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| 40975 |
Mar, 01
2021
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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
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| 40977 |
Mar, 01
2021
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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
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| 40973 |
Feb, 24
2021
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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
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| 40974 |
Feb, 24
2021
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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
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| 40971 |
Feb, 20
2021
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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
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| 40969 |
Feb, 12
2021
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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
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| 40968 |
Feb, 11
2021
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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
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| 40967 |
Feb, 09
2021
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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
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| 40966 |
Feb, 08
2021
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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
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| 40965 |
Feb, 07
2021
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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
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| 40959 |
Feb, 04
2021
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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
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| 40960 |
Feb, 04
2021
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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
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| 40961 |
Feb, 04
2021
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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
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| 40958 |
Feb, 03
2021
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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
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| 40957 |
Feb, 01
2021
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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
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| 40954 |
Jan, 30
2021
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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
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| 40955 |
Jan, 30
2021
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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
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| 40949 |
Jan, 21
2021
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DIRECT TAXES - ( INCOME TAX RETURN FOR FY 2018-2019 )
Can Income Tax Return be filed for FY 2018-2019 ( AY 2019-2020) .ITR 1 required to be filed and tax liability is zero as all taxes are deducted by Employer u/s 192? In the event no Tax Return can be filed is fees u/s 234f to be paid voluntarily or after receipt of Notice.?
BY: ANIRBAN BASU
Total Answers : 2 | View Answers | Post Answers
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| 40947 |
Jan, 19
2021
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DIRECT TAXES - ( 103762 )
Can we cancel form 10IC filed through oversight. We have yet not filed the return. Relevant section 115BAA is but we would like to otp for section 115BA.
BY: DARSHAK MAGANLAL THAKKAR
Total Answers : 1 | View Answers | Post Answers
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| 40946 |
Jan, 18
2021
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Companies Act, 2013 - ( CHANGE IN STATUS FROM INDIVIDUAL AUDITOR TO INDIVIDUAL AUDITOR'S FIRM (PAN IS SAME) )
The ADT-1 filed for the year is in the name of Individual auditor. However, later the Individual auditor registered his firm as a sole proprietorship. PAN of Auditor is the same. Only change in there is a firm registration number.
Should there be ADT-3 filed and new ADT-1 or can the matter be ratified in the Board Meeting and in the AGM.
To re-iterate, the signing auditor is the same. Only change is individual firm.
Alternatively, can the signing auditor sign as a individual and not as a firm.
BY: Lokesh Chajed
Total Answers : 0 | View Answers | Post Answers
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| 40944 |
Jan, 16
2021
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AUDIT - ( TAX AUDIT )
Can a multinational company involved in Tax Audit work put a condition that Tax Audit report can be used only by Income Tax Authorities and not by anybody else
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40943 |
Jan, 11
2021
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ANNOUNCEMENT - ( TENDER FOR IFCOFR )
Want to upload RFP for appointment of consultant for implementation of Internal Financial Control over Financial Reporting (IFCOFR) in UCO Bank under opportunity section in PDICAI website.
BY: PRAVEEN JAIN
Total Answers : 0 | View Answers | Post Answers
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| 40940 |
Jan, 08
2021
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GST - ( UPDATES )
how do i get updates from GST portal before 23.10.2020 from news and updates..
Link - https://www.gst.gov.in/newsandupdates
i can't find from cbic, journals, newsletters etc.
BY: shubham
Total Answers : 0 | View Answers | Post Answers
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| 40942 |
Jan, 08
2021
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INDUSTRY WATCH - ( 1625832 )
how do i get all updates from icai on e-mail?
because icai publish new mcq material without intimating to students .
without informing to students icai change study material chapter or add new material on their bos knowledge portal how do i get updated about this type of matters so my study won't affect and not to be depend on private tutors?
any RSS feed or web monitor or email alert facility provided by icai to students or members?
BY: shubham
Total Answers : 0 | View Answers | Post Answers
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| 40936 |
Jan, 04
2021
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TDS/TCS - ( TDS ON SALARIES )
In case pvt ltd Co. having turnover of Rs 2.5 cr and having 2 directors, TDS on salaries is not deducted by the company and Form 24Q not filed for all 4 Quarters .
However in the person income Tax Return of both directors, Salaries from companies are properly reported and Self Assessment tax paid.
Query : In this situation is company required to Deduct and pay TDS and File TDS Return .
Thanking you
BY: samirkumar gokulbhai kasvala
Total Answers : 4 | View Answers | Post Answers
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| 40935 |
Jan, 03
2021
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OTHER BODIES - ( ETHICS )
can a practicing ca can do Intraday Share Trading Transactions . Because of COVID19 my practice has declined sharply. If any permission from Institute is required , please let me know the forms and formalities to be done.
BY: chandrol sanjay singh
Total Answers : 1 | View Answers | Post Answers
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| 40933 |
Jan, 02
2021
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GST - ( NEW GST RETURNS )
Under the new Scheme of GST returns wef 1-1-2021(For Turnover less than 5 crores) Either You have to file Monthly GSTR 1 and 3B or You can opt for filing monthly B2B data of sales,Pay taxes on monthly basis and then again submit B2C customers figures quarterly.Donot members agree that Second option is practically more cumbersome
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40932 |
Jan, 01
2021
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DIRECT TAXES - ( HOW TO FILE ITR FOR CHANGES IN PARTNERS )
There were 19 Partners in a LLP . Since 1.10.19 the number of Partners increased to 32. accordingly their Profit sharing Ratio changed.
Whether 2 Profit and Loss and Balance Sheets will be filled in Computation of Income.
In 3CD , changes in Partners will be filled and a single 3 CD will be filled. How to show different Profits of the Partners for two periods
Kindly guide me
BY: AJAY JAIN
Total Answers : 1 | View Answers | Post Answers
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| 40929 |
Dec, 26
2020
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Capital Gains - ( SALE OF LAND AFTER PLOTTING BY POWER OF ATTORNY HOLDER )
A(GRANDFATHER)
B(GRANDSON)
A MADE A POWER OF ATTORNY IN THE NAME OF B.
B SOLD CERTAIN PART OF THE LAND IN PLOTS I.E AFTER PLOTTING
A DOESNOT HAVE PAN NO.
IN ALL THE SALE DEED(BENAMAS) B's NAME is SHOWN AS HOLDER OF POWER OF ATTORNY ALONG WITH HIS PAN NO.
NOW A IS NO MORE & HIS ONLY LEGAL HEIR IS B .THEN HOW SHOULD THIS BE REFELECTED IN ITR OF B ?
BY: ARIHANT JAIN
Total Answers : 3 | View Answers | Post Answers
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| 40927 |
Dec, 25
2020
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GST - ( GST REFUND )
Certain GST Officials are reducing GST refund figs stating that deduction is on trading activity if manufacturer is also doing trading. Whether they are right .We calculated refund as per
the formala given on portal
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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