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

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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

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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

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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

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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

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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

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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

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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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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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ITC on bank charges/ processing fees, etc. for loan for vehicle's purchase is ineligible under section 17(5) of CGST ACT, 2017 or not?

BY: Akshay Verma

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my client earned a profit of Rs 90 lakhs from Derivate section on a turnover of 210 lakhs (turnover arrived considering sum of positives and negatives in trade). whether this to be considered as speculative or normal business. if treated as normal business whether can we opt for presumptive taxation and arrive at a profit of 6% on 210 lakhs.

BY: madhav rao

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An assesse who is a NRI returned to India during November 2019. His Stay in India during FY 2019-20 is less than 182 days hence qualify as NRI for FY 2019-20. During FY 2020-21 the status of assessee is Resident. He has also satisfied the conditions for RNOR for the previous year 2020-21. (As he was Non Resident for 9 Financial year out of 10 financial year preceding previous year (2020-21). The said assessee has Interest income from NRE and FCNR deposits during FY 2020-21. Kindly guide me with regard to the taxability or exemption available on such interest income earned from NRE and FCNR deposits for FY 2020-21.

BY: Vignesh V Kamath

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Whether Tax Audit utilities eg 3CACD,3CBCD are available on New Income tax site

BY: Mahesh Kumar

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Proprietorship with 5 years of experience now get converted into partnership with change of name of firm. My question is whether new partnership firm count old experience?

BY: CA RAJ KARSAN VAGJIYANI

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The Company is registered in Maharashtra and it has 4 directors. One director is residing in Maharashtra and obtained PTEC Number. Other 3 directors are residing in another state i.e. Gujarat. Our Query is that in the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 directors who are not residing in the state of Maharashtra .?

BY: samirkumar gokulbhai kasvala

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The Partnership firm is in Maharashtra and it has 4 partners . One partner is residing in Maharashtra and obtained PTEC Number. Other 3 partners are residing in another state i.e. Gujarat. Our Queries are as under. 1. Do Partnership firm require to obtain PTEC Number 2. In the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 partners who are not residing in the state of Maharashtra .?

BY: samirkumar gokulbhai kasvala

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Dear All, Facts : Holding Co is based in UK Subsidiary is based in India. Due to Covid-19 holding co has resolved to pay certain amount to all employees all subsidiary and associates. No benefit / margin will be retained by subsidiary. E.g. 200 pounds recd by subsidiary & amount worth 200 pounds will be fully paid to employees of the subsidiary. Modus of payment: Subsidiary in India will pay the amount to its employees in India and this will be reimbursed by holding co along with all the employee related taxes borne by subsidiary, if any. Query: What shall be the tax treatment of amount received from holding co in the hands of subsidiary co.? If taxable - what is the service ? Who is the service provider? who is the recipient ? On what Value GST should be paid ? whether GST to be paid under RCM ? Thanking you in advance for your guidance.

BY: CA MITUL MAHENDRA MEHTA

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Hello Everyone!!! What will be the taxability of compensation received by the members of the society from the society for compulsory acquisition of common area of society by the government? Here, the Government authority will provide compensation to society and then society will distribute to members? So, how members taxability would be computed?

BY: Manisha

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WE HAVE RECEIVED ORDER PASSED BY CIT A UNDER FACELESS AND THESE ARE BEING PASSED WITHOUT CONSIDERING THE FACTS AND ISSUED RAISED BY APPELLANT. LIKE CPC PREOCESSED THE ITR WITH ADDITION BASED ON FORM 3CD FOR EPF CONTRIBUTION REPORTED WHICH IS ACTUALLY DEPOSITED WITHIN THE DUE DATE OF THE FUND AND IS REPORTED ACCORDING IN FORM 3CD. ASSESSED FILED THE APPEAL AND RAISED THE ISSUE THAT AS PER FORM 3CD TOTAL CONTRIBUTION IS REPORTED AND ONLY LATE DEPOSITED AMOUNT REQUIRED ADDTION AND NO THE WHOLE AMOUNT. APPELLANT SUBMITTED CHAALN AND EXTRACT OF FORM 3CD BUT THE CIT A DISMISSED THE APPEAL STATING THAT THE CONTRIBUTION IS LATE DEPOSIED AND CANNOT BE ALLOWED U/S 43B OR 139(1). THIS IS THE HEIGHT OF FACELESS APPEAL THAT SUCH A SMALL FACT IS NOT UNDERSTOOD. IF THIS IS THE APPROACH OBJECTIVES OF THE FACELESS SCHEME IS NOT SERVED AND IT IS COSTING HEAVILY TO THE TAXPAYERS.

BY: SUNIL KUMAR AGARWAL

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If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST .

BY: samirkumar gokulbhai kasvala

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If Mr. A is residing in Maharashtra state and has GST registration in the state of Maharashtra. Mr . A has commercial building in another state i.e. Gujarat and this building is rented out to school for education activities. Our queries are as under. 1. Whether this transaction is exempt or taxable 2. If taxable then Mr. A can raise Tax invoice from the sate of Maharashtra and charge IGST or Mr. A needs to obtain separate registration in the state of Gujarat and charge CGST and SGST . We are thankful to you for your guidance.

BY: samirkumar gokulbhai kasvala

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If a dealer is having GST registration in Maharashtra. The taxpayer is having agriculture land in gujarat and he sales agriculture produce from gujarat to gujarat. So should this be reported in GST Returns of Maharashtra . The Taxpayer does not have any other transaction of sales from Gujarat and hence not registered in Gujarat.

BY: samirkumar gokulbhai kasvala

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he Society land conveyance deed was executed in favor of the society on 01.Oct 2019 i.e. during the FY 2019-20. The Land now becomes asset of the Society. However, while preparing the financial statements, neither the Managing Committee nor the Auditor considered this fact to include this land as an asset of the Society. There are few more assets which are also not considered while preparing the financial statements. When brought it to the notice of both, the auditor is of the opinion that this is a technical error and will be corrected in future years. My question is that, does this amount to negligence on the part of Auditor? Can it be referred to disciplinary committee? Thanks

BY: CA. LONIKAR SHASHIKANT ACHYUTR

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SIr, a Trust has provided Interest carrying Unsecured loan to a Company, where the Trustee is having the substantial interest. The said loan is not in the form of investment of Shares. Sir, the same is being reported n the Form10b, Part II (a), but is the same is also to be shown in Part III, as in this, one of the column reads as "Where the concern is a Company, no. and class of shares held", and there is no such shares being acquired. Kindly guide.

BY: CA Gaurav Shah

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Is it possible to change address in the TAN and PAN card of the company based on form INC 22?

BY: Manisha

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01. IN CASE OF SALE OF FLATS ADVANCE RECEIVED DURING VAT REGIME AND TAX PAID UNDER VAT REGIME FOR WHICH INVOICE ISSUED WHEN FLAT IS SOLD DURING GST REGIME. WHERE THE SALES TO BE DECLARED UNDER EXEMPTED OR NON GST SUPPLIES IN GSTR 1?? PLEASE CLARIFY.

BY: Sachin

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Upon Transfer of Shares, the Share Transfer Letter along with Share Transfer Form in SH-4 is delivered to the company. Whether Endorsement on the back of the Share Certificate in favour of Transferee will suffice or New Share Certificate is required to be issued in favour of Transferee ?

BY: Gaurav Kumar Baranwal

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Hello Everyone, My query is:- If return is filed u/s 44AD and as required by Bank the Profit & loss and Balance sheet has been prepared, then Is it mandatory to put UDIN on that Balance sheet? Answer will be either yes or No please give reasons.

BY: JYOTI MAHAJAN

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How to obtain RBIUCN ? Please suggest

BY: CA. MANOCHA JAGDISH KUMAR

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INCOME OF HOCKEY PLAYER ON WHICH TDS IS DEDUCTED UNDER SECTION 194JB WILL BE SHOWN UNDER 44 AD OR 44ADA?? PLZ TELL ME KNOW THE BUSINESS CODE.

BY: ARIHANT JAIN

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It is understood that an internal auditor of a Pvt ltd company issues a 15CB certificate under the IT Act. 1961 My query is can auditor issue 15CB for the same company where he is the statutory auditor appointed to audit the accounts of the company and issue an Independent audit report u/s CA 2013

BY: RAGHAVENDRA ACHARYA C

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What should be the date of Creation of HUF ? 1. Date of Marriage OR 2. Date of Birth of Eldest Son

BY: Gaurav Kumar Baranwal

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INCOME OF HOCKEY PLAYER ON WHICH TDS IS DEDUCTED UNDER SECTION 194JB WILL BE SHOWN UNDER 44 AD OR 44ADA??

BY: ARIHANT JAIN

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Good day to all my dear professional colleagues. Please help me out in resolving this query. My client who is a Non-Resident Indian had filed his appeal and now he wants to make me as his authorized representative so that I can represent before the appellate authorities. Kindly, let me know the process of obtaining Vakalathanama from him who is residing outside India. Thanking you all

BY: D R V NARENDRA REDDY

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1. With inroduction of section 206CCA, earlier provision of section 206C(1H) i.e. applicable in case of Turnover of Rs 10 crores of more is still applicable ? 2.Section 206AB and 206CCA is applicable in following cases ? Is it applicable to only to the person who is having TAN Number (OR) It is applicable to all person who is having PAN(i.e. even to the person who does not have TAN ) 3.Compliance check functionality (a) Should it be checked only by TAN holders or even person who is having PAN but does not have TAN (b) Should TAN holder check only for the person for whom TDS /TCS is alreary dedcuted in last 2 years or TAN holder should check for all perosn (i.e. even for whom TDS/TCS is not dedcuted / collected in last 2 years ) Thank you in advance

BY: samirkumar gokulbhai kasvala

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If the company had cancelled the granted employee stock options and on account of such Proposed Option Cancellation, employee gets cash compensation in full and final discharge during FY 2020-21. The TDS under section-192 was deducted by the company in respect of cash compensation against cancellation of ESOP. The employee was resigned from his job in the FY 2018-19 and the employee is not getting salary from any employer during FY 2020-21. Now, the query is whether the employee is eligible for deductions like Standard Deduction u/s 16(ia), Chapter-VIA deductions Section-80C etc.?

BY: CA Neha Gupta

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An asessee is paying GST under reverse charge on transportation charges @ 5% and is claiming input credit for the same also. Whether it is ok

BY: Mahesh Kumar

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Dear Members, Please clarify the following: An Assessee had Sold Shares in Unlisted Company during the previous Financial year. The assessee had purchased the Shares Long time ago. The Cost of Acquisition of the Shares were made at the Face Value being Rs.5/- Per share. 1) Wheter the Sale Proceeds would attract Long Term Capital gains Tax at 20%. 2) On the other hand If no Indexation Benefit has been availed whether it would attract Tax at 10% as per provisions of section 112A of the Income Tax Act. A.S. Raman Charterted Accountant.

BY: A S RAMAN

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When do MAT Entitlement become receivable in books of account ? Whether at the time of provision of MAT TAX OR in the next year when the company pays such MAT TAX PAYABLE?.

BY: KETAN SHETH

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Hello all members, The matter is as follows:- For becoming FCA, 5 years to be counted Whether from date of becoming member or from date of holding COP?

BY: JYOTI MAHAJAN

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Remotely working for proprietary trading firms based in the US/EU is legal in India? Firm names Eg - (i) FTMO Trading Global/FF Traders, Prague (ii) Flow Traders, Netherlands (iii) Seven Points Capital, USA (iv) TopStep Technolgies LLC/ TopStep Funded, USA Here proprietary trading according to investopedia means - "Proprietary trading refers to a financial firm or commercial bank that invests for direct market gain rather than earning commission dollars by trading on behalf of clients. Also known as "prop trading," this type of trading activity occurs when a financial firm chooses to profit from market activities rather than thin-margin commissions obtained through client trading activity. Proprietary trading may involve the trading of stocks, bonds, commodities, currencies or other instruments." To be simple - the client will be only providing my services managing firms' capital and will they will provide me profit split in return. Would this be allowed as per the laws of FEMA?

BY: Hunny Badlani

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The entity has not filed the SFT and now the entity has received the notice to filed the SFT . 1) My question is that what are the consequences of Non Filing of SFT . 2) If the Entity has filied the SFT in reply to the notice is there any way to waive the penalty u/s 271 FA , Please give the advise on this issue.

BY: GOPAL KUMAR AGRAWAL

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Sir, is acquisition by UP AWAS EVAM VIKAS PARISHAD, covered under RFCTLARR Act?

BY: RAM KUMAR SARASWAT

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Dear Team, Background of the case. The deductor is deducting TDS after assessee filling his income tax return of (AY 2020-21) & the due date for filling belated return time is already over. And the assessee has offered corresponding income in AY 2020-21 & not show any carry forward of TDS credit in his ITR-5 What are the ways to claim the TDS in subsequent years?

BY: RYALI VAMSI KRISHNA

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I am not able to file online ITR 4 today because of Technical faults. Has any body filed ITR for current Ass year 2021-22

BY: Mahesh Kumar

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Hi All, I have a query that If one CA say X is having its office in one district and now he wants to visit to another district of same state to do work say tax audits without having office in that district, Can he do so? If yes, how he can do so which will also be legal and valid either through office of clients or in office of other professional apart from being CA?

BY: JYOTI MAHAJAN

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Dear all, Let us say 1.X and co is a sole proprietorship with x as the sole proprietor in existence for 3 years, 2.xy and co is a partnership firm with x and y as partners in existence for 1 year 3.Can both x( sole proprietor) and xy and co merge and start a new firm and will the experience of the sole proprietor x continue to the newly formed firm

BY: SIVAKANTH BADIDA

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Dear All, Very Happy Morning. Myself, Vamsi Krishna Ryali, Partner at "Anil and Vamsi Chartered Accountants". We are Two Partners in our Firm. Due to unavoidable situations, my partner wants to move out of the Firm. My unresolved doubts in this regard are as follows:— 1) If my partner Retires from the Firm, Firm will get dissolved since number of partners falls below Two, in such cases, can i convert this Partnership Firm into Sole Proprietorship ? 2) Can i Continue with Existing Trade Name and Existing Firm Registration number of ICAI ? 3) Shall Partnership Firm Experience will be added to Sole proprietorship for Bank Empanelment Purposes ? Thank You for your valuable time.

BY: RYALI VAMSI KRISHNA

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Query 1 : Query of B2C(Small ) Amendment While Filing GSTR1 for FY 2019-20, for few customers amount was erroneously reported under B2C (Small ) instead of correctly under B2B . The above mistake was noticed in the month of September 2020 . While filing September 2020 GSTR1, above mistake was rectified by adding respective invoices under B2B but due to oversight amendment to B2C was not done. i.e. original amount of B2C should have been amended (i.e. Amended B2C amount should have been = original B2C - amount transferred from B2C to B2B) . However this B2C amendment is forgotten to be done. As result, liability is created for B2B invoices added but since B2C amendment was not done, liability is not reduced. Presently, Portal does not allow amendment for 2019-20 . Also allows B2C amendment only once. i.e. Once B2C amendment was done for a particular month then portal does not allow the same again. As a result, in GST portal , for 2020-21 GSTR1 and GSTR3B comparison, there is excess liability as compared to GSTR3B . How to resovle this. All the Taxes have been properly paid and reflected in GSTR3B, annual Return and Statutory Audited accounts. Query 2 : Presently for the above mentioned case, GSTR1 of jan , Feb and Mar 2021 is pending. While filing this return , can we do underreporting to the extant of the above mentioned B2C amendment of 2019-20 which we could not do. Note: proper reporting and payment will be done in GSTR3B. .

BY: samirkumar gokulbhai kasvala

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A firm has got contract from a Private Bank for Installations of Tubewell in Schools. Every thing has to be done by contractor like purchase of Material, dwelling of borewell, labor etc. Is it come under Works Contract. If Yes What GST rate would be charged by contractor ??

BY: Harish Kumar

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