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| 40949 |
Jan, 21
2021
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DIRECT TAXES - ( INCOME TAX RETURN FOR FY 2018-2019 )
Can Income Tax Return be filed for FY 2018-2019 ( AY 2019-2020) .ITR 1 required to be filed and tax liability is zero as all taxes are deducted by Employer u/s 192? In the event no Tax Return can be filed is fees u/s 234f to be paid voluntarily or after receipt of Notice.?
BY: ANIRBAN BASU
Total Answers : 1 | View Answers | Post Answers
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| 40947 |
Jan, 19
2021
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DIRECT TAXES - ( 103762 )
Can we cancel form 10IC filed through oversight. We have yet not filed the return. Relevant section 115BAA is but we would like to otp for section 115BA.
BY: DARSHAK MAGANLAL THAKKAR
Total Answers : 1 | View Answers | Post Answers
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| 40946 |
Jan, 18
2021
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Companies Act, 2013 - ( CHANGE IN STATUS FROM INDIVIDUAL AUDITOR TO INDIVIDUAL AUDITOR'S FIRM (PAN IS SAME) )
The ADT-1 filed for the year is in the name of Individual auditor. However, later the Individual auditor registered his firm as a sole proprietorship. PAN of Auditor is the same. Only change in there is a firm registration number.
Should there be ADT-3 filed and new ADT-1 or can the matter be ratified in the Board Meeting and in the AGM.
To re-iterate, the signing auditor is the same. Only change is individual firm.
Alternatively, can the signing auditor sign as a individual and not as a firm.
BY: Lokesh Chajed
Total Answers : 0 | View Answers | Post Answers
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| 40944 |
Jan, 16
2021
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AUDIT - ( TAX AUDIT )
Can a multinational company involved in Tax Audit work put a condition that Tax Audit report can be used only by Income Tax Authorities and not by anybody else
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40943 |
Jan, 11
2021
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ANNOUNCEMENT - ( TENDER FOR IFCOFR )
Want to upload RFP for appointment of consultant for implementation of Internal Financial Control over Financial Reporting (IFCOFR) in UCO Bank under opportunity section in PDICAI website.
BY: PRAVEEN JAIN
Total Answers : 0 | View Answers | Post Answers
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| 40940 |
Jan, 08
2021
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GST - ( UPDATES )
how do i get updates from GST portal before 23.10.2020 from news and updates..
Link - https://www.gst.gov.in/newsandupdates
i can't find from cbic, journals, newsletters etc.
BY: shubham
Total Answers : 0 | View Answers | Post Answers
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| 40942 |
Jan, 08
2021
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INDUSTRY WATCH - ( 1625832 )
how do i get all updates from icai on e-mail?
because icai publish new mcq material without intimating to students .
without informing to students icai change study material chapter or add new material on their bos knowledge portal how do i get updated about this type of matters so my study won't affect and not to be depend on private tutors?
any RSS feed or web monitor or email alert facility provided by icai to students or members?
BY: shubham
Total Answers : 0 | View Answers | Post Answers
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| 40936 |
Jan, 04
2021
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TDS/TCS - ( TDS ON SALARIES )
In case pvt ltd Co. having turnover of Rs 2.5 cr and having 2 directors, TDS on salaries is not deducted by the company and Form 24Q not filed for all 4 Quarters .
However in the person income Tax Return of both directors, Salaries from companies are properly reported and Self Assessment tax paid.
Query : In this situation is company required to Deduct and pay TDS and File TDS Return .
Thanking you
BY: samirkumar gokulbhai kasvala
Total Answers : 4 | View Answers | Post Answers
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| 40935 |
Jan, 03
2021
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OTHER BODIES - ( ETHICS )
can a practicing ca can do Intraday Share Trading Transactions . Because of COVID19 my practice has declined sharply. If any permission from Institute is required , please let me know the forms and formalities to be done.
BY: chandrol sanjay singh
Total Answers : 1 | View Answers | Post Answers
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| 40933 |
Jan, 02
2021
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GST - ( NEW GST RETURNS )
Under the new Scheme of GST returns wef 1-1-2021(For Turnover less than 5 crores) Either You have to file Monthly GSTR 1 and 3B or You can opt for filing monthly B2B data of sales,Pay taxes on monthly basis and then again submit B2C customers figures quarterly.Donot members agree that Second option is practically more cumbersome
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40932 |
Jan, 01
2021
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DIRECT TAXES - ( HOW TO FILE ITR FOR CHANGES IN PARTNERS )
There were 19 Partners in a LLP . Since 1.10.19 the number of Partners increased to 32. accordingly their Profit sharing Ratio changed.
Whether 2 Profit and Loss and Balance Sheets will be filled in Computation of Income.
In 3CD , changes in Partners will be filled and a single 3 CD will be filled. How to show different Profits of the Partners for two periods
Kindly guide me
BY: AJAY JAIN
Total Answers : 1 | View Answers | Post Answers
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| 40929 |
Dec, 26
2020
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Capital Gains - ( SALE OF LAND AFTER PLOTTING BY POWER OF ATTORNY HOLDER )
A(GRANDFATHER)
B(GRANDSON)
A MADE A POWER OF ATTORNY IN THE NAME OF B.
B SOLD CERTAIN PART OF THE LAND IN PLOTS I.E AFTER PLOTTING
A DOESNOT HAVE PAN NO.
IN ALL THE SALE DEED(BENAMAS) B's NAME is SHOWN AS HOLDER OF POWER OF ATTORNY ALONG WITH HIS PAN NO.
NOW A IS NO MORE & HIS ONLY LEGAL HEIR IS B .THEN HOW SHOULD THIS BE REFELECTED IN ITR OF B ?
BY: ARIHANT JAIN
Total Answers : 3 | View Answers | Post Answers
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| 40927 |
Dec, 25
2020
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GST - ( GST REFUND )
Certain GST Officials are reducing GST refund figs stating that deduction is on trading activity if manufacturer is also doing trading. Whether they are right .We calculated refund as per
the formala given on portal
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40921 |
Dec, 19
2020
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GST - ( 054873 )
GTA charges 5% or 12% GST.
1. At what rate is RCM payable?
2. Is RCM mandatory for GTA services whether GTA has paid GST or not ?
3.What is the status of GST paid by the GTA in the hands of the recipient ?
BY: Suprakas Chaudhuri
Total Answers : 2 | View Answers | Post Answers
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| 40922 |
Dec, 19
2020
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DIRECT TAXES - ( ESOPS ALLOTED IN USA )
An individual resident in India received 62 ESOPS in USA in FY 2018-19. At the time allotment 20 ESOPS were deducted as TDS by the company. Now in FY 2019-20 these shares allotted were sold in USA and earned profit of around 80000.00 Rs. Other Income of the assessee is around 45 Lac Rs.
What will be the tax treatment of the shares sold in USA for FY 2019-20. Is there any specific DTAA provision, through which tax benefit can be claimed?
BY: CA. SHAH DIWAKAR
Total Answers : 2 | View Answers | Post Answers
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| 40919 |
Dec, 15
2020
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DIRECT TAXES - ( HOW TO CLAIM TDS OF FORM 16D IN ITR 3 )
There is a deduction of TDS u/s 194M and Form 16D is issued. Now the contractor wants to file ITR 3. But in ITR 3 Schedule Name TDS contains no field for TDS of Form 16D. TDS 1 is for Form 16, TDS 2 is for Form 16A and TDS 3 is for Form 16B/16C.
Please let me know how to claim the amount of TDS of Form 16D in ITR 3.
BY: Rupesh Sakhi
Total Answers : 1 | View Answers | Post Answers
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| 40917 |
Dec, 11
2020
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MISC. - ( EXPERIENCE COUNT ON CHANGE OF TRADE NAME )
Hello all,
I want to change trade name of my firm which is 12 years old and also change its constitution from proprietorship to partnership firm. What will happen to my experience count in Bank Audits and in various tenders?
Kindly suggest method to change trade name and retain experience.
Thanks and regards
BY: RAJESH SINGHANIA
Total Answers : 0 | View Answers | Post Answers
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| 40916 |
Dec, 10
2020
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GST - ( PLACE OF SUPPLY )
Where is the place of supply of Gold online Auction.?
Seller : Kerala GSTN
Buyer : Tamil Nadu GSTN
Goods were collected by Buyer from the premises of Seller in Kerala.
BY: BIJIN
Total Answers : 2 | View Answers | Post Answers
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| 40915 |
Dec, 08
2020
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Income From Salary - ( INCOME FROM BUSINESS OR PROFESSION )
I am professor in college. My salary is 22 lakh for Financial year 2019-20. And in addition to salary, I received
(1) Rs. 30000/- (thirty thousand) from answersheet evaluation
(2) Rs. 50000/- (fifty thousand only) as honorarium from examination duty
In this regard, my question is that can I fill ITR-4 for AY 2020-21?
Is it possible to fill above additional income given in point no 1 and 2 in ITR-4 (BP) tab under 44........
BY: ASHISH KUMAR BAJPAI
Total Answers : 3 | View Answers | Post Answers
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| 40913 |
Dec, 05
2020
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Capital Gains - ( LONG TERM CAPITAL GAIN )
X AN INDIVIDUAL SOLD THE FLAT ON NOV 2019, AND EARNED A CPAITAL GAIN OF RS 20 L. HE ALREADY POSSES A HOUSE ALONG WITH HIS SON. NOW MY QUERY IS WHETHER HE CAN PURCHASE ANOTHER HOUSE BY INVESTING FLAT CAPITAL GAIN OF RS 20 L AND THEREBY CAN SAVE CAPITAL GAIN. WHAT WILL BE THE TIME LIMIT OF INVESTMENT IN 54EC BOND CONSIDERING SALE AGREEMENT ON 01.11.20, AND WHETHER HE CAN INVEST THE PROCEEDS IN ANY CAPITAL GAIN SCHEME ACCOUNT TO BE OPENED IN ANY NATIONALISED BANK FOR USE IN PURCHASE OF ANOTHER RESIDENTIAL UNIT, BUT AS ON DATE HE IS HAVING A HOUSE JOINTLY OWNED WITH HIS SON.
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40914 |
Dec, 05
2020
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Capital Gains - ( CIRCLE RATE OF FIXED ASSETS )
X AN INVIDIUAL SOLD A FLAT AT A PRICE OF RS 45 L WHEREAS THE CIRCLE RATE IS 61 L, IN NOV2019 SO WHICH AMOUNT WILL BE CONSIDERED FOR SALE VALUE TRANSACTION AMOUNT OF CIRCLE RATE / +/- 10% OF TRANSACTION PRICE. PLEASE SUGGEST
BY: pradeep kumar agrawal
Total Answers : 2 | View Answers | Post Answers
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| 40911 |
Dec, 03
2020
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Capital Gains - ( 075030 )
Mr. A and Mr. B and M/s ABC Limited (Collectively "landowners") entered into JDA with M/s XYZ Limited ("Builder")in the FY 2012-13 for developing housing project on their land and received a refundable token advance of Rs. 3 lacs. Project was not completed in time and the time is extended by mutual consent between parties on 30/05/2018. Project is consisting 3 multistory building of 48 flats each. As per agreement landowners will get 40% of fully developed constructed unit/ area in proportionate of their land contribution ratio balance 60% builder will get. The first multistory building was completed in FY 18-19 as per completion certificate issued by the competent authority. Builder and the landowner sell 18 flats out of 30 flats in FY 18-19, 14 flats in FY 19-20, 3 flats in FY 20-21 and balance flats shall be sold in coming years. Builder and landowners have distributed the sale consideration, with mutually consent, in proportion as mentioned in JDA in the year in which sale took place. Land acquired by Mr A in FY 1998-99 say 10 lacs and Mr B for Rs. 15 lacs and M/s ABC Limited in FY 2003-04 for Rs. 75 lacs.
Queries:
01. How LTCG calculated in the hand of landowners. Whether the same is arise in the year in which sales have been made or in the year in which completion certificate is received or sale consideration actually received from the builder in proportionate to the land utilized in a particular year/ registry.
02. What is Cost of acquisition for the landowners. Whether indexation will be given upto the date of JDA or to the date of completion certificate or to the date of registry or to the date of amount actually received from the builder.
03. As the LTCG arises in more than one year, what will be the time limit to make investment u/s 54 and 54F etc.
BY: Navin K. Gupta
Total Answers : 0 | View Answers | Post Answers
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| 40912 |
Dec, 03
2020
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Companies Act, 2013 - ( RATE OF DEPRECIATION. )
AT THE TIME OF FINALIZATION OF BOOKS OF ACCOUNTS OF PRIVATE LIMITED COMPANY, WHICH RATE OF DEPRECIATION WE HAVE TO TAKE. AS PER COMPANIES ACT OR INCOME TAX ACT. CAN I TAKE RATE OF DEPRECIATION AS PER INCOME TAX ACT AT TIME OF FINALIZATION OF BOOKS OF ACCOUNT. SO THAT THERE IS NO TIMMING DIFFERENCE IN DEPRECIATION. AND THEREFORE THERE IS NOT NEED TO CALCULATE ANY TIMING DIFFERENCE FOR DETREMINATION OF DIFFERED TAX. THANK YOU.
BY: AJITKUMAR L PATEL
Total Answers : 3 | View Answers | Post Answers
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| 40908 |
Nov, 30
2020
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MISC. - ( ADMISSION OF PARTNERS )
Date of Stamp Paper is 21.12.2019. for Partnership Deed
Existing Partners w.e.f. 01.01.2016
New Partners Added : Effective Date
1. 21.12.2019
2. 30.12.2019
3. 31.12.2019
And
4. 04.06.2020. All new partners should be added in ONE Stamp paper dated above 21.12.2019 using date of deed execution 04.06.2020 OR Otherwise. Thanking you
BY: SUBHASH CHAND
Total Answers : 2 | View Answers | Post Answers
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| 40909 |
Nov, 30
2020
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DIRECT TAXES - ( ICDS II )
According to ICDS II value of purchase,sale & stock will be taken including GST.But for accounting purposes we are not including GST element.Query is that Where do we show calculation or treatment of ICDS,only in clause 13(f) of 3CD or somewhere else also.Please let me know.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 1 | View Answers | Post Answers
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| 40907 |
Nov, 29
2020
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GST - ( NOT OBTAINING GST NO FOR A COMMISSION AGENT )
A commission agent earning 2% of Commission on goods sold through him having commission less than 20 lacs on yearly basis during 2017-18 to 2019-20 has not got himself registered in the belief that Rs 20 lacs is the threshold limit. What should he do know
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40905 |
Nov, 28
2020
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INTERNATIONAL BUSINESS - ( WRITE BACK OF PAYMENT FOR IMPORT BILLS )
My client has made imports of around 50 Lakhs four years back and due to bad quality of material it could not be sold. He has not paid the bills and now the overseas party has agreed to write off the entire amount. Can he do so without taking approval of RBI. Otherwise what should be the procedure for write off.
At the time of Audit if company write off the amount without taking the approval of RBI what should be responsibility to report or disclose as an Auditor.
BY: Dinesh Agarwal
Total Answers : 0 | View Answers | Post Answers
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| 40906 |
Nov, 28
2020
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Capital Gains - ( CGAS AND ISSUANCE OF CERTIFICATE BY CA )
My query is on LTCG, A person has sold a Plot in September 2020 and there is a long term capital gain. He has already entered into an ‘Agreement to sell ‘ with a seller to purchase a new residential property in Jan 2020, which he can claim exemption under 54F. But the possession of the same will be in Dec 2023 (4years after agreement to sell) when construction is complete. He wants to put unutilized amount in CGAS and make payment to the seller directly from that account, frequency of payment to seller is once in 3 months.
Please clarify the following:
1. Can he enjoy exemption under 54F by depositing the money in CGAS even though agreement was entered into to purchase the property ( 3 years is only for construction and not for purchase) and property is ready for possession after Dec 2023 ?
2. If yes, does he have time to utilize CGA amount till Aug 2023 (3 years from the date of transfer) ?
3. To open CG account with bank, bank is asking for certificate of computation of capital gain. Can CA issue that based on the details and document provided by him ? Agreement to sell also mentions some other approximate expenses/fees/taxes which have to be added to the purchase cost while computing net capital gain. As CAs cannot certify anything based on the estimated figure, how to deal with it ? Please clarify ?
BY: Mallika K R
Total Answers : 0 | View Answers | Post Answers
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| 40901 |
Nov, 27
2020
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DIRECT TAXES - ( INCOME U/S 56(2) )
A BUYER OF FLAT IS CHARGED FOR DIFF IN VALUE OF ACTUAL TRANSACTION PRICE OF BUILDING AND +/- 10% OF STAMP DUTY VALUE. MY QUERY IS IF THERE IS ANY WAY TO LOWER THE TAX BURDEN BY INVESTING IN ANY SCHEME, SO THAT WILL BE HELP FUL TO THE BUYER. BECAUSE THE SELLER IS COMPENSATED BY INVESTING THE DIFFERNETIAL AMOUNT IN 54EC, OR 54 . BUT CAN THE BUYER OF THE BUILDING IS ALSO ELGIBLE TO SAVE THE TAX BY INVESTING IN ANY BOND OR SCHEME
BY: pradeep kumar agrawal
Total Answers : 0 | View Answers | Post Answers
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| 40902 |
Nov, 27
2020
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DIRECT TAXES - ( INCOME FROM BUSINESS )
X AN INDIVIDUAL IS UNDER TAX AUDIT FOR ONE OF HIS TRADING FIRM, AS THE TURNOVER EXCEEDS 1 CRORE LIMIT. SO 3 CD IS REQUIRED IN HIS CASE. BUT SIMULTANEOUSLY BESIDES THIS FIRM HE IS RUNNING 2 VEHICLE FOR WHICH INCOME IS ASSESSABLE U/S 44AE. SO MY QUERY IS FOR SAME PAN ASSESEE CAN HE DECLARE FOR TRANSPORTATION BUSINESS INCOME U/S 44AE, WHILE FOR OTHERS TRADING BUSINESS INCOME U/S 44AB DULY AUDITED
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40903 |
Nov, 27
2020
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GST - ( GST AAPLICABILITY )
A Company in a scheme providing furniture to their employees and transferring the same to them at WDV as per INCOME TAX @10% at the end of 5 years
Company is not taking any Input credit . On transfer is it liable for GST ? If yes, how and what will be the value
Company engaged in electricity generation
Thanks in advance
BY: Krishna Prasad
Total Answers : 3 | View Answers | Post Answers
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| 40899 |
Nov, 18
2020
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DIRECT TAXES - ( DEDUCTION UNDER SEC 80 P )
A cooperative Society engaged in markrting of Milk produced by its members has filed its return for 2018-19 Previous year in Sep 20. As Deductions under Sec 80P is available if return is filed timely,Whether there is any solution (CPC Banglore has issued demand notice trating deduction as taxable income)
Whether there can be any benefit of extension in Return filing dates to sep 20 Further whether exemption limit for such cooperative societies is Rs 50000-
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40900 |
Nov, 18
2020
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DIRECT TAXES - ( EXEMPTION LIMIT FOR NRI )
An asessee has gone abroad for higher studies.His stay in 2019-20 was more than 182 days and will be resident only. Now in Previous Year 2020-21,his stay is less than 60 days whether he will be NRI for current year and his income from proprietory business running in his name in India will be taxable in india without exemption limit
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40896 |
Nov, 13
2020
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GST - ( GST REFUND )
We applied for GST refund of a client for 2018-19 who manufactures Cloth (Made from Manmade Fibre/Yarn) as well as Shawls
GST department had restricted Accumulation of input Credit of Certain types of cloth (wef 1-7-17 to 31-7-18) including cloth stated above and asking for Reversal of Accumulated Credit standing as on 31-7-2018 . They have already sanctioned GST refund for 2017-18 The asessee has closing stock as on 31-3-18 as well as 31-7-18 Now they are asking for return of already sanctioned refund for 2017-18 in view of various Notifications/Ciculars They are not considering Closing Stock while arriving at Reversals to make What our esteemed members think about it ?
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40892 |
Nov, 05
2020
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GST - ( REVERSAL OF CREDIT BALANCE OUTSTANDING IN CREDIT LEDGER )
GST authorities are asking us to reverse Credit balance outstanding in Credit ledger voluntarily, that can not be claimed as refund while filing Refund application. Whether they are right.
Secondally Whether there was relief provided in terms of time to file GST refund application because of Chrona Pandemic as they want to exclude Input surplus for delayed period also Please reply urgently. Thanks
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40893 |
Nov, 05
2020
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AUDIT - ( AS-3 APPLICABILITY TO CO-OP BANK )
Is it not mandatory for a Cooperative Bank to prepare Cashflow statement (along with P&L and B/S)?
If CFS is not included in the Financial statements, Will it be enough if the auditor qualifies in his report about non compliance with AS -3?
BY: Sarath_CA
Total Answers : 1 | View Answers | Post Answers
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| 40889 |
Oct, 31
2020
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GST - ( HOW TO UPDATE TABLE 17 OF ANNUAL RETURN, FOR PENDING RECORDS? )
Hi All, a taxpayer has filled details of HSN wise outward supply in Table 17 of Annual Return but the same is shown as pending records in GST portal, without displaying the appropriate numbers fed. Tickets raised in selfservice portal has been resolved as per them but the issue persists. How to overcome this technical problem? Please share your experience and thoughts! Thanks.
BY: CA. RAJESH KUMAR C
Total Answers : 1 | View Answers | Post Answers
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| 40888 |
Oct, 29
2020
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MERGER & ACQUISITION - ( PRACTICING CA-SOLE PROPRIETORSHIP AS WELL AS PARTNER IN A FIRM OF CAS SIMULTANEOUSLY POSSIBLE? )
Hi All, A practicing Chartered Accountant (CA) holding full time certificate of practice (COP) for the past 3 years in his/her individual registered Firm name of the ICAI as Sole Proprietorship, has been approached by a Firm of Chartered Accountants, to be a Partner in their Firm from a prospective date. Question is whether the individual, Sole Proprietorship Firm can also continue to be in existence and at the same time, the Firm can also admit him/her as Partner of their Firm? Is there any restriction in holding Sole Proprietorship Firm Name and Number, post joining the new/existing CA Firm as Partner? Intention is to retain the Sole Proprietorship Name and Style of individual CA as well as be a partner in the CA Firm at the same time. Please clarify. Thank you!
BY: CA. RAJESH KUMAR C
Total Answers : 2 | View Answers | Post Answers
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| 40881 |
Oct, 27
2020
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DIRECT TAXES - ( FORM 3CB-3CD )
Even after filing the Form 3CD in new schema(22nd October 2020), I am unable to upload the XML. It reads-
"The XML Schema is invalid. Please upload the XML in the correct schema.
At Line Number 194 - Invalid content was found starting with element 'ns3:TotalPurchase'_ One of
'{"http://incometaxindiaefiling_gov.in/F3CD":adjustment,
"http://incometaxindiaefiling_gov.in/F3CD":adjustmentWrittenDown}' is expected."
BY: Ritesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40882 |
Oct, 27
2020
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TDS/TCS - ( IN WHICH QUARTER DETAILS CAN BE INCLUDED )
payment of professional fees is as under
Q1 10000
Q2 15000
Q3 20000
Upto Quarter 2 payment of professional fees was less than Rs 30000 so no TDS is deducted but in Q3 cumulative payment has exceeded Rs 30000 so liability for payment of TDS arises on entire payment including Q1 and Q2 .
Our query is that while filing TDS return for Q3 , details of Q1 and Q2 can not be included. If we now go back to Q1 and Q2 and include these details then interest amount will have to be paid. So we want to know correct procedure.
BY: samirkumar gokulbhai kasvala
Total Answers : 3 | View Answers | Post Answers
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| 40883 |
Oct, 27
2020
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GST - ( 144183 )
A Construction company has entered in to Development agreement before March 2019, and also has opted old scheme where it is required to pay GST @ 18% (12%) while availing ITC. Question is whether the Land owners can take benefit of notification released on 29.03.2019, where the GST liability is shifted to Developers under RCM ? If not, can they pay the GST on construction cost plus 10% under rule 30? because paying GST @ 12% on FMV is not financial feasible. Is there any precedent or case law?
Thank you.
BY: Nikhil Shendye
Total Answers : 1 | View Answers | Post Answers
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| 40884 |
Oct, 27
2020
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GST - ( TRAN-1 CREDIT AND INPUT CREDIT )
A new unit took GST registration on 1st July 2017. They had made purchases just before that date and took tran -1 credit on the same. The unit is now thinking of closing and intend to forego tran-1 credit and some ITC credit available. There is no stock and everything is sold out. Is there any problem in filing the required forms for closure?
BY: SANTOSH JAGANNATH PAI
Total Answers : 1 | View Answers | Post Answers
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| 40885 |
Oct, 27
2020
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GST - ( COMPOSITION SCHEME )
What would be the GST rate applicable for a canteen in a movie theatre. Shall it be eligible for composition scheme at 1% or will it be treated as a restaurant
BY: T.R.S. PATHY SENTHIL
Total Answers : 1 | View Answers | Post Answers
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| 40879 |
Oct, 26
2020
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CORPORATE & OTHER LAWS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )
Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application.
1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ?
2. Also can anyone please share how the net worth of applicant co. will increase ?
3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ?
4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ?
Many thanks for your time. Awaiting kind response from the experts.
Siddharth
BY: SIDDHARTH MODI
Total Answers : 0 | View Answers | Post Answers
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| 40880 |
Oct, 26
2020
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INTERNATIONAL BUSINESS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )
Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth
BY: SIDDHARTH MODI
Total Answers : 0 | View Answers | Post Answers
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| 40878 |
Oct, 24
2020
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AUDIT - ( ASSIGNMENT/ AUDIT OF BANKS, PSU AND CAG )
Dear Senior Members,
Good morning, Hope you are doing great. I am requesting guidance for growing Audit practice.
With experience of 1 year in practice, I want to do Assignments and Audits which will help in getting exposure in Public Audits / Assignments.
Need guidance, suggestions and advices to develop my firm in right way to get satisfactory works as soon as possible.
Thank you for your time and Regards,
T RAJASHEKAR REDDY
BY: THAMATAM RAJASHEKAR REDDY
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| 40877 |
Oct, 23
2020
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GST - ( NON ACCEPTANCE OF PHYSICALLY GST 9C REPORT BY GST OFFICE )
Techical Issue in the Return Head of Annual GSTR 9:
Head: Pt IV ‘Details of Tax Paid as Declared in Return Filed During The financial Year’ Of table 9 of GSTR 9 due to that we are unable to Filed GSTR 9C of F.Y.2017-18
Issue:
While Filling the GSTR 9C, the error Message shown ”JSON ERROR” that is due to Technical error of not shown amount of Tax Payable in table 9 of Annual Return GSTR 9.
Q : Whether Assessee can file physical report GSTR 9C to Jurisdiction office ?
BY: SANJAY G GAJERA
Total Answers : 2 | View Answers | Post Answers
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| 40875 |
Oct, 21
2020
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DIRECT TAXES - ( SEC.115BAA )
A company has opted for lower rate of tax under sec.115BAA for FY 2019-20. It is a manufacturing company claiming additional depreciation till FY 2018-19. For FY 2019-20, it has opted sec.115BAA. It is a profit making company and there are no brought forward business loss or brought forward unabsorbed depreciation. During FY 2018-19, there were certain machinery items which were added for less than 180 days on which additional depreciation was claimed only at 10%. The balance 10% can be claimed in FY 2019-20. Since the Company has opted sec.115BAA, it has to forego this additional depreciation in FY 2019-20. As per proviso to sec.115BAA(2), whether the unclaimed additional depreciation of 10% has to be added back to the opening WDV of the block on 1.4.2019? Pls .clarify
BY: balasubramanian
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| 40876 |
Oct, 21
2020
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GST - ( REMOVE DUPLICATE INVOICES )
ASSESSEE HAD SUBMITTED GSTR-1 FOR THE MONTH OF JULY 2020 SHOWING THE SUPPLIES MADE AND TAX PAYABLE. ALL THE INVOICE DETAILS ARE SAVED AS PROVIDED BY THE SUPPLIER AND LATER ON HE FILED THE RETURN. BUT, UNEXPECTEDLY THE RETURN WAS FILED SHOWING NIL TURNOVER AND TAX PAYABLE DUE TO THE TECHNICAL GLITCH AT GST PORTAL, ALSO THE INVOICE DATA WAS NOT VISIBLE AFTER THE FILING OF RETURN GSTR-1 FOR JULY 2020. ASSESSEE THEN ENTERED THE SAME INVOICES OF JULY 2020 IN THE GSTR-1 OF AUGUST 2020 AND FILED THE SAME. HE THOUGHT THERE ENDS THE MATTER. BUT ON 12TH OCTOBER HE RECEIVED AN EMAIL STATING THAT THERE IS A TECHINAL ERROR IN THE GSTR-1 FOR THE MONTH OF JULY 2020 KINDLY RE-FILE THE SAME. SO, NOW ASSESSEE HAD RE-FILED THE RETURN GSTR-1 SINCE NON FILING LEADS TO PENAL CONSEQUENCES.
NOW, COMES THE TWIST THAT THE GSTR-1 FOR THE MONTH OF AUGUST CONTAINS INVOICES FOR THE MONTH OF JULY 2020 AND ALSO JULY 2020 GSTR-1 CONTAINS SAME INVOICES. THIS HAD CAUSED DUPLICATION OF INVOICES AND RESULTANTLY SAME INVOICE WAS APPEARING TWICE IN GSTR-2A OF RECEIPIENT.
KINDLY, PLEASE SUGGEST THE SOLUTION TO RECTIFY THE SAME AS THIS IS CAUSING DIFFERENCE BETWEEN TURNOVER AS PER BOOKS AND ALSO DIFFERENCE BETWEEN TAX PAYABLE AS PER GSTR-1 AND AS PER GSTR-3B.
BY: D R V NARENDRA REDDY
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| 40874 |
Oct, 19
2020
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DIRECT TAXES - ( SECTION 44AE V/S SECTION 44AD )
Can the transporter who doesn't own any Vehicle (trucks) but hires the vehicles from somebody for his transport business claim the benefit of section 44AE ? If not then can he avail the benefit under 44AD ??
Thanks in Advance..!!
BY: SHRUTI KUTE
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| 40872 |
Oct, 17
2020
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DIRECT TAXES - ( 075812 )
Dear sir,
CBDT has made some amendments in form 3cd. But new schema and utility is still not available for new format. Please suggest, can we upload tax audit report in old format ? Whether it will be valid efiling of report ?
BY: Rajesh Kumar Mandwariya
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| 40873 |
Oct, 17
2020
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GST - ( 210871 )
GSTR 2A for the month of September 2020 shows invoice and gst details based on GSTR 1 filed by the supplier, but not showing in GSTR 2B for ITC availability. On verifying noted that the supplier has lately filed GSTR 1. Please advice whether we can claim ITC in the month of September 2020 (based on entry in GSTR 2A) or in the month when it reflects in GSTR 2B? Please clarify
BY: NIRAJ PM
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| 40870 |
Oct, 15
2020
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TDS/TCS - ( PAYMENT TO NRI U/S 195 )
X a resident individual purchased a house property worth Rs 100 L, from NRI in India. The payment was made after deducting TDS at lower rate upon furnishing of certificate by NRI. We filed the TDS return, but we came to know that the traces did not allowed the lower rate of tds certificate, and raised a demand of full rate ie 10%+Cess . I found a mistake in drafting of certificate no , as the same was noticed by me in the qtrly tds return file redrived by traces. I get it corrected. But do we require to submit form 15CA/CB also. If we have earlier not submitted the same can we submit now. or is it an error due to misprint of lower certificate no. So far 15CA/CB is required in banking transactions. so do we have to mandatorily file form 15CA/CB for claiming lower tds rate in traces or not, please advice
BY: pradeep kumar agrawal
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| 40871 |
Oct, 15
2020
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GST - ( GST ON REP )
Development agreement entered after 01-04-2019. Construction involves all affordable housing (1% GST). 1) Do builder need to charge Landowner for construction service? If so, what rate? 2) Landowner has no other income. Do landowner need to get registered under GST if he sells his share of under construction apartment.
BY: Sai Ram
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| 40869 |
Oct, 12
2020
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GST - ( TURNOVER AS PER GST AND IT )
Dealer is a contractor providing labor to companies such as HUL for Door to door marketing and sales of products on the purchase price. Here dealer is issuing Invoice for amount of charges for services provided as labor contractor. Whereas he purchases product at his own and resell the product in cash to end cunsumers without any profit margin....... So my question is, Whether we should include amount he collect from customer by selling the product without profit margin in output supply for GST and also whether it is to be included in Turnover for section 44AB of Income Tax?
BY: KUNAL KALYAN TARGHALE
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| 40868 |
Oct, 11
2020
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AUDIT - ( ONEROUS CONTRACT AS PER IND AS 37 )
Onerous contract as per Ind AS 37 is one where the unavoidable cost of executing the contract exceeds the economic benefits expected to flow from the contract. Para 68 defines unavoidable cost as minimum of cost of fulfilling it and penalty payable for exiting from the contract. Suppose in a contract, no penalty is payable by either party at the time of exiting the contract or the contract is silent with regard to penalty clause as such, whether the contract can become onerous? In other words, if no penalty is payable then penalty is zero which can not exceed the cost to be incurred in the contract. So the contract can never be onerous. Is this view correct?
BY: balasubramanian
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| 40866 |
Oct, 10
2020
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GST - ( TRUCKS ON HIRE TO GTA )
Dear Sir,
One my clients is giving trucks on hire to GTA.He is not the owner of trucks but arranging the same from other Truck Owners to provide to GTA.
Please guide on whether the amount he is receiving from GTA will be exempt as per Sl. No-22 of Noification No.12/2017-Central Tax(Rate) under Services by way of Hiring to GTA or the same will be taxable under GST.
The Client is having turnover of more than 40 lacs from the amount he is receiving from GTA.
BY: Anuj Kumar Khaitan
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| 40863 |
Oct, 09
2020
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MERGER & ACQUISITION - ( CA PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM )
A & Co. is a proprietorship firm of CA Mr. A,
in which CA Mr. B and CA Mr. C are merging their proprietorship firms.
Whether A & Co can change their firm name to ABC & Co. before the merger or after the merger to maintain A & Co.'s total experience years?
Or A & Co. cannot change their name to ABC & Co. in order to maintain their total experience years? Any alternatives available to change the name of the firm?
BY: Hunny Badlani
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| 40864 |
Oct, 09
2020
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MERGER & ACQUISITION - ( CONVERSION OF PROPRIETORY FIRM TO PARTNERSHIP FIRM )
Hi all, I am having a proprietary firm since 2011. Now one of my junior have qualified CA and wanted to be my partner. In this regard my concerns are;
1.Will I lose the years of experience of my proprietary firm when it becomes a partnership firm?
2.Will the year of formation (for counting the 3years criteria) for bank audit be 2011 or 2020?
Thankyou in advance.
BY: MALU NAIR
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| 40861 |
Oct, 08
2020
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DIRECT TAXES - ( INCOME TAX MATTERS )
Whether NRI (Indian origion recently went abroad in 2019-20)
has got any tax exemption limit or has to deposit tax irrespective of income and whether his income abroad also has to be added in income
BY: Mahesh Kumar
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| 40862 |
Oct, 08
2020
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GST - ( LATE FEE APPLICABILITY FOR NIL GSTR3B )
I have a nil return to be file in GSTR 3B for July’2020 which I did not file till date. In this case would there be any late fee levy? If yes, would it be calculated from 29-Sep’2020 till the date of filing of return (vide notif. 52/2020) or the liability of late fee would be calculated from the original due date of filing of the GSTR3B i.e. from 25-Aug-2020 till the date of filing of the GSTR3B at the rate of INR 20 per day. Kindly suggest and guide. Thanks a lot in advance.
BY: Prasen Pal
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| 40859 |
Oct, 07
2020
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MISC. - ( NOC/INTIMATION TO PREVIOUS CS )
For FY 2018-19 annual filing of a Small Company was done by CS. He signed AOC-4, MGT-7 . For FY 2019-20 Company intends to shift work to CA of annual filing and related filing. In such case is it necessary to obtain NOC from previous CS or any other compliance to be done
BY: Mayur
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| 40860 |
Oct, 07
2020
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MISC. - ( 188474 )
Please anyone can share Form 3 working in an excel sheet (Form 3 - Certificate for withdrawal of funds from a separate account under MAHA RERA). I currently doing a study of the MAHA RERA ACT.
Email:sksawantca21@gmail.com
BY: SHEKHAR KUNDLIK SAWANT
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| 40858 |
Oct, 05
2020
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GST - ( CLASSIFICATION OF SERVICE )
A PERSON PROVIDED SERVICES TO OVERSEAS COMPANY AS A INTERMEDIARY SERVICE PROVIDER FOR MARKETING OF GOODS OF OVERSEAS COMPANY IN INDIA. THE ASSESSEE PROVIDES SERVICE OF FACILITATION A SUPPLY OF GOODS AND ARRANGEMENT OF DELIVERY OF GOODS IN LOCAL CUSTOMERS WHO IS SITUATED AT INDIA. THE OVERSEAS COMPANY GIVE COMMISSION FOR THIS SERVICE. THE WHOLE PAYMENT OF COMMISSION IS RECEIVED IN CONVERTIBLE FOREIGN EXCHANGE. IS THIS SERVICE FALL UNDER EXPORT OF SERVICE OR NOT. IS THERE ANY LIABILITY FOR PAYMENT OF GST ARISE IN THIS CASE. KINDLY GIVE ADVISE ON THIS MATTER.
BY: AJITKUMAR L PATEL
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| 40854 |
Oct, 04
2020
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DIRECT TAXES - ( DEPRECIATION CLAIM )
Tax Auditor of a cooperative society in 3CACD has stated that in the absence of WDV at the start of Financial year of Fixed assets they are not able to calculate allowable depreciation for 2019-20 Whether while filing ITR we can also ignore depreciation to be claimed while depreciation debted has been added back to profit.
BY: Mahesh Kumar
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| 40856 |
Oct, 04
2020
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DIRECT TAXES - ( INCOME TAX MATTERS )
An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also
BY: Mahesh Kumar
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| 40857 |
Oct, 04
2020
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DIRECT TAXES - ( INCOME TAX MATTERS )
An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also
BY: Mahesh Kumar
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| 40853 |
Oct, 03
2020
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Profits & Gains of Business & Profession - ( DISALLOWANCE U/S 43B AND 40(A)(IA) SIMULTANEOUSLY )
In case of an assessee who has not Paid Interest due to the NBFCs (covered under 43B(da) from AY 2020-21) and at the same time has not deducted TDS on the said Interest dues; How will be the disallowance made u/s 43B and 40(a)(ia)?
For example, a company has not paid interest liability of Rs. 10 Lakhs to Non-Banking Finance Company and at the same time has not deducted TDS u/s 194A on the same amount. Thus under 40(a)(ia) 30% of expense i.e. 3 Lakhs shall be disallowed for non-deduction of TDS and under section 43B 100% of expense i.e. Rs. 10 Lakhs shall be disallowed for non-payment of liability.
If the amount is disallowed under both the sections then there will be disallowance of 130% of actual expense incurred by the company.
Thus, what shall be the correct course of action in the above case: -
Whether disallowance shall be made under both the sections? i.e. 100% under 43B and 30% under 40(a)(ia)? (Total 130% Disallowance)
Or
30% shall be first disallowed u/s 40(a)(ia) and then only 70% shall be disallowed u/s 43B?
Or
Any other course of action
BY: RONAK MOTA
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| 40851 |
Oct, 01
2020
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DIRECT TAXES - ( FORM 10 U/S 11(2) )
Sir, My client filed a form 10 in the portal for accumulation u/s 11(2). On verification, it is found that the amount calculated as accumulated u/s 11(2) is wrongly taken. What is the remedy now. Whether a new Form 10 with correct details can be filed now? This is relating to AY 2020-21. Kindly advise.
Thanks
BY: CA. MADHUSOODANAN K P
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