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UnAnswered Queries
Que. Id Date Description
41107
Jul, 27
2021
DIRECT TAXES - ( NOTICE RECD FOR NON FILING OF SFT )

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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41106
Jul, 26
2021
DIRECT TAXES - ( TAXABILITY OF COMPULSORY LAND ACQUISITION )

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

BY: RAM KUMAR SARASWAT

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41103
Jul, 22
2021
MISC. - ( REQUIREMENT OF HAVING CA OFFICE IN OTHER DISTRICT )

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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41097
Jul, 14
2021
MERGER & ACQUISITION - ( CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP OR MERGE BOTH PROPRIETORSHIP FIRMS )

Thank You CA Chunauti dholakia for you answer (ID :81181 dated 07/07/2021 for question ID: 41091) I have another question that If 2017 firm become partner without dissolving proprietorship concern can he/she continue to accept tax audits in his/her proprietorship concern? or after constituting partnership firm all work has to be done through partnership concern? By having proprietorship along with partnership firm will it be affect negatively for partnership in having tenders of govt. projects? should I merge my proprietorship after creating partnership?

BY: JYOTI MAHAJAN

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41085
Jun, 26
2021
DIRECT TAXES - ( ORIGINAL OWNER VS BENEFICIAL OWNER , TAX TREATMENT )

When Land and building transferred by settlement who is original owner and beneficial owner. If settled property sold in future year in whos hand tax is leviable. Example: Wife has transferred her land and building to her husband by settlement. For the property original owner is wife and beneficial owner is husband. If this property will be sale in future in whos hand tax is levy. In this situation wife has sold another one property, when claiming deduction u/s 54 settled property may be count in the hand of wife.

BY: KANAGARAJ

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41072
Jun, 14
2021
TDS/TCS - ( 539285 )

Whats the remedy against 197 lower ded certificate issued u/s 197 in case of nri

BY: jyotika

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41073
Jun, 14
2021
TDS/TCS - ( 539285 )

If total amt of sale consideration is 50 lacs and advance already paid before applying lower deduction certificate is 10 lacs and now lower deduction certificate is applied on whole amount of sale consideration i.e. 50 lacs but dept has issued lower ded cert on amount of rs. 40 lac only and buyer is saying he will ded tds on 40lac at rate specified in lower ded cert and on 10 lac (which was given as adv on which earlier no tds was ded), normal rate as mentioned in 195 will be deducted. Is it right from angle of buyer? if yes then whats the remedy with us shall we approach to department and how? bcz everything is online no manual response from dept we got as of now?

BY: jyotika

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41071
Jun, 12
2021
DIRECT TAXES - ( PARTNER CONTRIBUTION )

A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is 1) Whether any registration by paying stamp duty is required 2) a factory is proposed to be constructed on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.

BY: T.R.S. PATHY SENTHIL

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41070
Jun, 09
2021
DIRECT TAXES - ( TAXATION OF TRANSFER OF BALANCE FUNDS RAISED THROUGH CROWD FUNDING FOR COVID EMERGENCY TO HIS FAMILY )

A fundraising was started for medical treatment of Mr.X, on a platform named Milaap (www.milaap.org). Milap Social Ventures India Pvt. Ltd. is registered as a private limited company to help raise crowdfunding for emergencies and social cause. He was advised lung transplant, due to post COVID complications. Unfortunately, he passed away during the fundraising process. As he is survived by his wife, and a 2-year old son, we're keen on giving out the money to the family (to be used for his son's education). We seek your guidance on following questions: 1. What is the legal approach to transfer this money to his family, as the initial cause of fundraiser was medical treatment? (Milaap allows for the cause to be changed to a memorial fund, informing all donors of the present situation. But will anything additional need to be done at our end?) 2. How do we minimize the tax deductions applicable in this case? What will be the minimum tax deduction, given that we're able to materialize the best possible option? 3. Should this be transferred in the name of his 2-year old son or his working wife (30% income tax slab)? 4. What will the process look like, and what will be the documentation support required ?

BY: ASHOK DIXITHA JAIN

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41068
Jun, 07
2021
Service Tax - ( 079710 )

Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc) Can we Challange the validity period of Show cause notice issue after period of 30 months

BY: SANDEEP KAPOOR

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41061
Jun, 02
2021
MISC. - ( FTWZ OPERATIONS )

Hi All, What is the objective of FTWZ operations? If foreign entity register with FTWZ in India to do business will it create Permenant Estabilishment in India?

BY: CA. BALASUBRAMANIAM P

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41064
Jun, 02
2021
Capital Gains - ( CAPITAL GAINS ON JDA BUT BEFORE RECEIPT OF COMPLETION CERTIFICATE )

A person X purchased a plot of land admeasuring 400 Sq yds on the following dates and registered rates: Plot no Date of purchase Size of the plot Consideration in sale deed (Rs.) Market value in sale deed (Rs.) 23/P 31.8.1988 200 sq. yards 15,000 25,000 24/P 29.9.1992 200 sq. yards 30,000 40,000 On 1 June 2019, X gifted this land to Wife (Y), Son (A) and Daughter (B) All of them joined together to develop this plot and build apartments through a developer. In return, the developer gave each of them a certain number of apartments as compensation for the plot of land. Apartments were given as per following 1. Y – 2 apartments 2. A – 2 apartments 3. B – 2 apartments All the flats received above are being sold in this year 2021-22 however they have not yet received the completion certificate. This also means that the assesees are not eligible for 45(5A) benefit. Can any expert answer the following issues ? Issues to be answered: Taxation in case of transfer of development rights wherein we need to answer the following: • Sale consideration of the Rights • Date of Transfer • Cost of Acquisition of the Rights • Indexation • Long term or short Term Taxation in case of transfer of developed flats wherein we need to answer the following: • Sale consideration of the Flats • Date of Transfer • Cost of Acquisition of the Flats • Indexation • Long term or short Term Avenues to save the capital gains: • Benefit under section 54 • Benefit under section 54F

BY: SRIMANTH KULKARNI

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41058
May, 31
2021
CORPORATE & OTHER LAWS - ( CFSS FORM )

CFSS FORM Was introduced to file declaration w.r.t. delay in filing of various forms. During last year, there is extension of various due dates also for filing of annual compliances etc. Whether the form is to be filed for these also or only delayed filing of previous forms is only to be filed.

BY: SURAJ KUMAR CHOUDHARY

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41011
Mar, 27
2021
COUNCIL DECISION - ( TRADING IN DERIVATIVES FOR CAS IN PRACTICE )

Recently I came across news saying Central Council now allowed Chartered Accountants to trade in Equity Derivatives. Can anyone elaborate on the same? Was it like changing permission requirements as required under Clause 11 Part 1 of First Schedule (from Specific permission to General permission) or was it prohibited previously? Secondly, why CAs are not allowed to trade in derivatives (Even though done on Recognised Stock Exchanges)? Thanks in Advance!

BY: VENKATA PAVANKALYAN PESALA

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40975
Mar, 01
2021
GST - ( REFUND APPLICATION )

After creating Refund file (Under inverted tax structure) Cells to be filled eg Total Turnover,adjusted turnover are not activated.Further after uploading json file of Refund application Errors list is displayed showing various errors in Purchase details reason items not being displayed in GSTR 1 while purchase entries are never displayed in GSTR 1 (AlThough items are matching with GSTR 2A) Whether this is a fault of Software?

BY: Mahesh Kumar

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40972
Feb, 23
2021
Companies Act, 2013 - ( REASONS TO BE ATTACHED TO FORM NDH-2 )

What reasons can be justifiable for applying in FORM NDH-2 before ROC ? Reasons and justification if available with anyone ?

BY: Gaurav Kumar Baranwal

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40958
Feb, 03
2021
DIRECT TAXES - ( TYPE OF REGISTRATION )

RESPECTED SIR, THE QUESTION IS 2 PERSONS ARE COLLECTING SCRAP/SECOND HAND GOODS FROM DOOR TO DOOR PEOPLES AS A DONATION IN KIND. THE SAME GOODS THEY ARE SELLING TO GENERAL PEOPLE BY MAKING THEM FIT FOR USE BY INCURRING EXPENDITURE ON IT. THE SALE PROCEEDS ARE USING FOR CHARITABLE ACTIVITIES. NOW THEY WANT TO GO WITH NGO REGISTRATION. SO WHICH ONE IS RCOMMENDED UNDER SUCH CIRCUMSTANCES. 1. TRUST CANT DO BUSINESS ACTIVITY AS PER CONDITIONS LAID DOWN FOR 12A REGISTRATION. 2. CAN WE INCORPORATE SEC 8 COMPANY TO UNDERTAKE ABOVE ACTIVITIES. IS THERE ANY RESTRICTIONS ON SEC 8 COMPANY WITH RESPECT TO BUSINESS ACTIVITIES? THANKS IN ADVANCE

BY: MOHAMMED QUSROO

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40943
Jan, 11
2021
ANNOUNCEMENT - ( TENDER FOR IFCOFR )

Want to upload RFP for appointment of consultant for implementation of Internal Financial Control over Financial Reporting (IFCOFR) in UCO Bank under opportunity section in PDICAI website.

BY: PRAVEEN JAIN

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40940
Jan, 08
2021
GST - ( UPDATES )

how do i get updates from GST portal before 23.10.2020 from news and updates.. Link - https://www.gst.gov.in/newsandupdates i can't find from cbic, journals, newsletters etc.

BY: shubham

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40941
Jan, 08
2021
MISC. - ( 1625832 )

is their any best alternative of tally software for a ca firm for macos?

BY: shubham

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40942
Jan, 08
2021
INDUSTRY WATCH - ( 1625832 )

how do i get all updates from icai on e-mail? because icai publish new mcq material without intimating to students . without informing to students icai change study material chapter or add new material on their bos knowledge portal how do i get updated about this type of matters so my study won't affect and not to be depend on private tutors? any RSS feed or web monitor or email alert facility provided by icai to students or members?

BY: shubham

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40939
Jan, 07
2021
ANNOUNCEMENT - ( PRIME TECHNICAL – SHARE MARKET TRAINING TOP ONLINE TRADING STRATEGIES )

Stock market is now becoming the leading business strategy attracting millions of business traders from across the world. Today’s millennial look at trading as one of the easiest methods for wealth creation and opt to trade as their part time business to earn extra money. Prime Technical is the Best Stock Market Training Institute in India. https://primetechnical.in

BY: AMELIA EMMA

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40934
Jan, 02
2021
OTHER BODIES - ( PF CLAIM BY BENEFICIARY )

Pf claim by beneficiary Reason of exit : death But while filling online claim by beneficiary Portal is showing not eligible for all forms Is there anybody who can guide in this regards..?

BY: ARIHANT JAIN

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40917
Dec, 11
2020
MISC. - ( EXPERIENCE COUNT ON CHANGE OF TRADE NAME )

Hello all, I want to change trade name of my firm which is 12 years old and also change its constitution from proprietorship to partnership firm. What will happen to my experience count in Bank Audits and in various tenders? Kindly suggest method to change trade name and retain experience. Thanks and regards

BY: RAJESH SINGHANIA

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40911
Dec, 03
2020
Capital Gains - ( 075030 )

Mr. A and Mr. B and M/s ABC Limited (Collectively "landowners") entered into JDA with M/s XYZ Limited ("Builder")in the FY 2012-13 for developing housing project on their land and received a refundable token advance of Rs. 3 lacs. Project was not completed in time and the time is extended by mutual consent between parties on 30/05/2018. Project is consisting 3 multistory building of 48 flats each. As per agreement landowners will get 40% of fully developed constructed unit/ area in proportionate of their land contribution ratio balance 60% builder will get. The first multistory building was completed in FY 18-19 as per completion certificate issued by the competent authority. Builder and the landowner sell 18 flats out of 30 flats in FY 18-19, 14 flats in FY 19-20, 3 flats in FY 20-21 and balance flats shall be sold in coming years. Builder and landowners have distributed the sale consideration, with mutually consent, in proportion as mentioned in JDA in the year in which sale took place. Land acquired by Mr A in FY 1998-99 say 10 lacs and Mr B for Rs. 15 lacs and M/s ABC Limited in FY 2003-04 for Rs. 75 lacs. Queries: 01. How LTCG calculated in the hand of landowners. Whether the same is arise in the year in which sales have been made or in the year in which completion certificate is received or sale consideration actually received from the builder in proportionate to the land utilized in a particular year/ registry. 02. What is Cost of acquisition for the landowners. Whether indexation will be given upto the date of JDA or to the date of completion certificate or to the date of registry or to the date of amount actually received from the builder. 03. As the LTCG arises in more than one year, what will be the time limit to make investment u/s 54 and 54F etc.

BY: Navin K. Gupta

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40905
Nov, 28
2020
INTERNATIONAL BUSINESS - ( WRITE BACK OF PAYMENT FOR IMPORT BILLS )

My client has made imports of around 50 Lakhs four years back and due to bad quality of material it could not be sold. He has not paid the bills and now the overseas party has agreed to write off the entire amount. Can he do so without taking approval of RBI. Otherwise what should be the procedure for write off. At the time of Audit if company write off the amount without taking the approval of RBI what should be responsibility to report or disclose as an Auditor.

BY: Dinesh Agarwal

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40906
Nov, 28
2020
Capital Gains - ( CGAS AND ISSUANCE OF CERTIFICATE BY CA )

My query is on LTCG, A person has sold a Plot in September 2020 and there is a long term capital gain. He has already entered into an ‘Agreement to sell ‘ with a seller to purchase a new residential property in Jan 2020, which he can claim exemption under 54F. But the possession of the same will be in Dec 2023 (4years after agreement to sell) when construction is complete. He wants to put unutilized amount in CGAS and make payment to the seller directly from that account, frequency of payment to seller is once in 3 months. Please clarify the following: 1. Can he enjoy exemption under 54F by depositing the money in CGAS even though agreement was entered into to purchase the property ( 3 years is only for construction and not for purchase) and property is ready for possession after Dec 2023 ? 2. If yes, does he have time to utilize CGA amount till Aug 2023 (3 years from the date of transfer) ? 3. To open CG account with bank, bank is asking for certificate of computation of capital gain. Can CA issue that based on the details and document provided by him ? Agreement to sell also mentions some other approximate expenses/fees/taxes which have to be added to the purchase cost while computing net capital gain. As CAs cannot certify anything based on the estimated figure, how to deal with it ? Please clarify ?

BY: Mallika K R

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40901
Nov, 27
2020
DIRECT TAXES - ( INCOME U/S 56(2) )

A BUYER OF FLAT IS CHARGED FOR DIFF IN VALUE OF ACTUAL TRANSACTION PRICE OF BUILDING AND +/- 10% OF STAMP DUTY VALUE. MY QUERY IS IF THERE IS ANY WAY TO LOWER THE TAX BURDEN BY INVESTING IN ANY SCHEME, SO THAT WILL BE HELP FUL TO THE BUYER. BECAUSE THE SELLER IS COMPENSATED BY INVESTING THE DIFFERNETIAL AMOUNT IN 54EC, OR 54 . BUT CAN THE BUYER OF THE BUILDING IS ALSO ELGIBLE TO SAVE THE TAX BY INVESTING IN ANY BOND OR SCHEME

BY: pradeep kumar agrawal

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40899
Nov, 18
2020
DIRECT TAXES - ( DEDUCTION UNDER SEC 80 P )

A cooperative Society engaged in markrting of Milk produced by its members has filed its return for 2018-19 Previous year in Sep 20. As Deductions under Sec 80P is available if return is filed timely,Whether there is any solution (CPC Banglore has issued demand notice trating deduction as taxable income) Whether there can be any benefit of extension in Return filing dates to sep 20 Further whether exemption limit for such cooperative societies is Rs 50000-

BY: Mahesh Kumar

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40898
Nov, 16
2020
MISC. - ( KNOW MY FIRM UCN NUMBER )

DEAR SIR, MY FRN NUMBER 022866C AND MY MEF NUMBER MEF85242 CAN I KNOW MY UCN NUMBER BCZ I WANT TO APPLY FOR CONCURRENT AUDIT

BY: saurabh sharma

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40896
Nov, 13
2020
GST - ( GST REFUND )

We applied for GST refund of a client for 2018-19 who manufactures Cloth (Made from Manmade Fibre/Yarn) as well as Shawls GST department had restricted Accumulation of input Credit of Certain types of cloth (wef 1-7-17 to 31-7-18) including cloth stated above and asking for Reversal of Accumulated Credit standing as on 31-7-2018 . They have already sanctioned GST refund for 2017-18 The asessee has closing stock as on 31-3-18 as well as 31-7-18 Now they are asking for return of already sanctioned refund for 2017-18 in view of various Notifications/Ciculars They are not considering Closing Stock while arriving at Reversals to make What our esteemed members think about it ?

BY: Mahesh Kumar

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40879
Oct, 26
2020
CORPORATE & OTHER LAWS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )

Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth

BY: SIDDHARTH MODI

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40880
Oct, 26
2020
INTERNATIONAL BUSINESS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )

Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth

BY: SIDDHARTH MODI

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40868
Oct, 11
2020
AUDIT - ( ONEROUS CONTRACT AS PER IND AS 37 )

Onerous contract as per Ind AS 37 is one where the unavoidable cost of executing the contract exceeds the economic benefits expected to flow from the contract. Para 68 defines unavoidable cost as minimum of cost of fulfilling it and penalty payable for exiting from the contract. Suppose in a contract, no penalty is payable by either party at the time of exiting the contract or the contract is silent with regard to penalty clause as such, whether the contract can become onerous? In other words, if no penalty is payable then penalty is zero which can not exceed the cost to be incurred in the contract. So the contract can never be onerous. Is this view correct?

BY: balasubramanian

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40863
Oct, 09
2020
MERGER & ACQUISITION - ( CA PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM )

A & Co. is a proprietorship firm of CA Mr. A, in which CA Mr. B and CA Mr. C are merging their proprietorship firms. Whether A & Co can change their firm name to ABC & Co. before the merger or after the merger to maintain A & Co.'s total experience years? Or A & Co. cannot change their name to ABC & Co. in order to maintain their total experience years? Any alternatives available to change the name of the firm?

BY: Hunny Badlani

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40864
Oct, 09
2020
MERGER & ACQUISITION - ( CONVERSION OF PROPRIETORY FIRM TO PARTNERSHIP FIRM )

Hi all, I am having a proprietary firm since 2011. Now one of my junior have qualified CA and wanted to be my partner. In this regard my concerns are; 1.Will I lose the years of experience of my proprietary firm when it becomes a partnership firm? 2.Will the year of formation (for counting the 3years criteria) for bank audit be 2011 or 2020? Thankyou in advance.

BY: MALU NAIR

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40862
Oct, 08
2020
GST - ( LATE FEE APPLICABILITY FOR NIL GSTR3B )

I have a nil return to be file in GSTR 3B for July’2020 which I did not file till date. In this case would there be any late fee levy? If yes, would it be calculated from 29-Sep’2020 till the date of filing of return (vide notif. 52/2020) or the liability of late fee would be calculated from the original due date of filing of the GSTR3B i.e. from 25-Aug-2020 till the date of filing of the GSTR3B at the rate of INR 20 per day. Kindly suggest and guide. Thanks a lot in advance.

BY: Prasen Pal

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40860
Oct, 07
2020
MISC. - ( 188474 )

Please anyone can share Form 3 working in an excel sheet (Form 3 - Certificate for withdrawal of funds from a separate account under MAHA RERA). I currently doing a study of the MAHA RERA ACT. Email:sksawantca21@gmail.com

BY: SHEKHAR KUNDLIK SAWANT

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40855
Oct, 04
2020
DIRECT TAXES - ( TCS DEDUCTED BY A COOPERATIVE BANK FROM COOP SOCIETY )

TCS deducted during July to Sep 2020 by a cooperative bank of a coopertaive society for more than permissable cash payments of 2019-20 Whether this deduction can be claimed in 2020-21 Financial year as in 26As for 2019-20 nothing is shown there as now

BY: Mahesh Kumar

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40853
Oct, 03
2020
Profits & Gains of Business & Profession - ( DISALLOWANCE U/S 43B AND 40(A)(IA) SIMULTANEOUSLY )

In case of an assessee who has not Paid Interest due to the NBFCs (covered under 43B(da) from AY 2020-21) and at the same time has not deducted TDS on the said Interest dues; How will be the disallowance made u/s 43B and 40(a)(ia)? For example, a company has not paid interest liability of Rs. 10 Lakhs to Non-Banking Finance Company and at the same time has not deducted TDS u/s 194A on the same amount. Thus under 40(a)(ia) 30% of expense i.e. 3 Lakhs shall be disallowed for non-deduction of TDS and under section 43B 100% of expense i.e. Rs. 10 Lakhs shall be disallowed for non-payment of liability. If the amount is disallowed under both the sections then there will be disallowance of 130% of actual expense incurred by the company. Thus, what shall be the correct course of action in the above case: - Whether disallowance shall be made under both the sections? i.e. 100% under 43B and 30% under 40(a)(ia)? (Total 130% Disallowance) Or 30% shall be first disallowed u/s 40(a)(ia) and then only 70% shall be disallowed u/s 43B? Or Any other course of action

BY: RONAK MOTA

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40852
Oct, 02
2020
TDS/TCS - ( TCS U/S 206 C(1H) ON WIND ELECTRICITY SALE )

Pl. let me know that whether TCS u/s 206 (1H) will be levied on wind electricity sale receipt

BY: TARUN JAIN

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40851
Oct, 01
2020
DIRECT TAXES - ( FORM 10 U/S 11(2) )

Sir, My client filed a form 10 in the portal for accumulation u/s 11(2). On verification, it is found that the amount calculated as accumulated u/s 11(2) is wrongly taken. What is the remedy now. Whether a new Form 10 with correct details can be filed now? This is relating to AY 2020-21. Kindly advise. Thanks

BY: CA. MADHUSOODANAN K P

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40850
Sep, 30
2020
Compliance - ( DUE DATE FOR FORM NO 11 AND FORM NO. 8 FOR F.Y. 2019-20 )

I want to know in case of LLP, that any relaxation given for filling Form No 11 and Form 8 for F.Y. 2019-20. weather any ralaxation given in the time for filling of form or Late fees waiver

BY: samirkumar gokulbhai kasvala

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40847
Sep, 28
2020
AUDIT - ( AUDIT OF CO. OP. HOUSING CO. OP. SOCIETY AS AN COMMITTEE )

Can accept Audit of Co. Op. Housing Society where I also executive committee member of that society.

BY: SANJAYKUMAR SOHANLAL AGRAWAL

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40837
Sep, 19
2020
DIRECT TAXES - ( INCOME TAX ON NRI )

An individual whose presence in india was slightly above six months during 2019-20 Previous year has gone for higher studies etc to a foreign country.He is earning some income there doing part time job. At the same time a Proprietorship firm is working in his name. Whether his Income from India as well as Foreign country has to be clubbed in 2020-21 Financial year

BY: Mahesh Kumar

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40835
Sep, 18
2020
DIRECT TAXES - ( ITR 5 EXCEL UTILITY )

A milk producers cooperative society has to file Income tax return in ITR 5 and entire business income is eligible for deduction under Sec 80 P but we have not been able to validate Schedule B which states deduction under sec 80 P can not be claimed in Schedule P. Whether all members are facing such problem Updated Excel utility also gives the same message.

BY: Mahesh Kumar

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40836
Sep, 18
2020
MISC. - ( CURRENCY TRADING )

Dear Sir, We are exporting goods and doing currency trading to manage the risk. For Income Tax, it will be considered as a separate business, but is there any limit from RBI for currency trading to Corporate? Or do we have to take any other approval prior to doing it?

BY: Pujit

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40832
Sep, 17
2020
GST - ( REGISTRATION FOR CASUAL TAXABLE PERSON )

Notification 56/2018(central tax) says if casual taxable person makes Inter-state supply of handicraft goods or certain products when made by craftsman predominantly by hands then exemption threshold(rs. 20L) shall be applicable to CTP. Does it mean if casual taxable person doesn't make inter state supply(means make only intra state supply) making of above mentioned goods then CTP have to apply for registration compulsorily as per sec. 24 of cgst act?

BY: GAURAV GUPTA

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40833
Sep, 17
2020
Companies Act, 2013 - ( RECLASSIFICATION OF AUTHORISED SHARE CAPITAL:SH7 REJECTION )

Reclassified existing authorised share capital of rs. 10 lakhs(1 lakhs equity shares of rs. 10 each) to revised share capital of rs.1o lakhs (80k equity shares of rs. 10 each and 20k preference shares of rs. 10 each) and passed special resolution MGT 14 is approved by ROC but SH7 has been sent for resubmission on the ground that " No conversion/re-classification of Equity Shares into Preference Shares or vice. Versa has been permitted under the provisions of the Companies Act, 2013 (even not provided in Section 61 of the Act), therefore, Pl explain why not e-form may be consideredfor rejection." Please advice Whether we need to file sh7 at all? Read morts/details.asp?mod_id=2807799

BY: Rohit Gupta

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40829
Sep, 16
2020
Income From Salary - ( 019493 )

It is learnt that the Leave encashment received by employees of LIC at the time of retiremnt is also eligible for full exemption u/s.10(10AA) after 01.03.2018 . can anyone support this view with notification ?

BY: nagappan.sm

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40822
Sep, 08
2020
INTERNATIONAL BUSINESS - ( HIGHSALE - REG )

Party A in USA making an order on Party B in USA and inturn Party B in USA making order of the material from Party C in India. Party C has manufactured the material and Exporting it to Part B in USA. Material has moved out of Indian port meantime Party A is getting an order for the above material from India hence Party A wants to instruct Party B to do a highsea sale agreement to send the goods back to India to Part D? Is the above transaction possible if so kindly provide documentation required and any other additional compliances?

BY: CA. BALASUBRAMANIAM P

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40804
Aug, 28
2020
GST - ( GSTR1 AMENDMENT )

A taxpayer was Normal scheme dealer till 31.03.2020 . From 01.04.2020, he has opted for composition scheme dealer. For FY 2019-20 , two sales invoices was not reported. Now he wants to report these 2 transactions of FY 2019-20 so that he can pay proper taxes and customer can get credit . Our query is that how to report these transactions. From FY 2020-21 , he is into composition scheme so not eligible to file GSTR1 .

BY: samirkumar gokulbhai kasvala

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40805
Aug, 28
2020
DIRECT TAXES - ( CAPITAL GAIN )

An individual enters in to agreement with developer for purchase of an apartment in 2018, and regularly pays the instalment dues to developer in 2020 when the apartment in ready for delivery he executes into tripartite sale deed by which the apartments is registered in the name of third party. This results in substantial gain for the first agreement holder which can be treated as Long term capital gain. My question for purpose of re-investments, is he to comply with provision of section 54 or 54F.

BY: Ethirajan

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40787
Aug, 18
2020
GST - ( EXCESS CREDIT TAKEN IN 2018-19 )

While comparing GSTR 2A and 3B it was found that excess credit taken in 2018-19 OR it can be said that suppliers not uploaded all bills properly. If we want to reverse that excess credit in the month of March,2020 then what would be the accounting treatment ??

BY: SUDIP KUMAR MUKHOPADHYAY

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40788
Aug, 18
2020
Service Tax - ( CASE LAW_REIMBURSEMENT OF EXPENSES )

will you please share soft copies of following case laws regarding reimbursement of expenses : 1] International Consultants and Technocrats P Ltd v UOI (2012)28 taxmann.com & 2]Glaxo Smithkline Pharmaceuticals v CCE (2005) 1 STT 37 (CESTST) mail id :: mukho_sudip@yahoo.co.in

BY: SUDIP KUMAR MUKHOPADHYAY

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40789
Aug, 18
2020
Capital Gains - ( TAX ON SALE OF RIGHTS OF RIGHT ISSUE IN OPEN MARKET )

I have 1000 shares @ 1500 of XYZ ltd and Co. issues right share in the ratio of 1:1 @ 1200. I sold this rights in open market @250 per share. So I had sum of Rs.250000(i.e. 250x1000). So my query is, under which head will it be taxed and what are the other applicable provision are there under IT Act ? Expect your valuable reply along with related Tax Provisions.

BY: VIJAYKUMAR BHANUBHAI GEVARIYA

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40790
Aug, 18
2020
GST - ( COMPOSITION DEALER -LIMIT FOR GOODS AND LIMIT FOR SERVICES )

Presently A Taxpayer Is Registered Is Under Regular Scheme . He Is Selling Goods As Well As Providing Services. He Wants To Go For Composition Scheme . My Understanding Is That For The Goods , Maximum Turnover Limit Is Rs 1.5 Crores And Pay GST @1% . For Services Maximum Limit Is Rs 50 Laths And Pay Tax @6% . So In Total Rs 2 Crores He Will Get His Limit ( For Goods Rs 1.5 Cr And For Services Rs 50 Lakhs) Kindly Confirm The Above Understanding .

BY: samirkumar gokulbhai kasvala

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40780
Aug, 17
2020
GST - ( GST REFUND )

A person raised 3 invoices to service receiver in F Y 2017 2018 but due to some mistake not uploaded right credit against each invoice. Now the receiver raised a debit note along with tax & Interest. Due to the fact that he is an Important customer, supplier can not bought him to his knees. Now the question is: 1. can the supplier get the GST refund which he has paid to the department against these invoices since the receiver has raised a debit note, reversed the credit and not paid for the Invoices? Thanks & Regards

BY: SK

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40781
Aug, 17
2020
GST - ( 542430 )

ABC has rendered services of work contract at the site of DEF in FY16-17 (i.e. pre GST period) and tax and return of the same been duly deposited. Now, on account of deficiency of services, the two parties settled their account in FY20-21 in respect of the work done in the year 2016. Now to settle the account, ABC has to issue credit notes in respect of work done in FY16-17 on a/c of deficiency of services in FY20-21. Query- What will be the effect of Tax/ GST on credit notes to be raised by ABC?

BY: ARJUN GUPTA

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40783
Aug, 17
2020
CORPORATE & OTHER LAWS - ( 138420 )

I am is auditor of private limited company which is subsidy of listed company. Please guide me, 1. Whether NAFRA 2 applicability to private company which is subsidy of listed company. 2. Whether uploading of the "Audit Working Documents " also applicable to me ?

BY: SANCHIT SURESH PANDHARE

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40785
Aug, 17
2020
INSOLVENCY - ( 542430 )

Who are required to get themselves under NeSL (National E-Governance Services Limited)? What are the compliances associated after getting registered? Does a Unlisted Private Limited Company required to get itself registered under NeSL?

BY: ARJUN GUPTA

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40772
Aug, 15
2020
DIRECT TAXES - ( INSURANCE COMPENSATION RECEIVED ALONG WITH INTEREST )

Kindly suggest me what is the tax implication "compensation received from United India insurance company against motor accident". Tax implication on compensation received and interest. Is there any exemption or deduction under section 57 on interest received?

BY: RAMESH K S

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40775
Aug, 15
2020
DIRECT TAXES - ( RWA SEC 12A )

Whether a Resident Welfare Association can get Registration u/s 12A

BY: AJAY JAIN

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40778
Aug, 15
2020
ANNOUNCEMENT - ( ICAI-LIC TERM INSURANCE )

Does a member who is working in a private limited company subscribe for LIC-ICAI Term insurance and ICAI-New India Assurance health insurance schemes? or these schemes are only for members in practice? Thanks & Regards

BY: SK

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40771
Aug, 14
2020
GST - ( COMPOSITION DEALER )

Presently a taxpayer is registered is under Regular scheme . He is selling goods as well as providing services. He wants to go for composition scheme . My understanding is that for the Goods , maximum Turnover limit is Rs 1.5 crores and pay GST @1% . For services Maximum Limit is Rs 50 Laths and pay tax @6% . so in total Rs 2 crores he will get his limit ( For Goods Rs 1.5 cr and for services Rs 50 Lakhs) Kindly confirm the above understanding .

BY: samirkumar gokulbhai kasvala

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40768
Aug, 11
2020
GST - ( IMPORT UNDER ADVANCE LICENSE AND EXPORT WITH PAYMENT OF IGST )

If exporter had made import of raw material under advance license and then he had export finished good with payment of IGST. As per law he cannot export with payment of IGST. What remedy to outcome this issue.

BY: AJITKUMAR L PATEL

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40766
Aug, 08
2020
DIRECT TAXES - ( 078994 )

Sir, A Resident Welfare Association (RWA} having 120 Flat Owners, The RWA is registered with the Sub Registrar of Societies. The RWA is earning Interest on FDR and TDS is deducted thereon. My questions are as follows: 1. The Members contribution is not taxable due to Concept of Mutuality. So, I have prepared a Maintenance account separately, the surplus is transferred to Members Fund. 2. The Bank Interest Rs. 3 lac ,is Taxable. So I have prepared a separate Income and Expenditure account and the surplus is transferred to Members Fund. 3. I have prepared ITR Form 5. Marked the RWA as Registered Society. The same is giving basic exemption of Rs.2.50 lacs. And Taxing the rest as per the slab Rates. 4. The Members Share is indeterminate, if I mention the same, it asks Rates of Taxation of the Members. All Members are taxable at MMR, i.e. 30%. In that case its taxing the RWA Income at 30% and not giving basic exemption of Rs.2.5. lacs. 5. Whether ITR filing is necessary for the RWA? What would be the position if TDS is not deducted? 6. Whether the RWA can give Form 15G to the Banker for no deduction of TDS? If yes, the Bank may upload figure for Interest on which TDS is not deducted due to Form 15G, it will reflect in the Form 26AS of the RWA later on. 7. If anyone is having more literature on RWA, please provide me @ ajayjain3455@yahoo.co.in.

BY: AJAY JAIN

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40758
Aug, 05
2020
DIRECT TAXES - ( QUANTITATIVE DETAILS IN CASE OF TAX AUDIT CASES )

Whether it is mandatory now to fill Quantitative details in ITR 3 released now.In majority of cases Tax Auditors are pointing to Non maintainance of Quantitative stock Records. In such cases How it will be possible

BY: Mahesh Kumar

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40759
Aug, 05
2020
DIRECT TAXES - ( 542430 )

A Hindu Family is comprising of Father, Mother, Son, Daughter and Wife of Son (i.e. Daughter in Law). Son wishes to make an HUF consisting of only himself and his wife. Also, there is no other HUF existing as on date in respect of such family and there is no partition of the family. Query1- Can Son make an HUF consisting of himself and his wife? Query2- Whether proposed HUF has to receive some gift from the family members? Query3- What are the other conditions to make the HUF of Son and Wife?

BY: ARJUN GUPTA

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40746
Jul, 30
2020
MISC. - ( CAPITAL/ REVENUE )

A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years. What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor? Whether to capitalise or treat it as revenue expenditure? If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?

BY: Babitha

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40747
Jul, 30
2020
MISC. - ( CAPITAL/ REVENUE )

A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years. What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor? Whether to capitalise or treat it as revenue expenditure? If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?

BY: Babitha

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40742
Jul, 28
2020
INTERNATIONAL BUSINESS - ( PAYMENT THROUGH WESTEREN UNION )

Payment recd in Saving account of a person in Indian rupees through Westeren Union for service provided out of india whether this will be out of definition of Export of services

BY: Mahesh Kumar

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40744
Jul, 28
2020
MISC. - ( 451096 )

Sir, Whether QR code is allowed in the invoices we issued to our clients?

BY: CA ANUJ JAISWAL

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40740
Jul, 26
2020
GST - ( RCM UNDER SECTION 9(4) )

In view of section 9(4) of CGST Act, RCM is applicable only in case of receipt of supply of goods or/and services by a registered person from unregistered supplier, in respect of specified categories of goods or services as may be notified by Government and as per notifications issued u/s. 9(4) RCM under Real Estate Sector and Renting of Motor Vehicle is applicable. Is RCM on purchase of Dress Material, payment of rent / brokearage, etc. from unregistered supplier applicable? If yes under what notification?

BY: Shyamal Jariwala

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40735
Jul, 24
2020
MISC. - ( PDICAI DAILY NEWS ROUNDUP )

Hi Team, Few years back I used to get PDICAI daily news roundup. Is it stopped now. Regards, Yogesh

BY: D YOGESH

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40733
Jul, 23
2020
Capital Gains - ( 167287 )

Interesting case please do write me your opinion. Mr. X relinquished his right on jully 2020 in his ancestral property by executing sammatti patra/ manyata patra which was sold by his brothers without his consent on 2002 to builder. at that that time the land was agriculture land. now to close the said matter outside the court the builder had agreed to pay consideration of Rs.50 lakh to Mr.X by executing sammati patra/manyata patra for relinquishment of his right in said property. the said agriculture land was converted to residential NA plot on 2016 & now converted to commercial property in 2020. please guide me regarding this if i considered his relinquishment in agriculture land then it will not come under capital assets & consequently no capital gain. if i considered it to be capital assets then what should be cost of acquisition for the same i.e ( stamp duty value as on 01/04/2001 of agriculture land rate is to be considered or NA plot value rate or Commercial Plot value rate . Please guide me that how this transaction would be taxed for income tax. Also guide me for exemption u/s 54 which can be availed from this transaction.

BY: NADIR D SHAIKH

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40725
Jul, 19
2020
GST - ( EWAY BILL PENALITY )

A businessman sent goods to UP and generated Ewaybill. After that Ewaybill was cancelled and new ewaybill was not completed by Transporter it appears so as asessee is not sure why Eway bill was cancelled Now GST department has found this difference ,Although Sale bill was not cancelled and GST amount has also been paid for this bill.Can they impose penality for this clerical mistake

BY: Mahesh Kumar

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40727
Jul, 19
2020
CORPORATE & OTHER LAWS - ( EXPULSION OF PARTNER. )

Sirs, Can two partners expel the third one (without following long time consuming proceedings of court) ? when there is no such provision in partnership deed. The third partner is doing illegal activities and acting against interest of firm. If any member has handled such case please let me know , I will contact him personally. Thanks

BY: RAM KUMAR SARASWAT

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40722
Jul, 16
2020
Companies Act, 2013 - ( INCORPORATION OF PRODUCER COMPANY )

During incorporation of Producer Company, can we attach the proof of farming 7/ 12 extracts of Agricultural Land which is in the name of father or grandfather of member of producer company. Father or grandfather is not the member of producer company. Whether it is mandatory that agriculture land must be in the name of member of producer company or not?

BY: CA Neha Gupta

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40717
Jul, 12
2020
MISC. - ( PARTNERSHIP BETWEEN CPA AND FCA )

Can a CA practising in India have partnership with CPA (USA) residing in India

BY: Mahesh Kumar

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40718
Jul, 12
2020
MISC. - ( CPA STUDY MATERIAL )

Can any body guide from where to get Study material for CPA Course.

BY: Mahesh Kumar

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40703
Jul, 02
2020
GST - ( REFUND OF ITC DUE TO INVERTED DUTY STRUCTURE )

GST on outward supply Rs. 5 ITC Input Rs. 6 Input Services Rs. 12 Capital Goods Rs. 18 Total ITC Rs. 36 What is the total refund that can be receivable on account of inverted duty structure ?

BY: DARSHAK MAGANLAL THAKKAR

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40702
Jul, 01
2020
Companies Act, 2013 - ( INCORPORATION OF PRODUCER COMPANY )

Whether it is mandatory at the time of incorporation of Producer Company as per Section 581 of CA 1956 that all five directors must be appointed from 10 members or not? If this is mandatory to appoint directors from members of producer company, please mention the rule or section in detail.

BY: CA Neha Gupta

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40696
Jun, 26
2020
MISC. - ( DISBURSAL OF GOLD LOAN AMOUNT IN CASH )

What is the RBI limit for disbursal of gold loan amount in cash by NBFCs.

BY: BIJIN

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40693
Jun, 22
2020
MISC. - ( FIRM NAME APPROVAL )

Dear members , As per Regulation 190(2)(ii)(g) of the chartered accountants ,1988 a distinguishing part of the name of the member or as per Regulation 190(2)(ii)(i) a part of the name of the proprietor can be used as firm name . For instance , as per point (g) "Ranga" is a distinguishing part commonly known of "Rangaraaj" . Also as per point(i) ,"Ranga" is the part of the name of proprietor "Rangaraaj" . So , Is "Ranga & Co" is a valid proprietor firm name for name approval ? Kindly suggest , Thanks in advance.

BY: CA RANGARAAJ P

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40682
Jun, 12
2020
GST - ( CANCELLATION OF REGISTRATION AND FURNISHING STOCK IN CASE OF TAKEOVER )

"A" concern wants to cancel registration ( no more business) and has some stock (credit of stock already utilised in regular course). "B" wants to takeover the business of "A". While applying for cancellation of GST registration "A", is it compulsory to mention stock details with taxable value and NIL ITC on stock (Because if Credit details is entered, will it be carried forward to "B" and "B" will not be eligible for ITC as, "A" has already utilised ITC on such stock). What Stock details is to be entered while applying cancellation of GST registration of "A"?

BY: Shyamal Jariwala

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40674
Jun, 05
2020
GST - ( INWARD SUPPLY IN REAL ESTATE )

With respect to calculation of RCM on supply from URD's, Should total inward supply should include the supplies from Govt? In Andhra, sand is completely controlled by Govt. Payment done to Govt online and sand is take from mining company. There is not GST invoice received. Can this supply be excluded from Inward Supply for purpose of calculating 80: 20 ratio

BY: Sai Ram

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40675
Jun, 05
2020
GST - ( GST RECONCILIATION FOR REAL ESTATE SECTOR )

Huge difference between RD purchases as per books and as per GSTR 2A. What is the implication on RCM Calculation. Is Reconciliation compulsory. What is the impact on builder if supplier didnt pay GST .

BY: Sai Ram

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40677
Jun, 05
2020
GST - ( APPLICABILITY OF GST )

M/s ABC Ltd purchased Land , Factory Building and Plant & Machinery of M/s XYZ Ltd from POR Bank Ltd through DRT auction process under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act 2002). 1. Is GST Liability arises in case of auctinable Property ?, If Yes, on whom ? 2. What is GST Impact on ABC Ltd, PQR Bank Ltd & XYZ Ltd.

BY: Pravin Taparia

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40668
Jun, 04
2020
Customs & Excise - ( BLOCKAGE OF REFUND OF DUTY PAID GOODS )

Dear Sir/Madam, By mistake we have filed export sale in table no. 3.1(a) in GSTR 3B of duty paid goods instead of table no. 3.1(b). In GSTR-1 the Export data have been filed in right column in 6A. Now we are facing problem of refund as the invoice do not get transmitted. Other problem is that we cannot amend GSTR 3B return in subsequent return as we do not have domestic sale in subsequent months. Please do the needful and suggest a way to get refund. THE MATTER IS RELATED TO FY 2019-20

BY: PAWAN PATIDAR

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40669
Jun, 04
2020
GST - ( GST ON JCB HIRING FOR AGRICULTURE WORK )

DEALER ENGAGED IN PROVIDING SERVICES RELATING TO THE JCB HIRING TO THE LOCAL AUTHORITY AS WELL AS TO THE AGRICULTURIST FOR EARTH WORK AND WELL WORK. WHAT IS THE GST RATE FOR THE SAID WORK.

BY: RAHUL MADHAVARAO KHANDEBHARAD

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40670
Jun, 04
2020
Compliance - ( BEING A PARTNER IN CA FIRM, CAN I PRACTICE IN INDIVIDUAL NAME ALSO? )

I am a partner in ca firm and I can not register any proprietorship for myself in ICAI as per rules of the firm. Now I want to do some work in my personal capacity without constituting a proprietary firm in ICAI. Personal practice will have work of audit, attest function and consultancy. Is it possible to do in personal capacity without having FRN. One of the renowned faculty of ICAI told that A CA can not do any type of work in his personal capacity without registering proprietary firm if he is a partner in another ca firm. I request all on you to enlighten the above matter.

BY: VIVEK KUMAR SINGHLA

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40667
Jun, 02
2020
DIRECT TAXES - ( TAXATION OF AOP )

Income of Clubs and associaitons are excluded based on the mutuality concept. But how to claim the exemption in the ITR / Exempt under which section. Return has to be filed for getting the tds refund.

BY: T.R.S. PATHY SENTHIL

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40664
Jun, 01
2020
FINANCIAL MANAGEMENT - ( HEDGING OF A FOREIGN CURRENCY LOAN )

A company is having receivables of USD 100 and Preshipment credit (working capital) of USD 150. Further it has 'Buy' forward contracts (i.e., Bank will buy USD from the company) with the bank for USD 20. In this case, what would be the unhedged foreign currency exposure in the wake of circulars issued by RBI.

BY: MOHAN SIVA PRASAD DODDIPATLA

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40662
May, 28
2020
VAT/Sales Tax - ( REFUND OF VAT WRONGLY PAID )

Mr. A who was carrying on business in proprietary firm M/s A & CO expired in June 2015. His son Mr. B carried on the business in the same proprietary name and was allotted another TIN. The assessments of the proprietary firm up to June 2015 and balance period were finalized separately. The assessment dues of the firm up to June 2015 were wrongly paid under the TIN of the new firm. Subsequently the dues were again paid in the correct TIN to settle the dues. However the commercial Officer is refusing to refund the amount wrongly paid under the new TIN under the pretext that the firm is already assessed to tax and the same cannot be reopened. is there a way out.

BY: SANTOSH JAGANNATH PAI

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40654
May, 21
2020
Capital Gains - ( TRANSFER OF CAPITAL ASSET TO A COMPANY WHERE A FIRM IS SUCCEEDED BY A COMPANY U/S 47(XIII) NOT TREAT )

U/s 47(xiii) any transfer of capital asset by a firm to a company is not treated as Transfer provided, there are 4 condition. 1 All the assets and liability of the firm before the succession become the asset and liability of the company . 2. All the partners of the firm immediately before the succession become the shareholders of the company in same proportion in which their capital stood in the books of account of firm. 3. The partners of the firm do not receive any consideration/benefit other than by way of allotment of shares by the company 4. The aggregate of the shareholding in the company of the partners of the firm is not less than 50 % of the total voting power in the company, and their shareholding continues to be as such for a period of 5 years from the date of succession. My query is if we observe all the above stipulated terms and conditions can we now proceed with such transfer of a firm’s capital assets to a company.or we need to observe some other conditions as well to proceed. if any other conditions are also required kindly explain the same

BY: pradeep kumar agrawal

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40648
May, 11
2020
OTHER BODIES - ( 239879 )

My querry is Regarding RERA Certifications, While providing RERA Quarterly certificates to the clients, the RERA act defines the method of calculation of "the amount that can be withdrawn from RERA Account" i.e "% completion method". I am not able to understand clearly, about this method of calculation. I would request members to help me in this case, with a small illustration for better understanding.

BY: Akash Gilda

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40638
Apr, 27
2020
CORPORATE & OTHER LAWS - ( INCORPORATION OF A PRODUCER COMPANY )

One NGO has promoted 4 Producer company for villagers in different areas of a district and the same NGO now wants to form a Producer Company with those 4 producer company as its members/shareholders at the district level for the reason below 1)The Grants given to the different Producer Company can be monitored well. 2)The procurement and sales of all the 4 Producer Companies can be negotiated well. 3)The Management of the companies can be monitored well. Overall it will be easier for the NGO to keep an eye on the working of the company. But as per the provisions of Producer Companies Act a Producer Company can be formed by 1)Ten or more producers (individuals); or 2)Two or more producer institutions; or 3)Combination of the above two (10+2). My question is whether 2 or more Producer companies as stated above can be considered as a producer institutions and whether they can form a Producer Company. I have one more question on same lines. Whether Producer Institutions which does not have PAN Card can become a member/shareholder of a Producer Company? Please reply my above query. Thanks in advance

BY: AMIT GUPTA

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40637
Apr, 26
2020
DIRECT TAXES - ( DIGITAL MODES )

Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ? As these modes of payment can be provided. Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019 In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) hasbeen inserted in the Income-tax Rules, 1962. Rule119AA provides that the speci?ed person shallprovide facility for accepting payment throughfollowing electronic modes, in addition to thefacility for other electronic modes of payment, ifany, being provided by such person, namely (i) Debit Card powered by RuPay (ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and (iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code.

BY: DINESH KHURANA

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40633
Apr, 23
2020
IFRS - ( ASSET CLASSIFICATION )

Dear All, Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap

BY: KOSAL AGARWAL

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40630
Apr, 20
2020
MISC. - ( CONVERSION FROM PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM )

Dear Professionals, I started my Practice In 1989 as a Proprietorship Concern under ICAI with GST as per trade name . In a case of addition of a new CA , the firm is to be converted into a partnership firm requiring new PAN and new GST registration . With the above backdrop , my queries are : 1.Whether Proprietorship Experience Is Continued In the Partnership Firm as per ICAI records? 2. Whether the experience Will Count For Bank Audit Empanelment Under Partnership Firm ? 3. Also as a process , first conversion step to be taken from my Member SSP portal and later then the new partner should join ? 4. Whether my trade name "Palamalai & Co" can be changed as "Palamalai & Associates" or like including new partner initial as "RP & Associates" without any compromise in year of experience ? Kindly suggest clear opinions point wise . Thanks in advance .

BY: CA. PALAMALAI R

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40629
Apr, 19
2020
GST - ( GSTR 9 )

IN GSTR 9 OF FY 2018-19 ,TABLE 8 C ,WHETHER SUM OF ITC AVAILED OF YEAR 2017-18 BUT CLAIMED IN YEAR 2018-19 AS WELL AS ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME OR ONLY AMOUNT OF ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME ? PLEASE CLARIFY BY ANY ONE.

BY: SANJIV MEHROTRA

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40626
Apr, 15
2020
MISC. - ( EXAMINATION PATTEREN OF CA )

Around 6 months back, A Committee was formed to recommend Change in Exam System following reports of CA Exam Papers being outsourced to Non professionals by Empaneled Examiner following protests by students. A Large number of Students/Professionals are of the View that Entry to CA Course should be made Difficult and Once a Person Joins CA Course, He should be assured of Completion of CA degree Tests should be conducted online and Paperwise results should be declared so that same Question paper is not required to be written after passing that paper on the lines of ACCA and CPA.In the prevailing atmosphere it becomes more relevent that Only Online Exam is conducted . This will also be of help to those students who have developed Problems like Writer Cramps and can not get Proper Writers

BY: Mahesh Kumar

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40622
Apr, 03
2020
MISC. - ( CAN CA BECOME PARTNER AND PROPRIETOR ON FOREIGN FIRM AT SAME TIME ? )

can a CA become a partner in audit firm in India and at the same time can hold the proprietorship of Audit Firm in Nepal Under ICAN ACT (Nepal). Any obligation for continuing as member of ICAI & ICAN at same time , whether possible or not ? How will the CPE obligation be fulfilled in such case ?

BY: RAJU GUPTA

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40618
Apr, 01
2020
DIRECT TAXES - ( ONLINE FILING OF FOM 15H )

A Taxdeductor has received Form 15H for nondeductionof TDS on Interest income of Rs 496000- for Fin Year 2019-20 on 25-3-20 . Interest is credited on 31-3-20. By which date Form 15H can be Efiled on Portal Isthere any relaxation in current Scenerioas DSC is required for same

BY: Mahesh Kumar

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40619
Apr, 01
2020
MISC. - ( CONVERSION OF CA PARTNERSHIP TO CA PROPRIETOR )

A FIRM ESTB.1962 HAVING CURRENTLY 2 PARTNERS. SENIOR PARTNER PASSED AWAY RECENTLY. NOW LEFT WITH JUNIOR PARTNER HE WANTS TO CONTINUE THE FIRM AS PROPRIETOR...WHAT IMPLICATIONS ON, NAME, ESTB DATE. SENIORITY OF FIRM BEING CARRIED FORWARD FOR BANK AUDIT CAG EMPANELMENT ETC AND ICAI RECORDS? JUNIOR PARTNER EXPERIENCE IS 12 YEARS. SENIOR PARTNER QUALIFIED MORE THAN 50 YEARS BACK. OR IS IT BETTER TO ADD ANOTHER PARTNER AND CONTINUE TO FIRM PARTNERSHIP CONSTITUTION? MY PHONE NO. IS 9970088669 ANY FEEDBACK WOULD BE GRATEFUL.

BY: Kalyan Chakravarthy Vennety

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40616
Mar, 27
2020
DIRECT TAXES - ( 079710 )

My Individual (Non -business Income) Client has sold his residential house for Rs. 3 cr (SDV also 3 cr) . in FY 11-12 During assessment proceedings AO refer the valuer for Fair Market value to Departments valuer u/s. 142 A. and since the report was not got till 31st Dec. 2019 he made assessment subject to valuer's report . but Now the dept. valuer valued the same as 3.5 cr. and now AO issued notice u/s. 154 for enhance our income by Rs. 50 lacs. Can he do so ? whereas our sells consideration is actually Rs. 3.5 cr. as well as our banking tr. are also same AO has not found any other material evedince for disbeliving the consideration . what are the other factors and grounds which we should rely on for further appeal . Thanks in Advance

BY: SANDEEP KAPOOR

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40609
Mar, 17
2020
DIRECT TAXES - ( TAX TREATMENT OF IMMOVABLE PROPERTY HELD AS STOCK IN TRADE BY A COMPANY AND LATER CONTRIBUTED AS CAP )

What will be the tax treatment of immovable property held as stock in trade by a company and later contributed as capital into a partnership firm and will continue to be the stock in trade by the partnership firm ?

BY: Gaurav Kumar Baranwal

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40608
Mar, 14
2020
AUDIT - ( PRESENTATION AND TREATMENT OF OTS AS PER IND-AS )

Wanted to check presentation and accounting in books for Loan settlement as per Ind-AS.

BY: PARAS GUPTA

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40602
Mar, 07
2020
CORPORATE & OTHER LAWS - ( RERA )

While Issuing FORM 3, need to consider income and Expenditure of Land Owner Also?

BY: Sai Ram

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40596
Mar, 05
2020
AUDIT - ( AUDIT US 44AB IS REQUIRED OR NOT )

An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD. In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%. In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by bank. Declared profit @ 6.28%. He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-). His Gross total income comes to below basic exemption limit of Rs. 2,50,000/- after set off of loss from house property. In this case, do he need to get audited his books of accounts as he was not eligible to opt in u/s 44AD and total turnover was below 1 crore, declared income less that 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set off of loss from house property and before claiming deduction under chapter VI. ?

BY: VIRAL THACKER

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40597
Mar, 05
2020
Service Tax - ( DEMAND DUE TO WRONG NOTFN NO. IN ST3 RETURNS )

A Service provider filed ST–3 Returns by wrongly including Negative list item-sale of goods turnover of Rs.9.5 crores to the taxable service and claimed exemption by giving Notification No.7 of 2015 . On Rs.1.5 crores man power supply also, the assessee has claimed 100% abatement in ST-3 Returns by giving notification No.30/2012 item No.10 instead of Sl No.8. The mistakes were pointed out by the AG AUDIT PARTY. AC has issued show cause Notice with demand of around Rs1.8 crores saying that he is not entitled to the exemptions as mentioned in ST-3 RETURNS in respect of the services provided U/s Section 65(39a) and Section 65(64) – Erection, commissioning and Maintenance or Repair Service to Mobile companies It is only disclosure mistake - the Sales Turnover suffered VAT Tax and the claim of 100% abatement on man power supply is also correct except giving wrong S.No.10 instead S.No.8 in ST3 Return. Are there any case laws supporting the above facts where the department cannot levy service tax just for claiming exemptions/ abatements under wrong notification number in returns when the assessee can prove his claims with documentary evidence? Please give your valuable advice with case laws, if any, in satisfying the A.C that the sales already suffered VAT and claim of abatement is also correct except giving wrong exemption notification No in ST-3 Returns and there cannot be service tax demand just for disclosure mistakes

BY: M. UMA MAHESH

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40595
Mar, 04
2020
GST - ( GST REGISTRATION )

AN E-COMMERCE SELLER WANTS TO REGISTER IN ANOTHER STATE AT E-COMMERCE OPERATOR WAREHOUSE THAN HOW TO OBTAIN NOC FROM ECO FOR USE OF WAREHOUSE AS PRINCIPAL PLACE OF BUSINESS .

BY: DHARMENDRA GORA

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40587
Feb, 29
2020
DIRECT TAXES - ( ACCEPTANCE OF LOAN IN CASH )

X AN INDIVIDUAL CARRY ON BUSINESS OF CONTRACT WORKS. HE FILED HIS RETURN FOR FY 2017-18 U/S 44AD. NOW IN FY 2018-19 THE SAME BUSINESS IS CONTINUED AND HE WILL BE FILING RETURN U/S 44AD. BUT IN FY HE HAS TAKEN A UNSECURED LOAN OF RS 5.00 L FROM HIS FRIENDS, BUT THIS LOAN IS IN CASH. SO THE ACCEPTANCE OF LOAN ATTRACTS TAXATION LIABILITY U/S 269SS. (ACCEPTANCE OF DEPOSIT OR LOAN IN CASH IN EXCESS OF RS 10 K) , WE WILL ADD THE LOAN AMOUNT TO HIS INCOME. BUT MY QUERY IS IN WHICH HEAD THIS LOAN TAKEN IN CASH WILL BE ADDED. BECAUSE HE IS NOT FILING 3CD AS THE BUSINESS IS DECLARED IN 44AD. SO HOW THE ADDITIONS FROM 3CD WILL BE INCLUDED IN HIS RETURN OF INCOME. IN FY 2018-19 HE HAS A TOTAL BUSINESS RECEIPT OF RS20 L AND NP @ 10% IS RS 2.00 L + UNSECURED LOAN OF RS 5.00 L = 7.00 L IS HIS TAXABLE INCOME. PLEASE GUIDE HOW TO SHOW THIS 5 L IN HIS TOTAL INCOME IN THE RETURN SO THAT THE QUESTION OF ADDITION U/S 269SS WILL BE TAKEN CARE OF ASSESEE HIMSELF

BY: pradeep kumar agrawal

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40581
Feb, 27
2020
GST - ( POWER OF SPECIAL SECRETARY_CBIC )

Dear all, As all of you are aware that CBIC in its special drive has started sending mails demanding interest for belated filling of 3B after passing an internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 by Special Secretary,CBIC . One of our clients got such type of mail.We have given our submission citing provisions and case laws.In response to that submission honble superintendent revert following mail to us.I am sending that mail in toto to all of you for my information and knowledge that WHETHER A SPECIAL SECRETARY HAS GOT POWER TO SUPERSEDE HIGH COURT`S JUDGEMENT ??? Awaiting for your response. Dear Taxpayer, in response to your letter, this is for your kind information that the amendment what you have stated in your reply has not been notified by the Government till date. Section 50 of the CGST Act, 2017 is very clear in this regard. Hence, you claim of payment of interest on cash amount is not sustainable. Secondly, despite of judgement of Madras High Court, Special Secretary, CBIC superseding the Judgement of Madras High Court, vide D.O. letter dated 10.02.2020 has ordered to recovery the interest on Gross Tax and Gujrat High Court's interim stay order is not a final order. Therefore, you are again requested to deposit the interest amount failing which recovery proceeding under Sub-Section 12 of Section 75 of the CGST Act, 2017 will be initiated against you. Thanking you Yours faithfully (Nikhilesh Bhattacharyya ) Superintendent of Central Tax & Cx Range-IV: Junglepur CGST & CX Division

BY: SUDIP KUMAR MUKHOPADHYAY

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40583
Feb, 27
2020
MISC. - ( NAFRA-2 )

With regard to Form NFRA-2, following clarifications are required. It would be very helpful for us to file the form accurately. 1. Under clause 3b - Whether the Auditor filing the annual return has been subjected to any other reviews by other regulators ? - Do an auditor regulated by ICAI, need to report its peer review conducted by ICAI. 2. Under clause 4 (AUDIT CLIENTS AND AUDIT REPORTS OF THE AUDITOR) of the Form NFRA-2, do an auditor who has been appointed as the branch auditor of Banks, Insurance Co., or other companies etc. are also required to report under this para.

BY: SAHIB CHOUDHARY

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40584
Feb, 27
2020
MERGER & ACQUISITION - ( 182513 )

How we can get the name of a company with which a particular company (whose name, we know) has amalgamated?

BY: Pavankumar R. Nipanikar

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40580
Feb, 26
2020
DIRECT TAXES - ( 079710 )

w.r.t foreign payment made there arose a TDS liability, but inadvertently the same was grossed up in form 15CA as well as form 15CB . In consequences thereof, an excess of TDS is being deposited to the IT department. Now , Can we adjust the excess TDS deposited in another payment made to the same person if yes what is procedure for adjustment .

BY: SANDEEP KAPOOR

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40570
Feb, 14
2020
COUNCIL DECISION - ( APPENDICES TO THE CA REGULATIONS, 1988 )

I want to refer to updated Appendices to The CA Regulations, 1988. Can anyone help me with where can I find a copy of it? It is not available on The Institutes website and its also not available on the CDS portal.

BY: AKSHAY SHAH

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40562
Feb, 06
2020
GST - ( IMPLICATION OF GST ON STOCK TRANSFERRED TO FIXED ASSETS )

In Case of Builders, whether the value of work in progress held as stock if transferred to Fixed Assets will be subjected to GST ? Meaning thereby Whether GST will be applicable in case stock is capitalised as Fixed Assets during the relevant year ?

BY: Gaurav Kumar Baranwal

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40561
Feb, 04
2020
DIRECT TAXES - ( TAX EFFECT ON ITEMS PASSED THROUGH OCI )

In the case of IND AS companies, certain items are passed through OCI. While computing income tax, we start from P & L profit or loss. Whether effect should be given for items passed through OCI? In the case of MAT paying companies u/s.115JB, CBDT has come out with a circular that starting point is PBT. But in the case of other companies, whether items in OCI should be given effect in tax computation? Please clarify. IND AS 1 says that OCI items should be net of taxes. Does it mean that OCI items have to be considered in computing taxable income?

BY: balasubramanian

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40557
Jan, 29
2020
GST - ( REGARDING GST TAX LIABLITY )

There is problem regarding GST tax bifurcation. Actually, As per books it has been shown as IGST liablity and same has been paid under IGST head but it was supposed to be CGST and SGST liablity. During the GST audit , In annual return it has been corrected and shown under correct head . But problem arises how to show the same in GSTR 9C figures as per audited books of account and how to deal it.

BY: Binod Kumar Banka

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40555
Jan, 27
2020
IFRS - ( EEFC ACCOUNT- ACCOUNTING TREATMENT )

Dear All, As per AS 11, ICAI Compendium of Opinions, Vol XXIX,all transactions whether involving receipt of foreign currency or payment in foreign currency, should be recorded at the exchange rate as on date of transaction. EEFC accounts should be recorded at the exchange rate on the date of transaction. The Company can not account for the payments from EEFC accounts at the exchange rates applicable to receipts without considering the exchange rates prevailing on the dates of payments from the accounts. ______________________________________________ My query is as under. Our organisation have EEFC account. If We have made export of 100 USD and We are receiving 100 USD at a time. Against on same day We have import payment from EEFC too, amounting to 40 USD. For E.g. Buy Rate 70, Sell Rate 72 We received from Bank net payment advise for 60 USD*72=Rs 4320. Now, if as per AS respective rates are taken in which bank EEFC account is maintained, Following entries are passed. 100 USD*72= Rs 7200 Receipt 60 USD*70= Rs 4200 Payment Net Receipt Rs 3000 However as per payment advise it is Rs 4320 as with same USD rate payment is knocked off. So whether should be record gain of Rs 1320 (as per Accounting Standard Rs 3000 vs. Actual Received Rs 4320).? Please guide. Also EEFC account needs to be shown separately in Balance Sheet under Cash and Bank balance?

BY: Pujit

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40554
Jan, 25
2020
Income From House-Property - ( JOINT DEVELOPMENT AGREEMENT )

In case of Joint Development Agreements, post 01.04.2018, section 49(7) defining cost of acquisition of property and section 45(5A) defining sale consideration are similar (assuming no change in stamp value over a period of 2-3 years). This results in the cost of acquisition and sale value being the same and hence no capital gain arises. Is my understanding correct? Can this be considered as an initiative by the Government to senior citizens, who usually want to develop their old/existing houses, without much liquid resources to spare in case of capital gains arising out of completion of building. Please clarify regarding the same. Also, if one of the newly developed flats is sold a year later, what will be the cost of acquisition of the property and when it will be considered long term and short term respectively?

BY: CA. ANURADHA A V

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40550
Jan, 23
2020
GST - ( DISCLOSURE IN GSTR9C WHERE TURNOVER IS DISCLOSED IN PROFIT & LOSS ACCOUNT INCLUDING GST )

The entity has disclosed the gross turnover as well as purchases in profit and loss account including GST. The additional amount payable through cash ledger is also debited to profit and loss account. The GST amount is stated separately but debited to profit and loss account. The GSTR 3B and GSTR 1 are filed correctly disclosing the net turnover and input is correctly claimed. Can the component of GST in the gross turnover can be separated and stated in 5O of GSTR9C as "adjustment of turnover due to reasons not listed above"?

BY: SANTOSH JAGANNATH PAI

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40546
Jan, 21
2020
GST - ( TRATMENT OF ITC DIFF IN GSTR9 )

Details of Query: - ITC ledger as per audited books of account (F.Y. 17-18) Rs. 100 - ITC as per filed 3B for F.Y. 17-18 was Rs. 90 - But actually our eligible ITC was only Rs. 60. Hence we reversed excess claimed ITC of Rs. 30 in 3B returns of next F.Y. 18-19 and also reversed ITC excess ITC of Rs .40 in books of FY 18-19 (since FY 17-18 were audited). What will be treatment in GSTR 9 C Form ??? Is below treatment would be correct one or Other, please suggest ? Point 12 in Pt. II of Form 9C 12.A. - ITC availed as per audited Annual Financial Statement : i.e. 100 12.E. - ITC claimed in Annual Return (GSTR9 – point 7J): i.e. 90 12.F.- Un-reconciled ITC : 10 Then we can mention - Reasons for un-reconciled difference in ITC can be writteen as under: Reason 1 .ITC reversed in 3B of next filed 3B return Rs. 30 Reason 2. ITC Reversed in books of F.Y. 18-19 (but related to Previous year F.Y. 17-18) Rs. 40. Thanks.

BY: RAJENDRA SEWDA

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40528
Jan, 04
2020
GST - ( SELLER MAKING SALES THROUGH ECOMERCE OPERATOR-SWIGGY )

A seller making sales through ecommerce operator-swiggy , in which gst is charged on value after discount but not on the pakaging charges . in this case what will be our taxable value while filing gst returns Also please help me where these ecommerce transactions to be shown in gstr-1

BY: MOHAMMED MASEEH UR REHMAN

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40525
Jan, 03
2020
MERGER & ACQUISITION - ( CONVERSION OF CA FIRM TO PROPRIETORSHIP )

Dear Colleagues, We are a two member Partnership Firm and one of the partner is leaving. What is the way to convert the Firm into Proprietorship so that the name can be retained. How can this be done on the Self-Service Portal. Thank you.

BY: Subramanya K Bhat

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40521
Dec, 30
2019
GST - ( GST ON REDEVELOPMENT SCHEME )

IN REDEVELOPMENT SCHEME EXISTING MEMBER ARE GETTING FLATS WITH EXTRA AREA WITHOUT ANY CHARGE. THERE IS INCREASES FROM 65 SQ MTR TO 85 SQ MTR . WHETHER DEVELOPER HAS TO PAY GST ON ENTIRE MARKET PRICE OR ON ONLY ON EXTRA AREA GETTING BY EXISTING OWNERS OR SIMPLY NOT TO PAY ????? NEW FLATS ON NEW FLOOR SALE PRICE BELOW 45 LAKHS . WHAT ARE RATE OF GST WITH INPUT CREDIT & WITHOUT INPUT CREDIT ??? IF SALE PRICE ABOVE 45 LAKS WHAT WILL BE THE RATE OF GST?? CA DIMPLE SHAH

BY: CA DIMPLEKUMAR V. SHAH

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40516
Dec, 25
2019
Capital Gains - ( DEDUCTION U/S 54 )

Father and son wish to buy residential property jointly. Father shall be claiming exemption u/s 54 ( he shall sell his owned residential property and invest in new one jointly with son). lets see by example: New property purchased on 25/12/2019 for 1.5 crs Fathers' estimated capital gain from sale of his old property 40lakhs. Father's residential property has to be sold within one year of the purchase of new property to claim under 54. If he is unable to sell the old property before 25/12/2020, what shall happen? Can he invest in the new property ( for claiming u/s 54 ) by buying 1/3rd share of the new property from his son? What shall be the stamp duty on the same?

BY: Pradnya M Oak

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40512
Dec, 24
2019
DIRECT TAXES - ( SECTION 271AAC VS SECTION 271DA )

DURING THE COURSE OF SEARCH OF A PERSON ' X ' IT WAS FOUND THAT ASSESSEE HAD RECEIVED BACK THE SUMS GIVEN AS LOAN TO THAT PERSON (IN WHOSE PREMISES THE SEARCH WAS CONDUCTED) IN CASH . ASSESSEE HAD ALREADY OFFERED THE SAID AMOUNT AS UNEXPLAINED CASH CREDIT UNDER SECTION 69 AND PAID THE TAX THEREON @ 60% UNDER SECTION 115BBE ALONG WITH PENALTY LEVIED UNDER SECTION 271AAC . HOWEVER THE PENALTY UNDER SECTION 271DA IS ALSO LEVIED SIMULTANEOUSLY ON ACCEPTANCE OF SUMS IN CASH . CAN PENALTY UNDER SECTION 271DA BE ALSO LEVIED IN CASE THE SUMS HAD BEEN DECLARED AS INCOME UNDER SECTION 69. SECTION 271AAC HAD STARTED WITH THE WORDINGS " NOTWITHSTANDING ANYTHING CONTAINED IN THE ACT , STILL THE PENALTY UNDER SECTION 271AAC AND PENALTY UNDER SECTIN 271 DA OF THE ICNOEM TAX ACT 1961 BE LEVIED SIMULTANEOUSLY ON THE SAME AMOUNT . PLEASE CLARIFY

BY: DEEPTI DHAKAD

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40506
Dec, 16
2019
MISC. - ( MERGER OF FIRMS )

I am Doing My Practise as Proprietor and I am Also Partner in Another Firm. Now I want to Merge my Proprietary with the Partnership Firm in which I am Already a Partner. My Question is Can I Merge My Proprietary with the Partnership Firm in the above case.

BY: Siva Ette

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40503
Dec, 12
2019
DIRECT TAXES - ( JOINT DEVELOPMENT AGREEMENT - TAX IMPLICATION TO LAND OWNER WHO IS INTO CONSTRUCTION ACTIVITY )

The assessee is a partnership firm engaged in construction activity. In has purchased land during the year 2006-07, and has started construction in 2012 and has done work to the extent of Rs. 50,00,000. Later on due to funds scarcity, it has entered into development agreement with other company for construction of flats in 2014. Construction was completed in the year 2018 and land owner has received his share of flats and started selling its share. How to treat the same in the books of land owner who is engaged in same business. Whether to calculate capital gains or business income. Kindly explain.

BY: Sushma Sireesha Mukka

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40495
Dec, 04
2019
ANNOUNCEMENT - ( REGISTERING NEW CA FIRM WITH ICAI )

I am registering a newly ca firm with icai through icai ssp portal and getting firm card, so it is mandatory to send the firm card to regional office of icai?

BY: DHARMENDRA GORA

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40485
Nov, 28
2019
DIRECT TAXES - ( DEDUCTION U/S 10AA )

Deduction u/s 10AA was disallowed by AO on the contention that ROI is filed after due date. But nowhere in the section there is a mention of such condition for claiming 10AA deduction. However in sec 143(1)(v), it is mentioned the ROI shall be processed after disallowing 10AA deduction, if the ROI is filed beyond due date prescribed in 139(1). In these circumstances, whether any appeal can be filed, what are the chances of success. Can we make the contention that the eligibility conditions prescribed in 10AA do not include the condition that ROI filing should be within the due date and the assessee is not bound by the ROI processing directions as stipulated in sec 143(1). Thank you for your guidance.

BY: Suresh Raman

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40486
Nov, 28
2019
Companies Act, 2013 - ( CLOSURE OF A PVT LTD COMPANY )

How to close a pvt ltd company, lying closed since long. Some fixed assets and current assets with liability exist in the last audited balance sheet. The same can be transferred in the name of Directors or squared off. How to proceed for closure?

BY: SURAJ KUMAR CHOUDHARY

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40483
Nov, 25
2019
Companies Act, 2013 - ( DELAY IN AUDIT REPORT )

What is to be got done in case the Balance Sheet is finalized on 30th Oct 2019, ie after the due date of AGM and no prior initiation had been given to MCA. Please advice the best possible way to deal with the issue without attracting any penal provisions.

BY: Nilanjan Kayal

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40477
Nov, 22
2019
DIRECT TAXES - ( RECTIFICATION U/S 154 )

X AN ASSESSEE RECEIVED A DEMAND NOTICE OF RS 30 K FOR ASSTT YEAR 2011-12, THIS IS DUE TO MISMATCH OF TDS. EFFECT OF FULL TDS CREDIT WAS NOT GIVEN IN THE ABOVE DEMAND NOTICE. MR X GOES FOR 154. WHILE FOLLOWING 154 PETITION IT IS SEEN THAT INTEREST ON FD WAS OMITTED IN ORIGINAL ITR. SO CAN WE CONSIDER THE INTEREST INCOME TOGETHER WITH TDS DEDUCTED ON FD AND FILE PETITION U/S 154. ORIGINAL RETURN SHOW ONLY SALARY RETURN AND TDS DEDUCTED ON SALARY. FURTHER IT IS TO BE NOTED THAT THE ORIGINAL ITR WAS FILED MANUALLY IN IT NOT WITH CPC. WE PRESENTLY RECEIVED A DIN MENTIONED INTIMATION FOR ORDER U/S 154 FROM IT IN OUR PORTAL TO SUBMIT REPLY TO THE SAME.

BY: pradeep kumar agrawal

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40475
Nov, 20
2019
Companies Act, 2013 - ( CHANGE OF AUDITOR BY PVT LTD CO )

Does Pvt Ltd company also need to apply CG for removal of auditor before term? How Pvt. Ltd company can remove erring director not participating in business, not attending board meetings ?

BY: CA. KAKKAR JITENDER

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40472
Nov, 18
2019
Capital Gains - ( JDA OF F.Y. 2004-05 )

JDA was entered in F.Y. 2004-05 and flats acquired from JDA were sold in F.Y. 2014-15, while no tax has been till now, whether old provisions or new (as per Sec. 45(5A)) would be applicable now?

BY: Hunny Badlani

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40469
Nov, 16
2019
TDS/TCS - ( TDS ON PAYMENT TO CUSTOM HOUSE AGENTS (CHA) OR CLEARING & FORWARDING (C&F) AGENTS )

Q;The Company has one shipment from X Pvt Ltd , they raised invoice in the name of Importer Y Ltd and CHA (Z Ltd) has made the payments after deducting the TDS on behalf of Y Ltd. But X Ltd is not accepting the payment because of CHA has deducted the TDS. According to Income Tax Act 1961, 1. Normally, Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents operate on a contractual basis and so the tax is deductible u/s 194C of the Income Tax Act 1961. 2. Section 194C (1) provides that any person responsible for paying any sum to any resident contractor, for carrying out any work in pursuance of a contract, shall deduct tax at source at a specified percentage. 3. Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents make payments on behalf of the importers and exporters towards statutory levies, for example,dues, customs duties, etc., and other reimbursable expenses like Container charges, ICD Charges, stamp charges, and processing other statutory charges. when the payment is Subject to TDS according to the provisions of IT Act 1961, making the payment through an agent does not alter TDS liability. Therefore we are liable to deduct TDS while making payment to Shipping line Still X Ltd are refusing to accept payment with TDS Deduction. They are saying that Third payment is always consider as reimbursement of expenses which is not liable for deduction of any tax at source so please don’t deduct our tds . Give your valuable suggestions regarding the above matter

BY: GOPAL KUMAR AGRAWAL

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40462
Nov, 13
2019
Companies Act, 2013 - ( PUBLIC BORROWINGS/FINANXIAL INSTITUTIONS )

in section 139(2) of companies act public borrowings from financial institutions .... whats is the meaning of public borrowings or what is the meaning of financial institutions please....... public borrowings as per defination is tradable instrument

BY: MANOJ

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40463
Nov, 13
2019
DIRECT TAXES - ( 079710 )

we have file ITR of AY 2017-18 of Trust in Feb 2018 along with Form 10B . My querry is that whether Exemption may be withdrawn for AY 2017-18 or we can save assesee for filing condonation of delay of Form10B and whether condonation of delay file be online or offline . pl. let us know the procedure to file Condonation of delay of Form 10 B . Its urgent

BY: SANDEEP KAPOOR

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40455
Nov, 06
2019
Companies Act, 2013 - ( APPOINTMENT OF CEO IN PVT LTD CO )

How to appoint a CEO in private limited company? Will DIR-12 will suffice by the appointment of Director or MGT-14 needs to be filed in addition to the same. Thanks and regards

BY: SURAJ KUMAR CHOUDHARY

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40446
Oct, 31
2019
DIRECT TAXES - ( HUF FUNDS )

How Funds owned by a HUF like capital in a firm or Loan to somebody,can be transferred partially to its members Whether Partial Partition deed is required to be prepared

BY: Mahesh Kumar

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40444
Oct, 29
2019
DIRECT TAXES - ( ITR FILING DATE IN CASE OF COOPERATIVE SOCIETY )

A cooperative society regd in Punjab doing construction and labour provider job has not done any business during F Y 2018-19. It has not been audited by Cooprative Society Auditor nor is eligible for Tax Audit. It is having a nominal Interest income which is adjustable against Previous Year carried forward Loss. Whether in this case date of reurn filing is 31-8-2019 or 31-10-2019in FY 2018-19

BY: Mahesh Kumar

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40445
Oct, 29
2019
DIRECT TAXES - ( ITR WITHOUT DIGITAL SIGNATURES OF COOPERATIVE SOCIETY )

Whether a cooperative society can file ITR without Digital Signature if it is not eligible for Tax Audit.Statutory Audit has not been done by Cooperative department in this case

BY: Mahesh Kumar

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40442
Oct, 24
2019
AUDIT - ( SALARY RETURN FILED, CAN NOW TAX AUDIT(F&O LOSS) PLUS REVISED RETURN CAN BE FILED? )

ITR-1 for Salary income only was filed by the assessee on 1st Sept 2019 for F.Y. 2018-19. ITR is not processed yet. Can now Tax Audit Report for F&O Business and Revised Return including the same be filed?

BY: Hunny Badlani

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40435
Oct, 18
2019
FINANCIAL MANAGEMENT - ( BREAK UP VALUE OF SHARES )

should we give effect to deferred tax liability or assets while arriving at break up value of shares

BY: VIJAY PROHIT

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40432
Oct, 14
2019
DIRECT TAXES - ( LLP DEED CHANGES )

A LLP is working. Now some Partners are to be inducted in the same LLP. The new Parthers have already give their Share to the LLP before 31.3.19. The LLP has kept their money as Unsecured Loan. Now they want to become Partners in the LLP. A Fresh LLP Agreement is Drafted on 01.10.19. Whether we can make it effective w.e.f 01.04.2019. Meaning that the New Partners shall become Partners of the LLP since 01.04.2019.

BY: AJAY JAIN

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40429
Oct, 12
2019
DIRECT TAXES - ( CHARITABLE TRUST )

TRANSFER FIXED ASSET BY A CHARITABLE TRUST REGISTERED U/S 12AA TO ANOTHER CHARITABLE TRUST WITH SAME OBJECT S BUT WITHOUT REGN. U/S12AA. KINDLY CLARIFY THE IMPACT FOR THE TRANSFERROR TRUST AND THE TRANSFEREE TRUST UNDER INCOME TAX ACT

BY: P.SHANGAR

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40430
Oct, 12
2019
DIRECT TAXES - ( MAT ON FARMERS PRODUCER COMPANY )

AS PER SECTION 80 P THE INCOME TAX ACT, INCOME OF THE FARMERS PRODUCER COMPANY IS EXEMPT FROM FY 18-19 ( AS PER THE BUDGET 18-19) LIMIT TURNOVER IS UP TO 100 CRORES, AVAILABLE FOR 5 YEARS FROM AY 2019-20 LET ME KNOW WHETHER MAT IS PAYABLE ON THE SAME FOR COOPERATIVE SOCIETIES THE AMT IS NIL WHETHER THE SAME BENEFIT IS AVAILABLE FOR FARMERS PRODUCER COMPANY

BY: sadashiv iranna c

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40426
Oct, 11
2019
DIRECT TAXES - ( SECTION 145A OF INCOME TAX ACT INMPACT )

After the introduction of section 145A of the Income tax Act 1961 Whether exclusive system of accounting for taxes is still permitred ? Exclusive system of taxes Considering taxes which can be claimable as a part of Balance sheet and npt routing through Profit and loss statement

BY: DINESH ARAVINDH V

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40427
Oct, 11
2019
DIRECT TAXES - ( HUF DIFFERENCE BETWEEN MEMBER AND CO PARCENER )

Sir, kindly let me know difference between Member and Co parcener in the case of HUF

BY: AJAY JAIN

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40425
Oct, 10
2019
MISC. - ( STANDING OF A CA PROPRIETOR FIRM MADE BY A PART TIME COP HOLDER )

Q1 If a member holding Part time COP made a Proprietorship firm and later on he started a full time practice, so from which date standing of that firm will be counted, whether from date of its incorporation or date from which member converted its COP to full time? Q2 Also member holding Part time COP can train article assistant while acting as a partner of a practicing CA firm?

BY: JAYESH GEHANI

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40417
Oct, 03
2019
MISC. - ( SETTING OFF OF EXPORT PROCEEDS )

An Indian Company exports software services to its holding company in USA. Holding Company settles the invoice as per terms. From current year, holding company decides to allocate some common costs to its subsidiaries located across the globe. Accordingly, a proportion is apportioned to Indian Subsidiary. This expense will hit Indian Subsidiary's Profit and loss account. Let know whether export proceeds realizable by the Indian Subsidiary can be netted off with this expense under FEMA Regulations. Also let know, if Indian Subsidiary has to pay GST on this expense.

BY: balasubramanian

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40416
Oct, 02
2019
GST - ( GST AND INCOME TAX IMPLICATION IN CASE OF SLUMP SALE )

Shree Advertisers (here-in-after referred to as ‘the company’) is engaged in the business of selling advertising space or time .The company intends to sell its sole proprietorship business (alongwith assets and liabilities) as a whole and wants to know the tax implications under GST and Income tax Act. 1.Whether GST is applicable on sale of proprietorship business and its assets and liabilities as a whole? 2.What will be the tax implication on sale of assets and liabilities as a whole under Income tax Act , 1961? . 3.Will there be any exemption from capital gains tax if the profit arising from slump sale is reinvested in long term capital asset?

BY: shruti chhalani

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40415
Sep, 30
2019
GST - ( GST INPUT )

Mr X has taken a Residential building on Rent from his wife Y and starts to operate a guest house in that building Mr. X has some expenditure in interiors in Fy 19-20 and Commercial transactions /operation may commence in FY 2020-2021 . My Querry is whether GST Input on Expenditure incurred on interiors on Building and Fixed lighting , decoration etc will be available to Mr. X and what should be treatment of such expenditure as Pre-operative exps. or Booked as revenue expenditure and claim as Business Loss in Fy 19-20

BY: SANDEEP KAPOOR

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40410
Sep, 28
2019
DIRECT TAXES - ( AMOUNT RECEIVED FROM INSURANCE CO )

AMOUNT RECEIVED FROM INSURANCE CO IS EXEMPT U/S 10(10D).IS IT APPLICABLE TO ANY AMOUNT OR THERE IS SOME OTHER CONDITIONS.

BY: SUDIP KUMAR MUKHOPADHYAY

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40406
Sep, 26
2019
GST - ( RATE OF GST ON PURE LABOUR CONTRACT UNDER AFFORDABLE HOUSING PROJECTS )

Rate of GST on pure labour contract under affordable housing projects like projects under CM Jan Aavas Yojna ? Is they are exempt or liable for tax at what rate

BY: SUBHASH CHAND

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40399
Sep, 21
2019
CORPORATE & OTHER LAWS - ( DPT-3 UNDER RESUBMISSION )

DPT-3 filed for private limited company was put under resubmission with the remark to submit the same with details list of such outstandings. How it is possible to get these details in case of an old companies carrying these since long (20 years) and for which no informations is readily available. What is time limit for resubmission as no specific time limit is given under remarks.

BY: SURAJ KUMAR CHOUDHARY

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40394
Sep, 16
2019
INDIRECT TAXES - ( IGST -SEZ UNIT )

an SEZ unit is taking services of a hotel for an event management which will be taking place at their hotel - Convention hall. Will the services attract IGST (considering as supply of services to SEZ unit) or it will be subjected to CGST /SGST ( considering that place of supply is Hotel iteself and is not teh SEZ unit)

BY: GeetikaSetia

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40392
Sep, 15
2019
GST - ( GST ON TRAINING SERVICES )

what will be the gst impact for a person who is providing training services from india to people outside india through digital mode ?

BY: ravi kishore bhagi

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40391
Sep, 14
2019
SME - ( HOW TO CHANGE PROPRIETOR )

A proprietor ship firm wants to change its proprietor in the existing firm. What's the best way to do the same.

BY: SURAJ KUMAR CHOUDHARY

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40389
Sep, 13
2019
DIRECT TAXES - ( NEW REQUIREMENT IN COMPANY INCOME TAX RETURN )

In case of Pvt Ltd Company, there are two additional requirement apart from existing one, which are very difficult to furnish: 1. Shareholders details with PAN numbers. 2. Assets particulars with date of acquisition. A private limited company, which have been registered 30 years ago, how these details could be gathered and where from to arrive these figures. Even ROC data is available for last 12 years. Please respond

BY: SURAJ KUMAR CHOUDHARY

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40390
Sep, 13
2019
DIRECT TAXES - ( FORM 3CD LOAN REPAYMENT OTHERWISE THEN IN CASH )

Unsecured loan was taken by way of journal entry in one hand from another as legal heir fund. How to disclose the same in 3CD, as this entry fall in none of the prescribed mode. Similarly how to disclose payment of Interest on unsecured loans which is paid by way of journal entry only

BY: SURAJ KUMAR CHOUDHARY

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40388
Sep, 11
2019
GST - ( GST ANNUAL RETURN )

Whether pure agent services like paying taxes on behalf of some person be considered as exempt supply in GST...?? If yes, whether the amount received as a pure agent be included in computing the aggregate turnover for the purpose of audit of a taxpayer..???

BY: CA Neha Gupta

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40384
Sep, 10
2019
MISC. - ( ITR - 6 FILING )

Companies have to furnish details of “assets” including Jewellery, Painting etc., Unfortunately, it is not mentioned as “Fixed Assets”. Assets naturally includes inventories also. Does it mean a Private Company having a Jewellery Shop has to furnish details of jewellery for the above requirement in ITR 6

BY: Ethirajan

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40382
Sep, 07
2019
DIRECT TAXES - ( INCOME TAX )

Dear sir, One of our client is selling a plot of land and to avoid tax he is telling me that he will gift the property to the purchaser and the purchaser has agreed to pay tax on it under sec 56. However there will be exchage of consideration in the form of Cash. Will there be any liablity on the Seller. Under Income Tax Act

BY: VIPIN GUPTA

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40383
Sep, 07
2019
DIRECT TAXES - ( TDS )

Dear Sir, There is audit U/s 44AD and previous year and this year his turnover is 1.5 cr to 1.7 cr. He has paid interest to one party unsecured loan Rs 150000/- will he be liable to TDS. As limit U/s 44AB (a) is Rs 1 Cr.

BY: VIPIN GUPTA

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40379
Sep, 05
2019
OTHER BODIES - ( REGARDING PART TIME COP )

Hi, I want to know whether Part Time COP Member can hold his Proprietor Firm while doing job at CA Firm?

BY: ABHISHEK SUSHILBHAI GOYAL

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40374
Aug, 29
2019
GST - ( GSTR 9 TABLE 18 HSN WISE REPORTING FOR IMPORT )

Dear Sirs, My query is relating to HSN wise reporting on imports. 1. Under taxable value which value we have to enter, whether assessable value as per Bill of Entry or Purchase value? 2. Sometimes the IGST charged by the customs authority slightly varies with the rates mentioned under rate tab in the table. Because of this portal is not accepting the import. How we can resolve this difference?

BY: NIRAJ PM

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40372
Aug, 28
2019
DIRECT TAXES - ( TCS ON HIGH SEAS SALES )

WHETHER TCS ON SALE OF COAL TO TRADER ON HIGH SEAS SALES AGREEMENT APPLIANCE ? PLEASE GOOD BOOKS FOR HIGH SEAS SALES AGREEMENT DRAFT .

BY: CA Chirag Mirani

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39369
Aug, 27
2019
Service Tax - ( REGISTRATION UNDER SERVICE TAX )

Sir one of our client is rendering service for construction of government school buildings and work of phed and pwd. WE have recevied notice from service tax department alleging us to take service tax registration and discharge service tax liablity. He is telling us that you can ignore servie U/s 66D for registration since you are rendering service whether taxable or exempt you have to take registration. Is he correct kindly provide reply quoting proper section as i will use it in my reply

BY: VIPIN GUPTA

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39368
Aug, 26
2019
GST - ( ANNUAL RETURN - PT. IV COL 9 DETAILS OF TAX PAID. )

Dear Sir, Whether in Pt. IV Col 9 "Details of tax paid as declared in returns filed during the financial year", tax payable to be declared should be as provided in GSTR-3B filed during the year or it should be amended with the changes made through Annual Return and tax paid through DRC-03?

BY: Hunny Badlani

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39366
Aug, 25
2019
GST - ( GSTR 9 )

Dear sir, My query is bifurcation in point 6B will be as per books or we have to bifurcate point 6A figure whether it is wrong or right

BY: VIPIN GUPTA

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39357
Aug, 20
2019
GST - ( GST ON SERVICES GIVEN TO WORLD BANK )

Dear Colleagues, Is there any GST exemption on services given to World Bank?

BY: Prashanth Karanth

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39346
Aug, 14
2019
DIRECT TAXES - ( 079710 )

A society is regd. under society registration act and their object is to specific for interest of particular community . They collect membership from their members and Donation from members and outsiders too and spent on their cultural activity , refreshment and some time some charitable activity also like medical camp etc. My querry is whether surplus of such cultural activity is exempt and weather concept of principal of mutuality will attract pl. clarify in details

BY: SANDEEP KAPOOR

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39347
Aug, 14
2019
GST - ( AMOUNT COLLECTED TO DEPOSIT BILLS ETC )

ONE PERSON IS RUNNING A CYBER CAFE FROM WHERE HE IS PAYING ELECTRIC BILLS,DEPOSITING INCOME TAX & GST AND OTHER STATUTORY LIABILITIES OF GENERAL PUBLIC AFTER COLLECTING CASH FROM THEM.HE IS PAYING FROM HIS CURRENT OR SAVINGS A/C.TOTAL DEPOSIT DURING THE YEAR EXCEEDS 60 LACS IN A YEAR.SHOULD HE GET GST NUMBER AND ISSUE INVOICE TO HIS CUSTOMERS ???

BY: SUDIP KUMAR MUKHOPADHYAY

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39341
Aug, 13
2019
DIRECT TAXES - ( PROOF OF TAX DEDUCTION IN FOREIGN COUNTRY )

Dear All, An assessee (Resident Individual) received income from US Company by way dividend on Stock Options held. Withholding tax has been deducted @ 25% on the Dividend Income by the Foreign Company/ Broker. Before filing ITR 2, we need to file Form 67, in order to claim credit of Tax deducted in Foreign Country. While filing Form 67, we need to attach the proof of Tax deduction in Foreign Country. We have Form 1042-S, for the Tax deducted during the period Jan – Dec 2018, whereas for the Period Jan – Mar 2019, we have only the broker statement. Is it sufficient to attach the Broker Statement for the period Jan – Mar 2019, or is there any other alternative. Please advise. Thanks,

BY: RAMAN

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39324
Aug, 02
2019
CORPORATE & OTHER LAWS - ( NON FILLING OF THE ANNUAL RETURN UNDER FCRA )

A Society registered under 12AA of the income tax act and also with FCRA, did not file annual return in Form FC 4 to the Ministry of Home Affairs for year ending 31.03.2018, because the Secretary of the society was unwell .Now the Society wants to file the return. What is the procedure and consequences. How to save the rigor of penalty.

BY: Varthamana Chandranathan Devadoss

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39317
Jul, 31
2019
DIRECT TAXES - ( JDA )

JDA AGREEMENT ENTERED INTO IN 2013.LANDLORD GOT SAY,20 LACS AS SECURITY DEPOSIT AND SHOWN AS LIABILITY IN B/SHEET. IN 2018,PROMOTER AND LANDLORD ENTERED INTO SEPARATE AGREEMENT TO SALE OUT LANDLORD`S PORTION FOR CONSIDERATION OF SAY RS 2 CR. AND RECEIVED RS 5 LACS IN FY 2018-19 AS PART PAYMENT. LANDLORD DOES NOT HAVE GST NUMBER. WHAT WILL BE THE INCOME TAX & GST IMPLICATION IN THE BOOKS OF LANDLORD ??

BY: SUDIP KUMAR MUKHOPADHYAY

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39320
Jul, 31
2019
GST - ( ITC WRONGLY UTILISED AGAINST WRONG LIABILITY )

A party has declared wrong IGST liability and adjusted CREDIT of IGST IN 3B .WHERE AS actual liabilty(C/SGST) is declared in GSTR-1 which is higher than liabilty(C/SGST) higher than 3B. Therefor C/SGST is short paid. Whether excess IGST input can be adjusted for payment of output C/SGST ??? Or take refund of IGST and paid the short liability of C/SGST ??

BY: avadhesh gabel

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39316
Jul, 30
2019
Companies Act, 2013 - ( GUARANTEE BY COMPANY TO BANK FOR ITS RELATIVE ENTITIES )

ABCD Pvt Ltd is a Company with 4 Directors viz A, B, C and D. PQ is a partnership firm wherein Mr.A and one other person are partners. Now, ABCD Pvt Ltd and PQ (Partnership firm) have applied for Cash Credit Limit in Bank (say 50 Lacs for ABCD Pvt Ltd and 40 Lacs for PQ). The property which is to be mortgaged as security is owned by ABCD Pvt Ltd. Now is there any bar on the Company giving guarantee for PQ so that Extension of EM can be done? Please help

BY: BIJOY KUMAR BANSHAL

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39313
Jul, 29
2019
Companies Act, 2013 - ( BENIFICIAL OWNERSHIP )

Whether BEN form is applicable to existing ownership in Private limited Company? Since most of the private limited companies in India is governed by beneficial Owner only in which separate disclosures are already made in financial statements. Despite of these, whether the same is required to be submitted by these Companies? Any exceptions?

BY: SURAJ KUMAR CHOUDHARY

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39315
Jul, 29
2019
GST - ( GST )

We have made a supply to a unit which purchaser told us to be in SEZ unit latter on it was discovered that the unit was in dometic tarrif area, as a result tax is to be deposited now. We have earlier issued bills without mentioning GST under LUT. Now we have to deposit tax. I want to ask 1. As earlier we have shown in 3B as zero rated now we have to deposit tax through 3B. Do we have to show the sale again in taxable outward supply or we have to show only tax along with other outward supply. 2. As regards GSTR 1 we have shown it as deemed export now we have to show it as taxable sales. As we have shown the taxable value and not the tax. To give benefit of tax will debit note will be correct option or supplementary invoice. If we issue debit note what we have to fill in note value will it not make the sale double if we show note value or we can show only tax. Will there be any mismatch in the purchasers 2A i.e invoice value without tax and debit note without value

BY: VIPIN GUPTA

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39306
Jul, 25
2019
GST - ( COMMERCIAL RENT RECEIVED BY A COMPO OPTED TRADER )

A sole proprietor trader opted composition scheme and paying GST @ 1% on Turnover. From this month he started getting commercial rent on renting of his property. Getting Rs 22,000/- per month (rent receipt is within limit specified ie 10% of TO or Rs 5 Lakh whichever is higher). What is GST rate for Commercial rent for this compos dealer?

BY: Sivaraman A.R.

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39301
Jul, 21
2019
DIRECT TAXES - ( RELIEF U/S. 90 )

Dear Sir, One of my client has earned salary income for 2 months in FY 2018-19 in USA. He has also paid tax on it. My query is that - Whether he is allowed to claim relief in respect of all the taxes paid in USA like Fedral Income Tax, Social Security tax, Medicare tax or only Fedral Income Tax? Please clarify the same. Thanking you, Regards Hayedar Shaikh

BY: HAYEDAR SALEEM SHAIKH

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39299
Jul, 20
2019
GST - ( GST ON RESTAURANT )

Hi , A Food Operator has taken a franchisee, serving ice Cream to their customer through the Retail shops in India and Also through E-commerce Operator with the rate of 5%, Such person has also not taken any Composition scheme for the Restaurants, Now the queries are:- 1. Franchisee fees, Rental for retail shops could be allowed as an input tax credit. 2. If such person will give their franchisee rights to other person and receipt some amount, then can we offset the franschisee fees Input tax credit against the tax liability on Receipt amount.

BY: Shobhit Bansal

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39296
Jul, 19
2019
TDS/TCS - ( MEDICINE EXPORT 15CB TDS )

Company has to pay registration fees to foreign government for getting his medicine registered in that country Does the amount to be remitted is liable for TDS deduction under Income Tax and DTAA of Uzbekistan In my opinion TDS under IT to be stated @20.6% while we claim exemption under article 7 of DTAA Please guide really urgent

BY: DIVYA AGGARWAL

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39297
Jul, 19
2019
DIRECT TAXES - ( JDA )

JDA AGREEMENT ENTERED INTO IN 2013.LANDLORD GOT SAY,20 LACS AS SECURITY DEPOSIT AND SHOWN AS LIABILITY IN B/SHEET. IN 2018,PROMOTER AND LANDLORD ENTERED INTO SEPARATE AGREEMENT TO SALE OUT LANDLORD`S PORTION FOR CONSIDERATION OF SAY RS 2 CR. AND RECEIVED RS 5 LACS IN FY 2018-19 AS PART PAYMENT. LANDLORD DOES NOT HAVE GST NUMBER. WHAT WILL BE THE INCOME TAX & GST IMPLICATION IN THE BOOKS OF LANDLORD ??

BY: SUDIP KUMAR MUKHOPADHYAY

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39295
Jul, 18
2019
GST - ( EWAY BILL GENERATED BY MISTAKE IN LAST FY 18-19 )

Dear Professionals, Please guide for the below case study. For the FY 2018-19, my Client's Turnover as per GSTR-3B & Books is 10 Lacs(Assumed).He is involved only in interstate sale of goods.The Turnover as per the E-Way bills generated is coming to 11 Lacs.(Extra way Bill generated twice for same invoice by the client) In April-19 he received a notice(DRC-01) from the department u/s 73 for payment of differences of output tax coming as per returns and way bill. The notice had a demand of CGST and SGST on differential of 1 lacs instead of IGST. The same was also paid by the client under the wrong head SGST and CGST. Now the point is that the notice amount has been paid under the wrong head and the extra way bill was also generated by mistake. How to proceed in above case.

BY: Anuj Kumar Khaitan

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39284
Jul, 12
2019
GST - ( APPLICABILITY OF GST )

A firm located in India is providing digital marketing, ticket booking and customer support services for a cruise company in Australia. The Australian company have been paying in Australian dollars to the firm. Some of the customers of the Australian company are from India and they are ready to pay in INR to the Indian firm directly for the tickets booked. Does the firm has to register under GST and pay on this transaction??

BY: Achuthan P

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39285
Jul, 12
2019
GST - ( INTER STATE BRANCH SALES AT COST )

One of my client sell goods to its branch in another state at cost . Whether taxable value (which is actually cost to the client) shown in the invoice can be taken as open market value? Whether he has to add additional 10% in accordance with rule 30.

BY: NIRAJ PM

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39286
Jul, 12
2019
DIRECT TAXES - ( DEDUCTION OF INTEREST ON HOUSING LOAN IF PAYMENT MADE OUTSIDE INDIA )

If a person is paying interest on housing loan from a financial institution outside india (whose income is tax free in that country), whether the payer (who gets her salary from WHO which is Tax Free) needs to deduct the TDS on that for claiming the interest on housing loan.

BY: CA Neha Gupta

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39260
Jul, 03
2019
GST - ( GST ON APPLICATION FORMS AND TENDER FEES )

A Municipal Corporation collects (1) Rs. 100/- towards charges for application forms for awas yojna (under Affordable Housing) (2) Charges for tender application documents for awarding various outsourced work of corporation. Whether GST is applicable in both the cases? If yes under which head GST is to be collected.

BY: DARSHAK MAGANLAL THAKKAR

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39261
Jul, 03
2019
MISC. - ( WHETHER OUTSTANDING EXPENSES IS INCLUDED IN CONSTRUCTION / DEVELOPMENT COST UNDER RERA FOR FORM 3 CE )

I have doubt under RERA 1. Suppose builder purchases material and incurred direct expenses for construction of a building, then for issuing Form 3 for cash withdrawal from a bank account, whether any outstanding payment (balance payment to be made to Creditors) towards the purchase of Material (Cement, Bricks etc) and Direct expenses (labour, rent of machinery) is to be included or not in Development/construction cost for Form 3 under RERA. (w.r..t.Maharashtra RERA) 2.Whether Closing stock is to be deducted from development/construction cost under RERA for issuing Form 3.(w.r.t. Maharashtra RERA)

BY: SHEKHAR KUNDLIK SAWANT

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39263
Jul, 03
2019
GST - ( COMPENSATION INCASE OF DEATH )

Is there any compensation which has been paid incase of death of proprietor who is registered under GST.

BY: Shobhit Bansal

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39258
Jul, 02
2019
GST - ( INTEREST FOR EXCESS CREDIT TAKEN IN TRAN 1 )

ONE OF CLIENTS GOT LETTER FROM DEPT CHARGING INTEREST U/S 50 OF CGST ACT FOR EXCESS TRAN CREDIT AVAILED UPTO THE PERIOD OF REVERSAL OF EXCESS CREDIT TAKEN. QUERY : IS THERE ANY OTHER RECOURSE THAN MAKING PAYMENT ??? SHALL WE GET LEGAL HELP IF WE GO FOR APPEAL ?? YOUR OPINION IS HIGHLY SOLICITED WITH REFERENCE TO SECTION,RULE,NOTIFICATION AND CASE LAWS.

BY: SUDIP KUMAR MUKHOPADHYAY

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38118
Apr, 29
2019
GST - ( INPUT CREDIT IN WORKS CONTRACTS )

Mr. A is a Government Contractor engaged in :- 1. Construction of government buildings & Roads 2. Engaged in Water Boring & grounding of water Pipelines The Works involve both goods as well as services of labour. Now in both cases contractor is purchasing goods like cement , building materials , water pipes etc as required for completion of projects with the help of owned labours. Please clarify whether the contractor can take the input of GST paid on the goods procured for the both projects or not (consider separate projects). What are the conditions for availment of GST Inputs. What will the GST Rates on the above projects. Thanks in advance.

BY: VIPIN KUMAR

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38112
Apr, 25
2019
GST - ( COMPOSITION DEALER )

There is one dealer who is registered in GST under composition scheme. The said dealer is providing various material and services to the Government Entity. Now the Government entity is deducting TDS @2% on the payment made to the supplier. Now the query is how that Composite Scheme Registered Dealer get Credit of Such TDS Amount which is deducted by Government Entity. The Government Entity is making more than 2,50,000.00 payment to the dealer. Please help to come out from this issue. As the Dealer is registered under composition scheme, he is not eligible to view TDS Credit in his Return Tab. How can he get his TDS Amount back? Thanks in advance.!!!

BY: CHIRAG DIPAKKUMAR SHETH

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38109
Apr, 24
2019
GST - ( RULE 42 )

While disallowing input with respect to exempted turnover, what is the total turnover to be taken for the month? Only the turnover which the input is utilised for or the total turnover even such inputs are not utilised? Ex. Interest Income, Rent income etc.,. If we have to consider entire turnover, we know interest accrued income in later months checking the TDS. But we have to file GST Return early. Even we estimate such incomes they are not accurate. Also another situation where inputs are availed in one month and there is only exempted turnover during the month but taxable supply occurred in later month we have to disallow the entire input. In later month we have to pay entire tax without input. There is no provision in GST to consider the exempted turnover and taxable turnover to total turnover on yearly basis for year end adjustment.

BY: VINAY BHARGAV KUMAR G

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38110
Apr, 24
2019
Profits & Gains of Business & Profession - ( IMPLICATION OF IND AS 115 FOR REAL ESTATE DEVELOPERS )

Wef FY 18-19, Ind AS 115 has replaced Ind AS 18 and 11. Most of the listed entities in real estate sector has shifted to product completion method instead of percentage completion method in respect of incomplete projects, as noted from their quarterly results. Most of them have recognised negative impact on their net worth as at 1.4.18. For FY 2018-19, real estate companies would be recognising revenue based on product completion instead of percentage completion. My query is, for income tax purpose, would such entities be required to prepare a separate books of account i.e. as per Percentage completion since, ICDS on Construction contracts permits only percentage completion or they can continue to use accounts prepared as per new revenue recognition standard?

BY: Deepak Gupta

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38106
Apr, 23
2019
GST - ( GST )

Dear Sir, As there is a change in GST provision regarding gst rate from declared tariff to "Value of Supply". In my case the room rent declared is Rs 900 now the person has breakfast orders a bisleri bottle and other services and his bill goes to Rs 1350/- will we have to charge GSt or not. Can we give two bills one for stay and other for Service. and get rid of GST or we will cought under composite supply and will be liable to GST

BY: VIPIN GUPTA

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38107
Apr, 23
2019
GST - ( CLARIFICATION REGARDING NEW REAL ESTATE GST RATES )

Respected sir, I have doubt that whether contractor(constructs resedential house) is eligible for new rates (1% and 5%). our case is that owner who is having or purchased plot of land and enters into agreement with contrator for construction of house. now question is that whether contractor have to pay gst with old rates or new rates? In every notification the word promoter is mentioned. In notification defination of promoter is to be seen as per RERA act. in that promoter includes contractor.At what rates Gst is applicable to contractor?

BY: HARDIK KETANKUMAR THACKER

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38105
Apr, 21
2019
GST - ( REVERSAL OF ITC BY REAL ESTATE DEVELOPER BEFORE 01 APRIL 2019 )

Whether input tax credit shall be reversed by a Real Estate Developer engaged in providing construction services of Residential/Commercial complex where the whole/part consideration has been received before issuance of Completion certificate ?

BY: DEEPAK ARYA

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38099
Apr, 17
2019
GST - ( GST - )

As per notification no.3/2019 (Central Tax - Rate), new rate of GST has been prescribed. This applies to a "promoter". As per this notification, the meaning of promoter is the same as defined under RERA. Sec.2(zk) defines the term promoter. As per the "explanaion" given at the end of the sec.2(zk), if the person who construct the apartment & the person who sells the apartment are different, both are treated as "promoter" for purpose of RERA. This means a person who is acting as "contractor" for the developers also become a promoter & is covered by notification no.3/2019. Hence, I feel even the "contractor" has to charge 1% or 5% GST without ITC. However, I find the said notification has entry (v) providing for 12% GST for pure “contractor” who renders service to a promoters. There appears to be conflict of meanings. Experts please give your comments.

BY: Ethirajan

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38066
Mar, 31
2019
GST - ( GST - ( DISCLOSURE OF ITC IN GST3B FOR IGST PAID ON IMPORT ) )

IGST IS PAID ON IMPORT . HOW THIS IGST PAID IS SHOWN IN GST3B IN TABLE 3.1.d "Tax on outward and reverse charge inward supplies " UNDER INWARD SUPPLIES (LIABLE TO REVERSE CHARGE) AND IN TABLE 4 " ELIGIBLE ITC UNDER 4 (A(3) "INWARD SUPPLIES LIABLE TO REVERSE CHARGE IF IT IS SHOWN IN TABLE 4 TITLED "ELIGIBLE ITC" AT 4(A)(1) UNDER IMPORT OF GOODS , THIS IGST PAID ON IMPORT IS NOT SHOWN IN ITC CREDIT CLAIMED AND DUE SUMMARY GENERATED BY DEFAULT ON GST PORTAL UNDER TAB COMPARISON OF LIABILITY DECLARED AND ITC CLAIMED

BY: SHYAM SUNDER

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38069
Mar, 31
2019
GST - ( GSTR 9 )

After adding one Outward Liability in GSTR 9,We used Compute Liability button . There was no liability shown and we filed the annual return hoping we will be able to generate Tax challan but Return has been already filed. Now We do not know how to deposit pending liability as no outstanding Liability is being shown

BY: Mahesh Kumar

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38065
Mar, 30
2019
GST - ( DICLOSURE OF FREE SALE )

I have made free sample sale and i have paid GST on such sale at applicable rate and i have disclosed such sale in GSTR-1 in B2B transaction and paid GST in GSTR-3B and i have issued financial CN(including GST amount) to customer and i have borne GST paid as expense now , GST paid is showing in customer's GSTR-2A which is not eligible credit for him as he has not borne GST amount so customer wish me to do something that GST credit amount will not display in his GSTR-2A now how can i amend original sales invoice in GSTR-1 ? if i amend GSTR-1 with zero taxable amount and tax then there will be difference in my GSTR-1 & GSTR-3B. And Then how i can disclosure in GSTR-9 and 9C for this transaction difference ?

BY: parth

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38048
Mar, 23
2019
GST - ( ITC 04 )

Dear Sir, I have following doubts regarding ITC 04 1. My client is an manufacturer and is sending rough diamonds to job worker and the job worker after processing is sending polished diamonds. so now in the sheet of JW TO MFG. whether i have to mention Rough diamonds or Polished Diamonds?? 2. Another Client is based at Mumbai (as an principal manufacturer) is sending goods at surat for job work and the surat job worker is again sending it to another job worker for process. Than the processed goods are than returned by sub job worker to surat and than surat to mumbai for sale. whether the surat job worker will have to file ITC 04? If no than whether mumbai manufacturer will have to describe in his return about goods sent to another job worker??

BY: ALIRAZA SAJJAD RAVJANI

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38047
Mar, 22
2019
GST - ( DISCLOSURE OF ITC IN GST3B FOR IGST PAID ON IMPORT )

IGST IS PAID ON IMPORT . HOW THIS GST PAID IS SHOWN IN GST3B IN TABLE 3.1.d "Tax on outward and reverse charge inward supplies " UNDER INWARD SUPPLIES (LIABLE TO REVERSE CHARGE) AND IN TABLE TABLE 4 " ELIGIBLE ITC UNDER ITC ON REVERSE CHARGE

BY: SHYAM SUNDER

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38027
Mar, 08
2019
MISC. - ( AUDITOR DISQUALIFICATION )

Whether Auditor disqualification u/s 226 under Co Act 1956 or u/s 141 under Co Act 2013 will apply presently? Few are asking under one and others are in 2nd condition. Will 226 under Co Act 1956 still hold good?

BY: SURAJ KUMAR CHOUDHARY

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38029
Mar, 08
2019
DIRECT TAXES - ( DIRECT TAXES - ( UNREGULATED DEPOSIT ORDINANCE 2019 ) )

Whether the said regulation will effect existing deposits or loans also? How it would effect the deposits or loan already taken on the date of ordinance, whether the same is to be paid back immediately or it can continue and only effect fresh deposit or loan only.

BY: SURAJ KUMAR CHOUDHARY

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38020
Mar, 07
2019
Service Tax - ( AGGREGATE TURNOVER CALCULATION )

As per notification no 05/2012 dated 17/03/2012, aggregate value of Rs.1000000 calculated by sum of taxable services charged in first consecutive invoices. In the case of work contractor , taxable value comes after abatement of 40% for material part, if total contract receipt Rs.1200000 then taxable value comes Rs. 720000. But as per department view first deduct Rs. 1000000 and then calculate abatement on Rs. 200000. Finally taxable amount comes Rs.120000. Please explain correct legal position.

BY: vikas jain

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38007
Feb, 27
2019
Companies Act, 2013 - ( INCORPORATION OF NEW COMPANY )

After closure of e-biz portal for filing of form SPICE for incorporation of a company, whether application for ESI and PF registration is required to be made separately? As the said form specifically stated to file it through e-biz portal only, whereas the portal is closed. Now whether to mention all details under PF and ESI regn column or not?

BY: SURAJ KUMAR CHOUDHARY

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38010
Feb, 27
2019
Income from Other Sources - ( 182513 )

''However, for a domestic company or a trust or institution registered under section 12A or section 12AA, the dividend is chargeable to tax under section 115BBDA at the rate of 10% if the aggregate amount of dividend received from a domestic company exceeds ? 10 lakhs.'' - in this provision why registration u/s 12A OR 12AA is differentiated where this is one thing?

BY: Pavankumar R. Nipanikar

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37987
Feb, 19
2019
DIRECT TAXES - ( WHICH PART OF 15CA TO BE FILLED IN CASE OF EQUALISATION LEVY AND NO TDS )

Payment to Non Resident is not taxable in India, and no TDS is required, BUT Equalisation levy is needed to be deducted As per Rule 37BB: For "any sum chargeable under the provisions of the Act", 15CA Part A or B or C is needed For any other sum, Part D is needed. Will levy of Equalisation Levy make the amount "any sum chargeable under the provisions of the Act" and hence 15CA Part A or B or C will be needed? or does only TDS make the sume "any sum chargeable under the provisions of the Act"?

BY: Gaurav S Kenkre

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37980
Feb, 14
2019
GST - ( REFUND QUERY )

answer to my query no 36975. Pls reply

BY: Viral Shah

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37981
Feb, 14
2019
GST - ( REFUND QUERY )

Department had asked clarification for ITC on SS utensils which is finished product. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged 18%, selling utensils at 12%. we are also purchasing ss utensils 12% and selling it@ 12%. As all the items i.e. ss utensils purchased and manufactured are sold from common stock it is difficult to separate manufactured & purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST -31/12/18 issued in which point 4a mentioned - Where there are multiple inputs attracting different rates, in the formula provided in rule 89(5) of the CGST Rules, Net ITC covers ITC availed on all inputs irrespective of their rate of tax. We applied for refund of inputs only. But Departmental officer denied that ss utensils purchased is not input under inverted tax structure. Rule 89(5) Max. Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. We are eligible for refund by considering the NET ITC of all input availed.If we take all the sales (mfg & trading) under inverted sales then tax on all sales should be reduced as per formula, net ITC should include for all input as per formula. Means as per formula given by rules refund for trading items of finished product is nullified. As tax on inverted sales @12% is reduced from Net ITC which also include tax on finished product@12%. Please suggest that stand taken by department is correct?

BY: Viral Shah

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36973
Feb, 11
2019
GST - ( REFUND DUE TO INVERTED TAX STRUCTURE )

We had received deficiency memo in which Department had asked the clarification for Input credit on SS utensils which is finished product. We are selling the ss utensils. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged @ 18% while we are selling utensils at 12%.. However, simuntanouly we are also purchasing ss utensils @ 12% and selling the same @ 12%. As all the items i.e. ss utensils purchased and manufactured are under common pool (stock), there is very difficult to separate manufactured and purchased utensils. Department is denying the refund for Ss utensils under Net ITC formula for calculation. As per t Circular No. 79/53/2018-GST dated 31/12/18 issued by government in which point no 4 (a) on page no 3 & 4 specifically mentioned as below. “Representations have been received stating that while processing the refund of unutilized ITC on account of inverted tax structure, the departmental officers are denying the refund of ITC of GST paid on those inputs which are procured at equal or lower rate of GST than the rate of GST on outward supply, by not including the amount of such ITC while calculating the maximum refund amount as specified in rule 89(5) of the CGST Rules. The matter has been examined and the following issues are clarified: a) Refund of unutilized ITC in case of inverted tax structure, as provided in section 54(3) of the CGST Act, is available where ITC remains unutilized even after setting off of available ITC for the payment of output tax liability. Where there are multiple inputs attracting different rates of tax, in the formula provided in rule 89(5) of the CGST Rules, the term „Net ITC? covers the ITC availed on all inputs in the relevant period, irrespective of their rate of tax. Section 2(59) says input” means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. We herby applied for refund of inputs only .i.e. goods.

BY: Viral Shah

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36974
Feb, 11
2019
GST - ( REFUND DUE TO INVERTED TAX STRUCTURE )

Deficiency memo received in which asked clarification for ITC on SS utensils which is finished product. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged 18% while selling utensils at 12%. Simultaneously we are also purchasing ss utensils 12% and selling it@ 12%. As all the items i.e. ss utensils purchased and manufactured are sold from common pool (stock), there is very difficult to separate manufactured and purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST dated 31/12/18 issued in which point no 4 (a) mentioned as below. Refund of unutilized ITC in case of inverted tax structure, as provided in section 54(3) of the CGST Act, is available where ITC remains unutilized even after setting off of available ITC for the payment of output tax liability. Where there are multiple inputs attracting different rates of tax, in the formula provided in rule 89(5) of the CGST Rules, the term „Net ITC? covers the ITC availed on all inputs in the relevant period, irrespective of their rate of tax. Section 2(59) says input” means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. We applied for refund of inputs only. But Departmental officer denied that ss utensils purchased is not input under inverted tax structure. As per Rule 89(5) Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. Net ITC shall mean input tax credit availed on inputs during the relevant period. In formula, there is no anywhere mentioned that, Net ITC should not include Input procured at lower or equal rate. circular also clarify the above matter. Therefore, we are eligible for refund by considering the NET ITC of all input availed. If we reduced net I

BY: Viral Shah

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36975
Feb, 11
2019
GST - ( REFUND-INVERTED TAX STRUCTURE (PL. NOT CONSIDER QUE ID 36973 AND 36974) )

Purchasing SS patta which is coverted into utensils through jobwork. SS Patta charged 18%, selling utensils-12%. we are also purchasing & selling ss utensils-12%. As all ss utensils purchased & manufactured are sold from common stock it is difficult to separate sales of manufactured & purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST -31/12/18 issued in which point 4a mentioned - Where there are multiple inputs attracting different rates, in the formula provided in rule 89(5) of the CGST Rules, Net ITC covers ITC availed on all inputs irrespective of their rate of tax. Departmental officer denied that ss utensils purchased is not input under inverted tax structure. Rule 89(5) Max. Refund Amount = {(T/o invertedrated) x Net ITC ÷ Adj.TotalT/o} - tax on inverted rated supply). We are eligible for refund by considering the NET ITC of all input availed.If we take all the sales (mfg & trading) under inverted sales then tax on all sales should be reduced as per formula, net ITC should include for all input as per formula. Means as per formula given by rules refund for trading items of finished product is nullified. As tax on inverted sales @12% is reduced from Net ITC which also include tax on finished product@12%. we correct or not?

BY: Viral Shah

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36962
Feb, 05
2019
INTERNATIONAL BUSINESS - ( FORMATION OF NEW COMPANY OUT OF INDIA (CHINA) )

Facts of the case- The Assessee is engaged in the Manufacturing-cum-Trading business and wants to incorporate a company/joint venture in foreign country (china) and make some investment by the Indian Company and some by Chinese Investors. Query- 1) what is the procedure for investment in Chinese Company by Indian company? 2) The RBI & FEMA compliances in the said case? 3) Please suggest what will be tax compliance under these transactions?

BY: GOPAL KUMAR AGRAWAL

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36955
Jan, 31
2019
GST - ( GST ON ADVANCE PAYMENT RECEIVED FROM CLIENT )

Suppose a work contract is awarded to a Company by the Client for Rs.112 crs including Rs.12 crs towards GST @ 12%. The company has awarded the same Contract to a sub-contractor for Rs.100 crs. including Rs.10.71 crs towards GST @ 12%. The Net Profit of the Company is Rs.10.71 crs. which should be remained at the end of the contract as net cash generated from the Project. Now if the Client has paid Rs.100 crs as advance payment then company has to pay immediately the GST on advance amounting to Rs.10.71 crs. On completion of Project, the company have will to Client and Sub-contractor will bill to company. At this point there is a GST Payable of Rs12 crs out of which we may adjust GST of Rs.10.71 crs already paid on advance. Net GST Payable is Rs.1.29 crs and GST Input is Rs. 10.71 crs. Hence there will be an input Claim of Rs.9.42 crs. Therefore, after the end of the project, there is a shortage of Cash of Rs.9.42 crs. instead of surplus of cash of Rs.10.71 crs. Refund of Input Claim of Rs.9.42 is not certain. Hence the conclusion is that the project is not beneficial to the company due to cash shortage. If there is any valuable guidance suggestion to sort out the above issue, please intimate the same.

BY: Sachin Aggarwal

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36952
Jan, 28
2019
COUNCIL DECISION - ( CAN PARTNER IN A CA FIRM BECOME PARTNER IN NON-CA CONSULTING LLP )

Hello, Could you please help me with my below mentioned query- A member of ICAI is a partner of a CA partnership firm. Now, he is planning to become a partner in an LLP consulting firm (non CA firm- in the domain of tax consulting, internal audits, IT audits etc.). Would it be allowed as per the regulations of ICAI? Would there be any professional misconduct? Thanks a lot in advance. Regards, Prasen

BY: Prasen Pal

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36948
Jan, 25
2019
GST - ( GST ON DOMESTIC MONEY TRANSFER )

Is there any guideline from RBI and CBIC for Valuation of Domestic Money transfer Services.

BY: Ashish Kumar Goyal

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36946
Jan, 24
2019
GST - ( MARGIN CALCULATIONS BY E-COMM OPERATORS - MYNTRA, ETC )

While selling Goods through MYNTRA/JABONG, etc, they charge the Supplier Commission on Product MRP (i.e. inclusive of GST) and the contract says that the commission so charged is exclusive of GST i.e. GST Shall be charged over and above such commission. Now this leads to Double collection of GST by such E-Comm Operator. Is it legally tenable to collect commission on GST value as well?

BY: Ashish Kumar Goyal

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36939
Jan, 20
2019
GST - ( PRIORITY SECTOR LENDING CERTIFICATES )

PSLC ARE TRADED ON RBI E KUBER PLATFORM WHERE IDENTITY OF BUYER AND SELLER NOT KNOWN TO EACH PARTY, HOW THESE TRANSACTIONS CAN BE CLASSIFIED AS INTER STATE OR INTRA STATE FOR PAYMENT UNDER RCM

BY: NEERAJ KUMAR GAKHAR

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36936
Jan, 18
2019
GST - ( BEFORE POT (SERVICE TAX) TRANSACTION - CLARIFICATION ON CHANGEABILITY OF GST/SERVICE TAX )

I have a scenario where the services were rendered before the introduction of Point of Taxation Rules, 2011 under service tax in which case the service tax was chargeable on receipt/cash basis. What should be the tax treatment for amount received during GST regime against such services rendered prior to POT rules, 2011 Should i pay Service Tax or GST against such receipt? and how should i disclose the same in respective service tax/ gst returns?

BY: Sukesh Kumar Tumma

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36929
Jan, 09
2019
GST - ( SALE TO FOREIGN TOURIST IN GST )

Dear Sir, I have a query with respect of Sale to Foreign Tourist in GST. Section 8 of the IGST Act define what is an Intra State Supply, which is reproduced below 8(1) Subject to the provisions of section 10, supply of goods where the location of the supplier and the place of supply of goods are in the same State or same Union territory shall be treated as intra-State supply: Provided that the following supply of goods shall not be treated as intra-State supply, namely:–– (i) supply of goods to or by a Special Economic Zone developer or a Special Economic Zone unit; (ii) goods imported into the territory of India till they cross the customs frontiers of India; or (iii) supplies made to a tourist referred to in section 15. That as per the above provision, a supply where place of supply and location of supplier is within the same state, however if the receipt is a foreign tourist the same will be treated as inter state supply. For a example Mr John of USA ( Fulfills condition of foreign tourist) visits a showroom in Jaipur and purchased some jewellery and goods are handed over to Mr. John on the Showroom itself. In this case the place of Supply is in Rajasthan and location of Supplier is also in Rajasthan, therefore as per normal rule it is a intra state supply. However since Mr. John is a foreign tourist by virtue of the proviso, it becomes an inter state supply. (Similarly like a sale to SEZ Unit) While Filling GSTR-1, there is exist a problem that when we enter the details in Table 7 i.e Sale to Unregistered Person and select place of Supply as Rajasthan. It opens CGST and SGST only . However the tax charged is IGST due to the facts of the supply being interstate. Then the option left for Filling a the return is with selecting place of supply as other territory to open the IGST column. So kindly guide with this. In case of Supply to SEZ Unit, they have given a column of tick (Supply to SEZ with or without GST). It is required that a same column

BY: MAYANK SRIVASTAVA

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36925
Jan, 04
2019
Companies Act, 2013 - ( ROTATION OF AUDITOR FOR PVT LTD-NON SMALL COMPANY )

X an individual appointed as auditor of Pvt Ltd (non small) company for 5 consecutive year and completed 5 year term. X also partner in a partnership firm M/s XY. Can M/s XY be appointed as auditor of the same Pvt Ltd company for next 5 years. In the light of provision rotation for firm of CA is for 10 years. Please answer.

BY: Ajay Bhalchandra Salagare

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36917
Dec, 31
2018
GST - ( 426683 )

I am trying to file RFD 01 online for claiming of Excess ITC in case of export without payment of tax .While filing of the Statement 3 using the online utility i am facing the problem in filing the data in the excel utility downloaded from the portal itself. The error in the excel file of utility for statement 3 says ' the file is locked for editing please unlock it and it requires password which is not available with us. Someone please advise me what can be done. Thanks

BY: ajit kumar maskara

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36912
Dec, 29
2018
GST - ( 240554 )

Incase of cable tv and internet operation, whether the GST is levied by ISP directly to Customer or it should be pass thru MSO and LCO?

BY: Sai Ram

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36881
Dec, 05
2018
MISC. - ( PRIVATE TUTORSHIP )

As per the Regulation 190A, clause (i) subclause (m) it is mentioned that "Engagement as Lecturer in an University, affiliated college, educational institution, coaching organisation, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week" is permitted for a chartered accountant in practice. My query on the above clause is "whether online answering of questions on accounting subject be considered as private tutorship?" where in, payment is received on a number of questions answered basis? Can this be taken up considering as private tutorship and under engagements which are generally permitted to be taken up by a chartered accountant? Please clarify.

BY: Himabindu M

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36869
Nov, 20
2018
Companies Act, 2013 - ( DISQUALIFICATION OF DIRECTOR )

A company was formed in Sept 2017 using the DIN which has been disqualified under section 164(2) in year 2016 but which came to our knowledge now. We wish to appoint an additional director. What should be the date of appointment of additional director also with date of Removal of director in light of such disqualification. can someone please suggest us the most appropriate course of action.

BY: CA Neha Gupta

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35863
Nov, 06
2018
CORPORATE & OTHER LAWS - ( ESIC ACT 1948 APPLICABILITY ? )

Does ESIC act apply on the Chartered Accountant firm having more than 10 employees ? If yes, please quote the case law or supporting for your opinion.

BY: Anubhav Jain

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35862
Nov, 03
2018
VAT/Sales Tax - ( JAWAHARLAL JAIN )

MY CLIENT IS A OWNER OF GRANITE CRUSHER PAYING TAXES UNDER COMPOSITION SCHEME. HE HAS PURCHASED CAPITAL GOODS IN THE COURSE OF INTER STATE TRADE AND COMMERCE. SEC. 15 OF KVAT ACT DEBARRES PURCHASE OF GOODS AND NOT CAPITAL GOODS. THE A.O.HAS CANCELLED COMPOSITION AND LEVIED TAX ON T.O. ON THE BASIS OF CLARIFICATION ISSUED BY CCT. WHETHER A.O.IS RIGHT?

BY: CA. JAIN JAWAHAR LAL

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35850
Oct, 19
2018
DIRECT TAXES - ( TAX AUDIT OF AGRICULTURAL PRODUCE MARKET COMMITTEE )

Whether The Agricultural Produce Market committee registered as Local Authority [ exempt u/s 10(26AAB)] is liable for Tax Audit ? If yes under which section ? and which form is applicable ?

BY: KOMAL APURV VORA

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35848
Oct, 17
2018
GST - ( INTEREST PAYABLE BEFORE OR AFTER SET-OFF ITC? )

An assessee has filed GSTR-3B returns of and from September 2017 in September 2018 wherein ITC of GST availed and set-off against output GST charging interest @ 18% p.a. for 1 year of delay. Interest was calculated on the net tax payable (after set-off ITC) however, department has sent an intimation that interest has not been discharged as per Section 50 of the CGST Act on the tax paid. As per Section 50 of the CGST Act interest at the rate of 18% is to be paid on the tax paid belatedly. Tax is paid only when the same is set off in the ITC ledger /Cash ledger at the time of filing the GSTR 3B. You are requested to calculate the interest payable on the delayed payments made by you and pay the interest. Please clarify if this stand taken by the department is correct or defendable? At what level?

BY: CA. RAJESH KUMAR C

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35844
Oct, 15
2018
DIRECT TAXES - ( IMPACT OF CHANGE IN METHOD OF DEPRECIATION ON MAT )

company was following Straight Line method of Depreciation till 31.03.2018. However it decides to shift to WDV method from 01.04.2018. The impact of change in method from inception till 31.03.2018 is being charged to opening reserves. What is the MAT impact of such reduction in the opening reserves on account of Change in method of depreciation. Whether any deduction can be made from Book Profits while computing MAT for AY 2019-20 or the reduction in opening reserves be added to unabsorbed depreciation (iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account 84[in case of a company other than the company referred to in clause (iih)]. As stated in Explanation 1 to 115JB

BY: Prashanth Karanth

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35841
Oct, 13
2018
MISC. - ( QUANTUM OF ADVANCES TO BE CONSIDERED FOR BANK AUDIT FEE )

Facts: We have conducted Branch Audit of a Public Sector Bank in the month of April 2018, for which the quantum of Advances certified by us was in the slab of "Above 30 crore and up to 50 crore ". Accordingly, we have raised a bill for fees with basic audit fee at Rs.1,20,750/- Against this bill we have received an amount of Rs.79,350/= as basic audit fee in the slab of "Above 20 crore and up to 30 crore" On inquiry with the bank Head Office, we were informed that there is technical write offs and hence the quantum of advances have reduced and falling in the slab of "Above 20 crore and up to 30 crore" from slab of "Above 30 crore and up to 50 crore ". We are unable to understand as to how gross advances can be reduced, even though there was no such write off appearing in the balance sheet or other statements at the branch level which we have audited and signed. Query: 1. What are technical write off? 2. How should technical write off be treated in branch balance sheet? 3. Why are technical write off not brought to the notice of branch auditor at the time of audit? 4. Whether any certification is required for such write off? 5. Whether the audit fee payable to branch auditor will be based on gross advances or net advances (after technical write off)?

BY: Ravi Kiran M Jain

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35839
Oct, 11
2018
TDS/TCS - ( SHORT DEDUCTION OF TDS )

One Government employer did not deducted TDS on salary at the time of payment to employee. Now employer has received notice for short deduction of TDS on salary. Is there any remedy available with employer in this case? Or he has to pay full amount of short deduction to Income Tax Department.

BY: CA VISHWAJEET SINGH

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35840
Oct, 11
2018
Companies Act, 2013 - ( SPICE FORM )

Hi All, I have filed SPICe Form, in which First Director(s) do not have DIN. I have mentioned their landline numbers in required section of above mentioned form. Kindly suggest is it mandatory to mention their mobile numbers?

BY: Deeptika

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35831
Oct, 05
2018
MISC. - ( SEC 56 INFORMATION REQUIRED TO BE FILLED IN INCOME TAX RETURN FORM )

As per this year income tax return forms the difference between the circle rate and purchase rate has to be shown as income from other sources in return form. Does this mean that we have to pay tax on it compulsorily even if we have disputed the circle rate before the stamp duty authorities and in our opinion purchase rate is in fact less than the circle rate and we can successfully prove it before I T authorities? thx

BY: MAHESH KUMAR

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35828
Oct, 01
2018
GST - ( ERROR CORRECTION IN GSTR-3B )

Export turnover (with IGST payment) got wrongly declared as non-export IGST turnover. The dealer does not have inter-state turnover for reversal of turnover in the subsequent months. Hence attempt to reverse this results in negative turnover - which 3B is not taking. More than three months refund is blocked. Is there any way of rectifying this situation as refund is processed only if cumulative export turnover in GSTR1 matches cumulative export turnover in GSTR3B.

BY: CA_STUDENT

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35826
Sep, 30
2018
DIRECT TAXES - ( FORM 3CD )

Clause 27(a) is for showing Cenvat credit availed and utilised. Whether KVAT/SGST credit availed and utilised should also be shown or not. One school of thought says, to show such details only up to 30-06-2017 since Cenvat Credit Rules, 2004 is substituted with Cenvat Credit Rules, 2017 w-e-f 01-07-2017. Request to comment.

BY: B.CHACKRAPANI WARRIER

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35827
Sep, 30
2018
GST - ( 529718 )

While filing GSTR-3B of Feb-2018 i missed one sale invoice, i have already filed GSTR-1 for that quarter ie Jan to March 2018. That invoice was wrongly taken in the month of May 2018 and again GSTR-3B and GSTR-1 filed for this. Is there any way to rectify the same?

BY: sanjeev kumar

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34824
Sep, 28
2018
GST - ( CLOSURE OF BUSINESS )

A PERSON REGISTERED IN GST AS TRADER DEALING IN GOODS AND AS SERVICE PROVIDER FOR RENTING OF PROPERTY UNDER ON GST REGISTRATION. NOW HE CLOSES HIS BUSINESS OF TRADING AND CONTINUE TO RENTING THE PROPERTY. QUESTION IS HOW TO INTIMATE ONLINE THIS CLOSURE OF BUSINESS AS THERE IS NO SUCH OPTION. AND REGISTRATION IS NOT TO BE CANCELLED/SURRENDERED AS RENTING OF PROPERTY IS CARRIED ON .

BY: SHYAM SUNDER

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34819
Sep, 26
2018
Companies Act, 2013 - ( REMOVAL OF DIRECTOR )

How to remove a director in Private limited company neither attended last three Board meeting nor tendering his resignation from the post of Directorship.

BY: SURAJ KUMAR CHOUDHARY

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34820
Sep, 26
2018
Companies Act, 2013 - ( IND AS APPLICABILITY )

Whether Ind AS is applicable to Small Private Limited Company and if yes, from which financial year?

BY: SURAJ KUMAR CHOUDHARY

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34821
Sep, 26
2018
Profits & Gains of Business & Profession - ( INCOME U/S 44AE )

Whether income under section 44AE can be booked under two assessee in the same financial year? i.e. for 6 month as individual and for the remaining 6 month as partner in firm. Lorry was hired in the name of firm for the remaining period of year.

BY: SURAJ KUMAR CHOUDHARY

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34817
Sep, 25
2018
GST - ( TRAVEL AGENTS )

One of our clients is engaged in travel business who books air tickets/bus tickets/ railway tickets and also books hotel on behalf of customers. the client is receiving commission from airlines / other agents and in some cases also receives mark up from customers. so in above, client is charging GST @18% on commission received from airlines and also on mark up from customers in bookings of flight/bus/ railway. client also books hotel for customers in which he directly books hotel online and issues invoice in the name of customers and he sales the hotel accommodation to customer after adding the mark up. so respected experts what would be the % of GST would apply in the mark up. - whether 5% to be levied on mark up without ITC or - 18% to be levied on mark up or GST would be levied on entire amount? (if it is so then there would be double taxation as agent won't be getting any GST and also agent is raising invoice directly in the name of customers only) Kindly help me into above matter as soon as possible

BY: hemang savjani

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34818
Sep, 25
2018
AUDIT - ( REQUIREMENT OF AUDIT OF SOCIETY )

Sir, Is there any requirement of audit for a society not regd. U/s 12AA of IT Act, and claiming exemption U/S 10 (23C) (iii ad) of IT Act. If yes Please advice reporting form and section.

BY: RAM KUMAR SARASWAT

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34816
Sep, 24
2018
GST - ( AVAILABILITY OF ITC )

The dealer has paid RCM u/s 9(4) for inward supplies received from URD even after the section is kept in abeyance till March 2018 and claimed ITC. Whether the dealer can avail ITC of the amount paid. Thank You.

BY: Manasa N M Bhat

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34811
Sep, 18
2018
DIRECT TAXES - ( IN CASE OF SEARCH UNDER 132, CAN WE GO SETTLEMENT COMMISSION FOR ONLY 2 OUT O F 6 YEARS )

One of our Clients has been searched. My question is CAN we go settlement commission only for 3 years.And for other 3 years can we go through the regular process of Scrutiny assessments.

BY: CA. SANJEEV DESHPANDE

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34810
Sep, 17
2018
DIRECT TAXES - ( IS AUDIT OF SOCIETY NOT REGISTERED U/S 12AA, COMPULSORY ? )

Sir, an educational society (not registered U/s 12AA of IT Act,) is having gross receipts of Rs. 170 Lacs and excess of income over exp. is Rs. 1.50 lacs only. Is its audit mandatory ? if yes, under which section and report in which form to be submitted? please advice.

BY: RAM KUMAR SARASWAT

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34808
Sep, 14
2018
DIRECT TAXES - ( TDS ON CAPITAL EXPENDITURE )

A professional has made furniture and plumbing work for his rented premises on labour charges basis in FY 2017-18. He is under tax audit vide sec 44DA and has not deducted TDS . He was under tax audit during AY 2017-18 since he crossed the threshhold then. However in AY 2018-19 his gross receipts are below 50 lakhs but he has opted tax audit under sec 44 ADA. How has he to proceed now? How will it be shown inthe Tax Audit report? There is no question of disallowance ( since expenditure is of Capital nature )but only non deduction of TDS. Please help friends

BY: Pradnya M Oak

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33802
Sep, 09
2018
AUDIT - ( WILL TAX AUDIT CEILING OF 60 COVERS CASES HAVING TURNOVER BELOW 2CR )

The ceiling of tax audit assignments has been fixed as 60 audits per CA. As we are aware, audit cases having turnover below Rs. 1 Cr with profit below 8% are NOT counted or reckoned within this ceiling of 60. My question is, now the limit u/s 44AD has been raised to Rs, 2 Cr. If we have an audit case having turnover of Rs. 1.50 Cr with less than 8% profit; will this be counted within this ceiling of 60 or NOT. Appreciate advise from learned colleagues. Thanks in advance.

BY: VISHNU KAMATH K

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33799
Sep, 08
2018
MISC. - ( ACCEPTANCE OF STOCK AUDIT ASSIGNMENT OF COOPERATIVE BANK )

A is appointed as Stock Auditor by an Cooperative Bank ( Scheduled Bank) . Mr A have Educational loan for his child with the same cooperative Bank . Can A accept the said appointment as stock Auditor

BY: CA. SHIRODKAR YESHWANT VINAYAK

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33797
Sep, 06
2018
GST - ( NON RESIDENT MEMBER FEES GST EXEMPT )

Dear All, I have been paying my fees with GST but recently when I paid fees in different financial organization I fees was automatically exempt from GST as residence is out of country. Now my question is if the Membership fees paid by NRI is exempt from GST? If your how do we get that in our institution. Thanks in advance.

BY: Paras Modi

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33789
Aug, 30
2018
GST - ( RCM ON SERVICES SUPPLIED BY A PERSON LOCATED IN NON TAXABLE TERRITORY )

RCM Table Sl No 10 -- Service supplied by a person located in Non-Taxable territory by way of transportation of goods by a vessal from place outside india upto the customs stations of clearance in india where Receipent is liable to pay tax under RCM under the above lines please clarify the below query Goods imported from outside india under CIF inco terms. Amount paid to supplier for the goods (There is no specific mention about basic value of goods, freight & insurance by the supplier) under these conditions whether receipient is liable to pay tax under RCM on transportation charges paid by Supplier ?

BY: CA. BALASUBRAMANIAM P

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33786
Aug, 29
2018
CORPORATE & OTHER LAWS - ( WHETHER MRP STICKERS ON IMPORTED GOODS TO BE CHANGED ON COMPANY NAME CHANGE )

Please advise in following case: Company X is changing its name to Company Y on 05th October 2018. The company imports raw materials, spares, accessories and FG from foreign countries (which require MRP declaration) and trades in India. Stock received before above said date and few in-transit items expected to be received after above said date will have MRP stickers with importer's name as company X. Please suggest if all such goods sold after 5th october should have new company name on them as importer (on MRP stickers). Also, please let me know if there is any penalty for contravention. (the company does not want to change the name after importing the same, since more than 4,00,000 packages are involved) Thanks in advance.

BY: RAVITEJ Y H

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33787
Aug, 29
2018
CORPORATE & OTHER LAWS - ( WHETHER MRP STICKERS ON IMPORTED GOODS TO BE CHANGED ON COMPANY NAME CHANGE )

Please advise in the following case: Company X is changing its name to Company Y on October 5th 2018. It imports raw materials, spares, accessories and FG (which require MRP declaration) from foreign countries and trades in India. Stock imported prior to above said date and few in-transit items received after above said date are expected to have name of Company X as importer's name. Whether the Company has to remove the MRP sticker and paste new one with new company name on sale of such items ? (Company does not want to go through MRP sticker changing process as 4,00,000 plus packages are involved) Also, please suggest if there is any penalty for contravention. Please quote specific provisions of the Act or decided case laws.

BY: RAVITEJ Y H

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33788
Aug, 29
2018
Service Tax - ( EXPORT OF SERVICES )

1. Can Rule 6A(f) be read with Item (b) of Explanation 3 under Clause 44 of Section 65B to interpret that supply of services by a wholly-owned Indian (private limited) subsidiary company (WOS) to its overseas holding company is not an export? 2. Is it fair to interpret that a WOS and holding company are merely establishments of a person? 3. Is Explanation 4 to 65B(44) not exhaustive when it says that branch, agency or representation office (3 instances) are considered mere establishments of a person? 4. How can an Indian subsidiary be treated as a mere establishment of its overseas holding company when companies have separate legal identity?

BY: CA VISHRANT SHUKLA

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32787
Aug, 28
2018
DIRECT TAXES - ( TDS )

An assesee has not paid TDS on Payment of 35000- single bill to contractor.Whether not claiming 35000- as deduction is sufficient.Or any other penality is also thee in this case.

BY: Mahesh Kumar

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32788
Aug, 28
2018
GST - ( REVERSAL OF INPUT CREDIT )

A firm has not made payment to creditor within 6 months of purchase bill in one case and made partial payment in another instance as on 31-3-18. Whether both these GST inputs will have to be reversed during Aug GSTR3B filing And If payment is made now whether it will be eligible fot input credit during month of Payment

BY: Mahesh Kumar

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32785
Aug, 26
2018
GST - ( REGARDING IGST ON GOODS RE-IMPORTED AFTER REPAIR. )

Sir, When Goods are exported for Repair outside india and re-import after such repair then by virtue of Notification No. 94/96-customs dated 16.12.1996 custom duty is leviable only on fair cost of repair +freight (both side) + insurance & not on value of goods. But after levy of custom duty whether it is further liable for IGST on such cost of repair+freight+insurance because under IGST exemption only value of goods exempted not cost of repair? If IGST leviable on cost of repair then it will conflict the section 13 (3)(a) of IGST Act as per which Place of supply is outside india & once POS is outside india then why such cost of repair is subject to IGST on Re-import. Please guide.

BY: Shyamprakash Nagarmal Agarwal

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32783
Aug, 25
2018
GST - ( CLARIFICATION REGARDING EXEMPTION ON MULTIMODAL TRANSPORTATION )

Is multi modal transport services rate 12% which came as per noti 13/2018 ctr is applicable on transportation of exempted products such as salt, agriculture produce, milk, food grains or not??? Please clarify

BY: GIRISH AGARWAL

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32780
Aug, 24
2018
DIRECT TAXES - ( FORM 3CD )

Whether TDS details under section 194-IB required to be mentioned in clause 34 (a) of 3CD or not?

BY: RAVI KUMAR

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32778
Aug, 22
2018
DIRECT TAXES - ( TAXABILITY OF PAYMENT IN RESPECT OF LIFE INSURANCE POLICY. )

Any Payment received in respect of life insurance policy. other than the amount not includible in the total income under clause (10D) of section 10 is to be included in Income. Whether such income is to be included as income from capital gains or income from other sources

BY: Prashanth Karanth

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32777
Aug, 21
2018
MISC. - ( FEMA QUERY )

Glossary Mr A(NRI) – NRI Individual who gradually shifted from India to Foreign Country in year 2011 and came back to India in May 17 and stayed more than 182 days in 2017-18 Mrs A (NRI-POI/OCI Holder) – NRI Non Citizen of India but holding PIO/OCI and married to MR A(NRI) in year 2006-07. Also she was resident of India for year 1998-2005. And after marriage she stayed in India till 2008 and did her post-graduation from Mumbai. MR B (RESIDENT) – Brother of MR A(NRI) MR C/ MRS D- Mother/ Father of both MR A(NRI) & MR B (RESIDENT) ABCD & Co.- A partnership firm with 4 partners A/B/C/D AB & Co.- A partnership firm with 2 partners Mr A (NR) & Mr B (Resident) ABC P Limited company incorporated in 2009 (With A/B/C/D as Directors and Shareholders) XYZ P Limited Company incorporated in 2015 by transferring all assets of ABCD & Co to XYZ P Ltd by Slump Sale ABCD Pty Ltd- Foreign Company incorporated outside India with 100% shareholding of ABCD & Co and Directors as A/B/C/D Overview- Upto the year 2011 ABCD & CO.& AB & CO.was operational and running business within India. In the said year 2011-12 trade opportunity was created outside india. And the family decided to take the call and work on the same. A new private limited company was incorporated ABCD Pty Ltd in year 2011 within Initial Capital of INR Value Rs 500-1000. Query 1: Does any information need to be sent to any statuory body if Indian entity invested outside India. Any reporting Requirement. And whether it can be filed now and any penalty applicable? Procedure to be adopted while sending any money abroad in shape of Capital. After incorporation both MR A (NR) & Mrs A moved out of India and started living outside India. And both Mr A & Mrs A became NR in year 2011 itself. All the banks accounts of MR A (NR) continued to operate as normal SB A/c as Bank didn’t change their status. Eventually NRO/ NRE accounts were also opened. Mr A remained partner/ director / shareholder in both AB & Co., ABC

BY: VIKAS

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32774
Aug, 18
2018
GST - ( GST ON USED CARS )

As per notification No.8/2018 Central Tax (rate)GST on used cars will be levied on margin. The Margin has to be arrived at by deducting the WDV as on the date of supply from the consideration. The income tax adopts Block system for allowing depreciation. The WDV of The Block in which car being sold is clubbed, might have been wiped out, or brought down substantially because sale value of any one asset included in the Block. A question arises how to arrive at WDV of car being sold for purpose of GST. Even otherwise, the income tax Act does not allow any proportioante Depreciation upto date on sale of any asset. Any suggestion to solve above two issues.

BY: Ethirajan

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32766
Aug, 09
2018
DIRECT TAXES - ( LIQUOR LICENSE )

An Assesses has leased out the liquor license (for Retail Trade) to another Party. As per terms of the contract, the lessee shall pay fixed amount monthly and also the annual fee payable for the license at the time of renewal. The lesser is entitled to take credit of TCS done on purchase made by lessee. There are three components 1. Monthly lease charges 2. TCS benefit 3. Annual license fee paid by the lessee I am of the opinion all the three will have to be offered to tax both for Income tax as well as GST. Please Confirm.

BY: Ethirajan

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32762
Aug, 07
2018
DIRECT TAXES - ( CASH TRANSACTION BETWEEN HUBAND AND WIFE )

Whether wife can give cash gift to his husband or to his husband's firm ?

BY: Mahesh Kumar

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32755
Aug, 02
2018
DIRECT TAXES - ( ARRANGEMENT BETWEEN PROFESSIONALS )

One professional has purchased premises and the other professional is investing in the furniture and infrastructure in the said premises. The premises and infrastructure are going to be used by both the professionals. How do we account for the furniture and other infrastructure expenditure in the books of the second professional ( as he is not the owner of the premises) ? Shall we need to show the value of arrangement viz. use of premises in return for use of furniture and machinery? Friends , could you suggest some tax planning tips for making the arrangement beneficial to both the professionals in term of taxation? Both are individual practitioners and under Tax Audit.

BY: Pradnya M Oak

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32756
Aug, 02
2018
CORPORATE & OTHER LAWS - ( AUDITOR'S ROTATION )

An auditing firm XYZ was appointed as the auditor of Co. ABC Pvt. Ltd in the AGM Held at 2014 as per the provisions of the companies Act, 2013 for 5 years. It being a Pvt Limited company, not breaching the limits of Section 139(2), rotation of auditors was not applicable to it. In F.Y. 2017-18 ABC Pvt Ltd converted into ABC Ltd and it breached the limits of Section 139(2) for the first time in F.y. 2017-18. My query are as follows :- a) From which effective date will the rotation be applicable from ? b) Is the appointment for 5 years still valid for XYZ or should the company appoint the auditor afresh ? b) Can the auditor be appointed for a term of 5 more years after F.Y. 2018-19 considering that the rotation of Auditors be applies to XYZ from F.y. 2017-18.

BY: Akshay

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31751
Jul, 25
2018
GST - ( COMPOSITION SCHEME )

In a situation where a person registered under GST as regular tax payer from 1.7.2017 and thereafter opted for composition scheme from 01.12.2017, and filed GST returns till Apr-June 2018 under composition scheme. Option for composition is made on the basis of turnover for 2016-2017 which is below Rs.1 crore. While finalising accounts for F.Y. 2017-2018 for the purpose of filing income tax return came to know that it has crossed one crore which also included turnover during pre-GST regime i.e., Apr-June 2017. However Turnover during GST regime ie., July to Mar 2017 is not exceeding Rs.1 crore In this situation what is to be done by taxpayer for the returns filed under Composition Scheme from 1-12-2017 to 30.06.2018, i.e., whether to pay differential tax from date on which it has crossed Rs. 1 crore and for 2018-2019 whether to continue under composition scheme or not in view of proposed limit for composition scheme to Rs. 1.50 crore,since the words used in section 10 are Turnover during the preceeding financial year.

BY: CA. BHAMIDIPATI VANI KUMAR

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31747
Jul, 24
2018
MISC. - ( SEEKING PROFESSIONAL ASSIGNMENT IN AHMEDABAD )

Any professional assignment (IFRS or Advisory/ Audit) within Ahmedabad region on sharing basis or other method, please contact at agrawal.anuj@icai.org.... (FCA with over 14 yr of exp)

BY: anuj agarwal

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31748
Jul, 24
2018
MERGER & ACQUISITION - ( NETWORKING ON PAN BASIS- CITY WISE )

Qualified FCA with over 14+ exp (specialised in Ind-As/ IFRS- Advisory & Audits & ex-EY/KPMG) requesting to submit proposal on CITY-WISE basis across India to make better platform where no-one interrupt its present working & will be benefited from sharing knowledge and experitisation in certain areas.. Together we can make a professional working group.. Feel free to share your thoughts and expedite in sending your consent representing your city (as we would make one firm only from a city) and your valuable thoughts on this Journey. Ping me on whatsapp 9634706933 or email me on agrawal.anuj@icai.org

BY: anuj agarwal

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31749
Jul, 24
2018
GST - ( WHEN SHOULD BE GENERATED INVOICE AND E-WAY BILL? )

Respected Members, X, made agreement with Y for mining of quarry and to sale of minerals at Rs.5000per tonn. Quarry is 60 Kms. away from business place of X. Minerals are sent by 2-3 vehicles along with transit pass of mining Department. Each vehicle makes 5 trips every day and each consignment is less than 50,000. Query is 1. A invoice can be made for whole sale of the day which will be more than Rs.50,000. 2. Is e-way bill required if each consignment is less than 50k while invoice value is more than 50k. 3. How should we manage with minimum invoicing and minimum eway bills.

BY: SUBHASH CHAND

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31750
Jul, 24
2018
GST - ( WHEN SHOULD BE GENERATED INVOICE AND E-WAY BILL? )

X, made agreement with Y for mining of quarry and to sale of minerals at Rs.5000per tonn. Quarry is 60 Kms. away from business place of X. Minerals are sent by 2-3 vehicles along with transit pass of mining Department. Each vehicle makes 5 trips every day and each consignment is less than 50,000. Query is 1. A invoice can be made for whole sale of the day which will be more than Rs.50,000. 2. Is e-way bill required if each consignment is less than 50k while invoice value is more than 50k. 3. How should we manage with minimum invoicing and minimum eway bills.

BY: SUBHASH CHAND

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31745
Jul, 18
2018
DIRECT TAXES - ( HUF STATUS )

Consequent to amendment in 2005 to The Hindu Succession Act and certain Supreme Court decision a daughter is also treated as co-parcener with the right to claim partition in HUF properties. A married daughter with children get some properties during partition between her father and brothers. My question is whether the income arising out of such properties will be treated as HUF income of the daughter.

BY: Ethirajan

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31742
Jul, 14
2018
DIRECT TAXES - ( TAXABILITY OF RECEIPT FROM DISCRETIONARY FAMILY TRUST )

Sir, A Trust is created on 17.04.2015 in the name of Mr. X Family Trust. Trustees are Mr A and Mrs A. Beneficiaries of the Trust are Mr X , Mrs X, Son of Mr X and Daughter of Mr. X. The Trust is Discretionary Trust. The Trust has been settled to hold assets settled in the Trust by the Settlor for the Beneficiaries. The Trustees shall distribute the whole or any part of the Trust Fund ( including Income, Assets and Properties ) to any of the Beneficiaries as specified in the Clause of the Trust Deed in such proportion and in such manner and at such time as the Trustees in their absolute discretion as they deem fit. Now, the Trustees are going to pay Rs.40000/- p.m. to the Mr. X , one of the Beneficiary of the Trust. QUERY: 1. Whether the sum Rs.40000/- p.m. shall be Taxable in the hands of Mr. X? If not , under which Section? 2. How will Mr. X will spent the sum received ? Whether it will be distributed among all Beneficiaries ? 3. Kindly let me know in detail about Taxability or otherwise.

BY: AJAY JAIN

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31735
Jul, 07
2018
DIRECT TAXES - ( 14A DISALLOWANCES )

As per section 14A disallowance is called for of any expenditure in relation to income which does not form part of the total income. The main item of income hit by the section is dividend from domestic companies. Now as per section 115BBDA the dividend receipt in excess of 10 lakhs is subject to income tax . My query is whether an assessee who has received dividend of only 8 lakhs can contend that the dividend income in general is no longer exempted income for the limited purpose of section 14A. The second part of my query is whether section 14A cannot be invoked at all for an assessee who has dividend receipt of 11 lakhs.

BY: Ethirajan

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31732
Jul, 06
2018
AUDIT - ( FINANCIAL BIDS SOUGHT BY COOPERATIVE BANKS FOR CONCURRENT AUDIT )

Whether CA firms can quote Minimum Fees to Cooperative Banks for Concurrent audits i.e Financial bids

BY: Mahesh Kumar

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31734
Jul, 06
2018
GST - ( APPLICABILITY OF GST ON LATE COMING DEDUCTIONS FROM EMPLOYEE )

Is Late coming deductions should consider under clause I of schedule III of GST Act 2017 - Consider that this transaction as supply by the employer to the employee in terms of contractual agreement entered into between the employer and the employee, will not be subjected to GST.” or Clause 5(e ) of Schedule II of CGST Act 2017 - Amount deducted is Consideration to the employer for “tolerating the act and will be subjected to GST.

BY: Laxmikant Nilkanth Alai

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31729
Jul, 05
2018
DIRECT TAXES - ( JAVA BASED UTILITIES OF ITR )

Downloaded ITR 3 and ITR 5 utilities from ITax Site are not opening . We are having Windows 10 Home 64 bit operating system . Java installed is 8 update 171.

BY: Mahesh Kumar

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31730
Jul, 05
2018
Income from Other Sources - ( GIFT FROM HUF TO ITS KARTA )

Please advice me, whether gift received from HUF by its KARTA is taxable or exempt. In view of definition of relative in sec. 56 of the Income Tax Act 1961, whether such gift received by KARTA of HUF from his own HUF, comes under the definition of relative and accordingly whether it is exempt?

BY: MAHADEO VIRUPAX WALI

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31728
Jul, 04
2018
GST - ( TAKEOVER OF BUSINESS )

a firm issued debit note of purchase return after takeover, how to issue credit note by seller in new firm after takeover as the earlier sale was made to old firm with old gstin. How to record credit note (on gst portal) in new firm?

BY: pratik vora

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31726
Jul, 03
2018
Income From Salary - ( MONTHLY PENSION RECEIVED BY EX-EMPLOYEE OF PRIVATE ORGANIZATION )

Does any form of monthly pension is exempt from tax? For example-pension received from employee pension scheme 1995 of EPFO is exempt or not? Further, accumulated payments received by employee from recognized provident fund is exempt from income tax... Please guide under which section the same is exempt.

BY: arpit mudgal

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31725
Jul, 02
2018
DIRECT TAXES - ( INCOME TAX RETURN )

one of our client is engaged in non specified business. providing services to banks like verification of pan card, financial statements, it returns. for this he is paid some amount. banks/financial institutions are deducting tds u/s194j. it return is filed u/s44AD. now cpc is sending emails tds made u/s194j is not declared u/s44ada. since it is a business income, not a profession income. we disagreed. please guide us in this regard for filing it return.profit is up to 10/5 after meeting out all office expenses. is it ok to file return u/s44AD again this year. else tax liability will be more.

BY: SURENDRA KSHEERASAGAR

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31722
Jun, 27
2018
MISC. - ( OPPURTUNITIES FOR A NEWLY STARTUP PRACTICE )

I have started my practice 8 months ago in Hyderabad ... is there any oppurtunity which i can crack like 1) Tender 2) Work on contract basis of any CA Firm 3) Any other ...which is beyond my knowledge Thanks in advance

BY: MOHAMMED MASEEH UR REHMAN

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31718
Jun, 25
2018
MISC. - ( USE OF PREFIX CA BEFORE HIS/HER NAM BY MEMBER )

A Member of ICAI Holding COP is having a Consultancy Private Limited Company apart from hisher CA Firm. Can heshe use CA prefix before hisher name on visiting of hisher Private Limited Consultancy Company.? I have seen lot of people using prefix CA before hisher name on the visiting card. Such as.. CA XXXXXX XXXXXX XYZ CONSULTANTS PRIVATE LIMITED Is it permitted by ICAI or is there any misconduct doing this.?

BY: KUSHAL BHATIA

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31720
Jun, 25
2018
Companies Act, 2013 - ( ANNUAL RETURN - LLP )

IS THERE A FORMAT FOR ANNUAL REPORTING FOR A LLP, (WITH NO STATUTORY AUDIT REQUITEMENT,) VIZ - BALANCE SHEET AND PROFIT AND LOSS ACCOUNT TO BE FILED WITH THE ROC, ALONG WITH SOLVENCY STATEMENT.

BY: CA. BRINDA SHREE A

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31709
Jun, 21
2018
GST - ( IPR SERVICE )

Is leasing out License to trade in Liquor is to be classified as IPR services. If yes is GST rate 12?.

BY: Ethirajan

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31711
Jun, 21
2018
GST - ( GST RETURNS )

An Individual registered himself for GST even though the gross taxable rent is below 20 lakhs, because a part of which attracted IGST as per sec 24(1). Very recently he has applied for cancellation of registration in view of notification number.102017.dated.13-10-2017 Assuming his registration gets cancelled with effect from 15th of July, my doubts are 1. Is he liable to charge GST for 15 days in July 2. After cancellation of his registration, will he be able to file his GSTR-3B and GSTR-1.

BY: Ethirajan

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31706
Jun, 20
2018
GST - ( RFD-01A )

I AM AN EXPORTER. MY TOTAL TURNOVER INCLUDES a) ZERO RATED SUPPLIES b) Rental Income (local supply) My purchases is only for zero rated supplies. No Purchase is done for supply of rental services. While claiming refund of unutilised input tax credit, what will be my Adjusted Total Turnover.? I had claimed refund of ITC BY TAKING Adjusted Total Turnover equals to zero rated supplies.

BY: pratik vora

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31699
Jun, 18
2018
MISC. - ( APPLICATION FOR FCA )

Am Working as paid assistant in Audit firm for 3 years. And i want to start my own practice .After completion of 2 years of practice, can i apply for FCA.

BY: Naseema

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31700
Jun, 18
2018
MISC. - ( CA PROFESSIONAL - FCA )

Am Working as paid assistant in Audit firm for 3 years. And i want to start my own practice .After completion of 2 years of practice, can i apply for FCA. One of the condition for application is 5 years of continuous practice.

BY: Naseema

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