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| 44448 |
Mar, 21
2023
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GST - ( 082701 )
A registered Tenant is paying Rent on commercial Property Rs 50000-pm to Joint owners of a property both of whom are unregistered Whether registered tenant is liable to pay Reverse charge on GST @18%
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44446 |
Mar, 18
2023
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MISC. - ( RECEIPT OF PROFESSIONAL FEES )
I wish to Apply for Partial COP. After getting Partial COP, i will be earning Salary income from 1 firm and i will also be earning professional fees towards Consultancy. is this allowed ? in partial COP, i will not be carrying out any attest function. the professional fees will be strictly towards consultancy.
BY: ROHIT SATYANARAYAN TAPADIYA
Total Answers : 1 | View Answers | Post Answers
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| 44444 |
Mar, 16
2023
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AUDIT - ( 151793 )
A company initiated its IPO application procedure during FY 2021-2022. It received approval for DRHP in November 2021 with a validity of 1 year i.e. by November 2022 to file the RHP and complete the listing procedure. Thus, the expenses incurred up to 31/03/2022 were treated as prepaid expenses and showed under current assets due to the pendency of completion of the listing procedure. Thereafter, the company incurred further expenses during FY 2022-2023 towards the IPO application procedure. These expenses were also treated as prepaid expenses and were shown under current assets. However, the company could not file the RHP and complete the listing procedure within the stipulated time period of 1 year i.e. by November 2022. Need guidance as to how the expenses which were treated as prepaid expenses should be accounted for in the financial statements as of 31/03/2023. Will they be considered as regular revenue expenses or treated as exceptional items or should be considered as Misc. Asset and be amortised as deferred revenue expense over a period.
BY: Harpreet Singh Ghai
Total Answers : 1 | View Answers | Post Answers
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| 44441 |
Mar, 10
2023
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GST - ( GST REGISTRATION - AGRICULTURIST )
A person is an agriculturist and having turnover from agriculture Rs 19,99,999. He has business Service income turnover of Rs 2 lakh. What is the position of requirement to take GST registration because of amendment in Finance bill 2023 in Section23 with retrospective effect from 01.07.2017? Show Less
BY: Sivaraman A.R.
Total Answers : 1 | View Answers | Post Answers
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| 44439 |
Mar, 08
2023
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DIRECT TAXES - ( TAXABILITY U/S.56(2)(VI) )
Taxability U/s.56(2)(VI)
Dear Colleagues
Please clarify on the following points:
Whether a Male Donor can settle his Immovable Property infavour of his Grand Daughter (Daughter’s Daughter) and claim exemption 56(2) of the Income Tax Act. Assuming the Sub Registrar collects Stamp Duty on the Settlement Deed on treating it as Sale of Property, whether the assessee would be denied exemption on this account?
A.S. Raman
Chartered Accountant
BY: A S RAMAN
Total Answers : 2 | View Answers | Post Answers
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| 44438 |
Mar, 05
2023
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GST - ( SEPARATE REGISTRATION UNDER SAME PAN )
A person has applied for separate GST registration against same PAN as he is already having another GSTIN against same place of business.New business is different from old one.Hence separate trade licence has been obtained under separate trade name. GST dept is saying that second registration under same PAN in same place of business in same premises is not allowed under rule 11 od CGST Rules.But fact is that client will carry different businesses in different floors with separate accounting system.How to go about it ?? Will he go for amendment of existing RC with combined name?? If that be so, can he avail ITC of old business in his new one ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 1 | View Answers | Post Answers
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| 44437 |
Mar, 03
2023
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DIRECT TAXES - ( INTEREST EARNED FROM CPF FUND IN SINGAPORE )
A person is having Central Provident fund (CPF) in Singapore when he was in employment there.
Now for FY 23-24 his status will become Resident and Ordinarily resident.
CPF fund lies in Singapore only.
Whether interest earned during FY 23-24 for CPF in Singapore will become taxable in India? Is there any exemption available?
BY: Sivaraman A.R.
Total Answers : 1 | View Answers | Post Answers
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| 44435 |
Feb, 27
2023
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GST - ( 075284 )
As it is understood that a GTA has to exercise an option for either FCM or RCM for making supplies in a financial year. But what are the remedies available to a assessee who have supplied services under both FCM and RCM in a given period. FY 17-18, 18-19 and 19-20
Is there any case law on this issue?
BY: sanjay kumar agrawal
Total Answers : 0 | View Answers | Post Answers
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| 44433 |
Feb, 24
2023
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DIRECT TAXES - ( RECTIFICATION UNDER SEC.154 TO CHANGE THE RETURN FILING SEC. )
My client is a partner in the firm and that firm is liable to audit. But while filing his individual return, he was selected " not liable to audit" option and filed under Sec 139(4) .He was opted for Sec 115BAC also. So Department assessed return with demand (without considering the Sec.115BAC).
If we try to file rectification, the error message shows " There is a change in the return filing section type when compared to input in return for which the rectification is initiated. Therefore the rectification request can not be entertained ".
How to rectify this mistake in the return.
BY: PONNUSAMY R
Total Answers : 0 | View Answers | Post Answers
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| 44430 |
Feb, 17
2023
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GST - ( CHARGING OF GST )
Dear all,
One of our clients supplies goods & services to local PANCHAYAT SAMITY & BLOCK DEVELOPMENT OFFICER [BDO].
He is not charging GST separately in his GST invoice.On the other hand concerned PANCHAYAT SAMITY & BDO deducts GST TDS u/s 51(1) of GST Act @ 1% and income tax TDS u/s 194C and properly uploads the same.
Query :: 1] whether concerned client is doing the right thing by not charging GST ?? 2] If not,what will be the actual GST rate that he should charge ??? Please advice.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 1 | View Answers | Post Answers
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| 44429 |
Feb, 16
2023
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INTERNATIONAL BUSINESS - ( ANNUAL PERFORMANCE REPORT APR FOR OVERSEAS SUBSIDIARY )
A Ltd has Subsidiary outside India in Mauritius whose merger got approved from 1.4.2021, where Merger scheme approval got on 1.8.2022 from NCLT and accordingly Financial of 2021-22 of A Ltd has been made by incorporating such merger. Now, Whether APR of subsidiary under FEMA need to file for the FY 2021-22, where due date also not over or get over.
Please guide where merger schemes are having retrospective effect and compliances that should look into .
BY: Pankaj Kumar Sharma
Total Answers : 1 | View Answers | Post Answers
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| 44428 |
Feb, 15
2023
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GST - ( GST ON ONLINE TUITION PROVIDED OUTSIDE INDIA )
I would like to get an expert advice from you regarding my doubt about GST computation of a firm providing online tuition services to students, mostly NRI students residing abroad. As parents of these students are working abroad, they transfer tuition fees in Indian Rupees from their NRE A/c. Since the payments are received in Indian Rupees, this cannot be considered as export of services. So I assume that this falls under taxable services liable for GST. My query is whether IGST is applicable and if IGST is applicable how to disclose place of supply in B2C of GSTR1.
BY: JOBIN BABU
Total Answers : 0 | View Answers | Post Answers
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| 44426 |
Feb, 14
2023
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DIRECT TAXES - ( TAXABILITY U/S.56(2) OF THE INCOME TAX ACT )
An Assessee had executed a Settlement Deed infavour of his Foster Daughter. The assessee had no issues. No Legal adoption was made for this Daughter.
The Settlement was relating to immovable property being an Apartment.
The Registering Authority while Registering the Settlement Deed had collected prevailing Stamp Duty as applicable for Regular Sale Deed instead applicable to Gift Deed.
The Donee is the Daughter of Donor’s Wife’s Brother (Brother in law’s daughter)
The Donar had retained Life estate to possess and enjoy the said property and enjoy all income derived from the property during the term of his Nature Life.
As per Section 56(2) the List of Relatives mentioned Wife’s Brother only.
No specific relevance to Wife’s Brother’s Daughter.
More over the Registering authority had collected the Stamp Duty on the property value. The Donee’s Name had Reflected in Encumbrance Certificate of the Property.
Please Clarify:
1) Whether the settlement made was exempt under U/s.56(2) of the Income Tax Act. Since Value exceeded Rs.50,000/-
2) Whether Lineal Ascendant or descendant of the Individual includes Wife’s Brother’s daughter
3) While Registering the Gift Deed the Registering Authority had collected Regular Stamp Duty as Applicable instead as applicable to Gift Deed.
A.S. RAMAN
BY: A S RAMAN
Total Answers : 3 | View Answers | Post Answers
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| 44425 |
Feb, 11
2023
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DIRECT TAXES - ( SEC.36) (1) (VIII) RESERVE CREATED BY A HOUSING FINANCE COMPANY )
A NBFC in housing finance sector is creating reserve as stipulated by sec.36(1)(viii) and claiming deduction under that section all the years. It is transferring its business in current year to another NBFC. Should the reserve created under sec.36 (1)(viii) be withdrawn and offered for tax in the same year?. Or, can it be offered for tax in subsequent years because the company is continuing to exist though the business is transferred to another company.
BY: balasubramanian
Total Answers : 0 | View Answers | Post Answers
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| 44424 |
Feb, 08
2023
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GST - ( INTEREST ON DELAYED PAYMENT )
How to resolve interest related claim raised by the department? Interest demand sought is from the original due dates, whereas interest should be applicable from the extended due dates as per the GST during various occasions such as COVID related etc.
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 44423 |
Feb, 07
2023
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AUDIT - ( 013537 )
I had uploaded form 3cb and 3cd for A.Y.2022-23 on 18-09-2022 after generating UDIN & consumed the UDIN for original 3cb & 3cd. Some technical errors were noticed by the Dept. I wish to REVISE 3cb & 3cd correcting the defects I am not revising ITR. please clarify the following
1. whether new UDIN is to be Generated? If yes what is the date of audit report? whether it is original date or Revised date of reports?
BY: CA. JAIN JAWAHAR LAL
Total Answers : 2 | View Answers | Post Answers
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| 44422 |
Feb, 02
2023
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GST - ( GSTR 9C )
Dear All,
One person is having 3 businesses e.g. business A,business B & business C under same PAN.Client has not submitted GSTR 9C upto FY 2019-20 although aggregate turnover of that year exceeded Rs.5 Crs.But client has submitted seperate GSTR 9C from FY 2020-21 onwards in spite of individual turnover of all businesses doesn't exceed Rs.5Crs.
In the meantime client has received a notice from GST Dept. u/s 65 for conducting audit from FY 2017-18 to FY 2021-22 for business A.
Now the query is how to save client from penalty provisions for FY 2019-20 regarding business A ???
This is also to be noted that individual turnover of business A in FY 2019-20 was below Rs.5Crs.
Please guide us.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 1 | View Answers | Post Answers
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| 44416 |
Jan, 28
2023
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GST - ( 082701 )
Whether GST refund on account of Services input @18% can be claimed now where output of goods is 5% under Inverted duty structure. This is applicable in case of Suppliers selling on Eportal like Amajon,Flipcart
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44417 |
Jan, 28
2023
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GST - ( 082701 )
Whether GST refund on account of Services input @18% can be claimed now where output of goods is 5% under Inverted duty structure. This is applicable in case of Suppliers selling on Eportal like Amajon,Flipcart
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44418 |
Jan, 28
2023
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MISC. - ( UNABLE TO VIEW MY APPLICATION HISTORY IN MCA V3 PORTAL )
Previous Forms in V2 portal not showing in My Applications of new V3 portal. I have created V3 login in October 2022 only. (MCA Help desk suggested to login with V2 credentials but, it sowing error of User already exist)and No Response from MCA for ticket raised. Provide and Solution for the issue.
BY: SRIKANTH TUMMANAPALLI
Total Answers : 1 | View Answers | Post Answers
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| 44419 |
Jan, 28
2023
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DIRECT TAXES - ( 241485 )
DTAA Applicability : We have received a service invoice from a company which is a resident of Germany. But the payment is required to be remitted to its bank account in UK. Which country DTAA we should refer? DTAA with Germany or DTAA with UK? Any notification/rules regarding this?
BY: Ajith Kumar K
Total Answers : 1 | View Answers | Post Answers
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| 44415 |
Jan, 27
2023
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GST - ( INPUT CREDIT FOR THE FY 2021-22 )
Assessee had opted for filling quarterly return. As per the 2B of Dec.'22 quarter, ITC of fy 2021-22 booked now by the supplier. Can it be taken by now as the 30-11-22 elapsed for taking credit for FY 2021-22
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 44413 |
Jan, 20
2023
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DIRECT TAXES - ( 082701 )
If We provide dates in filter on Incometax site Only challans paid in Dec 22 and Jan 23 appear While Challan of Nov 22 aappears in OLTAS CSI file Which file to upload while filing Quarterly TDS report .
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44414 |
Jan, 20
2023
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MISC. - ( TREATMENT OF PARTNERS CURRENT ACCOUNT )
One of our client who is a partnership Firm has filed its return of income u/s.44AD admitting 8% income on gross turnover. The partners have shared the gross receipts amount received in banks in their proportionate ratios.
Since the return is filed/s.44AD the share of profit from firm in partners books is less than what has been transferred from bank.
For Eg; Gross receipts Rs.1000000/-(Rs.5 lacs each transferred to 2 partners)
Share of profit is Rs.40000/- each only (8% of Rs.1000000/- offered u/s.44AD)
What is the treatment of the amount showing as excess credit in the books of the partners
BY: Parvathi
Total Answers : 2 | View Answers | Post Answers
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| 44411 |
Jan, 19
2023
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COUNCIL DECISION - ( USE OF CA LOGO )
A member who is completing 25 years in practice wants to hold a get together of all present & past article students. On this occasion he wishes to give small mementos to those who attend the event. Can he emboss the CA Logo along with his firm name on the mementos?
BY: BHALCHANDRA GANGADHAR KALE
Total Answers : 1 | View Answers | Post Answers
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| 44412 |
Jan, 19
2023
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GST - ( E INVOICE )
A seller liable for e -invoicing has not generated e - invoicing.
Kindly guide what is consequences for SELEER ?
Kindly guide what is consequences for PURCHASER ?
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 44409 |
Jan, 18
2023
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DIRECT TAXES - ( TAX U/S 115QA-CHALLAN NO. AND MINOR HEAD )
Our Company has to pay tax on distributed income to shareholders on buy-back of shares u/s 115QA of the I. T. Act, 1961. Please guide which challan is to be used and which major head (tax applicable) and which minor head (Type of Payment) is to be ticked for payment of such tax online? In the PDF challan 280 downloaded from the I. T. Website, code 106 is Tax on distributed profits of Domestic Companies and code 107 is Tax on Distributed income to Unit Holders. None specify tax on distributed income to shareholders on buyback of shares. Please help so that there should not be mistake in payment.
BY: BHARAT KUMAR KEDIA
Total Answers : 0 | View Answers | Post Answers
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| 44406 |
Jan, 14
2023
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GST - ( NEGATIVE LIABILITY GST -COMPOSITION SCHEME - SERVICE PROVIDERS )
Sir,
I am a Practicing CA under Composition scheme and a Negative liability has arisen due to error in non reporting of the Out put service value in the Annual return 2020.21.
The related credit not availed .
In order to set off the Negative liability ,I had voluntarily declared higher tax due than the actual tax due in CMP08 of third Quarter 2021.22 .The Actual tax was paid .
Annual return for 2021.22 was filed and there was an Error Message in GSTR 4 for 2021.22 ,directing me to declare appropriate Out put service value in consonance with the Tax due shown in CMP 08 third quarter.
The said error message occurs even after the GST Dept has adjusted all negative liabilities for all Assessees
Pl guide how to solve this issue ?
BY: A.Jeevanantham
Total Answers : 1 | View Answers | Post Answers
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| 44407 |
Jan, 14
2023
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DIRECT TAXES - ( AUDIT U/S 44AB )
One thing I want to know what will happen ,if turnover is below 1 cr and profit is less than 8%/6%,then tax liability would be huge if there is no audit u/s 44AB . What will be the course of action then ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 4 | View Answers | Post Answers
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| 44405 |
Jan, 12
2023
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MISC. - ( 254311 )
Hi
Can only one form 15CB issued for making single payment against more than one invoice (date of deduction of TDS is different for each invoice)?
BY: SANTHOSH K L
Total Answers : 0 | View Answers | Post Answers
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| 44404 |
Jan, 09
2023
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MISC. - ( CA NAME BOARD )
As per our CA Ethics, what is the size of name board that can be displayed outside the office? A complaint raised by another CA against me. He is not a wellwisher.
My office situated in a 6 storied govt. Building, so for appropriate visibility I fixed a board without any glowing lights,etc I completely read the ethics but I can't found any measurement of board size.It is better to reduce the size or keep it as it is. Please answer as soon as possible.
BY: PRASANNA M
Total Answers : 3 | View Answers | Post Answers
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| 44402 |
Jan, 07
2023
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DIRECT TAXES - ( 082701 )
Utility to upload Form 15H is not validating Section code in Income details file. This defect is there since Last year and has not been fixed by Income tax deptt/Co having prepared theutility (perhaps Infosys) Writing to Incometax helpdesk has not helped either. They close the querry after raising certain questions(
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 44398 |
Dec, 31
2022
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DIRECT TAXES - ( 139(9) & 234A )
Filing return under 139(1) in time and due to defect notice , assessee responded notice and file ITR U/S 139(9). Can authority charged interest u/s 234A ? Sec 234A specifically mentioned return not filed u/s 139(1) & 139(4). Any case law available to get waiver of interest U/S 234A for filing return u/s 139(9).
BY: CA. CHAVAN TRUPTI GAJANAN
Total Answers : 2 | View Answers | Post Answers
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| 44399 |
Dec, 31
2022
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DIRECT TAXES - ( 139(9) & 234A )
Filing return under 139(1) in time and due to defect notice , assessee responded notice and file ITR U/S 139(9). Can authority charged interest u/s 234A ? Sec 234A specifically mentioned return not filed u/s 139(1) & 139(4). Any case law available to get waiver of interest U/S 234A for filing return u/s 139(9). Even tax was paid on due date while filing return u/s 139(1).
BY: CA. CHAVAN TRUPTI GAJANAN
Total Answers : 0 | View Answers | Post Answers
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| 44400 |
Dec, 31
2022
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DIRECT TAXES - ( 212760 )
As per the latest provisions of the Income-tax Act we cannot file belated/revised IT return for the AY 2022-23 after 31.12.2022 but we can file the ITR for the same period only after 1st April, 2023 under Updated Return U/s. 139(8A) Category. If any one wants to file the revised/belated return for the AY 2022-23 in between 1st January, 2023 to 31st March, 2023, whether any option is there to file the same..?
BY: CA. M. Santhosh Reddy
Total Answers : 3 | View Answers | Post Answers
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