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Top 50 Question
Que. Id Date Description
40665
Jun, 02
2020
AUDIT - ( TAX AUDIT )

Assesee is carrying business of collecting milk from Farmers and send them to Dudh sangh. Assesee received commission for collecting and sending milk to Dudh Sangh but all the transaction of sale and purchase of Milk are routed through assessee's current account and turnover in account is 4 cr and commsiion income is 10 lakhs, hence whether tax audit applkicable in this case??

BY: Ninad Prataprao Shete

Total Answers : 0 | View Answers | Post Answers

40666
Jun, 02
2020
DIRECT TAXES - ( 12A REGISTRATION )

Online application for 12A registration was made in January 2020. Trust was created in the FY 2019-20. But till now we have not received any communication, Should we apply u/s 12AB

BY: T.R.S. PATHY SENTHIL

Total Answers : 1 | View Answers | Post Answers

40667
Jun, 02
2020
DIRECT TAXES - ( TAXATION OF AOP )

Income of Clubs and associaitons are excluded based on the mutuality concept. But how to claim the exemption in the ITR / Exempt under which section. Return has to be filed for getting the tds refund.

BY: T.R.S. PATHY SENTHIL

Total Answers : 0 | View Answers | Post Answers

40663
Jun, 01
2020
MISC. - ( DATE OF REGISTRATION WITH RBI )

HOW DO I FIND MY FIRM'S DATE OF REGISTRATION WITH RBI. I HAVE MY UCN NUMBER. KINDLY HELP.

BY: RADHA AGARWAL

Total Answers : 1 | View Answers | Post Answers

40664
Jun, 01
2020
FINANCIAL MANAGEMENT - ( HEDGING OF A FOREIGN CURRENCY LOAN )

A company is having receivables of USD 100 and Preshipment credit (working capital) of USD 150. Further it has 'Buy' forward contracts (i.e., Bank will buy USD from the company) with the bank for USD 20. In this case, what would be the unhedged foreign currency exposure in the wake of circulars issued by RBI.

BY: MOHAN SIVA PRASAD DODDIPATLA

Total Answers : 0 | View Answers | Post Answers

40661
May, 28
2020
DIRECT TAXES - ( 058720 )

A society has its own pan and running a engineering college ,now state govt has converted the college into a university by passing an university Act.whether separate pan is required for university which is now a body corporate with perpetual succession and common seal. with thanks

BY: Prasanna Kumar Sahoo

Total Answers : 3 | View Answers | Post Answers

40662
May, 28
2020
VAT/Sales Tax - ( REFUND OF VAT WRONGLY PAID )

Mr. A who was carrying on business in proprietary firm M/s A & CO expired in June 2015. His son Mr. B carried on the business in the same proprietary name and was allotted another TIN. The assessments of the proprietary firm up to June 2015 and balance period were finalized separately. The assessment dues of the firm up to June 2015 were wrongly paid under the TIN of the new firm. Subsequently the dues were again paid in the correct TIN to settle the dues. However the commercial Officer is refusing to refund the amount wrongly paid under the new TIN under the pretext that the firm is already assessed to tax and the same cannot be reopened. is there a way out.

BY: SANTOSH JAGANNATH PAI

Total Answers : 0 | View Answers | Post Answers

40659
May, 27
2020
OTHER BODIES - ( FLA RETURN FOR 2019-20 )

Can FLA return for FY 2019-20 be filed now? If Yes, request you to share the Website Link. Thanks in Advance

BY: Puneeth Kumar

Total Answers : 1 | View Answers | Post Answers

40660
May, 27
2020
AUDIT - ( RBI- DATE OF REGISTRATION )

Our firm's UCN with RBI is 170030(The firm's FRN is 000740S). The UCN was allotted over 30 years ago and we have no record of the date of registration of our firm with the RBI. In the application for empanelment of chartered accountants for the concurrent audit 2020-21 hosted by certain nationalised banks ,the date of registration with RBI is shown as a mandatory field to be filled. However, despite our best efforts ,our online search in this regard has been in vain. We would greatly appreciate it if you could assist in obtaining the date of registration of the firm with RBI as early as possible as the last date for submission of the online application is 05.06.2020

BY: CA. PREMILLA V NAIR

Total Answers : 1 | View Answers | Post Answers

40657
May, 26
2020
GST - ( GST ON NGO )

A charitable organization is engaged in doing Annadhana. This activity is not included in the definition of charitable activity as defined in GST Law. In this circumstance, is there any GST liability on donations received. If not, what could be the receipt by the said NGO which will be subject to GST.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

40658
May, 26
2020
GST - ( TAXABILITY OF CLAIM OF DAMAGES IN SALES RETURNED GOODS )

A manufacturer of machinery supplied goods to a buyer,who has returned them.later the vendor noticed some damages to the goods returned by the buyer.now the value of damages to the supplied goods is estimated at 3 lakhs.the supplier wants to raise a debit note on the buyer.whether gst is to charged on this?as per which provision of gst ?.because there is no supply of goods nor supply of services.

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

40656
May, 24
2020
AUDIT - ( NEW MEMBER IN PRACTICE )

Dear Advisor , Please note that i have just obtained COP on 22.04.2020 as sole proprietor , so please guide me where can i submit my firm details for reference of my firm for future assignments. Please guide me how to proceed for obtaining / offering my self for any future assignment. Thanking You from - CA Vivek Kr Gupta

BY: VIVEK KUMAR GUPTA

Total Answers : 1 | View Answers | Post Answers

40654
May, 21
2020
Capital Gains - ( TRANSFER OF CAPITAL ASSET TO A COMPANY WHERE A FIRM IS SUCCEEDED BY A COMPANY U/S 47(XIII) NOT TREAT )

U/s 47(xiii) any transfer of capital asset by a firm to a company is not treated as Transfer provided, there are 4 condition. 1 All the assets and liability of the firm before the succession become the asset and liability of the company . 2. All the partners of the firm immediately before the succession become the shareholders of the company in same proportion in which their capital stood in the books of account of firm. 3. The partners of the firm do not receive any consideration/benefit other than by way of allotment of shares by the company 4. The aggregate of the shareholding in the company of the partners of the firm is not less than 50 % of the total voting power in the company, and their shareholding continues to be as such for a period of 5 years from the date of succession. My query is if we observe all the above stipulated terms and conditions can we now proceed with such transfer of a firm’s capital assets to a company.or we need to observe some other conditions as well to proceed. if any other conditions are also required kindly explain the same

BY: pradeep kumar agrawal

Total Answers : 0 | View Answers | Post Answers

40655
May, 21
2020
Companies Act, 2013 - ( VALIDITY OF NAME AVAILABLE IN COVID TIME )

We have a name approval which was due to expire on 28/03/2020. but due to lock down we could not proceed with company formation. So kindly tell when this name approval will expire in this covid era. any extension given to the validity of name availability from MCA

BY: pradeep kumar agrawal

Total Answers : 1 | View Answers | Post Answers

40653
May, 20
2020
DIRECT TAXES - ( INCOME TAX ON LUMP SUM AMOUNT RECEIVED BY ADVOCATE. )

An advocate, super senior citizen, received a substantial amount in lump sum from 'Advocate Welfare Fund' upon permanently stopping his legal practice. Whether that amount is liable to income tax. If so, the said amount is to be offered under which 'head of income'.

BY: B.CHACKRAPANI WARRIER

Total Answers : 4 | View Answers | Post Answers

40652
May, 19
2020
GST - ( ITC CLAIMED UNDER WRONG HEAD )

Dear Members, One of our client has claimed IGST credit as CGST/SGST in the month of September 2019. Eg. Purchase Invoice having IGST as 2,20,000 is claimed as 1,10,000 each in CGST/SGST. We found this error in the process of reconciliation of ITC with 2A. As we are yet to file the GSTR 3B for March 2020,can we reverse the CGST/SGST for March 2020 and claim the IGST. (As the CGST/SGST for march is very less reversing the same will lead to a negative figure in GSTR 3B for March 2020. Will this be a problem?) Kindly Advise. Thanks in Advance. Note: We can utilized the wrong ITC claimed for setting of our liability.

BY: S. JITESH

Total Answers : 2 | View Answers | Post Answers

40651
May, 16
2020
MISC. - ( UDIN FOR PROVISIONAL BALANCE SHEET )

Dear Expert, Do we need to generate UDIN for provisional balance sheet signed with below disclaimer - Disclaimer - The preparation and presentation of the Provisional financial statement is the responsibility of the management. Financial statement have been compiled for the limited purpose on the specific request and on the basis of documents and information furnished by the management without any risk and responsibility on our part in any respect of whatsoever nature. . The provisional financials statement is unaudited and hence no opinion is expressed on the same. I understand, as per ICAI FAQ on UDIN, it is stated that, it is required for provisional balance sheet prepared/compiled. but as per my understanding, UDIN is necessary if we are certifying/attesting/or expressing our opinion on something. kindly advise. Also confirm if a CA can sign the provisional financial with such note.

BY: chetan jadhav

Total Answers : 3 | View Answers | Post Answers

40650
May, 14
2020
DIRECT TAXES - ( EVERIFICATION OF ORIGINAL RETURN )

Do we need to e-verify both original and revised ITR, if a revised ITR has been filed & everified and the corresponding original ITR was not e-verified ? Since for claiming Deduction, original return needs to filed within the due date. In our case, original return was filed but not everified with in 120 days. Later revised return has been filed & everified. Now we received intimation u/s 143(1) , in which deducation has not allowed and this revised return is considered as belated return. Please let me know the possibilites of claiming deduction and options available. Please share the relevant case laws available

BY: Gogisetti Sivaji Ganesh

Total Answers : 1 | View Answers | Post Answers

40649
May, 12
2020
TDS/TCS - ( TDS ON PAYMENT TO PRIVATE DRUG REHAB )

Hi, My question is as follows: Is TDS required to be deducted on Payment made by a company to a Drug Rehab Centre? Drug Rehab Centre is a society registered under Manipur Society Registration Act, 1989. It is not formed by Government. The payment is not for employees and also not donation. It is for the welfare. Please reply. Warm regards.

BY: Kamlesh Mehra

Total Answers : 3 | View Answers | Post Answers

40648
May, 11
2020
OTHER BODIES - ( 239879 )

My querry is Regarding RERA Certifications, While providing RERA Quarterly certificates to the clients, the RERA act defines the method of calculation of "the amount that can be withdrawn from RERA Account" i.e "% completion method". I am not able to understand clearly, about this method of calculation. I would request members to help me in this case, with a small illustration for better understanding.

BY: Akash Gilda

Total Answers : 0 | View Answers | Post Answers

40646
May, 08
2020
AUDIT - ( 558351 )

I have started practice in april 2020, can i sign the balance sheet of proprietor who is not required to audit under any law, for financial year 2017-18. Thanks in advance

BY: CA SACHIN SETIA

Total Answers : 4 | View Answers | Post Answers

40647
May, 08
2020
DIRECT TAXES - ( CLAIMING DEDUCTION IN REVISED RETURN )

ABC is a cooperative society which is subject to audit under Cooperative Societies Act, 1964. It has filed NIL IT Return for FY 2018-19 on 04/10/2019 and later filed the revised return on 1/12/2019 with all the income details and claimed deduction u/s 80P. Please let me know the validity of above practice & can the society claim deduction ? As for the purpose of claiming deduction, IT return has to be filed with in the due date. Please let me know at the earliest...

BY: Gogisetti Sivaji Ganesh

Total Answers : 2 | View Answers | Post Answers

40644
May, 07
2020
GST - ( APPLICABILITY OF GST )

M/s ABC is a Petroleum Dealer. Dealer receives transport charges from HPCL/BPCL/ IOC. Where to be shown in GSTR -3B , the outward supplies which are subject to RCM ? Dealer also receives Variable dealer Margin from HPCL/BPCL/ IOC. Is GST applicable on Variable dealer margin ? if Yes, at what rate ?

BY: Pravin Taparia

Total Answers : 2 | View Answers | Post Answers

40645
May, 07
2020
DIRECT TAXES - ( PENSION )

A retire from govt. job and he was entitled for pension. How ever due to some disputes pension was not released to him and meanwhile he expired. After two year from his death wife of A received pension from the date of retirement upto date of death of A apart from this arrear of pension was also received. Query here is whether pension received by wife is taxable in her hands of. if yes whether she can claim relief u/s 89. Or it is exempt in her hand. Thanks

BY: SUNIL KUMAR AGARWAL

Total Answers : 2 | View Answers | Post Answers

40643
May, 06
2020
DIRECT TAXES - ( 15 CB )

Dear All What are the main points which needs to be checked/clarified before issuing 15 CB Form? Kindly Advice.

BY: SIVAPRASAD MUTHUKARUPPAN

Total Answers : 2 | View Answers | Post Answers

40641
May, 05
2020
GST - ( PAYMENT UNDER DRC 03 )

The taxable turnover as per final accounts for the year 2017-18 is Rs. 2.10 crores and GST payable is Rs. 58.8 lakhs. The taxable turnover as per GSTR 3B is Rs. Rs. 2 crores and GST amount is Rs. 56 lakhs. There is sufficient credit in the credit ledger. Whether the shortfall of Rs. 2.8 lakhs can be paid through GSTR 03 by adjustment through credit ledger before filing the annual return?

BY: SANTOSH JAGANNATH PAI

Total Answers : 4 | View Answers | Post Answers

40642
May, 05
2020
GST - ( GSTR-9C (QUERY ON DUTY DRAWBACK) )

Dear all, Whether Duty drawback received on export of goods is required to be shown in GST or not? If yes then this is fall under which of following: 1. Exempt Supply 2. Nil Rated 3. Non-GST Turnover 4. No Supply Turnover and while filiing the GSTR-9C, we have to include duty drawback in Turnover as per audited financial statement or not?

BY: CA Neha Gupta

Total Answers : 1 | View Answers | Post Answers

40640
Apr, 30
2020
INDIRECT TAXES - ( GST-RENT COLLECTED FROM CLINIC )

Sir, A person is collecting rent and GST from various shops in his commercial complex. One of the place being let out to a doctor for running his clinic. The Doctor says since he is doing exempted Health car service, GST should not be collected from him. Is it correct ?

BY: N.NAGARAJAN

Total Answers : 7 | View Answers | Post Answers

40638
Apr, 27
2020
CORPORATE & OTHER LAWS - ( INCORPORATION OF A PRODUCER COMPANY )

One NGO has promoted 4 Producer company for villagers in different areas of a district and the same NGO now wants to form a Producer Company with those 4 producer company as its members/shareholders at the district level for the reason below 1)The Grants given to the different Producer Company can be monitored well. 2)The procurement and sales of all the 4 Producer Companies can be negotiated well. 3)The Management of the companies can be monitored well. Overall it will be easier for the NGO to keep an eye on the working of the company. But as per the provisions of Producer Companies Act a Producer Company can be formed by 1)Ten or more producers (individuals); or 2)Two or more producer institutions; or 3)Combination of the above two (10+2). My question is whether 2 or more Producer companies as stated above can be considered as a producer institutions and whether they can form a Producer Company. I have one more question on same lines. Whether Producer Institutions which does not have PAN Card can become a member/shareholder of a Producer Company? Please reply my above query. Thanks in advance

BY: AMIT GUPTA

Total Answers : 0 | View Answers | Post Answers

40639
Apr, 27
2020
INDIRECT TAXES - ( GST- RCM -DIRECTOR )

Sir, I had posted query as to whether RCM is applicable for payments made for attending patients by a Private Ltd. Hospital to a Director who is also a director of that Company. For this I received a reply in our forum that it is applicable. But GST practitioners in other forums say that the service being Health service provided by the said doctor RCM is not applicable. Kindly explain as many hospitals would be impacted if the RCM is applicable.

BY: N.NAGARAJAN

Total Answers : 3 | View Answers | Post Answers

40637
Apr, 26
2020
DIRECT TAXES - ( DIGITAL MODES )

Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ? As these modes of payment can be provided. Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019 In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) hasbeen inserted in the Income-tax Rules, 1962. Rule119AA provides that the speci?ed person shallprovide facility for accepting payment throughfollowing electronic modes, in addition to thefacility for other electronic modes of payment, ifany, being provided by such person, namely (i) Debit Card powered by RuPay (ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and (iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code.

BY: DINESH KHURANA

Total Answers : 0 | View Answers | Post Answers

40635
Apr, 25
2020
DIRECT TAXES - ( FEES FOR TECHNICAL SERVICES )

Dear Colleagues, How to identify the key difference between Fees for Technical service, technical consultancy, and fees for professional services so as to apply the TDS rate of 2% u/s 194J w.e.f 01.04.2020. As provided in section 194J definition of professional service includes the word technical consultancy and as per the definition of Fees for technical services provided in section 9 also includes the word consultancy in such circumstances how to decide the exact nomenclature of the service and TDS rate thereon whether 2% or 10%?

BY: Manisha

Total Answers : 1 | View Answers | Post Answers

40636
Apr, 25
2020
MISC. - ( CONCURRENT AUDIT )

Dear Sir Do we have any sample paper/MCQ questionnaire for concurrent audit exam by ICAI?

BY: SIVAPRASAD MUTHUKARUPPAN

Total Answers : 1 | View Answers | Post Answers

40634
Apr, 24
2020
MISC. - ( ACCOUNTING FOR EXCESS PROVISION MADE ON 31.3.2020 )

Dear sir/Madam One of the client has made provision for interest receivable for the financial year 19-20 as on 31.03.2020 (for eg.100000) . However during the first week of April 2020 the client has premature FD for salary paid to employee, so the Bank has reduced interest rate for the period 19-20 (for eg.only 90000) but tds has deducted as on 31.03.2020 for rs.100000. In this circumstances what are the entries to be made in the books of accounts as on 31.3.2020. Kindly suggest me, thanks in advance

BY: KANAGARAJ

Total Answers : 1 | View Answers | Post Answers

40632
Apr, 23
2020
IFRS - ( ASSET CLASSIFICATION )

Dear All, Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap

BY: KOSAL AGARWAL

Total Answers : 1 | View Answers | Post Answers

40633
Apr, 23
2020
IFRS - ( ASSET CLASSIFICATION )

Dear All, Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap

BY: KOSAL AGARWAL

Total Answers : 0 | View Answers | Post Answers

40631
Apr, 22
2020
INDIRECT TAXES - ( GST- RCM )

GST- Whether RCM applicable for fees paid by PVt.Ltd. Hospital to Doctor - Director for attending patients ?

BY: N.NAGARAJAN

Total Answers : 2 | View Answers | Post Answers

40630
Apr, 20
2020
MISC. - ( CONVERSION FROM PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM )

Dear Professionals, I started my Practice In 1989 as a Proprietorship Concern under ICAI with GST as per trade name . In a case of addition of a new CA , the firm is to be converted into a partnership firm requiring new PAN and new GST registration . With the above backdrop , my queries are : 1.Whether Proprietorship Experience Is Continued In the Partnership Firm as per ICAI records? 2. Whether the experience Will Count For Bank Audit Empanelment Under Partnership Firm ? 3. Also as a process , first conversion step to be taken from my Member SSP portal and later then the new partner should join ? 4. Whether my trade name "Palamalai & Co" can be changed as "Palamalai & Associates" or like including new partner initial as "RP & Associates" without any compromise in year of experience ? Kindly suggest clear opinions point wise . Thanks in advance .

BY: CA. PALAMALAI R

Total Answers : 0 | View Answers | Post Answers

40629
Apr, 19
2020
GST - ( GSTR 9 )

IN GSTR 9 OF FY 2018-19 ,TABLE 8 C ,WHETHER SUM OF ITC AVAILED OF YEAR 2017-18 BUT CLAIMED IN YEAR 2018-19 AS WELL AS ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME OR ONLY AMOUNT OF ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME ? PLEASE CLARIFY BY ANY ONE.

BY: SANJIV MEHROTRA

Total Answers : 0 | View Answers | Post Answers

40628
Apr, 18
2020
GST - ( PROFESSIONAL SERVICES BY NRI )

IF professional services are provided by NRI to Indian domestic company on a regular basis, then whether that NRI needs to take GST Registration ? If yes then whether with threshold or without threshold ? If not then whether company needs to pay GST on RCM ?

BY: Amol Prakash Kasat

Total Answers : 1 | View Answers | Post Answers

40627
Apr, 16
2020
GST - ( GST RATE & HSN FOR HAND SANITIZER )

M/s ABC Ltd is a Sugar Factory and also have Distillery unit. Food & Drug Authority (FDA) Maharashtra had issued Drug Licence for Manufacturing Hand Sanitizer. Composition for Each 100 Ml Hand Sanitizer contains - Ethly Alcohol IP - 80% V/V Hydrogen Peroxide IP - 0.125% V/V Glycerol IP - 1.45 % V/V Purified Water - QS Colour - Brilliant Blue & Pink Request you to guide us GST Rate & HSN for Hand Sanitizer

BY: Pravin Taparia

Total Answers : 1 | View Answers | Post Answers

40625
Apr, 15
2020
MISC. - ( RECONVERSION OF CA PARTNERSHIP INTO CA PROPRIETORY FIRM )

I started my CA Practice in the year 2002 as a proprietor of a CA Firm and in the year 2013 I converted my Proprietory Firm into Partnership by adding my cousin brother as partner, as due to ours is Joint family we dont have any problems till April, 2018. From April, 2018 our HUF is divided and living separately. Now I dont want to continue this partnership with my cousin brother and want to convert this partnership into Proprietory Firm. Meanwhile i have intimated my changes in the status of the Firm to ICAI Regional office but my details are not yet changed in the Institute records. I tried to update in the SSP Portal but of no use at all. In SSP Portal a head office incharge partner only can move all the applications and Head Office incharge is my another partner, he is not allowing me to change the details in firm details and creating problems since from 1 year. I have also communicated on email to the concerned officials in the SIRC as well as ICAI-New Delhi and they just intimated to the other partner, SSP Portal procedure to update the changes. But still that other partner has not done nothing and just ignore their directives. Can anybody guide me to how to go along with effectively to reconvert CA Partnership Firm to CA Proprietory Firm without loosing my old firm name. Thanks in advance for all your answers. My communication on mail is happened on the below email ids: h.vanitha@icai.in, padmabalaji@icai.in, mss@icai.in, leena.khanvilkar@icai.in, josphine@icai.in, Secretary@icai.in, Secretary@icai.in, president@icai.in and vicepresident@icai.in

BY: VENKATESH S BAKALE

Total Answers : 1 | View Answers | Post Answers

40626
Apr, 15
2020
MISC. - ( EXAMINATION PATTEREN OF CA )

Around 6 months back, A Committee was formed to recommend Change in Exam System following reports of CA Exam Papers being outsourced to Non professionals by Empaneled Examiner following protests by students. A Large number of Students/Professionals are of the View that Entry to CA Course should be made Difficult and Once a Person Joins CA Course, He should be assured of Completion of CA degree Tests should be conducted online and Paperwise results should be declared so that same Question paper is not required to be written after passing that paper on the lines of ACCA and CPA.In the prevailing atmosphere it becomes more relevent that Only Online Exam is conducted . This will also be of help to those students who have developed Problems like Writer Cramps and can not get Proper Writers

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40624
Apr, 13
2020
MISC. - ( CHANGE OF NAME OF EXISTING CA FIRM )

I am partner of ca firm and want to change the firm name. All partners are agreed for change of name. my firm has 15 years of standing. please let me know, whether there is effect in standing and bank empanelment. Regards

BY: UMA SHANKAR JHA

Total Answers : 1 | View Answers | Post Answers

40623
Apr, 10
2020
TDS/TCS - ( TDS ON SALE AND DISTRIBUTION OF FILMS )

Sale and distribution of films now included under royalty and hence TDS would be applicable. But the rate( 2% or 10%) is not clear after the amendment to Finance act 2020. Please refer below As per the Finanace Act 2020, In section 194J of the Income-tax Act, in sub-section (1),–– (a) in the long line, for the words “ten per cent. of such sum”, the words and brackets “two per cent. of such sum in case of fees for technical services (not being a professional services, or royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of cinematographic films and ten per cent. of such sum in other cases,” shall be substituted; So TDS for sale and distribution of films is now 2% or 10%. Please clarify

BY: T.R.S. PATHY SENTHIL

Total Answers : 1 | View Answers | Post Answers

40620
Apr, 03
2020
GST - ( TRANSPORTATION SERVICE )

Mr. A is a cement dealer and registered to GST. The supplier bills him for door delivery of cement at his premises. Mr. A also owns transport vehicle and collects the loads of cement in his own vehicle from local depot and is paid the transportation charges by the person entrusted with the transportation. Are the transportation charges exempt under GST? Is the person entrusted with transportation liable to pay GST under reverse charge? Does the transportation receipt forms part of his turnover? Whether Mr. A will be treated as GTA under GST?

BY: SANTOSH JAGANNATH PAI

Total Answers : 2 | View Answers | Post Answers

40621
Apr, 03
2020
GST - ( CREDIT NOTES )

Mr. A is dealer in electronic goods.He receives credit notes towards certain discounts from his supplier which are predetermined at the time of supply and GST is charges on them. Mr. A has accordingly reversed the input credit towards the credit notes reversed. There are also amounts credited to his account by the supplier towards incentives for achieving higher turnover and no GST is charged on the credit notes. Is Mr. A liable to pay GST on the credit notes? Are the receipts exempt in the hands of Mr. A under GST?

BY: SANTOSH JAGANNATH PAI

Total Answers : 2 | View Answers | Post Answers

40622
Apr, 03
2020
MISC. - ( CAN CA BECOME PARTNER AND PROPRIETOR ON FOREIGN FIRM AT SAME TIME ? )

can a CA become a partner in audit firm in India and at the same time can hold the proprietorship of Audit Firm in Nepal Under ICAN ACT (Nepal). Any obligation for continuing as member of ICAI & ICAN at same time , whether possible or not ? How will the CPE obligation be fulfilled in such case ?

BY: RAJU GUPTA

Total Answers : 0 | View Answers | Post Answers

40618
Apr, 01
2020
DIRECT TAXES - ( ONLINE FILING OF FOM 15H )

A Taxdeductor has received Form 15H for nondeductionof TDS on Interest income of Rs 496000- for Fin Year 2019-20 on 25-3-20 . Interest is credited on 31-3-20. By which date Form 15H can be Efiled on Portal Isthere any relaxation in current Scenerioas DSC is required for same

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40619
Apr, 01
2020
MISC. - ( CONVERSION OF CA PARTNERSHIP TO CA PROPRIETOR )

A FIRM ESTB.1962 HAVING CURRENTLY 2 PARTNERS. SENIOR PARTNER PASSED AWAY RECENTLY. NOW LEFT WITH JUNIOR PARTNER HE WANTS TO CONTINUE THE FIRM AS PROPRIETOR...WHAT IMPLICATIONS ON, NAME, ESTB DATE. SENIORITY OF FIRM BEING CARRIED FORWARD FOR BANK AUDIT CAG EMPANELMENT ETC AND ICAI RECORDS? JUNIOR PARTNER EXPERIENCE IS 12 YEARS. SENIOR PARTNER QUALIFIED MORE THAN 50 YEARS BACK. OR IS IT BETTER TO ADD ANOTHER PARTNER AND CONTINUE TO FIRM PARTNERSHIP CONSTITUTION? MY PHONE NO. IS 9970088669 ANY FEEDBACK WOULD BE GRATEFUL.

BY: Kalyan Chakravarthy Vennety

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