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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 : 1 | 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 : 0 | 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 : 0 | 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
Total Answers : 0 | View Answers | Post Answers
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| 42189 |
Dec, 09
2021
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DIRECT TAXES - ( DONATION ALLOWED )
Can Donation upto 2% of the expenses can be claimed as deduction. Whether this Donation can also be claimed u/s 80G if 50% of such donation is allowed as exemption? If not, why to claim 80G where only 50% exemption, when allowed as expenses 100%. Please respond with relevant case, if any
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 42188 |
Dec, 06
2021
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DIRECT TAXES - ( TAX AUDIT )
A individual is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm.
BY: samirkumar gokulbhai kasvala
Total Answers : 2 | View Answers | Post Answers
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| 42186 |
Dec, 04
2021
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Service Tax - ( 079710 )
A CA firm having Professional receipts less than Rs. 50 Lacs in FY 2015-16 . Whether Service tax department is levied on Relaisable basis or mercantile basis . Pl. suggest along with relevant provisions /notifications/rules etc.
BY: SANDEEP KAPOOR
Total Answers : 1 | View Answers | Post Answers
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| 42187 |
Dec, 04
2021
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DIRECT TAXES - ( INCOME TAX AUDIT FOR FY 2020-21 )
A Taxpayer is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel.
The understanding of Taxpayer is as under.
(1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required.
(2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores .
In both above cases Income Tax Audit is not require. Kindly confirm.
BY: samirkumar gokulbhai kasvala
Total Answers : 2 | View Answers | Post Answers
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| 42184 |
Nov, 29
2021
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DIRECT TAXES - ( TAX AUDIT IN COMPLIANCE OF SECTION 44AD )
Assessee had opted Section 44AD and was filing his return of income as per section 44AD for AY2017-18, 2018-19, 2019-20.
In AY2020-21 assessee filed his return of income as per normal provisions and got his accounts audited as his net profit was Less than 8%. Now in AY2021-22, Assessee's Net Profit is more than 8% and turnover 17 Lakhs.
As per Sec 44AD(4):- Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).
As Per Sec44AD(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of
section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
My Question is :
Can Assessee File his Return of Income as per Normal Provisions and does not get accounts audited.
or Is Audit Mandatory for 5 Succedding Years even if Turnover is Less than 1 crore and assessee declares net profit more than 8%.
Thanks & Regards
BY: CA MOHIT SHARMA
Total Answers : 1 | View Answers | Post Answers
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| 42181 |
Nov, 26
2021
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DIRECT TAXES - ( FORM 29B IN CASE OF LOSS )
Whether filing of Form 29B is required where there is loss as per Income Tax Act, loss as per books of accounts and book profits are also in negative? The company is not liable for audit u/s 44AB. If filing of Form 29B is required, then how to report
Loss in Point no. 6 Total Income of Company as Form 29B on Income Tax Portal is not allowing negative figures?
BY: vikas kalra
Total Answers : 2 | View Answers | Post Answers
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| 42178 |
Nov, 25
2021
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DIRECT TAXES - ( CLAUSE 16(D) OF FORM 3CD )
Sir, Clause 16 is about "Amounts not credited to Profit and Loss Account" and Sub Clause (d) "any other item of income". Does this Clause 16(d) means any income which is not credited to Profit and Loss Account needs to be reported.
Especially for a Proprietary Concern there can be Income From House Property or Income From Other Sources (Interest on Fixed Deposits) which are normally not credited to Profit and Loss Account. Does this clause cover to include such incomes which are not Credited to Profit and Loss Account.
BY: CA. KRISHNA MURTHY N
Total Answers : 1 | View Answers | Post Answers
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| 42179 |
Nov, 25
2021
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MERGER & ACQUISITION - ( CAN SOLE PROPRIETORS CREATE A PARTNERSHIP FIRM ? )
Two sole proprietors say A & B practices in their own proprietorship firms, they wants to create a partnership firm say XYZ.
Can it is possible that both the partners practices in their own proprietorship firms and also in partnership firm XYZ ?
Also please discuss whether in partnership firm counts experience of senior most partner.
BY: KAMAL KISHORE VERMA
Total Answers : 1 | View Answers | Post Answers
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| 42180 |
Nov, 25
2021
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DIRECT TAXES - ( LONG TERM CAPITAL GAIN )
An individual has sold a Plot after holding for 8 years and Sales consideration is 10 Lacs on which after indexation Long term capital gain of Rs 740000-arises He has invested Rs 7 Lacs for purchase of residential house within one year of transfer Under sec 54F Deduction of 540000- is available and around RS 200000- becomes Long Term Capital Gain liable to 20% Tax Can he invest another 3Lacs on another residential house to avoid tax payment by transferring 3Lacs to Capital gain scheme to reinvest 3 lac within 2 Years of sale of Plot Kindly advice
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42177 |
Nov, 24
2021
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DIRECT TAXES - ( 255279 )
What was the recourse under Income Tax Law that left to the Assessee, who is seller of the Land, when Stamp Duty Value is much higher than Actual Market Value of the Land ?
BY: RYALI VAMSI KRISHNA
Total Answers : 1 | View Answers | Post Answers
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| 42176 |
Nov, 23
2021
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DIRECT TAXES - ( STAY PETITION )
I have filed appeal against order u/s 143(3) in facelss assessment but the jurisdictional AO is asking for payment of 20% demand. How do i file stay petition under faceless assessment scheme? Kindly help asap
BY: JAYASHREE RAJKUMAR BANG
Total Answers : 1 | View Answers | Post Answers
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| 42175 |
Nov, 22
2021
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DIRECT TAXES - ( FORM 29B )
Is Form 29B mandatory in all cases?
Subsection 4 to section 115JB states that Every company to which this section applies, shall furnish a report in the prescribed form.i.e Form 29B.
BY: CA Shrawan Suthar
Total Answers : 2 | View Answers | Post Answers
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| 42171 |
Nov, 15
2021
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GST - ( 444964 )
WHETHER FOOTBALL PLAYER CAN OBTAIN GST REGISTRATION FOR THEIR MATCH PLAYING SERIVICE .
IF YES , PLZ SPECIFY THE SAC CODE.....
BY: ARIHANT JAIN
Total Answers : 1 | View Answers | Post Answers
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| 41171 |
Nov, 09
2021
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MERGER & ACQUISITION - ( SOLE PRACTICE AND PROPRIETARY CONCERN. )
Hi everyone,
I have registered as a sole practitioner in 2016. After 2 years I have registered my proprietary concern. Now I am being intelligible to get bank audit empanelment because I am not exclusively associated with my firm. What is the best way to retain my experience of 5 years sole practice and getting empaneled for bank audit.
Can I merge my sole practice in to my firm or I have to terminate my self as a sole practitioner. Please suggest.
BY: GIRIJA SHANKAR KOTA
Total Answers : 0 | View Answers | Post Answers
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| 41170 |
Nov, 02
2021
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AUDIT - ( PROVISIONAL BALANCE SHEET )
can a practicing chartered accountant sign provisional balance sheet ( non audited ) ? if yes what should he mention in the balance sheet while signing and whether UDIN is applicable for that or not?
BY: AKSHAYA CHANDRAKANTH KAMATH
Total Answers : 1 | View Answers | Post Answers
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| 41169 |
Nov, 01
2021
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GST - ( IGST IN EXPORT INVOICE )
In case an Exporter opts for Supply of Goods on Payment of IGST, then Whether the exporter shall charge IGST on FOB Value or on (FOB Value + Insurance + Freight) ? Please advise and clarify.
BY: Gaurav Kumar Baranwal
Total Answers : 0 | View Answers | Post Answers
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| 41167 |
Oct, 27
2021
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AUDIT - ( TAX AUDIT )
A professional following cash basis ,whether tax audit is applicable or not in following circumstances , if yes than under which clause of 44AB,
1) Turnover as follows
Billed RS 48 lakhs
Receipts Rs 32 Lakhs
Trading in Stock Market 40 lakhs
2) Turnover as follows
Billed RS 48 lakhs
Receipts Rs 32 Lakhs
Trading in Stock Market 80 lakhs
3) Turnover as follows
Billed RS 48 lakhs
Receipts Rs 32 Lakhs
Trading in Stock Market 1.05 crore
Note:-
1)What if wants to offer Income under presumptive 44AD and 44ADA from professional activity is more than 50% of receipts and from trading of stock market is less than 6% of Turnover
2) Limit for tax audit U/S 44 AB for professional is above 50 lakhs and others is above 1 crore and if certain condition are satisfied than above 10 Cr
BY: CA. MEHTA DEVANG PRATAPRAI
Total Answers : 0 | View Answers | Post Answers
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| 41165 |
Oct, 17
2021
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DIRECT TAXES - ( LEGALITY OF ORDER PASSED U/S 144 )
Facts
Individual Assessee has not filed original ITR for AY 12-13 based on some information AO has reopened the case u/s 148 in March 20 and assessee has also not filed his ITR within 30 days of service of above notice but filed delayed return against notice u/s 148 (before framed. Or completion of assessment )
Query
Can AO passed order u/s 144 where assessee filed ITR before completion of assessment without issue notice u/s 143(2) of income tax act
BY: SANDEEP KAPOOR
Total Answers : 2 | View Answers | Post Answers
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| 41164 |
Oct, 14
2021
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Service Tax - ( SERVICE TAX LIABILITY ON CREDIT CO OPERATIVE SOCIETY )
A credit co operative society is accepting deposits and lending to its members and accordingly earns interest income. It also provide some other services like railway ticketing and running electricity bills collection centre from which it is receiving commission income from IRCTC and PGVCL.
Interest income - 25 Lacs
Commission Income - 1.5 Lacs
What are the service tax implications in the instant case.
BY: DARSHAK MAGANLAL THAKKAR
Total Answers : 0 | View Answers | Post Answers
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| 41163 |
Oct, 13
2021
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OTHER BODIES - ( ONLINE CA EXAMINATION )
A long time back There was proposal to conduct CA Examinations online on MCQ pateren. In view of Pandemic like COVID this has become more urgent .Many Institutes in World are conducting online Examinations eg CPA .
Why Our Institute is still persisting with Handwritten Examination which is many times not found to be foolproof
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 41160 |
Oct, 12
2021
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AUDIT - ( TAX AUDIT REPORT )
WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 41161 |
Oct, 12
2021
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AUDIT - ( TAX AUDIT REPORT )
WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 41158 |
Oct, 06
2021
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DIRECT TAXES - ( TAX AUDIT LIMITS )
Assessee is having turnover of Rs.99 lacs from contractual business and 1.5 lacs from hiring services u/s 44AE. Whether the same would be included in Gross turnover for Tax Audit or not. Otherwise Assessee can declare his income @ 6% on contractual receipts u/s 44AD and 1.50 lacs under 44AE without getting audited
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 41155 |
Sep, 29
2021
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GST - ( ITC FOR SOCIETY MAINTENANCE CHARGES )
ITC for Society Maintenance charges for Immovable property The taxpayer has commercial property and it is let out. Query is that can the taxpayer take ITC for GST charged for society maintenance charges.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 41156 |
Sep, 29
2021
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DIRECT TAXES - ( TDS CREDIT NOT GIVEN BY CPC )
Q. The Assesee Company is CHA has filed the ITR for the Assessment Year 2018-19 and some customer of the company has deducted TDS on Reimbursement of expenses . the company has shown the Turnover / Gross Receipts other than the reimbursement in ITR. Now the CPC has given the Proportionate TDS credit due to gross receipts not match with 26 AS .The Company has filed the rectification letter to local jurisdiction but ITO has given the reply that rectification is considered but Rectification Right with CPC so please see other alternate solution . So in that case what company can do to get the tax credit .and when we call CPC then they are showing PAN NO. and date of incorporation is wrong. So how we can approach to CPC . Please give your valuable suggestion.
BY: GOPAL KUMAR AGRAWAL
Total Answers : 1 | View Answers | Post Answers
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| 41154 |
Sep, 27
2021
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MISC. - ( 418074 )
If Sole proprietor Chartered Accountant firm will be merged into a partnership firm. Whether that sole proprietorship firm have an option to de-merge later on.
If yes, how long the option is available for de-merger and whether ICAI reserves the name of proprietorship firm.
BY: Shobhit Bansal
Total Answers : 3 | View Answers | Post Answers
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| 41152 |
Sep, 22
2021
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DIRECT TAXES - ( NRI STATUS )
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
Total Answers : 4 | View Answers | Post Answers
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| 41150 |
Sep, 21
2021
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MISC. - ( CONVERSION OF CA PROPRIETORSHIP INTO PARTNERSHIP AND CHANGE IN NAME )
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
Total Answers : 1 | View Answers | Post Answers
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| 41151 |
Sep, 21
2021
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AUDIT - ( APPLICABILITY OF TAX AUDIT FOR DERIVATIVE TRANSACTIONS(F&O) )
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
Total Answers : 2 | View Answers | Post Answers
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| 41149 |
Sep, 18
2021
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GST - ( REPO TRANSACTION OF OLD VEHICLES )
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
Total Answers : 0 | View Answers | Post Answers
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| 41145 |
Sep, 14
2021
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GST - ( REVERSE CHARGE )
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
Total Answers : 2 | View Answers | Post Answers
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| 41146 |
Sep, 14
2021
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GST - ( INELIGIBLE CREDITS )
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
Total Answers : 1 | View Answers | Post Answers
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| 41142 |
Sep, 11
2021
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Capital Gains - ( 079710 )
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
Total Answers : 1 | View Answers | Post Answers
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| 41143 |
Sep, 11
2021
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DIRECT TAXES - ( SET OFF )
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
Total Answers : 0 | View Answers | Post Answers
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| 41140 |
Sep, 10
2021
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Capital Gains - ( 079710 )
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
Total Answers : 0 | View Answers | Post Answers
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| 41137 |
Sep, 08
2021
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DIRECT TAXES - ( INCOME TAX ON DERIVATIVE INCOME(FUTURE & OPTIONS) )
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
Total Answers : 3 | View Answers | Post Answers
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| 41138 |
Sep, 08
2021
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DIRECT TAXES - ( NRI RETURNING INDIA AND INTEREST INCOME FROM NRE & FCNR )
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
Total Answers : 1 | View Answers | Post Answers
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| 41134 |
Sep, 01
2021
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MISC. - ( PROFESSION TAX IN MAHARASHTRA )
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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| 41135 |
Sep, 01
2021
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MISC. - ( PTEC IN THE STATE OF MAHARASHTRA )
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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| 41130 |
Aug, 31
2021
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GST - ( GRATUITOUS PAYMENT BY HOLDING CO TO SUBSIDIARY EMPLOYEES )
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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| 41132 |
Aug, 31
2021
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DIRECT TAXES - ( CIT APPEAL ORDER )
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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| 41129 |
Aug, 30
2021
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GST - ( INTRA STATE TRANSACTION OR INTERSTATE TRANSACTION )
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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| 41128 |
Aug, 28
2021
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GST - ( GST - REGISTRATION )
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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| 41127 |
Aug, 27
2021
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GST - ( QUERY ON STATE )
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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| 41126 |
Aug, 25
2021
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AUDIT - ( 047887 )
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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| 41124 |
Aug, 24
2021
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AUDIT - ( FORM 10B )
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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| 41122 |
Aug, 19
2021
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GST - ( REPORTING IN GSTR 1 )
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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| 41123 |
Aug, 19
2021
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Companies Act, 2013 - ( TRANSFER OF SHARES )
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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| 41121 |
Aug, 14
2021
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Compliance - ( REGARDING UDIN )
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
Total Answers : 4 | View Answers | Post Answers
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| 41119 |
Aug, 11
2021
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DIRECT TAXES - ( 444964 )
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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| 41115 |
Aug, 07
2021
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MISC. - ( VALAKALTHANAMA FROM A NON RESIDENT INDIAN )
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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| 41114 |
Aug, 06
2021
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TDS/TCS - ( TDS-SECTION 206AB AND 206CC )
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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| 41113 |
Aug, 05
2021
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DIRECT TAXES - ( DEDUCTIONS UNDER INCOME TAX ACT IN CASE OF CANCELLATION OF ESOP?OP )
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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| 41112 |
Aug, 04
2021
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DIRECT TAXES - ( LONG TERM CAPITAL GAINS LIABILITY )
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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| 41109 |
Jul, 31
2021
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AUDIT - ( 118411 )
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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