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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