT ACHYUTR

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SIr, a Trust has provided Interest carrying Unsecured loan to a Company, where the Trustee is having the substantial interest. The said loan is not in the form of investment of Shares. Sir, the same is being reported n the Form10b, Part II (a), but is the same is also to be shown in Part III, as in this, one of the column reads as "Where the concern is a Company, no. and class of shares held", and there is no such shares being acquired. Kindly guide.

BY: CA Gaurav Shah

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Is it possible to change address in the TAN and PAN card of the company based on form INC 22?

BY: Manisha

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01. IN CASE OF SALE OF FLATS ADVANCE RECEIVED DURING VAT REGIME AND TAX PAID UNDER VAT REGIME FOR WHICH INVOICE ISSUED WHEN FLAT IS SOLD DURING GST REGIME. WHERE THE SALES TO BE DECLARED UNDER EXEMPTED OR NON GST SUPPLIES IN GSTR 1?? PLEASE CLARIFY.

BY: Sachin

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Upon Transfer of Shares, the Share Transfer Letter along with Share Transfer Form in SH-4 is delivered to the company. Whether Endorsement on the back of the Share Certificate in favour of Transferee will suffice or New Share Certificate is required to be issued in favour of Transferee ?

BY: Gaurav Kumar Baranwal

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Hello Everyone, My query is:- If return is filed u/s 44AD and as required by Bank the Profit & loss and Balance sheet has been prepared, then Is it mandatory to put UDIN on that Balance sheet? Answer will be either yes or No please give reasons.

BY: JYOTI MAHAJAN

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How to obtain RBIUCN ? Please suggest

BY: CA. MANOCHA JAGDISH KUMAR

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INCOME OF HOCKEY PLAYER ON WHICH TDS IS DEDUCTED UNDER SECTION 194JB WILL BE SHOWN UNDER 44 AD OR 44ADA?? PLZ TELL ME KNOW THE BUSINESS CODE.

BY: ARIHANT JAIN

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It is understood that an internal auditor of a Pvt ltd company issues a 15CB certificate under the IT Act. 1961 My query is can auditor issue 15CB for the same company where he is the statutory auditor appointed to audit the accounts of the company and issue an Independent audit report u/s CA 2013

BY: RAGHAVENDRA ACHARYA C

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What should be the date of Creation of HUF ? 1. Date of Marriage OR 2. Date of Birth of Eldest Son

BY: Gaurav Kumar Baranwal

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INCOME OF HOCKEY PLAYER ON WHICH TDS IS DEDUCTED UNDER SECTION 194JB WILL BE SHOWN UNDER 44 AD OR 44ADA??

BY: ARIHANT JAIN

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Good day to all my dear professional colleagues. Please help me out in resolving this query. My client who is a Non-Resident Indian had filed his appeal and now he wants to make me as his authorized representative so that I can represent before the appellate authorities. Kindly, let me know the process of obtaining Vakalathanama from him who is residing outside India. Thanking you all

BY: D R V NARENDRA REDDY

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1. With inroduction of section 206CCA, earlier provision of section 206C(1H) i.e. applicable in case of Turnover of Rs 10 crores of more is still applicable ? 2.Section 206AB and 206CCA is applicable in following cases ? Is it applicable to only to the person who is having TAN Number (OR) It is applicable to all person who is having PAN(i.e. even to the person who does not have TAN ) 3.Compliance check functionality (a) Should it be checked only by TAN holders or even person who is having PAN but does not have TAN (b) Should TAN holder check only for the person for whom TDS /TCS is alreary dedcuted in last 2 years or TAN holder should check for all perosn (i.e. even for whom TDS/TCS is not dedcuted / collected in last 2 years ) Thank you in advance

BY: samirkumar gokulbhai kasvala

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If the company had cancelled the granted employee stock options and on account of such Proposed Option Cancellation, employee gets cash compensation in full and final discharge during FY 2020-21. The TDS under section-192 was deducted by the company in respect of cash compensation against cancellation of ESOP. The employee was resigned from his job in the FY 2018-19 and the employee is not getting salary from any employer during FY 2020-21. Now, the query is whether the employee is eligible for deductions like Standard Deduction u/s 16(ia), Chapter-VIA deductions Section-80C etc.?

BY: CA Neha Gupta

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An asessee is paying GST under reverse charge on transportation charges @ 5% and is claiming input credit for the same also. Whether it is ok

BY: Mahesh Kumar

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Dear Members, Please clarify the following: An Assessee had Sold Shares in Unlisted Company during the previous Financial year. The assessee had purchased the Shares Long time ago. The Cost of Acquisition of the Shares were made at the Face Value being Rs.5/- Per share. 1) Wheter the Sale Proceeds would attract Long Term Capital gains Tax at 20%. 2) On the other hand If no Indexation Benefit has been availed whether it would attract Tax at 10% as per provisions of section 112A of the Income Tax Act. A.S. Raman Charterted Accountant.

BY: A S RAMAN

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When do MAT Entitlement become receivable in books of account ? Whether at the time of provision of MAT TAX OR in the next year when the company pays such MAT TAX PAYABLE?.

BY: KETAN SHETH

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Hello all members, The matter is as follows:- For becoming FCA, 5 years to be counted Whether from date of becoming member or from date of holding COP?

BY: JYOTI MAHAJAN

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Remotely working for proprietary trading firms based in the US/EU is legal in India? Firm names Eg - (i) FTMO Trading Global/FF Traders, Prague (ii) Flow Traders, Netherlands (iii) Seven Points Capital, USA (iv) TopStep Technolgies LLC/ TopStep Funded, USA Here proprietary trading according to investopedia means - "Proprietary trading refers to a financial firm or commercial bank that invests for direct market gain rather than earning commission dollars by trading on behalf of clients. Also known as "prop trading," this type of trading activity occurs when a financial firm chooses to profit from market activities rather than thin-margin commissions obtained through client trading activity. Proprietary trading may involve the trading of stocks, bonds, commodities, currencies or other instruments." To be simple - the client will be only providing my services managing firms' capital and will they will provide me profit split in return. Would this be allowed as per the laws of FEMA?

BY: Hunny Badlani

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The entity has not filed the SFT and now the entity has received the notice to filed the SFT . 1) My question is that what are the consequences of Non Filing of SFT . 2) If the Entity has filied the SFT in reply to the notice is there any way to waive the penalty u/s 271 FA , Please give the advise on this issue.

BY: GOPAL KUMAR AGRAWAL

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Sir, is acquisition by UP AWAS EVAM VIKAS PARISHAD, covered under RFCTLARR Act?

BY: RAM KUMAR SARASWAT

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Dear Team, Background of the case. The deductor is deducting TDS after assessee filling his income tax return of (AY 2020-21) & the due date for filling belated return time is already over. And the assessee has offered corresponding income in AY 2020-21 & not show any carry forward of TDS credit in his ITR-5 What are the ways to claim the TDS in subsequent years?

BY: RYALI VAMSI KRISHNA

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I am not able to file online ITR 4 today because of Technical faults. Has any body filed ITR for current Ass year 2021-22

BY: Mahesh Kumar

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Hi All, I have a query that If one CA say X is having its office in one district and now he wants to visit to another district of same state to do work say tax audits without having office in that district, Can he do so? If yes, how he can do so which will also be legal and valid either through office of clients or in office of other professional apart from being CA?

BY: JYOTI MAHAJAN

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Dear all, Let us say 1.X and co is a sole proprietorship with x as the sole proprietor in existence for 3 years, 2.xy and co is a partnership firm with x and y as partners in existence for 1 year 3.Can both x( sole proprietor) and xy and co merge and start a new firm and will the experience of the sole proprietor x continue to the newly formed firm

BY: SIVAKANTH BADIDA

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Dear All, Very Happy Morning. Myself, Vamsi Krishna Ryali, Partner at "Anil and Vamsi Chartered Accountants". We are Two Partners in our Firm. Due to unavoidable situations, my partner wants to move out of the Firm. My unresolved doubts in this regard are as follows:— 1) If my partner Retires from the Firm, Firm will get dissolved since number of partners falls below Two, in such cases, can i convert this Partnership Firm into Sole Proprietorship ? 2) Can i Continue with Existing Trade Name and Existing Firm Registration number of ICAI ? 3) Shall Partnership Firm Experience will be added to Sole proprietorship for Bank Empanelment Purposes ? Thank You for your valuable time.

BY: RYALI VAMSI KRISHNA

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Query 1 : Query of B2C(Small ) Amendment While Filing GSTR1 for FY 2019-20, for few customers amount was erroneously reported under B2C (Small ) instead of correctly under B2B . The above mistake was noticed in the month of September 2020 . While filing September 2020 GSTR1, above mistake was rectified by adding respective invoices under B2B but due to oversight amendment to B2C was not done. i.e. original amount of B2C should have been amended (i.e. Amended B2C amount should have been = original B2C - amount transferred from B2C to B2B) . However this B2C amendment is forgotten to be done. As result, liability is created for B2B invoices added but since B2C amendment was not done, liability is not reduced. Presently, Portal does not allow amendment for 2019-20 . Also allows B2C amendment only once. i.e. Once B2C amendment was done for a particular month then portal does not allow the same again. As a result, in GST portal , for 2020-21 GSTR1 and GSTR3B comparison, there is excess liability as compared to GSTR3B . How to resovle this. All the Taxes have been properly paid and reflected in GSTR3B, annual Return and Statutory Audited accounts. Query 2 : Presently for the above mentioned case, GSTR1 of jan , Feb and Mar 2021 is pending. While filing this return , can we do underreporting to the extant of the above mentioned B2C amendment of 2019-20 which we could not do. Note: proper reporting and payment will be done in GSTR3B. .

BY: samirkumar gokulbhai kasvala

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A firm has got contract from a Private Bank for Installations of Tubewell in Schools. Every thing has to be done by contractor like purchase of Material, dwelling of borewell, labor etc. Is it come under Works Contract. If Yes What GST rate would be charged by contractor ??

BY: Harish Kumar

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A firm has got contract from a Private Bank for Installations of Tubewell in Schools. Every thing has to be done by contractor like purchase of Material, dwelling of borewell, labor etc. Is it come under Works Contract. If Yes What GST rate would be charged by contractor ??

BY: Harish Kumar

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New section 194Q is inserted in Income Tax Act for deduction of TDS on purchase of goods and applicable from 01/07/2021. Regarding to this new section, I have one query: "A person has , let's say Mr A, turnover above 10 Crore in AY 2021-22. He is a trader in the gram market. Mr A buys goods from agent i.e. Kacha Adatiya. This agent acquires goods from the different farmers in the gram market. Agent issues a sale bill to Mr A in which he charges the cost of the goods, commission and GST. Mr A does not know who the actual seller is, he only knows the agent. The Agent reports only commission income in his books of account and the cost of the goods he charges in the bill gets adjusted against the farmer's payment. Hence, the cost of goods is not a turnover/sale income for him. Now my question is from view point of buyer i.e. Mr A: "Whether he is required to deduct TDS u/s 194Q on cost of goods paid to the agent? He already deducts TDS u/s 194H on commission paid to the agent." I hope my query is clear to you. Waiting for your quick reply.

BY: SONAL MANUBHAI GOYAL

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Thank You CA Chunauti dholakia for you answer (ID :81181 dated 07/07/2021 for question ID: 41091) I have another question that If 2017 firm become partner without dissolving proprietorship concern can he/she continue to accept tax audits in his/her proprietorship concern? or after constituting partnership firm all work has to be done through partnership concern? By having proprietorship along with partnership firm will it be affect negatively for partnership in having tenders of govt. projects? should I merge my proprietorship after creating partnership?

BY: JYOTI MAHAJAN

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Query 1 : Tax Free Sales to Registered party ( B2B) : Whether it should be reported as B2B under Table 4 (Or ) NIL Rated or Exempt sales under Table 8 Query 2 : Supplies to SEZ with payment of Taxes Whether it should be reported as B2B under Table 4 (Or ) Export under Table 6

BY: samirkumar gokulbhai kasvala

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An individual had let out his property during the financial year 2016-2017 to a 12AA registered educational institution , the income of the educational institution is exempt under the Income Tax Act , whether the rent received by the individual is liable to service tax or is not liable for the reason that rent is being paid by an exempt institution

BY: Anwar Iqbal

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My Friend has started practice by taking COP on Sept 2018 and obtained FRN on 21/02/2020 and i have started practice with COP on 08/02/2020 and FRN on 20/02/2020 so if we merge both firm what would be the effective date of partnership firm? Kindly please help

BY: GIRISHKUMAR MANGIDCAR

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In GSTR 4 filed for FY 2020-21, in table 6 (Tax rate wise details of outward supplies/inward supplies attracting reverse charge during the year), due to technical error , No figure of Value & tax has been reflected. Due to which Total Amount of Tax paid during FY 2020-21 now shown in " Negative Liability Statement". Now What to do ?? And While I am filing CMP 08 for Ist quarter of FY 2021-22, Tax getting adjusted from " Negative Ledger" instead of Cash Ledger" Please Provide Solution

BY: Harish Kumar

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Hi all, I am into Practice from 2013 in proprietorship concern having firm name registered with ICAI. There is another existing Proprietorship firm registered in the year 2017. Now we want to join together and practice under one firm name with 2 Partners. Since my Firm 2013 is already empaneled for statutory bank audit. Please Guide us How can we convert our proprietorship firms into partnership and under which Firm name either firm that is established in 2013 or 2017, so it does not effect empanelment of MEF and experience of 2013 Firm? Also please guide Whether 2017 firm has to dissolve its proprietorship concern to become partner in 2013 firm or it can become partner without dissolving and later on get merge its proprietorship to that partnership firm formed?

BY: JYOTI MAHAJAN

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Dear Sir , Client is a commission agent in apmc market and main source of income is commission only but in GST he is showing sales So for tax audit turnover limit should be checked or not and if on a safer side we do tax audit Whether sales figure to be shown or commission figure in 3CD report? Thanks

BY: TIRTH SHAH

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Hi all, I am into CA Practice from 2015 in proprietroship concern having firm name registered with ICAI. There is another existing Partnership firm with 2 partners registered in the year 2017. Now we want to join together and practice under one firm name with 3 partners. Since my firm (proprietorship) is already empaneled for statutory bank audit and is it correct for the existing partnership firm to dissolve and convert my proprietorship firm to partnership firm? Also guide us whether we can change the firm name once the conversion takes place? Will the name change effect for MEF.

BY: Vishwanath Walvekar

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Is tax required to be deducted under section 194Q for purchase of gift cards/vouchers?

BY: Manisha

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Hello everyone!! How to obtain list of CIT approved hospital specified u/s 17(2) of income tax Act.

BY: Manisha

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Respected Sir, which ITR form is to be used for trust/Society not having registration u/s 12A. How it is assessable and rate of taxation on it? Is tax payable on gross receipts or on net surplus after meeting all expenses? Thanks

BY: MOHAMMED QUSROO

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When Land and building transferred by settlement who is original owner and beneficial owner. If settled property sold in future year in whos hand tax is leviable. Example: Wife has transferred her land and building to her husband by settlement. For the property original owner is wife and beneficial owner is husband. If this property will be sale in future in whos hand tax is levy. In this situation wife has sold another one property, when claiming deduction u/s 54 settled property may be count in the hand of wife.

BY: KANAGARAJ

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WHAT WILL HAPPEN TO PF ESTABLISHMENT ON DEATH OF PROPRIETOR WHEN HIS BUSINESS WILL BE RUN BY HIS WIFE ? WILL NEW PF REGISTRATION WILL BE REQUIRED ?

BY: ARIHANT JAIN

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A Partnership Firm is going to be converted into Proprietorship concern (One of the Partner will become proprietor) In this case whether it will be possible to transfer whole balance of GST credit lying in Credit Ledger to Proprietorship Firm.

BY: Mahesh Kumar

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Amount received by a father from his Son residing abroad. Son is a NRI and holding Indian passport. Whether such receipts more than 1 lakhs has to be reported in FCRA form FC1. Rule 6 of FCRA requires submission of FC1 in cases where gift is recieved from any relative. Or is FC1 applicable only for gift received from foreign citizen. Please clarify

BY: T.R.S. PATHY SENTHIL

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A Firm has paid excess Output tax around Rs 10000- during Dec 20 Quarter because of totalling mistake while Sales is correct.Can it claim this amount of Rs 10000- in 2021-22

BY: Mahesh Kumar

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I am partner in a Chartered Accountancy Firm with two partners (including me). Now I want to convert my COP to part time for working in Industry. Will it effect existence of our partnership firm? Can the firm name contain my name also?

BY: AYISHA INSHAD P T

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The major income source of company is from rent on building. The land was purchased by company in 2011-12 and the multiple floors was constructed during 2012-13. The company was claiming depreciation on the building from 2012-13 and the cost of land are also in the books of accounts as asset. Out of multiple floors, one floor is sold out during 2020-21. So, I want to know that the gain from the sale of floor is long-term capital gain (LTCG) or short-term capital gain (STCG) for company. Seller gives Rs.2cr for the floor, in that case how I can calculate the sale amount of land and building out of Rs.2cr.

BY: CA Neha Gupta

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While providing loan facility and creating charge on asset of the Company, bank / financial institution is asking for a certificate in relation to Section 281 of Income tax Act. Can Chartered Accountants issue such certificate or it shall be given by the Assessing Officer only?

BY: NISHIL KHANDHAR

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A person is selling his goods at Amajon,Flipcart etc .He is Preparing sales from monthly statements submitted by E Commerce cos . These cos have started deducting TDS now and their figs in 26AS are Amount credited and TDS deducted @.75% Amount credited figs are not matching with our sales Can we amed figs of 2020-21 in GSTR1 for JUne 21

BY: Mahesh Kumar

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A person was appointed as MD under companies act 1956 for life. Under section 196 of 2013 Act MD can be appointed only for 5 years. Will he continue to be MD or should he be again re-appointed for 5 years only

BY: t sankar

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what is the consequence on buyer for non deduction of tds u/s 195 for 1cr? seller being a nri has sold a property of rs 5 cr on a agreement to sell dated 26.04.21 and taken adv of rs 1 cr dated 26 april 21 and applied for lower deduction of tds in form 13 on 30 april 21. now lower ded cert comes of amt 4 cr only instead of 5 cr. now buyer has ded tds on whole 5 cr amt at a lower ded as mentioned in lower ded cert. will buyer be liable to deduct tds at normal rate as per sec 195 on 1 cr or at lower rate itself. if on 1 cr tds at lower rate ded instead of whole rate as mentioned in 195 then what consequences buyer wl bear?

BY: jyotika

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Dear Sir, I want to clarify, that provisional norms or producence norm of any advance/loan is applicable to small NBFC which is non systemically not important NBFC. which is not accepting deposit having assets size 2-3 cr only.

BY: ashish agarwal

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Whats the remedy against 197 lower ded certificate issued u/s 197 in case of nri

BY: jyotika

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If total amt of sale consideration is 50 lacs and advance already paid before applying lower deduction certificate is 10 lacs and now lower deduction certificate is applied on whole amount of sale consideration i.e. 50 lacs but dept has issued lower ded cert on amount of rs. 40 lac only and buyer is saying he will ded tds on 40lac at rate specified in lower ded cert and on 10 lac (which was given as adv on which earlier no tds was ded), normal rate as mentioned in 195 will be deducted. Is it right from angle of buyer? if yes then whats the remedy with us shall we approach to department and how? bcz everything is online no manual response from dept we got as of now?

BY: jyotika

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A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is 1) Whether any registration by paying stamp duty is required 2) a factory is proposed to be constructed on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.

BY: T.R.S. PATHY SENTHIL

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A fundraising was started for medical treatment of Mr.X, on a platform named Milaap (www.milaap.org). Milap Social Ventures India Pvt. Ltd. is registered as a private limited company to help raise crowdfunding for emergencies and social cause. He was advised lung transplant, due to post COVID complications. Unfortunately, he passed away during the fundraising process. As he is survived by his wife, and a 2-year old son, we're keen on giving out the money to the family (to be used for his son's education). We seek your guidance on following questions: 1. What is the legal approach to transfer this money to his family, as the initial cause of fundraiser was medical treatment? (Milaap allows for the cause to be changed to a memorial fund, informing all donors of the present situation. But will anything additional need to be done at our end?) 2. How do we minimize the tax deductions applicable in this case? What will be the minimum tax deduction, given that we're able to materialize the best possible option? 3. Should this be transferred in the name of his 2-year old son or his working wife (30% income tax slab)? 4. What will the process look like, and what will be the documentation support required ?

BY: ASHOK DIXITHA JAIN

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Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc) Can we Challange the validity period of Show cause notice issue after period of 30 months

BY: SANDEEP KAPOOR

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My MRN is 421961, UCN is 1004308, FRN is 020714C. Please help me in knowing my date of registration with RBI as it is being asked while empanelling with Nationalized Banks.

BY: Gaurav Khanna

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The company is providing export of software to USA. The company has exported services without payment of GST. 1. is the company need to pay IGST if it writes off the export of service invoice by way of credit note within 9 months?

BY: SK

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We are PRACTING FIRM AT BENGALURU HAVING UCN NO 1016101AND REGISTRATION NO 018403S. The Date Of Registration With RBI Which Is A Mandatory Field In The Application For Empanelment For Concurrent Audit Of Bank. Kindly provide the same.

BY: Ankita Jain

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Our firm Nagachandra and Associates with UCN 161376 having ICAI registration 002258S, require the date of registration with RBI which is a mandatory field in the application for empanelment for concurrent audit of bank. Kindly give this information immediately.

BY: CA. SRINATH S

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I WANT TO REGISTER FOR CO-OPERATIVE AUDIT. PLEASE LET ME KNOW THE PROCESS TO REGISTER

BY: SHIVAM SHRIKANT SANCHETI

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Hi All, What is the objective of FTWZ operations? If foreign entity register with FTWZ in India to do business will it create Permenant Estabilishment in India?

BY: CA. BALASUBRAMANIAM P

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GSTR1 for JUly 2017 could not filed ( subsequent all GSTR1 ) filed. Due to this ( non filing of GSTR1), GSTR9 for 2017-18 and subsequent years could not filed. GST system is showing error''GSTR1 for July 2017 not filed ''. Kindly suggest what is the remedy available ?

BY: samirkumar gokulbhai kasvala

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There are 2 NRI's holding a piece of land and are willing to construct a residential/commercial complex with an intention to earn rental income. Construction is carried out partially with own funds and partially using a bank loan. As per RBI Master Direction on FDI... this activity is permitted as it is specifically excluded from definition of real estate. IS this interpretation correct ? Now they want to have a partnership firm wherein there will be 3 partners out of which 2 of them will be the NRI and 1 Person will be a Resident. The objective of the partnership firm shall be to receive the rental income on such constructed complex. The objective of firm shall be leasing of property. Questions : Can partnership firm receive rental income from the property owned by its partners? what are the other / better ways to execute this ? Citation of any section/circular/case law will be very much useful. Thanks a lot

BY: SRIMANTH KULKARNI

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A person X purchased a plot of land admeasuring 400 Sq yds on the following dates and registered rates: Plot no Date of purchase Size of the plot Consideration in sale deed (Rs.) Market value in sale deed (Rs.) 23/P 31.8.1988 200 sq. yards 15,000 25,000 24/P 29.9.1992 200 sq. yards 30,000 40,000 On 1 June 2019, X gifted this land to Wife (Y), Son (A) and Daughter (B) All of them joined together to develop this plot and build apartments through a developer. In return, the developer gave each of them a certain number of apartments as compensation for the plot of land. Apartments were given as per following 1. Y – 2 apartments 2. A – 2 apartments 3. B – 2 apartments All the flats received above are being sold in this year 2021-22 however they have not yet received the completion certificate. This also means that the assesees are not eligible for 45(5A) benefit. Can any expert answer the following issues ? Issues to be answered: Taxation in case of transfer of development rights wherein we need to answer the following: • Sale consideration of the Rights • Date of Transfer • Cost of Acquisition of the Rights • Indexation • Long term or short Term Taxation in case of transfer of developed flats wherein we need to answer the following: • Sale consideration of the Flats • Date of Transfer • Cost of Acquisition of the Flats • Indexation • Long term or short Term Avenues to save the capital gains: • Benefit under section 54 • Benefit under section 54F

BY: SRIMANTH KULKARNI

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Hi All, My friend is A Chartered Accountant in practice as a Proprietor since last 3 years and he is having a trade name registered with ICAI. Recently I had joined him as a partner without changing the trade name registered with ICAI. My question is if we want to change the trade name now then whether our existing firm with old FRN will get continued or we will get new firm name with new FRN?? Whether my partners proprietorship experience of 3 years will get continued in new firm?? Whether the Experience will count for bank audit empanelment under Partnership Firm?? Kindly suggest me whether I should change my firm name or not?

BY: HARESH CHANDRAKANT HARDIKAR

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CFSS FORM Was introduced to file declaration w.r.t. delay in filing of various forms. During last year, there is extension of various due dates also for filing of annual compliances etc. Whether the form is to be filed for these also or only delayed filing of previous forms is only to be filed.

BY: SURAJ KUMAR CHOUDHARY

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A private limited company is engaged in the software of export of services. Invoices are being raised in Foreign currencies and remittance is reflected in bank statement from outside. At present, company has neither registered in customs department (IEC Code) nor in Software Technology Parks in India (STPI). Whether company is required to take either of the registration or in STPI. Please guide.

BY: SAURABH GARG

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A Pvt. Ltd. Co. is creating websites and accounting systems for clients based in USA & Europe. These are treated as export of service. Company raised invoice on say 01-April-2020. Now the question is : (1) What is the maximum time limit to receive the sales proceeds in convertible foreign exchange?" so that the above Invoice can continue to be treated as export of service. (2) Is there any change in the time limit for receiving convertible foreign exchange? Thanks

BY: SK

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I have filed Form 10A for my clients having existing registration u/s 12A and 80G in the month of December 2020 and also mentioned the details in the respective ITR 7 for the AY 2020-21. But no communication received from the department till date. Shall I have to again file Form 10A after the amendment made in recent date?

BY: CA. GHOSH SAMRAT

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While Calculating GST Refund GST people are putting Adjusted sales value (Actual Sales-Sales of trading goods) Whether this is correct . In my opinion when goods traded are of same GST rate like Cloth/Shawl etc and Input is claimed at 5% and on Sales 5% GST is paid then why this adjustment is required as it reduces Refund value too much

BY: Mahesh Kumar

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