Whether GST is leviable on compensation paid by an Electrical Contractor to landowners for use of their land as access road/right of way for installation of electricity transmission lines. Such amount is treated as Right of Way Expenses for execution of works contract service. Whether the same is compensation not liable to GST or consideration for granting right to use land liable under GST?

BY: Ninad Prataprao Shete

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whether provisional balance of company be signed by CA who is also statutory auditor of the company

BY: MRIDUL KOGTA

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whether provisional balance of company be signed by CA who is also statutory auditor of the company as per SRS 4410 (REVISED)

BY: MRIDUL KOGTA

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A Proprietorship firm wants to change its business name though Legal name will remain same. Can it be done through core field change without affecting Present GST balance

BY: Mahesh Kumar

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We have received a few debit notes of 2025-26 in April 26 Can we respond in April 2026 when there is no sale in April 26 How this negative Output liability will be adjusted

BY: Mahesh Kumar

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In one case of SGST department, Party had received a Show Cause Notice for Mismatch of ITC between GSTR-3B and GSTR-2B proposing Tax Demand for IGST Rs. 60,757.46; CGST Rs. 18,818.10 and SGST Rs. 18,818.10 Plus Interest and Penalty u/s 73  of GST Act. Party filed Submissions along with Reconciliation of ITC wherein Tax liability of IGST Rs.5,976.00 plus Interest Rs.4,208.00 was worked out and Party declared to deposit IGST Rs.5,976.00 plus Interest Rs.4,208.00. The case was discussed and acceptable to the DC. But the DC passed, by mistake, passed Order u/s 73 upholding Tax Demand for IGST Rs. 60,757.46; CGST Rs. 18,818.10 and SGST Rs. 18,818.10 Plus Interest and Penalty u/s 73  of GST Act. Then the Party after discussions with DC filed Rectification Application u/s 161 of the Act reproducing above Reconciliation and deposited Tax liability of IGST Rs.5,976.00 plus Interest Rs.4,208.00 as worked out in Reconciliation. In meantime, the Jurisdiction of Party was transferred to another Sector (as three sectors were reduced in Varanasi). Now the other Officer is ready to accept the Reconciliation and drop all other demands but is demanding to deposit Penalty of Rs.20,000/- in IGST. Is there Case Law / legal backing in favour of the Party so as to drop IGST Penalty of Rs.20,000/-.

BY: Gaurav Kumar Baranwal

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Hi an trust held the 80G and 12A Registration valid till AY 2026-27. Trust also filed 10AB form for renewal on 12th march 2026 (actual delay). no responce has been received for renewal form field. now Should Trust file a fresh 80/12A registartion under new act 2025 by form number 105? Or Should wait for responce of renewal form field by delay?

BY: KAPIL VERMA

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A company in India is creating videos and posting it on Youtube. Google USA pays to the company based on views earned by those videos. Is the money earned by the Indian Company from Google USA subject to GST?

BY: balasubramanian

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Income Tax Reports (ITRs) for the period 1990 to 2018 available for disposal without any charge. Contact us at mlgarg@mlgargco.com or dial 9810038411.

BY: GAURAV KARAKOTI

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Can a Chartered Accountant certify the stock statement submitted to the bank with UDIN? Since only Bank of Maharashtra is insisting on submission of a CA-certified stock statement,

BY: Ninad Prataprao Shete

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A proprietor firm is paying interest on loan to individuals. Whether exemption limit for them is Rs 50000- for FY 2025-26

BY: Mahesh Kumar

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An individual has to give Form 121 to a business owner (Prop) for nondeduction of TDS on interest Amount 9Lacs whether it willbe filed by Proprietor or Individual who does not want to get TDS deducted

BY: Mahesh Kumar

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1.A small company want to convert its loan to sharecapital.no loan agreement was entered. 2.A new company want to issue shares to not existing shareholdders.whether valuation required in that case? 3.Please tell the procedure for debenture issue

BY: SINSH. M E

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What to select in nature of possession of Premises while applying GST registration for partnership firm where lease deed for principal place of business was entered by the partner in his individual capacity before forming of partnership deed.

BY: AYUSH NAMAN SRIVASTAVA

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An agricultural land situated within the Municipal Limites of Thane Municipal Corporation (TMC) was compulsorily acquired by Municipal Corporation for DP Road project. TMC has allotted Transferable Developement Rights and issued DRC Certificate to the farmer against the area of land acquired in the DP Road. Immediately farmer has sold DRC certificate to a Developer for a monetory consideration of Rs.1.20 Crores. Whether amount received by the farmer will be exempt from Capital Gain Tax? Is there any case law to substantiate the claim? Please provide valuable insights.

BY: CA Ravish Thakur

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One of the farmer (Owner) has sold his agricultural land which was situated within the limits of Municipal Corporation to a Builder for a monetary consideration of Rs.1,10,00,000. On the said land another person was having unauthorized possession. To clear this unauthorized possession builder also made payment of Rs.40,00,000 to that person and also deducted TDS u/s 194IA. In this case whether amount of Rs.40,00,000 received by that person will be taxable as Capital Gain? If not how exemption can be claimed?

BY: CA Ravish Thakur

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GST wrongly reversed in previous month, Can it be claimed now within the Financial year

BY: CA. SURAJ KUMAR CHOUDHARY

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Hi everyone, seeking urgent guidance on ICAI compliance for a transition from Practice to Industry. I recently joined a Private Limited company as a Senior Finance Manager (Full-time). Before this, I was practicing as a Partner in an existing firm and also had my own Sole Proprietorship. I have the following queries regarding the current SSP process: 1. Since I am in full-time employment, is it mandatory to surrender my COP immediately, or is there a 'Part-time' provision that allows for future restoration ease? 2. What are the specific forms (Form 6, Form 18, etc.) and the prescribed timelines (is it strictly 30 days?) to avoid condonation fees? 3. Since I have both a Partnership and a Sole Proprietorship, do I need to file separate closure/resignation forms for both before surrendering the COP? 4. Will surrendering the COP now impact my seniority/standing if I plan to restart my practice in 4-5 years?

BY: ADITI KASHYAP

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FACT: I WAS APPOINTED AS STATUTORY AUDITOR IN PROPRIETORY CONCERN OF A LISTED COMPANY IN THE FY 2018, FOR 3 YEARS , MAY 2020 THE PROPRIETORY CONCERN WAS CONVERTED INTO PARTNERSHIP FIRM AND FRN OF BOTH FIRMS IS THE SAME, AND PARTNERSHIP FIRM WAS AGAIN APPOINTED AS STATUTORY AUDITOR IN FY 2021 FOR 5 YEARS, APPOINTMENT OF THE PARTNERSHIP FIRM IS TILL 2026. QUESTION: 1. CAN PARTNERSHIP FIRM BE REAPPOINTED AS STATUTORY AUDITOR FOR 2 ND TERM OF 5 YEARS OR NOT, 2. IF NOT, CAN THE PARTNERSHIP FIRM BE APPOINTED FOR THE BALANCE TERM OF 2 YEARS? OR 3. AUDITOR IS LIABLE TO RETIRE BY ROTATION.

BY: CA. MURALI MANOHAR

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A newly incoporated pvt ltd company on 30-12-2025 want to increase its paid up capital from 50000 to 10 lakh .whether valuation report need to be obtained

BY: SINSH. M E

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While applying for a GST Inverted Duty Refund, in Statement 1A, do I need to provide details of all my sales, or only those sales at a lower rate? Inward supplies are at 18% and outward supplies are at 5% and 18%. So, whether the outward supplies of 5% to be entered in Statement 1A or both 5% and 18%?

BY: AYUSH NAMAN SRIVASTAVA

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if Unregistred person provided security service to unregistered person, can GST Registration required if Total value is below Rs. 20 lakhs??

BY: Ninad Prataprao Shete

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If a builder completes the project using their own funds / loan and receives the Completion Certificate (CC) or Occupancy Certificate (OC) from the local authority before inviting anyone to purchase or making any advertisements, whether Rera registration required??

BY: Ninad Prataprao Shete

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Can someone please tell me- what are the maximum penalty and interest if any- if ROC compliances not done annually for last - 3 years of newly incorporated company- For 1. AOC- 4 2. MGT-7A 3. ADT-1 IF the transactions are nil and 2nd - if there are transactions.

BY: RAJ AGARWAL

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Sir A property which has been obtained as from ancestor of 1961 will is now being sold on 22-23 period.so we need to know the cost of acqusition value to be taken for indextion.Shall we need to take it as 1 lakh as on the date of sale?

BY: SINSH. M E

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I seek your valuable opinion on the applicability of IGST under the Reverse Charge Mechanism (RCM) on freight forwarding transactions by GST registered entity in India, in connection with shipments between China and Middle East destinations (Overseas territory). 1. Background of the Transaction • The client provides freight forwarding services to overseas customers (90% of supply provided to one customer). • The entity is registered under GST in India and has no domestic taxable or exempt turnover apart from exports. • For its freight forwarding assignments, the client books cargo space with Chinese carriers on a principal to principal basis to execute shipments to the Middle East. • The Bill of Lading (BL)/Air Waybill (AWB) is issued showing the Chinese exporter as shipper and the Middle East customer as consignee. • Freight invoices are raised by the Chinese carriers/ agents on the Indian entity, as it books and pays for the transportation. • The client in turn raises export invoices on the Middle East customer for the full freight/logistics value (including their profit) in foreign currency and receives payment through normal banking channels. . your valuable opinion is sought for: Whether the freight forwarding transactions with overseas Chinese carriers constitute “import of services” liable to IGST or whether they fall outside GST scope, considering: 1. The transportation is performed and consumed entirely outside India (China ? Middle East route). 2. No part of the service is received or utilized in India Thanking you

BY: Suresh Raman

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Can a NRI from Canada purchase Mutual fund and SIP in India without limit from his NRO Account

BY: Mahesh Kumar

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Is GST Applicable i.e should the insurance company levy GST on the group Mediclaim policy taken by company (i.e a commercial establishment) for the benefit of its employees?

BY: Kartik Kutmutia

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We are G R A M P Network and ICAI Approved Network of Domestic Firms, NRN_W_00062, lead by Gautam Joshi & Co. Llp, Chartered Accountants. Our goal is to be G R A M P Global an Indian Network of CA Firms that serves and expand globally and to achieve that, we are looking for a. Merger of CA Firms that are interested b. Network Firms who wants to join G R A M P in India, (our current member firms are hosted at www.grampnetwork.com), we are in 8 states, as 17 member firms and expanding. Interested members may write to our managing committee on sanjay@gjc.co.in and or sanjay@grampnetwork.com

BY: Sanjay Joshi

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A NRI wants to sell his house Registry Vlaue 110 Lacs Property was gifted bu his late father around fouryears back , How Capital gain will be calculated. Further what will be beneficial selling property in FY 2526 or 2627. I think TDS rate will be lower in FY 2526 If he wants to avoid Income tax Whether investment in Bonds should be of Capital gain ar sale consideration though Bonds investment is limited to Rs 50 lacs

BY: Mahesh Kumar

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Sir one of the company has deposited the share capital amount of 10 lakh in bank account,later a director has withdrawn the amount of 9.52lakhs.now the situation stands loan to director.how we can report the same in audit report.the company is a small company with no borrowings.the amount withdrawn by the director was later deposited by the director on April 2025

BY: SINSH. M E

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A director has taken a loan from the company and the company is a pvt limited small company with capital 10 lakh no borrowings .The amount taken by the director is deposited in April 2025.would like to know the applicability of sec and the disclosures in Audit report and DR and notes to accounts

BY: SINSH. M E

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Query relates of tax audit of firm. Type of error- wrong ESI PF dates entered inadvertently in tax audit but entered correctly in ITR. Query 1)Is revision of Tax audit report possible by new appointed auditor due to death of original auditor? 2)is signing of financials required again by new auditor with new udin?

BY: AMIT JAIN

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Query relates of tax audit of firm. Type of error- wrong ESI PF dates entered inadvertently in tax audit but entered correctly in ITR. Query 1)Is revision of Tax audit report possible by new appointed auditor due to death of original auditor? 2)is signing of financials required again by new auditor with new udin?

BY: AMIT JAIN

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Whether GST is payable if the assessee provides road transportation services to Allcargo Gati Transport, and if any exemption applies under GTA (Goods Transport Agency) provisions?

BY: Ninad Prataprao Shete

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A charitable society got demand AY2122 in Mar 2023. since due to PAN surrendered ( fourth ;etter F) the form 10AC wa not allowable. a new pan taken with same society. PAN surrendered got demand and society was unaware as being no communication. Now , assessee approached the PCIT after 2 yrs for helping to deattach bank . PCIT asked first to file appeal. The assessee now appeal and also file rectification. In such case what is best remedy to dettach bank account . Will PCIT could intervene u/s 264

BY: RAM SAMARIA

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Is a company registered abroad as per laws of that country will be a body corporate as per companies act definition? It has not branches or offices in India. Will the answer be different if it has branches or offices in India?

BY: balasubramanian

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Salaried person filed return by choosing old regime within due date for ay25-26. Now he wants to file revised return by changing option to new regime. Is it correct as per IT law

BY: ESWARAIAH Y

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Application for cancellation has been made in July 24. GST no Suspended by GST department in Aug 24 Still cancellation in process. Whether any automatic cancellation rule is there.

BY: Mahesh Kumar

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One person is having two PAN cards . He has submitted his ITRs using second one.He now wants to surrender his first PAN card.How will he do that without visiting income tax dept ??

BY: SUDIP KUMAR MUKHOPADHYAY

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Additional director was appointed before AGM of a small private limited company. This appointment was regularized in the AGM duly held, but the necessary DIR-12 for the change of designation of Director from Additional to normal couldn't be filed due to death of another director. Now after the appointment of non-executive director after the how the designation of additional director can be changed

BY: CA. SURAJ KUMAR CHOUDHARY

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I have changed my firm name and my surname is also changed FRN AND PAN is not changed. Do I have to file ADT 1 again ? And if no then how to update details in it?

BY: MRIDUSHA MEHROTRA

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With due respect, my understanding is that FD interest is exempt under Entry 27(a) of Notif. 12/2017-CT (Rate), but the bank is the supplier of the service, and the depositor is only the recipient. Since the depositor does not make any outward supply as per Sections 7 and 2(83), and no invoice is issued (Rule 46), I do not advise reporting the same in GSTR-1/3B/9. CBIC Circular 12/12/2017-GST appears relevant only for aggregate turnover threshold under Section 2(6). I would appreciate your thoughts on whether GST returns, being transaction-based, can require reporting of such receipts.

BY: NEHA KOTHARI

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If any ineligible ITC is wrongly availed in GSTR 3B and neither reversed within financial year nor after financial year in stipulated time, how the same will be reflected in GSTR 9 or 9C Annual returns. Whether the same would be included in ITC claimed of the year or not?

BY: CA. SURAJ KUMAR CHOUDHARY

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ITR T prepared by an employee but failed to upload in time. Tax calculated as per old tax scheme and paid in full After getting notice he realised his mistake and tried to prepare again. Now he is not getting option to file as per old tax scheme and new tax calculated is much more. Previous year return was as per old tax scheme. Is there any solution

BY: Mahesh Kumar

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Issue 2 – Justify the claim of exemption u/s. 10(13A) of Rs. 2,55,180/- : 1. It is observed that both rent agreements submitted: a) Flat No. 205/6, Ankleshwar (April 2023 to July 2023), and, b) House No. BB/76, Ankleshwar (August 2023 to December 2023);are merely notarized on plain paper and not registered or executed before any specific competent authority. Hence, the genuineness of these rent agreements appears doubtful. Therefore, you are therefore required to: (a) Furnish proof of actual rent payment through your bank account- specifically the debit entries with narration clearly showing rent paid to the landlord(s) during the relevant months;(b) Submit bank statements for the full period 01.04.2023 to 31.03.2024 showing such payments; and(c) Justify the claim of exemption of Rs. 2,55,180 u/s. 10(13A) with documentary evidences of actual tenancy and payment.

BY: RAJEEV KUMAR

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Issue 2 – Justify the claim of exemption u/s. 10(13A) of Rs. 2,55,180/- : 1. It is observed that both rent agreements submitted: a) Flat No. 205/6, Ankleshwar (April 2023 to July 2023), and, b) House No. BB/76, Ankleshwar (August 2023 to December 2023);are merely notarized on plain paper and not registered or executed before any specific competent authority. Hence, the genuineness of these rent agreements appears doubtful. Therefore, you are therefore required to: (a) Furnish proof of actual rent payment through your bank account- specifically the debit entries with narration clearly showing rent paid to the landlord(s) during the relevant months;(b) Submit bank statements for the full period 01.04.2023 to 31.03.2024 showing such payments; and(c) Justify the claim of exemption of Rs. 2,55,180 u/s. 10(13A) with documentary evidences of actual tenancy and payment.

BY: RAJEEV KUMAR

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Whether GST is applicable on roti and chapati if they are served as part of a meal containing other taxable items in a restaurant?

BY: Ninad Prataprao Shete

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I want to subscribe to Daily Knowledge Capsule. How to do it from pdicai.org. Please indicate path.

BY: Vinnay Asraani

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A firm is selling its poroducts on amajon,flipcart etc. It is providing advice to other entities in this regard Can it pass Input credit @18% to such entities

BY: Mahesh Kumar

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Whether Service by CA not having GST no ,can be provided out of state

BY: Mahesh Kumar

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An assessee has not claimed TDS in the original ITR filed. It appears in Form 26AS and he has also offered corresponding income. TDS was not claimed by oversight. Sec.143(1) intimation received without TDS. Sec.154 request is also rejected as there is no mistake apparent on record. Can assessee file revision under sec.264? What other remedy available to assessee?

BY: balasubramanian

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I have applied for waiver of interest & penalty for Difference in output tax as per GSTR1 & GSTr3B which was rejected by STO becuase of Para 4.4 of the circular -238-32-2024-GST dt 15th oct 2024.- Where the tax due has already been paid and the notice or demand orders under Section 73 only pertains to interest and/or penalty involved, the same shall be considered for availing the benefit of section 128A. However, the benefit of waiver of interest and penalty shall not be applicable in the cases where the interest has been demanded on account of delayed filing of returns, or delayed reporting of any supply in the return, as such interest is related to demand of interest on self-assessed liability and does not pertain to any demand of tax dues and is directly recoverable under sub-section (12) of section 75. I have decided to file appeal against rejection order and also prepared submission. can you please suggest how can we fight against this objection raised by the GST dept. any case study or draft reply if you have pls share it to me.

BY: SAJID ASHIK MULLA

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While preparing Updated return for above year, Is it possible to file Income Tax return with Rs 1000- late fee by keeping Taxable income below 5 Lacs ?

BY: Mahesh Kumar

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A car dealer is availing 100% finance facility against bills of Car manufacturer company from different banks Here whether Drawing power will be relevent for a bank giving Bill Finance facility only

BY: Mahesh Kumar

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A person has received maturity amount after completion of tenure from LIC Whether Capital gain tax will be applicable

BY: Mahesh Kumar

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What are the Implications in Income Tax on conversion from Proprietorship to Partnership Firm.Will there be any capital gains tax and whether the brought forward lossess of proprietorship firm be allowed to be carried forward to the new entity?

BY: Anuj Kumar Khaitan

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When Investment done in associate company before 2 years at that time goodwill was calculated now that company came up with IPO due to which our percentage holding reduced from 40 to 22 then now again need to recalculate goodwill or not as per AS 23? or should we just add % of profit in reserves as per new % ?

BY: TIRTH SHAH

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I am practising in individual name. No peer review yet. Can I sign audit report of any trust? FY24-25. Is there is any threshold limit for trust audit by a non peer reviewed CA or CA firm?

BY: rahul godbole

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A cooprative society is not maintaining proper Fixed assets register but approximate depreciation amount is being debted to profit and loss account. In ITR depreciation debted in added to net profit and Net profit increases As Exact depreciable amount is not available Fixed assets details are not being filled in ITR to get allowable deduction of Depreciation Can Deductionb under sec 80 P be increased to bring taxble profit as nil or tax has to be paid on depreciation amount debted treating alloawable depreciation as nil

BY: Mahesh Kumar

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Dear all, Presumptive income scheme is not applicable to commission agent . So what will be the minimum % of profit that should be shown and whether provisions of section 44AB/44AD applicable or not ?? Please throw some light on it ....

BY: SUDIP KUMAR MUKHOPADHYAY

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Firm is engaged in online tuition to students in india and outside india. Its one to one live session only. No recorded classes. Students are charged on hourly basis. Invoices are raised to the address given at the time of registration. Most students are out of india, they are giving address of their present location.Since the most parents are from india they are transferring the fund from their nre a/c or nro a/c.firm is not receiving money in foreign currency. Invoices are raised showing that address and firm is charging IGST at 18%. Such invoices are shown in gstr1 as place of supply other taxable territory (code97).Kindly advise this procedure is correct and for the students address to prove the location whether any other supporting documents to be kept in hand.

BY: JOBIN BABU

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Goods delivered by hand to purchaser value more than Rs 50000- who is from an other ciry in Punjab by Punjab based seller. Eway bill position ?

BY: Mahesh Kumar

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I am a fellow member and do not hold CoP. I am also an Insolvency Professional (IP) registered with IBBI and IIIPICAI. My other IP colleagues (not all of whom are CA's) along with myself are planning to incorporate an IPE ( as a Pvt. Ltd Co.) where we will be shareholders. I will take up position as an Executive Director in the IPE. Please advise if any prior permission/approval is required from ICAI. If so what are the relevant forms to be submitted and what is the timeframe for getting the approval.

BY: CA. NAIR MANOJ GANGADHARAN

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In Financial year 2023-24 we have provided Rs.2 crores as Doubtful Debts in Bad Debts provision so Profit of the Company reduced by Rs. 2 crores as bad debt provision. In Income Tax that 2 Crores were added back in Profit as it was provision. now in FY 2024-25 we want to claim 2 crores bad debts written off so what is the effect to profit and loss account as without written off in books we can not claim . And if again we are debiting the Profit and loss account then again profit reduced in FY 2024-25.

BY: Arun Kothari

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Turnover exceeding 1cr but does not exceeding 2 cr..whether in will be covered in tax audit 44Ab (limit 60) or 44ad (outside limit of 60 audits)?

BY: SEEMA AGARWAL

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Whether services provided by Unregistered CA like Audit,Tax consultancy and financial consultation will attract RCM

BY: Mahesh Kumar

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A textile prop Firm dealing in Shawl is getting shawl fabricated by sending yarn to Unregistered fabricator. Whether reverse charge is applicable ?

BY: Mahesh Kumar

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If a party issues debit note to somebody for purchase return Whether it should put on portal or the party that has to issue credit note should initiate by uploading Credit note for acceptance

BY: Mahesh Kumar

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I have a client who opted for the presumptive scheme under section 44AD but has declared profit lower than 8%/6%. As a result, tax audit is applicable under section 44AB(e). My query is: Will this tax audit be counted within the limit of 60 tax audits prescribed by ICAI, or will it be excluded from the limit?

BY: BHAVESHKUMAR CHAUDHARY

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After the 56th GST Council meeting, has there been any change in the GST rate for cosmetic and plastic surgery services provided by doctors, which are currently charged at 18%? Please clarify

BY: PONNUSAMY R

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What is the due date for making investments/deposits u/s 11(5), arising out of receipts of Corpus Donation u/s 11(1)(d). Further, whether the same is to be reported in Form 10.

BY: Nilanjan Kayal

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If we are sending goods within 20 km in Punjab(within a city) by non motorised vehicle, I think E way bill is not required. Am I correct?

BY: Mahesh Kumar

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Under the new ICAI Guidance Note for Non-Corporate Entities, effective from FY 2024–25, the treatment of personal assets and liabilities in a proprietor’s financial statements Propreitor previously included personal assests and liabilities in his Balance sheet in T Format but now as per New format of Non Corporate entities how should the Propreitor report the personal assests and Liabilities ? Should we Report Personal and Business, Assets and Liabilities separately ?? Or Include it in the Business Balance Sheet or there is any other method Kindly Share as guideance note has not clarified regarding this issue

BY: GOVIND MUNDADA

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Partnership firm incorporated in the FY-2024-25, having turnover of 5,04,000/- and profit of 18,000/-. Whether tax audit required ?

BY: GAURAV MUNJAL

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A client is a cooperative bank. One of their customer ask them to deduct TDS amount from SB A/c instead from cash withdrawal amount. For e.g., if he withdraw Rs,1.2 Cr cash from closure of deposit. TDS amount of Rs,2.4L to be deducted from SB A/c and remit the full amount of Rs,1.2 Cr in cash,

BY: SRIPRIYA PRAKASAM

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Our client has received a GST notice under Section 74 of the CGST Act for reversal of input tax credit on purchases made from a bill trader (non-existent dealer). On receipt of the statement in Form DRC-01A, the client has already discharged the tax along with applicable interest and a penalty of 15%, as provided under Section 74(5). However, the Proper Officer is now insisting on payment of 100% penalty. Plz Clarify

BY: PONNUSAMY R

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Client a Builder/Developer doing Real estate project under JDA with Land owner.A contractor will send many labourers.Builder pays to contractor and deduct TDS under IT Act 194C.Contractor has no GST.Will this payment to contractor needs to be considered in80:20ratio of mandatory requirement of purchase from regd dealer?If 80% requirement failed, whether liable to RCM 9(4)?If yes,How to avoid RCM for this?

BY: Sivaraman A.R.

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We have sent one sample free to canada to a relative by DHL Are we supposed to inform any authority for this in icegate or other

BY: Mahesh Kumar

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While filing June montrh GSTR 1 where Sales return was more than june Sale and Negative liability was appearing. Now while filing GSTR 3B in July 25 how to reduce Liabilty by same amount as it is not reducing liability automatically

BY: Mahesh Kumar

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Is Transfer of Assets between branches within same state is liable to GST? The entity is registered at only one place in state. Please clarify

BY: SRIPRIYA PRAKASAM

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We have a case of assessee in which Land Developer purchased in July 2024 for a monetary consideration of Rs.2 Crores TDR, which was issued by Municipal Corporation to the assessee in lieu of a portion of his land reserved for Coastal Road project during July 2024. Whether capital gain will be attracted in this case to the client? If long term, then whether indexation will be available? For Indexation can holding period of Land be considered to decide whether Short Term or Long Term? And also whether exemptions u/s 54F, 54B, 54EC will be available? Please provide valuable inputs....

BY: CA Ravish Thakur

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Dear All, An assessee's vacant residential land was acquired by TN Govt for highways project. No Stamp duty and Registration fees was paid since both are exempted by G.O 56 CT&RD dt 29.06.17. Being a compulsory acquisition can the assessee claim exempt from Income Tax by virtue of CBDT Circular No. 36/2016 dated 25/10/2016. CBDT vide Circular No: 36 of 2016, Dated 25/10/2016 offers due recognition to the provisions of section 96 enacted under the "RFCTLARR Act, 2013" so as to treat award under the said Act as tax-free under the Income -tax Act, 1961 No TDS done (value is Rs 31 lakhs) and the document says acquired by Tamilnadu government for public purpose and executed by the highways department. Compensation not given at Market value.

BY: CA. VASUDEVAN P K

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I am already a Partner in one CA Firm doing audit and attest functions. Can I become partner in 1 more CA firm and do attest and audit functions for both firms

BY: SRIHARI K R

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Hi Team, We have come to a situation where the client has raised the GST invoices and purchased the goods from the same party which was reflecting as purchase and sales in one side. On the other side, there was no cash/ bank transactions involved for such purchases and sales made whereas it was adjusted by a journal by netting of creditors with Debtors. Is it allowed as per the accounting standards? And in the other case, Creditor's "A" balance of Rs. 1,00,000 has been adjusted with the Debtors "B" by posting a journal entry which impacts understament of assets and liabilities by Rs. 1,00,000. "A" and "B" are the not the same person.

BY: MANOJ V

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Hi, An Assessee has deposited the amount received from sale of capital asset in CGAS with SBI. He has died before the lock in period and he has not invested in any property. Now, the asset has been transferred to the legal heir. Whether withdrawal of deposit attract tax impact in the hands of legal heir?

BY: SRIPRIYA PRAKASAM

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A partnership firm engaged in computer program such as python, C++ coaching is an authorised franchisee. It gave software coaching to any person and its teachers are not professionals i.e. qualified teachers. It admitted income under section 44AD. The company collected fees and paid 50% to the assessee-firm as its share for every student and deducted tax @2% as technical charges. Now the AO says the gross receipt of the firm is taxable under sectionm44ADA and not under section 44AD. Is he justified?

BY: SUBRAMANI V K

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Whether a professional can report income less than 50% of gross receipts in their income-tax return if they maintain proper books of account and without tax audit report

BY: CA. SURAJ KUMAR CHOUDHARY

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A small cooperative society was issued Intimation around 10 years back disallowing deduction u/sec 80P to which it was entitled. The previous CA who filed ITR for that year and 3 more yers thereafter failed tget it rectified Orders were passed after wards and refund was also released A couple of years back their refund was adjusted against pendin amount around Rs 8 Lacs Asessee appealed to CIT telling about ignorance of any such intimation passed around 10 years back and appeal was dismissed Another appeal to Appelent tribunal has been dismissed Whether any request can be made for installment based payment of Pending demand as they do not want to go to high court etc

BY: Mahesh Kumar

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Dear All, FACT :: One person left India for USA in Aug,2022 for employment purpose. Indian income includes dividend from MF,bank interest and perquisites received from employer as per form 16.Entire indian income is below 3 lakhs. QUERY :: 1] Is the residential status ``NON RESIDENT`` ?? 2] Can we submit ITR 2 ?? 3] Are submission of Form 10F and Tax Residency Certificate mandatory ?? Please guide me.

BY: SUDIP KUMAR MUKHOPADHYAY

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I am Karthik G M, Chartered Accountant practicing in individual name without any firm registration since 2019. I am planning to join as partner to “Lingaraju & Co”, sole proprietary firm established in the year 1997. We want to change the firm name into “Lingaraju & Karthik” and intending to retain same firm registration number (FRN) of “Lingaraju & Co.” My critical point is to retain FRN of Lingaraju & Co. My query 1. is it compulsory to retain Firm name "Lingaraju & Co" to retain earlier FRN? or 2. is it possible to change Firm name as "Lingaraju & Karthik" and retain earlier FRN?

BY: KARTHIK GM

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Query: Applicability of ICAI's Technical Guidance Note to NGOs with 12A Registration We seek clarification on whether an NGO holding a valid 12A certificate under the Income Tax Act is mandatorily required to follow the new Technical Guidance Note (TGN) on Financial Statements for Not-for-Profit Organizations issued by the ICAI.

BY: ANSHUL GUPTA

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I am a Chartered Accountant holding a full-time Certificate of Practice. I am currently a partner in a CA firm registered with ICAI, but I am not the member-in-charge of that partnership firm. I have also registered a proprietorship firm under my name through the SSP portal. This proprietorship firm is currently not operational — no assignments, client services, billing, or signing are being done from it. I seek ICAI’s clarification on the following points: 1. Can a member in practice simultaneously retain both a partnership firm (where they are not member-in-charge) and a proprietorship firm, provided * Both firms are registered and located in India, * Only the partnership firm is active and used for professional services, 2. Does the mere existence of both FRNs under the same member, even if one is inactive, **constitute a violation** of ICAI Council Guidelines, Code of Ethics, or Regulation 53A? Thank you in advance for your guidance.

BY: ADITI KASHYAP

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revised format of financial statements issued by ICAI for co-operative societies. the consolidated financial statements (CFS) of the society have been prepared in the new prescribed format and are forming part of the audit report. However, in addition to the consolidated statements, the management has also prepared separate branch-wise financial statements in the old format for internal review and administrative purposes that need to be authenticated. Whether it is permissible to issue the consolidated audited financials in the new format while allowing branch-wise financials in the earlier old format ?

BY: CA. SURAJ KUMAR CHOUDHARY

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Hi, Another firm merged with my firm in the year 2024. However, due to some personal reasons, it demerged not more than two months after the merger. On my firm card, I see the join date of the old merging firm as 2018 ie since its constitution. Does it mean that its experience will also be counted with my merged firm when its being assumed that merger happened from beginning of merging firm? Simply put, whether experience of demerged will remain with merged firm even after demerger ? If no, then what's the purpose of mentioning the join date as 2018 instead of 2024. Thanks

BY: Deepak Anand

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Respected Members I want to convert my proprietorship firm to LLP. I want to know the process of conversion so that my existing credentials of the proprietorship firm can be continued. I want o keep the same name as of my proprietorship concern. Thanks

BY: dhanindra kumar surana

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Dear All, An assessee is planning to deposit Capital Gain amount in CGAS . Since there is an extension in due date to file the ITR for AY 25-26, can she deposit the amount before the extended due date (while filing the returns) or should this be done on or before 31/7/25.

BY: CA. VASUDEVAN P K

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Is it necessary to give details of no of documents while filing GSTR 1 for B2C Customers if sales is below 5 crores

BY: Mahesh Kumar

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Can a proprietor who have performed engagement as per SRS 4410 of LLP, do a statutory audit of the same LLP ? Because, wordings of SRS 4410 "We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation...." If proprietor is assisting in preparation then how can he do stat audit the same entity ? Kindly clarify..

BY: Mayur J. Raiyani

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The Property Purchase agreement has 2 buyers, the purchase of property is financed through Bank Loan and the EMI isnpaid by the primary borrower. However at the time of TDS decution and payment through Form 26QB instead of filing 2 form 26QB the primary borrower has deducted full TDS under his PAN and filed Form 26QB on full value under the contention that he is responsible for payment of the Home Loan. There is no loss to the revenue as the entire TDS has been deducted and deposited. Will there be any consequence for filing only 1 Form 26QB or is there a way it can be rectified?

BY: KOMAIL ABBAS TALAJAWALA

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