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| 40620 |
Apr, 03
2020
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GST - ( TRANSPORTATION SERVICE )
Mr. A is a cement dealer and registered to GST. The supplier bills him for door delivery of cement at his premises. Mr. A also owns transport vehicle and collects the loads of cement in his own vehicle from local depot and is paid the transportation charges by the person entrusted with the transportation. Are the transportation charges exempt under GST? Is the person entrusted with transportation liable to pay GST under reverse charge? Does the transportation receipt forms part of his turnover? Whether Mr. A will be treated as GTA under GST?
BY: SANTOSH JAGANNATH PAI
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| 40621 |
Apr, 03
2020
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GST - ( CREDIT NOTES )
Mr. A is dealer in electronic goods.He receives credit notes towards certain discounts from his supplier which are predetermined at the time of supply and GST is charges on them. Mr. A has accordingly reversed the input credit towards the credit notes reversed. There are also amounts credited to his account by the supplier towards incentives for achieving higher turnover and no GST is charged on the credit notes. Is Mr. A liable to pay GST on the credit notes? Are the receipts exempt in the hands of Mr. A under GST?
BY: SANTOSH JAGANNATH PAI
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| 40618 |
Apr, 01
2020
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DIRECT TAXES - ( ONLINE FILING OF FOM 15H )
A Taxdeductor has received Form 15H for nondeductionof TDS on Interest income of Rs 496000- for Fin Year 2019-20
on 25-3-20 . Interest is credited on 31-3-20.
By which date Form 15H can be Efiled on Portal
Isthere any relaxation in current Scenerioas DSC is required for same
BY: Mahesh Kumar
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| 40619 |
Apr, 01
2020
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MISC. - ( CONVERSION OF CA PARTNERSHIP TO CA PROPRIETOR )
A FIRM ESTB.1962 HAVING CURRENTLY 2 PARTNERS. SENIOR PARTNER PASSED AWAY RECENTLY. NOW LEFT WITH JUNIOR PARTNER HE WANTS TO CONTINUE THE FIRM AS PROPRIETOR...WHAT IMPLICATIONS ON, NAME, ESTB DATE. SENIORITY OF FIRM BEING CARRIED FORWARD FOR BANK AUDIT CAG EMPANELMENT ETC AND ICAI RECORDS? JUNIOR PARTNER EXPERIENCE IS 12 YEARS. SENIOR PARTNER QUALIFIED MORE THAN 50 YEARS BACK. OR IS IT BETTER TO ADD ANOTHER PARTNER AND CONTINUE TO FIRM PARTNERSHIP CONSTITUTION? MY PHONE NO. IS 9970088669 ANY FEEDBACK WOULD BE GRATEFUL.
BY: Kalyan Chakravarthy Vennety
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| 40616 |
Mar, 27
2020
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DIRECT TAXES - ( 079710 )
My Individual (Non -business Income) Client has sold his residential house for Rs. 3 cr (SDV also 3 cr) . in FY 11-12 During assessment proceedings AO refer the valuer for Fair Market value to Departments valuer u/s. 142 A. and since the report was not got till 31st Dec. 2019 he made assessment subject to valuer's report . but Now the dept. valuer valued the same as 3.5 cr. and now AO issued notice u/s. 154 for enhance our income by Rs. 50 lacs.
Can he do so ? whereas our sells consideration is actually Rs. 3.5 cr. as well as our banking tr. are also same AO has not found any other material evedince for disbeliving the consideration . what are the other factors and grounds which we should rely on for further appeal .
Thanks in Advance
BY: SANDEEP KAPOOR
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| 40613 |
Mar, 19
2020
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DIRECT TAXES - ( TAXABILITY OF INTEREST ON NRE DEPOSIT )
An individual who was an NRI has permanently shifted back to India. There are certain NRE deposits in his name. The query is can that individual take shelter under section 115H i.e. benefits available in certain cases even if after the assessee becomes resident and pay tax at the rate of 20% with regards to interest on NRE deposit as per section 115E.
BY: SHRADDHA S KAMATH
Total Answers : 1 | View Answers | Post Answers
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| 40610 |
Mar, 18
2020
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DIRECT TAXES - ( SECTION 206C(1H)-TCS ON SALE OF GOODS )
Hello Everyone!
Finance Act 2020 has introduced sub section (1H) of Section 206C WEF 01.04.2020 wherein it is inserted liability on seller (specified) to collect TCS from buyer (Buyer) @ 0.1%/1% . Here, TCS is required to be collected at the time of receipt of the collection from buyer. Now my query is whether collection received on or after 01.04.2020 for sales of Feb/March 2020, then whether TCS is required to be collected on such consideration received in April 2020 towards Feb/March 2020 sale or TCS is required to be collected on consideration received for Sale made on or after 01.04.2020.
BY: Manisha
Total Answers : 2 | View Answers | Post Answers
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| 40611 |
Mar, 18
2020
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AUDIT - ( TREATMENT OF LIFE MEMBERSHIP FEES )
A club received life membership fee. Should the amount be capitalized or taken to income? If income, can it be spread over number of years as decided by the management? Please share if there are any expert opinion or case studies. Thanks.
BY: balasubramanian
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| 40606 |
Mar, 14
2020
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GST - ( GSTR 9C )
While uploading Json file of GSTR 9C Error message comes but
no Error report is generated for Fin Year 2018-19
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40607 |
Mar, 14
2020
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OTHER BODIES - ( PROPOSAL FOR CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )
Dear Sir,
Now my firm constitution is proprietor and file MEF Form for 2018-19. Now i decided to convert my proprietary concern into partnership firm after 15th April 2020. when i file my MEF for 2019-20 i fill the details in MOC regarding any changes made then in next year when bank statutory audit allotted to me then is it allotted in the name of partnership firm or proprietary firm, please advise. or if it is alloted in the name of proprietorship concern then how i sign the audit report in the capacity of propretor as i am a partner in firm at that time.
Thanks in advance.
BY: BHARAT AGARAWAL
Total Answers : 1 | View Answers | Post Answers
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| 40604 |
Mar, 13
2020
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GST - ( REVERSAL OF ITC WITH REGARDS TO SUPPLY OF MEIS SCRIPTS )
My client is engaged in export of cashew kernels which is a zero rated supply. In relation to said export, the client is in receipt of MEIS scripts from the Government which is linked to the exports made. The further supply of MEIS scripts is exempted from GST. The query is whether input tax credit has to be reversed with regards to supply of MEIS scripts
BY: SHRADDHA S KAMATH
Total Answers : 1 | View Answers | Post Answers
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| 40603 |
Mar, 09
2020
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GST - ( GST ON OUTWARD SUPPLIES TRANSPORTATION )
Company A is supplying Chemicals to Company B. As per PO Terms Company A shall arrange for Transportation & insurance on outward supplies and get the same reimbursed by B at actuals, for which Company A is raising two separate invoices , one is for goods with applicable GST And another invoice for Reimbursement of Expenses without charging GST,(since the Company is of the view that the services qualify as Pure Agent), further Company A is also paying GST on outward transportation under RCM basis and not availing any Input Tax Credit.
Query: 1
Whether the company A is liable to Collect GST on reimbursement of expenses (viz. Freight and Insurance)?
Query 2.
Whether the company A is eligible to take Input Tax credit on GST Paid under RCM basis for outward transportation?
BY: SUDHAKAR
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| 40601 |
Mar, 07
2020
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GST - ( GST EXCESS PAID )
GST for 2017-18 is excess paid and for 2018-19 also excess (nearly the same amount as in 2017-18). Excess amount paid in ultimately adjusted in Sep 2019 return. How to show this GSTR 9
BY: Sai Ram
Total Answers : 1 | View Answers | Post Answers
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| 40598 |
Mar, 06
2020
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GST - ( REFUND OF RCM PAID ON PURCHASE IN CASE OF SUPPLY TO SEZ. )
Dealer is exclusively supplying cab services to a SEZ unit. He is also taking services of unregistered persons on which he is paying tax on RCM. My query is that is he eligible to claim the refund of tax paid on RCM as he cannot utilise the same because there is only zero rated supply to SEZ and no other supply. Please reply the same.
BY: Ajay Lokhande
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| 40596 |
Mar, 05
2020
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AUDIT - ( AUDIT US 44AB IS REQUIRED OR NOT )
An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD.
In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%.
In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by bank. Declared profit @ 6.28%.
He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-).
His Gross total income comes to below basic exemption limit of Rs. 2,50,000/- after set off of loss from house property.
In this case, do he need to get audited his books of accounts as he was not eligible to opt in u/s 44AD and total turnover was below 1 crore, declared income less that 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set off of loss from house property and before claiming deduction under chapter VI. ?
BY: VIRAL THACKER
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| 40597 |
Mar, 05
2020
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Service Tax - ( DEMAND DUE TO WRONG NOTFN NO. IN ST3 RETURNS )
A Service provider filed ST–3 Returns by wrongly including Negative list item-sale of goods turnover of Rs.9.5 crores to the taxable service and claimed exemption by giving Notification No.7 of 2015 .
On Rs.1.5 crores man power supply also, the assessee has claimed 100% abatement in ST-3 Returns by giving notification No.30/2012 item No.10 instead of Sl No.8. The mistakes were pointed out by the AG AUDIT PARTY. AC has issued show cause Notice with demand of around Rs1.8 crores saying that he is not entitled to the exemptions as mentioned in ST-3 RETURNS in respect of the services provided U/s Section 65(39a) and Section 65(64) – Erection, commissioning and Maintenance or Repair Service to Mobile companies
It is only disclosure mistake - the Sales Turnover suffered VAT Tax and the claim of 100% abatement on man power supply is also correct except giving wrong S.No.10 instead S.No.8 in ST3 Return.
Are there any case laws supporting the above facts where the department cannot levy service tax just for claiming exemptions/ abatements under wrong notification number in returns when the assessee can prove his claims with documentary evidence?
Please give your valuable advice with case laws, if any, in satisfying the A.C that the sales already suffered VAT and claim of abatement is also correct except giving wrong exemption notification No in ST-3 Returns
and there cannot be service tax demand just for disclosure mistakes
BY: M. UMA MAHESH
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| 40595 |
Mar, 04
2020
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GST - ( GST REGISTRATION )
AN E-COMMERCE SELLER WANTS TO REGISTER IN ANOTHER STATE AT E-COMMERCE OPERATOR WAREHOUSE THAN HOW TO OBTAIN NOC FROM ECO FOR USE OF WAREHOUSE AS PRINCIPAL PLACE OF BUSINESS .
BY: DHARMENDRA GORA
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| 40592 |
Mar, 03
2020
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GST - ( COMPOSITION SCHEME FOR ICE CREAM PARLOUR )
DEAR SIR, CAN ICE CREAM DEALER OPT FOR COMPOSITION. IF OPT THEN UNDER WHICH NOTIFICATION. I NOTIFICATION NO. 2/2019 CT(R) DTD 07.03.2019 A REGISTERED PERSON MAKING SUPPLIES OF THE ICE CREAM, PAN MASALA & TOBACCO IS ALSO NOT ELIGIBLE TO PAY CONCESSIONAL TAX UNDER THE SAID NOTIFICATION. PLZ ADVISE.
BY: RAHUL MADHAVARAO KHANDEBHARAD
Total Answers : 1 | View Answers | Post Answers
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| 40593 |
Mar, 03
2020
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MISC. - ( BANK STOCK AUDIT )
I want to know where to apply for stock auditor empanelment with Nationalized / private bank.
Is there any online link or physical documents to be submit. If physical submission than where to submit.
BY: RAHUL jain
Total Answers : 1 | View Answers | Post Answers
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| 40590 |
Mar, 02
2020
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MISC. - ( 019493 )
Whether a Private family trust can be a partner in a ordinary partnership firm?? . Also whether it can be partner in Limited Liability partnership Firm(LLP) ??
BY: nagappan.sm
Total Answers : 2 | View Answers | Post Answers
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| 40591 |
Mar, 02
2020
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GST - ( WHETHER LIABLE FOR CGST AND SGST OR IGST )
A Limited is registered company having registered office at Rajasthan engage in manufacturing. A Ltd. Is registered in Rajasthan and MP under GST law.
Another Company B Ltd (Registered in MP) provides manpower supply service to A Ltd for employees at Rajasthan and MP.
Now Question arises, whether B Ltd should raise GST invoice for manpower supply from MP by charging CGST& SGST OR IGST.
BY: Ankit Vijaywargiya
Total Answers : 1 | View Answers | Post Answers
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| 40587 |
Feb, 29
2020
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DIRECT TAXES - ( ACCEPTANCE OF LOAN IN CASH )
X AN INDIVIDUAL CARRY ON BUSINESS OF CONTRACT WORKS. HE FILED HIS RETURN FOR FY 2017-18 U/S 44AD. NOW IN FY 2018-19 THE SAME BUSINESS IS CONTINUED AND HE WILL BE FILING RETURN U/S 44AD. BUT IN FY HE HAS TAKEN A UNSECURED LOAN OF RS 5.00 L FROM HIS FRIENDS, BUT THIS LOAN IS IN CASH. SO THE ACCEPTANCE OF LOAN ATTRACTS TAXATION LIABILITY U/S 269SS. (ACCEPTANCE OF DEPOSIT OR LOAN IN CASH IN EXCESS OF RS 10 K) , WE WILL ADD THE LOAN AMOUNT TO HIS INCOME. BUT MY QUERY IS IN WHICH HEAD THIS LOAN TAKEN IN CASH WILL BE ADDED. BECAUSE HE IS NOT FILING 3CD AS THE BUSINESS IS DECLARED IN 44AD. SO HOW THE ADDITIONS FROM 3CD WILL BE INCLUDED IN HIS RETURN OF INCOME. IN FY 2018-19 HE HAS A TOTAL BUSINESS RECEIPT OF RS20 L AND NP @ 10% IS RS 2.00 L + UNSECURED LOAN OF RS 5.00 L = 7.00 L IS HIS TAXABLE INCOME. PLEASE GUIDE HOW TO SHOW THIS 5 L IN HIS TOTAL INCOME IN THE RETURN SO THAT THE QUESTION OF ADDITION U/S 269SS WILL BE TAKEN CARE OF ASSESEE HIMSELF
BY: pradeep kumar agrawal
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| 40588 |
Feb, 29
2020
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GST - ( ANNUAL RETURN FY 2018-19 )
I have a query after seeing the Offline Tool for Annual Return with respect to FY 2018-19 . There is no row to adjust the amounts being adjustments relating to FY 2017-18 done in GSTR-3B/1 for FY 2018-19. How to show effect of the same in Annual Return for FY 2018-19. or is it not be shown at all?
BY: KASHISH CHAWLA
Total Answers : 0 | View Answers | Post Answers
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| 40585 |
Feb, 28
2020
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GST - ( GSTR-10 )
If the GST registration is cancelled by the department on failure to file returns for continuous period of 6 months or more and the taxpayer does not wish to continue his business, then in that case whether all the returns have to be filed upto the date of cancellation and then file GSTR-10 or we can directly file GSTR-10 without filing previous returns.
BY: Aman Jain
Total Answers : 2 | View Answers | Post Answers
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| 40581 |
Feb, 27
2020
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GST - ( POWER OF SPECIAL SECRETARY_CBIC )
Dear all,
As all of you are aware that CBIC in its special drive has started sending mails demanding interest for belated filling of 3B after passing an internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 by Special Secretary,CBIC .
One of our clients got such type of mail.We have given our submission citing provisions and case laws.In response to that submission honble superintendent revert following mail to us.I am sending that mail in toto to all of you for my information and knowledge that WHETHER A SPECIAL SECRETARY HAS GOT POWER TO SUPERSEDE HIGH COURT`S JUDGEMENT ???
Awaiting for your response.
Dear Taxpayer,
in response to your letter, this is for your kind information that the amendment what you have stated in your reply has not been notified by the Government till date. Section 50 of the CGST Act, 2017 is very clear in this regard. Hence, you claim of payment of interest on cash amount is not sustainable. Secondly, despite of judgement of Madras High Court, Special Secretary, CBIC superseding the Judgement of Madras High Court, vide D.O. letter dated 10.02.2020 has ordered to recovery the interest on Gross Tax and Gujrat High Court's interim stay order is not a final order. Therefore, you are again requested to deposit the interest amount failing which recovery proceeding under Sub-Section 12 of Section 75 of the CGST Act, 2017 will be initiated against you.
Thanking you
Yours faithfully
(Nikhilesh Bhattacharyya )
Superintendent of Central Tax & Cx
Range-IV: Junglepur CGST & CX Division
BY: SUDIP KUMAR MUKHOPADHYAY
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| 40583 |
Feb, 27
2020
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MISC. - ( NAFRA-2 )
With regard to Form NFRA-2, following clarifications are required. It would be very helpful for us to file the form accurately.
1. Under clause 3b - Whether the Auditor filing the annual return has been subjected to any other reviews by other regulators ? - Do an auditor regulated by ICAI, need to report its peer review conducted by ICAI.
2. Under clause 4 (AUDIT CLIENTS AND AUDIT REPORTS OF THE AUDITOR) of the Form NFRA-2, do an auditor who has been appointed as the branch auditor of Banks, Insurance Co., or other companies etc. are also required to report under this para.
BY: SAHIB CHOUDHARY
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| 40580 |
Feb, 26
2020
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DIRECT TAXES - ( 079710 )
w.r.t foreign payment made there arose a TDS liability, but inadvertently the same was grossed up in form 15CA as well as form 15CB . In consequences thereof, an excess of TDS is being deposited to the IT department. Now , Can we adjust the excess TDS deposited in another payment made to the same person if yes what is procedure for adjustment .
BY: SANDEEP KAPOOR
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| 40578 |
Feb, 24
2020
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GST - ( GST FOR TRANSPORTER )
Company is engaged in providing transport service. GST has to be paid under RCM method by the service receiver. Now, in one cases company itself is paying GST under Forward Charge Mechanism(FCM) approach.
Can it be possible to opt RCM in few cases & FCM in few cases.
BY: Shobhit Bansal
Total Answers : 2 | View Answers | Post Answers
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| 40579 |
Feb, 24
2020
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DIRECT TAXES - ( TDS ON ROYALTY )
Dear Experts
There is a change in the royalty definition in the budget 2020 which includes now the sale of cinematagrophic films also. So will this apply to Section 9 , the intended section only or will it apply to Section 194J (tds section also,as they both have the same definition)
BY: T.R.S. PATHY SENTHIL
Total Answers : 3 | View Answers | Post Answers
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| 40576 |
Feb, 22
2020
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AUDIT - ( AUDIT REQUIREMENT )
An asessee having Net profit less than 8%,Having Credit limit from Banks for more than 10 Lacs,Having Cash receipts more than 5 percentage,Having Cash payments more than 5% are required to get tax audit done irrespective of whether Turnover is up to 5 crores or more than 5 CroresTurnover . Am I correct ?
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 40577 |
Feb, 22
2020
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AUDIT - ( TAX AUDIT APPLICABILITY FY 2019-20 )
A Company whose turnover is Rs. 4 crores in fy 2019-20 and has more than 95% of its transactions in sales and purchases in electronic mode
in aforesaid case will tax audit not be applicable to the company as per the proposed amendment made in finance act 2020 wherein the limit specified in said cases ie more than 95% of transaction in sales and purchases thru electronic mode is upto Rs. 5 crores
BY: iyengar madhavan
Total Answers : 3 | View Answers | Post Answers
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| 40573 |
Feb, 21
2020
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GST - ( GST ON TRANSPORT SERVCIE )
My client is carrying business of transport of molasses, and raised invoice to 1) Ltd Company 2) sugar Factories 3) Goods transport agency in different situations. Out of these cases on which GST applicable and at what rate??
BY: Ninad Prataprao Shete
Total Answers : 1 | View Answers | Post Answers
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| 40574 |
Feb, 21
2020
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GST - ( GST ON TRUST )
Contribution Received by Trust from Its members which will be spend for the benefit of members. whether Trust is liable to pay GST on such contribution?
BY: SIDHARATH SUSHIL KUMAR BANSAL
Total Answers : 2 | View Answers | Post Answers
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| 40572 |
Feb, 20
2020
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GST - ( INTEREST FOR BELATED FILLING OF 3B )
After the internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 comes into play regarding recovery of interest on gross tax liability for belated return filling of 3B,concerned GST officers have started sending notices to registered persons regarding payment of interest.Will Madras HC`s judgement in Refex Industries Ltd`s case be of any help in this regard ?? Please let me know.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 40569 |
Feb, 14
2020
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GST - ( APPLICABILITY OF GSTR-9D )
Respected Sir/ Mam,
1) What is date of applicability of GSTR-9D (As per Rule-80) and from which financial year it become applicable?
2) Whether applicability is mandatory or optional?
3) Whether said form is fill by member or Clients?
BY: BRIJEN
Total Answers : 1 | View Answers | Post Answers
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| 40568 |
Feb, 13
2020
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DIRECT TAXES - ( TAXATION OF UNREGISTERED TRUST )
If trust is not registered under income tax than income shall be taxable as if income in the hands of AOP. AOP taxation depends on his member's share identity. than my Question is in case of unregistered trust how to check member's share?
BY: PRAKASHKUMAR HASMUKHLAL THAKKAR
Total Answers : 1 | View Answers | Post Answers
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| 40567 |
Feb, 11
2020
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GST - ( RCM, BILLING IN TRANSPORTATION )
CAN A TRANSPORTER BILL FOR FREIGHT UNDER RCM TO MAIN TRANSPORTER. SUPPOSE X IS A SUB TRANSPORTER WORKING FOR Y MAIN TRANSPORTER. AND A IS TRADER GIVEN TRANSPORT CONTRACT TO Y FOR MATERIAL DELIVERY. AND Y IN TURN OFF LOADED THE TASK TO X FOR DELIVERY. SO MY QUERY IS WHETHER X CAN BILL UNDER RCM TO Y FOR TRANSPORTATION.
BY: pradeep kumar agrawal
Total Answers : 2 | View Answers | Post Answers
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| 40566 |
Feb, 10
2020
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DIRECT TAXES - ( RECTIFICATION OF ERRORS )
Mr. A had filed his Income tax return for AY 2017-18 on 22.12.2017 claiming no refund and also no tax were payable in that year. While filing his return due to an oversight, under Income from House Property, he had claimed 50% ownership instead of 100% ownership. The department has also issued intimation u/s 143(1) on 03.03.2018. After realizing the mistake, the assessee now wants to correct this mistake. But online rectification in e-filing portal is not allowed now, as the Gross Total Income is changing due to the above mentioned correction. Also there is no option available for revised return in e-filing portal for AY 2017-18 due to time bar. When enquired the above mentioned position with CPC, they advised us to approach the Assessing Officer.
But the query is: whether we should approach the assessing officer for revising the return or making a rectification for AY 2017-18.
Thanking you in advance.
CA T.V.S Raghavan
BY: T.V.SRINIVASA RAGHAVAN
Total Answers : 1 | View Answers | Post Answers
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| 40565 |
Feb, 08
2020
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GST - ( WRONG TURNOVER IN GSTR 9C )
While entering Turnover as per audited financial statement in gstr 9C i include turnover of other unit of april 17 to june 17 by mistake because prior to Gst one books of accounts was maintained.
What should i do to correct this error?
BY: SUSHIL KUMAR
Total Answers : 2 | View Answers | Post Answers
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| 40563 |
Feb, 07
2020
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GST - ( TAX PAID ON DETENTION OF GOODS FOR NOT CARRYING E WAY BILL )
Goods transported after raising invoice, but Eway bill was not generated. GST officials detained the goods and later released the goods on payment of tax and equal penalty.
My doubt in this regard is , what is to be done on filing 3B for the month, if taxable value and tax is entered in form 3B , extra tax to be paid for filing.
What is the treatment of the invoice in GSTR 1.
BY: DEEPA SURESH
Total Answers : 1 | View Answers | Post Answers
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| 40561 |
Feb, 04
2020
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DIRECT TAXES - ( TAX EFFECT ON ITEMS PASSED THROUGH OCI )
In the case of IND AS companies, certain items are passed through OCI. While computing income tax, we start from P & L profit or loss. Whether effect should be given for items passed through OCI? In the case of MAT paying companies u/s.115JB, CBDT has come out with a circular that starting point is PBT. But in the case of other companies, whether items in OCI should be given effect in tax computation? Please clarify. IND AS 1 says that OCI items should be net of taxes. Does it mean that OCI items have to be considered in computing taxable income?
BY: balasubramanian
Total Answers : 0 | View Answers | Post Answers
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| 40556 |
Jan, 29
2020
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GST - ( REGARDING GST TAX LIABLITY )
There is problem regarding GST tax bifurcation. Actually, As per books it has been shown as IGST liablity and same has been paid under IGST head but it was supposed to be CGST and SGST liablity. During the GST audit , In annual return it has been corrected and shown under correct head . But problem arises how to show the same in GSTR 9C figures as per audited books of account and how to deal it.
BY: Binod Kumar Banka
Total Answers : 3 | View Answers | Post Answers
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| 40557 |
Jan, 29
2020
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GST - ( REGARDING GST TAX LIABLITY )
There is problem regarding GST tax bifurcation. Actually, As per books it has been shown as IGST liablity and same has been paid under IGST head but it was supposed to be CGST and SGST liablity. During the GST audit , In annual return it has been corrected and shown under correct head . But problem arises how to show the same in GSTR 9C figures as per audited books of account and how to deal it.
BY: Binod Kumar Banka
Total Answers : 0 | View Answers | Post Answers
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| 40558 |
Jan, 29
2020
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AUDIT - ( APPOINTMENT OF AN AUDITOR IN CASE OF NON-PAYMENT OF UNDISPUTED FEES )
Can a CA in practice take the Appointment of an Auditor in case of non-payment of undisputed fees of a private limited company having their net worth is negative? And there is a case pending litigation with previous auditor already.
whether following provision will applicable and can the new auditor take the appointment as it is a sick unit?
will private limited company having negative net worth is considered as sick unit in the above case?
company went to strike off status with MCA because non filing of annual return. since the old auditor makes an objection the new auditor could not take up the engagement.
7.0 A member of the Institute in practice shall not accept the appointment as auditor of an entity in case the undisputed audit fee of another Chartered
Accountant for carrying out the statutory audit under the Companies Act, 1956 or various other statutes has not been paid:
Provided that in the case of sick unit, the above prohibition of acceptance shall not apply.
7.1 Explanation 1:
For this purpose, the provision for audit fee in accounts signed by both – the auditee and the auditor shall be considered as “undisputed” audit fee.
7.2 Explanation 2:
For this purpose, “sick unit” shall mean where the net worth is negative.
Please guide
BY: ANSAR ABDUL RAZAK
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| 40559 |
Jan, 29
2020
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COUNCIL DECISION - ( APPOINTMENT OF AN AUDITOR IN CASE OF NON-PAYMENT OF UNDISPUTED FEES )
Can a CA in practice take the Appointment of an Auditor in case of non-payment of undisputed fees of a private limited company having their net worth is negative? And there is a case pending litigation with previous auditor already.
whether following provision will applicable and can the new auditor take the appointment as it is a sick unit?
will private limited company having negative net worth is considered as sick unit in the above case?
company went to strike off status with MCA because non filing of annual return. since the old auditor makes an objection the new auditor could not take up the engagement.
7.0 A member of the Institute in practice shall not accept the appointment as auditor of an entity in case the undisputed audit fee of another Chartered
Accountant for carrying out the statutory audit under the Companies Act, 1956 or various other statutes has not been paid:
Provided that in the case of sick unit, the above prohibition of acceptance shall not apply.
7.1 Explanation 1:
For this purpose, the provision for audit fee in accounts signed by both – the auditee and the auditor shall be considered as “undisputed” audit fee.
7.2 Explanation 2:
For this purpose, “sick unit” shall mean where the net worth is negative.
Please guide
BY: ANSAR ABDUL RAZAK
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| 40555 |
Jan, 27
2020
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IFRS - ( EEFC ACCOUNT- ACCOUNTING TREATMENT )
Dear All,
As per AS 11, ICAI Compendium of Opinions, Vol XXIX,all transactions whether involving receipt of foreign currency or payment in foreign currency, should be recorded at the exchange rate as on date of transaction.
EEFC accounts should be recorded at the exchange rate on the date of transaction.
The Company can not account for the payments from EEFC accounts at the exchange rates applicable to receipts without considering the exchange rates prevailing on the dates of payments from the accounts.
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My query is as under.
Our organisation have EEFC account.
If We have made export of 100 USD and We are receiving 100 USD at a time.
Against on same day We have import payment from EEFC too, amounting to 40 USD.
For E.g. Buy Rate 70, Sell Rate 72
We received from Bank net payment advise for 60 USD*72=Rs 4320.
Now, if as per AS respective rates are taken in which bank EEFC account is maintained, Following entries are passed.
100 USD*72= Rs 7200 Receipt
60 USD*70= Rs 4200 Payment
Net Receipt Rs 3000
However as per payment advise it is Rs 4320 as with same USD rate payment is knocked off.
So whether should be record gain of Rs 1320 (as per Accounting Standard Rs 3000 vs. Actual Received Rs 4320).? Please guide.
Also EEFC account needs to be shown separately in Balance Sheet under Cash and Bank balance?
BY: Pujit
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| 40554 |
Jan, 25
2020
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Income From House-Property - ( JOINT DEVELOPMENT AGREEMENT )
In case of Joint Development Agreements, post 01.04.2018, section 49(7) defining cost of acquisition of property and section 45(5A) defining sale consideration are similar (assuming no change in stamp value over a period of 2-3 years). This results in the cost of acquisition and sale value being the same and hence no capital gain arises. Is my understanding correct?
Can this be considered as an initiative by the Government to senior citizens, who usually want to develop their old/existing houses, without much liquid resources to spare in case of capital gains arising out of completion of building. Please clarify regarding the same.
Also, if one of the newly developed flats is sold a year later, what will be the cost of acquisition of the property and when it will be considered long term and short term respectively?
BY: CA. ANURADHA A V
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| 40552 |
Jan, 24
2020
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GST - ( INPUT CREDIT UTILISATION )
Dear Sir, Please clarify whether output tax liability under gst can be set off against subsequent input tax credit earned which is also appearing in electronic credit ledger i.e. output tax liability was of march 2018 and input tax credit earned in december 2019 which is appearing in electronic credit ledger?
Thanking in anticipation
BY: Abhinav Chaurasia
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| 40550 |
Jan, 23
2020
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GST - ( DISCLOSURE IN GSTR9C WHERE TURNOVER IS DISCLOSED IN PROFIT & LOSS ACCOUNT INCLUDING GST )
The entity has disclosed the gross turnover as well as purchases in profit and loss account including GST. The additional amount payable through cash ledger is also debited to profit and loss account. The GST amount is stated separately but debited to profit and loss account. The GSTR 3B and GSTR 1 are filed correctly disclosing the net turnover and input is correctly claimed. Can the component of GST in the gross turnover can be separated and stated in 5O of GSTR9C as "adjustment of turnover due to reasons not listed above"?
BY: SANTOSH JAGANNATH PAI
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| 40549 |
Jan, 22
2020
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DIRECT TAXES - ( COLLECTION OF AGENT )
DEAR ALL,
FACTS : A PERSON IS CARRYING ON A CENTRE FROM WHERE HE COLLECTED CASH AND PAID TO WBSEDCL FOR PAYMENT OF ELECTRICITY BILLS. IN FY 2017-18 TOTAL DEPOSIT IN BANK WAS AROUND 60 LACS.BUT ENTIRE AMOUNT PAID FOR PAYMENT OF ELECTRICITY BILLS. ITO HAS ADDED ENTIRE AMOUNT U/S 69.
QUERY : PLEASE PROVIDE ANY CASE LAW TO GO FOR APPEAL .
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 40546 |
Jan, 21
2020
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GST - ( TRATMENT OF ITC DIFF IN GSTR9 )
Details of Query:
- ITC ledger as per audited books of account (F.Y. 17-18) Rs.
100
- ITC as per filed 3B for F.Y. 17-18 was Rs. 90
- But actually our eligible ITC was only Rs. 60.
Hence we reversed excess claimed ITC of Rs. 30 in 3B returns of next F.Y. 18-19 and also reversed ITC excess ITC of Rs .40 in books of FY 18-19 (since FY 17-18 were audited).
What will be treatment in GSTR 9 C Form ???
Is below treatment would be correct one or Other, please suggest ?
Point 12 in Pt. II of Form 9C
12.A. - ITC availed as per audited Annual Financial Statement : i.e. 100
12.E. - ITC claimed in Annual Return (GSTR9 – point 7J): i.e. 90
12.F.- Un-reconciled ITC : 10
Then we can mention - Reasons for un-reconciled difference in ITC can be writteen as under:
Reason 1 .ITC reversed in 3B of next filed 3B return Rs. 30
Reason 2. ITC Reversed in books of F.Y. 18-19 (but related to Previous year F.Y. 17-18) Rs. 40.
Thanks.
BY: RAJENDRA SEWDA
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| 40547 |
Jan, 21
2020
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GST - ( GST LIABILITY )
A person is taking tutions and he has taken GST no for a part time business on which no sale has taken place yet. Whether his tution Incme will also come under GST
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 40544 |
Jan, 18
2020
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GST - ( GST REGISTRATION )
Persons turnover (from services) crossed 20L. Into supply of services. Complete turnover comes from single transaction. He also get rental from commercial building of Rs 10000 per month. Getting registered now. How to pay tax for the period in which he is not registered and should have been registered? What pe
BY: Sai Ram
Total Answers : 2 | View Answers | Post Answers
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| 40542 |
Jan, 17
2020
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GST - ( RCM LIABILITY )
RCM Liability on inward supplies related to F.Y.2018-19 found on review of GSTR2A but paid in next financial year i.e.2019-20 (July,2019) & also ITC taken in GSTR3B in the same month.Now quary relates to GSTR9 i.e. Annual Return whether to shown or not in yes then in part or column.
BY: SANJAY BAHETI
Total Answers : 4 | View Answers | Post Answers
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| 40543 |
Jan, 17
2020
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GST - ( RECONCILIATION BETWEEN GSTR3B & GSTR 2A )
my query related to disclosure in Annual return GSTR9 & Certificate in GSTR9C pertaining to F.Y.2018-19.
Detailed as under
How & where to shown the difference in ITC between GSTR 3B and GSTR2A due to inward supplies actually received in next F.Y. i.e. 2019-20 on receipt basis while supplier has shown the same in March,2019 through GSTR1(i.e.in our case GSTR2A) pertaining F.Y.2018-19 (A purchase bill of 31/03/2019 has accounted for in books in April,2019 and also considered ITC in April,2019 when goods received actually.
BY: SANJAY BAHETI
Total Answers : 1 | View Answers | Post Answers
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| 40539 |
Jan, 13
2020
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DIRECT TAXES - ( INCOME TAX )
Dear sir,
We have sold first floor of our shop. for Rs 17 Lcas. The WDV of the shop in our books is Rs 3.97 Lcas . We have deducted Rs 17 lacs from WDV. The result Profit on it. Can we claim Remuneration out of it or not.
BY: VIPIN GUPTA
Total Answers : 3 | View Answers | Post Answers
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| 40540 |
Jan, 13
2020
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CORPORATE & OTHER LAWS - ( ADMISION OF PARTNRER )
Sir
One of the partner of a firm expired without any will or other document for succession At present there is no partnership deed.,The unit has been acquired and the Partnership Deed is not there for claiming the amount. We want to give to wife of the said Partners because the children are not coming to settle.Please advise what precaution to be taken
CHARAN DASS SHARMA
BY: Charan Dass Sharma
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| 40536 |
Jan, 11
2020
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Capital Gains - ( 019493 )
An assessee has purchased a house property for 3 crores out of sale proceed of a vaccant site of Rs. 6.25 crores. After purchase of the new house property he has spent around Rs60 lakhs for installing Air Conditioners. solar Energy system, Moduler Kichen, LED Televisions, screens and blinds for windows,, etc and made cub boards , spent labour on them, to make the house to suit his needs and habitable for his style of living. The assessing officer disallow all the above allowing only 10 % of them saying that the builder himself has provided main fiacilities. whether his disallowance is correct?
BY: nagappan.sm
Total Answers : 1 | View Answers | Post Answers
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| 40534 |
Jan, 10
2020
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GST - ( INTERMEDIARY SERVICES )
An Intermediary service provider need to pay GST on services exported by him to foreign entity? If yes whether he needs to charge CGST & SGST or IGST? as services being provided to foreign company. also foreign amount is received in forein currency.
BY: sujaya
Total Answers : 2 | View Answers | Post Answers
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| 40531 |
Jan, 09
2020
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GST - ( ITC FOR IMMOVABLE PROPERTY )
WHEN THE ASSESSEE HAD MADE ROUTINE REPAIRS AND MAINTENANCE WORK (CONSTRUCTION) ON EXISTING IMMOVABLE PROPERTY. AND THE WHOLE EXPENSE IS DEBITED IN PROFIT AND LOSS ACCOUNT. MEANS NOT CAPITALISED ANY AMOUNT. CAN THE ASSESSEE TAKE ITC FOR GST PAID ON SUCH EXPENSES. THANK YOU.
BY: AJITKUMAR L PATEL
Total Answers : 2 | View Answers | Post Answers
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| 40532 |
Jan, 09
2020
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GST - ( CREDIT NOTE FOR EXPIRED GOODS )
A pharmacy dealing in medicines had returned some expired goods to the supplier. The supplier has replaced the goods with fresh stock and issued a credit note towards the goods supplied. The supplier reduced the amount of the credit note from fresh bill. The pharmacy has reduced the purchases to the extent of the credit note.No GST has been charged on the credit note. Whether the pharmacy/medical store is required to pay GST on the credit notes received? If not the reason for the same.
BY: SANTOSH JAGANNATH PAI
Total Answers : 3 | View Answers | Post Answers
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| 40533 |
Jan, 09
2020
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MISC. - ( UDIN )
We Are Certifying The P & L & B/S Of Client, To Whom Section 44AD Is Applicable By Making The Note As Unaudited Financial Statements On The Basis Of Which IT Return Is Filled. Is It Mandatory To Generate The UDIN For The Same. if UDIN is to generated then under which head is to be generated whether it is to be generated under certificate(others) or under audit & assurance.
BY: NADIR D SHAIKH
Total Answers : 3 | View Answers | Post Answers
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| 40530 |
Jan, 08
2020
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GST - ( INTERSTATE SALE SHOWN AS INTRA STATE IN GSTR3B )
IGST service invoice mistakenly prepared as intrastate and filed 3B and paid CGSTand SGST in cash as there was no ITC.mistake found before filing quarterly gstr1..whats the remedy...? To correct the invoice as interstate.
Will raising a credit note and issuing a correct invoice on the same date is ok..?
Any chances of interest or penalty?
BY: AJESH V JOHN
Total Answers : 1 | View Answers | Post Answers
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| 40529 |
Jan, 07
2020
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GST - ( GST R 1 FOR GOVERNMENT CONTRACTOR )
1. WORK CONTRACT FROM GOVERNMENT CONTRACTOR T TO SHOW IN B 2 B OR B TO C?
2. GST TDS DEDUCTED RS. 10,000.00 AND RECEIVED 4,90,000.00 (ONLINE TDS SHOWING THIS AMONT). ON WHAT AMOUNT 10% IS TO BE CHARGED THAT IS TO BE PAID IN GSTR 3B?
BY: aditya banka
Total Answers : 2 | View Answers | Post Answers
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| 40528 |
Jan, 04
2020
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GST - ( SELLER MAKING SALES THROUGH ECOMERCE OPERATOR-SWIGGY )
A seller making sales through ecommerce operator-swiggy , in which gst is charged on value after discount but not on the pakaging charges .
in this case what will be our taxable value while filing gst returns
Also please help me where these ecommerce transactions to be shown in gstr-1
BY: MOHAMMED MASEEH UR REHMAN
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| 40526 |
Jan, 03
2020
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MISC. - ( VALUATION OF CLOSING STOCK )
Sir, one of our client has entered into manufacturing activities in that he will be using raw material in kg some in Meters and some in liters to bring the final product. We are facing a problem how to value the closing stock. kindly guide
BY: VIPIN GUPTA
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| 40527 |
Jan, 03
2020
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GST - ( GST )
We have showed excess sales in GSTR 3B and paid tax on it, sales as books is less we have put sales as per books figure in GSTR 9. Can you guide how can we claim the refund of excess tax paid in GSTR 3B. Which form to use
BY: VIPIN GUPTA
Total Answers : 2 | View Answers | Post Answers
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| 40524 |
Jan, 01
2020
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DIRECT TAXES - ( DISALLOWANCE MADE WITHOUT ANY INQUIRY THROUGH NOTICES U/S. 142(1) )
The assessee was issued show-cause notice under section 143 (2) for scrutiny, followed by notice u/s. 142(1) r.w.s. 129 of the Act along with a detailed questionnaire enclosed requesting the assessee to submit the details which were timely submitted by the assessee.
After reply from the assessee, Further Notices u/s. 142(1) were issued for the cash sales made to the certain customer and the assessee replied to it. In further 142(1) notices, there was nothing mentioned related to decline in the N.P. Ratio and disallowance of administrative expenses.
But in the order u/s. 143(3), disallowance of expenses was made without mentioning this issue in any of the show cause notice issued earlier.
BY: Hunny Badlani
Total Answers : 1 | View Answers | Post Answers
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| 40522 |
Dec, 31
2019
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DIRECT TAXES - ( 079710 )
The assesee has late depsoited ESI /PF which was reported in Form 3CD but employess contribution has not disallowed in ITR now CPC has added the same in ITR on the basis of Form 3CD whether any relief can be claimed ?
BY: SANDEEP KAPOOR
Total Answers : 6 | View Answers | Post Answers
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