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Que. Id Date Description
34817
Sep, 25
2018
GST - ( TRAVEL AGENTS )

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

BY: hemang savjani

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Manasa N M Bhat

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34814
Sep, 22
2018
DIRECT TAXES - ( WHICH ITR FORM TO BE USED BY SOCIETY NOT HAVING REGN U/S 12AA )

Sirs, An educational society not Regn. U/S 12AA of IT Act, is having gross receipts of 235 Lacs. Which form of ITR should be filled? Is audit U/s 44AB is required in this case? Please advice,

BY: RAM KUMAR SARASWAT

Total Answers : 0 | View Answers | Post Answers

34815
Sep, 22
2018
GST - ( GST ON DISCOUNT )

IF THERE IS NO AGREEMENT FOR ANY DISCOUNT ON SALE AT THE TIME OF SUPPLY BUT AT YEAR END SUPPLIER GIVE DISCOUNT ON WHOLE YEAR SALE TO BUYER WHETHER GST TAX BE REVERSEDON DISCOUNT BY SUPPLER AND ITC BE REVERSED BY BUYER

BY: SHYAM SUNDER

Total Answers : 1 | View Answers | Post Answers

34813
Sep, 21
2018
CORPORATE & OTHER LAWS - ( 2 PARTNERS IN FIRM AND LLP )

There is a firm with 2 partners A and B. Can these same two partners form an LLP? 2 partners of a firm cannot create another firm. What about LLP?

BY: Sivaraman A.R.

Total Answers : 1 | View Answers | Post Answers

34812
Sep, 19
2018
DIRECT TAXES - ( ICDS )

As per ICDS –II the Inventory value should include taxes. There is a purchase of Rs.1,18,000/- which includes GST of Rs.18000/- which is accounted in Input GST account and carried to Balance Sheet if not utilised on the date of Balance sheet. In the above situation purchases debit will be only Rs.100000/. But closing stock valuation will be.1,18,000/- including taxes. As per ICDS the party’s income is artificially booked at Rs.18000/- for purpose of income tax levy. Is my understanding corect. If.Yes, how to address this problems

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

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

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

BY: CA. SANJEEV DESHPANDE

Total Answers : 0 | View Answers | Post Answers

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

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

BY: RAM KUMAR SARASWAT

Total Answers : 0 | View Answers | Post Answers

34809
Sep, 16
2018
GST - ( GST AUDIT )

a firm has 3 separate registrations. case 1. cummulative TO exceeds Rs. 2C but individual TO is less than Rs,2C. Is GST audit applicable case 2. TO of one registered address exceeds Rs.2C and TO of others is less than Rs.2C. Should those having less than 2C get GST audit done

BY: t sankar

Total Answers : 1 | View Answers | Post Answers

34807
Sep, 14
2018
GST - ( TAXABILITY OF TRANSACTION )

RespectedMembers One of my client has receipt goods on the basis of Delivery Challan as per rule 55(1)(C) against refundable security deposit.and no any TAX invoice has been issued from the supplier. the same goods is selling to retailer without giving Tax invoice and retailer to Customer along with some profit margin at each stage. Client is JIO Dealer and received Mobile Phone through Delivery Challan against Security Deposit. it is mentioned on the box NOT FOR RETAIL SALE. sir please reply to this query with respect to GST Return. whether it is Non GST inward Supply or it is Taxable supply ?

BY: ASHISH KUMAR

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Pradnya M Oak

Total Answers : 0 | View Answers | Post Answers

34804
Sep, 13
2018
INDIRECT TAXES - ( GST APPILCABILITY ON RENT )

Dealer is registered for trading in building material his turnover for that business is 62 lakh . he is also earning income from house property by way of renting of immovable property of rs. 5 lak per year. wheather gst is applicable on renting of iimovable property to bank income of which is considered in income from house property

BY: NADIR D SHAIKH

Total Answers : 2 | View Answers | Post Answers

34805
Sep, 13
2018
Companies Act, 2013 - ( APPLICABILITY OF CARO IN FY 2017-18 )

Whether CARO is applicable to following Co.? 1. Turnover: Rs 28.08 Crore 2. Paid up share plus Reserve: Rs 23.03 crore 3. Borrowing: NIL

BY: CA. GHOSH SAMRAT

Total Answers : 1 | View Answers | Post Answers

34806
Sep, 13
2018
Companies Act, 2013 - ( DIGITAL SIGNATURE )

I am trying to register a DSC in MCA portal as 'authorised representative'. I need this registration to incorporate a Pvt Ltd company wherein the two subscribers to the MOA/AOA have no DIN. But the registration failed and an error message appeared as 'Instance belonging to object type Business Partner PS could not be created'. Please help.

BY: B.CHACKRAPANI WARRIER

Total Answers : 1 | View Answers | Post Answers

33804
Sep, 12
2018
DIRECT TAXES - ( SEC.145A AND GST )

As per earlier sec.145A, grossing up of purchases, sales and inventory was done to include excise, VAT, service tax paid thereon to establish that inclusive method is on par with exclusive method profit. After introduction of GST and new. sec.145A, is it necessary to gross up purchase, sale and inventory by GST?

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

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

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

BY: VISHNU KAMATH K

Total Answers : 0 | View Answers | Post Answers

33803
Sep, 09
2018
GST - ( REFUND OF GST )

A dealer selling Goods on E Commerce sites is having GST Balance in his credit ledgers as companies like Flipcart,Amajon etc are charging GST on commission and courrier@18% While Outpur liability remains less. However GST Official is saying GST paid on Services can not be claimed as refund Whether he is right?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

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

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

BY: CA. SHIRODKAR YESHWANT VINAYAK

Total Answers : 0 | View Answers | Post Answers

33800
Sep, 08
2018
DIRECT TAXES - ( FUTURE & OPTION LOSS )

As we know that future & option are no more speculative business.Now it is treated as normal business. Many salried person having future & option transaction & they have suffered losses.. One of my client is incurred net losses 8Lakh comprise of Total 14 lakh and 6 lakh profit.. In case of future and option TURNOVER= 20 LAKH (14 lakh +6 lakh).. Now my question is how will book expenses of 12 lakh,to show losses of 8 lakh , also while claiming loss do we need to do audit u/s44AD & if not how to show this in P & L of ITR return. Please guide me in details how to show this loss in ITR return.

BY: NADIR D SHAIKH

Total Answers : 1 | View Answers | Post Answers

33801
Sep, 08
2018
GST - ( GST ON PREPAID EXPENSES )

We claim input GST on all insurance expenses and long term expenses. As these expenses are paid for long period, we recognize them as prepaid expense.Is there any need to reverse GST on these prepaid expenses?

BY: Harsh Jain

Total Answers : 2 | View Answers | Post Answers

33798
Sep, 07
2018
INDIRECT TAXES - ( GST ON COMMERCIAL RENT )

A Company has business income of Rs.45.00lakh and GST registered ,it has given its own building on rent to a bank for Rs.6.00 lakh per year. will it collect GST on rent received from bank ? Please provide a suitable answer. With thanks Pksahoo

BY: Prasanna Kumar Sahoo

Total Answers : 4 | View Answers | Post Answers

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

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

BY: Paras Modi

Total Answers : 0 | View Answers | Post Answers

33796
Sep, 05
2018
GST - ( GST ON DONATION )

Donations received by NGOs without any condition attached, should not attract GST since NGO does not render any “supply” to the Donar. But there is a view that the above interpretation, is negated by the decision of AAR Maharashtra in the case of Shrimad Raj Chandra Adhyatmik Satsang Sadhana Kendra. Experts view on the above is solicited.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

33793
Sep, 03
2018
DIRECT TAXES - ( REVISION OF TAX AUDIT REPORT )

Is revision of Tax Audit report permitted if subsequent to any other audit certain omissions were detected.

BY: ATHUL J

Total Answers : 2 | View Answers | Post Answers

33794
Sep, 03
2018
GST - ( ITC )

1. Section 16(4) Provides for Time Limit regarding Input tax set off. It is not clear to me whether the time limit apllies for Input tax “Availment” or Input tax ‘Credit”

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

33795
Sep, 03
2018
GST - ( GST )

A developer engages various contractors for putting up the Building. A percentage of contractor’s Bill is kept as “retention money” which will be paid after long duration. Similarly some portion of Bill is not paid and kept as “hold” money for defective work which will be paid after defect is set right Both the above could be outstanding for more than 180 days.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

33792
Sep, 02
2018
GST - ( GST ON HOSTEL FACILITY PROVIDED BY TRUST )

A charitable trust registered u/s 12AA imparting education upto higher secondary school is also providing hostel facility to its students as well as other students not studying in its institution. Whether GST is applicable on provision of hostel facility to other students and if yes, at what rate

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 2 | View Answers | Post Answers

33791
Sep, 01
2018
AUDIT - ( IS AUDIT OF SOCIETY NOT REGISTERED U/S 12AA COMPULSORY ? )

Dear Sir, An educational society , not registered U/S 12AA of IT Act, having gross receipts of 32 lacs. Is it compulsory to audit if, yes under which section, please guide.

BY: RAM KUMAR SARASWAT

Total Answers : 1 | View Answers | Post Answers

33790
Aug, 31
2018
INDIRECT TAXES - ( INTER BRANCH GST INPUT TAX CREDIT CAN BE UTILISED? )

Dear All, I have been facing this issue that we have an unclaimed ITC available from imports at Delhi branch while all the sale is directed from Bangalore branch so we are not able to claim ITC available in Delhi branch although for future I have already change GST number to Bangalore branch for imports. But I have last 6 months GST credit available. We have all sales from Bangalore branch only. Inter branch GST input tax credit can be utilised? Thanks Abha Sood

BY: Abha Sood

Total Answers : 2 | View Answers | Post Answers

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

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

BY: CA. BALASUBRAMANIAM P

Total Answers : 0 | View Answers | Post Answers

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

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

BY: RAVITEJ Y H

Total Answers : 0 | View Answers | Post Answers

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

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

BY: RAVITEJ Y H

Total Answers : 0 | View Answers | Post Answers

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

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

BY: CA VISHRANT SHUKLA

Total Answers : 0 | View Answers | Post Answers

32786
Aug, 28
2018
DIRECT TAXES - ( REQUIREMENT OF FILLING ITR BY DISSOLVED PARTNERSHIP FIRM )

Sir, a firm was dissolved on 31-03-2017 by way of dissolution deed but bank account was closed later, Should we file ITR of the firm for F.Y. 2017-18 or not ? Please advise.

BY: RAM KUMAR SARASWAT

Total Answers : 1 | View Answers | Post Answers

32787
Aug, 28
2018
DIRECT TAXES - ( TDS )

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

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Shyamprakash Nagarmal Agarwal

Total Answers : 0 | View Answers | Post Answers

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

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

BY: GIRISH AGARWAL

Total Answers : 0 | View Answers | Post Answers

32784
Aug, 25
2018
GST - ( REFUND )

Whether itc claimed on capital goods be considered in the calculation of refund of input tax on exports without payment of gst?

BY: CA Altamush Zafar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: RAVI KUMAR

Total Answers : 0 | View Answers | Post Answers

32781
Aug, 24
2018
GST - ( REGARDING PLACE OF SUPPLY IN CASE OF ONLINE COACHING /TRAINING FROM OUTSIDE INDIA. )

Sir, what will be place of supply if any person registered under GST receive Coaching / Training service in relation to his business from outside India. In this situation whether Section 13(3) of IGST Act shall apply... Or default section 13(2) shall apply because if section 13(3) shall apply then No liablity under RCM as place of supply is outside India & If section 13(2) shall apply then RCM shall apply as place of supply is in India i. e. Location of Recipient.. Please suggest...

BY: Shyamprakash Nagarmal Agarwal

Total Answers : 1 | View Answers | Post Answers

32782
Aug, 24
2018
GST - ( REGARDING JOB WORK FROM OUTSIDE INDIA )

What will be procedure under Custom laws for export of Material outside india and after Job work the same shall be Re-Imported from outside india. Whether custom duty shall be payable on Export Or payable on Re-import. Further If payable on Re-import then the same shall be payable on only on Job charges or On the entire goods value including Material and Job charges. Please suggest.

BY: Shyamprakash Nagarmal Agarwal

Total Answers : 1 | View Answers | Post Answers

32779
Aug, 23
2018
DIRECT TAXES - ( CAPITAL GAIN )

Three Ladies Joint owners of a commercial property (purchased in 1998)having 1/3 share each have gifted their shares to their husbands who are brothers also in 2018-19. And Then the two brothers have surrendered their share in favour of Third Brother same year. Now the Third Brother fully owner of the property wants to sell the property I think this will be treated as Long term Capital gain with indexation benefit available since 1998. If he purchases a residential property with the amount of capital gain I think he need not pay any Capital gain. Am I Correct?

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Prashanth Karanth

Total Answers : 0 | View Answers | Post Answers

32776
Aug, 21
2018
GST - ( EWAY BILL BY DISTRIBUTOR )

6 invoices are there for different customers. Rs 10000 each. Goods to be taken in own car. Whether way bill is needed?

BY: Sivaraman A.R.

Total Answers : 1 | View Answers | Post Answers

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

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

BY: VIKAS

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

32775
Aug, 18
2018
GST - ( INCORRECT ASSESSMENT OF VALUE OF SUPPLY )

Yearly discount is received based on the yearly purchase achievements by the dealer. GST credit note is not raised by supplier and hence the value of supply as per sec 15 cannot be applied. Dealer claimed input tax credit based on the invoice received and value as per the invoice which is wrong as sec 15 cannot be applied. What recourse dealer have?

BY: Sai Ram

Total Answers : 1 | View Answers | Post Answers

32772
Aug, 17
2018
DIRECT TAXES - ( LONG TERM /SHORT TERM CAPITAL GAIN )

Mr. X purchased a House property in June 1990 and Gifted to Mr. Y (his real brother) in June 2018 Now in Aug,2018 he sold that Property and invested the entire capital gain in new property . whether the Capital Gain will be considered as Long term capital gain in hands of Y and is he would be entitle to exemption u/s. 54

BY: SANDEEP KAPOOR

Total Answers : 5 | View Answers | Post Answers

32773
Aug, 17
2018
GST - ( DISCOUNT/ VACATION TRIP ON MEETING TARGETS )

There are couple issues which we are unable find the answers to. Could anyone guide us thru the same. 1)Yearly discount (have as part of terms of agreement) provided on the meeting the turnover. No GST credit note is raised. Normal Credit note is raised. Dealer used the credit note to pay his future invoices. Is there any violation of law in terms payment of bill within 180 days. (I knew company cannot take credit of input but is there any impact on dealer.) 2) Vacation trip provided by company to the dealer for achieving target. What is the impact of GST for dealer. 3) Gold coins given away to dealer by the company on achieving the target What is the impact of GST for dealer. Transaction value should be determined by Valuation rules. However, GST impact is NIL either if GST credit note or credit note is raised (if GST credit note is raised, company can claim input credit else not) Trying to find if dealer will face any liability in future on this issue

BY: Sai Ram

Total Answers : 1 | View Answers | Post Answers

32771
Aug, 16
2018
DIRECT TAXES - ( CAPITAL GAIN UNDER SECTION 54EC )

ASSESSEE SOLD HIS RESIDENTIAL PROPERTY ON 3/4/17 RS 4,04,00000 AND INDEX COST OF ACQUISITION AND INPROVEMENT IS OF RS 3,03,27,836. LTCG IS 1,00,72,164. HE INVESTED RS 39,50,000 IN PURCHASE OF HOUSE PROPERTY U/S 54 AND WANT TO INVEST RS 50,00,000 IN BOND UNDER SECTION 54EC.AS PER 54 EC HE MUST INVEST WITHIN 6 MONTHS FROM DATE OF TRANSFER OF ORIGINAL ASSEST. CAN HE INVEST IT BEFORE FILING OF RETURN OF AY 2018-19 UNDER 54EC?

BY: CHAITALI CHOKSHI

Total Answers : 2 | View Answers | Post Answers

32770
Aug, 14
2018
GST - ( GSTR 2A )

While finalising books of Accounts for FY 2017-18 , should we consider GSTR 2A . Also there is a provision to to reverse ITC before 30th september . So should we reverse ITC if it is not appearing in GSTR 2A. My point is that we have validly received goods or services and taken ITC in GSTR 3B now there is a need to check for GSTR 2A, if at all there is default then it is fault of supplier .

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

32769
Aug, 11
2018
GST - ( GST ON INCENTIVE RECEIVED )

Mobile handset company launches a incentive scheme. In response, my client purchases the handsets on which GST is charged by mobile compnay. Incentive is computed and paid after 2 to 3 months by distributor of company without adding GST or deducting TDS. My query is whether my client is liable to pay GST on such incentive

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 5 | View Answers | Post Answers

32768
Aug, 10
2018
Capital Gains - ( LTCG - NON UTILISATION OF DEPOSIT UNDER CG SCHEME )

Dear Friends, An assessee while filing return of income for the AY 2013-14 had admitted LTCG by invoking indexed cost and arrived at liability under LTCG. U/s 54F of the IT Act, since the assessee had proposed to acquire or construct a residential house, invested the LTCG under Capital Gain Account Scheme. He did not utilize the amount to avail the exemption U/s 54 F of the IT Act and offered LTCG to tax for the AY 2016-17. While admitting the LTCG he had worked out liability by adopting indexed cost relevant for AY 2016-17 and paid taxes thereon. The AO, during the course of assessment, has pointed out that the amount invested under CG Scheme has to be offered for tax instead of applying fresh index cost and arrive at the LTCG. Please clarify whether the AO is correct in rejecting the claim of the assessee by assessing the amount invested under Capital Gain Account Scheme

BY: RAMAN

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

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

BY: Ethirajan

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32767
Aug, 09
2018
GST - ( DEMAND AND COLLECTION OF GST POST 01.07.2017 )

In case any person has wrongly demanded service tax @ 15% from service receiver instead of GST post 01.07.2017, how and which tax will have to be paid by the assessee? Both the demand and collection is post 01.07.2017. Issue is Chapter V of Finance Act, 1994 has been omitted but in this case amount has been demanded & collected as service tax. Now, whether service tax & GST both will have to be paid and separate refund to be filed for service tax or amount collected as service tax can be paid as GST including balance 3% not collected? Early response will be highly appreciated.

BY: Neeraj Bansal

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32764
Aug, 08
2018
DIRECT TAXES - ( INCOME TAX AUDIT UNDER SECTION 44AB AND 44AD )

Thank you very much in advance  An assesee is having turnover as under As per Profit and loss account                 Rs 88 lakhs (EXCLUDING TAXES) where As per sales register                               Rs 1.2 crores ( INCLUDING TAXES)  Q.1 Turnover Excluding Taxes or Turnover including taxes is to be considered  for audit u/s 44AB ?  Q.2  If assesee selects section 44AD, turnover limit for audit is Rs 2 Crores and he will not be liable for audit  . Is there any benefits in opting section 44AD as comared to section 44AB.?  

BY: samirkumar gokulbhai kasvala

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32765
Aug, 08
2018
GST - ( JOB WORK AND BRANCH TRANSFER IN GSTR-1 )

Whether material sent for job work and transfer of goods from one branch within state having same registration number , has to be shown in GSTR-1. If yes, under which table.

BY: ATUL MUKUNDLAL TOSHNIWAL

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32759
Aug, 07
2018
GST - ( COMPOSITION SCHEME )

A factory owner is manufacturing furniture as well as Doors/Windows etc for houses and Factories. Can he pay 1% GST on Total turnover

BY: Mahesh Kumar

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32760
Aug, 07
2018
GST - ( QUARTERLY FILING OF GSTR 1 FOR TURNOVER LESS THAN 5 CRORES )

Whether above change approved in last GST council meeting will be applicable for those whose turnover exceeds 1.50 crores but less than 5 crores from July 18

BY: Mahesh Kumar

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32761
Aug, 07
2018
GST - ( REFUND OF GST PAID IN EXCESS )

A dealer making online sales on sites like Amajon, Flipcart etc has deposited cash GST on monthly basis, unaware of that above companies were charging GST on commission charged by them @18% .Means he was not supposed to deposit as input tax was more than sufficientNow whether cash deposited during Aug 17 to Mar 18 can be claimed as refund

BY: Mahesh Kumar

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

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

BY: Mahesh Kumar

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32758
Aug, 06
2018
AUDIT - ( ACCOUNTING OF DEFINED BENEFIT PLANS )

According to para 51 of the AS 15, Accounting by an enterprise for defined benefit plans involves discounting that benefit using the Projected unit Credit method (These lines are coloured in the attached document for your convenience). The standard specifies that the actuarial valuation method to be followed is Projected Unit credit method to determine the present value of its defined benefit obligations and the related current service cost and, where applicable, past service cost. Let us know is there any provision where it allows an enterprise to calculate the Gratuity based on the management's workings/calculations (without the use of Actuary).

BY: Prashanth Karanth

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32757
Aug, 03
2018
GST - ( TURNOVER )

whether turnover for the purpose of composition under Gst is to be consider from April 2017 or June 2017.

BY: Shailesh Agrawal

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

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

BY: Pradnya M Oak

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

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

BY: Akshay

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32754
Jul, 31
2018
GST - ( GST LIABILITY REPORTING IN GSTR -3B & GSTR 1 )

A person has reported under liability in GSTR-3B from July 17 to March 2018, he has filed GSTR 3B upto March 2018 but yet not filed GSTR-1 from July to March 2018. Now how he should correct his under reported liability in return..?? 1. should he correct under reported liability in GSTR-1 of relevant month if yes how he will pay tax on this under reported liability..? as no payment option in GSTR-1. (Also there will be mismatch in GSTR- 1& 3B data in this case) 2. should he add this under reported liability in next month's GSTR-3B (i.e. in April 2018 of next f.y.) so he can pay tax in 3B. and because of 2nd option show same under reported liability in GSTR-1 of july 17 to march 18 also, as given in GSTR-3B of July 17 to March 18. by choosing 2nd option there will be mismatch in books and GST return data for f.y. 2017-18, which will impact in annual return, very difficult to reconcile both data in form GSTR-9 . Suggest what should be done so that this can be handled in easy way..??

BY: Satyendra Bhana

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32752
Jul, 28
2018
GST - ( APPLICABILITY OF GST )

If social organisation like Rotary or Lions which is not registered as Trust/Society collects from its 300 members Rs.10000 per member per year. Whether GST is applicable to such organisation?

BY: ATUL MUKUNDLAL TOSHNIWAL

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32753
Jul, 28
2018
GST - ( GST ON SUPPLY FROM PRISONS (JAILS) )

Will GST have to be paid for supplies of goods like furniture etc. made from prisons (Jails)? Earlier, vide Notification No 63/95-C.E dated 16.03.1995, goods manufactured in a prison were exempt from excise duty. Is there any exemption notification in relation to above situation? Early response will be highly appreciated.

BY: Neeraj Bansal

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32751
Jul, 26
2018
DIRECT TAXES - ( HOW TO CLAIM LOSSES OF FUTURE & OPTION )

As we know that future & option are no more speculative business.Now it is treated as normal business. Many salried person having future & option transaction & they have suffered losses.. One of my client is incurred net losses 10Lakh comprise of Total 14 lakh and 4 lakh profit.. In case of future and option TURNOVER= 18 LAKH (14 lakh +4 lakh).. Now my question is how will book expenses of 8 lakh,to show losses of 10 lakh as brokerage,consultancy,internet & other exp is not more than 2 lakh ?????

BY: Anit Mohapatra

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31751
Jul, 25
2018
GST - ( COMPOSITION SCHEME )

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

BY: CA. BHAMIDIPATI VANI KUMAR

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31752
Jul, 25
2018
GST - ( REFUND OF EXPORT SALES RETURN. )

Sir, A person made an export sale with payment of IGST in April 2018 but the goods were rejected by the custom Deptt thus could not be exported. Since we raised the bill of export, we paid IGST in the month of May. Now How to Claim refund of this IGST paid on returned goods and second how to show this in GSTR-1 of April , which is still pending?

BY: RAM KUMAR SARASWAT

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31753
Jul, 25
2018
GST - ( INPUT CREDIT ELIGIBILITY )

A company has installed wind mills during the past few years as a part of tax savings proposition, besides savings in power ( as the units generated through wind mills are set off in their consumption of power ); it has been paying AMC charges for the wind mill maintenance and upkeep. GST is being charged @ 18% on these AMC charges. can the company claim input credit on the GST paid on these AMC charges?

BY: RAMACHANDRAN ASHOK

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31746
Jul, 24
2018
GST - ( CLARIFICATION ON GST (ITC) ON CONSTRUCTION ACTIVITY )

“In case of builder, who has received the consideration for sale of flats before 01.07.2017 and paid service tax on it, whether any GST input would be available on inward supply of goods or services or both, or inward supply of works contract service, for construction of the flats? The construction is being done after 01.07.2017.” Also, in the case mentioned above, will the position change in case the flats rather than being sold have been allotted on lease hold basis? Early response will be highly appreciated.

BY: Neeraj Bansal

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

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

BY: anuj agarwal

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

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

BY: anuj agarwal

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

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

BY: SUBHASH CHAND

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

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

BY: SUBHASH CHAND

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31744
Jul, 18
2018
GST - ( RCM TAX )

The understanding between seller and purchaser of goods is that seller will send the goods by lorry at the cost of the buyer. Seller collects transportation charges separately in the invoice and charges GST on that amount at the some rate as applicable to goods supplied. Seller engages a lorry and pays the equivalent amount to the transporter as freight. The question is whether the seller has to pay GST on freight charges paid by him under RCM.

BY: Ethirajan

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

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

BY: Ethirajan

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31743
Jul, 16
2018
DIRECT TAXES - ( TDS ON TRANSFER OF MONEY FROM NRO TO NRE ACCOUNT )

NRI transferred his earnings to savings bank account maintained with ICICI Bank in India. Later on he converted the savings bank account as NRO account. Now he would like to transfer the amount from NRO to NRE account. Bankers require Form 15CB for transfer. Whether any TDS applicable on this transaction.

BY: V.Sivakumar

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31741
Jul, 14
2018
GST - ( CANCELLATION )

gst cancellation filed in Jan 2017. Till date status is shown as pending. Should nil return be filed? Till now nil return not filed. Is late fee applicable? If yes any chance for waiver

BY: t sankar

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

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

BY: AJAY JAIN

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31740
Jul, 13
2018
DIRECT TAXES - ( PENALTY U/S.271D )

A director of private limited co has incurred revenue expenditure in cash on behalf of company to the tune of Rs.4 lakh. Whether Sec.269SS will be attracted and penalty will be levied?

BY: ATUL MUKUNDLAL TOSHNIWAL

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31739
Jul, 12
2018
DIRECT TAXES - ( SECTION 44AD )

Small dealers who have GST registration filling gst return with 2% to 3% gross profit, can this dealer file income tax return under section 44AD by showing higher profit or they have to get their account audited u/s 44AD for tallying accounts with gst returns purchase. please elaborate on same...

BY: NADIR D SHAIKH

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31737
Jul, 10
2018
DIRECT TAXES - ( SECTION 44AA )

A PARTNERS HAVING TOTAL INCOME FROM PARTNERSHIP IN FORM OF INTEREST AND REMUNERATION AND PROFIT IS IN EXCESS OF RS. 120000/- , FIRM IN WHICH HE IS PARTNER IS LIABLE FOR TAX AUDIT , WHETHER IT IS MANDATORY FOR THE PARTNER ALSO TO COMPULSORILY MAINTAIN BOOKS OF ACCOUNTS UNDER SECTION 44AA AS HIS INCOME FROM THE PARTNERSHIP FIRM IS MORE THEN RS. 120000/- AS PER CATEGORY D OF SECTION 44AA.

BY: DEEPTI DHAKAD

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31738
Jul, 10
2018
DIRECT TAXES - ( INTEREST ON MORTGAGE LOAN )

A person has taken mortgage loan against security of a building which is in his wife's name. He is claiming deduction under sec 80C as well as reducing his profits availing loss on House property. Whether this is possible?

BY: Mahesh Kumar

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31736
Jul, 09
2018
Capital Gains - ( TAXABILITY OF MATURITY OF UTI MEP )

The amount received from UTI at the time of maturity of UTI - MEP after 36 months. Whether the same is exempt or taxable under which section.

BY: AJAY JAIN

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

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

BY: Ethirajan

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31731
Jul, 06
2018
GST - ( NEGATIVE SALES )

An asessee has not made any sales during April 18 to June 18 Quarter but is having sales return during June. How it should be shown in GSTR 3 B and GSTR-1 for June18

BY: Mahesh Kumar

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

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

BY: Mahesh Kumar

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31733
Jul, 06
2018
GST - ( GST ON WORKS CONTRACTORS )

Dear Members, One of my client who is a works contractor engaged in various projects of the Government of Odisha from different departments namely, ITDA,DRDA, PWD and Rural Works Departement. He signed various contracts (Works Contracts) before the implementation of GST i.e. before 01.07.2017. He got part payments on those works as per the existing Law (VAT) before implementation of GST. Presently he is drawing his part payments from the above mentioned departments. But now the Govt departments are not deducting VAT (5%) on those bills and nor they are paying GST Extra. My question is how can I show the receipts in GSTR3B and GSTR-1 returns ? Do I require to show it in my GST Returns ? Or I have to show it as Non-GST Outward Supply. Please Guide.

BY: Manoj Kumar Choudhury

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

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

BY: Laxmikant Nilkanth Alai

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

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

BY: Mahesh Kumar

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

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

BY: MAHADEO VIRUPAX WALI

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31727
Jul, 04
2018
DIRECT TAXES - ( TAXATION OF PARTNERSHIP FIRM U/S 44 ADA )

U/S 44ADA. deductions from gross total income u/s 30 to 38 are deemed to be given while applying 50% profit. I understand from perusal of various articles that the partners' remuneration and interest is not to be deducted from gross TO before applying 50% profit. Again the remuneration is taxable in the hands of the individual partners. How? Or is it that the partner's remuneration & interest is deductible before arriving at 50% profit?

BY: Pradnya M Oak

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

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

BY: pratik vora

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

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

BY: arpit mudgal

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

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

BY: SURENDRA KSHEERASAGAR

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31723
Jun, 30
2018
DIRECT TAXES - ( SPECULATION SHARE PROFIT (WHETHER AUDIT REPORT 3CD & 3CB IS REQUIRED) )

X an individual is a salaried employee, and is deriving income from share profit, both normal share dealing as well as future option during F Y 2017-18. The sale & Purchase in future option is nearly Rs 4.00 crore, does he require to submit audit report or simply we will show the share profit in capital gain income.

BY: pradeep kumar agrawal

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