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Top 50 Question
Que. Id Date Description
42188
Dec, 06
2021
DIRECT TAXES - ( TAX AUDIT )

A individual is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm.

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

42186
Dec, 04
2021
Service Tax - ( 079710 )

A CA firm having Professional receipts less than Rs. 50 Lacs in FY 2015-16 . Whether Service tax department is levied on Relaisable basis or mercantile basis . Pl. suggest along with relevant provisions /notifications/rules etc.

BY: SANDEEP KAPOOR

Total Answers : 0 | View Answers | Post Answers

42187
Dec, 04
2021
DIRECT TAXES - ( INCOME TAX AUDIT FOR FY 2020-21 )

A Taxpayer is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

42185
Nov, 30
2021
DIRECT TAXES - ( ONLINE FILING ITR3 )

While filing TR 3 online deduction under sec 54F is neither getting autopopulated nor figs can be filled manually under Capital Gain head.Is this also Portal problem? Please advice

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

42184
Nov, 29
2021
DIRECT TAXES - ( TAX AUDIT IN COMPLIANCE OF SECTION 44AD )

Assessee had opted Section 44AD and was filing his return of income as per section 44AD for AY2017-18, 2018-19, 2019-20. In AY2020-21 assessee filed his return of income as per normal provisions and got his accounts audited as his net profit was Less than 8%. Now in AY2021-22, Assessee's Net Profit is more than 8% and turnover 17 Lakhs. As per Sec 44AD(4):- Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). As Per Sec44AD(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB. My Question is : Can Assessee File his Return of Income as per Normal Provisions and does not get accounts audited. or Is Audit Mandatory for 5 Succedding Years even if Turnover is Less than 1 crore and assessee declares net profit more than 8%. Thanks & Regards

BY: CA MOHIT SHARMA

Total Answers : 1 | View Answers | Post Answers

42182
Nov, 27
2021
DIRECT TAXES - ( DUE DATE OF EPF TO BE REPORTED IN TAX AUDIT REPORT FOR FY 2020-21 )

During FY 2020-21 EPFO issued a circular that no proceedings will be initiated for late deposit of EPF during the FY 2020-21 for any period during lockdown. Then What shall be the Due Date of EPF Payment for reporting in Tax Audit Report for FY2020-21 ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

42183
Nov, 27
2021
AUDIT - ( STOCK AUDIT EMPANELMENT )

I recently started practice, would my firm be eligible for bank stock audit? if not what are the options to get it empaneled

BY: CA GAJENDRA SHARMA

Total Answers : 2 | View Answers | Post Answers

42181
Nov, 26
2021
DIRECT TAXES - ( FORM 29B IN CASE OF LOSS )

Whether filing of Form 29B is required where there is loss as per Income Tax Act, loss as per books of accounts and book profits are also in negative? The company is not liable for audit u/s 44AB. If filing of Form 29B is required, then how to report Loss in Point no. 6 Total Income of Company as Form 29B on Income Tax Portal is not allowing negative figures?

BY: vikas kalra

Total Answers : 1 | View Answers | Post Answers

42178
Nov, 25
2021
DIRECT TAXES - ( CLAUSE 16(D) OF FORM 3CD )

Sir, Clause 16 is about "Amounts not credited to Profit and Loss Account" and Sub Clause (d) "any other item of income". Does this Clause 16(d) means any income which is not credited to Profit and Loss Account needs to be reported. Especially for a Proprietary Concern there can be Income From House Property or Income From Other Sources (Interest on Fixed Deposits) which are normally not credited to Profit and Loss Account. Does this clause cover to include such incomes which are not Credited to Profit and Loss Account.

BY: CA. KRISHNA MURTHY N

Total Answers : 1 | View Answers | Post Answers

42179
Nov, 25
2021
MERGER & ACQUISITION - ( CAN SOLE PROPRIETORS CREATE A PARTNERSHIP FIRM ? )

Two sole proprietors say A & B practices in their own proprietorship firms, they wants to create a partnership firm say XYZ. Can it is possible that both the partners practices in their own proprietorship firms and also in partnership firm XYZ ? Also please discuss whether in partnership firm counts experience of senior most partner.

BY: KAMAL KISHORE VERMA

Total Answers : 0 | View Answers | Post Answers

42180
Nov, 25
2021
DIRECT TAXES - ( LONG TERM CAPITAL GAIN )

An individual has sold a Plot after holding for 8 years and Sales consideration is 10 Lacs on which after indexation Long term capital gain of Rs 740000-arises He has invested Rs 7 Lacs for purchase of residential house within one year of transfer Under sec 54F Deduction of 540000- is available and around RS 200000- becomes Long Term Capital Gain liable to 20% Tax Can he invest another 3Lacs on another residential house to avoid tax payment by transferring 3Lacs to Capital gain scheme to reinvest 3 lac within 2 Years of sale of Plot Kindly advice

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42177
Nov, 24
2021
DIRECT TAXES - ( 255279 )

What was the recourse under Income Tax Law that left to the Assessee, who is seller of the Land, when Stamp Duty Value is much higher than Actual Market Value of the Land ?

BY: RYALI VAMSI KRISHNA

Total Answers : 0 | View Answers | Post Answers

42176
Nov, 23
2021
DIRECT TAXES - ( STAY PETITION )

I have filed appeal against order u/s 143(3) in facelss assessment but the jurisdictional AO is asking for payment of 20% demand. How do i file stay petition under faceless assessment scheme? Kindly help asap

BY: JAYASHREE RAJKUMAR BANG

Total Answers : 1 | View Answers | Post Answers

42175
Nov, 22
2021
DIRECT TAXES - ( FORM 29B )

Is Form 29B mandatory in all cases? Subsection 4 to section 115JB states that Every company to which this section applies, shall furnish a report in the prescribed form.i.e Form 29B.

BY: CA Shrawan Suthar

Total Answers : 2 | View Answers | Post Answers

42174
Nov, 20
2021
DIRECT TAXES - ( TAX AUDIT REPORTS )

Json file prepared is not being accepted while uploading by CA's showing it Invalid

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42172
Nov, 17
2021
GST - ( REVERSAL OF INELIGIBLE CREDIT )

ITC was wrongly declared as ineligible. How to reverse the same as negative figures is not allowed under ineligible row of 3B.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

42173
Nov, 17
2021
TDS/TCS - ( APPLICABILITY OF SURCHARGE ON TDS MADE U/S 195 )

The assessee has purchased a property from an NRI for an amount exceeding Rs one crore. While deducting TDS on total consideration ( not on the Long Term Capital gain) should EC and SC also be deducted on Total Consideration?

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 0 | View Answers | Post Answers

42171
Nov, 15
2021
GST - ( 444964 )

WHETHER FOOTBALL PLAYER CAN OBTAIN GST REGISTRATION FOR THEIR MATCH PLAYING SERIVICE . IF YES , PLZ SPECIFY THE SAC CODE.....

BY: ARIHANT JAIN

Total Answers : 1 | View Answers | Post Answers

41171
Nov, 09
2021
MERGER & ACQUISITION - ( SOLE PRACTICE AND PROPRIETARY CONCERN. )

Hi everyone, I have registered as a sole practitioner in 2016. After 2 years I have registered my proprietary concern. Now I am being intelligible to get bank audit empanelment because I am not exclusively associated with my firm. What is the best way to retain my experience of 5 years sole practice and getting empaneled for bank audit. Can I merge my sole practice in to my firm or I have to terminate my self as a sole practitioner. Please suggest.

BY: GIRIJA SHANKAR KOTA

Total Answers : 0 | View Answers | Post Answers

41170
Nov, 02
2021
AUDIT - ( PROVISIONAL BALANCE SHEET )

can a practicing chartered accountant sign provisional balance sheet ( non audited ) ? if yes what should he mention in the balance sheet while signing and whether UDIN is applicable for that or not?

BY: AKSHAYA CHANDRAKANTH KAMATH

Total Answers : 1 | View Answers | Post Answers

41169
Nov, 01
2021
GST - ( IGST IN EXPORT INVOICE )

In case an Exporter opts for Supply of Goods on Payment of IGST, then Whether the exporter shall charge IGST on FOB Value or on (FOB Value + Insurance + Freight) ? Please advise and clarify.

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

41168
Oct, 30
2021
AUDIT - ( 3CBCD JSON FILE NOT BEING UPLOADED ON PORTAL )

I have prepared Json file but while uploading it shows Invalid File

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

41167
Oct, 27
2021
AUDIT - ( TAX AUDIT )

A professional following cash basis ,whether tax audit is applicable or not in following circumstances , if yes than under which clause of 44AB, 1) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 40 lakhs 2) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 80 lakhs 3) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 1.05 crore Note:- 1)What if wants to offer Income under presumptive 44AD and 44ADA from professional activity is more than 50% of receipts and from trading of stock market is less than 6% of Turnover 2) Limit for tax audit U/S 44 AB for professional is above 50 lakhs and others is above 1 crore and if certain condition are satisfied than above 10 Cr

BY: CA. MEHTA DEVANG PRATAPRAI

Total Answers : 0 | View Answers | Post Answers

41166
Oct, 26
2021
MISC. - ( ACCOUNTING OF JOINT DEVELOPEMENT AGREEMENT )

How to make entries in books of account of Builder for Joint Development Agreement and flats given to landowner ??

BY: Ninad Prataprao Shete

Total Answers : 0 | View Answers | Post Answers

41165
Oct, 17
2021
DIRECT TAXES - ( LEGALITY OF ORDER PASSED U/S 144 )

Facts Individual Assessee has not filed original ITR for AY 12-13 based on some information AO has reopened the case u/s 148 in March 20 and assessee has also not filed his ITR within 30 days of service of above notice but filed delayed return against notice u/s 148 (before framed. Or completion of assessment ) Query Can AO passed order u/s 144 where assessee filed ITR before completion of assessment without issue notice u/s 143(2) of income tax act

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

41164
Oct, 14
2021
Service Tax - ( SERVICE TAX LIABILITY ON CREDIT CO OPERATIVE SOCIETY )

A credit co operative society is accepting deposits and lending to its members and accordingly earns interest income. It also provide some other services like railway ticketing and running electricity bills collection centre from which it is receiving commission income from IRCTC and PGVCL. Interest income - 25 Lacs Commission Income - 1.5 Lacs What are the service tax implications in the instant case.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 0 | View Answers | Post Answers

41162
Oct, 13
2021
DIRECT TAXES - ( FORM 29B )

IT portal is not correctly accepting form 29b data filing.

BY: SUMIT KUMAR BAGRA

Total Answers : 0 | View Answers | Post Answers

41163
Oct, 13
2021
OTHER BODIES - ( ONLINE CA EXAMINATION )

A long time back There was proposal to conduct CA Examinations online on MCQ pateren. In view of Pandemic like COVID this has become more urgent .Many Institutes in World are conducting online Examinations eg CPA . Why Our Institute is still persisting with Handwritten Examination which is many times not found to be foolproof

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

41160
Oct, 12
2021
AUDIT - ( TAX AUDIT REPORT )

WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

41161
Oct, 12
2021
AUDIT - ( TAX AUDIT REPORT )

WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong'

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

41159
Oct, 10
2021
DIRECT TAXES - ( TAX ON DIVIDENDS ETC )

Whether all sorts of dividend recd from any mutual fund,LIC or sip etc are taxable wef 1-4-20 or there is any exemption also?

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

41158
Oct, 06
2021
DIRECT TAXES - ( TAX AUDIT LIMITS )

Assessee is having turnover of Rs.99 lacs from contractual business and 1.5 lacs from hiring services u/s 44AE. Whether the same would be included in Gross turnover for Tax Audit or not. Otherwise Assessee can declare his income @ 6% on contractual receipts u/s 44AD and 1.50 lacs under 44AE without getting audited

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

41157
Oct, 01
2021
MISC. - ( DOES CONVERTING FROM SOLE PRACTICING (I.E., PRACTICING WITH MRN AND COP ON OWN NAME WITH OUT FRN ) T )

I am practicing on my own name having MRN & COP from last 15 years. Now, I want to convert it into a sole proprietary frim with FRN. So ,does it impact my standing for BANK AUDIT & CAG I am converting my practice with MRN to sole firm with FRN with a view that i will merge my firm with other firm. so does my experience will be counted for last 15 years after converting my practice to a FRN

BY: RAJAT AGARWAL

Total Answers : 1 | View Answers | Post Answers

41155
Sep, 29
2021
GST - ( ITC FOR SOCIETY MAINTENANCE CHARGES )

ITC for Society Maintenance charges for Immovable property The taxpayer has commercial property and it is let out. Query is that can the taxpayer take ITC for GST charged for society maintenance charges.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

41156
Sep, 29
2021
DIRECT TAXES - ( TDS CREDIT NOT GIVEN BY CPC )

Q. The Assesee Company is CHA has filed the ITR for the Assessment Year 2018-19 and some customer of the company has deducted TDS on Reimbursement of expenses . the company has shown the Turnover / Gross Receipts other than the reimbursement in ITR. Now the CPC has given the Proportionate TDS credit due to gross receipts not match with 26 AS .The Company has filed the rectification letter to local jurisdiction but ITO has given the reply that rectification is considered but Rectification Right with CPC so please see other alternate solution . So in that case what company can do to get the tax credit .and when we call CPC then they are showing PAN NO. and date of incorporation is wrong. So how we can approach to CPC . Please give your valuable suggestion.

BY: GOPAL KUMAR AGRAWAL

Total Answers : 1 | View Answers | Post Answers

41154
Sep, 27
2021
MISC. - ( 418074 )

If Sole proprietor Chartered Accountant firm will be merged into a partnership firm. Whether that sole proprietorship firm have an option to de-merge later on. If yes, how long the option is available for de-merger and whether ICAI reserves the name of proprietorship firm.

BY: Shobhit Bansal

Total Answers : 3 | View Answers | Post Answers

41152
Sep, 22
2021
DIRECT TAXES - ( NRI STATUS )

A person is going abroad for studies Has remained in India for 180 days during 2021-22 fin year During last 10 years he was in India only Whether he will be treated NRI for 2021-22 During this year whether Rebate under 87A will be available

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

41153
Sep, 22
2021
AUDIT - ( NEW UTILITIES FOR 3CACD AND 3CBCD )

I am not able to import draft data XML prepared on other computer for Tax Audit and ITR also Whether there is an issue here also

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

41150
Sep, 21
2021
MISC. - ( CONVERSION OF CA PROPRIETORSHIP INTO PARTNERSHIP AND CHANGE IN NAME )

Hi, Please do guide me in this. Ms. A (senior) and Ms. B have two proprietorship firms having separate FRNs. Both want to set up a partnership completely different from their individual practice. Can Ms. B join Ms. A as a partner convert her proprietorship into partnership and then change the firm name? Will a new FRN will be granted in a case of change in firm name or it can continue with existing one? What are the results of the above in relation to bank audit empanelment and CAG empanelment?

BY: Andrea Samantha Lewis

Total Answers : 1 | View Answers | Post Answers

41151
Sep, 21
2021
AUDIT - ( APPLICABILITY OF TAX AUDIT FOR DERIVATIVE TRANSACTIONS(F&O) )

Hello members, My client is a salaried person and also borne loss of Rs.7.00lakhs from Derivative transactions on a turnover of Rs.14lakhs (turnover arrived considering sum of positives and negatives in trade). As per section 43(5), this is non-speculative business. But other than business loss his Total Income(salary after deduction) is less than the maximum amount not chargeable to tax (i.e. below Rs.2.50lakhs). So, My question is: Whether to set off and carry forward the loss of Rs.7lakhs, tax audit is mandatory? or whether I can file the return simply by showing loss from business and If yes ,then can the same be carry forward? Can loss from F&O be set off with Capital Gains?

BY: JYOTI MAHAJAN

Total Answers : 2 | View Answers | Post Answers

41149
Sep, 18
2021
GST - ( REPO TRANSACTION OF OLD VEHICLES )

What should be accounting treatment to account for repo transactions of old vehicles wherein the gst valuation rules(proviso to rule 32 (5) of CGST rules) give a very different taxable value. Resulting into wide variations in actual turnover and GST turnover. This turnover difference might invite attention of taxmen. e.g:- original invoice value =200000/- date of original purchase= 1.4.2018/- REPO by financer on- 1.4.2020/- )also transfered to the new beneficiary on the same day) sales by the new beneficiary =220000/- date of this sale=1.4.2021 Now, purchase price as per proviso to rule 32(5)= 80000/- {200000-(200000*5%*12)} value of supply as per rule 32(5) = 140000/-[220000-80000] This is creating a difference of Rs. 60000/- Kindly post Any probable suggestions to this problem?

BY: MOHIT JAIN

Total Answers : 0 | View Answers | Post Answers

41147
Sep, 16
2021
DIRECT TAXES - ( TAX AUDIT )

In case of a Private Limited Company where the turnover is of 30 lakhs and there is a loss whether tax audit is required

BY: YASH PAL ANAND

Total Answers : 6 | View Answers | Post Answers

41148
Sep, 16
2021
AUDIT - ( IS SOLE PROPRIETORSHIP FIRM NOT HAVING ONE PAID CA ARE INELIGIBLE FOR BANK BRANCH AUDIT? )

I am already empanelled with RBI under category VI and allotted audit since last 2 years. But not other CA is associated with us .Are we eligible to get Bank Branch audit in future ?

BY: ANUJ AGRAWAL

Total Answers : 0 | View Answers | Post Answers

41145
Sep, 14
2021
GST - ( REVERSE CHARGE )

Where to enter RCM amount in GSTR1 for inward supplies from unregistered supplier, so that same could auto-populate in GSTR 3B

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

41146
Sep, 14
2021
GST - ( INELIGIBLE CREDITS )

Ineligible credits are auto populated in gstr 3b. Whether the same is required to be taken ist, then reversal is to be made and finally again ineligible to be shown in GSTR 3B. Or its better to just show under ineligible head without claiming it first and then reversal.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

41144
Sep, 13
2021
DIRECT TAXES - ( BUSINESS INCOME OR NOT ? )

A person is dealing in Sale & purchase of rural Agriculture Land. Suppose in a Year, he Purchase 4 times and sale it. Is it to be shown as business income or no where. ??

BY: Harish Kumar

Total Answers : 3 | View Answers | Post Answers

41142
Sep, 11
2021
Capital Gains - ( 079710 )

An Individual Sold his residential house in Feb 21 and he made Construction on old plot in 2018-19 to July 20 . can we claim exemption u/s. 54 for investment in construction as completed before One year of Sale . Pl advise with supporting evidences /case law if any

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

41143
Sep, 11
2021
DIRECT TAXES - ( SET OFF )

as per IT rules, in the same assessment Business loss can be set off against any income except salary. in AY2020-21 we filled IT return where business loss set off against other sources income. lateron, intimation received they have disallowed this set off and raised demand. please advice whats to do? no option availble on portal to make rectification application for the same.

BY: RAHUL jain

Total Answers : 0 | View Answers | Post Answers

41140
Sep, 10
2021
Capital Gains - ( 079710 )

An Individual Sold his Residential house in Feb 21 and made a construction of an old plot since 2018-19 to July 21 i.e construction complete before 1 year of Sale Can we claim Exemption u/s. 54 on capital gain earned on Sale of house . if yes pl. suggest some case law in support (if possible)

BY: SANDEEP KAPOOR

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41141
Sep, 10
2021
Companies Act, 2013 - ( REJECTION OF EFORM NDH-2 )

What steps will a company have to take if it's application in eForm NDH-2 gets rejected ? What would be the consequences and how can it be rectified ?

BY: Gaurav Kumar Baranwal

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