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| 41165 |
Oct, 17
2021
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DIRECT TAXES - ( LEGALITY OF ORDER PASSED U/S 144 )
Facts
Individual Assessee has not filed original ITR for AY 12-13 based on some information AO has reopened the case u/s 148 in March 20 and assessee has also not filed his ITR within 30 days of service of above notice but filed delayed return against notice u/s 148 (before framed. Or completion of assessment )
Query
Can AO passed order u/s 144 where assessee filed ITR before completion of assessment without issue notice u/s 143(2) of income tax act
BY: SANDEEP KAPOOR
Total Answers : 2 | View Answers | Post Answers
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| 41164 |
Oct, 14
2021
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Service Tax - ( SERVICE TAX LIABILITY ON CREDIT CO OPERATIVE SOCIETY )
A credit co operative society is accepting deposits and lending to its members and accordingly earns interest income. It also provide some other services like railway ticketing and running electricity bills collection centre from which it is receiving commission income from IRCTC and PGVCL.
Interest income - 25 Lacs
Commission Income - 1.5 Lacs
What are the service tax implications in the instant case.
BY: DARSHAK MAGANLAL THAKKAR
Total Answers : 0 | View Answers | Post Answers
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| 41163 |
Oct, 13
2021
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OTHER BODIES - ( ONLINE CA EXAMINATION )
A long time back There was proposal to conduct CA Examinations online on MCQ pateren. In view of Pandemic like COVID this has become more urgent .Many Institutes in World are conducting online Examinations eg CPA .
Why Our Institute is still persisting with Handwritten Examination which is many times not found to be foolproof
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 41160 |
Oct, 12
2021
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AUDIT - ( TAX AUDIT REPORT )
WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 41161 |
Oct, 12
2021
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AUDIT - ( TAX AUDIT REPORT )
WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 41158 |
Oct, 06
2021
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DIRECT TAXES - ( TAX AUDIT LIMITS )
Assessee is having turnover of Rs.99 lacs from contractual business and 1.5 lacs from hiring services u/s 44AE. Whether the same would be included in Gross turnover for Tax Audit or not. Otherwise Assessee can declare his income @ 6% on contractual receipts u/s 44AD and 1.50 lacs under 44AE without getting audited
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 41155 |
Sep, 29
2021
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GST - ( ITC FOR SOCIETY MAINTENANCE CHARGES )
ITC for Society Maintenance charges for Immovable property The taxpayer has commercial property and it is let out. Query is that can the taxpayer take ITC for GST charged for society maintenance charges.
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 41156 |
Sep, 29
2021
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DIRECT TAXES - ( TDS CREDIT NOT GIVEN BY CPC )
Q. The Assesee Company is CHA has filed the ITR for the Assessment Year 2018-19 and some customer of the company has deducted TDS on Reimbursement of expenses . the company has shown the Turnover / Gross Receipts other than the reimbursement in ITR. Now the CPC has given the Proportionate TDS credit due to gross receipts not match with 26 AS .The Company has filed the rectification letter to local jurisdiction but ITO has given the reply that rectification is considered but Rectification Right with CPC so please see other alternate solution . So in that case what company can do to get the tax credit .and when we call CPC then they are showing PAN NO. and date of incorporation is wrong. So how we can approach to CPC . Please give your valuable suggestion.
BY: GOPAL KUMAR AGRAWAL
Total Answers : 1 | View Answers | Post Answers
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| 41154 |
Sep, 27
2021
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MISC. - ( 418074 )
If Sole proprietor Chartered Accountant firm will be merged into a partnership firm. Whether that sole proprietorship firm have an option to de-merge later on.
If yes, how long the option is available for de-merger and whether ICAI reserves the name of proprietorship firm.
BY: Shobhit Bansal
Total Answers : 2 | View Answers | Post Answers
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| 41152 |
Sep, 22
2021
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DIRECT TAXES - ( NRI STATUS )
A person is going abroad for studies Has remained in India for 180 days during 2021-22 fin year During last 10 years he was in India only Whether he will be treated NRI for 2021-22 During this year whether Rebate under 87A will be available
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 41150 |
Sep, 21
2021
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MISC. - ( CONVERSION OF CA PROPRIETORSHIP INTO PARTNERSHIP AND CHANGE IN NAME )
Hi,
Please do guide me in this. Ms. A (senior) and Ms. B have two proprietorship firms having separate FRNs. Both want to set up a partnership completely different from their individual practice.
Can Ms. B join Ms. A as a partner convert her proprietorship into partnership and then change the firm name?
Will a new FRN will be granted in a case of change in firm name or it can continue with existing one?
What are the results of the above in relation to bank audit empanelment and CAG empanelment?
BY: Andrea Samantha Lewis
Total Answers : 1 | View Answers | Post Answers
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| 41151 |
Sep, 21
2021
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AUDIT - ( APPLICABILITY OF TAX AUDIT FOR DERIVATIVE TRANSACTIONS(F&O) )
Hello members, My client is a salaried person and also borne loss of Rs.7.00lakhs from Derivative transactions on a turnover of Rs.14lakhs (turnover arrived considering sum of positives and negatives in trade). As per section 43(5), this is non-speculative business. But other than business loss his Total Income(salary after deduction) is less than the maximum amount not chargeable to tax (i.e. below Rs.2.50lakhs).
So, My question is: Whether to set off and carry forward the loss of Rs.7lakhs, tax audit is mandatory? or
whether I can file the return simply by showing loss from business and If yes ,then can the same be carry forward?
Can loss from F&O be set off with Capital Gains?
BY: JYOTI MAHAJAN
Total Answers : 2 | View Answers | Post Answers
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| 41149 |
Sep, 18
2021
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GST - ( REPO TRANSACTION OF OLD VEHICLES )
What should be accounting treatment to account for repo transactions of old vehicles wherein the gst valuation rules(proviso to rule 32 (5) of CGST rules) give a very different taxable value. Resulting into wide variations in actual turnover and GST turnover. This turnover difference might invite attention of taxmen.
e.g:- original invoice value =200000/-
date of original purchase= 1.4.2018/-
REPO by financer on- 1.4.2020/- )also transfered to the new beneficiary on the same day)
sales by the new beneficiary =220000/-
date of this sale=1.4.2021
Now,
purchase price as per proviso to rule 32(5)= 80000/-
{200000-(200000*5%*12)}
value of supply as per rule 32(5) = 140000/-[220000-80000]
This is creating a difference of Rs. 60000/-
Kindly post Any probable suggestions to this problem?
BY: MOHIT JAIN
Total Answers : 0 | View Answers | Post Answers
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| 41145 |
Sep, 14
2021
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GST - ( REVERSE CHARGE )
Where to enter RCM amount in GSTR1 for inward supplies from unregistered supplier, so that same could auto-populate in GSTR 3B
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 41146 |
Sep, 14
2021
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GST - ( INELIGIBLE CREDITS )
Ineligible credits are auto populated in gstr 3b. Whether the same is required to be taken ist, then reversal is to be made and finally again ineligible to be shown in GSTR 3B. Or its better to just show under ineligible head without claiming it first and then reversal.
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 41142 |
Sep, 11
2021
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Capital Gains - ( 079710 )
An Individual Sold his residential house in Feb 21 and he made Construction on old plot in 2018-19 to July 20 . can we claim exemption u/s. 54 for investment in construction as completed before One year of Sale .
Pl advise with supporting evidences /case law if any
BY: SANDEEP KAPOOR
Total Answers : 1 | View Answers | Post Answers
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| 41143 |
Sep, 11
2021
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DIRECT TAXES - ( SET OFF )
as per IT rules, in the same assessment Business loss can be set off against any income except salary.
in AY2020-21 we filled IT return where business loss set off against other sources income.
lateron, intimation received they have disallowed this set off and raised demand.
please advice whats to do? no option availble on portal to make rectification application for the same.
BY: RAHUL jain
Total Answers : 0 | View Answers | Post Answers
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| 41140 |
Sep, 10
2021
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Capital Gains - ( 079710 )
An Individual Sold his Residential house in Feb 21 and made a construction of an old plot since 2018-19 to July 21 i.e construction complete before 1 year of Sale
Can we claim Exemption u/s. 54 on capital gain earned on Sale of house . if yes pl. suggest some case law in support (if possible)
BY: SANDEEP KAPOOR
Total Answers : 0 | View Answers | Post Answers
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| 41137 |
Sep, 08
2021
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DIRECT TAXES - ( INCOME TAX ON DERIVATIVE INCOME(FUTURE & OPTIONS) )
my client earned a profit of Rs 90 lakhs from Derivate section on a turnover of 210 lakhs (turnover arrived considering sum of positives and negatives in trade). whether this to be considered as speculative or normal business. if treated as normal business whether can we opt for presumptive taxation and arrive at a profit of 6% on 210 lakhs.
BY: madhav rao
Total Answers : 3 | View Answers | Post Answers
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| 41138 |
Sep, 08
2021
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DIRECT TAXES - ( NRI RETURNING INDIA AND INTEREST INCOME FROM NRE & FCNR )
An assesse who is a NRI returned to India during November 2019. His Stay in India during FY 2019-20 is less than 182 days hence qualify as NRI for FY 2019-20. During FY 2020-21 the status of assessee is Resident. He has also satisfied the conditions for RNOR for the previous year 2020-21. (As he was Non Resident for 9 Financial year out of 10 financial year preceding previous year (2020-21). The said assessee has Interest income from NRE and FCNR deposits during FY 2020-21. Kindly guide me with regard to the taxability or exemption available on such interest income earned from NRE and FCNR deposits for FY 2020-21.
BY: Vignesh V Kamath
Total Answers : 1 | View Answers | Post Answers
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| 41134 |
Sep, 01
2021
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MISC. - ( PROFESSION TAX IN MAHARASHTRA )
The Company is registered in Maharashtra and it has 4 directors. One director is residing in Maharashtra and obtained PTEC Number. Other 3 directors are residing in another state i.e. Gujarat.
Our Query is that in the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 directors who are not residing in the state of Maharashtra .?
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 41135 |
Sep, 01
2021
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MISC. - ( PTEC IN THE STATE OF MAHARASHTRA )
The Partnership firm is in Maharashtra and it has 4 partners . One partner is residing in Maharashtra and obtained PTEC Number. Other 3 partners are residing in another state i.e. Gujarat.
Our Queries are as under.
1. Do Partnership firm require to obtain PTEC Number
2. In the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 partners who are not residing in the state of Maharashtra .?
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 41130 |
Aug, 31
2021
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GST - ( GRATUITOUS PAYMENT BY HOLDING CO TO SUBSIDIARY EMPLOYEES )
Dear All,
Facts :
Holding Co is based in UK
Subsidiary is based in India.
Due to Covid-19 holding co has resolved to pay certain amount to all employees all subsidiary and associates.
No benefit / margin will be retained by subsidiary.
E.g. 200 pounds recd by subsidiary &
amount worth 200 pounds will be fully paid to employees of the subsidiary.
Modus of payment:
Subsidiary in India will pay the amount to its employees in India and this will be reimbursed by holding co along with all the employee related taxes borne by subsidiary, if any.
Query:
What shall be the tax treatment of amount received from holding co in the hands of subsidiary co.?
If taxable -
what is the service ?
Who is the service provider?
who is the recipient ?
On what Value GST should be paid ?
whether GST to be paid under RCM ?
Thanking you in advance for your guidance.
BY: CA MITUL MAHENDRA MEHTA
Total Answers : 0 | View Answers | Post Answers
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| 41132 |
Aug, 31
2021
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DIRECT TAXES - ( CIT APPEAL ORDER )
WE HAVE RECEIVED ORDER PASSED BY CIT A UNDER FACELESS AND THESE ARE BEING PASSED WITHOUT CONSIDERING THE FACTS AND ISSUED RAISED BY APPELLANT. LIKE CPC PREOCESSED THE ITR WITH ADDITION BASED ON FORM 3CD FOR EPF CONTRIBUTION REPORTED WHICH IS ACTUALLY DEPOSITED WITHIN THE DUE DATE OF THE FUND AND IS REPORTED ACCORDING IN FORM 3CD. ASSESSED FILED THE APPEAL AND RAISED THE ISSUE THAT AS PER FORM 3CD TOTAL CONTRIBUTION IS REPORTED AND ONLY LATE DEPOSITED AMOUNT REQUIRED ADDTION AND NO THE WHOLE AMOUNT. APPELLANT SUBMITTED CHAALN AND EXTRACT OF FORM 3CD BUT THE CIT A DISMISSED THE APPEAL STATING THAT THE CONTRIBUTION IS LATE DEPOSIED AND CANNOT BE ALLOWED U/S 43B OR 139(1). THIS IS THE HEIGHT OF FACELESS APPEAL THAT SUCH A SMALL FACT IS NOT UNDERSTOOD.
IF THIS IS THE APPROACH OBJECTIVES OF THE FACELESS SCHEME IS NOT SERVED AND IT IS COSTING HEAVILY TO THE TAXPAYERS.
BY: SUNIL KUMAR AGARWAL
Total Answers : 0 | View Answers | Post Answers
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| 41129 |
Aug, 30
2021
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GST - ( INTRA STATE TRANSACTION OR INTERSTATE TRANSACTION )
If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST .
BY: samirkumar gokulbhai kasvala
Total Answers : 2 | View Answers | Post Answers
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| 41128 |
Aug, 28
2021
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GST - ( GST - REGISTRATION )
If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST .
We are thankful to you for your guidance.
BY: samirkumar gokulbhai kasvala
Total Answers : 2 | View Answers | Post Answers
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| 41127 |
Aug, 27
2021
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GST - ( QUERY ON STATE )
If a dealer is having GST registration in Maharashtra. The taxpayer is having agriculture land in gujarat and he sales agriculture produce from gujarat to gujarat. So should this be reported in GST Returns of Maharashtra . The Taxpayer does not have any other transaction of sales from Gujarat and hence not registered in Gujarat.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 41126 |
Aug, 25
2021
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AUDIT - ( 047887 )
he Society land conveyance deed was executed in favor of the society on 01.Oct 2019 i.e. during the FY 2019-20. The Land now becomes asset of the Society. However, while preparing the financial statements, neither the Managing Committee nor the Auditor considered this fact to include this land as an asset of the Society. There are few more assets which are also not considered while preparing the financial statements. When brought it to the notice of both, the auditor is of the opinion that this is a technical error and will be corrected in future years. My question is that, does this amount to negligence on the part of Auditor? Can it be referred to disciplinary committee? Thanks
BY: CA. LONIKAR SHASHIKANT ACHYUTR
Total Answers : 1 | View Answers | Post Answers
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| 41124 |
Aug, 24
2021
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AUDIT - ( FORM 10B )
SIr, a Trust has provided Interest carrying Unsecured loan to a Company, where the Trustee is having the substantial interest. The said loan is not in the form of investment of Shares.
Sir, the same is being reported n the Form10b, Part II (a), but is the same is also to be shown in Part III, as in this, one of the column reads as "Where the concern is a Company, no. and class of shares held", and there is no such shares being acquired. Kindly guide.
BY: CA Gaurav Shah
Total Answers : 2 | View Answers | Post Answers
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| 41122 |
Aug, 19
2021
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GST - ( REPORTING IN GSTR 1 )
01. IN CASE OF SALE OF FLATS ADVANCE RECEIVED DURING VAT REGIME AND TAX PAID UNDER VAT REGIME FOR WHICH INVOICE ISSUED WHEN FLAT IS SOLD DURING GST REGIME. WHERE THE SALES TO BE DECLARED UNDER EXEMPTED OR NON GST SUPPLIES IN GSTR 1?? PLEASE CLARIFY.
BY: Sachin
Total Answers : 2 | View Answers | Post Answers
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| 41123 |
Aug, 19
2021
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Companies Act, 2013 - ( TRANSFER OF SHARES )
Upon Transfer of Shares, the Share Transfer Letter along with Share Transfer Form in SH-4 is delivered to the company. Whether Endorsement on the back of the Share Certificate in favour of Transferee will suffice or New Share Certificate is required to be issued in favour of Transferee ?
BY: Gaurav Kumar Baranwal
Total Answers : 2 | View Answers | Post Answers
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| 41121 |
Aug, 14
2021
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Compliance - ( REGARDING UDIN )
Hello Everyone, My query is:-
If return is filed u/s 44AD and as required by Bank the Profit & loss and Balance sheet has been prepared, then Is it mandatory to put UDIN on that Balance sheet? Answer will be either yes or No please give reasons.
BY: JYOTI MAHAJAN
Total Answers : 4 | View Answers | Post Answers
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| 41119 |
Aug, 11
2021
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DIRECT TAXES - ( 444964 )
INCOME OF HOCKEY PLAYER ON WHICH TDS IS DEDUCTED UNDER SECTION 194JB WILL BE SHOWN UNDER 44 AD OR 44ADA?? PLZ TELL ME KNOW THE BUSINESS CODE.
BY: ARIHANT JAIN
Total Answers : 2 | View Answers | Post Answers
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