For nonfiling of return/nonpayment of tax by supplier of goods If SCN is issued to asessee for excess input claim of input Whether interest and penality be imposed if the Excess claim in GST credit ledger is unutilised

BY: Mahesh Kumar

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The Private Limited company is getting lease of land and development cum occupancy right for 30 years from trust. The trust will get building constructed by company (builder) as donation when completed and some fixed rental amount yearly basis for lease. The company (builder) will use such property for rental income for 30 years. How to give treatment of such donation in books of company ? Can we consider it as intangible asset (consideration for occupancy right)? Can we amortize it for 30 years? Please guide. Further, How to treat in books of accounts of trust. ? Thanks in Advance.

BY: CA DHAVAL GHADIYALI

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Form 10 under Rule 17(2) is required to be submitted electronically two months before the due date of return. Can you please guide as to what is the due date for making such eligible investments, i.e. by when the deposit/investment of the money referred to in clause (b) of sub section (2) of Section 11 of the IT Act is to be made.

BY: Nilanjan Kayal

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Can ITRU be filed with nominal tax under New Tax regime for Fin Year 2022-23

BY: Mahesh Kumar

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Can anyone help me with finding cricle rates for Hyderabad as per 01 April 2001 for capital gains calculation? #Hyderabad #CircleRates #CA #ICAI #IncomeTax

BY: CA Shrawan Suthar

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“A” owns a site absolutely and the neighbouring site is owned by “B” absolutely. Both “A” and “B” give their sites for joint development to same builder. Under the advice of developer, the two sites are amalgamated so as to get more floor area. My query is whether any capital gain tax is attracted when two sites of “A” & “B” are amalgamated. This is because when sites are amalgamated, “A” gets 50% right in site owned by “B” previously and vice versa. Does it amount to exchange and capital gain tax is payable. Invite experts opinion on this.

BY: C P Ethirajan

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During early months of GST implementation GST 3B was filled and submitted fror Aug 2018 When it was filed,System neither added Input in the Credit Ledger nor Output tax was deducted Hpwever Return was filed on Portal Assessse added the above unadjusted figs in GSTR 3B for Sep 18 Now a mismatch notice has come from donotreply@gst.gov.in for Aug 2018 and being asked to submit fresh GSTR 3B for Aug 18(they have reset Return) This will require resetting of Sep 18 return also but resetting has been done for Aug 18 only Whethert we will have to visit Department

BY: Mahesh Kumar

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Is GST applicable on hostel services provided by educatinoal trust to its students @ 12% when hostel charges are less than Rs. 1,000/- per day per bed ?? Further can we consider imparting of education and hostel charges as composite supply or do we need to consider it as mixed supply ??

BY: VISHAL BABAN PANDIT

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A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit. Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit. So kindly guide whether CA form should obtain MRL from Bank. Also guide whehtehr is MRL required from Peer Review point of view.

BY: samirkumar gokulbhai kasvala

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Whether NRI having carried forward Loss under Income from House property adjust the same against Short Term capital gain from sale of House Property

BY: Mahesh Kumar

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Fact of the case:- A partnership firm is to be reconstituted where one partner is retiring and one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution neither the land is revalued nor any part of the land is given to the retiring partner. The retiring partner is getiing only the closing capital balance and nothing else. 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

BY: dhanindra kumar surana

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A prop firm has to pay Interest to a Super senior citizen around 499000- He does not have any other source of income Is Form 15G required to be obtained

BY: Mahesh Kumar

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A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit. Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit. So kindly guide whether CA form should obtain MRL from Bank. Also guide whehtehr is MRL required from Peer Review point of view.

BY: samirkumar gokulbhai kasvala

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Hi, Is separate Business user ID is required for director to get his / her DSC registered in V3 portal of MCA

BY: CA. SURAJ KUMAR CHOUDHARY

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Can anybody please highlight on the scope of audit and audit program in case of statutory bank branch audit of RACC (Retail Asset Credit Centre - Centralized Loan Processing Centre) of a nationalized bank. Particularly in case of appraisal, sanctioning and monitoring of advances pertaining to various branches under that RACC.

BY: ALOK NATH SAHA

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What is the effective date of resignation of Director of the Private Limited Company. Is it the date of notice by the Director or the date on which the resignation is accepted by the Company in its Board Meeting. Can it be the date of Board meeting?

BY: CA. SURAJ KUMAR CHOUDHARY

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I want to receive daily newsletter on my mail

BY: Satyanarayan

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Can We retain our Proprietorship firm and become part of CA Network or LLP

BY: Mahesh Kumar

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A Private Ltd Company has 2 GSTIN in different states. In Delhi, they are dealing in trading of agricultural equipments and is mainly importing the goods. In Haryana, they are dealing in manufacturing of steel products. They have excess ITC balance in Haryana and almost every month, they pay GST liability in Delhi. Now, they want to sell the old obsolete stock from Delhi. Now, my question is whether how they can utilise the excess ITC Balance of Haryana in a legal way to set off the liability in Delhi GSTIN. Is there any legal channel to save the working capital of the company? I f yes, then please let me know. Thanks in advance.

BY: HARSHIT BANSAL

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Whether CA in Practice can do Intraday trading of equity shares for himself or if required to take permission from Institute.

BY: ASHISH SINGH

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Dear Forum, A firm is providing health care services and hence the firm did not apply for GST registration as the health care services are exempt from GST. But the firm wants to sell an old medical equipment. Whether the Firm should apply for GST registration? Turnover from the health care services is of Rs.80 Lakh. Thanks in advance.

BY: CA. MADAGALA VENKATA RAMANA

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SIR, IF EMAIL IS SENT (as provided in covid period) to Previous Auditor, is sufficient compliance or to be sent by Regd AD/Manual only. Please clarify CA. Veerendra Murashillin Hubballi

BY: CA.veerendra.T.Murashillin

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We have conducted a complete audit of the interim accounts for the period Apr 23 to Dec 23 of a company which is putting it's paper for IPO. Our query is whether the interim audit report to be issued should cover and report on all the matters and clauses of the CARO? If not, which matters should be specifically covered and reported in the interim audit report?

BY: Harpreet Singh Ghai

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An asessee purchases Yarn, Gets fabricated through a unregistered Fabricator . It itself does not have machinery as such.Is it practically possible to claim GST Refund I?t is not filing Jobwork Returns also

BY: Mahesh Kumar

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A cooperative Society was issued Intimation under Sec 143(1) with demand for Rs 3 Lacs app .for Previous year 2013-14 in 2015 It was not replied/appealed against. Two years back they again received Demand asking for confirmation of demand . Party requested to allow revision of ITR stating It was a clerical error pf entering status o Copperative Society as Cooperative bank Hence Deduction of Sec 80 P was not allowed in intimation order This year again demand notice was issued and grievance was raised again asking for revision i ITr permission Now ITO of the Jurisdiction has asked to file appeal to CIT Appeal ,NFAC

BY: Mahesh Kumar

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How to respond to the ITD intimation seeking clarification with proposed adjustment of standard deduction (proposed disallowance) in Salary Case, wherein the same was arrived automatically from the utility. Assessee is also having Capital Gains, Business income, other income. Return is filed under old regime

BY: CA. SURAJ KUMAR CHOUDHARY

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How to respond to the ITD intimation seeking clarification with proposed adjustment of all Chapter VIA deduction (proposed disallowance) in 44ADA Case, wherein the same was correctly inserted in appropriate colomn in the utility. Return is filed under old regime

BY: CA. SURAJ KUMAR CHOUDHARY

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One person has not linked his pan to aadhar card and due this reason his pan was inoperative. He has not a return filer. So he missed to link. Now he has came into a contract of property of property sale. In that section 194QB has been applicable. The deductor has made the TDS at 1%. But due to inoperative of pan the deductor has received demand notice of 19% amount i.e.(20%-1%). The deductor has deposited some amount against the demand amount. Now we have checked the 26AS of deductee the amount are reflecting in 26 AS. In 26AS part IV column demand payment for 1% amount it is showing as NO and in second row it is showing as demand amount yes. Whether we can claim that 20% deducted amount in our return of income which was due to inoperative of pan. Now the client has linked pan to adhar.

BY: MAHADEO VIRUPAX WALI

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Dear Collegue, Please clarify the following Query:- A Trust Registered under the Income Tax has filed Form No.10 indicating that the Funds were set apart towards Purchase of Land and Construction of Building for the Trust during the year 2019. However the Trust could not accumulate enough funds to acquire a Land The Five year time limit expires as on 31st March 2024. What is the Remedy available to the Trust? Whether the amount set apart is Taxable as the Trust could not comply with as per Form No.10 filed before the Income Tax Authorities. A.S. Raman

BY: A S RAMAN

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Landowner has registered Development Agreement with Developer for area sharing basis in FY. 2023-24. The landowner and Developer will receive 6 and 8 flats respectively in the newly constructed building. The building is proposed to be completed in FY. 2025-26. If Landowner received booking amount towards some of the flats in newly constructed building. e.g. For 1st flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2023-24. For 2nd Flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2024-25. 1) Whether section 145(5A) applicable? 2) In which year, capital gain on land is taxable? - in FY.2023-24, 2024-25 or 2025-26? 3) The amount on which capital gain is taxable?

BY: NAMRATA VIMALCHANDRA KASLAY

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A cooperative society has received a demand notice demanding Rs 6 Lacs app 3 Tax+3 Interest for Ass Year 2014-15 Pr Year 2013-14 This demand was made around three years back also when it was requested to allow Revised ITR for same year but did not hear from them After this for two years Refund was also issued by Deptt Now they have raised fresh demand and withholding last year refund also Whether revised return for same year can be filed now without deptt permission

BY: Mahesh Kumar

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Whether Gst applicable on borewell Water supply through water Tanker to public and for construction related work??

BY: Ninad Prataprao Shete

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An Indian citizen working in foreign embassy in India. Whether the salary is taxable. Embassy is not deducting any TDS for the salary paid to its employee.

BY: Shobhit Bansal

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can we as CA Sign Provisional financial statements for Apr 2023 to Dec 2023. We have verified details and docs.

BY: samirkumar gokulbhai kasvala

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A cloth manufacturing firm does trading also of certain goods having different HSN. GST on cloth is 5% and on yarn is 12% How to calculate Inverted Turnover for the purpose of refund Whether it should be calculated from turnover only or input value of different HSN's will also be considered assuming input comprising of different HSN is sold

BY: Mahesh Kumar

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Goods purchased from MSME .Payment made after 90 days but within same financial year. What will be affect in view of Sec 43 B(h) After Tax auditor pinpoints this whether Interest payment will be payable @three times of bank rate

BY: Mahesh Kumar

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A sister has given gift Rs 10Lacs to his brother through bank whether income derived by brother will be clubbed in sister's income. Further where brother does not earn income but uses this gift to clear his outstanding liability What will be the consequencies

BY: Mahesh Kumar

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If an assessee(mother) wants to transfer her business to her son because of old age,what will be the procedure?tax implications?

BY: Tanisha Sagar Boramanikar

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"A" is suppliers to "B" and A is registered under the MSMED Act, 2006. As per written agreement between A and B, B is required to retain certain amount from bills of A and that retention is 12% of the bills amount without considering any indirect taxes. A has furnished B a Udhyam Registration Certificate. Now B will pay 88% of the bills to A and 12% retain and that retention shall be payable after 24 months from the date of receipt of goods. Shall section 43B(h) apply to such retention upto 12% of the bill amount?

BY: KETAN SHETH

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A registered person, An architect firm is paying rent to unregistered person for a property being used for his office . Whether he will be covered under reverse charge

BY: Mahesh Kumar

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Myt client has written cheques dated 25.03.2024 to a trade payable falling under the Micro or Small category as defined under the Micro, Small and Medium Enterprise Development Act, 2006. As on 31.03.2024, the time period allowed under the said Act, has expired. The said cheque is cleard after 15.04.2024. My client is having (1) current account only, (ii) my client is enjoying credit facilty and that cheque is withing drawing power, or (iii) my client is enjoying credit facilty and his limit got exceeded if auditor counts that chequed dated 25.03.2024. My question is : When is the said cheque dated 25.03.2024 and cleard on or after 15.04.2024 treaed as cleard in the books of account?

BY: KETAN SHETH

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Dear all, We know that transfer does not take place u/s 2(47) r/w section 53A of TP Act,if the JDA is not registered. What will happen if, there are two persons holding a plot of land jointly and want to construct residential complex.Then how the JDA will be drafted and registered ?? Please throw some light on it.

BY: SUDIP KUMAR MUKHOPADHYAY

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M/s ABC having banquet hall where they provide their hall for booking to customer and service charges taken on per plate basis however billing is being issued for Hall Rental charges only and GST charged @ 18% and claim ITC etc on input services . Now the GST department team visited at the premises and they asked to M/s ABC to reverse ITC earlier claimed and charged 5% GSTon their Billing (earlier billed also) due to Notification No 20/2019 dated 30 sep 2019 Querry : whether department contention is correct pl. guide with relevant support /ruling

BY: SANDEEP KAPOOR

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ITC wrongly reversed in Table 4(B)(1) instead of Table 4(B)(2). How to correct the same. Any option

BY: CA. SURAJ KUMAR CHOUDHARY

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I am a member of ICAI since Jan 2020 and hold COP in my individual name since April 2021. I am not a partner anywhere. My father is a practicing CA and a partner in a CA firm since 2002. Now he wants to resign from that firm and we both want to create our new firm with we both being partners. My query is whether my father's experience of more that 20 years in the past firm be counted in the new firm for bank audits??

BY: ABHINAV AGARWAL

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Seller from Gujarat sold goods to buyer in WB. While filing GSTR-1 , the P-O-S was inadvertently mentioned as Tamil Nadu instead of WB. The POS shown in Tax Invoice was shown as WB correctly. Now the buyer of goods has been asked to reverse ITC of the IGST as the transaction is showing POS as TN .The WBGST officer is saying that credit cannot be allowed to buyer of WB as the tax on such transaction has been deposited with TN Govt. and not with WB govt. Can the seller claim refund of IGST paid on this transaction from TN govt. If yes, how ?

BY: RAHUL PARASRAMPURIA

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How to apply in DGFT portal for one time extension of the period for producing the installation certificate by a maximum period of 12 months with a composition fee of Rs. 5000/-.

BY: CA. PRUSTY SIDHARTHA SHANKAR

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In the case of an assessee Hon’ble ITAT deleted the addition before the Judgment of Hon’ble SC in the case of Checkmate Services Pvt. Ltd. maintained by Ho’ble CIT(A) on account of payment of employees contribution to PF/ESI after due dates under the respective laws but before the due date of filing ITR. The aforesaid addition in dispute was made by CPC in Intimation u/s 143(1)(a). The department has filed M.A. within time limit before the Hon’ble ITAT. Query: Q1. Since the appeal effect is less than 20 Lakhs whether the M.A. is maintainable? Q2. Since the addition in the above case was made by CPC in Intimation u/s 143(1)(a) while in the judgment of Checkmate Services Pvt. Ltd. of Hon’ble SC in the case of assessment u/s 143(3). Whether the M.A. of the department is maintainable on merits?

BY: Govind Agrawal

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Appellant has given loan of Rs. 30,00,000/- in F.Y. 2008-09 to ABC through banking channels. Just before the debit of Rs. 30,00,000/- there is a credit in the bank A/c on account of repayment of loan received by the Appellant from his debtor which was given two years back through banking channels. Interest on the said amount and TDS thereon is reflected in Form 26AS and shown in ITR. On the basis of search in the case of ABC it was concluded by the Investigation wing that the loan of Rs. 30,00,000/- is accomodation entry. Notice u/s 148 was issued and reassessment was completed making addition of Rs. 30,00,000/- on the ground that assessee failed to prove three ingredients u/s 68 Query 1. As regards reasssessment whether only on the basis of borrowed satisfaction of investigation wing reassessment proceedings are valid? 2.Whether Notice u/s 148 instead of 153C in the case of third person for search prior to 01-04-2021 is valid? 3.Whether addition of Rs. 30,00,000/- on the ground that the assessee failed to prove the three ingrediants of sec 68 in respect of repayment of loan received from the debtor is valid particularly in view of the fact that repayment was received from debtor?

BY: Govind Agrawal

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a) Can a private limited company accept loan from a sole proprietorship concern, where relative of one of the director of the company is the proprietor? b) Can a private limited company accept loan from a partnership firm, where relative of one of the director of the company is one of the partners?

BY: ALOK NATH SAHA

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