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| 42290 |
May, 23
2022
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DIRECT TAXES - ( 082701 )
If a NRI sends RS 10Lacs app to account of a Indian resident (Not close relative), whether Indian resident has to pay Gift tax or tax applicable to to his income including 10 Lacs as applicable .Is their any other reporting requirement also to RBI/Other authorities ?
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 42289 |
May, 21
2022
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DIRECT TAXES - ( 082701 )
A cooperative Bank has deducted TCS of a Society in F Y 20-21
and since it was not visible in 26AS/AIS It could not be claimed.
Now we learn that Bank had deducted TCS for FY 2019-20 during 2020-21 and filed revised TDS Returns during 2020-21 for 2019-20 Financial year. Asessments of FY 2019-20 and 2020-21 are already completed. In these Circumstances How to claim TDS.
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42288 |
May, 20
2022
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GST - ( 144106 )
GST Registration for one of the Service Provider is wrongly taken as Regular Taxpayer instead of Composition Dealer. Is there any way i can get the registration amended to "Composition Dealer".
BY: Ganesh Suresh Agrawal
Total Answers : 1 | View Answers | Post Answers
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| 42287 |
May, 19
2022
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DIRECT TAXES - ( PROCEDURE OF CLAIMING DEDUCTION 80IBA : DEVELOPING AND BUILDING HOUSING PROJECTS )
PROCEDURE OF CLAIMING DEDUCTION 80IBA : Developing and Building Housing Projects
Questions
1) Do we require any special FORM to be filled before filing the Income Tax Return ??
2) Can the deduction can we claimed directly in the ITR
3) Can the Partners in a PartnershipFirm can claim the total profit deduction in the respective partners ITR??
4) Does it require any formalities Please elaborate the process of claiming Deduction under Sec : 80IBA
BY: GOVIND MUNDADA
Total Answers : 1 | View Answers | Post Answers
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| 42286 |
May, 18
2022
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DIRECT TAXES - ( TDS ON PROPERTY PURCHASED )
THE PURCHASER AND SELLER BOTH ARE NON RESIDENT INDIANS WORKING ABROAD, TDS IS TO BE DEDUCTED ON PURCHASE OF HOUSE PROPERTY FROM THE SELLER WHO IS A NON RESIDENT. THE SALE CONSIDERATION IS MORE THAN ONE CRORE AND THE APPLICABLE TDS RATE IS 23.92%. WHILE FILLING UP CHALLAN 26QB ONCE THE STATUS OF THE SELLER IS PUT AS NON RESIDENT, THE FOLLOWING MESSAGE IS SHOWN AND NOT ALLOWING TO GO FURTHER
"As Status of the Payee/Seller/Transferor is A Non-Resident, Form 26QB will not be applicable. The correct form to be used is Form 27Q"
MY QUERY IS FORM 27Q IS THE QUATERLY RETURN WHICH HAS TO BE FILED EVERY QUATERLY, THEN FOR PAYMENT OF TDS WHICH CHALLAN IS TO BE USED.
FURTHER WHEN THE SELLER IS A RESIDENT PAYMENT OF TDS IS THOUGH CHALLAN 26QB AND THE PURCHASER NEED NOT TO HAVE A TAN BUT WHEN THE SELLER IS A NON RESIDENT, THE PURCHASER HAVE TO FIRST OBTAIN TAN. PLEASE GUIDE..
BY: Anwar Iqbal
Total Answers : 1 | View Answers | Post Answers
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| 42280 |
May, 11
2022
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MISC. - ( UPDATION OF UDIN )
UDIN was generated for an individual assessee whose accounts are subject to tax audit under section 44AB . Subsequently the accounts were revised and the UDIN was revoked. New UDIN was generated and tax audit report was filed with the new UDIN. . New UDIN is updated successfully. The UDIN which is revoked cannot be updated. kindly advice
BY: Anwar Iqbal
Total Answers : 1 | View Answers | Post Answers
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| 42277 |
May, 10
2022
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Capital Gains - ( TDS CREDIT OF PROPERTY SOLD )
The assessee entered into an agreement for sale of his residential house in Jan 2021. The buyer deducted the TDS and issued cheques but did not give the same to the assessee. The assessee expired in May 2021 due to COVID. As the sale deed was not executed upto 31.03.2021 TDS deducted was carried forward. The sale deed was executed by the legal heirs of the assessee and they received their share of consideration reduced by respective TDS.. How can they claim the TDS deducted by buyer in March 2021 in the name of their father.
BY: CA SUDHIR KUMAR JAIN
Total Answers : 1 | View Answers | Post Answers
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| 42279 |
May, 10
2022
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MISC. - ( PUBLIC NOTICE FOR PROPERTY )
Mr. A is the owner of the property. Mr died in 2016. Mr. A has two sons as legal heirs ( Mr X and Mr Y . Release deed is prepared between Mr. A and Mr. B . Mr A has renounced his share and transferred his share to Mr. B and now Mr. B is the sole owner of the property.
Mr Y a purchaser weants to purchase the property from the Mr. B.
Query is
(1) Is Mr Y ( purchaser) required to confirm that is there any other legal owner apart from Mr A and Mr. B. . if yes, how he can confirm
(2)Before purchasing, is Mr. Y (purchaser) required to publish in newspaper about this purchase
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 42275 |
May, 09
2022
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GST - ( SLUMP SALE / BIZ TRANSFER AGREEEMENT - STAMP PAPER & REGISTRATION FEES )
A business transfer agreement (also known as Slump sale Agreement) -
For transfer of all assets and liabilities FROM a Sole Proprietorship TO a Partnership ON A GOING CONCERN BASIS (that is continuing running the business).
The Sole Proprietorship business contains only Capital and Machinery of Just Rs 20 Lakhs. Nothing else.
Question 1 - Whether this agreement is liable to pay stamp duty and registration fees?
Question 2 - If yes, Under which Serial No of Indian Stamp Act.
Question 3 - If What is the Stamp paper value and what is the registration fees in KERALA?
BY: Sivaraman A.R.
Total Answers : 1 | View Answers | Post Answers
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| 42274 |
May, 06
2022
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MISC. - ( CONVERSION OF PARTNERSHIP FIRM INTO SOLE PROPRIETORSHIP FIRM )
In the year 1997, Mr. Akash started practice with the sole proprietorship firm name "Agrawal Akash & Associates". In 2012, the sole proprietorship firm was converted into partnership firm by entering two new partners - Abhishek and Ankita. In 2017, Mr. Akash retired from partnership firm. Now, ankita want to retire from firm and Abhishek wants to continue the same firm name "Agrawal Akash & Associates" with same Firm Registration No. so that the experience of the firm can be considered everywhere.
Ques. 1 Can Abhishek continue as proprietor of Sole Proprietorship Firm "Agrawal Akash & Associates" ?
Ques. 2 Whether experience of the firm will be considered for Bank Audits?
Thanks & Regards,
BY: CA. ADARSH AGRAWAL
Total Answers : 1 | View Answers | Post Answers
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| 42273 |
May, 04
2022
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GST - ( TRANSFER OF MACHINERY AS A GOING CONCERN WITHOUT GST? )
A PROP biz run by Mr.A from 2017 under compo sch (1%). Biz stopped on 30.04.22. Its balance sheet as on 30.04.22 is capital Rs 20 lakh & Machinery 20 Lakh (WDV). Nothing else. Another Partnership firm is formed parallel on Jan 22 (Partners Mr.A and his 2 Sons). Sales in FIRM started from 01.4.22. Actually FIRM is Continuing running the business of PROP. Can PROP transfer this machinery TO FIRM as a going concern without GST Liability? (While registering the FIRM, selected "Voluntary Basis")
BY: Sivaraman A.R.
Total Answers : 2 | View Answers | Post Answers
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| 42271 |
May, 03
2022
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DIRECT TAXES - ( 082701 )
Form 15H submitted by a Senior Citizen could not be Efiled because of technical issue with Utility. This matter was reported to Efiling webmanager ,who had informed that matter has been escalated but solution was not provided.
Whether it will create problem
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42272 |
May, 03
2022
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DIRECT TAXES - ( REVISED RETURN )
How can we revised the return filed u/s 148 on IT portal there is no option reflecting today we file return in response to notice u/s 148 but whatsoever reasons the TDS claimed schedule filled as NIl whereas corresponding income is accounted in ITR how can we revise now
BY: SANDEEP KAPOOR
Total Answers : 1 | View Answers | Post Answers
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| 42269 |
Apr, 30
2022
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GST - ( GST ON ARBITRATOR OR DAAB MEMBER )
The assesee is an arbitrator and Member of Dispute Avoidance /Adjudication Board (DAAB Member) and gets monthly retainership (50%) from PSU and 50% from Contractor and further he also sometimes get to receive any award money depend on case to case basis
whether GST is applicable on such arbitrator on forward basis or any other basis . Further what is the impact in GST return if he is already registered with another service too in GST
BY: SANDEEP KAPOOR
Total Answers : 1 | View Answers | Post Answers
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| 42267 |
Apr, 29
2022
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DIRECT TAXES - ( MAT UNDER SEC.115 JB )
As per sec.115JB, brought forward loss or unabsorbed depreciation whichever is less as per books to be deducted for arriving at adjusted book profits. Suppose a company has negative balance of profit and loss account carried in balance sheet but has general reserve created in earlier years, whether the two has to be netted off to arrive at brought forward loss or unabsorbed depreciation as per books?
BY: balasubramanian
Total Answers : 1 | View Answers | Post Answers
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| 42264 |
Apr, 27
2022
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GST - ( CLARIFICATION REGARDING TAXABILITY OF SERVICE UNDER FORWARD CHARGE OR REVERSE CHARGE )
Recently a test Van for stamping of weighment bridge was hired from Indian Railway.
Accordingly, the D.M.E.(0&F), E.Rly., Asansol intimated to pay the following amount towards hire charge of Test van:
Particulars Amount in Rs
Hire charge of Test Train 4,18,050
GST @ 5% 20,903
Total 4,38,953
The Clarification is being required regarding
1. Whether GST is Payable under Forward charge or Reverse charge for this service
as per Sl. No. 5 of Notification No. 13/2017, Central Tax (Rates), dated 28.06.2017, services supplied by Railway (Central Government) to a business entity excluding renting of immovable property and transport of goods and passengers shall come under Reverse Charge Mechanism.
So this being renting of movable property is covered under Entry 5 and hence RCM is applicable.
BY: Ritesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42265 |
Apr, 27
2022
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Income From House-Property - ( CARRY FORWARD OF HOUSE PROPERTY LOSS )
Dear All,
An assessee is owning 7 portions of a residential property. 1 is self occupied, 1 is vacant, and rest 5 are let out. Due to Interest cost, all properties were reported loss. Loss on Self Occupied Property is Rs 1.17 lacs, Loss on Vacant Property Rs 2.08 Lacs and loss on other 5 let out Properties Rs 5.11 lacs. In total, loss of Rs 8.37 lacs. The assessee set off Rs 2 lacs against income from other heads and C/fwd Rs 6.37 lacs. Whereas the department allowed C/fwd loss of Rs 5.11 lacs only. Please advise, if loss not set off on Self Occupied and Vacant Properties is allowed to be carried forward or not (i.e Rs 1.17 lacs +Rs 2.08 lacs - Rs 2 lacs = Rs 1.25 lacs). Thanks.
BY: CA. VASUDEVAN P K
Total Answers : 1 | View Answers | Post Answers
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| 42266 |
Apr, 27
2022
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DIRECT TAXES - ( 082701 )
Efiling of Form 15H recd from a Senior Citizen on income Tax site portal is giving trouble. Offline filing is not working . In online option basic details file is being uploaded but while uploading Income detail file ,It gives the following message
Line 2 : Invalid format for Section under which tax is deductible,
Can anybody solve this puzzle
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 42261 |
Apr, 25
2022
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MISC. - ( MCA COMPLIANCE )
A Company is incorporated on 05.04.2022 with two directors. One director has filed DIR-11 on 16.04.2022.
Bank account is not yet opened.
Whether DIR-12 can be filed by company without filing INC-20A. Now Bank account can not be opened without consent of second director who already resigned.
How company has to comply the statutory requirements.
BY: Shobhit Bansal
Total Answers : 2 | View Answers | Post Answers
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| 42262 |
Apr, 25
2022
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GST - ( 144183 )
While computing GST on development right for agreements after march 2019, where rent is to be paid to existing shop owners as compensation for the period of construction, whether GST needs to be paid on the same? Whether the registered shop owners needs to collect GST from builder? Thank you
BY: Nikhil Shendye
Total Answers : 0 | View Answers | Post Answers
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| 42263 |
Apr, 25
2022
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TDS/TCS - ( 144183 )
In the development/ redevelopment transactions, whether TDS u/s 194IC or under any other section shall be deducted and paid on the corpus amount, rent amount paid to owners for the period of construction, or any other consideration paid in the nature of compensation or reimbursement.?
BY: Nikhil Shendye
Total Answers : 0 | View Answers | Post Answers
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| 42255 |
Apr, 22
2022
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Capital Gains - ( EXEMPTION U/S 54 )
One property is in the same if husband & another one is in the name of wife, now if both the properties will be sold and if they purchase a new property in joint name, whether exemption u/s 54 from capital gain, is available or not.
BY: Shobhit Bansal
Total Answers : 4 | View Answers | Post Answers
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| 42256 |
Apr, 22
2022
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MISC. - ( UDIN GENERTED FOR 3CB INSTEAD OF 3CA )
UDIN was generated for form 3CB instead of 3CA and the updating of the same in Income-tax portal is not allowed by then. Now period of generation of UDIN is also limited to 60 days only, when updating was allowed in portal. How to resolve the issue for updating in ITD portal for such error in generation of UDIN.
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 3 | View Answers | Post Answers
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| 42254 |
Apr, 21
2022
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AUDIT - ( UDIN )
FORM 3CA-3CB DATED 10-01-2022 FOR WHICH UDIN NOT GENERATED DUE MY SYSTEM DATA NOT AVAILABLE DUE VIRUS ISSUE . HOW CAN I REQUESTED ICAI TO FOR THIS ISSUE BECAUSE TIME LINE OF 60 DAYS ALREADY OVER ON DAY WHEN SYSTEM DATA AVAILABLE . PLEASE SUGGEST ANY WAY. THANKS IN ADVANCE.
BY: bhavesh
Total Answers : 0 | View Answers | Post Answers
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| 42250 |
Apr, 09
2022
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DIRECT TAXES - ( 082701 )
An asessee has to file Form 15 H submitted by a Senior citizen
for Interest Income around 495000- on 25-322. While uploading files of Basic details and Income It is showing errors
How to Efile 15 H
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42251 |
Apr, 09
2022
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AUDIT - ( 082701 )
Updation of UDIN has been started but UDIN generated by us in Jan 22 are not being displayed. Further in one case it is not accepting UDIN generated and in another case it is displaying message "this udin has already been used for updation of another Form" How to fix this problem
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42252 |
Apr, 09
2022
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AUDIT - ( 082701 )
Updation of UDIN has been started but UDIN generated by us in Jan 22 are not being displayed. Further in one case it is not accepting UDIN generated and in another case it is displaying message "this udin has already been used for updation of another Form" How to fix this problem
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42249 |
Mar, 31
2022
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DIRECT TAXES - ( 082701 )
If a NRi is having rental and interest Income in India, Can he avail exemption under Chapter VI for PPF,Investment in tax saving schemes etc and deduction for Home Loan installment/interest paid on Housing loan etc
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42245 |
Mar, 28
2022
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DIRECT TAXES - ( 082701 )
A Person has gone abroad on Study visa in Oct 2021 he will be resident in India during 2021-22. He has some income from abroad during 2021-22 and paid Tax there also. So While calculating,Tax payable in India Tax paid abroad will be deducted from tax payable in 2021-22 Whether there will be Any other formality to complete
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42246 |
Mar, 28
2022
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DIRECT TAXES - ( 082701 )
A Person has gone abroad on Study visa in Oct 2021 he will be resident in India during 2021-22. He has some income from abroad during 2021-22 and paid Tax there also. So While calculating,Tax payable in India Tax paid abroad will be deducted from tax payable in 2021-22 Whether there will be Any other formality to complete
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42244 |
Mar, 27
2022
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DIRECT TAXES - ( 082701 )
While filing belated ITR of a Coop Milk Society,Sec 80P deduction filling is not enabled. Whether it has to deposit
Income tax on full income compulsorily to ensure return filing
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42243 |
Mar, 24
2022
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AUDIT - ( NON-FILING OF ITRS AND TAX AUDIT REPORTS )
One of our clients filed the ITRs and Tax Audit Report till the AY 2017-18, afterwards, there has been long gap since then as they have not conducted the audit as well as non-filing of Tax Audit and ITRs although, there were transactions during the FYs, 2017-18 to FY 2020-21. Average yearly turnover till FY 2016-17 was around Rs 2.10 crores. Under these circumstances, what will be the remedies available to get back his past accounts and compliances on the track? Kindly advise
BY: Sujiban Ghosh
Total Answers : 1 | View Answers | Post Answers
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| 42240 |
Mar, 23
2022
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GST - ( GST IMPLICATIONS AFTER AMENDMENT IN EXEMPTION NOTIFICATION VIDE 16/2021 CENTRAL TAX (RATE) )
Amendment vide Notification No.16/2021 and 15/2021-Central Tax (Rate) dated18th November 2021, amending previous Notification No.12/2017 and 11/2017-Central Tax(Rate), dated 28th June 2017 supply of Pure service to Govt, Local Authority, Govt Authority , Govt Entity are exempt.
now Query: effect of amendments on the applicability of GST on pure service supplied to State Government ,Department of Public Health Engineering Directorate (PHED).
Whether PHED is covered in the definition of Government Entity?
BY: SUBHA DIP CHAKRABORTY
Total Answers : 0 | View Answers | Post Answers
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| 42239 |
Mar, 22
2022
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GST - ( GST REFUND )
A New Firm constituted in 2020-21 has made gst purchase of Yarn but not made any sale of finished product which is taxable at a lower rate during 2020-21.Can it claim GST refund
for 2020-21
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 42236 |
Mar, 17
2022
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MISC. - ( BRANCH IN CHARGE AS A PARTNER )
I am from Rajkot and having FRN for my proprietorship firm.
Now i want to join other CA firm as a partner and want to become branch incharge of office situated in other city i.e. other than Rajkot
As per section 27, member who is in charge of branch as a partner need to reside or attend branch office for atleast 182 days in a year which is possible in our case.
I want to confirm whether
1.) I can become branch incharge of office situated in other city ? and
2.) also have my own FRN as a proprieter simultaneously ?
BY: SHIVANI ASHOKBHAI RAYJADA
Total Answers : 1 | View Answers | Post Answers
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| 42237 |
Mar, 17
2022
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DIRECT TAXES - ( IMPAIRMENT )
A company has impaired some of its Plant and Machinery as per applicable Accounting Standard. Such impaired amount (WDV of the asset as per books on that date) is written off as impaired as per profit and loss account. Is this impaired amount allowable as expenditure under Income Tax Act? Under Income Tax, the P & M Block continues with other assets as there are other plant and machineries. Let know if the impaired amount is allowable expenditure under IT Act.
BY: CA. MAHESH KRISHNAN
Total Answers : 2 | View Answers | Post Answers
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| 42235 |
Mar, 15
2022
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TDS/TCS - ( 118411 )
We are importing machinery. We are required to pay freight charges for such Import. We are required to pay such charges to Resident in India private limited and after received from us, such private limited will reimburse to Non-resident company. on such payment, whether TDS is applicable or not. If applicable, under which section and at what rate?
BY: KETAN SHETH
Total Answers : 0 | View Answers | Post Answers
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| 42233 |
Mar, 12
2022
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MISC. - ( BRANCH IN CHARGE AS A PARTNER )
I had posted my Query as follows on 09th March, 2022
Currently I am holding COP and having FRN. Now I want to join another CA firm as partner. My Question is whether there is any restriction/condition that person holding FRN as a proprietor can't became branch in charge of other CA firm as partner? Can one CA be branch in charge of the office of CA firm as partner and simultaneously have FRN as proprietor?
I want to add further comment on it however, link is not appearing
In this regard I again want to confirm that there is no restriction on becoming BRANCH IN CHARGE OF OTHER FIRM AS A PARTNER in addition to having own FRN.
The only issue will be that either of these firms will be eligible for empanelment
Am I correct?
BY: SHIVANI ASHOKBHAI RAYJADA
Total Answers : 1 | View Answers | Post Answers
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| 42232 |
Mar, 10
2022
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IFRS - ( EXPECTED CREDIT LOSS )
A company is giving loans against security. While making provision for receivables under IND AS 109 as per Expected Credit Loss model, whether the company can consider the security value and provide under ECL only on the unsecured portion?
BY: balasubramanian
Total Answers : 1 | View Answers | Post Answers
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| 42231 |
Mar, 09
2022
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MISC. - ( MEMBER IN CHARGE OF CA FIRM )
Currently I am holding COP and having FRN. Now I want to join another CA firm as partner. My Question is whether there is any restriction/condition that person holding FRN as a proprietor can't became branch in charge of other CA firm as partner ?
Can one CA be branch in charge of the office of CA firm as partner and simultaneously have FRN as proprietor ?
BY: SHIVANI ASHOKBHAI RAYJADA
Total Answers : 2 | View Answers | Post Answers
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| 42230 |
Mar, 03
2022
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MERGER & ACQUISITION - ( INCORPORATION OF PARTNERSHIP FIRM )
I have been practicing as a proprietor for past 3 years and now i wanted to convert it to a partnership firm and also change the name of the firm, by doing this will i loose the 3 years seniority of the firm ??. Will i be alloted a new FRN or old FRN will continue for the reconstituted firm.
BY: Abi Muthuraj
Total Answers : 1 | View Answers | Post Answers
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| 42228 |
Feb, 26
2022
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DIRECT TAXES - ( NRI TAXATION )
An Individual has gone abroad in 2019 and has not visited India during 2020-21 Previous Year. So he should be NRI in 2020-21 Previous Year. He is the Proprietor of A business Firm in India having small income around 200000- and Interest Income around 18000- Investment in Mutual fund is Rs 50000- appx Whether he can opt for Presumptive Taxation in India, File ITR 4 and claim deduction under 80 C and 80 TTA as allowed to Residents
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 42226 |
Feb, 23
2022
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GST - ( INDUSTRIAL BIILING CEMENT )
I have firm registered for Construction as well trading both in one firm. I am buying cement trade material for selling and Non trade(institutional billing) cement for construction works. But i have some customer who want institutional cement from me on credit basis and HSN code of both the cement is same. Pls guide is it legal or not? and what are the main complication in this.
BY: VAIBHAV PANDEY
Total Answers : 0 | View Answers | Post Answers
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| 42220 |
Feb, 16
2022
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MISC. - ( DATE OF RBI UNC )
FRN: 008984N - ANIL GOEL & ASSOCIATES
RBI UCN: 782741
OUR UCN WAS ALLOTTED LONG BACK, BUT DATE IS NOT AVAILABLE WITH US. NOW-A-DAYS, DATE OF UCN & RBI LETTER IS A MANDATORY FIELD IN VARIOUS EMPANALMENT FORMS. NOW IT IS REQUIRED IN UNION BANK OF INDIA FORM.
KINDLY LET US KNOW HOW TO GET THE UCN DATE & RBI LETTER.
REGARDS,
BY: Anil Kumar Goel
Total Answers : 2 | View Answers | Post Answers
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| 42218 |
Feb, 15
2022
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GST - ( CESS PAID ON PURCHASE OF CAR )
An asessee has purchased a car for business use of travelling
and paid GST as well as Compensatory cess on it. He is not eligible to claim GST input on car. Whether Cess paid on such car will also be of no use and will have to be capitalised.
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 42219 |
Feb, 15
2022
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OTHER BODIES - ( DATE OF REGISTRATION OF OUR FIRM WITH THE RBI )
Our Firm's UCN With RBI Is 956526(The Firm's FRN Is 015385C). The UCN Was Allotted Over 7 Years Ago And We Have No Record Of The Date Of Registration Of Our Firm With The RBI. In The Application For Empanelment Of Chartered Accountants For The Concurrent Audit 2022-23 Hosted By Certain Nationalised Banks ,The Date Of Registration With RBI Is Shown As A Mandatory Field To Be Filled. However, Despite Our Best Efforts ,Our Online Search In This Regard Has Been In Vain. We Would Greatly Appreciate It If You Could Assist In Obtaining The Date Of Registration Of The Firm With RBI As Early As Possible As Possible.
BY: GUNJAN CHHAJED
Total Answers : 1 | View Answers | Post Answers
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| 42217 |
Feb, 14
2022
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DIRECT TAXES - ( EXEMPTION LIMIT FOR NRI )
Whether Tax Exemption limit for NRI ( A person left India in Dec 19 and was not present in India during 2020-21 Financial year) will ne Rs 250000- only . Whether he is eligible for deductions under Chapter VI (80C,80TTA etc) and Tax Rebate under sec 87A
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42216 |
Feb, 13
2022
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MISC. - ( RBI LETTER TO A CA FIRM )
Hi,
I’m CA Shiva, We have a partnership firm registered with ICAI since 2020 August.
One of my senior CA told me about the RBI letter which a CA firm gets (probably over mail) indicating about the UCN registered with RBI, which helps a CA firm while applying for assignments related to banks (concurrent or revenue audits etc).
Kindly help, how to get it for my documentation, as it seems necessary for getting any sort of banking assignment.
I have filed MEF for this year and already been alloted with the UCN from ICAI.
Response over it would be highly appreciated !
Thanks
CA Shiva Gupta
Kanpur
+91-7388896001
BY: SHIVA GUPTA
Total Answers : 0 | View Answers | Post Answers
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| 42215 |
Feb, 09
2022
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GST - ( 210871 )
One of my client has got GST registration for trading business. Now he started e-commerce operation by developing own mobile application (like amazon) through which he intend to sale the products of third party.
My queries are:
1. Do he need separate registration for e-commerce or can he operate under existing GST registration?
2. If existing GST registration is enough, please explain the procedure to follow for adding e-commerce operation.
BY: NIRAJ PM
Total Answers : 1 | View Answers | Post Answers
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| 42214 |
Feb, 04
2022
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DIRECT TAXES - ( RESIDENCE STATUS )
A person resident in india having stayed more than 365 days during last 4 years and was more than 60 days in india during 2021-22 Financial year. he has some income from india as well as from abroad while working part time during study period of Post graduation In this case his income abroad will be taxable here. Whether his f ees paid abroad during this period will br eligible for deduction from Income tax
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 42213 |
Feb, 02
2022
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DIRECT TAXES - ( EFFECT OF SECTION 145A ON ENTITIES WHERE GST REFUND IS RECEIVED )
Effect of Section 145A of income tax in case of entities in which
1. gst is not charged on export sales, and
2. ITC on inputs get refunded in subsequent years.
If inclusive method is followed to compute income, then
1. Purchases would include ITC
2. But there is no gst on export sales
So decrease in profits would take place because of sec 145A.
Further, when refund of itc is received in subsequent years, it will be added to income of that subsequent year.
Is this analysis correct?
Pls guide. Thank you.
BY: Avinash Agrawal
Total Answers : 0 | View Answers | Post Answers
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| 42210 |
Jan, 24
2022
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AUDIT - ( ADDENDUM TO AUDIT REPORT )
In case an opinion para is missed in the Annexure to Audit Report for Internal Financial Control, Can an Addendum be issued subsequently. In case of the continuing audit can it be made good ihile issung the subsequent Audit Report
BY: CA. SHIRODKAR YESHWANT VINAYAK
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| 42206 |
Jan, 08
2022
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MISC. - ( AMOUNT TAKEN OR PAID IN CASH IN EXCESS OF 20000- )
1 Whether amount taken for short time or paid for short time in cash exceeding 20000-(total )is also required to be
reported in Tax Audit report
2 If TDS is not deducted on interest paid to persons,whether
it will be suffice to make that Exp not allowable mean Add back to Profit without any other problem
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 42201 |
Jan, 01
2022
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DIRECT TAXES - ( TAX AUDIT LIMIT FOR SECTION 44AB(E) )
Dear sir if audit is conducted U/s 44AB(e) i.e Turnover is more than 1 cr but below 2 cr and he wishes to opt out of 44AD presumptive regime(where 44AD(4) is applicable). whether this will be counted for 60 Tax audit limit??
Kindly guide us regarding the same.
BY: Sachin
Total Answers : 1 | View Answers | Post Answers
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| 42202 |
Jan, 01
2022
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GST - ( ITC REVERSAL )
A party take credit of ITC against purchases in March 2021 GSTR3B.But the supplier not filed the returns (GSTR3B & GSTR1) or not paid GST, so ITC not showing in GSTR 2A/2B.
Should ITC be reversed in portal & books and how ?
BY: KAMAL KISHORE VERMA
Total Answers : 1 | View Answers | Post Answers
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| 42203 |
Jan, 01
2022
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TDS/TCS - ( INVESTMENT SUBMISSION FOR TDS ON SALARY )
Please share your views on:- Is it necessary for an employee to show his Chapter VI-A eligible to employer. Can he get full TDS deducted without deduction and later on claim actual deductions while filing his ITR. (Obviously the Form 16 will not be in agreement with the ITR to be filed). Means can he claim deductions which are not shown to employer and are not in agreement with Form-16 ?
Thanks in advance for your precious time to reply.
BY: SK
Total Answers : 1 | View Answers | Post Answers
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| 42199 |
Dec, 24
2021
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Capital Gains - ( 078994 )
An Individual is doing Share Trading.
1. Delivery basis , showing the same as Investment accordingly Long / Short Term Capital Gain is calculated
2. F & O Business of Shares
3. Intraday Business of Shares
Query
1. Whether the assessee can show Capital Gain and Business Income simultaneously.
2. Whether the assessee should show as Business Income as a whole .
3. What is the right way?
BY: AJAY JAIN
Total Answers : 1 | View Answers | Post Answers
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| 42198 |
Dec, 23
2021
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GST - ( UTILIZATION OF GST CREDIT )
Suppose I have Op. Balance of GST CGST Rs.1.00Lakh, SGST Rs.2.00Lakh and IGST Rs.1.00Lakh. at the closure of the month I have Liability of IGST Rs.1.50Lakh and CGST Rs.0.10Lakh and SGST Rs.0.10Lakh. GST credit for current month is Zero.
Now Firstly IGST credit to be used to pay IGST. So to Pay Rs.1.50Lakh IGST I will use Rs.1Lakh GST Credit firstly.
Now the question is for payment of Balance IGST of Rs.0.50Lakh can I use SGST Credit first ? or is it compulsory to use CGST first and after utilization of all the CGST credit only I will be able to use SGST balance.
Or Can I use SGST credit instead of CGST Credit to make balance IGST Payment ?
BY: SK
Total Answers : 1 | View Answers | Post Answers
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| 42194 |
Dec, 15
2021
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DIRECT TAXES - ( TAX AUDIT )
In AY 2020-21 assessee’s total turnover exceeded prescribed limit and hence tax audit was done. In AY 2021-22 assessee’s profit is less than 50% of professional turnover. Total income exceeds taxable limit. Is tax audit required for AY 2021-22?
BY: Sadhana N.Kubal
Total Answers : 2 | View Answers | Post Answers
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| 42195 |
Dec, 15
2021
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DIRECT TAXES - ( TAX AUDIT )
In AY2020-21 assessee filed his return of income after getting tax audit done under proviso of Sec44AB(d) as his net profit was Less than 8%. Now in AY2021-22, the assesse has incurred loss/profit below 8%, and his total income below taxable income.
1. Is tax audit is required for AY2021-22.
2. If other income exceeds taxable limit whether tax audit is required
BY: Sadhana N.Kubal
Total Answers : 1 | View Answers | Post Answers
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| 42192 |
Dec, 13
2021
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Customs & Excise - ( IMPORT OF RAW MATERIALS AT FREE OF COST )
Hi All,
Request clarification and guide lines for following query
1. A Ltd Importing Raw material and components (HSN Codes 8481.90.90 & 4016.90.90 & 7225) free of Cost from T Inc (USA). Material values would be around INR 3 Crores. T Inc and A Ltd are subsidiaries of X Ltd and accordingly they are related parties. Is this transaction possible and what are the guidelines to be followed to import the materials
BY: CA. BALASUBRAMANIAM P
Total Answers : 0 | View Answers | Post Answers
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| 42191 |
Dec, 12
2021
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DIRECT TAXES - ( HOW TO PRESENT PROFIT & LOSS STATEMENT IN CASE OF INCOME FROM FUTURE & OPTIONS TRADING IN INCOME TAX )
As per Sec 43 and guidance note issued by ICAI on TAX audit us 44AB Turnover in case of Trading in Future & Option is to be calculated by taking absolute total of net profit/loss for the transaction .
My Query is that in case i compute turnover as stated above, What items or expenses shall construed as deduction from turnover to derive the net profit/loss as the case maybe or how to present them for disclosure in the income tax return filed ???
Also, In case of loss where the turnover is less than 1 crore or other specified limits as the case maybe is Tax Audit u/s 44AB mandatory,if yes then under which clause ??
BY: SHUBHAM GARG
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