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Top 50 Question
Que. Id Date Description
40975
Mar, 01
2021
GST - ( REFUND APPLICATION )

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

Total Answers : 0 | View Answers | Post Answers

40976
Mar, 01
2021
DIRECT TAXES - ( INDEPENDENT PROFESSIONAL SERVICES-DTAA )

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

Total Answers : 1 | View Answers | Post Answers

40977
Mar, 01
2021
DIRECT TAXES - ( DTAA )

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

Total Answers : 0 | View Answers | Post Answers

40973
Feb, 24
2021
GST - ( WRONG PAYMENT IN GST )

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

Total Answers : 1 | View Answers | Post Answers

40974
Feb, 24
2021
MERGER & ACQUISITION - ( REGARDING MERGER OF TWO PROPRIETORSHIP FIRMS )

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

Total Answers : 0 | View Answers | Post Answers

40972
Feb, 23
2021
Companies Act, 2013 - ( REASONS TO BE ATTACHED TO FORM NDH-2 )

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

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

40971
Feb, 20
2021
MISC. - ( HIRING OF PAID ASSISTANT )

I am registered as a proprietary firm with ICAI. I want to hire a CA (Not holding COP) as paid assistant. My question is: 1. what is the procedure to be followed?? 2. what form is to be filled to inform the Institute?? Thank you in advance.

BY: ronak chetan kapadia

Total Answers : 1 | View Answers | Post Answers

40970
Feb, 19
2021
COUNCIL DECISION - ( CONVERTING INDIVIDUAL TO SOLE PROPRIETOR FIRM )

I am qualified from 2016 and full time practitioner. Now I want to convert my status as individual to sole proprietor firm. My query is whether experience of the new sole proprietor firm will be counted from the date of the conversion or my cop date ie. 2016

BY: KUPPUSAMY MUTHUKUMAR

Total Answers : 0 | View Answers | Post Answers

40969
Feb, 12
2021
DIRECT TAXES - ( SECTION 54F )

Hello Everyone! Whether exemption under section 54F available for investing in rural agriculture land and constructing a residential property thereon (Farm House) out of sale proceeds received from sale of shares of unlisted company? Please also provide reference of HC Judgements

BY: Manisha

Total Answers : 2 | View Answers | Post Answers

40968
Feb, 11
2021
DIRECT TAXES - ( 229489 )

DIRECT TAXES (TYPE OF REGISTRATION) RESPECTED SIR, THE QUESTION IS 2 PERSONS ARE COLLECTING SCRAP/SECOND HAND GOODS FROM DOOR TO DOOR PEOPLES AS A DONATION IN KIND. THE SAME GOODS THEY ARE SELLING TO GENERAL PEOPLE BY MAKING THEM FIT FOR USE BY INCURRING EXPENDITURE ON IT. THE SALE PROCEEDS ARE USING FOR CHARITABLE ACTIVITIES. NOW THEY WANT TO GO WITH NGO REGISTRATION. SO WHICH ONE IS RCOMMENDED UNDER SUCH CIRCUMSTANCES. 1. TRUST CANT DO BUSINESS ACTIVITY AS PER CONDITIONS LAID DOWN FOR 12A REGISTRATION. 2. CAN WE INCORPORATE SEC 8 COMPANY TO UNDERTAKE ABOVE ACTIVITIES. IS THERE ANY RESTRICTIONS ON SEC 8 COMPANY WITH RESPECT TO BUSINESS ACTIVITIES? THANKS IN ADVANCE

BY: MOHAMMED QUSROO

Total Answers : 1 | View Answers | Post Answers

40967
Feb, 09
2021
GST - ( DRC-03 PAYMENT )

One of my client received a notice ASMT-10 for filing nil 3B return in FY 2018-19. We have declared sales in GSTR-9 and paid tax. Whether department will demand interest and penalty also for not disclosing sales.

BY: Shobhit Bansal

Total Answers : 2 | View Answers | Post Answers

40966
Feb, 08
2021
GST - ( GSTR9 AND GSTR9C )

ITC of 2017-18 was taken in GSTR3B of FY 2018-19. However the same was missed to be reported in GSTR9 and GSTR9C of 2017-18. Query : So while preparing GSTR9 and GSTR9C of 2018-19 , should the ITC of 2017-18 taken in 2018-19 allowed or not ?

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

40965
Feb, 07
2021
DIRECT TAXES - ( RETURN FILLED WITH TAX PAYABLE ABOVE CRORE )

client has filled income tax return with tax payable due to financial crunch of his business. he has got his account audited u/s 44ab. i want to know what would be consequences of filling income tax return with tax payable. whether there is any provision for prosecution if liability is more than one crore.

BY: NADIR D SHAIKH

Total Answers : 2 | View Answers | Post Answers

40962
Feb, 06
2021
GST - ( CREDIT NOTE )

Can Credit note also be uploaded monthly by those who decide to go for Quarterly filing GSTR-1 return

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40963
Feb, 06
2021
GST - ( CREDIT NOTE )

Can Credit note also be uploaded monthly by those who decide to go for Quarterly filing GSTR-1 return

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40964
Feb, 06
2021
DIRECT TAXES - ( DIVIDEND INCOME TO NRI )

A Non resident earns 15 Lakhs Dividend from Indian Listed Companies for financial year 2019-20. Whether this is taxable or exempted ?

BY: PRABINA KUMAR MONINGI

Total Answers : 1 | View Answers | Post Answers

40959
Feb, 04
2021
GST - ( GST AUDIT FY 2018-19 )

ITC of 2017-18 was taken in GSTR3B of FY 2018-19. However the same was missed to be reported in GSTR9 and GSTR9C of 2017-18. Query : So while preparing GSTR9 and GSTR9C of 2018-19 , should the ITC of 2017-18 taken in 2018-19 allowed or not ?

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

40960
Feb, 04
2021
COUNCIL DECISION - ( SECOND OFFICE OF CA FIRM (SOLE PROPRIETOR) )

I'm a Practicing CA with Sole Firm in Telangana State. I have an office in one of the Towns (Municipality). Now I'm willing to open a second office in a small town which is 24 km away from my main office but it is in the state of Maharastra. Do I need to have a separate CA as in charge or not as it is within 50Kms Radius? (Note: within 24kms but in a different town and Different State)

BY: DASARI PRANAYREDDY

Total Answers : 2 | View Answers | Post Answers

40961
Feb, 04
2021
CORPORATE & OTHER LAWS - ( CO-OP.BANK EXPOSURE LIMIT )

A Co-op. Bank's exposure limit to a single borrower is say Rs. 1.5 crs. It has already advanced Rs. 1.5 crs to a borrower on mortgage of immovable property of Rs. 5 crs.Again it want to advance Rs. 1.5 crs. to another borrower on the same morgaged property. Whether advance on the same mortgaged property to different borrowers becomes an advance to a single borrower?

BY: KOMAL APURV VORA

Total Answers : 0 | View Answers | Post Answers

40958
Feb, 03
2021
DIRECT TAXES - ( TYPE OF REGISTRATION )

RESPECTED SIR, THE QUESTION IS 2 PERSONS ARE COLLECTING SCRAP/SECOND HAND GOODS FROM DOOR TO DOOR PEOPLES AS A DONATION IN KIND. THE SAME GOODS THEY ARE SELLING TO GENERAL PEOPLE BY MAKING THEM FIT FOR USE BY INCURRING EXPENDITURE ON IT. THE SALE PROCEEDS ARE USING FOR CHARITABLE ACTIVITIES. NOW THEY WANT TO GO WITH NGO REGISTRATION. SO WHICH ONE IS RCOMMENDED UNDER SUCH CIRCUMSTANCES. 1. TRUST CANT DO BUSINESS ACTIVITY AS PER CONDITIONS LAID DOWN FOR 12A REGISTRATION. 2. CAN WE INCORPORATE SEC 8 COMPANY TO UNDERTAKE ABOVE ACTIVITIES. IS THERE ANY RESTRICTIONS ON SEC 8 COMPANY WITH RESPECT TO BUSINESS ACTIVITIES? THANKS IN ADVANCE

BY: MOHAMMED QUSROO

Total Answers : 0 | View Answers | Post Answers

40957
Feb, 01
2021
DIRECT TAXES - ( LATE FILING OF FORM 67 )

Rule 128 provides that Form 67 must be filed before due date u/s 139(1) in order to claim foreign tax credit in return of income. If return to be filed is a belated return and Form 67 has not been filed upto due date u/s 139(1), whether foreign tax credit claimed in return will be disallowed?

BY: vikas kalra

Total Answers : 1 | View Answers | Post Answers

40956
Jan, 31
2021
DIRECT TAXES - ( DIFFERENCE BETWEEN STAMP VALUATION AND SALE CONSIDERATION RELAXED UPTO 20% )

Govt had relaxed the difference between stamp valuation and sale consideration upto 20% on sale of land and building in November 2020. Anybody has the circular/notification with respect to it ? Pls forward.

BY: Gaurav Kumar Baranwal

Total Answers : 3 | View Answers | Post Answers

40953
Jan, 30
2021
AUDIT - ( ACCEPTANCE OF REVENUE AUDIT )

We are doing statutory audit of OBC (now PNB) for Last two years . Recently We have received assignment of Revenue Audits of PNB . Can we go for it ?

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40954
Jan, 30
2021
DIRECT TAXES - ( SECTION.43B(A)- ANY TAX, DUTY, CESS OR FEE ETC )

Sec.43B(a) allows any tax, duty, cess or fee by whatever name called under any law for time being in force on payment basis. A company is paying lease rent to TN Govt for land taken on lease from Govt. It has made provision for rent arrears as the matter is in litigation. Is this amount provided towards arrears rent will be covered in sec.43B(a) and allowed on only payment basis? If not in sec.43B(a), will it get disallowed under any other section? Pls clarify. Thanks.

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

40955
Jan, 30
2021
DIRECT TAXES - ( SEC 115BAA )

1.A company with carry forward depreciation and business loss(normal business). Is it possible to opt sec 115BAA with carry forward business loss? 2.Also, above company having short term borrowings from directors and not in the situation to repay. Is it possible to written off borrowings and adjust that income with carry forward business loss after opting Sec 115BAA? as MAT is not applicable.

BY: SHRIDHAR

Total Answers : 1 | View Answers | Post Answers

40951
Jan, 27
2021
TDS/TCS - ( TCS UNDER 206C 1H FOR SUPPLY TO NIC )

Will supply by a registered person TO NIC (government entity) liable for tcs

BY: HIMANSHU PUROHIT

Total Answers : 1 | View Answers | Post Answers

40952
Jan, 27
2021
TDS/TCS - ( PAYMENTS TO A REMOTE PROGRAMMER IN ABROAD - WHETHER TDS U/S. 195 IS REQUIRED TO BE DEDUCTED )

One of our client hires a Remote Programmer through Upwork portal occasionally and pays him / her in foreign currency. Whether we need to deduct TDS u/s.195 since the person is not located / not resident in India. Could anyone pls advise?

BY: DHIVYA G K

Total Answers : 1 | View Answers | Post Answers

40950
Jan, 23
2021
COUNCIL DECISION - ( SENIORITY ON CHANGE IN FIRM NAME )

What would be the seniority status in case a CA Partnership Firm wishes to change its name ? Will it continue to enjoy the seniority from it's earlier date only ?

BY: CA. DATTANI VISHAL MANSUKHLAL

Total Answers : 1 | View Answers | Post Answers

40949
Jan, 21
2021
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 : 2 | View Answers | Post Answers

40947
Jan, 19
2021
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

40948
Jan, 19
2021
MISC. - ( NON REVEIPT PDICAI CAPSULE DAILY )

Non receipt of pdicai capsule daily

BY: ASHWANI KUMAR KAPANIA

Total Answers : 2 | View Answers | Post Answers

40946
Jan, 18
2021
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

40945
Jan, 17
2021
CORPORATE & OTHER LAWS - ( CEILING FOR AGRICULTURE LAND PROCUREMENT )

Whether there is any ceiling/limitation for Purchase of Land in the name of Individual/HUF/COMPANY/Partnership/LLP/TRUST/Society in U.P.?

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40944
Jan, 16
2021
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

40943
Jan, 11
2021
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

40940
Jan, 08
2021
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

40941
Jan, 08
2021
MISC. - ( 1625832 )

is their any best alternative of tally software for a ca firm for macos?

BY: shubham

Total Answers : 0 | View Answers | Post Answers

40942
Jan, 08
2021
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

40939
Jan, 07
2021
ANNOUNCEMENT - ( PRIME TECHNICAL – SHARE MARKET TRAINING TOP ONLINE TRADING STRATEGIES )

Stock market is now becoming the leading business strategy attracting millions of business traders from across the world. Today’s millennial look at trading as one of the easiest methods for wealth creation and opt to trade as their part time business to earn extra money. Prime Technical is the Best Stock Market Training Institute in India. https://primetechnical.in

BY: AMELIA EMMA

Total Answers : 0 | View Answers | Post Answers

40938
Jan, 06
2021
DIRECT TAXES - ( TURNOVER FOR TAX AUDIT PURPOSE )

Whether GST Amount should be added for calculating Turnover for the purpose of Tax Audit u/s 44AB or it should be calculated without adding GST Amount ?

BY: GAURAV GUPTA

Total Answers : 5 | View Answers | Post Answers

40937
Jan, 05
2021
TDS/TCS - ( TDS ON NBFC )

The borrower has taken loan from NBFC. Is borrower liable to deduct TDS on interest paid to NBFC ? Thank you.

BY: samirkumar gokulbhai kasvala

Total Answers : 4 | View Answers | Post Answers

40936
Jan, 04
2021
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

40935
Jan, 03
2021
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

40933
Jan, 02
2021
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

40934
Jan, 02
2021
OTHER BODIES - ( PF CLAIM BY BENEFICIARY )

Pf claim by beneficiary Reason of exit : death But while filling online claim by beneficiary Portal is showing not eligible for all forms Is there anybody who can guide in this regards..?

BY: ARIHANT JAIN

Total Answers : 0 | View Answers | Post Answers

40932
Jan, 01
2021
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

40930
Dec, 27
2020
DIRECT TAXES - ( INTEREST PAID ON EDUCATION LOANOF CHILD )

An education loan has been taken for study abroad in joint names of Father and son. Repayment is being done by father here in India to a bank. Can Father claim deduction under sec 80E for any amount of interest.

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

40931
Dec, 27
2020
GST - ( APPLICABILITY OF 9C IN CASE OF ASSESSEE IS HAVING MULTIPLE GSTN UNDER SAME PAN IN SAME STATE )

Assessee is having multiple GSTIN under common PAN in one state and TO is as follows: GSTN 1 - 15 Cr., GSTN 2 - 7 Cr., GSTN 3 - 3 Cr., GSTN 4 - 75 lacs. How to prepare and submit GSTR 9 under the common PAN? Whether one GSTR 9C is to be prepared for all or separate 9C for each or whom? Pl reply with appropriate reference.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

40929
Dec, 26
2020
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

40927
Dec, 25
2020
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