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| 40753 |
Aug, 04
2020
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GST - ( RCM ON GOVERNMENT SERVICES )
1. WATER CESS CHARGED BY POLLUTION CONTROL BOARD
2. ROC XBRL FEES OF RS 600
3. DIN SURRENDER FEES OF 10,000
4. BOILER INSPECTION FEES
5. RENEWAL FEES CHARGED BY POLLUTION CONTROL BOARD
6. FACTORY RENEWAL FEES
PLEASE GIVE THE ANSWER WITH RELATED NOTIFICATION AND SECTION NUMBER
BY: Akshay Verma
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| 40754 |
Aug, 04
2020
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FINANCIAL MANAGEMENT - ( 542430 )
TDS deposited under wrong TAN for FY20-21 Qtr-1. Does the TRACES Portal (OLTAS) has the facility to apply for TAN correction i.r.o said challan? Moreover, the challan has been paid through electronic mode and the period of 7days has already been passed.
BY: ARJUN GUPTA
Total Answers : 1 | View Answers | Post Answers
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| 40755 |
Aug, 04
2020
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DIRECT TAXES - ( 542430 )
An Advocate has his Gross Receipts from his profession Rs. 25,00,000 and Net Profit Rs.8,50,000 during FY19-20. He is maintaining proper books of accounts u/s 44AA. Can he file ITR-3 showing such profits? Also, can his books of accounts be audited by his son, who is a Chartered Accountant in Practice?
BY: ARJUN GUPTA
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| 40756 |
Aug, 04
2020
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MISC. - ( SING ON PROVISIONAL BALANCE SHEET )
I am denied to sing provisional balance sheet and UDIN on provisional balance sheet.bank harras my client and say loan file will process without above said sing.what Can do and any step against bank can be taken.
BY: niladri Sekhar maiti
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| 40752 |
Aug, 03
2020
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GST - ( CESS ON COAL UNDER GST CAN BE REFUNDED TO A TRADER )
A coal Trader has purchased coal and paid cess @400 per M.Tonne now subsequently the coal Trader has sold coal to SEZ unit where he has to charge NIL GST/cess.
As a result of sale to SEZ now there is excess IGST input and cess is lying in his credit ledger. The trader wants to adjust IGST for susequent sale but he wants cess to be refunded because the cess now can not be utilised for subsequent sale as there is always cess on purchase of coal at fixed rate as input and on sale cess will be output at fixed rate hence, the cess of SEZ sale will always remain in his credit ledger,so he wants the refund.
Now the question is whether
1. A TRADER of coal can file application for refund of cess or it is allowed only to manufacturer.
2. Trader of coal is eligible for refund or not. He is not manufaturing any goods. only Purchases COAL and sales COAL.
Pl. clarify.
BY: DILIP DOSHI
Total Answers : 1 | View Answers | Post Answers
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| 40749 |
Aug, 01
2020
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GST - ( REFUND ON SERVICES INPUT )
In case of Inverted Duty structure GST paid on services was not being allowed but in a court case in Gujarat Decision has been taken in favour of asessee.
Whether this can be of benefit to other states asessees
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40751 |
Aug, 01
2020
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Capital Gains - ( WHETHER EXEMPTION U/S 54 IS ELIGIBLE? )
Assessee is an Individual aged about 72 years during the financial year 2019-2020, she transferred a residential house property and purchased two other residential properties within the same financial year.
But the properties acquired were in the name of her son and the sources for acquisition were transferred from her bank account to the sellers accounts.
Now, the query is whether she can claim exemption under section 54 for the LTCG on the sale of residential house property.
BY: D R V NARENDRA REDDY
Total Answers : 3 | View Answers | Post Answers
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| 40746 |
Jul, 30
2020
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MISC. - ( CAPITAL/ REVENUE )
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years.
What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor?
Whether to capitalise or treat it as revenue expenditure?
If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?
BY: Babitha
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| 40747 |
Jul, 30
2020
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MISC. - ( CAPITAL/ REVENUE )
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years.
What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor?
Whether to capitalise or treat it as revenue expenditure?
If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?
BY: Babitha
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| 40741 |
Jul, 27
2020
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GST - ( GST REGISTRATION REQUIREMENT )
Dear All, A GST registered Railway Contractor has his Principal place of business in TN. He also have registration in AP. He had completed a project in AP (works contract), now the same project got extended to Telangana (Contract value would be around 40 lakhs). Could you please advise do he require to get registered in Telangana and Issue invoice with CGST/ SGST or can he execute the contract with AP registration and issue invoice with IGST. He don't have any office or fixed establishment in Telangana. Thanks.
BY: CA. VASUDEVAN P K
Total Answers : 2 | View Answers | Post Answers
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| 40736 |
Jul, 26
2020
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MISC. - ( 451096 )
Regarding: Visiting Cards Guidelines
Sir,
Please suggest me, whether the Chartered Accountant in practice can mention their services offered on the reverse side of Visiting Cards.
Whether the above amounts to any publicity consecutively amount to Professional Misconduct?
BY: ANUJ JAISWAL
Total Answers : 1 | View Answers | Post Answers
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| 40737 |
Jul, 26
2020
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DIRECT TAXES - ( 194298 )
CA providing services, turnover less than 50 lacs, not selecting to opt for 44ADA, but files ITR under normal taxation in ITR 3,
and declares profit less than 50% .
is he liable for tax audit ?
BY: CA Shrawan Suthar
Total Answers : 1 | View Answers | Post Answers
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| 40739 |
Jul, 26
2020
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MISC. - ( CIBIL SCORE IMPROVEMENT )
A Person has been informed by a Bank that his cibil report is showing Loan from a Financial institution but the person does not owe any loan. He has been informed by bank to contact
his CA to grt it rectified. How can we do the same
BY: Mahesh Kumar
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| 40740 |
Jul, 26
2020
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GST - ( RCM UNDER SECTION 9(4) )
In view of section 9(4) of CGST Act, RCM is applicable only in case of receipt of supply of goods or/and services by a registered person from unregistered supplier, in respect of specified categories of goods or services as may be notified by Government and as per notifications issued u/s. 9(4) RCM under Real Estate Sector and Renting of Motor Vehicle is applicable.
Is RCM on purchase of Dress Material, payment of rent / brokearage, etc. from unregistered supplier applicable? If yes under what notification?
BY: Shyamal Jariwala
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| 40734 |
Jul, 24
2020
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TDS/TCS - ( TDS ON SALARY )
While filing TDS Return of salary:-
1. Do we need to give salary details of every employee? or
2. Only those employees whose salary is above tax exemption limit? or
3. Only those whose Tax is deducted at source from the Salary?
Thanks & Regards.
BY: SK
Total Answers : 2 | View Answers | Post Answers
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| 40733 |
Jul, 23
2020
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Capital Gains - ( 167287 )
Interesting case please do write me your opinion.
Mr. X relinquished his right on jully 2020 in his ancestral property by executing sammatti patra/ manyata patra which was sold by his brothers without his consent on 2002 to builder. at that that time the land was agriculture land. now to close the said matter outside the court the builder had agreed to pay consideration of Rs.50 lakh to Mr.X by executing sammati patra/manyata patra for relinquishment of his right in said property. the said agriculture land was converted to residential NA plot on 2016 & now converted to commercial property in 2020.
please guide me regarding this if i considered his relinquishment in agriculture land then it will not come under capital assets & consequently no capital gain.
if i considered it to be capital assets then what should be cost of acquisition for the same i.e ( stamp duty value as on 01/04/2001 of agriculture land rate is to be considered or NA plot value rate or Commercial Plot value rate .
Please guide me that how this transaction would be taxed for income tax.
Also guide me for exemption u/s 54 which can be availed from this transaction.
BY: NADIR D SHAIKH
Total Answers : 0 | View Answers | Post Answers
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| 40729 |
Jul, 22
2020
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DIRECT TAXES - ( OPTING OF PRESUMPTIVE TAXATION )
Mr. X who is doing trading business has filed IT returns for FY 15-16 & 16-17 under presumptive taxation. In FY 17-18, his turnover exceeded 2 crores, so he is subject to tax audit. He got books audited and filed ITR 3. Now in FY 18-19, his turnover is less than 1 crore and wants to opt for presumptive taxation. Can he file IT Return under presumptive taxation for 18-19 , as he opted out of presumptive for FY 2017-18 only because his T/O exceeded 2 crores.
Please do reply
BY: Gogisetti Sivaji Ganesh
Total Answers : 2 | View Answers | Post Answers
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| 40728 |
Jul, 20
2020
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Capital Gains - ( CAPITAL GAIN )
A Father has transferred his residential cum commercial property to his son in 2005 when the collector rate was Rs 8 Lacs . Now son has sold this property in 2019-20 for Rs 9 Lacs
How capital gain will be calculated. Further as the son who is the coowner of a plot with his wife (this plot was purchased four years back) . Son has constructed house on this plot whuch is completed in 2019-20 Whether one half of this construction cost will be treated as investment in new house by son
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40725 |
Jul, 19
2020
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GST - ( EWAY BILL PENALITY )
A businessman sent goods to UP and generated Ewaybill.
After that Ewaybill was cancelled and new ewaybill was not completed by Transporter it appears so as asessee is not sure why Eway bill was cancelled Now GST department has found this difference ,Although Sale bill was not cancelled and GST amount has also been paid for this bill.Can they impose penality for this clerical mistake
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40726 |
Jul, 19
2020
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DIRECT TAXES - ( TAXABILITY TO A FOREIGN CITIZEN IN INDIA )
Sirs,
A person was born and educated in India later he migrated to Australia in 1985, now he is citizen of Australia and posses Australian passport since 1999. Now he has sold his ancestral property in India, on which there is some LT capital gain. Is he entitled to take benefit of section 54F and 54EC. If he pay income tax what will be the rate of tax. If his income become fully tax free by virtue of sec. 54F or 54EC, does he still require Form 15CA (and so form 15CB) for remittance of the fund from India to Australia after stipulated time. Please advise.
BY: RAM KUMAR SARASWAT
Total Answers : 1 | View Answers | Post Answers
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| 40727 |
Jul, 19
2020
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CORPORATE & OTHER LAWS - ( EXPULSION OF PARTNER. )
Sirs,
Can two partners expel the third one (without following long time consuming proceedings of court) ? when there is no such provision in partnership deed. The third partner is doing illegal activities and acting against interest of firm. If any member has handled such case please let me know , I will contact him personally. Thanks
BY: RAM KUMAR SARASWAT
Total Answers : 0 | View Answers | Post Answers
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| 40721 |
Jul, 16
2020
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GST - ( TURNOVER OF PRE GST )
Dealer has registered under GST in March, and turnover from Jan to March is Rs. 198,80,000/-, whether this pre GST Turnover consider while filling first GSTR 3B?? and if yes the in which head?
BY: Ninad Prataprao Shete
Total Answers : 2 | View Answers | Post Answers
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| 40722 |
Jul, 16
2020
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Companies Act, 2013 - ( INCORPORATION OF PRODUCER COMPANY )
During incorporation of Producer Company, can we attach the proof of farming 7/ 12 extracts of Agricultural Land which is in the name of father or grandfather of member of producer company. Father or grandfather is not the member of producer company.
Whether it is mandatory that agriculture land must be in the name of member of producer company or not?
BY: CA Neha Gupta
Total Answers : 0 | View Answers | Post Answers
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| 40723 |
Jul, 16
2020
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TDS/TCS - ( PAYMENT TO NRI FOR PURCHASE OF FLAT )
X A RESIDENT INDIVIDUAL PURCHASED A FLAT FROM NRI WORTH RS 60 L. TDS TO BE DEDUCTED AT 20.80% RATE, AND WHAT OTHER PROVISIONS IS APPLICABLE IN THIS REGARD, PLEASE LET ME KNOW.
FURTHER WHILE FILLING THE TDS RETURN WE NOTICE VARIOUS NATURE OF PAYMENTS TO NRI IN SECTION 195, WE NEED TO CLARIFY THE NATURE OF PAYMENT. WHETHER IT IS LTCG, OR OTHER INCOME. BUT WE DIDN’T FIND SALE OF FLAT NATURE IN THIS PART. P[LEASE ADVICE
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40724 |
Jul, 16
2020
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GST - ( GST REFUND )
A company created websites for clients abroad and received payments in bank in forex. Bank has not provided BRC/FIRC.
a. Is it compulsory for a bank to provide BRC/FIRC?
b. If the bank does not provides BRC/FIRC then how to file Refund application with our the BRC/FIRC?
Please suggest the way out.
Thanks & Regards
BY: SK
Total Answers : 1 | View Answers | Post Answers
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| 40719 |
Jul, 13
2020
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GST - ( INTEREST - NON PAYMENT OF INVOICE WITHIN 180 DAYS )
Mr X purchased goods from Mr Y on 25 Jan 2020 . The ITC on GST on purchase was availed in the month of Jan 2020. The payment for the goods is still not made to the seller and shall happen in Aug 2020. What shall be the implications on ITC availed. (i) Should Mr X reverse ITC in July 2020 .(ii) Even if Mr X reverses ITC in July 2020 , is there any interest implications on ITC availed as the payment of invoice shall happen after 180 days from date of invoice
BY: RAHUL PARASRAMPURIA
Total Answers : 2 | View Answers | Post Answers
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| 40716 |
Jul, 12
2020
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INTERNATIONAL BUSINESS - ( IEC APPLICATION )
While filing Online application for Import Export Code after making necessary payment of Rs 500- I am not able to submit as it displays message "Amount of Rs 500- is to be paid"
Whether this is Site problem of DGFT
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40715 |
Jul, 10
2020
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DIRECT TAXES - ( 44AD )
Whether a partnership firm ( 1 partner is not a doctor) running a hospital will be eligble for presumptive taxation u/s 44ad? or will section 44ada be applicable?
BY: T.R.S. PATHY SENTHIL
Total Answers : 4 | View Answers | Post Answers
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| 40714 |
Jul, 07
2020
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GST - ( FINAL RETURN - GSTR-10 )
The concern's Order of Cancellation of Registration is issued by the department and now it is required to file Final Return. The reason for cancellation is that, this closed concern was taken over by another concern. The closed concern has utilised all the ITC including ITC on closing stock before the take over. Is it correct to file "NIL" GSTR-10, as the concern do not have any ITC which is required to be reversed and paid back to government, as the closing stock with NIL ITC has been taken over by the other concern.
BY: Shyamal Jariwala
Total Answers : 2 | View Answers | Post Answers
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| 40712 |
Jul, 06
2020
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GST - ( COMPOSITION DEALER : TAX ON ENTIRE SALES OR ONLY TAXABLE SALES )
(1) client is in business of stationery.His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to students.
our query that we have pay GST @ 1% on Total sales or only on taxable sales.
(2) client is in business of Medical stores .His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to unregistered persons.
our query that we have pay GST @ 1% on Total sales or only on taxable sales.
BY: samirkumar gokulbhai kasvala
Total Answers : 2 | View Answers | Post Answers
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| 40713 |
Jul, 06
2020
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Profits & Gains of Business & Profession - ( REMUNERATION UNDER SECTION 44AD AND 44ADA )
One of my client - partnership firm is a technical consultant. We are keeping the books of accounts and doing audit because his profit is below the rates specified under section section 44ADA. Both profit before and after remuneration are below the rates specified under section 44ADA.
Now, he has come up with a proposition that we should file return of income under section 44ADA declaring 50% profit and declare zero remuneration in partners' returns and thereby will have lesser tax if we consider partner's and firm's combined liability.
To what extent is this feasible and should one avoid this?
Because normally, you take a decision of choosing to go with 44AD or 44ADA only when your profit is higher than that at specified rate and here despite the profit being lower, he wants to go for 44ADA because he says partners return will not contain any remuneration.
BY: Anuj Tiwari
Total Answers : 1 | View Answers | Post Answers
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| 40710 |
Jul, 05
2020
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AUDIT - ( TAX AUDIT ENGAGEMENT )
As per 2nd SechedulePart-I , clause 4 -A member of the Institute shall not express his opinion on financial statements of any business or enterprise in which one or more persons who are his “relatives” within the meaning of Accounting Standard (AS - 18) .
As per AS 18 Relatives - in relation to an individual, means the spouse, son,daughter, brother, sister, father and mother who may be expected to influence, or be influenced by, that individual in his/her dealings with the reporting enterprise
Since definition of relative in AS-18 does not include spouse's father & mother , whether i can take up tax audit assignments of father-in-laws 'proprietorship/partnership business. Please clarify & help me .
BY: VIVEK KUMAR GUPTA
Total Answers : 2 | View Answers | Post Answers
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| 40711 |
Jul, 05
2020
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DIRECT TAXES - ( DEDUCTION OF EDUCATION CESS )
Hello Everyone!
Can any one please share views whether deduction of education cess can be claimed in computing taxable income based on Rajasthan HC ruling in case of Chambal Fertilizers and Bombay HC ruling in case of Sesa Goa?
BY: Manisha
Total Answers : 1 | View Answers | Post Answers
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| 40708 |
Jul, 04
2020
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GST - ( ITC REVERSAL )
A & Co, a proprietary concern having GST registration in the State of Tamilnadu. A&Co is an authorized distributor of various products manufactured and sold by XYZ Ltd. During the financial year 2019-2020, A&CO purchased materials worth Rs. 25 Crores with GSTof 18% from XYZ Ltd. A&CO took entire GST amount as Input based on satisfaction of all conditions of ITC. Now as per agreement, A&CO at the end of year received turnover discount (TOD) of say Rs. 1 crore from XYZ Ltd. XYZ Ltd issued a credit note for the TOD without GST and A&CO accounted for the same as other income without giving any impact of GST.
The query I have is, Whether A&CO is required to do ITC reversal as per rule 42 of CGST rules 2017, considering TOD as exempt or non-GST income. As this income is directly related to purchases and ITC being claimed fully when purchases were made.
Appreciate if you can give your humbled opinion on whether A&CO should carry out ITC reversal for this TOD (exempt Income) based on Rule 42 of CGST Rules 2017. In case your view is no ITC reversal then can you give reasoning for the same.
Thanks,
CA. Amith Khadloya
BY: Amith Kumar Khadloya
Total Answers : 2 | View Answers | Post Answers
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| 40709 |
Jul, 04
2020
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GST - ( WHILE FILING REFUND WITH REGARDS TO EXCESS BALANCE IN ELECTRONIC CASH LEDGER DUE TO TDS ACCUMULATION )
As one of State Tax officer has raised SCN regarding GST refund with regards to excess balance in electronic cash ledger due to TDS deducted by government department based on that they are saying that as your Claimed ITC as per GSTR-3B and ITC as per GSTR-2A (Auto Populated is differ so that please reconcile the same otherwise difference between ITC claimed minus auto populated is deducted from your refund so my quarry is this is it relevant particularly in case of Refund due to TDS on cash ledger. As per my opinion in case of refund in respect of excess balance in electronic cash ledger due to TDS then ITC is not relevant as assessment authority and refund authority both are different so contation of officer is right
BY: CA. KAKADIYA BHARATKUMAR POPATBHAI
Total Answers : 1 | View Answers | Post Answers
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