Whether the same partner can sign the financials of a listed entity for the sixth to seventh year in a row for a firm of statutory auditors ? As SQC 1 explains that signing partner can be engagement partner for seven years in a row of a listed entity? Is there any preventive clause anywhere in Companies Act,2013 to prevent a signing partner to sign the financials for sixth year in a row.As companies act says 50% of audit team should be rotated .But silent about the signing partner.

BY: DIXIT SHAILENDRA PREMSHANKAR

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Assessee has a refund of Rs.1.70 lakhs in original return for AY 2023-24. But it was never paid and demand was raised by intimation under 143(1a) for Rs.54 lakhs due to clerical error in capital gain reporting. Now there are other items left out and the assessee wants to file an updated reuturn. However systems takes Rs.1.70 as paid and tax is computed over and above that amount. Is there any solution?

BY: ALAMELU N N

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Whether MSME category of Chartered accountants gets any priority in audit alottments If not Whether any of the Central Council member has included this in their agenda while approaching for votes

BY: Mahesh Kumar

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I have converted a Proprietorship into LLP w.e.f. 08.04.2024 and all the assets and liabilities of the said proprietorship have been transferred into LLP. Thus, Sale from 01.04.2024 to 07.04.2024 are in the proprietorship firm and from 08.04.2024 onwards the sales and all the business transactions are appearing in the LLP. Now my questions are: 1. What will the tax treatment in the hands of the person whose business has been transferred into LLP ? 2. How will the ITR of that person be filed ? 3. What entries are required to be made in his ITR with respect to the transfer of business to LLP?

BY: Gaurav Kumar Baranwal

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As per revised applicability of peer review mandate (Phase II & III), Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities are to be covered from 01.01.2025. How can we identify trusts which are covered under public interest entities ? Do all Public Charitable and/or Religious Trusts fall under the category of public interest entity ? Is there any threshold monetary limit for these trusts ?

BY: Nilanjan Kayal

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DEAR ALL, CAN ANYBODY TELL ME HOW AND WHEN CONDONATION OF DELAY IN FORM NO 35 IS TO BE SUBMITTED BEFORE CIT(APPEALS) ????

BY: SUDIP KUMAR MUKHOPADHYAY

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Can a firm with plumbing service of Rs 49 Lacs and Goods sale of 20 Lacs is required to get Tax Audit compulsorily If it opts for Presumptive taxation How much profit should be shown for plumber service

BY: Mahesh Kumar

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A firm providing plumber service Value around 50 Lacs and at the same time selling motors etc of 20 Lacs Whether Tax audit is necessary

BY: Mahesh Kumar

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A firm is in loss to the tune of Rs 50 Lacs A Tax Audit report is to be revised and a few Balance sheet figures are also to be amended Whether it can cause problem from Income Tax End

BY: Mahesh Kumar

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A restaurent has been opened (additional branch of existing franchisee) Expenses incurred on inaugration includes Hotel and travelling expenses of family members. Whether these can be amortised/capitalised

BY: Mahesh Kumar

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TAR has been filed without filling clause 18 (depreciation particulars) Can we revise TAR filling assets details but not claiming Depreciation in a Partnership firm

BY: Mahesh Kumar

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I want to add certain figure in GST sales in B2Cs (unregistered Sale) to already filed B2Cs figure in GSTR 1 but old figure is not visible in GSTR 1A Will this figure be added to already filed GSTR1

BY: Mahesh Kumar

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A manufacturing company producing taxable and exempt goods in Rajasthan and send some of exempt goods as sample @Rs.1/- per item excluding GST (whereas GST is Nil) to Delhi head office (Both have different GSTIN but related parties as PAN is Same) but the market price of such item is Rs.115/- per item. The main raw material also exempt received from other vendor but the other packing materials which is purchased by another division under same GSTIN and transferred to Manufacturing division through delivery challan, used in production of such exempt good is taxable under GST. How this would be treated as GST credit taken or reversal of ITC. can a organization sell Goods lesser than cost because it will create a gap between ITC availed and Output liability in case of taxable goods.

BY: UMESH SHARMA

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I am a practicing chartered accountant and an additional director in a private limited company duly complying to the norms prescribed by ICAI. The private limited company has borrowed a vehicle loan from a scheduled bank. The scheduled bank is creating a charge for the loan borrowed and is insisting that the concerned form for creating charge should be signed by affixing the practicing CA digital signature instead of the other directors of the company. Whether the same is permitted according to the ethics prescribed by ICAI and would it not amount to participating in the day to day activities of the company?

BY: PANI RAJ KATEPALLI

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Vide CIRCULAR NO.18/2017 [F.NO.385/01/2015-IT(B)] dated 29-05-2017, it is provided in para 4 of the Circular that accordingly, it has been decided that in case of below mentioned funds or authorities or Boards or bodies, by whatever name called, referred to in section 10 of the Income-tax Act, whose income is unconditionally exempt under that section and who are also statutorily not required to file return of income as per section 139 of the Income-tax Act, there would be no requirement for tax deduction at source, since their income is anyway exempt under the Income-tax Act. Question: However, a recognised provident Fund inadvertently filed its return of income which was processed by CPC and raised a tax demand. We have replied to the TRO that a recognised provident fund is not required to file income tax return hence the demand should be struck off. He replied that assessee fails to answer the question as to if the recognised trust is not required to file income tax return then why it was filed? And asking the demand to be paid. Please advise.

BY: Babulal Sharma

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Dear Sir, we was paid of payment for the bills of entry of As per our reassessment of bills of entry for the financial years 2019-2020 and 2020-2021, we have made payments for all outstanding bills, including interest and penalty. However, we have noticed that the reassessed bills of entry are not reflecting in the GSTR 2A. please provide suggestion for ITC take or Not

BY: SHAILESH JIVANBHAI SUTHAR

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Whether Clause 44 of Tax Audit report applies to Construction co only providing service activity also

BY: Mahesh Kumar

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A society (Registered under Societies registration Act) has obtained provisional registration under 12A/80G and Form 10AB is still pending to be filed. Audit Report For FY 23-24 has been issued. Is the provisionally registered society required to File Form 10B/10BB(Audit Report) for FY 23-24 since it has not obtained the final registration and approval under Section 12A/80G from IT dept? Gross Receipts of the Society for FY 23-24 is 58 Lacs approx ans whether tax audit is applicable to such society? Kindly guide in this matter with relevant information

BY: CA INDRANEEL BISWAS

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Subject: Assistance Required: COP Application Issue Due to Outdated Employment Records in ICAI Portal Dear Respected Seniors, I am writing on behalf of a fellow Chartered Accountant who recently transitioned from employment to practice. He is facing a significant issue while trying to apply for a full-time Certificate of Practice (COP) through the ICAI SSP portal. Background: My friend was previously employed with two organizations. The first employer had registered the employment with ICAI, but the termination of this employment was never updated in ICAI's records. The second employer, with whom he worked for four years, was not registered at all in the ICAI system. As a result, ICAI records still show him employed with the first employer, and the termination and subsequent employment details are missing. Current Situation: More than three years have passed since he left the first employer, and around six months have elapsed since we initiated efforts to resolve this issue. We have raised multiple tickets through the SSP portal, but unfortunately, we have not been able to rectify the employment details. We need to terminate the first employment, update the second, and then apply for a full-time COP. Both employers are willing to cooperate, but despite their assistance and our attempts through the portal, the issue remains unresolved. Request for Guidance: If anyone has encountered a similar situation or has any knowledge of a proper channel to escalate this issue within ICAI, we would be extremely grateful for your advice. If you could provide any email addresses, contact persons, or specific ICAI departments that could assist in resolving this, it would be of immense help to us. Due to this issue, my friend has been unable to perform audits or engage in practice for the past six months. We are seeking urgent guidance on how to navigate this situation and successfully update the records in the ICAI portal to obtain a valid

BY: RYALI VAMSI KRISHNA

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An asessee is selling majority of goods out of state and is issuing interstate bill with Eway bill but his purchases are local and through Cycle rickshaw and Erickshaw that are not accompanied with Ewaybill GST officials are asking for explanation for difference in Ewaybill generatewd and Ewaybill received

BY: Mahesh Kumar

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Private tutorship less then 25 hours a week whether General Permission or Specific Permission as per below 190A extract - Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week.

BY: ANKIT BHANSALI

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How to apply for specific permission under 190A

BY: ANKIT BHANSALI

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My doubt is when ca proprietorship firm merge into partnership ca firm and proprietor ca become partner in partnership firm is number of this partner counted as CAG empanelment or other tender qualifying marks ??

BY: CA PRADEEP KUMAR YADAV

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Dear all, What will be the Capital Gain implications in case entire proprietorship business had been transferred to daughter after death of her father ?? Second question is that what will be the Capital Gain implications in case such daughter along with two other sisters constitutes partnership by way of discontinuance of proprietorship wef 01/01/2024 ??

BY: SUDIP KUMAR MUKHOPADHYAY

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M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .

BY: samirkumar gokulbhai kasvala

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Whether a CA Firm in Practice in LLP mode can invest in share and mutual fund in LLP Name

BY: ANKIT BHANSALI

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M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .

BY: samirkumar gokulbhai kasvala

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A government body has appointed me as Auditor of a Society. The term of the appointment states that the Auditor shall prepare Trial balance, Receipts and Payment Account and Balance Sheet apart from Audit . The Clause of Terms and Condition is " Audit by the Chartered Accountants shall include Value of Money Analysis, Economy Efficiency and Effectiveness. receipts and Payment Accounts , In come & Expenditure Account and Balance Sheet to be prepared and certified " Thou it is not clear whether the Auditor has to prepare the Final Account and Audit the same, the Auditee expects the Auditor to do so. Under such circumstances, can we accept the assignment or will it be against the professional ethics

BY: Syed Sultan Mohideen

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Please clarify whether DMF (District Mineral Fund) contribution made by mining companies (at rate of 30% of royalty) over and above royalty payment being made while dispatching minerals from mines shall be subject to GST under RCM as per Sl no-5 of Notification 13/2017 Central Tax (Rates) or shall be exempted from GST as per notification 12/2017 as services being provided by Governmental authority. In this regard it may be noted that the DMFT (District Mineral Fund Trust) has now been clarified as a governmental authority as per CIRCULAR-206/18/2023-GST and it has been clarified that they are eligible for the same exemptions from GST as available to any other Governmental Authority.

BY: CA. PRUSTY SIDHARTHA SHANKAR

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Please let me know that whether it is mandatory to prepare financial statements of non corporate entities in new format from fy 23-24 or from fy 24-25, kindly clarify the interpretation of technical guide (June 22) and Guidance note ( Aug 23) on financial statements of non corporate entities

BY: SHWETA JAIN

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Distribution rights of pharmaceutical company sold to other for consideration. Whether GST is levied

BY: CA ATUL TOSHNIWAL

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I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view

BY: SACHINDER GARG

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Equity shares of public limited co alloted under promoter quota sold. How the capital gain will be computed

BY: CA ATUL TOSHNIWAL

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A cooperative society has furnished Audit note of Society Inspector( who does Statutory Auditor) and financial statements for Tax audit and tax audit report has been furnished.Now we find there is mistake in Profit and loss account. One entry around Rs 70000- has been entered twice Whether We should revise TAR altering the deduction amount under Sec 80P so that tax i\liability is nil or pay tax on Rs 70000- by adding back Rs 70000-

BY: Mahesh Kumar

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My client is doing restaurant service paying GST at 5% without claiming ITC. Is he liable to pay GST compensation cess on supply of aerated water in addition to this 5% GST.

BY: VISAKH

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I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view.

BY: SACHINDER GARG

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An audit report was issued on 1st August and subsequently the auditor issued another revised audit report on 5th August with changes in the wordings of the new audit report along with a new udin in 5th August since time limit to revoke the udin for 1st August has elapsed. How ever there was no changes in the figures of the FS on both the dates. Now will the new udin with revised audit report will overrule over the old udin as two udins were generated for the same set of FS? The assessee is a non corporate audit client and assessee is not liable to get its accounts audited under IT act or any other act and declares his income under 44AD(he voluntarily choose to get its accounts audited basically to apply for tenders) kindly guide whether any requirements to be followed

BY: CA INDRANEEL BISWAS

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While doing Tax Audit of a cooperative Society whose statutory Audit is done by Department of cooperatives through its Inspectors ,Inspector's name is to be filled in Form 3CA However in Express ITR software of KDK Software asks for CA Auditors particulars and ICAI membership etc What to do

BY: Mahesh Kumar

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Please clarify if a company is required to revise its TDS return for 3rd quarter of FY-2324 to give effect to wrong tax deducted in respect of a vendor then within which timeline the unutilized amount of tax available in TDS challan can be utilised.

BY: CA. PRUSTY SIDHARTHA SHANKAR

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Kindly guide for following, Client having Registered Office at A and having LUT for the address. Now he has shifted his registered address to B. Kindly advise, 1. Whether there any procedure to surrender LUT of old address (A) and Can client apply for new LUT for New Address (B) ? 2. Without surrendering, whether we need to apply for LUT for New Address (B) 3. Whether we can use old LUT only and there is procedure of change in Address from old (A) to New (B) Regards, CA Trupti

BY: CA. CHAVAN TRUPTI GAJANAN

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Can Presumptive taxation details be filled in ITR 3 leaving detailed Financial data filled otherwise if because of Capital gain this form is to be filled

BY: Mahesh Kumar

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A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.

BY: samirkumar gokulbhai kasvala

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WHAT TO DO IN CLAUSE 8A OF FORM 3CD IN CASE INDIVIDUAL ASSESSEE IS GOING WITH DEFAULT TAX REGIME i.e. NEW TAX REGIME FOR AY 2024-25 ?

BY: CA SRIVASTAVA ATUL KUMAR

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IF ANYONCE CAN HELP ME TO GET FILE / WEB PAGE LINK FOR "45 AMENDMENTS-FINANCE BILL (No, 2) 2024 (Amended Bill)"

BY: VIPUL JHAVERI

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When Income-tax return is already filed u/s 44ADA, whether the same could be filed as revised after getting the same audited with lower profits with appropriate books

BY: CA. SURAJ KUMAR CHOUDHARY

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A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.

BY: samirkumar gokulbhai kasvala

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A partnership firm is to be reconstituted where one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution land is being revalued and balance (Revalued profit) is to be adjusted to existing partners capital. After admission land is gain revalued to old rate and difference to be adjusted with new and old partners capital account. Resulting increase in Old partners capital account and decrease in new partner capital account. Query- Whether section 45(4) and 9B are applicable in the above situation where no distribution of the LAND. If it is applicable then how the tax on deemed capital or any other taxability

BY: Aman Kesharwani

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Sir, a Charitable society was granted provisional approval in form 10AC, valid up to March 2024. Form 10AB could not be filled within due dates due to some unavoidable reasons. Now society wish to apply for approval under sec 80G. Now question is, which form is to be filled 10A or 10AB. If 10AB to be filled than which clause to be selected in raw No. 2 of form 10AB as section code? Please advise, thanks.

BY: RAM KUMAR SARASWAT

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Sir, An assessee filed his return of income tax showing profit under section 44AD. Now DDIT / ADIT has asked to submit his Balance sheet, profit and loss account and capital account. While assessee not maintained books of account. Is DDIT / ADIT legitimate to ask for these documents, do we need to prepare it and submit? Please advice.

BY: RAM KUMAR SARASWAT

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where for FY 2020-21 a notice u/s 61 for Scrutiny was issued & certain points raised, but before the process was completed u/s 61, a notice u/s 65 was issued for complete audit of the same FY which is due to take place during the present month of August 2024, and after the issue of notice for audit u/s 65, SCN has been issued u/s 73(1) for issues raised in ASMT-10, which remain uncluded at the time of issue of notice u/s 65..... the PO too is the same & its a case of STATE GOVT .... MY QUERY HERE IS - CAN TWO PROCEEDINGS UNDER TWO DIFFERENT SECTIONS FOR SAME ASSESSEE AND SAME PERIOD BE CONTINUED PARALELLY BY SAME PROPER OFFICER

BY: CA ATUL TOSHNIWAL

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For calculating Capital Gain of people involved in Daily ative trading whether statement from Broking co is to be obtained

BY: Mahesh Kumar

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NRI has sold his Flat in India and his ITR is also processed Can he remit his funds abroad now from NRO accounts

BY: Mahesh Kumar

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MR A IS RETAILER FOR DIGITAL SEVA KENDRA ( DSK) . THIS DSK OFFER VARIOUS SERVICES LIKE PAYMENT OF UTILITY BILLS , BANKING , TICKETING OF RAILWAY, RECHARGES FOR MOBILES, DTH ETC. MR A RECIEVE CASH FROM CUTOMERS TOWARDS PAYMENT OF UTILTY BILLS , RECHARGES ETC AND DEPOSIT THE CASH IN IS CURRENT ACCOUNT AND TRANSFER THE SAME TO THE BANK ACCOUNT OF DSK. FOR PROVIDING THIS SERVICES AS A RETAILER THROUGH THE DSK , HE GETS COMMISION INCOMEONLY THE QUESTION IS 1.WHAT IS THE TRESHHOLD LIMIT FOR GST REGISTRATION FOR RETAILER MR A 2. WHAT WILL BE THE TAXABLE SUPPLY FOR THE RETAILER , WIL IT BE THE COMMISION INCOME OR THE VALUE OF CAH RECEIVED FROM CUSTOMER.

BY: CA. SHIRODKAR YESHWANT VINAYAK

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If Taxable income is below 5 Lacs for a supersenior citizen and Agriculture Income is Around 5Lacs Whether it is optional to file Incomne Tax Return

BY: Mahesh Kumar

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In one of the cases, the Company has not done consolidation of financial statements for the year ending 31.03.2023. The statutory auditor has resigned after the audit. Can the new statutory auditor sign the consolidated financial statements of that year?

BY: K.V.Balasubramanyam

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How to reverse GST on ITC of fixed assets used over years and now discarded

BY: CA. SURAJ KUMAR CHOUDHARY

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Agriculture Income 2 lacs Short term Capital Gain 2 Lacs Interest income 90000- If the asessee has died whether Legal heirs are supposed to file return If legal heir certificate is not available How to file Return

BY: Mahesh Kumar

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Whether Dry cleaning services would be covered under section 44AD / 44ADA. Would the same difference if it is under franchise agreement of particular Brand.

BY: CA. SURAJ KUMAR CHOUDHARY

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An oldman has died His income from Share trading during 2023-24 FY is around Rs 2lac Whether his heirs are required to file ITR as his Taxable income is below 3Lacs

BY: Mahesh Kumar

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SERVICE PENSION OF RETIRED ARMY OFFICER EXEMPED UNDER SECTION 10? ( IT IS NOT DISABILITY PENSION BUT SERVICE PENSION GRANTED TO ARMY PERSONNEL AFTER NORMAL RETIREMENT)

BY: CA Shrawan Suthar

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Whether cost of improvement u/s.55 includes furniture cost for the purpose of computation of capital gain

BY: CA ATUL TOSHNIWAL

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What would be the turnover amount in case of intra-day share trading and in case of Future and Option trading

BY: CA. SURAJ KUMAR CHOUDHARY

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Deductor furnished all the payments and TDs on contracts under Husband PAN instead of part being dedcuted on Spouse income. Even payment is also made in her bank account. As deductor is showing inability in revision of TDS return and feedback in AIS statement can also be not confirmed, if submitted. In this circumstances, can we directly show under TDS column in ITR and claim it in Spouse ITR?

BY: CA. SURAJ KUMAR CHOUDHARY

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Assets purchased in AY 2014-15 and ITR filed at cost without taking valuation difference. Even ITD not raised any objection thereof. on sale of the same, what would be the cost of acquisition, actual price or valuation price as per the registered deed. Both value is mentioned in the deed.

BY: CA. SURAJ KUMAR CHOUDHARY

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One of the client has received amount of Rs.25,27,000 during FY 2023-24 towards compensation for Delay in Giving Possession of Flats to Land Owner towards his share of Flats as per Development Agreement. Developer has deducted TDS under sectoin 194I(b) from the said payment. Delay payment was for the period from FY 2019-20 till FY 2023-24. Whether the amount of Rs.25,27,000 is taxable? If Yes under which head? If No, under what section exemption can be claimed?.Please advise..

BY: CA Ravish Thakur

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While Filling up Form 18 there are two options a) Proprietor/ Partner and B) Sole Practice. What is the exact difference between Proprietorship and sole practice form of practice between the two ? And What Kind Of Function Which Can Performed By CA Practicing As a Proprietorship Can Not Be Performed By CA Practicing As Sole Proprietor And Vise Versa.

BY: CA INDRANEEL BISWAS

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Whether 87A rebate is allowed for tax on winning from lotteries?

BY: Sivaraman A.R.

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A person having possession over a land since last 20 years. He is cultivating the land and produce rice crop out of it. He is not owner of the land. Now owner has entered into agreement to sale with a builder to transfer the said land. Builder paid consideration amount of ?60,00,000 to land owner and deducted TDS u/s 194IA. Builder also paid ?20,00,000 to the person holding possession over the land and deducted TDS u/s 194 IA. How Capital Gain will be attracted in this case? Who will get Indexation Benefit? Who will be eligible for exemption u/s 54B? Please advise.

BY: CA Ravish Thakur

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I am practicing as a sole proprietary firm , but now want to convert it into a partnership in firm . Will it affect the empanelment status.? Which year will be considered as the year of establishment- Year of starting the firm as a sole proprietary firm or the year in which the conversion has taken place?

BY: INDUKALA VISWANATH

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in case of bonus stripping how and where is this to be shown in itr2

BY: KUSHAL HEGDE

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in a case of sale of unlisted share of a salaried employee purchased unlisted shares and sold the shares in 3months from date of purchase i)it is a case of short term capital gains on sale of unlisted shares the party to whom the shares was sold has deducted tds as the sale is more than 50 lakhs sec 194(Q) is applicable and shown as sale of goods and it appears as business receipts in the AIS of the salaried employee how is the correction to be made and shown as sale of securities in the ais as the salaried employee is not a dealer in share 2 where in the ITR2 is short term capital gains on sale of unlisted shares to be shown ?

BY: KUSHAL HEGDE

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Sale 80 Lacs Net Profit 4 Lacs Less than 6% and 8 % Whether Tax Audit is required

BY: Mahesh Kumar

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The client submitted application for cancellation of GST registration on 10 Oct 2020 on voluntery basis. No action from the department till 17 Jun 2024. on 18 Jun 2024 the department communicated an order confirming cancellation of registration w.e.f. 10 Oct 2020. In the mean time the client had issued 3 invoices with GST to his customers. Customers availed ITC. The client paid the GST so collected befiore due date. The client also claimed ITC on purchases for the period from 10 Oct 2020 to 18 Jun 2024. All returns were filed till March 2024. What are the consequences for ITC claimed by client and his customers.

BY: CA. LONIKAR SHASHIKANT ACHYUTR

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One of my clients has demand related to previous years and dept is adjusting TDS receivable against demand. They have filed appeal against the matter and are still recording TDS receivable for previous year under assets. How to treat this from financial reporting perspective? What are recommended/ suggested disclosures or reporting steps for same.

BY: AYUSH AGARWAL

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During the departmental GST Audit it is observed that in case of export under LUT, the EGM filed date is later than 3 months from the export invoice date. Hence the department is invoking rule 96A and accordingly demanding Interest for the delayed period. Not only that, they are also invoking section 74, ready with rule 96A(1)(a), and demanding for the IGST on export. Is department justified in asking Interest and IGST for delay in filing EGM. Whether for the purpose of Rule 96A, whether EGM date is important or LEO date ( i.e. Let Export Order) date is important. Rule 96A does not say what is "export out of India". Request professional colleague to guide on this. Thanks for your efforts in advance.

BY: Shridhar H

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Dear Sirs/Madam I had started my practice in own name and did not opt for any proprietorship firm. A client company has duly appointed me by filing ADT-1 for 5 years. Now I have formed and registered a sole proprietorship firm and got a separate FRN. Now my question is, for those cases where my appointment as auditor has been done in individual name, can I issue the audit report on behalf of the firm. ? What I think is that it is better to issue the remaining time period on the individual name only. Once the next renewal ADT-1 if filed, the firm can be appointed. Kindly share your thoughts on the same. Regards Manish

BY: MANISH KUMAR TRIPATHI

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A PERSON GIVING SPRITUAL BLESSING TO FALLOWERS AND CHARGING FEES FROM THEM AND HE IS ALSO KNOWLEDGE OF VEDIC AND HOLISTIC SCIENCES AND ALSO AN AYURVEDIC DOCTOR BUT HIS MAIN SOURCE OF INCOME FROM BLESSING. PLEASE GUIDE ME WHETHER GST IS APPLICABLE AND WHAT IS THE CHARGEBALE RATE AND IF ANY ADVANCE RULING PLEASE PROVIDE

BY: SHWETA JAIN

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FY 22-23 - TO 80 lakhs. Profit 10%. Filed ITR4 FY 23-24 - TO 80 lakhs. Profit 10%. Ready to file with full PL and BS in ITR 3. Is Audit 44AB(e) applicable here?

BY: Sivaraman A.R.

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In case of AOP, yearly maintenance is received from members in cash as and when required. These cash is deposited into AOP bank A/c. and cheques are issued for expenditure. Whether cash received is revenue receipt of AOP

BY: CA ATUL TOSHNIWAL

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one my client engaged in the business of developing and selling residential land during the year 2019-20 he sold land worth Rs40 Lacs but by virtue of sec 43CA the value came Rs 10500000 the asessee took Rs 10500000 as consideration resorted to Sec 44AD and filed the return taking the profit @ 8% but A.O. mentioning that profit in real state business used to be 20% assessed the income at 15%. without any evidence otherwise ,Is there any case law in support.

BY: Rajesh Chandra Sharma

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"Agriculture Land In Rural Area" is covered in "Immovable property" for the purpose of Sec 56 (2)(Vii) or not

BY: Rajesh Chandra Sharma

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I am a proprietor of CA Firm and also a partner in other CA firm, now we want to merge my proprietor firm into my existing Partnership firm. What is the process of merging CA Proprietor firm into existing CA Partnership Firm, which forms we need to file on SSP Portal ?

BY: ARCHANA KUMAWAT

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"Explanation 1(b) to Rule 42(5) of CGST Rules 2017 - provides that - for the purposes of rule 42 and this rule, it is hereby clarified that the aggregate value of exempt supplies shall exclude the value of services by way of accepting deposits, extending loans or advances in so far as the consideration is represented by way of interest or discount, except in case of a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances." As such Interest Income is to be Excluded for Rule 42 from Value of exempted supply. Does such interest Income is also to be Excluded from Value of Total turnover( in the denominator) , while calculating Common Input tax credit to be reversed.

BY: Prashanth Karanth

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Officer issued ASMT-10 for scrutiny of returns. In addition, he is demanding copies of financial statements, bank statements etc. Whether we are bound to submit these information

BY: CA ATUL TOSHNIWAL

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We are a private limited company with a land lease from 2019 to 2037. We completed construction on this land in the financial year 2023-24 and began using the property within the same year. *Depreciation Period:* The Companies Act 2013 specifies a 30-year useful life for buildings, with depreciation rates of 9.5% (WDV) and 3.17% (SLM). However, our lease is only 18 years. Accordingly, we should depreciate the building over the balance period .What rate of depreciation should we adopt ? *Change of Depreciation Method:* We currently use the WDV method, which front-loads depreciation. We are considering switching to SLM to better match our business needs by spreading depreciation evenly over the asset's useful life. This change is justified because with SLM, the depreciation amount remains consistent each year. This approach will help manage the later years' burden of repairs, which would otherwise impact the P&L account more significantly under WDV. Is it permissible to switch from WDV to SLM for this leased asset under these circumstances? We seek guidance on ensuring compliance with regulations and aligning our accounting practices with our business needs.

BY: ADRSH HIREMATH

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Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024. should the financials of firm as on 31.03.2024 reflect this transfer or it will be taken as post financials event? normal financials to be prepared for firm as on 31.03.2024?

BY: CA Shrawan Suthar

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Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024 SHOULD THIS BE REPORTED IN TAX AUDIT REPORT OR THIS WILL BE A POST FINANCIALS EVENT? IS THIS BE REPORTED IN TAX AUDIT REPORT?

BY: CA Shrawan Suthar

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Is UDIN is required for submission of Incorporation documents of Pvt Ltd Company and if yes, in case of resubmission, fresh UDIN is required

BY: CA. SURAJ KUMAR CHOUDHARY

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With effect from A.Y 2024 -25 only 85% of donation given by a 12AA approved charitable organization to similar organization will be considered as “application” of income. I have a 12AA approved Trust who undertake civil repairs at another approved trust and sometimes even provide food and educational materials to their inmates. Will these kind of outflow be treated as donation and only 85% of such expenditure will be considered as application of money or we can take 100% as application.

BY: C P Ethirajan

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Hello Everyone, I have recently got an audit of Petrol Pump . So whether in Karnataka petrol pumps owners have to file monthly VAT and Excise Duty return every month even after GST? They are filing their GST return every month, stating the sales under "Non-GST Supply". Please share some detailed picture of what general monthly and annual compliances for Petrol Pump owners in Karnataka?

BY: ANKIT JAIN

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Whether a COP holder can do intra day (share) trading ?

BY: E VARALAKSHMI

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Is any affidavit / Notorised document required in new private limited company formation through SPICe in V3 portal

BY: CA. SURAJ KUMAR CHOUDHARY

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Good morning, Background: Since Sep 2022, I'm practicing (under my proprietor firm). I'm planning to join as full time partner in another CA Firm (having 3 partners). My questions: Can I become full time partner without closing my existing proprietor firm? Will it be add any advantage to partnership firm in getting Bank /Govt Audits?

BY: DINESH SURENDRA BHALKIKAR

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Whether Spectra KDK software is satisfactorily working for Income tax TDS and Tax Audit work

BY: Mahesh Kumar

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Dear Sir/Madam, Please note, a manufacturing company run its own bus for transportation of its employees. Since the appointment letter given to employees does not specify about the Transportaion facility, the GST auditor treats this as service given by employer to employee treating it as related party transaction and applying cost+10% valuation rule asking company to pay the GST liability with interest and penalty. Whether the action of the auditor is justified. Please let me know how to go about this.

BY: Shridhar H

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Under section 50C of the Income Tax Act, if a person sells a capital asset below registration value, he will be liable to pay capital gain tax treating registration value as sale consideration. This rule is subject to certain tolerance. The section also provides that seller can also ask for valuation to be done if he has any genuine reason for selling at lower value. In such situation, he will offer capital gain tax based on actual value received. But I find in Income Tax portal, the ITR utility by default adopts only registration value and not actual sale consideration. Please look into this and revert.

BY: C P Ethirajan

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Whether Deposits received from the members of a/an Apartment Owners Association/Residential Association (the Association) towards future supplies is taxable at the time of its receipt? Contentions: 1. Deposits received from the members of an Association towards future supplies is taxable u/s. 7(1)(aa). 2. However, the taxability u/s. 7(1)(aa) attracts only if there is any consideration 3. As per the proviso to section 2(31), a deposit given in respect of the supply of goods or services or both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply. As such can one construe/interpret that- • unless the Supplier (the Association) applies (expends) such deposit (towards any supply) there is no payment made for such supply (and hence no consideration) as per section 2(31) • Taxability u/s. 7(1)(aa) arises only in the case of ‘consideration’. In case of such deposits, deposits received in advance partakes the character of consideration only when Supplier (the Association) applies (expends) such deposit (towards any supply to its members) as per the proviso to section 2(31). • Hence the time of supply shifts to the time of actual application of such deposits as against the date of receipt of payment (herein in advance) as envisaged u/s. 13(2)(a). • Hence no GST to be paid at the time of receipt of such Deposits, but only when and if at all the Supplier (the Association) applies (expends) such deposit (towards any supply to its members).

BY: SREEJITH M G

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one of my client manufacturing Rice which is exempted goods however its by product '"Bran" is taxable at 5% ,while purchasing some capital goods it has to pay freight to GTA,will RCM be applicable.

BY: Rajesh Chandra Sharma

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CA office from residential society(Thane district): 1. Is it allowed 2. Any permissions required We are not staying in the residential premises. We want to use entire flat for CA Office

BY: samirkumar gokulbhai kasvala

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ABC CUSTOM BROKER ASSOCIATION. ASSOCIATION IS CHARIRATABLE ENTITY REGISTERED U/S 12AA OF INCOME TAX ACT. WE ARE CHARGING MEMBERSHIP FEES ANNUALY. TRUST IS WORKING FOR ITS MEMBERS FOR EDUCATING, CONDUCTIONG SEMINARS AND ISSUE SOLVING FOR MEMEBERS WORKING AS CHA. FURTHER MAKING VARIOUS REPRESTATION WITH GOVERNMENT AND TAX AUTHORITIES FOR BETTERMENT OF CHA MEMBERS. WHETHER GST APPLICABLE ON MEMBERSHIP FEES AS ANNUAL MEMBERSHIP CROSS 20 LACS? IS THE ACTIVITIES COVERED UNDER CHARITABLE ACTIVITIES AS PER GST ACT? IS THERE ANY OTHER BENEFICIAL PROVISO TO SUCH TRUST/ASSOCIATIONS WITH RESPECT TO GST EXEMPTION?

BY: AHMEDRAZA ANIS SUMIYA

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