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Que. Id Date Description
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 CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40400
Sep, 21
2019
GST - ( CONTRACTOR'S GTO )

As per the GST Law, Gross receipts of Govt Contractor is suppose to be reduced by the GST and accordingly Turnover is to be shown under GST. But if we show the same turnover in income-tax, it would mismatch with 26AS receipts. In either case, difference in GTO would result in scrutiny. What should be the appropriate way for income-tax return as well?

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40398
Sep, 20
2019
AUDIT - ( UNIQUE DOCUMENT NO GENERATION )

Whether Uniqie document is required to be generated for Stock Audit and revenue audits of Banks.

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40397
Sep, 19
2019
AUDIT - ( AUDIT OF RELATIVE )

Whether a C.A. can do Audit of his Relative.

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40396
Sep, 18
2019
Capital Gains - ( 108293 )

My client has plot of land. He entered into development agreement on 28.10.2016. Developer in return alloted 4 flats to land owner. Completion certificate of that flats were obtained on 07.08.2019. As per Sec.45(5A) capital gain will be chargeable in the hands of land owner in 19-20. My question is what is the date of transfer as per Sec.2(47). Whether it is 28.10.2016 or 07.08.2019. Further can a land owner claim deduction u/s.54F in 2019-2020.

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

40395
Sep, 17
2019
MISC. - ( CONVERSION OF FULL TIME COP TO PART TIME COP )

Sir I am a partner in a firm. I have moved to another city where I want to join employment but want to remain as a partner in the same firm. Is this possible by converting my full time COP to Part time COP. I cannot find ICAI guidelines with respect to this subject matter Kindly reply this on priority basis. Its urgent. Thank you

BY: sweety sharma

Total Answers : 3 | View Answers | Post Answers

40393
Sep, 16
2019
DIRECT TAXES - ( SECTION 269ST )

Exceptions in respect to Section 269ST- Provision of Section 269ST shall not apply any of the following if receipt by- a. Government....... What is government under Income Tax ? Can municipality be called a government ? Can municipality receive tax of more than Rs. 2 Lakhs in cash ?

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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 CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

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 CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

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 CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40386
Sep, 11
2019
Companies Act, 2013 - ( SCHEDULE III - DIVISION FY 2018-19 )

Whether a private limited company which is preparing its balance sheet as per Division I of Schedule III is required to disclose the details wrt MSME on the face of balance Sheet or not..?? Kindly treat this query as urgent.

BY: CA Neha Gupta

Total Answers : 2 | View Answers | Post Answers

40387
Sep, 11
2019
GST - ( ISSUE OF GST INVOICE FOR SERVICES )

A Proprietorship firm is dealing in textile business and having GST number. Now the Prop wants to add commission business under the same GST Whether he will have to get seperate bill book for services rendered or hr can continue with same bill book

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

40385
Sep, 10
2019
AUDIT - ( TAX AUDIT )

Is Political Party liable to tax audit?, If yes, Then in which form tax audit shall be filed?

BY: Abhinav

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

40380
Sep, 06
2019
GST - ( GST APPLICABILITY TO SEZ UNIT )

If an SEZ unit is availing certain services outside SEZ area. Will this services will be eligible for Zero rated supply benefit under IGST Act.

BY: Mayank Jain

Total Answers : 3 | View Answers | Post Answers

40381
Sep, 06
2019
DIRECT TAXES - ( 079710 )

Mr. A has earned Salary income Rs. 28.00 lacs and also deals in Future & Option where turnover is approx. 50 Lacs and Loss approx. 4.00 lacs whether Mr. A is require to Tax Audit as the Profit is less than 8% or we can file ITR without Audit pl. suggest

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

40378
Sep, 05
2019
DIRECT TAXES - ( 019493 )

While surrundering the LIC Policy, LIC has deducted TDS u/s 194DA @ 1% on the surrender value. Premium paid over 5 years was Rs. 261297/- .The surrender value recived was Rs. 223212 less TDS Rs. 2233 . net value is Rs. 220979/-. Whether any amount is to be offerred for assessment.

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

40377
Sep, 03
2019
ANNOUNCEMENT - ( 077928 )

Sir Is there any Guidance note or recommendations issued by ICAI regarding tender process and criteria for Organisations who intend to appoint CAs as their auditor

BY: SAMEER SAMEER SINGH

Total Answers : 1 | View Answers | Post Answers

40376
Sep, 02
2019
MISC. - ( RECONVERSION OF CA PARTNERSHIP INTO CA PROPRIETORY FIRM )

I started my CA Practice in the year 2002 as a proprietor of a CA Firm and in the year 2013 I converted my Proprietory Firm into Partnership by adding my cousin brother as partner, as due to ours is Joint family we dont have any problems till April, 2018. From April, 2018 our HUF is divided and living separately. Now I dont want to continue this partnership with my cousin brother and want to convert this partnership into Proprietory Firm. Meanwhile i have intimated my changes in the status of the Firm to ICAI Regional office but my details are not yet changed in the Institute records. I tried to update in the SSP Portal but of no use at all. Can anybody guide me to how to go along with effectively to reconvert CA Partnership Firm to CA Proprietory Firm without loosing my old firm name. Thanks in advance for all your answers

BY: VENKATESH S BAKALE

Total Answers : 2 | View Answers | Post Answers

40373
Aug, 29
2019
DIRECT TAXES - ( SEC.115JB B/F LOSS AND UD )

As per sec.115JB for computing MAT, brought forward business loss or unabsorbed depreciation whichever is lower as per books has to be adjusted. Is this comparison of business loss vs depreciation to be made year on year for past years or cumulative figure as on date? All the past years have losses and no profit in any of the preceding years.

BY: balasubramanian

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

40375
Aug, 29
2019
GST - ( GST )

The party is covered under composition scheme and has received discount by way of commercial credit note which do not contain any GST on it. In 44AD do we have to pay tax @ 8% on sale price and discount value. Or we pay tax only on Sale price and credit Discount value in purchase. under GST do we have to pay GST on Sale price and Discount amount

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

40370
Aug, 28
2019
GST - ( GST ON RESALE OF UNDER CONSTRUCTION COMMERCIAL PROPERTY )

Dear Sir, (1). Firm had purchased under construction commercial property. Firm was paying advance, on which 12% GST was charged by promoters / developers. The intention of the firm was to use this property as office premises. (2). Firm was capitalising GST paid, in books, since it is ineligible for ITC credit. (3). The property is still under construction and not completed yet. (4). Now the firm want’s to sale its commercial property. (5). Whether Firm is liable to pay GST on such resale of under construction property?

BY: Hitesh J Pandya

Total Answers : 1 | View Answers | Post Answers

40371
Aug, 28
2019
GST - ( ITC CLAIM ON REIMBURSEMENT OF FREIGHT CHARGES )

A small private limited co. makes zero-rated supply (export) without payment of tax and pays freight charges on behalf of overseas buyer. The overseas buyer reimburses the freight charges as per invoice raised by the exporter. As the freight charges are paid by the exporter ITC (@18%) is available to the exporter. Query : Whether the exporter is eligible to claim ITC pertaining to the full amount of freight charges paid by it OR only the unrecoverable amount of freight charges.

BY: Pranab Kumar Bose

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

39370
Aug, 27
2019
DIRECT TAXES - ( PRESUMPTIVE INCOME TAX FOR COMMISION AGENT )

Can a commission agent declare Income under Presumptive Tax @ 50% of commission

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

39371
Aug, 27
2019
DIRECT TAXES - ( PRESUMPTIVE INCOME TAX FOR COMMISION AGENT )

Can a commission agent declare Income under Presumptive Tax @ 50% of commission

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39372
Aug, 27
2019
GST - ( SALE OF ICE CREAM IN ICE CREAAM PARLOUR - GOODS OR SERVICES )

One of my clients operates an ice cream parlour where they sell ice cream. Ice Cream is received from manufacturer in tub form . It is sold to customers in form of scoop in cone/cup. Some customer also buy the tub form and carry it away. No processing/change is done by the client . My query is whether this activity shall be considered as sale of goods of ice cream or shall it be considered as supply of services ( restaurant services)

BY: RAHUL PARASRAMPURIA

Total Answers : 2 | View Answers | Post Answers

39373
Aug, 27
2019
Companies Act, 2013 - ( APPX COST OF FORMING PVT LTD CO )

A Moneychanger wants to form Pvt Ltd co with Authorised capital of Rs 25 lacs What will be Toatal appx cost(Govt Fees etc)

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

39365
Aug, 25
2019
GST - ( BIFURCATION IN POINT 6B )

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

39367
Aug, 25
2019
GST - ( GSTR 9 AND 9C )

Dear Sir, My query is do the amount reflected in point 5 C of GSTR 9 and point 13 of GSTR 9 and point 12C of GSTR 9C will be same

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

39364
Aug, 24
2019
Profits & Gains of Business & Profession - ( CLARIFICATION ON NEW AMENDMENT IN SECTION 44 AE OF THE I T ACT )

Dear sir, In section 44 AE (2) (i) the section says that, being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of gross vehicle weight or unladen weight as the case may be. Please clarify

BY: MAHADEO VIRUPAX WALI

Total Answers : 2 | View Answers | Post Answers

39362
Aug, 23
2019
GST - ( PERIOD FOR ITC-04 )

In GSTR ITC-04, let I'm sending goods for job-work 25-08-2019 and receiving it back 10-10-2019, then will both the details of sending and receiving shown in different ITC-04 i.e. Q-2 and Q-3 GSTR or in same. If answer is same quarter then in Which Quarter ?

BY: VIJAYKUMAR BHANUBHAI GEVARIYA

Total Answers : 1 | View Answers | Post Answers

39363
Aug, 23
2019
DIRECT TAXES - ( REPORTING OF GST ITC IN FORM 3CD )

Do we require to report GST ITC credit opening balance, availed and Utilised in Clause number 27(a) of Form 3CD. if required to be reported in which format same needs to be reported?

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

39360
Aug, 21
2019
Capital Gains - ( ASSET PARTLY SHOWN AS DEPRECIABLE AND PARTLY AS LONG TERM, WHETHER CAPITAL GAIN WOULD BE SHORT TERM )

A Building is being sold which was used by the Seller for running a hospital and had taken depreciation in ITR from 1988 to 1996. After 1996 it was locked as they shifted to another place. From 2011 the sellar has given the building on rent to another individual. Now he is selling this building, whether capital gain would short term or long term?

BY: Hunny Badlani

Total Answers : 1 | View Answers | Post Answers

39361
Aug, 21
2019
DIRECT TAXES - ( DEDUCTION U/S 80E )

FATHER IS PAYING EDUCATION LOAN OF SON AS EMI. SON IS IN EMPLOYMENT. NOW SON WANTS TO CLAIM DEDUCTION U/S 80E IN HIS PAN, WHEREAS THE PAYMENT OF EMI HAS BEEN MADE BY HIS FATHER. PLEASE ADVICE CAN HE CLAIM

BY: pradeep kumar agrawal

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

39358
Aug, 20
2019
GST - ( GSTR 9C RECONCLIATON VS CASH SYSTEM OF ACCOUNTING )

IF tax payer has followed Cash system of accounting and prepared his financials on that same basis, but filed his GST Returns as per the applicable provisions under GST Law, how to reconcile the Turnover and other Expenses in GSTR 9C with books of accounts and where to disclose the unreconciled amounts arises due to cash system of accounting

BY: SUDHAKAR

Total Answers : 1 | View Answers | Post Answers

39359
Aug, 20
2019
DIRECT TAXES - ( INTEREST PAID ON EDUCATION LOAN OF SON )

A person is repaying loan and Interest on Education loan obtained in his son's name. Whether he can claim deduction for the same

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

39355
Aug, 19
2019
AUDIT - ( TAX AUDIT - STOCK SUMMARY )

In the case of trading concern of electronics products, how to show the stock summary of principal items of goods traded? Can it be given as a summary of products of similar use? such as LEDs, ACs, Machines, etc.

BY: Hunny Badlani

Total Answers : 5 | View Answers | Post Answers

39356
Aug, 19
2019
GST - ( GSTR 9 )

Do we need to show other income like interest income , creditors write back etc in GSTR 9 . If yes then where ?

BY: KISHORE RANE

Total Answers : 1 | View Answers | Post Answers

39353
Aug, 18
2019
DIRECT TAXES - ( GIFT )

Assessee has received the immovable property under Gift from her relative. The gift is registered Having a DLC Rate of 2 Crores. The relation is not covered under the definition of Relatives under Sec 56 of income tax act. My Query is what will be the value of Gift in the hands of the receipient 1 Will it be the cost of previous owner as per Sec 49 2 Will it be DLC Rate at which the property is registered with registering authority.

BY: VIPIN GUPTA

Total Answers : 3 | View Answers | Post Answers

39354
Aug, 18
2019
Income From Salary - ( FORGET TO TRANSFER PF TO ACCOUNT MAINTAINED BY NEW EMPLOYER ACCOUNT )

An employee was working with Company A for three years. Then he got job in new company B and is remained emplyoed for another 3 years. There is no gap in employment. PF maintained with old employer is not transferred. So there are two PF accounts. After 6 years, PF balance with Company A is withdrawn (Rs 2lakh). PF Trust deducted TDS. Is there any provision which exempts this PF withdrawal inspite of being remaining continuous service for 5 years but PF balance not transferred?

BY: Sivaraman A.R.

Total Answers : 2 | View Answers | Post Answers

39351
Aug, 17
2019
GST - ( 079542 )

GSTR 9C JSON Creation :-There was a problem while clicking initiate signing. I didn’t get ready to sign message while clicking on initiate signing. How to solve this error

BY: Vineet Kumar Agarwal

Total Answers : 2 | View Answers | Post Answers

39352
Aug, 17
2019
GST - ( ADDITION OF SERVICE IN EXISTING GST NUMBER )

A Person is dealing in Textiles and is having GST number for the same. He is also receiving Commision and wants to add this service in the same GST by making amendment Whether there is any problem in this? Further Whether Commision particulars should be shown alongwith goods sale in Sales return

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

39348
Aug, 16
2019
DIRECT TAXES - ( 079710 )

We are filing of ITR 5 of approved Gratuity Trust Fund (private discretionery trust) and the income is exempt u/s 10(25)(iv) . my query is that if we have to file Balance Sheet and Income and expenditure a/c. in ITR form then the system calculate tax @ MMR . Can we directly declare income as Exempt (without filling balance sheet /Income exp. a/c.) or declare in Exempt schedule or any other method pl. explain how to show in ITR

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

39349
Aug, 16
2019
DIRECT TAXES - ( INCOME TAX DEBITED TO PROFIT AND LOSS ACCOUNT )

WHERE HAS INCOME TAX DEBITED TO PROFIT AND LOSS ACCOUNT TO BE REPORTED IN TAX AUDIT REPORT IN FORM 3CD.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 3 | View Answers | Post Answers

39350
Aug, 16
2019
GST - ( 167287 )

Builder who has opted for the scheme of 1%/5% gst payment for the REP now got the another work for construction of residential bunglow on his customer plot only. what gst rate will be applicable to him on this work contract service. can he charged 12% beneficiary led individual house rate & claim ITC. please guide me for the same

BY: NADIR D SHAIKH

Total Answers : 1 | View Answers | Post Answers

39344
Aug, 14
2019
Companies Act, 2013 - ( STK - 8 SIGNING POWER )

a company wants to file STK 2 for strike off. now as attachment, STK-8 is required to be signed by a CA in practice. company has not appointed any CA since beginning. my query is, who can sign STK - 8 (STATEMENT OF AFFAIRS) : a CA in practice not being auditor of that company OR an auditor to be appointed first and then auditor will sign.

BY: SOURAV MODI

Total Answers : 1 | View Answers | Post Answers

39345
Aug, 14
2019
Companies Act, 2013 - ( STK - 8 SIGNING POWER )

a company wants to file STK 2 for strike off. now as attachment, STK-8 is required to be signed by a CA in practice. company has not appointed any CA since beginning. my query is, who can sign STK - 8 (STATEMENT OF AFFAIRS) : a CA in practice not being auditor of that company OR an auditor to be appointed first and then auditor will sign.

BY: SOURAV MODI

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

39342
Aug, 13
2019
GST - ( SHORT PAYMENT DUE TO PRICE DIFFERENTIATION )

OUR CLIENT RAISES BILL SAY FOR RS 50000/- FOR GOODS SOLD TO ITS IGST CUSTOMER AFTER CHARGING IGST.THAT CUSTOMER IN TURN MAKES PAYMENT OF ,SAY,RS 40000/-,BALANCE RS 10000/- WILL NOT BE PAID DUE TO "PRICE DIFFERENTIATION " AS EVIDENT FROM DEBIT NOTE ISSUED BY CUSTOMER. WHAT WILL BE THE TREATMENT OF THAT PRICE DIFFERENTIATION FORM GST POINT OF VIEW ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

39343
Aug, 13
2019
DIRECT TAXES - ( APPLICABILITY OF SECTION 44AD OR SECTION 44AE )

1) One of our client is in the business of Goods Transport. 2) He owns 4 vehicles for Transport of Goods. His 40% of business comes from his own vehicle and rest 60% from hiring the vehicle from other Transporter. In short he uses his own vehicles as well as vehicles from other transporter for his customer. 3) His total turnover is between 1 cr to 2 cr. 4) He receives transport charges from customer and pays to other transporter as expenes. He is not an agent between his customer and other transporter. Request you to guide whether, he is eligible for presumptive taxation under Section 44 AD or Section 44AE.

BY: DAYANAND SHIVAJI MALUSARE

Total Answers : 1 | View Answers | Post Answers

39338
Aug, 11
2019
Profits & Gains of Business & Profession - ( DISALLOWANCE OF CASH EXPENDITURE U/S 40A(3) )

If I made payment of rupees of 15,000 in cash to a single person, in a single day but for two different invoices 1st for 8000 and 2nd for 7000 Is payment of rupees 15,000 allowable or not ? Plz.. provide supporting section/rule/case law also...

BY: VIJAYKUMAR BHANUBHAI GEVARIYA

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39339
Aug, 11
2019
DIRECT TAXES - ( PRIVATE TRUST )

One of our Clients want to make a private trust for that he want to transfer land and builiding presently held by him, his father and mother. DLC rate of it is 2 Crores at nominal value. The beneficiaries of trust will be his father, mother and his two daughters. Will there be capital gain tax on this transfer. What will be the sale price the amount recorded in trust books or DLC Rate.

BY: VIPIN GUPTA

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39340
Aug, 11
2019
Profits & Gains of Business & Profession - ( 35 AD DEDUCTION QUERY )

Hotel commenced in f.y 2016-2017 and 35 AD Claimed . Now hotel wants to add 8 more rooms whether 35 AD will be available on fresh capital expenditure done for 8 rooms in f.y 2018-2019 ?

BY: Abhishek

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39337
Aug, 10
2019
GST - ( EXEMPTION LIMIT FOR SERVICES(COMMISSION AGENT) )

Whether GST Exemption Limit for service sector is 20 Lac or 40 Lac in Punjab

BY: Mahesh Kumar

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39336
Aug, 09
2019
GST - ( GST ON EXPORTS )

An assessee has failed to pay IGST on exports during the month of Dec 2017 and has also not filed any LUT for the same. In the monthly returns, he had filed the same as Exports - without payment of tax. The matter had been noticed during the preparation of GSTR 9. Please suggest the best possible course of action.

BY: Nilanjan Kayal

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39335
Aug, 07
2019
GST - ( GST LIABILITY PAID UNDER WRONG HEAD )

When preparation of GSTR 9 of a client for FY 2017-18, We came to know that IGST amount was wrongly paid instead of paying CGST and SGST Head and now need to show correct liability as per books of accounts in GSTR 9. Now My client agrees to pay short SGST & CGST with applicable interest. Now my query is that: (1) can my client will get refund for excess IGST paid for FY 2017-18 (2) if yes, what will be the procedures to file refund application (Please specify head of refund application) as the same is offset while filing original 3B.

BY: Gaurav Thepadia

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39333
Aug, 06
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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39334
Aug, 06
2019
MERGER & ACQUISITION - ( CA FIRM MERGER )

One of 20 Year Old Proprietary CA firm want to merger with 4 Yr Old CA partnership firm. what will we date of incorporation if CA Partnership firm name continue as it is. will partnership firm get benefit of older date of incorporation of proprietor firm.

BY: Vijay garg

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39331
Aug, 05
2019
AUDIT - ( 072433 )

While generating UDIN for statutory Audit under companies Act, question is asked what is shareholder's / owner's fund. Does it include loan from shareholders?

BY: CA SHAILESH S. URDHWARESHE

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39332
Aug, 05
2019
GST - ( GST )

Can a invoice issue for regular supply be amended by issuing supplementary invoice or revised invoice

BY: VIPIN GUPTA

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39327
Aug, 04
2019
AUDIT - ( CONCURRENT AUDIT OF BANK )

WHO WILL SIGN IN MONTHLY CONCURRENT AUDIT REPORT ,BRANCH MANAGER OR AUDITOR ??

BY: SUDIP KUMAR MUKHOPADHYAY

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39328
Aug, 04
2019
AUDIT - ( CONCURRENT AUDIT OF BANK )

PLEASE LET ME KNOW WHO WILL SIGN IN MONTHLY CONCURRENT AUDIT REPORT OF BRANCH FIRST, BRANCH MANAGER OR AUDITOR ???

BY: SUDIP KUMAR MUKHOPADHYAY

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39329
Aug, 04
2019
OTHER BODIES - ( TRUST REGISTRATION )

Can a trust registered under Indian Trust act 1882 for imparting education be treated as charitable trust? Can this trust be illegible to be registered under 12 A of I.Tax act 1961?

BY: CA. SAMAL SAMIR KUMAR

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39330
Aug, 04
2019
GST - ( NEW GST RETURNS )

Whether New GST Returns will be applicable from 1-10-19 onwards?

BY: Mahesh Kumar

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39326
Aug, 03
2019
GST - ( GST ON DAMAGES CAUSED BY THE TENANT )

While the tenant vacates, the Landlord with holds certain sum, towards damages caused by the tenant. Is Landlord (who is GST registered) liable to pay GST on such sum recovered from the tenant.

BY: Ethirajan

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39322
Aug, 02
2019
GST - ( 167287 )

In Construction of Affordable Housing Project. if my input & input service is Cement - 20%, Steel - 15%, Sand & Misc - 25% & Labour - 40%, then i am liable to pay gst @ 18% on labour to acheive 80% of input & input service from registered person. whether labour is included in input & input service for 80% criteria from registered person.

BY: NADIR D SHAIKH

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39323
Aug, 02
2019
Profits & Gains of Business & Profession - ( WHETHER SELF EMPLOYED PILOTS ARE COVERED U/S 44ADA )

Whether Pilots receiving Remuneration under Business & Profession are treated as Professional and taxed U/S 44ADA on the Ground ot Technical Consultacy.

BY: CA. PANDEY SATISH KUMAR

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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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39325
Aug, 02
2019
DIRECT TAXES - ( INTEREST ON HOUSING LOAN FOR UNDER CONSTRUCTION PROPERTY )

A salaried Person has booked a Flat in Fin Year 2018-19 which is still under construction and posession is expected to be given after two years from now. He has taken housing loan, Partially availed according to requirement and EMI on that part has started in 2018-19 Fin Year . Should he claim interest after taking posession @ 20% per year then or there is any other way to claim interest deduction under House Property Loss in Fin Year 2018-19 itself

BY: Mahesh Kumar

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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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39318
Jul, 31
2019
AUDIT - ( TAX AUDIT REPORT SIGNED ON 30 JUNE 2019 )

Whether Tax Audit report issued for Fin Year 2018-19 on 30-06-2019 will require UID number or it will be applicable from Fin Year 2019-20

BY: Mahesh Kumar

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39319
Jul, 31
2019
AUDIT - ( TAX AUDIT REPORT SIGNED ON 30 JUNE 2019 )

Whether Tax Audit report issued for Fin Year 2018-19 on 30-06-2019 will require UID number or it will be applicable from Fin Year 2019-20

BY: Mahesh Kumar

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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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39321
Jul, 31
2019
ANNOUNCEMENT - ( EDIT PROFILE )

ICAI I want to update my profile, Contact details and Pay Annual Fees ( Not Practicing Chartered Accountant over the age of 60 years ) Mobile # 732 896 6201 ( USA )

BY: Dilip Desai

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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 CHOUDHURY

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39314
Jul, 29
2019
AUDIT - ( SEPERATE UDIN ? )

Do we need to generate separate UDIN for Balance sheet and Audit report?

BY: Shailesh Maheshwari

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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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39312
Jul, 28
2019
AUDIT - ( UDIN INCASE OF NETWORTH CERTIFICATE/TAX AUDIT )

Whether Udin will have to be generated in case of issuing Networth Certificate or Tax audit for 2018-19 fin Year

BY: Mahesh Kumar

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39309
Jul, 27
2019
DIRECT TAXES - ( NOTICE UNDER SECTION 142(1) FOR FY 2017-18 )

Sir Notice is received under sub section 1 of section 142 for Ay 2017-18 , Can AO ask the bank statement since April 2014 ? Can she also ask Balance sheet PL if the assesse is availing presumptive scheme ? She asked in Notice as : 1. Please furnish your audited financial statement along with all the annexure for the assessment year 2015-16, 2016-17, 2017-18 and 2018-19. 2. Please furnish details of your bank accounts along with copy of bank statements maintained by you in your name, in proprietorship firm name, jointly with others or in any other capacity for the period 01.04.2014 to till date, with complete narration

BY: CA. BISHT RAKESH

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39310
Jul, 27
2019
DIRECT TAXES - ( PAYMENT TO CREDITORS OR RECEIPT FROM DEBTORS IN CASH )

amount received in cash 10000-each day from Old debtors or Payment is made to Creditors in installment up to 10000-per day. Whether this is in order

BY: Mahesh Kumar

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39311
Jul, 27
2019
MISC. - ( PROFESSION TAX )

Hello everyone, Need the suggestion If a person who is proprietor in a business. He is also a director, partner in other businesses. Is single one time profession tax is sufficient or he has to make the payment of profession tax separately for each capacity?

BY: Roop Kishore Aheer

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39307
Jul, 26
2019
DIRECT TAXES - ( UNREGISTERED TRUST-AOP-HEAD OF INCOME )

UNREGISTERED TRUST HAS RECEIVED VOLUNTARY CONTRIBUTIONS OF RS 7 LAKHS AND HAS APPLIED RS 1LAKH FOR CHARITABLE EXP AND REMAINING FOR ESTABLISHMENT AND ADMINISTRATIVE EXP. UNREGISTERED TRUST IS LIABLE TO FILE RETURN AS AOP, HENCE ITR 5 IS TO BE FILED. MY QUESTION IS WHETHER VOLUNTARY CONTRIBUTION IS TO BE SHOWN IN INCOME FROM BUSINESS AND PROFESSION AND DEDUCT EXP IN PNL ACCOUNT OR VOLUNTARY CONTRIBUTION IS TO BE SHOWN IN INCOME FROM OTHER SOURCES AND CLAIM EXP UNDER SECTION 57??? ACCORDING TO MY OPINION, IT SHOULD BE SHOWN UNDER THE HEAD INCOME FROM OTHER SOURCES AND CLAIM EXP U/S 57 AS AOP TRUST IS NOT INDULGE IN ANY BUSINESS ACTIVITIES, PLS GIVE YOUR SUGGESTIONS. REGARDS.

BY: ALIAKBAR K TIMBAWALA

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39308
Jul, 26
2019
DIRECT TAXES - ( CASH PAYMENT IN PARTS )

A person purchases Goods valued 1 Lac from a supplier and is making payment in Rs 10000- each on different dates. whether this is permissable

BY: Mahesh Kumar

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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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39304
Jul, 24
2019
DIRECT TAXES - ( TAXABILITY OF SBI LIFE INSURANCE ON MATURITY )

What will be tax treatment of amount received on Maturity under life insurance. Section 10(10D) start with the word "Any sum received including bonus............." Meaning thereby what ever amount received including the premium paid by insurer is taxable. Please provide the answer in detail.

BY: SUMANT CHOUBEY

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