I am a practicing chartered accountant and an additional director in a private limited company duly complying to the norms prescribed by ICAI. The private limited company has borrowed a vehicle loan from a scheduled bank. The scheduled bank is creating a charge for the loan borrowed and is insisting that the concerned form for creating charge should be signed by affixing the practicing CA digital signature instead of the other directors of the company. Whether the same is permitted according to the ethics prescribed by ICAI and would it not amount to participating in the day to day activities of the company?

BY: PANI RAJ KATEPALLI

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Vide CIRCULAR NO.18/2017 [F.NO.385/01/2015-IT(B)] dated 29-05-2017, it is provided in para 4 of the Circular that accordingly, it has been decided that in case of below mentioned funds or authorities or Boards or bodies, by whatever name called, referred to in section 10 of the Income-tax Act, whose income is unconditionally exempt under that section and who are also statutorily not required to file return of income as per section 139 of the Income-tax Act, there would be no requirement for tax deduction at source, since their income is anyway exempt under the Income-tax Act. Question: However, a recognised provident Fund inadvertently filed its return of income which was processed by CPC and raised a tax demand. We have replied to the TRO that a recognised provident fund is not required to file income tax return hence the demand should be struck off. He replied that assessee fails to answer the question as to if the recognised trust is not required to file income tax return then why it was filed? And asking the demand to be paid. Please advise.

BY: Babulal Sharma

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Dear Sir, we was paid of payment for the bills of entry of As per our reassessment of bills of entry for the financial years 2019-2020 and 2020-2021, we have made payments for all outstanding bills, including interest and penalty. However, we have noticed that the reassessed bills of entry are not reflecting in the GSTR 2A. please provide suggestion for ITC take or Not

BY: SHAILESH JIVANBHAI SUTHAR

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Whether Clause 44 of Tax Audit report applies to Construction co only providing service activity also

BY: Mahesh Kumar

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A society (Registered under Societies registration Act) has obtained provisional registration under 12A/80G and Form 10AB is still pending to be filed. Audit Report For FY 23-24 has been issued. Is the provisionally registered society required to File Form 10B/10BB(Audit Report) for FY 23-24 since it has not obtained the final registration and approval under Section 12A/80G from IT dept? Gross Receipts of the Society for FY 23-24 is 58 Lacs approx ans whether tax audit is applicable to such society? Kindly guide in this matter with relevant information

BY: CA INDRANEEL BISWAS

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Subject: Assistance Required: COP Application Issue Due to Outdated Employment Records in ICAI Portal Dear Respected Seniors, I am writing on behalf of a fellow Chartered Accountant who recently transitioned from employment to practice. He is facing a significant issue while trying to apply for a full-time Certificate of Practice (COP) through the ICAI SSP portal. Background: My friend was previously employed with two organizations. The first employer had registered the employment with ICAI, but the termination of this employment was never updated in ICAI's records. The second employer, with whom he worked for four years, was not registered at all in the ICAI system. As a result, ICAI records still show him employed with the first employer, and the termination and subsequent employment details are missing. Current Situation: More than three years have passed since he left the first employer, and around six months have elapsed since we initiated efforts to resolve this issue. We have raised multiple tickets through the SSP portal, but unfortunately, we have not been able to rectify the employment details. We need to terminate the first employment, update the second, and then apply for a full-time COP. Both employers are willing to cooperate, but despite their assistance and our attempts through the portal, the issue remains unresolved. Request for Guidance: If anyone has encountered a similar situation or has any knowledge of a proper channel to escalate this issue within ICAI, we would be extremely grateful for your advice. If you could provide any email addresses, contact persons, or specific ICAI departments that could assist in resolving this, it would be of immense help to us. Due to this issue, my friend has been unable to perform audits or engage in practice for the past six months. We are seeking urgent guidance on how to navigate this situation and successfully update the records in the ICAI portal to obtain a valid

BY: RYALI VAMSI KRISHNA

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An asessee is selling majority of goods out of state and is issuing interstate bill with Eway bill but his purchases are local and through Cycle rickshaw and Erickshaw that are not accompanied with Ewaybill GST officials are asking for explanation for difference in Ewaybill generatewd and Ewaybill received

BY: Mahesh Kumar

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Private tutorship less then 25 hours a week whether General Permission or Specific Permission as per below 190A extract - Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week.

BY: ANKIT BHANSALI

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How to apply for specific permission under 190A

BY: ANKIT BHANSALI

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My doubt is when ca proprietorship firm merge into partnership ca firm and proprietor ca become partner in partnership firm is number of this partner counted as CAG empanelment or other tender qualifying marks ??

BY: CA PRADEEP KUMAR YADAV

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Dear all, What will be the Capital Gain implications in case entire proprietorship business had been transferred to daughter after death of her father ?? Second question is that what will be the Capital Gain implications in case such daughter along with two other sisters constitutes partnership by way of discontinuance of proprietorship wef 01/01/2024 ??

BY: SUDIP KUMAR MUKHOPADHYAY

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M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .

BY: samirkumar gokulbhai kasvala

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Whether a CA Firm in Practice in LLP mode can invest in share and mutual fund in LLP Name

BY: ANKIT BHANSALI

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M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .

BY: samirkumar gokulbhai kasvala

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A government body has appointed me as Auditor of a Society. The term of the appointment states that the Auditor shall prepare Trial balance, Receipts and Payment Account and Balance Sheet apart from Audit . The Clause of Terms and Condition is " Audit by the Chartered Accountants shall include Value of Money Analysis, Economy Efficiency and Effectiveness. receipts and Payment Accounts , In come & Expenditure Account and Balance Sheet to be prepared and certified " Thou it is not clear whether the Auditor has to prepare the Final Account and Audit the same, the Auditee expects the Auditor to do so. Under such circumstances, can we accept the assignment or will it be against the professional ethics

BY: Syed Sultan Mohideen

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Please clarify whether DMF (District Mineral Fund) contribution made by mining companies (at rate of 30% of royalty) over and above royalty payment being made while dispatching minerals from mines shall be subject to GST under RCM as per Sl no-5 of Notification 13/2017 Central Tax (Rates) or shall be exempted from GST as per notification 12/2017 as services being provided by Governmental authority. In this regard it may be noted that the DMFT (District Mineral Fund Trust) has now been clarified as a governmental authority as per CIRCULAR-206/18/2023-GST and it has been clarified that they are eligible for the same exemptions from GST as available to any other Governmental Authority.

BY: CA. PRUSTY SIDHARTHA SHANKAR

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Please let me know that whether it is mandatory to prepare financial statements of non corporate entities in new format from fy 23-24 or from fy 24-25, kindly clarify the interpretation of technical guide (June 22) and Guidance note ( Aug 23) on financial statements of non corporate entities

BY: SHWETA JAIN

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Distribution rights of pharmaceutical company sold to other for consideration. Whether GST is levied

BY: CA ATUL TOSHNIWAL

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I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view

BY: SACHINDER GARG

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Equity shares of public limited co alloted under promoter quota sold. How the capital gain will be computed

BY: CA ATUL TOSHNIWAL

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A cooperative society has furnished Audit note of Society Inspector( who does Statutory Auditor) and financial statements for Tax audit and tax audit report has been furnished.Now we find there is mistake in Profit and loss account. One entry around Rs 70000- has been entered twice Whether We should revise TAR altering the deduction amount under Sec 80P so that tax i\liability is nil or pay tax on Rs 70000- by adding back Rs 70000-

BY: Mahesh Kumar

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My client is doing restaurant service paying GST at 5% without claiming ITC. Is he liable to pay GST compensation cess on supply of aerated water in addition to this 5% GST.

BY: VISAKH

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I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view.

BY: SACHINDER GARG

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An audit report was issued on 1st August and subsequently the auditor issued another revised audit report on 5th August with changes in the wordings of the new audit report along with a new udin in 5th August since time limit to revoke the udin for 1st August has elapsed. How ever there was no changes in the figures of the FS on both the dates. Now will the new udin with revised audit report will overrule over the old udin as two udins were generated for the same set of FS? The assessee is a non corporate audit client and assessee is not liable to get its accounts audited under IT act or any other act and declares his income under 44AD(he voluntarily choose to get its accounts audited basically to apply for tenders) kindly guide whether any requirements to be followed

BY: CA INDRANEEL BISWAS

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While doing Tax Audit of a cooperative Society whose statutory Audit is done by Department of cooperatives through its Inspectors ,Inspector's name is to be filled in Form 3CA However in Express ITR software of KDK Software asks for CA Auditors particulars and ICAI membership etc What to do

BY: Mahesh Kumar

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Please clarify if a company is required to revise its TDS return for 3rd quarter of FY-2324 to give effect to wrong tax deducted in respect of a vendor then within which timeline the unutilized amount of tax available in TDS challan can be utilised.

BY: CA. PRUSTY SIDHARTHA SHANKAR

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Kindly guide for following, Client having Registered Office at A and having LUT for the address. Now he has shifted his registered address to B. Kindly advise, 1. Whether there any procedure to surrender LUT of old address (A) and Can client apply for new LUT for New Address (B) ? 2. Without surrendering, whether we need to apply for LUT for New Address (B) 3. Whether we can use old LUT only and there is procedure of change in Address from old (A) to New (B) Regards, CA Trupti

BY: CA. CHAVAN TRUPTI GAJANAN

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Can Presumptive taxation details be filled in ITR 3 leaving detailed Financial data filled otherwise if because of Capital gain this form is to be filled

BY: Mahesh Kumar

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A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.

BY: samirkumar gokulbhai kasvala

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WHAT TO DO IN CLAUSE 8A OF FORM 3CD IN CASE INDIVIDUAL ASSESSEE IS GOING WITH DEFAULT TAX REGIME i.e. NEW TAX REGIME FOR AY 2024-25 ?

BY: CA SRIVASTAVA ATUL KUMAR

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IF ANYONCE CAN HELP ME TO GET FILE / WEB PAGE LINK FOR "45 AMENDMENTS-FINANCE BILL (No, 2) 2024 (Amended Bill)"

BY: VIPUL JHAVERI

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When Income-tax return is already filed u/s 44ADA, whether the same could be filed as revised after getting the same audited with lower profits with appropriate books

BY: CA. SURAJ KUMAR CHOUDHARY

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A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.

BY: samirkumar gokulbhai kasvala

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A partnership firm is to be reconstituted where one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution land is being revalued and balance (Revalued profit) is to be adjusted to existing partners capital. After admission land is gain revalued to old rate and difference to be adjusted with new and old partners capital account. Resulting increase in Old partners capital account and decrease in new partner capital account. Query- Whether section 45(4) and 9B are applicable in the above situation where no distribution of the LAND. If it is applicable then how the tax on deemed capital or any other taxability

BY: Aman Kesharwani

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Sir, a Charitable society was granted provisional approval in form 10AC, valid up to March 2024. Form 10AB could not be filled within due dates due to some unavoidable reasons. Now society wish to apply for approval under sec 80G. Now question is, which form is to be filled 10A or 10AB. If 10AB to be filled than which clause to be selected in raw No. 2 of form 10AB as section code? Please advise, thanks.

BY: RAM KUMAR SARASWAT

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Sir, An assessee filed his return of income tax showing profit under section 44AD. Now DDIT / ADIT has asked to submit his Balance sheet, profit and loss account and capital account. While assessee not maintained books of account. Is DDIT / ADIT legitimate to ask for these documents, do we need to prepare it and submit? Please advice.

BY: RAM KUMAR SARASWAT

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where for FY 2020-21 a notice u/s 61 for Scrutiny was issued & certain points raised, but before the process was completed u/s 61, a notice u/s 65 was issued for complete audit of the same FY which is due to take place during the present month of August 2024, and after the issue of notice for audit u/s 65, SCN has been issued u/s 73(1) for issues raised in ASMT-10, which remain uncluded at the time of issue of notice u/s 65..... the PO too is the same & its a case of STATE GOVT .... MY QUERY HERE IS - CAN TWO PROCEEDINGS UNDER TWO DIFFERENT SECTIONS FOR SAME ASSESSEE AND SAME PERIOD BE CONTINUED PARALELLY BY SAME PROPER OFFICER

BY: CA ATUL TOSHNIWAL

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For calculating Capital Gain of people involved in Daily ative trading whether statement from Broking co is to be obtained

BY: Mahesh Kumar

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NRI has sold his Flat in India and his ITR is also processed Can he remit his funds abroad now from NRO accounts

BY: Mahesh Kumar

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MR A IS RETAILER FOR DIGITAL SEVA KENDRA ( DSK) . THIS DSK OFFER VARIOUS SERVICES LIKE PAYMENT OF UTILITY BILLS , BANKING , TICKETING OF RAILWAY, RECHARGES FOR MOBILES, DTH ETC. MR A RECIEVE CASH FROM CUTOMERS TOWARDS PAYMENT OF UTILTY BILLS , RECHARGES ETC AND DEPOSIT THE CASH IN IS CURRENT ACCOUNT AND TRANSFER THE SAME TO THE BANK ACCOUNT OF DSK. FOR PROVIDING THIS SERVICES AS A RETAILER THROUGH THE DSK , HE GETS COMMISION INCOMEONLY THE QUESTION IS 1.WHAT IS THE TRESHHOLD LIMIT FOR GST REGISTRATION FOR RETAILER MR A 2. WHAT WILL BE THE TAXABLE SUPPLY FOR THE RETAILER , WIL IT BE THE COMMISION INCOME OR THE VALUE OF CAH RECEIVED FROM CUSTOMER.

BY: CA. SHIRODKAR YESHWANT VINAYAK

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If Taxable income is below 5 Lacs for a supersenior citizen and Agriculture Income is Around 5Lacs Whether it is optional to file Incomne Tax Return

BY: Mahesh Kumar

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In one of the cases, the Company has not done consolidation of financial statements for the year ending 31.03.2023. The statutory auditor has resigned after the audit. Can the new statutory auditor sign the consolidated financial statements of that year?

BY: K.V.Balasubramanyam

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How to reverse GST on ITC of fixed assets used over years and now discarded

BY: CA. SURAJ KUMAR CHOUDHARY

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Agriculture Income 2 lacs Short term Capital Gain 2 Lacs Interest income 90000- If the asessee has died whether Legal heirs are supposed to file return If legal heir certificate is not available How to file Return

BY: Mahesh Kumar

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Whether Dry cleaning services would be covered under section 44AD / 44ADA. Would the same difference if it is under franchise agreement of particular Brand.

BY: CA. SURAJ KUMAR CHOUDHARY

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An oldman has died His income from Share trading during 2023-24 FY is around Rs 2lac Whether his heirs are required to file ITR as his Taxable income is below 3Lacs

BY: Mahesh Kumar

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SERVICE PENSION OF RETIRED ARMY OFFICER EXEMPED UNDER SECTION 10? ( IT IS NOT DISABILITY PENSION BUT SERVICE PENSION GRANTED TO ARMY PERSONNEL AFTER NORMAL RETIREMENT)

BY: CA Shrawan Suthar

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Whether cost of improvement u/s.55 includes furniture cost for the purpose of computation of capital gain

BY: CA ATUL TOSHNIWAL

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What would be the turnover amount in case of intra-day share trading and in case of Future and Option trading

BY: CA. SURAJ KUMAR CHOUDHARY

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Deductor furnished all the payments and TDs on contracts under Husband PAN instead of part being dedcuted on Spouse income. Even payment is also made in her bank account. As deductor is showing inability in revision of TDS return and feedback in AIS statement can also be not confirmed, if submitted. In this circumstances, can we directly show under TDS column in ITR and claim it in Spouse ITR?

BY: CA. SURAJ KUMAR CHOUDHARY

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