• Registered Users :
  • 156765
  • Current Active Users :
  • 98569

Forum

DID YOU KNOW ?

You can add further comments to your query by clicking on "Add Comment".
This link will appear only, if you are logged-in with your user id and password. The same will appear as
"Querist Comment" on the Forum.

Click here to Post your Query >>
View Archive
Que. Id Date Description
38052
Mar, 26
2019
GST - ( GST ON REVERSE CHARGE BASIS )

If a person has paid freight and other charges related to a purchase transaction alongwith GST to a transporter. Whether he will be out of Reverse charge liability and still claim input credit for GST paid

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

38053
Mar, 26
2019
Companies Act, 2013 - ( FORM NO. DPT3 )

One of my client is Private Limited Company. There are no Public Deposits. But the Company has accepted Unsecured Loans form Directors. Is it necessary to file DPT 3? In such a case upto which date the balance of unsecured Loans to be disclosed.

BY: somu balasrinivasa murthy

Total Answers : 0 | View Answers | Post Answers

38054
Mar, 26
2019
Companies Act, 2013 - ( DIR 3 KYC )

Last year I have filed DIR 3 KYC for all the Directors. Is it necessary to file DIR 3 KYC for all the Directors once again?

BY: somu balasrinivasa murthy

Total Answers : 0 | View Answers | Post Answers

38055
Mar, 26
2019
Profits & Gains of Business & Profession - ( TALK TIME RECHARGE TO )

When mobile recharge coupons are received from and sold by distributor to retailer full value is recorded as value of supply for the purpose of GST. However for in reality distributor get only a commission and TDS is deducted for the purpose income tax. How does this turnover to be considered in Income tax return. Is it the full value (consider as a normal merchant) or only commission

BY: Sai Ram

Total Answers : 0 | View Answers | Post Answers

38050
Mar, 24
2019
Service Tax - ( SERVICE TAX LIABILITY (OLD INVOICE , PAYMENT NOT RECEIVED ) )

HI , invoices were raised to the Clients for Rs 10r Plus Service tax in FY 2013-14. . As the service tax is to be paid once the invoices are raised, company has not paid the service tax on same as no money has received from the Client. Not even after 5 years the payment of the invoices are still not received. Department is asking for service tax. How to deal with this? in books as well as department level. Thanks in advance

BY: CA. BISHT RAKESH

Total Answers : 0 | View Answers | Post Answers

38051
Mar, 24
2019
GST - ( GST )

Dear sir, One of my client has got a research work from US Generator company to give a market survey report for there product for that they are paying Rs 45 Lacs. Do we have to take GST registration for it. Will it be not covered under export services and not liable to GST

BY: VIPIN GUPTA

Total Answers : 4 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

38049
Mar, 23
2019
Profits & Gains of Business & Profession - ( SECTION 80IBA )

if an individual own a land & Builder approached the land owner for housing project by executing JDA (Joint Development Agreement) . Can Builder & also the land owner of his business income (other than capital gain income) can claimed benefit of Section 80IBA or only builder can take benefit of that. Also please inform is there any approval to be taken from income tax department for the project or any other authority for claiming the Section 80IBA benefits.

BY: NADIR D SHAIKH

Total Answers : 2 | View Answers | Post Answers

38043
Mar, 22
2019
GST - ( COMPOSITION SCHEME )

After the amendments in the year 2019. 1. Is the service provider other then restaurants is also eligible to opt for composition scheme?

BY: SK

Total Answers : 3 | View Answers | Post Answers

38044
Mar, 22
2019
Capital Gains - ( 171879 )

ASSESSEE HAS ACQUIRED SHARES THROUGH PRIVATE PALCEMENT IN THE YEAR 2006 WHEREIN STT WAS NOT PAID. LATER ON SHARES OF THE COMPANY GOT LISTED IN YEAR 2016. ASSESSEE SOLD SHARES IN THE FINANCIAL YEAR 2018-19. SO IS BENEFIT OF SECTION 10(38) AVAILAIBLE?? THANKS IN ADVANCE.

BY: BHAIRAV P JAIN

Total Answers : 2 | View Answers | Post Answers

38045
Mar, 22
2019
GST - ( GSTR 9 )

In table 5(F) of GSTR 9 relating to Non-GST supply, it mentions to report about No Supply. Please clarify what are the categories of supply that we have to include under No Supply?

BY: NIRAJ PM

Total Answers : 2 | View Answers | Post Answers

38046
Mar, 22
2019
GST - ( GSTR 9 FOR NON AUDIT CASES )

In case of asessee not subject to audit ,ITC eligible during 2017-18 not availed then, but added in GSTR 3B for April 18 will be shown as there is no reconcillation statement it seems

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

38041
Mar, 19
2019
GST - ( 078989 )

Rule 46(n) mentions :- Place of supply along with the name of the state, in course of inter-state or commerce; Does it make mandatory to mention a separate line on invoice like " Place of Supply-- New Delhi" Or State name mentioned in "Bill to","Ship to" or "Invoice to" provide full address as well as state like Bill To:- ABC Ltd, 123 xyz labe, New Delhi-1100110 Does above "Bill to" will suffice requirement of Rule 46(n)

BY: Vivek Gupta

Total Answers : 1 | View Answers | Post Answers

38042
Mar, 19
2019
DIRECT TAXES - ( 019451 )

a return for a charitable trust with registration under section 12 was filed in ITR 7. for the assessment year 2018-19. I get a notice under section 139(9) saying that the return is considered defective as I have not claimed any exemption under section 10 or 11 or 13A. The intimation further says I should file ITR 6. I did not claim any exemption as there was no receipt for the previous year ended 2018. Can anyone guide as to what I should do? The department has accepted earlier year returns filed in ITR 7 despite there was no income in earlier assessment years

BY: BALRAM Flats

Total Answers : 2 | View Answers | Post Answers

38039
Mar, 18
2019
GST - ( GST ON REVERSE CHARGES )

Dear Sir, One of my client is a trader of agriculture produce, we have by oversight not paid RCM on Raw Cotton. However we have paid tax in every month to the tune of Rs 1 lacs and the reverse charge libility come to Rs 5000/-. We have not shown in form 3B. My query is can be can be directly show it in form GSTR 9 annual return for the March 2018. Tax Payable and Input Received. Will there be any interest liability

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

38040
Mar, 18
2019
GST - ( CHARITABLE ORGANISATON )

Notification No. 12/2017 Central Tax (Rate) dt: 28/06/2017, which exempts charitable organizations from GST Law is applicable to organizations Registered u/s 12AA of IT Act 1961. Section 12AA has come into force w.e.f 01/04/1997 There are older, organizations who are registered u/s 12A of Income Tax Act. Will this notification apply to such organizations also.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

38038
Mar, 17
2019
GST - ( INTEREST IN GST_ WHETHER ON GROSS OUTPUT TAX OR NET TAX LIABILITY )

Should i pay interest for late payment of GST on Gross liability or Net liability (after adjusting inputs)? Please clarify

BY: GADE RANGA REDDY

Total Answers : 3 | View Answers | Post Answers

38037
Mar, 16
2019
GST - ( SUPPLY TO SEZ )

Dear Sir, We are supplying goods to SEZ under LUT. The ITC of Inputs is being used for payment of tax on others taxable supply is the procedure correct. Or we have to apply for refund for ITC used in Inputs which are being supplied to SEZ Unit

BY: VIPIN GUPTA

Total Answers : 2 | View Answers | Post Answers

38036
Mar, 15
2019
DIRECT TAXES - ( 44AD AMENDMENT )

X AN INDIVIDUAL FILED BUSINESS INCOME U/S 44AD FOR THE FY 2014-15, AND THEREAFTER THE RETURN WAS FILED U/S 44AB, DULY AUDITED TILL FY 2016-17. NOW IN FY 2017-18 THE TURNOVER IS RS 150 LACS, AND WANT TO FILE THE RETURN U/S 44AD, CAN HE FILE THE SAME IN 44AD. BECAUSE THE CHANGES IN 44AD HAS BEEN MADE FROM FY 2015-16.

BY: pradeep kumar agrawal

Total Answers : 2 | View Answers | Post Answers

38035
Mar, 14
2019
DIRECT TAXES - ( 240554 )

How to setoff of business loss in the below scenario for NRI. Loss from Business -235000, Short term capital gain 220000 and income from other sources 200000. With which income loss should be setoff first, STCG or Other sources. If setoff with other sources first, need to pay tax STCG as basic exemption limit is not available.

BY: Sai Ram

Total Answers : 2 | View Answers | Post Answers

38033
Mar, 12
2019
AUDIT - ( EMPANELMENT FOR BANK AUDIT )

Sir ICAI has developed a new software for allocation of branches for statutory audit from 2018 and 2019 It is learnt some banks have not adopted this software and in the absence of such consistency in following a uniform system for allotment of branches it is injustice with those who fall in category IV and live in small towns depending on small firms for audit and allied purposes My question is those falling in above category and after completion of 4th year of audit allotment who have not got audit of public sector banks Also comments solicited on new system for the year 2019 Regards Ashok Aggarwal Moga Punjab

BY: ASHOK AGGARWAL

Total Answers : 1 | View Answers | Post Answers

38034
Mar, 12
2019
MISC. - ( SALE OF LAND BY TRUST )

The land has been sold by trust and accordingly, the tax has been paid and the proceeds realized from the sale of land has been distributed to the trustees. There are two points: 1. Whether tax paid at the time of sale has been correct. 2. Tax treatment in the hands of the trustee.

BY: Shobhit Bansal

Total Answers : 1 | View Answers | Post Answers

38032
Mar, 11
2019
GST - ( GST FILING )

A cooperative bank, which has obtained registration for GST during FY 2018-19. However bank has taxable gst turnover during FY 2017-18. 01. Whether such taxable turnover needs to be filed and How to file earlier taxable details in GST portal. 02.If bank is subject to audit under GST, how to file 9 and 9C for FY 2017-18.

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

38030
Mar, 10
2019
TDS/TCS - ( TDS ON PROPERTY )

Mr. X has alloted a plot (Lease -90 years)by Authority for Rs. 47.00lacs and Mr. X has opt for payment option as 10% down payment i.e 4.7 lacs immediately and balance in 10 equalhalf yearly instalment with 10.5% p.a int and Lease Rent-10% will also levied after 5 years My querry is whether Mr. X has to deduct 1% TDS of payment as total consideration paid by Mr. X is exceeds Rs. 50 lacs (with Int) Whether TDS will deducted on LeaseRent also.

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

38031
Mar, 10
2019
MISC. - ( CONVERSION FROM CA PROPRIETORSHIP TO PARTNERSHIP FIRM )

A proprietor CA (has not obtained firm name) who is into practice for more than 6 years in his own name, wants now to convert into partnership firm. O1. Will his period of 6 years be counted for bank and insurance audits. 02. Will change in name has any impact. 03. What is procedure to convert proprietorship to partnership firm.

BY: Sachin

Total Answers : 2 | View Answers | Post Answers

38024
Mar, 08
2019
DIRECT TAXES - ( UNREGULATED DEPOSIT ORDINANCE 2019 )

Whether Unregulated deposit Ordinance will have any effect on small businesses taking deposits/loans from Relatives/nonrelatives in their books of accounts. I feel this ordinance has been brought only to prohibit deposit from Public by only those entities whose primary business is accepting deposits from people on the pretext of returning with heavy interest etc. Please clarify

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

38025
Mar, 08
2019
GST - ( GST ON UNDERCONSTRUCTION PROPERTY )

A person had booked flat around one year back with a Construction company and has paid 60% of payment already alongwith GST @12% Now wef 01-04-2019 GST rate has come down to 5% without input credit. Whether he has to pay remaining amount with GST @ 5%

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

38026
Mar, 08
2019
GST - ( VAT CREDIT WRONGLY CARRY FORWARD INTO TRANSITIONAL RETURN (TRAN 1) )

We have carried forward Excess tax into the TRAN-1and taken as transitional SGST credit on 27.12.2017. Such excess tax carried forward amount includes WCT/STDS (Works Contract tax/SALES TAX DEDUCTED AT SOURCE) deducted by our Customer/client which was actually adjusted with the payment of output VAT. But this amount was inadmissible as per transitional provison as per sec.140 so we have never utilised the same credit for the payment of the output GST and we have reversed the same through GSTR 3B in the month of July'2018. After that after July'2018 we have received DRC 07 summary of order that we have to make payment of interest @24% on such availment of inadmissible transitional credit on the full amount of inadmissible credit. Kindly give your light on the above action whether interest will be applicable on the full amount amount of inadmiisble credit @24%. If interets will not be charged how can we convince out commercial tax officer or what will be the ground of appeal for rectification of order.

BY: Chandra Kant Prasad

Total Answers : 1 | View Answers | Post Answers

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 CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

38028
Mar, 08
2019
DIRECT TAXES - ( ASSETS APPORTIONMENT OF MEMBER OF HUF )

How assets of a member of HUF can be apportioned? Whether it will go to heir only or it can be apportioned to the HUF? Is assets can also be apportioned in between both ?

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 2 | View Answers | Post Answers

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 CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

38019
Mar, 07
2019
CORPORATE & OTHER LAWS - ( CONSOLIDATED FINANCIAL STATEMENT ( )

Mr X and Y are directors in M/s A Private Limited , B Private Limited and C Private Limited . In all the three companies both directors hold 50% each . Doe we need to prepare the Consolidated Financial Statement ? if yes then for which entity and if no, the reason. Thanks in advance .

BY: CA. BISHT RAKESH

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

38021
Mar, 07
2019
DIRECT TAXES - ( SEC 194IA )

Dear Sir, We have received an consideration of Rs 2 Cr from a party against sale of land on 29/09/2018. The party has not entered into verbal agreement that it will do the registry in May 2019. We have handed over the possession to the party. So you are requested to kindly guide in which year we should account for the income A/y 2019-20 to A/y 2020-21.

BY: VIPIN GUPTA

Total Answers : 4 | View Answers | Post Answers

38022
Mar, 07
2019
Capital Gains - ( CAPITAL GAIN )

Dear Sir, One of our assessee father has expired and the property has devolved on the assessee on 15/05/2016. The Property was purchased by his father in year 1989. Sir, I want to know the period of holding for indexation will be taxed from 2001 or F/y 2016-17.

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

38023
Mar, 07
2019
AUDIT - ( SIGNING OF THE CONSOLIDATED FINANCIAL STATEMENT )

If the standalone Financial statement of M/s X Limited, a Private limited company , is signed by Mr A , the statutory auditors , Can the Consolidated financial statement of M/s X limited , be signed by the Mr B , a different Chartered accountant? Thanks In Advance .

BY: CA. BISHT RAKESH

Total Answers : 2 | View Answers | Post Answers

38017
Mar, 05
2019
DIRECT TAXES - ( CAPITAL GAIN ON LAND )

A plot was named of Two Directors and they have introduced the same in company's stock by crediting their Loan A/c. in 2014-15 However they had not made registry in favour of co. Thereafter co has constructed three floor from co. fund and sold them and returned the loan of director in different diffrent year . Director has not disclosed the same in their personal ITR . Now what to do and what is the implications thereof . Thanks in Advance

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

38018
Mar, 05
2019
GST - ( SERVICES TO NEPAL AND BHUTAN )

Dear Sir, After notification 2/2019 whether service supplied to nepal and bhutan will be taxable if amount is received in indian currency

BY: VIPIN GUPTA

Total Answers : 2 | View Answers | Post Answers

38016
Mar, 02
2019
GST - ( GST ON MOVEMENT OF CRANES )

Dear Sir, one of our client is registered in Rajasthan and has got a contract for construction of Factory shed at Gujrat. We donot have any fixed establishment at Gujrat and have not taken any registration there. Now we have to send some cranes there for job work can be send it on delivery challan or we have to issue invoice. As i have read the circular 1/1/2017 of IGST Dt 07/07/2017 and further clarifed by 21/21/2017 that we send the cranes only between distinct persons. As we are not registered there will we be treated distinct person. Can be follow the procedure to send goods by delivery challan

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

38012
Mar, 01
2019
Service Tax - ( SERVICE TAX )

Sir, One of my client is a agent of LIC he is receiving commission income to the tune of Rs 17-18 Lacs during the F/y 2015--16,2016-17 is he liable to pay servie tax. Please mention the supporting notification as we have to give reply to service tax Deptt

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

38013
Mar, 01
2019
TDS/TCS - ( TAN CORRECTION )

In Case of Change in State of Business, Should i Apply for a Fresh TAN in the New state or apply for correction of address in the existing TAN.

BY: Harish

Total Answers : 5 | View Answers | Post Answers

38014
Mar, 01
2019
GST - ( GST ON TECHNICAL OR MANAGEMENT FEES )

Foreign Holding Company of an Indian MNC Subsidiary, charges Technical or Management Fees on an Annual basis. Is this Import of Service for the Indian entity within the definition of Supply ? Whether GST payable on RCM basis even when the charge of RCM is delayed as per the Notifications ?

BY: Hemal Yogesh Shah

Total Answers : 2 | View Answers | Post Answers

38015
Mar, 01
2019
GST - ( ITC FOR INSURANCE COMPANY )

Can insurance company claim ITC on payments made to third party while settling claims like garage service payments etc. What will be base for claiming such ITC for Insurance company.

BY: Sachin

Total Answers : 2 | View Answers | Post Answers

38011
Feb, 28
2019
DIRECT TAXES - ( 12 A CERTIFICATE IS NOT AVAILABLE IN CASE OF EDUCATIONAL INSTITUTION )

THERE IS ONE EDUCATION INSTITUTION WHICH IS NOT REGISTERED U/S 12A OF THE INCOME TAX ACT. THE GROSS RECEIPTS OF EDUCATION INSTITUTES ARE MORE THAN 1 CRORE INCLUDING SALARY GRANT FROM STATE GOVT. RETURN OF INCOME NOT FILED DUE TO NON AVAILABILITY OF 12A. HOW TO FILE INCOME TAX RETURN? PLEASE LET ME KNOW WHAT ARE THE CONSEQUENSES.

BY: MAHADEO VIRUPAX WALI

Total Answers : 2 | View Answers | Post Answers

38002
Feb, 27
2019
IFRS - ( PERCENTAGE COMPLETION METHOD FOR CONSTRUCTION COMPANY )

If a construction Company has received permission for first 10 floors out of total 20 floors. Construction of 10 floors is completed and advances of more than 25% saleable area (of 10 floors) is secured by contracts/agreements. It is also proposed that Company will receive permission for 11-20 floors soon. Whether 10 floors can be considered as 1 unit and Percentage completion method be applied on it? OR Whether entire 20 floors should be considered as one unit since common spaces like lobby will be utilised for entire 20 floors only and consequently POCM to be ignored?

BY: Prachi Vora

Total Answers : 1 | View Answers | Post Answers

38003
Feb, 27
2019
DIRECT TAXES - ( 079710 )

My client is an educational society having 12A and filed their return of AY 2016-17 to AY 18-19 within due date . Further they could not spent 85% of their gross receipts and accumulated excess funds for further expansion and the same has been also reported in Audit report (Form 10 B) However we have omitted to File electronically Form 10 and the CPC has raised the tax demand . what is remedy to us pl. clarify . Can we file condone of delay or any other remedy ??

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

38004
Feb, 27
2019
DIRECT TAXES - ( 079710 )

My client is an educational society having 12A and filed their return of AY 2016-17 to AY 18-19 within due date . Further they could not spent 85% of their gross receipts and accumulated excess funds for further expansion and the same has been also reported in Audit report (Form 10 B) However we have omitted to File electronically Form 10 and the CPC has raised the tax demand . what is remedy to us pl. clarify . Can we file condone of delay or any other remedy ??

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

38005
Feb, 27
2019
Companies Act, 2013 - ( HOW TO REMOVE A DIRECTOR )

How to remove a director from private limited company, without obtaining his consent or resignation. As one of the three director is not participating in any of the activities of Company, company wants to remove him. What procedure to be followed for the same

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 2 | View Answers | Post Answers

38006
Feb, 27
2019
DIRECT TAXES - ( DISALLOWANCE U/S 43B )

As the audit report was signed before payment of Income-tax dues of the AY 2017-18, the same was shown as liability remain unpaid before due date in Audit report and accordingly return was filed. Now after the Audit and IT return of AY 2018-19 intimation was sent for AY 2017-18 stating disallowance of the aforesaid unpaid liability and demand raised. Now to claim the said disallowance in AY 2018-19, whether only IT return revision would be sufficient or Audit report is also need to be revised? As per the wording of the format 3CD only liability that exist on 1st day of previous financial year can be considered for 43B, whereas in return the wording are referred to any preceeding financial year. Please clarify

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 1 | View Answers | Post Answers

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 CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

38008
Feb, 27
2019
GST - ( INPUT TAX CREDIT. )

Whether annual functions expenses in which staff is awarded based on performance shall be eligible to get ITC. Here annual function expenses include choreography fees , Stage preparation expenses, cost of award /shield. Etc.

BY: MASHENDRA KUMAR MASHI

Total Answers : 4 | View Answers | Post Answers

38009
Feb, 27
2019
GST - ( ITC SETOFF PROCEDURE )

From 1st February 2019, IGST shall be first utilised towards payment of IGST,CGST and SGST. My query is will this set off procedure will be applied to brought forward credits of IGST, SGST and CGST already standing in electronic credit ledger.

BY: Sachin

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

38001
Feb, 25
2019
DIRECT TAXES - ( SECTION 56(2)(X) OF INCOME TAX )

An individual has defaulted in repaying Bank Loan. Later one time payment is settled and the barrower was asked to pay only let us say 2 crore as against outstanding demand of Rs.3.5 crores. Whether the sum of Rs.1.5 crores waived by the Bank will be treated as his income U/s 56(2)(X)

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

38000
Feb, 24
2019
DIRECT TAXES - ( SALARY INCOME FOR RESIDENT AND ORDINARILY RESIDENT )

I will appreciate if someone can assist me on tax liability of a resident and ordinarily resident salaried person working outside India in the following circumstances : 1. If His employer transfers his salary in his local Foreign bank account outside India. 2. If He opens a NRE account and his employer transfer salary in the same Although I have read that a Resident and ordinarily residents are liable to tax in India for his global income?

BY: CA. BISHT RAKESH

Total Answers : 2 | View Answers | Post Answers

37996
Feb, 23
2019
GST - ( ITC ON BUSINESS CLOSURE )

A Pvt. Ltd. co. Surrenders it's GST registration of one state. The closing stock in that state is Nil. The company has accumulated ITC in the normal course of business over the time and do not have invert tax structure in that state and involved in Import/trading activity. Can the company get the refund of ITC lying in it's Electronic Credit Ledger of CGST/SGST/IGST?

BY: SK

Total Answers : 2 | View Answers | Post Answers

37997
Feb, 23
2019
GST - ( CANCELLATION OF GST REGISTRATION AND ANNUAL RETURN )

Whether annual return for FY 2017-18 shall be filed if cancellation of GST registration is done during FY 2018-19.

BY: DEEPAK ARYA

Total Answers : 3 | View Answers | Post Answers

37998
Feb, 23
2019
MISC. - ( BANNING OF UNREGULATED DEPOSIT SCHEME )

Do this deposit scheme covers the loans taken by business entities e.g partnership firms running steel business taken loan from individuals for his business

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

37999
Feb, 23
2019
GST - ( GST )

One of our client is a trader of Tyres he has received a reward for reaching a target. We have been given one bike whose market price is 75 thousand. Do we have any liablity as regards GST. We are not claiming any input on bike. We have passed entry Dr Motor bike and Credit Income in our books

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

37994
Feb, 22
2019
GST - ( GST INPUT TAX CREDIT )

A Business entity spends on interior including false ceiling and the service provider charges GST on works contract. The building is owned by the business entity. Is it eligible to take input credit of GST paid or interior including false ceiling. Will situation be different if the building is rented premises?

BY: Ethirajan

Total Answers : 3 | View Answers | Post Answers

37995
Feb, 22
2019
DIRECT TAXES - ( APPLICABILITY OF 44AD FOR 194J TDS DEDCUTION )

If an assessee provides a service and his customer deducts the tds under section 194J, is this means the assessee need to show his income under section 44ADA? The Assessee is not a profession as defined by the act. Even does not possess a college ug degree.

BY: M ASHOK

Total Answers : 2 | View Answers | Post Answers

37993
Feb, 21
2019
DIRECT TAXES - ( TURNOVER OF CREDIT CO-OP SOCIETY FOR SECTION 44AB )

Income of credit co-op society includes 1 interest income from lending to its members Rs. 90L 2 Dividend and interest from investment in other co-op society Rs. 15L whether provisions of 44AB will be applicable? else can we treat Rs. 15L as income from other sources?

BY: Shivanand Nalwade

Total Answers : 2 | View Answers | Post Answers

37992
Feb, 20
2019
GST - ( SEZ UNIT )

I have read in the Back Ground material on GST that supply to SEZ "for use in authorised operations". But Sec 16 if IGST Act does not says so. We are actually constructing as Shed of a factory of SEZ unit. Will it be treated as zero rated or not.

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

37988
Feb, 19
2019
GST - ( CHARGEABILITY OF GST )

1 Manufacturer passes on various discounts namely cash discounts, quantity discounts, volume discounts 2 Similarly company also pass on incentives to dealers in different names . 3 my query is regarding-whether the dealer is liable OR not liable to pay GST on such receipts 4 the dealer (cement industry)has not reported such discounts and incentives in the GST return (As the cement manufacturers have not reported such debit/credit notes in their GST return and not dipicted in the GSTR2A of the dealer) 5 these credit notes do not have any relationship either one to one or to a group of purchase invoices 5 how to report the tax liability issue in the GST audit. Request your guidance and suggestions in this regard

BY: SHIVASHANKAR K

Total Answers : 2 | View Answers | Post Answers

37989
Feb, 19
2019
GST - ( ITC REVERSAL )

The company has availed higher rate of drawback and also claimed SGST portion as refund . While filing GSTR 3B the amount of claim is mentioned against CGST and SGST both as the system automatically fills both the column. we want to reverse the ITC showing in credit ledger as it is not eligible for refund. Asked GST helpdesk, they told to put the figure in GSTR-3B 4(B)(2) but interest is leviable on reversal. My question is why should interest is applicable as it is not covered under Section 37

BY: RANJAN KHANDELWAL

Total Answers : 1 | View Answers | Post Answers

37990
Feb, 19
2019
MISC. - ( CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )

I am having my proprietorship firm since 2016, now we want to convert it into partnership firm. whether seniority of firm for bank audit empanelment of firm will be considered from existing firm or from newly formed partnership ? and also guide me for ICAI procedure regarding this conversion? Thanking You,

BY: Mehul Gelot

Total Answers : 2 | View Answers | Post Answers

37991
Feb, 19
2019
DIRECT TAXES - ( TDS APPLICABILITY )

Dear Sir, I was covered under tax audit During the A/y 2017-18 and not covered under A/y 2018-19 do we have to deduct TDS for A/y 2019-20. We are having the TDS number is there any obligation to Deduct TDS as we have TDs Number.

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

37986
Feb, 17
2019
GST - ( REPORTING OF SAC CODE WISE SUMMARY OF INWARD SUPPLIES IN ANNUAL RETURN - GSTR 9 )

Whether SAC code wise (Services) summary of inward supplies is required under GSTR 9-Annual return. As per my understanding HSN wise (Goods) summary is required for inward supplies.

BY: DEEPAK ARYA

Total Answers : 2 | View Answers | Post Answers

37984
Feb, 16
2019
GST - ( SEZ UNIT )

Sir We are suppling material to unit In SEZ. As per his registration certificate the status of Tax payer is "Regular". We are treating it as zero rated and supplying it under LUT without payment of duty. On pointing out that company that they are not registered as SEZ Unit they Took new registration number under Status "SEZ Unit". Now i want to know for old supply can we treat it as zero rated or we have to raise debit note. or it does not make any difference for status as the unit is situated in SEZ.

BY: VIPIN GUPTA

Total Answers : 2 | View Answers | Post Answers

37985
Feb, 16
2019
Capital Gains - ( CAPITAL GAIN IN CASE OF DEVELOPMENT AGREEMENT )

Assessee entered into development agreement with a developer to construct multi store residential building on his land. The assesse will receive 8 flats after construction of building as consideration. Now the assessee has sold 4 flats in the building for which completion certificate has not been obtained from the competent authority. The remaining 4 flats will be sold after obtaining completion certificate. The development agreement executed in the F.Y. 2016-17. And the 4 flats are sold by the assessee in the financial year 2018-19. The completion certificate will be obtained in the F.Y. 2019-20, and the remaining 4 flats will also be sold in the F.Y. 2019-20. My question is how to calculate capital gain tax u/s 45(5A) relating to transfer of land and transfer of 4 flats prior to obtaining completion certificate in the F.Y. 2018-19. Further how to calculate capital gain tax on transfer of remaining 4 flats after transferring the same in F.Y. 2019-20 after obtaining completion certificate. Please do the needful

BY: MAHADEO VIRUPAX WALI

Total Answers : 1 | View Answers | Post Answers

37983
Feb, 15
2019
GST - ( GST ON IMMOVABLE PROPERTY )

Company is registered in Delhi and have a permanent establishment there. It owns a property in other state and which is rented out. Please suggest if GSTIN is required for other state also or we can charge IGST on rent from our location in Delhi .

BY: CHARU PALIWAL

Total Answers : 2 | View Answers | Post Answers

37977
Feb, 14
2019
GST - ( GST ON INCENTIVES )

Petroleum Companies pay incentives (sort of quantity discount) for dealers, depending on their off take. Are dealers liable to pay GST on such incentives received.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

37978
Feb, 14
2019
GST - ( GST ON MESS RUN BY IIT AND HOSTEL FEES )

Whether GST on Mess run by IIT is exempt since inception or are to be taken as exempt from 01/012019 in view of circular no. 85/04/2019. If since inception what is regarding payment already deposited as GST treating the same as taxable.

BY: SUNIL KUMAR AGARWAL

Total Answers : 1 | View Answers | Post Answers

37979
Feb, 14
2019
GST - ( GST ON NOTIONAL INCOME )

A GST registered person gives away commercial space to a trader by taking quite a large amount as refundable deposit. The understanding is the trader will use the space for business purpose for a period of 7 years without payment of any rent, after expiry of 7 years he has to surrender the place back to the Landlord who will return the large deposit received. As per Income Tax Law the landlord has to pay Income tax on the notional rental income in respect of above arrangement. I would like to know GST implication on the Land lord in the above circumstance.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

37980
Feb, 14
2019
GST - ( REFUND QUERY )

answer to my query no 36975. Pls reply

BY: Viral Shah

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

37982
Feb, 14
2019
GST - ( GST ITC )

Sir, Can a works contractor who is engaged in supply of construction services of immovable properties like roads, can claim itc on input goods like cement etc. There is no sub contract in this case.

BY: a akhilesh

Total Answers : 2 | View Answers | Post Answers

37975
Feb, 13
2019
DIRECT TAXES - ( TDS ON SALE OF PROPERTY )

A FLAT COSTING RS 80 L, IS PURCHASE BY TWO BUYER, SHARING 50% EACH. I WANT TO KNOW WHETHER TDS ON SALE OF PROPRETY IS REQUIRED TO BE DEDUCTED AS EACH BUYER SHARE IS LESS THAN 50 L, BUT OVERALL COST OF PROPERTY IS RS 80 L 2. A ENTERS INTO AN AGREEMNT TO BUY A FLAT OF RS 60 L WITH A BUILDER , DELIVERY OF FLAT WILL BE MADE IN NEXT TWO YEARS, AND AMOUNT IS ALSO PAYABLE BY A IN SCHEDULE WAY SPREAD OVER 18 MONTHS, I WANT TO KNOW WHEN TDS WILL BE DEDUCTED, VIZ ; WHETHER IT WILL BE DEDUCTED AT THE LAST PAYMENT DATE, OR TDS WILL BE DEDUCTED AS SCHEDULE PAYMENT IS MADE, OR IT SHOULD BE PAID IN ONE INSTANCE SAY IN 1ST PAYMENT MADE TO BUILDER

BY: pradeep kumar agrawal

Total Answers : 3 | View Answers | Post Answers

37976
Feb, 13
2019
GST - ( VALUATION )

Dear Sir, I client in the business of erection of plant i.e prefabricated buildings. He is constructing the same for himself. Please guide how to value it or should we reverse the input tax credit and credit purchase account or some other way i.e Builidng Dr To Cenvat Credi To Purchases To Manufacturing Exp

BY: VIPIN GUPTA

Total Answers : 2 | View Answers | Post Answers

37973
Feb, 12
2019
GST - ( BLOCKING OF CREDITS - SEC 49A OF CGST ACT )

One of my clients is engaged in trading. Typically, Interstate purchases are 90% and intra state purchase are 10% of total purchases. All sales are intra state. With the introduction of Sec 49A, it seems that CGST credit shall never be available for utilisation to him. Is there any way to overcome this unwarranted blocking of credits. Thanks

BY: RAHUL PARASRAMPURIA

Total Answers : 2 | View Answers | Post Answers

37974
Feb, 12
2019
IFRS - ( CONSOLIDATED FINANCIAL STATEMENTS )

Indian Public Limited Company maintaining Financial Statements as per OLD AS; and its Subsidiary Company is maintaining Financial Statement as per Ind-AS (Due to Joint Venture Company requirements-Ind AS applicable to JV Company). How Consolidation will be done in this case.

BY: PANKAJ SHARMA

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

36976
Feb, 11
2019
INDIRECT TAXES - ( CREDIT CALCULATION FOR GST REFUND UNDER INVERTED STRUCTURE )

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: Vasav S Shah

Total Answers : 0 | View Answers | Post Answers

36977
Feb, 11
2019
GST - ( INPUT TAX )

A dealer has some unutilized GST input tax in electronic credit ledger. From a particular date, the goods dealt by him becomes non taxable and hence writes off the balance of input tax in electronic ledger. Can this write off be disallowed u/s 43B , since relevant input taxes were incurred in earlier years or can be disallowed as “ Prior Period expenses”.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

36978
Feb, 11
2019
GST - ( PAYMENT OF BRANCH FOR BRANCH TRANSFER AND 180 DAYS RULE )

We have taken GST Registration in Gujarat and Maharashtra i.e. Two States, Maharashtra Branch transfer goods to Gujarat Branch as transfer raw material and we processed the same and manufactured finished goods and thereafter we sale the goods to the Maharashtra State, My Question is that the limit of 180 days payment condition is applicable to branch transfer also or not ? Please confirm whether it is compulsory to make payment to branch

BY: Tausif Yasinbhai Vora

Total Answers : 1 | View Answers | Post Answers

36979
Feb, 11
2019
GST - ( IN LIGHT OF GST AMENDMENT ACT - SECOND REGISTRATION )

In light of GST Amendment Act which become effective from 01.02.2019, I want to know can a pvt. ltd. company get second GST Registration in the same state? Looking at the fact that the Business Vertical concept is abolished.

BY: SK

Total Answers : 2 | View Answers | Post Answers

36972
Feb, 10
2019
GST - ( GST REGISTRATION )

A club incorporated as trust under Travancore Cochin Literary Societies Act, formed to promote pigeon fancying. The club collect subscription fee yearly from its members. The members are located all over India. Whether they require to register under GST as they collect membership free from other states too? Can they be exempt from registration as they do not do any other business activities other than exhibition of pigeons .

BY: Babitha

Total Answers : 1 | View Answers | Post Answers

36971
Feb, 09
2019
MERGER & ACQUISITION - ( CONVERSION OF PROPRIETORSHIP TO PARTNERSHIP OF CA FIRM )

Hi all, I am a Chartered accountant started practice in 2016 in proprietorship concern and having trade name registered under ICAI . My Spouse recently qualified as CA in Nov 2018 exams and we want to Convert my proprietorship firm into partnership firm without changing the trade name as registered in ICAI. My question is whether proprietorship experience (3 years) is continued in partnership firm ..?? Whether the experience will count for bank audit empanelment under partnership firm..?? Whether can i proceed with this conversion, Kindly suggest me. Thank you

BY: VAMSHI KRISHNA NANGUNURI

Total Answers : 2 | View Answers | Post Answers

36968
Feb, 08
2019
GST - ( GST RATE )

GST on Job Work, “A” Sends his material for Job Work to “B”. B, while doing the process, adds his own material and completes the Job Work. Can “B” charge only 18% GST for his service or he has to charge separately for materiel added at the appropriate rate applicable to such material.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

36969
Feb, 08
2019
GST - ( GST RATE )

A dealer in Karnataka buys Goods from Maharastra. The transporter in Maharastra has charged freight of 10000 for moving goods from Maharastra to Karnataka. Is dealer in Karnataka liable to pay CGST and SGST or IGST on freigh charges of 10000 under RCM

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

36970
Feb, 08
2019
TDS/TCS - ( INTEREST U/S.201(1A) APPLICABLILITY )

Disallowance for non deduction of TDS. Form 26A collected from deductee. Whether deductor is still liable for payment of interest u/s 201(1A)?

BY: BAJAJ RADHESHYAM NANDKISHORE

Total Answers : 1 | View Answers | Post Answers

36966
Feb, 07
2019
Capital Gains - ( RURAL AGRICULTURAL LAND IN INDIA )

What significance of Notification No 77(E) 1973 in respect of Rural Agricultural land in India on capital Gain Tax for sale of a land. has this notification been replaced by any other notification or it has become ineffective now ?

BY: CA. SHARMA RAJESH CHANDRA

Total Answers : 2 | View Answers | Post Answers

36967
Feb, 07
2019
DIRECT TAXES - ( TCS ON SALES OF VEHICLE )

Section 206C(1F) applicability of one authorized dealer sales vehicle to another authorized dealer as per instruction given by the manufacturer without any margin. What is implication of above section, Should deduct TCS or sales without deduction of TCS?

BY: VIKASH KUMAR JHA

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

36963
Feb, 05
2019
MISC. - ( BENAMI TRANSACTION )

X an individual purchases a flat in the name of his married daughter, ie consideration is provided by X out of his known sources and flat is registered in the name of Married daughter, whether Benami Act will involved in this transaction.

BY: pradeep kumar agrawal

Total Answers : 3 | View Answers | Post Answers

36964
Feb, 05
2019
COUNCIL DECISION - ( PROCEDURE FOR CONVERSION OF A CA PARTNERSHIP FIRM INTO CA LLP )

Hello, Does anyone can share any document or link describing the procedure for conversion of an existing CA partnership firm into a CA LLP firm. I know the required formalities to be completed and filed with MCA. I just need the requirements from ICAI with regards to the existing FRN for continuing the practice and to inform ICAI about the change of legal status. Thanks a lot in advance.

BY: Prasen Pal

Total Answers : 1 | View Answers | Post Answers