A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is 1) Whether any registration by paying stamp duty is required 2) a factory is proposed to be constructed on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.

BY: T.R.S. PATHY SENTHIL

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A fundraising was started for medical treatment of Mr.X, on a platform named Milaap (www.milaap.org). Milap Social Ventures India Pvt. Ltd. is registered as a private limited company to help raise crowdfunding for emergencies and social cause. He was advised lung transplant, due to post COVID complications. Unfortunately, he passed away during the fundraising process. As he is survived by his wife, and a 2-year old son, we're keen on giving out the money to the family (to be used for his son's education). We seek your guidance on following questions: 1. What is the legal approach to transfer this money to his family, as the initial cause of fundraiser was medical treatment? (Milaap allows for the cause to be changed to a memorial fund, informing all donors of the present situation. But will anything additional need to be done at our end?) 2. How do we minimize the tax deductions applicable in this case? What will be the minimum tax deduction, given that we're able to materialize the best possible option? 3. Should this be transferred in the name of his 2-year old son or his working wife (30% income tax slab)? 4. What will the process look like, and what will be the documentation support required ?

BY: ASHOK DIXITHA JAIN

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Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc) Can we Challange the validity period of Show cause notice issue after period of 30 months

BY: SANDEEP KAPOOR

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My MRN is 421961, UCN is 1004308, FRN is 020714C. Please help me in knowing my date of registration with RBI as it is being asked while empanelling with Nationalized Banks.

BY: Gaurav Khanna

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The company is providing export of software to USA. The company has exported services without payment of GST. 1. is the company need to pay IGST if it writes off the export of service invoice by way of credit note within 9 months?

BY: SK

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We are PRACTING FIRM AT BENGALURU HAVING UCN NO 1016101AND REGISTRATION NO 018403S. The Date Of Registration With RBI Which Is A Mandatory Field In The Application For Empanelment For Concurrent Audit Of Bank. Kindly provide the same.

BY: Ankita Jain

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Our firm Nagachandra and Associates with UCN 161376 having ICAI registration 002258S, require the date of registration with RBI which is a mandatory field in the application for empanelment for concurrent audit of bank. Kindly give this information immediately.

BY: CA. SRINATH S

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I WANT TO REGISTER FOR CO-OPERATIVE AUDIT. PLEASE LET ME KNOW THE PROCESS TO REGISTER

BY: SHIVAM SHRIKANT SANCHETI

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Hi All, What is the objective of FTWZ operations? If foreign entity register with FTWZ in India to do business will it create Permenant Estabilishment in India?

BY: CA. BALASUBRAMANIAM P

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GSTR1 for JUly 2017 could not filed ( subsequent all GSTR1 ) filed. Due to this ( non filing of GSTR1), GSTR9 for 2017-18 and subsequent years could not filed. GST system is showing error''GSTR1 for July 2017 not filed ''. Kindly suggest what is the remedy available ?

BY: samirkumar gokulbhai kasvala

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There are 2 NRI's holding a piece of land and are willing to construct a residential/commercial complex with an intention to earn rental income. Construction is carried out partially with own funds and partially using a bank loan. As per RBI Master Direction on FDI... this activity is permitted as it is specifically excluded from definition of real estate. IS this interpretation correct ? Now they want to have a partnership firm wherein there will be 3 partners out of which 2 of them will be the NRI and 1 Person will be a Resident. The objective of the partnership firm shall be to receive the rental income on such constructed complex. The objective of firm shall be leasing of property. Questions : Can partnership firm receive rental income from the property owned by its partners? what are the other / better ways to execute this ? Citation of any section/circular/case law will be very much useful. Thanks a lot

BY: SRIMANTH KULKARNI

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A person X purchased a plot of land admeasuring 400 Sq yds on the following dates and registered rates: Plot no Date of purchase Size of the plot Consideration in sale deed (Rs.) Market value in sale deed (Rs.) 23/P 31.8.1988 200 sq. yards 15,000 25,000 24/P 29.9.1992 200 sq. yards 30,000 40,000 On 1 June 2019, X gifted this land to Wife (Y), Son (A) and Daughter (B) All of them joined together to develop this plot and build apartments through a developer. In return, the developer gave each of them a certain number of apartments as compensation for the plot of land. Apartments were given as per following 1. Y – 2 apartments 2. A – 2 apartments 3. B – 2 apartments All the flats received above are being sold in this year 2021-22 however they have not yet received the completion certificate. This also means that the assesees are not eligible for 45(5A) benefit. Can any expert answer the following issues ? Issues to be answered: Taxation in case of transfer of development rights wherein we need to answer the following: • Sale consideration of the Rights • Date of Transfer • Cost of Acquisition of the Rights • Indexation • Long term or short Term Taxation in case of transfer of developed flats wherein we need to answer the following: • Sale consideration of the Flats • Date of Transfer • Cost of Acquisition of the Flats • Indexation • Long term or short Term Avenues to save the capital gains: • Benefit under section 54 • Benefit under section 54F

BY: SRIMANTH KULKARNI

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Hi All, My friend is A Chartered Accountant in practice as a Proprietor since last 3 years and he is having a trade name registered with ICAI. Recently I had joined him as a partner without changing the trade name registered with ICAI. My question is if we want to change the trade name now then whether our existing firm with old FRN will get continued or we will get new firm name with new FRN?? Whether my partners proprietorship experience of 3 years will get continued in new firm?? Whether the Experience will count for bank audit empanelment under Partnership Firm?? Kindly suggest me whether I should change my firm name or not?

BY: HARESH CHANDRAKANT HARDIKAR

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CFSS FORM Was introduced to file declaration w.r.t. delay in filing of various forms. During last year, there is extension of various due dates also for filing of annual compliances etc. Whether the form is to be filed for these also or only delayed filing of previous forms is only to be filed.

BY: SURAJ KUMAR CHOUDHARY

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A private limited company is engaged in the software of export of services. Invoices are being raised in Foreign currencies and remittance is reflected in bank statement from outside. At present, company has neither registered in customs department (IEC Code) nor in Software Technology Parks in India (STPI). Whether company is required to take either of the registration or in STPI. Please guide.

BY: SAURABH GARG

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A Pvt. Ltd. Co. is creating websites and accounting systems for clients based in USA & Europe. These are treated as export of service. Company raised invoice on say 01-April-2020. Now the question is : (1) What is the maximum time limit to receive the sales proceeds in convertible foreign exchange?" so that the above Invoice can continue to be treated as export of service. (2) Is there any change in the time limit for receiving convertible foreign exchange? Thanks

BY: SK

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I have filed Form 10A for my clients having existing registration u/s 12A and 80G in the month of December 2020 and also mentioned the details in the respective ITR 7 for the AY 2020-21. But no communication received from the department till date. Shall I have to again file Form 10A after the amendment made in recent date?

BY: CA. GHOSH SAMRAT

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While Calculating GST Refund GST people are putting Adjusted sales value (Actual Sales-Sales of trading goods) Whether this is correct . In my opinion when goods traded are of same GST rate like Cloth/Shawl etc and Input is claimed at 5% and on Sales 5% GST is paid then why this adjustment is required as it reduces Refund value too much

BY: Mahesh Kumar

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Dear Professional Colleagues, What is the 4/6/8 digit code for footwear having MRP less than 500...2 digit code is 64 but digit code is not available. From April, 2021 onwards it is mandatory to quote at least 4 digit HSN code...what to do in this scenario??

BY: CA ROHIT GARG

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Hi All, I Am A Chartered Accountant who Started Practice In 2016 In Proprietorship Concern And Having Trade Name Registered Under ICAI. My Spouse Recently Qualified As CA In Nov 2020 Exams And We Want To Convert My Proprietorship Firm Into LLP With Changing The Trade Name As Registered In ICAI. My Question Is Whether Proprietorship Experience (5 Years) Is Continued In LLP ..?? Whether The Experience Will Count For Bank Audit Empanelment Under LLP..?? Whether Can I Proceed With This Conversion, Kindly Suggest Me. Thank You

BY: Dinesh chandra ranka

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Company X a foreign company from USA ordered materials from Company P in India and Company X asking to bill materials in US Dollars on X with US address and ship the materials to Company Y in India. Is the above transaction is allowed under GST? if GST rate? Whether Company P can receive money from Company X in USD for the above mentioned transaction?

BY: CA. BALASUBRAMANIAM P

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THE KING SOLOMON POST OM SHANTI OM (LET THERE BE PEACE IN THIS WORLD) THIS IS SWISS/FRENCH/DUTCH/INDIAN/UNITED NATIONS/BRITISH INTERNATIONAL DISPATCH ISSUED FROM THE WORLD SECRETAROAAT/DESK OF LORD RAVINDER(RABBINDER) KUMAR SHARMA(THE ROYAL CROWN/RA-UNCODE(THE SUN GODD-THE SUPREME POWER-THE HEAD OF STATES-THE ALIEN KING from outer space)/REXMUNDI/:THE MASTER MASON CODE IS LAUSDEO THE HEAD SUPREME COUNCIL OF EU@UN(uk(/I.E F-IN/THE CHAIRMAN-UNESCO & WORLD BANK (IMF) FOR THE IMMEDIATE RELEASE OF FUNDS ILLEGALLY WITHHELD AND FROZEN FROM THE YEAR 2006 TO 2019-20 BY GOVT OF INDIA RESERVE BANK OF INDIA AND INDIAN BANKS NAMELY STATE BANK OF INDIA AC NO 20361132765 CENTRAL BANK OF INDIA AC NO 3235787384 NOW FROZEN PUNJAB NATIONAL BANK ACCOUNT NO 3383000500130237 AND 3383000100145213 AND OTHER INDIAN BANKS IN GROSS VOILATION OF FOREIGN EXCHANAGENE MANAGEMENT ACT 1999 AND ARTICLE 5 OF UNITED NATIONS UNIVERSAL DECELARATION OF HUMAN RIGHTS WHICH STATE THAT NO ONE SHALL BE SUBJECTED TO TORTURE WHETHER PHYSICALLY AND OR FINANICIALLY AND OR BOTH AND OR DEGRADED INHUMAN AND CRUEL TREATMENT TO WHICH I HAVE BEEN SUBJECTED TO FROM 2006 to 2019-20 BY GOVT OF INDIA RESERVE BANK OF INDIA AND INDIAN BANKS RESULTING IN MY ACCIDENT ON 14/10/2019 IN SHIMLA HP INDIA AS A SUV OVERRAN ME CRUSHING ME ALMOST TO DEATH BREAKING THE BONE OF MY LEG AND I BED RIDDEN AS A STEEL PLATE HAS BEEN PUT IN THE BROKEN BONE OF MY LEG ALL MY PAYMENTS FROM THE YEAR 2006 TO 2019-20 BE IMMEDIATELY RELEASED UNDER AN URGENT INTERNATIONAL PRIORITY A CODE ONE AND PAYMENT CODE 2AA OF UN PROTOCOL AND UNITED NATIONS (PRIVILEDGES AND IMMUNITIES) ACT 1947 WHICH IS APPLICABLE TO THE STAYE OF HIMACHAL IN THE UNION TERRIPTRY OF INDIA HOSANNAH FILIO DAVID HOSANNAH TO THE SON OF DAVID FRENCH(ARCADIAN)ROYAL LINE MESSAGE STARTS:- I AM THE FIRST BREEZE BLOWING IN THE DARK OCEAN OF ETERNITY. I AM THE FIRST SUNRISE. I AM THE FIRST GLIMMER OF LI

BY: LORD RAVINDER KUMAR SHARMA THE

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Under what circumstances GST Refund is not available on trading of textiles (Asessee is manufacturing as well as trading and is claiming refund under Inverted tax structure) Raw material is yarn attracting higher gst in comparison to output (Textiles)

BY: Mahesh Kumar

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what are the complianceS for FY 2020-2021 FOR PRIVATE COMPANY TURNOVER MORE THAN 50 CR TRADING ACTIVITY

BY: Dinesh chandra ranka

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I WANT TO CONVERT MY PROPRIETORSHIP FIRM TO LLP WITH A NAME CHANGE. MY QUESTIONS ARE 1. APPLY FOR NAME APPROVAL TO MCA FIRST OR ICAI 2. FULL PROCESS FOR IT

BY: Dinesh chandra ranka

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Dear Sir, A Pvt. Ltd. Co. is creating websites and accounting systems for clients based in USA & Europe. These are treated as export of service. Company raised invoice on say 01-April-2020. Now the question is : (1) What is the maximum time limit to receive the sales proceeds in convertible foreign exchange?" so that the above Invoice can continue to be treated as export of service. (2) Is there any change in the time limit for receiving convertible foreign exchange? Thanks & regards

BY: SK

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AT WHAT RATE EXCISE DUTY IS PAYABLE ON BIRI (BIDI)?

BY: CA. SHAH DIWAKAR

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Dear All, Company A (Private Limited co) has register office (ROC) in Gujrat when it was formed in (2016) with one of the director and shareholder in Gujrat. The main business of company is to undertake works contract/service activity. In 2018 director/shareholder from Gujrat resigned and person in Maharashtra took the share and became director. Turnover for first 2 years was only ? 2 lacs. Thereafter company obtain GST registration in Maharashtra in 2018 and actual activity commenced. Company is regular in filling its GST return in Maharashtra. In Jan 2020 company applied to ROC to shifts its register office from Gujrat to Maharashtra. This application is still under process. Point to be noted is - 1. No employee is employed at Gujrat register office. 2. Both the directors/shareholders resides in Maharashtra where GST regn is obtained. 3. All work orders received from customers are in name of Maharashtra office. All the invoices raised by suppliers are on Maharashtra office address. in 2 years, olny one project executed in Gujrat. Other projects ere executed in Maharashtra 4. One can say that, register office is only for name sake and it was register in gujrat for convenience. (coz earlier one of the director was from Gujrat) My question - is it necessary for company to get itself register in Gujrat ?? According to me, it need not register in Gujrat as sales of services are rendered from Maharashtra and Gujrat is only register office (we can not even call it as fixed establishment) Thank you.

BY: chetan jadhav

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Dear Members, I have a query regarding Trading of Future & Options in Cryptocurrency. As of now, no law or directions/ Circulars/ Notifications are issued by CBDT so in this case how we can treat the trading of F&O for taxation purpose and how we can determine the turnover for tax audit. Whether the same method of share F&O (derivatives) has been used for calculation of tax or some different method? Request you to all, please share your valuable knowledge in this regard. Regards CA Neha Gupta

BY: CA Neha Gupta

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Dear Members, I have a query, whether Interstitial lung disease (ILD) are eligible for deduction under Sec-80DDB or not. I am trying to find out this disease in Rule-11DD but I am unable to find the exact name of disease. If anyone know about this, please comment.

BY: CA Neha Gupta

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Dear Professionals, One of my friend's filed ITR for one of his clients, subsequently he got notice of defective return due to non-maintenance of books of accounts. In that return, Capital Gain income was wrongly calculated and interest income was also not disclosed. Now, in response to 139(9) notice, can we only fill full financials as the defect was due to this reason only OR we can also disclose interest income and correct capital gain income in response to said notice. If we change income, can ITR be again treated as invalid??

BY: CA ROHIT GARG

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One Offline Utility has been released for financial year 2020-21 but it asks for importing Prefilled XML .When We go to import from Incometax site Asessment Year 2021-22 is not in the options list. Can we not file IT returns as now for Fin Year 2020-21

BY: Mahesh Kumar

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In case an assessee files a revise return then due date for issuance of notice u/s 143(2) will be from date of original return or date of revised return. Do remember that earlier revised return could be filed till 1 year from end of year in which original filed and Dhampur sugar mills case of Allahbad high court says revised return will substitute original return. Thank you in advance.

BY: NAMAN MALOO

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Whether Travelling expenses reimbursable by bank should include GST alsp

BY: Mahesh Kumar

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While applying for new GST Registration for Private limited Company, 1 director is Indian and 2 directors are foreigner. The foreign directors does NOT have PAN and Aadhar in india. So how to fill details about foreign directors. Also our query is that whether we it is mandatory to fill details of foreign directors or we need to fill details of Indian director only ? Query about Authorised person . The company is registered in uttarpresh and Indian director is of uttar Pradesh . Now company wants to obtain new GSTIN in the state of Maharashtra also . Our query is that is there any requirements of any representative / authorized person in the state of Maharashtra ? Can the authorized person be from uttarpradesh for filing GST application ?

BY: samirkumar gokulbhai kasvala

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While applying for new GST Registration for Private limited Company, 1 director is Indian and 2 directors are foreigner. The foreign directors does NOT have PAN and Aadhar in india. So how to fill details about foreign directors. Also our query is that whether we it is mandatory to fill details of foreign directors or we need to fill details of Indian director only ? Query about Authorised person The company is registered in uttarpradesh and Indian director is of uttarpradesh. Now company wants to obtain new GSTIN in the state of Maharashtra also . (a) Our query is that is there any mandatory requirements of any representative / authorized person in the state of Maharashtra ? or Can the authorized person be from uttarpradesh also for filing GST application ? (b)What is difference between Authorised signatory and authorized representative.

BY: samirkumar gokulbhai kasvala

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What is the procedure for getting UCN No from RBI

BY: VISHAL GARG

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It has been made compulsory to mention HSN Code wef April/May 2021. Whether it is necessary to maintain stock records also as it is asking for Quantity also

BY: Mahesh Kumar

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A Nidhi company has been incorporated in March 2021, whether NDH-3 is required to be filed by 30th April 2021.

BY: Shobhit Bansal

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Dear All, Should we include value of unbilled revenue for calculating threshold limit of 5 crore (turnover) for GST audit.

BY: chetan jadhav

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ON 27-04-2021 RECENTLY RBI ISSUED GUIDELINES FOR APPOINTMENT OF STATUTORY AUDITORS FOR BANKS. 01. ACCORDING TO THIS WHETHER INDIVIDUAL SOLE PROPRIETOR PRACTICING FIRMS WILL NOT BE ENTITLED FOR BANK AUDITS? 02. PLEASE LET ME KNOW HOW MANY YEARS OF EXPERIENCE OF INDIVIDUAL AUDIT FIRM IS REQUIRED TO GET STATUTORY BANK AUDIT?

BY: Sachin

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Dear Friends, For Fin. Yr.2021-2022 the estimated Total Income of a resident individual is Rs.4,80,000/= which includes Interest Income of Rs.2,30,000/= Further, he is also entitled to claim Tax Rebate u.s.87A and so his final Tax Liability for the year will be NIL. Pleasde advice me whether such an individual can file a valid Form 15G for non-deduction of tax at source from his Interest Income by mentioning Rs.4,80,000/= in the Estimated Total Income column of Form 15G as his Interest Income is below Rs.2,50,000/=

BY: Sudeep B. Sarwate

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The registered taxpayer has 2 place of business . i.e. one principal place of business ( office) and other additional place of business ( warehouse ). The seller wants to show additional place of business in sales invoices ( instead of place of principal place of business.) Query is whether is this permissible ?

BY: samirkumar gokulbhai kasvala

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CAN ONE PROJECT ITC BE SET OFF AGAINST ANOTHER PROJECT OUT PUT TAX LIABILITY UNDER GST.

BY: Sachin

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X an assess received notice u/s 148 for Ay 2013-14, for a house property purchased in FY 2012-13. Actually, the price of the flat was well paid during FY 2009-10 to 2011-12. Only registration amount was tendered in FY 2012-13. My query is whether to furnish the details of payment made before FY 2012-13. Is this mandatory on the part of asseee to furnish bank transaction beyond the FY covered u/s 148. Or do we need to furnish the registration/ stamp paper cost paid during fy 2012-13 through our bank passbook.

BY: pradeep kumar agrawal

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Can an Independent Director of a Listed Company, do Stock Audit of the same company on behalf of the Bankers. who have financed to the Company?

BY: AJAY JAIN

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Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc)

BY: SANDEEP KAPOOR

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Dear sir, I am newly Enrolled Member Of ICAI M.N. 562493 (enrolled date 25/03/2021) , I am trying to register on Income Tax Efiling portal as Charterd Accountant but a message display " Membership does not exist" Please help

BY: CA VIJAY KUMAR YADAV

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DEAR PROFESSIONAL FRIENDS, what is the threshold limit for the professionals in the state of Telangana to get themselves registered under GST for the financial year 2020-2021 whether it is 10 lakhs or 20 lakhs . please clarify thanks

BY: Anwar Iqbal

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Whether CA in Full time practice be a paid assistant for another CA Firms. However, such CA is working as a Consultant & remuneration paid to him is subject to TDS u/s 194J. Even his appointment letter contains only professional fees & no other benefits like PF, Bonus etc. In such a situation whether the COP of CA would be Full time or part time status as per CA regulations. Kindly provide your thoughts.

BY: SANTHOSH R

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Whether UDIN is necessary for an Award of Arbitration, which I am going to give as a CA

BY: AJAY JAIN

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Dear Members, Namaskar. Please help me to solve the case. Assessement completed by the ITO, demanded tax of Rs. 4 Lacs. Assessee paid 200000/- out of the demanded amount and filed appeal. The appeal is pending before the Asst. Commissioner. In the meantime Govt. Announced VIVAD SE VISHWAS SCHEME. As it is the fit case for opting for VSV Scheme the assessee opted for VSV and wanted to pay the balance 2 Lacs. The last date of payment under VSV Scheme is extended upto 30.04.2021. The Incumbent AO issued notice u/s 148 (Income Escaping Assessment ) for the same AY (Which appeal is Pending and VSV Scheme OPTED). My query is whether the AO is justified to issue notice u/s 148 ? Shall I advice the assessee to pay to under VSV or file return of income against the notice ? Please help. Thanks in Advance .

BY: manoj kumar choudhury

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Respected Expert kindly guide on the following scenario- Co is engaged in producing nil rated goods. It is having multiple branches in 4 states. For producing the nil rated goods it requires some machinery which is imported on maharashtra GSTIN - as per Bill of Entry in FY 2018-19. Now in April-2021 this machinery is required at the Gujrat Branch and therefore, we need the Trf the same. Query: Since all the purhcases are related to nil rated production we took the ITC in 3B and reversed it in Rule 42 + 43 in FY 2018-19 and capitalized the amt. Now in April-2021 branch trf being a outward supply for Maharashtra GSTIN - do I need to again charge GST on it? If yes - then can I re-avail the already reversed ITC and use it against the outward supply? If the ans is yes to above then no issues - but if Co is not eligible to re-avail the ITC then paying IGST on branch trf will only result in cascading effect. Any solution. Hope I am able to clear the facts. In case any additional information of facts is required - pl let me know. Kindly help. Thank you for your valuable time and advice.

BY: CA MITUL MAHENDRA MEHTA

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A PVT LTD CO IS FORMED ON 01.06.20 AND THE SALE FOR 20-21 IS 15 CR. UPTO MARCH21. DO WE REQUIRE TO DEDUCT TCS @ 0.075% ON SALE MADE DURING THE FY 20-21 AS SOME OF THE PARTY’S TRANSACTION ARE IN EXCESS OF 50 L. BUT AS BECAUSE THE COMPANY WAS NOT EXISTED DURING FY 19-20 AND SO THE CRITERIA OF TURNOVER EXCEEDING 10 CR DURING FY 19-20 DOES NOT APPLY. PLEASE SUGGEST IF TCS IS REQUIRED OR WE CAN STOP CHARGING TCS IN FY 20-21.

BY: pradeep kumar agrawal

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A PVT LTD CO IS IN RECEIPT OF NOTICE U/S 148 IN APRIL 21 FOR THE ASSTT YEAR 13-14. DURING THAT PERIOD THE COMPANY HAS ISSUED SHARES WORTH RS 50 L BY CONVERTING UNSECURED LOAN OF DIRECTORS IN SHARE CAPITAL ACCOUNT. THE FACTS WAS ALSO EXPLAINED TO THE JURISIDICATIONAL AO SOME 2 YEARS BACK, WHEN A ENQUIREY WAS MADE FOR THE SAME. AND ALL THE FACTS WERE SUBMITTED. BUT NOW THE NOTICE HAS BEEN SERVED. PLEASE ANY ONE SUGGEST THE REAOSN OF 148 AS COMPANY HAS NOT RECEIVED ANY REASON OF REOPENNG

BY: pradeep kumar agrawal

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Hello Everyone! Does ITR due date extension by ordinance applicable for filing form 10IC(form to exercise option u/s 115baa). Meaning thereby if extended ITR due date for domestic company (FY19-20) is 15th February 2021 and ITR filed on 22.12.2020 and form 10IC has also been filed on 22.12.2020. can form 10IC said to be filed on or before due date u/s 139(1)? Thank you

BY: Manisha

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Suppose Ca firm A& Co. is merging with B&Co. Can A& Co do the attestation work in A& Co. after Merger ? Please reply with relevant rule/guidelines of ICAI in this regard. Thank You

BY: OMPRAKASH

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A Bank Branch has transferred some Furniture to its Branch within same state at Book value . Whether Reversal Provisions will apply

BY: Mahesh Kumar

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A Bank Branch has transferred some Furniture to its Branch within same state at Book value . Whether Reversal Provisions will apply

BY: Mahesh Kumar

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A Bank Branch has transferred some Furniture to its Branch within same state at Book value . Whether Reversal Provisions will apply

BY: Mahesh Kumar

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How to pay and consume late fee on SFT return form 61A

BY: SURAJ KUMAR CHOUDHARY

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Recently I came across news saying Central Council now allowed Chartered Accountants to trade in Equity Derivatives. Can anyone elaborate on the same? Was it like changing permission requirements as required under Clause 11 Part 1 of First Schedule (from Specific permission to General permission) or was it prohibited previously? Secondly, why CAs are not allowed to trade in derivatives (Even though done on Recognised Stock Exchanges)? Thanks in Advance!

BY: VENKATA PAVANKALYAN PESALA

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Dear colleagues, I am practicing as proprietor since 2019, and my senior colleague also practicing as proprietor since 2012, we have just created partnership two month ago in 2020, now we both want to merge both proprietorship into partnership firm. suggest about seniority of the new merged firm. thank you in advance

BY: DEVANGKUMAR

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Is remuneration to partners and interest on capital to partners can be given below the prescribed minimum in Partnership deed. As per the IT Act, this is the maximum limit for payment, not mentioning anything showing that below which it can't be paid.

BY: SURAJ KUMAR CHOUDHARY

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Dear Friends, An individual and his wife, both residents, are filing income tax returns. The individual has few bank accounts on either or survivor basis with his name as first holder and his wife's name as second holder. The wife's name as second holder is for conveience sake only. The individual is showing the details of those bank accounts in his ITR every year as the first holder. Please advice me whether the wife should also disclose the details of those bank accounts where she is the second holder in her ITR.

BY: Sudeep B. Sarwate

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A composition dealer cannot supply exempt goods. But whether can he supply exempt services. I believe there is a recent notification to this effect. Please clarify

BY: T.R.S. PATHY SENTHIL

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Dear Friends, In July, 2020, a resident individual opened a Savings Account in the local Post Office near his residence for getting timely ECS Credits in that account from his investments in the Post Office Savings Schemes. Has he to disclose this Savings Account in his ITR Form for Asst. Yr. 2021- 2022. Please note that none of the Post Offices have IFSC Code which is required to be mentioned in the ITR Form. Please clarify.

BY: Sudeep B. Sarwate

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I was going through a article somewhere and it was mentioned therein that SAC code of 6 digits has to be mandatorily mentioned on invoice from 1 April, irrespective of turnover or B to B or B to C Supply? Is it correct or same analogy has to be applied which is to be applied for HSN code i.e based on Turnover less than 5 Cr./Above 5 Cr. and depending upon B to B or B to C Supply.

BY: CA ROHIT GARG

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Whether Form H should be taken from Senior Citizen above 80 years( having Income from Interest only) below 5Lacs for Nondeduction of TDS

BY: Mahesh Kumar

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WHETHER MEMBER IN PRACTICE REQUIRED TO OBTAIN SPECIFIC PERMISSION FROM INSTITUTE TO ACT AS CO -OPTED PROFESSIONAL DIRECTOR IN CO-OPERATIVE BANKS, AS PER NEW CODE PF ETHICS? IF NOT, IS IT NECESSARY TO INFORM INSTITUTE ABOUT APPOINTMENT AS CO-OPTED PROFESSIONAL DIRECTOR.

BY: Sachin

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A Part time COP holder can be employed. Can a Part time COP holder get into a partnership with Practicing Chartered Accountant? Can a Part time COP holder who is in partnership with a Practicing Chartered Accountant be member-in-charge of a office of the partnership firm?

BY: YOGESH

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My client has paid total tax in the form of CGST + SGST in 3B but his actual liability was CGST+SGST+IGST. In GSTR 1 he has shown liability correctly in the form of CGST+SGST+IGST. Now in GSTR 9 i had to disclose correct tax liability and correct sales revenue. What will happen to the unpaid IGST liability and over paid CGST +SGST if i file GSTR 9. Do i need to pay IGST and claim refund for over paid CGST+SGST?

BY: ABHISHEK PRAHLADKA

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Hello all, A typical bakery person buys banded biscuits, chips, chocolates etc and also prepares cake, puffs, khara etc. He mostly does counter sales. What shall be composition tax rate? Can we apply 2.5% +2.5% for own products like cake, puffs etc and 0.5% +0.5% for traded items like biscuits, chocolate? or 1%+1% as a manufacturer.

BY: Anant Nyamannavar

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Hello Everyone! Is it a taxable perquisites if employer provides cell phones to employees free of cost? Whether any impact if Employer either shows the (i). cell phones as assets to the company or (ii).Expense out the cell phones given to employees in the Profit & Loss account?

BY: Manisha

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While filing RFD01 (Refund under Inverted Tax Structure) Certain cells requiring basic Information like Total Turnover,Adjustrd Turnover are not activated (not allowing to fiil) and if We upload Json file first of Refund application it is giving error messages for so many purchase entries Common error is , 'Invoice not found in GSTR-1' That is surprising as Purchase invoices are found only in GSTR 2A where they are available . GST Portal managing people donot agree for the site problem but are unable to provide solution Is Any body facing such problem

BY: Mahesh Kumar

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MUNICIPAL CORPORATION CHARGES ONE TIME PREMIUM ON LAND AUCTIONED ON LONG TIME LEASE OF 99 YEARS FOR COMMERCIAL PURPOSE. IN THIE SITUATION WHO IS LIABLE TO PAY GST. MUNICIPAL CORPORATION OR THE BUYER?

BY: DARSHAK MAGANLAL THAKKAR

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Kindly state whether a chartered accountant do the (as it is) computerisation of manual cash book and audit. The plea is we are doing only computerisation of cash book not involving any skill and not amending/ correcting the manual cash book. Many of the chartered accountants are doing this. kindly guide.

BY: CA. SHARMA ASHISH

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Dear Friends, For Fin. Yr. 2021-2022, the estimated Interest Income under the Head Income From Other Sources of a resident senior citizen above 60 years is Rs.6,80,000/=. He has no income under other Heads of Income.. He is entitled for deduction of Rs,1,50,000/= u.s.80C and Rs.50,000/= u.s.80TTB. Therefore, his estimated Total Income which he will be required to mention in Column No.16 of Form 15H will be Rs.4,80,000/=. Further, he will also be entitled to claim full Tax Rebate u.s.87A and so his Tax Liability for the year will be NIL. Please advice me whether such an individual can file a valid Form 15H for non deduction of tax at source in April or May, 2021.

BY: Sudeep B. Sarwate

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In the Income tax e-filing portal Mobile & Email OTP is not coming for new assessee registration since yesterday... Any body facing the same problem...?

BY: CA PRASHANTH KATTA

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I RECEIVED A DEMAND OF RS 1000 FOR LATE FILING FEE AND 500 FOR INTEREST ON TDS IN 26QB. I DEPOSITED THE CHALLAN AMOUNT WITH THE ABOVE DETAILS. NOW STILL THE AMOUNT OF CHALLAN IS SHOWN AS UNCONSUMED STATUS IN THE TRACES PORTAL AND DEFAULT OF LATE FEE AND INTEREST IS STILL REFLECTING IN THE TRACES. I WANT TO KNOW HOW CAN I CONSUMED THE UNCONSUMED CHALLAN WITH THE DEFAULT IN TRACES. I DO HAVE DSC OF THE PARTY ALSO

BY: pradeep kumar agrawal

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RESPECTED EXPERTS, Can a 12A registered trust accepts donation in kind i.e. most of the donors gives Books, Blankets, Second Hand Goods, rice bags etc. to Trust? How to record such donation in kind in books and at value to be recorded in Books of accounts? Can second Hand goods be sold and uses its proceeds for charitable activities? Is it falls under commercial activities? What would be the treatment as per Income Tax Act? Please clarify it.. Thanks

BY: MOHAMMED QUSROO

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There was recently suggestions to make CA Exam completely on MCQ patteren Whether there is any progress in the matter

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

How to resolve demand raised u/s 16(4) under GST. This is quit harassing provision. For sole default consequences are late fine, interest, disallowances and penalty. Please respond as these resulted into bank attachment without prior intimation.

BY: SURAJ KUMAR CHOUDHARY

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A senior citizen above 80 years is going to submit Form 15 H by 10 th Mar 21 asking TDs deductor to not deduct TDS for Interest to be credited on 31-3-2021 for Financial year 2020-21.By which date deductor should upload the same to Income Tax department

BY: Mahesh Kumar

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An Individual is supplying material online through Filipkart. Filipkart is remitting payment to the Individual after deducting its Commission and certain other charges. Whether the Individual is liable to deduct TDS on the payment/? If yes, how the same will be treated? If TDS is deductible, whether it can be avoided by taking any exemption Certificate from the Income Tax Department.

BY: AJAY JAIN

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Whether SEZ units are liable to pay GST under RCM on GTA and legal services? Even if they pay and take ITC of the same, they have to apply and claim the same as refund. So why pay GST under RCM? Please clarify.

BY: balasubramanian

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Whether a 12A Registered Trust can give , on Lease for 29 years, it's part Immovable Property - Building to another 12A Registered Trust , for the same objects. The property giving Trust is shaving Receipts from School , say Rs.1.5 cr on which GST is not applicable. It earns Lease Rent of Rs 2 lac per year. Whether GST registration is required

BY: AJAY JAIN

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Whether a 12A Registered Trust can donate it's part Immovable Property - Building to another 12A Registered Trust , for same objects.

BY: AJAY JAIN

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Hi Everyone, Kindly share the check list and draft Report of Third party audit of PF Trust. ThanQs in advance.

BY: SIDDARAMESHWARA GOWDA A

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A person is engaged in providing bike rental services in Goa. Services are provided to tourists who are often from outside Goa and address of such tourists is available with the service provider. The bike is to be used within Goa only and not to be taken outside Goa. Whether such transaction will be liable to IGST or CGST+SGST? Thanks

BY: vikas kalra

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Taxes paid on advance received for booking of flats before GST Regime and Tax paid under GST period for advance received but invoice is issued during current year. how the same should be shown in GSTR9 and GSTR9C. Current Year Profit and loss account shows sales on which taxes paid prior to GST Regime and during GST period on advances basis.Kindly resolve.

BY: Sachin

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Where taxpayer is engaged in bike rental service, whether ITC on purchase and servicing of motor bike can be claimed or not?

BY: vikas kalra

Total Answers : 5 | View Answers | Post Answers

Hello Everyone! Can Employer consider donation made by employees to Blind People Association (under section 80G(5)) while calculating TDS on Salary? --- Thank You.

BY: Manisha

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Dear Friends, A resident individual will complete 60 years in November, 2021. Fo r the Fin. Yr. 2021-2022, can he submit Form 15H to the Bank in April, 2021 for non deduction of tax at source from interest income. Please clarify.

BY: Sudeep B. Sarwate

Total Answers : 3 | View Answers | Post Answers

After creating Refund file (Under inverted tax structure) Cells to be filled eg Total Turnover,adjusted turnover are not activated.Further after uploading json file of Refund application Errors list is displayed showing various errors in Purchase details reason items not being displayed in GSTR 1 while purchase entries are never displayed in GSTR 1 (AlThough items are matching with GSTR 2A) Whether this is a fault of Software?

BY: Mahesh Kumar

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1.As per Article 15 of India and UK DTAA, relaing to INDEPENDENT PERSONAL SERVICES, whether Designing Fee of Textile Garments charged by NRI Individual subject to TDS?

BY: SHRIDHAR

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An Indian company paying Design fee relating to Textile Garment to "Non Resident Individual person" residing in UK. Is it possible to remit under Article 15,"Independent Personal Services" of India and UK DTAA ?

BY: SHRIDHAR

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Instead of CGST and SGST , paid IGST for the FY 2017-18. If the company pay CGST and SGST now can we claim the wrongly paid GST (IGST). Is there any time limit? Time limit of 2 years is applicable to this transaction?

BY: MADHUSUDHANA REDDY KS

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I have 2 Questions? First one is :--This is CA Jyoti Mahajan, I am Proprietor of B & Associates(2017). Another firm is C & Associates(2013) (Proprietorship) with whom I want to merge my CA Firm B & Associates. What will be the constitution of merged firm C & Associates and what will we both proprietor represent mean either proprietor or partners of merged firm and what will be the date of constitution of merged firm? Second Ques is :-- If B & Associates partnership having proprietor of C & Associates as partner and later on C & Associates merge with B & Associates then what will be the Implications and whether will get the benefit of oldest firm(2013)?And whether we should register merged firm with different name or can continue with B & Associates? and If in future C & Associates wants to demerge from B & Associates then what will be implication on B & Associates and C & Associates regarding date of constitution ?

BY: JYOTI MAHAJAN

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What reasons can be justifiable for applying in FORM NDH-2 before ROC ? Reasons and justification if available with anyone ?

BY: Gaurav Kumar Baranwal

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