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Top 50 Question
Que. Id Date Description
40578
Feb, 24
2020
GST - ( GST FOR TRANSPORTER )

Company is engaged in providing transport service. GST has to be paid under RCM method by the service receiver. Now, in one cases company itself is paying GST under Forward Charge Mechanism(FCM) approach. Can it be possible to opt RCM in few cases & FCM in few cases.

BY: Shobhit Bansal

Total Answers : 0 | View Answers | Post Answers

40579
Feb, 24
2020
DIRECT TAXES - ( TDS ON ROYALTY )

Dear Experts There is a change in the royalty definition in the budget 2020 which includes now the sale of cinematagrophic films also. So will this apply to Section 9 , the intended section only or will it apply to Section 194J (tds section also,as they both have the same definition)

BY: T.R.S. PATHY SENTHIL

Total Answers : 0 | View Answers | Post Answers

40575
Feb, 22
2020
GST - ( DOCUMENTS TO ATTATCH FOR GST REFUND ABOVE 2 LACS )

Which documents are required to be uploaded in case of Refund above 2 Lacs under Inverted Tax structure. Whether GSTR 2A and Auditor CErtificate is also to be attatched by Scanning

BY: Mahesh Kumar

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40576
Feb, 22
2020
AUDIT - ( AUDIT REQUIREMENT )

An asessee having Net profit less than 8%,Having Credit limit from Banks for more than 10 Lacs,Having Cash receipts more than 5 percentage,Having Cash payments more than 5% are required to get tax audit done irrespective of whether Turnover is up to 5 crores or more than 5 CroresTurnover . Am I correct ?

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40577
Feb, 22
2020
AUDIT - ( TAX AUDIT APPLICABILITY FY 2019-20 )

A Company whose turnover is Rs. 4 crores in fy 2019-20 and has more than 95% of its transactions in sales and purchases in electronic mode in aforesaid case will tax audit not be applicable to the company as per the proposed amendment made in finance act 2020 wherein the limit specified in said cases ie more than 95% of transaction in sales and purchases thru electronic mode is upto Rs. 5 crores

BY: iyengar madhavan

Total Answers : 2 | View Answers | Post Answers

40573
Feb, 21
2020
GST - ( GST ON TRANSPORT SERVCIE )

My client is carrying business of transport of molasses, and raised invoice to 1) Ltd Company 2) sugar Factories 3) Goods transport agency in different situations. Out of these cases on which GST applicable and at what rate??

BY: Ninad Prataprao Shete

Total Answers : 1 | View Answers | Post Answers

40574
Feb, 21
2020
GST - ( GST ON TRUST )

Contribution Received by Trust from Its members which will be spend for the benefit of members. whether Trust is liable to pay GST on such contribution?

BY: SIDHARATH SUSHIL KUMAR BANSAL

Total Answers : 2 | View Answers | Post Answers

40572
Feb, 20
2020
GST - ( INTEREST FOR BELATED FILLING OF 3B )

After the internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 comes into play regarding recovery of interest on gross tax liability for belated return filling of 3B,concerned GST officers have started sending notices to registered persons regarding payment of interest.Will Madras HC`s judgement in Refex Industries Ltd`s case be of any help in this regard ?? Please let me know.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 2 | View Answers | Post Answers

40571
Feb, 15
2020
AUDIT - ( CO-OPERATIVE EMPANELMENT )

where to empanel online my firm for audit of co-operative societies in rajasthan? Please suggest and provide a reliable website for register as auditor.

BY: DHARMENDRA GORA

Total Answers : 2 | View Answers | Post Answers

40569
Feb, 14
2020
GST - ( APPLICABILITY OF GSTR-9D )

Respected Sir/ Mam, 1) What is date of applicability of GSTR-9D (As per Rule-80) and from which financial year it become applicable? 2) Whether applicability is mandatory or optional? 3) Whether said form is fill by member or Clients?

BY: BRIJEN

Total Answers : 0 | View Answers | Post Answers

40570
Feb, 14
2020
COUNCIL DECISION - ( APPENDICES TO THE CA REGULATIONS, 1988 )

I want to refer to updated Appendices to The CA Regulations, 1988. Can anyone help me with where can I find a copy of it? It is not available on The Institutes website and its also not available on the CDS portal.

BY: AKSHAY SHAH

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40568
Feb, 13
2020
DIRECT TAXES - ( TAXATION OF UNREGISTERED TRUST )

If trust is not registered under income tax than income shall be taxable as if income in the hands of AOP. AOP taxation depends on his member's share identity. than my Question is in case of unregistered trust how to check member's share?

BY: PRAKASHKUMAR HASMUKHLAL THAKKAR

Total Answers : 1 | View Answers | Post Answers

40567
Feb, 11
2020
GST - ( RCM, BILLING IN TRANSPORTATION )

CAN A TRANSPORTER BILL FOR FREIGHT UNDER RCM TO MAIN TRANSPORTER. SUPPOSE X IS A SUB TRANSPORTER WORKING FOR Y MAIN TRANSPORTER. AND A IS TRADER GIVEN TRANSPORT CONTRACT TO Y FOR MATERIAL DELIVERY. AND Y IN TURN OFF LOADED THE TASK TO X FOR DELIVERY. SO MY QUERY IS WHETHER X CAN BILL UNDER RCM TO Y FOR TRANSPORTATION.

BY: pradeep kumar agrawal

Total Answers : 1 | View Answers | Post Answers

40566
Feb, 10
2020
DIRECT TAXES - ( RECTIFICATION OF ERRORS )

Mr. A had filed his Income tax return for AY 2017-18 on 22.12.2017 claiming no refund and also no tax were payable in that year. While filing his return due to an oversight, under Income from House Property, he had claimed 50% ownership instead of 100% ownership. The department has also issued intimation u/s 143(1) on 03.03.2018. After realizing the mistake, the assessee now wants to correct this mistake. But online rectification in e-filing portal is not allowed now, as the Gross Total Income is changing due to the above mentioned correction. Also there is no option available for revised return in e-filing portal for AY 2017-18 due to time bar. When enquired the above mentioned position with CPC, they advised us to approach the Assessing Officer. But the query is: whether we should approach the assessing officer for revising the return or making a rectification for AY 2017-18. Thanking you in advance. CA T.V.S Raghavan

BY: T.V.SRINIVASA RAGHAVAN

Total Answers : 1 | View Answers | Post Answers

40565
Feb, 08
2020
GST - ( WRONG TURNOVER IN GSTR 9C )

While entering Turnover as per audited financial statement in gstr 9C i include turnover of other unit of april 17 to june 17 by mistake because prior to Gst one books of accounts was maintained. What should i do to correct this error?

BY: SUSHIL KUMAR

Total Answers : 1 | View Answers | Post Answers

40563
Feb, 07
2020
GST - ( TAX PAID ON DETENTION OF GOODS FOR NOT CARRYING E WAY BILL )

Goods transported after raising invoice, but Eway bill was not generated. GST officials detained the goods and later released the goods on payment of tax and equal penalty. My doubt in this regard is , what is to be done on filing 3B for the month, if taxable value and tax is entered in form 3B , extra tax to be paid for filing. What is the treatment of the invoice in GSTR 1.

BY: DEEPA SURESH

Total Answers : 1 | View Answers | Post Answers

40564
Feb, 07
2020
GST - ( LIST OF RCM EXPENSES UNDER GST )

Kindly , provide adhoc list of expenses/ goods attracting rcm . esp in case of job work of textile industry in case job worker are registered and unregistered.

BY: RAM SAMARIA

Total Answers : 0 | View Answers | Post Answers

40562
Feb, 06
2020
GST - ( IMPLICATION OF GST ON STOCK TRANSFERRED TO FIXED ASSETS )

In Case of Builders, whether the value of work in progress held as stock if transferred to Fixed Assets will be subjected to GST ? Meaning thereby Whether GST will be applicable in case stock is capitalised as Fixed Assets during the relevant year ?

BY: Gaurav Kumar Baranwal

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40561
Feb, 04
2020
DIRECT TAXES - ( TAX EFFECT ON ITEMS PASSED THROUGH OCI )

In the case of IND AS companies, certain items are passed through OCI. While computing income tax, we start from P & L profit or loss. Whether effect should be given for items passed through OCI? In the case of MAT paying companies u/s.115JB, CBDT has come out with a circular that starting point is PBT. But in the case of other companies, whether items in OCI should be given effect in tax computation? Please clarify. IND AS 1 says that OCI items should be net of taxes. Does it mean that OCI items have to be considered in computing taxable income?

BY: balasubramanian

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40560
Jan, 30
2020
DIRECT TAXES - ( NOC FROM CIT BEFORE SALE BY A TRUST REGD U/S 12A )

When a charitable trust running a school not able to continue ,must obtain no objection from CIT exemption Circle before selling it to another charitable Trust

BY: nagappan.sm

Total Answers : 4 | View Answers | Post Answers

40556
Jan, 29
2020
GST - ( REGARDING GST TAX LIABLITY )

There is problem regarding GST tax bifurcation. Actually, As per books it has been shown as IGST liablity and same has been paid under IGST head but it was supposed to be CGST and SGST liablity. During the GST audit , In annual return it has been corrected and shown under correct head . But problem arises how to show the same in GSTR 9C figures as per audited books of account and how to deal it.

BY: Binod Kumar Banka

Total Answers : 3 | View Answers | Post Answers

40557
Jan, 29
2020
GST - ( REGARDING GST TAX LIABLITY )

There is problem regarding GST tax bifurcation. Actually, As per books it has been shown as IGST liablity and same has been paid under IGST head but it was supposed to be CGST and SGST liablity. During the GST audit , In annual return it has been corrected and shown under correct head . But problem arises how to show the same in GSTR 9C figures as per audited books of account and how to deal it.

BY: Binod Kumar Banka

Total Answers : 0 | View Answers | Post Answers

40558
Jan, 29
2020
AUDIT - ( APPOINTMENT OF AN AUDITOR IN CASE OF NON-PAYMENT OF UNDISPUTED FEES )

Can a CA in practice take the Appointment of an Auditor in case of non-payment of undisputed fees of a private limited company having their net worth is negative? And there is a case pending litigation with previous auditor already. whether following provision will applicable and can the new auditor take the appointment as it is a sick unit? will private limited company having negative net worth is considered as sick unit in the above case? company went to strike off status with MCA because non filing of annual return. since the old auditor makes an objection the new auditor could not take up the engagement. 7.0 A member of the Institute in practice shall not accept the appointment as auditor of an entity in case the undisputed audit fee of another Chartered Accountant for carrying out the statutory audit under the Companies Act, 1956 or various other statutes has not been paid: Provided that in the case of sick unit, the above prohibition of acceptance shall not apply. 7.1 Explanation 1: For this purpose, the provision for audit fee in accounts signed by both – the auditee and the auditor shall be considered as “undisputed” audit fee. 7.2 Explanation 2: For this purpose, “sick unit” shall mean where the net worth is negative. Please guide

BY: ANSAR ABDUL RAZAK

Total Answers : 1 | View Answers | Post Answers

40559
Jan, 29
2020
COUNCIL DECISION - ( APPOINTMENT OF AN AUDITOR IN CASE OF NON-PAYMENT OF UNDISPUTED FEES )

Can a CA in practice take the Appointment of an Auditor in case of non-payment of undisputed fees of a private limited company having their net worth is negative? And there is a case pending litigation with previous auditor already. whether following provision will applicable and can the new auditor take the appointment as it is a sick unit? will private limited company having negative net worth is considered as sick unit in the above case? company went to strike off status with MCA because non filing of annual return. since the old auditor makes an objection the new auditor could not take up the engagement. 7.0 A member of the Institute in practice shall not accept the appointment as auditor of an entity in case the undisputed audit fee of another Chartered Accountant for carrying out the statutory audit under the Companies Act, 1956 or various other statutes has not been paid: Provided that in the case of sick unit, the above prohibition of acceptance shall not apply. 7.1 Explanation 1: For this purpose, the provision for audit fee in accounts signed by both – the auditee and the auditor shall be considered as “undisputed” audit fee. 7.2 Explanation 2: For this purpose, “sick unit” shall mean where the net worth is negative. Please guide

BY: ANSAR ABDUL RAZAK

Total Answers : 1 | View Answers | Post Answers

40555
Jan, 27
2020
IFRS - ( EEFC ACCOUNT- ACCOUNTING TREATMENT )

Dear All, As per AS 11, ICAI Compendium of Opinions, Vol XXIX,all transactions whether involving receipt of foreign currency or payment in foreign currency, should be recorded at the exchange rate as on date of transaction. EEFC accounts should be recorded at the exchange rate on the date of transaction. The Company can not account for the payments from EEFC accounts at the exchange rates applicable to receipts without considering the exchange rates prevailing on the dates of payments from the accounts. ______________________________________________ My query is as under. Our organisation have EEFC account. If We have made export of 100 USD and We are receiving 100 USD at a time. Against on same day We have import payment from EEFC too, amounting to 40 USD. For E.g. Buy Rate 70, Sell Rate 72 We received from Bank net payment advise for 60 USD*72=Rs 4320. Now, if as per AS respective rates are taken in which bank EEFC account is maintained, Following entries are passed. 100 USD*72= Rs 7200 Receipt 60 USD*70= Rs 4200 Payment Net Receipt Rs 3000 However as per payment advise it is Rs 4320 as with same USD rate payment is knocked off. So whether should be record gain of Rs 1320 (as per Accounting Standard Rs 3000 vs. Actual Received Rs 4320).? Please guide. Also EEFC account needs to be shown separately in Balance Sheet under Cash and Bank balance?

BY: Pujit

Total Answers : 0 | View Answers | Post Answers

40553
Jan, 25
2020
DIRECT TAXES - ( SECTION 269SU- ACCEPTANCE OF PAYMENT THROUGH ELECTRONIC MODES )

Hello Professional Colleagues ! Whether newly introduced section 269 SU (Acceptance of payment through electronic modes) will apply for any receipt from foreign customer in foreign currency? As it may contradict with Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 if authorized dealer is not engaged? Thank You

BY: Manisha

Total Answers : 1 | View Answers | Post Answers

40554
Jan, 25
2020
Income From House-Property - ( JOINT DEVELOPMENT AGREEMENT )

In case of Joint Development Agreements, post 01.04.2018, section 49(7) defining cost of acquisition of property and section 45(5A) defining sale consideration are similar (assuming no change in stamp value over a period of 2-3 years). This results in the cost of acquisition and sale value being the same and hence no capital gain arises. Is my understanding correct? Can this be considered as an initiative by the Government to senior citizens, who usually want to develop their old/existing houses, without much liquid resources to spare in case of capital gains arising out of completion of building. Please clarify regarding the same. Also, if one of the newly developed flats is sold a year later, what will be the cost of acquisition of the property and when it will be considered long term and short term respectively?

BY: CA. ANURADHA A V

Total Answers : 0 | View Answers | Post Answers

40551
Jan, 24
2020
DIRECT TAXES - ( INCOME RECEIVED FROM AIR BNB )

Client has listed property on AIRBNB and getting a rental income from the same. What is taxability of income and deductible of expenses.

BY: Nitin Porwal

Total Answers : 3 | View Answers | Post Answers

40552
Jan, 24
2020
GST - ( INPUT CREDIT UTILISATION )

Dear Sir, Please clarify whether output tax liability under gst can be set off against subsequent input tax credit earned which is also appearing in electronic credit ledger i.e. output tax liability was of march 2018 and input tax credit earned in december 2019 which is appearing in electronic credit ledger? Thanking in anticipation

BY: Abhinav Chaurasia

Total Answers : 2 | View Answers | Post Answers

40550
Jan, 23
2020
GST - ( DISCLOSURE IN GSTR9C WHERE TURNOVER IS DISCLOSED IN PROFIT & LOSS ACCOUNT INCLUDING GST )

The entity has disclosed the gross turnover as well as purchases in profit and loss account including GST. The additional amount payable through cash ledger is also debited to profit and loss account. The GST amount is stated separately but debited to profit and loss account. The GSTR 3B and GSTR 1 are filed correctly disclosing the net turnover and input is correctly claimed. Can the component of GST in the gross turnover can be separated and stated in 5O of GSTR9C as "adjustment of turnover due to reasons not listed above"?

BY: SANTOSH JAGANNATH PAI

Total Answers : 0 | View Answers | Post Answers

40549
Jan, 22
2020
DIRECT TAXES - ( COLLECTION OF AGENT )

DEAR ALL, FACTS : A PERSON IS CARRYING ON A CENTRE FROM WHERE HE COLLECTED CASH AND PAID TO WBSEDCL FOR PAYMENT OF ELECTRICITY BILLS. IN FY 2017-18 TOTAL DEPOSIT IN BANK WAS AROUND 60 LACS.BUT ENTIRE AMOUNT PAID FOR PAYMENT OF ELECTRICITY BILLS. ITO HAS ADDED ENTIRE AMOUNT U/S 69. QUERY : PLEASE PROVIDE ANY CASE LAW TO GO FOR APPEAL .

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

40546
Jan, 21
2020
GST - ( TRATMENT OF ITC DIFF IN GSTR9 )

Details of Query: - ITC ledger as per audited books of account (F.Y. 17-18) Rs. 100 - ITC as per filed 3B for F.Y. 17-18 was Rs. 90 - But actually our eligible ITC was only Rs. 60. Hence we reversed excess claimed ITC of Rs. 30 in 3B returns of next F.Y. 18-19 and also reversed ITC excess ITC of Rs .40 in books of FY 18-19 (since FY 17-18 were audited). What will be treatment in GSTR 9 C Form ??? Is below treatment would be correct one or Other, please suggest ? Point 12 in Pt. II of Form 9C 12.A. - ITC availed as per audited Annual Financial Statement : i.e. 100 12.E. - ITC claimed in Annual Return (GSTR9 – point 7J): i.e. 90 12.F.- Un-reconciled ITC : 10 Then we can mention - Reasons for un-reconciled difference in ITC can be writteen as under: Reason 1 .ITC reversed in 3B of next filed 3B return Rs. 30 Reason 2. ITC Reversed in books of F.Y. 18-19 (but related to Previous year F.Y. 17-18) Rs. 40. Thanks.

BY: RAJENDRA SEWDA

Total Answers : 0 | View Answers | Post Answers

40547
Jan, 21
2020
GST - ( GST LIABILITY )

A person is taking tutions and he has taken GST no for a part time business on which no sale has taken place yet. Whether his tution Incme will also come under GST

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

40548
Jan, 21
2020
Capital Gains - ( CAPITAL GAIN ON DEPRECIABLE ASSET )

Assessee construct building on lease land in 2014, after 2014 assessee not claimed Depreciation on it till date, Now he sold the building, Whether he can treat building as Long Term Asset for the purpose of Capital Gain?

BY: Ninad Prataprao Shete

Total Answers : 3 | View Answers | Post Answers

40545
Jan, 19
2020
Customs & Excise - ( LEGACY DISPUTE RESOLUTION CASE )

An assessee pays around 10 lakhs Under legacy dispute resolution scheme. Is he entitled to claim this amount as business expense ?

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

40544
Jan, 18
2020
GST - ( GST REGISTRATION )

Persons turnover (from services) crossed 20L. Into supply of services. Complete turnover comes from single transaction. He also get rental from commercial building of Rs 10000 per month. Getting registered now. How to pay tax for the period in which he is not registered and should have been registered? What pe

BY: Sai Ram

Total Answers : 2 | View Answers | Post Answers

40542
Jan, 17
2020
GST - ( RCM LIABILITY )

RCM Liability on inward supplies related to F.Y.2018-19 found on review of GSTR2A but paid in next financial year i.e.2019-20 (July,2019) & also ITC taken in GSTR3B in the same month.Now quary relates to GSTR9 i.e. Annual Return whether to shown or not in yes then in part or column.

BY: SANJAY BAHETI

Total Answers : 4 | View Answers | Post Answers

40543
Jan, 17
2020
GST - ( RECONCILIATION BETWEEN GSTR3B & GSTR 2A )

my query related to disclosure in Annual return GSTR9 & Certificate in GSTR9C pertaining to F.Y.2018-19. Detailed as under How & where to shown the difference in ITC between GSTR 3B and GSTR2A due to inward supplies actually received in next F.Y. i.e. 2019-20 on receipt basis while supplier has shown the same in March,2019 through GSTR1(i.e.in our case GSTR2A) pertaining F.Y.2018-19 (A purchase bill of 31/03/2019 has accounted for in books in April,2019 and also considered ITC in April,2019 when goods received actually.

BY: SANJAY BAHETI

Total Answers : 1 | View Answers | Post Answers

40541
Jan, 14
2020
Capital Gains - ( TAX IMPLICATIONS TO MEMBERS ON REDEVELOPMENT OF SOCIETY )

Society is under redevelopment in which assessee is a flat owner . Assessee is to receive larger flat (with additional area of say 500 sq feets) against old flat, out of 500 sq feets assessee is relinquishing rights on 200 Sq Feets to developer against a consideration. Taxability of such consideration ??

BY: shraddha

Total Answers : 1 | View Answers | Post Answers

40538
Jan, 13
2020
GST - ( PROVIDING GST RETURN FILING FACILITY TO A CLENT IN WEST BENGAL )

I have filed a few GST returns of a client in another state i.e West Bengal. I have recd Email from some State govt department there to enrol my self there . Whether It is required?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

40539
Jan, 13
2020
DIRECT TAXES - ( INCOME TAX )

Dear sir, We have sold first floor of our shop. for Rs 17 Lcas. The WDV of the shop in our books is Rs 3.97 Lcas . We have deducted Rs 17 lacs from WDV. The result Profit on it. Can we claim Remuneration out of it or not.

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

40540
Jan, 13
2020
CORPORATE & OTHER LAWS - ( ADMISION OF PARTNRER )

Sir One of the partner of a firm expired without any will or other document for succession At present there is no partnership deed.,The unit has been acquired and the Partnership Deed is not there for claiming the amount. We want to give to wife of the said Partners because the children are not coming to settle.Please advise what precaution to be taken CHARAN DASS SHARMA

BY: Charan Dass Sharma

Total Answers : 1 | View Answers | Post Answers

40535
Jan, 11
2020
INDIRECT TAXES - ( 019493 )

Whether tax paid under Legacy Dispute Resolution scheme can be claimed as business expenses under the income tax Act

BY: nagappan.sm

Total Answers : 1 | View Answers | Post Answers

40536
Jan, 11
2020
Capital Gains - ( 019493 )

An assessee has purchased a house property for 3 crores out of sale proceed of a vaccant site of Rs. 6.25 crores. After purchase of the new house property he has spent around Rs60 lakhs for installing Air Conditioners. solar Energy system, Moduler Kichen, LED Televisions, screens and blinds for windows,, etc and made cub boards , spent labour on them, to make the house to suit his needs and habitable for his style of living. The assessing officer disallow all the above allowing only 10 % of them saying that the builder himself has provided main fiacilities. whether his disallowance is correct?

BY: nagappan.sm

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40537
Jan, 11
2020
COUNCIL DECISION - ( MANDATORY STRUCTURED CPE HOURS DURING THE FIRST YEAR OF COP )

If COP is taken in November 2018 what is the requirement of structured hours for the year 2018 and block 2017 to 2019 ?

BY: SV

Total Answers : 1 | View Answers | Post Answers

40534
Jan, 10
2020
GST - ( INTERMEDIARY SERVICES )

An Intermediary service provider need to pay GST on services exported by him to foreign entity? If yes whether he needs to charge CGST & SGST or IGST? as services being provided to foreign company. also foreign amount is received in forein currency.

BY: sujaya

Total Answers : 2 | View Answers | Post Answers

40531
Jan, 09
2020
GST - ( ITC FOR IMMOVABLE PROPERTY )

WHEN THE ASSESSEE HAD MADE ROUTINE REPAIRS AND MAINTENANCE WORK (CONSTRUCTION) ON EXISTING IMMOVABLE PROPERTY. AND THE WHOLE EXPENSE IS DEBITED IN PROFIT AND LOSS ACCOUNT. MEANS NOT CAPITALISED ANY AMOUNT. CAN THE ASSESSEE TAKE ITC FOR GST PAID ON SUCH EXPENSES. THANK YOU.

BY: AJITKUMAR L PATEL

Total Answers : 2 | View Answers | Post Answers

40532
Jan, 09
2020
GST - ( CREDIT NOTE FOR EXPIRED GOODS )

A pharmacy dealing in medicines had returned some expired goods to the supplier. The supplier has replaced the goods with fresh stock and issued a credit note towards the goods supplied. The supplier reduced the amount of the credit note from fresh bill. The pharmacy has reduced the purchases to the extent of the credit note.No GST has been charged on the credit note. Whether the pharmacy/medical store is required to pay GST on the credit notes received? If not the reason for the same.

BY: SANTOSH JAGANNATH PAI

Total Answers : 3 | View Answers | Post Answers

40533
Jan, 09
2020
MISC. - ( UDIN )

We Are Certifying The P & L & B/S Of Client, To Whom Section 44AD Is Applicable By Making The Note As Unaudited Financial Statements On The Basis Of Which IT Return Is Filled. Is It Mandatory To Generate The UDIN For The Same. if UDIN is to generated then under which head is to be generated whether it is to be generated under certificate(others) or under audit & assurance.

BY: NADIR D SHAIKH

Total Answers : 3 | View Answers | Post Answers

40530
Jan, 08
2020
GST - ( INTERSTATE SALE SHOWN AS INTRA STATE IN GSTR3B )

IGST service invoice mistakenly prepared as intrastate and filed 3B and paid CGSTand SGST in cash as there was no ITC.mistake found before filing quarterly gstr1..whats the remedy...? To correct the invoice as interstate. Will raising a credit note and issuing a correct invoice on the same date is ok..? Any chances of interest or penalty?

BY: AJESH V JOHN

Total Answers : 1 | View Answers | Post Answers