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Que. Id Date Description
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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 2 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 3 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 0 | View Answers | Post Answers

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

Total Answers : 1 | View Answers | Post Answers

31724
Jun, 30
2018
GST - ( TURNOVER FOR AUDIT )

WHICH TURNOVER TAKEN FOR GST AUDIT I.E. BASIC (WITHOUT GST) OR TOTAL TURNOVER (WITH GST). FOR EXAMPLE MY BASIC TURNOVER IS 1,85,00,000/- AND GST ON IT IS 51,80,000/- SO MY TOTAL TURNOVER IS 2,36,80,000/- . SO WHICH AMOUNT IS CONSIDER FOR UNIT TAKEN FOR AUDIT. RS. 1,85,00,000/- OR 2,36,80,000/-.

BY: AJITKUMAR L PATEL

Total Answers : 2 | View Answers | Post Answers

31721
Jun, 27
2018
AUDIT - ( STOCK AUDIT ASSIGNMENT )

Can a Statutory auditor of a bank take up the stock audit assignment of the same bank.

BY: Ankit Kumar Agarwalla

Total Answers : 1 | View Answers | Post Answers

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

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

BY: MOHAMMED MASEEH UR REHMAN

Total Answers : 0 | View Answers | Post Answers

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

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

BY: KUSHAL BHATIA

Total Answers : 0 | View Answers | Post Answers

31719
Jun, 25
2018
MISC. - ( REMUNERATION IN PARTNERSHIP DEED )

Remuneration in Partnership deed is required to be mentioned specifically as per the wordings of the Income-tax. However, whether a fixed sum as salary can be specified in deed and for the additional remuneration (payable as commission) payable within the limit specified in the IT Act Sec 40(b)(v) could be mentioned in the deed, so as to pay remuneration as per the IT act without amending deed every year?

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 3 | View Answers | Post Answers

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

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

BY: CA. BRINDA SHREE A

Total Answers : 0 | View Answers | Post Answers

31717
Jun, 24
2018
DIRECT TAXES - ( DELAYED INTEREST ON PROPERTY TAX PAID )

We have paid property tax along with penalty and delayed interest, please let us know delayed interest is allowable expenditure under ITAct, please refer section Thank you

BY: RAMESH VADNALA

Total Answers : 2 | View Answers | Post Answers

31715
Jun, 23
2018
MISC. - ( CHANGE IN PROFESSIONAL ADDRESS )

I am practicing in individual name after resigning as Partner in Partnership firm. I want to change professional address to my residence. Tried to change the same at ONLINE PORTAL FOR MEMBERSCHANGE OF ADDRESS. I can edit the residential address, but not professional address. What could be the reason for the same ? Is there any other option available ? Please let me know.

BY: Mallika K R

Total Answers : 1 | View Answers | Post Answers

31713
Jun, 22
2018
Companies Act, 2013 - ( PRESENTATION UNDER SCHEDULE III OF COMPANIES ACT 2013 )

As on 31st March 2018, the company has not received the subscription amount from the members. What should be the presentation of the subscription amount due from members in Schedule III, the company is not required to comply with IND AS..?

BY: RAHUL RUSTAGI

Total Answers : 1 | View Answers | Post Answers

31714
Jun, 22
2018
GST - ( RECNCILLATION )

As on date We are not required to file GSTR 2. Our Clients asks us to reconcile their purchase with GSTR2A appearing on line.So that purchase is reconcilled with their suppliers sales. whether this is part of our duty. We are filing their GST returns

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

31709
Jun, 21
2018
GST - ( IPR SERVICE )

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

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

31710
Jun, 21
2018
GST - ( COMPOSITION LEVY )

A Composition dealer sells goods at MRP which is inclusive of taxes. Does it mean he is collecting GST which is prohibited under GST Act.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

31711
Jun, 21
2018
GST - ( GST RETURNS )

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

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

31712
Jun, 21
2018
Companies Act, 2013 - ( DECLARATION OF DIVIDEND AND DEPOSIT OF SUM IN DIVIDEND ACCOUNT )

Please clarify as to whether date of of declaration of dividend is taken for the purpose of 5 days prescribed for placing the money in to Dividend Account or it is excluded therefrom. Any specific Rule or Case Law may please be shared if possible.

BY: CA. KAKKAR JITENDER

Total Answers : 2 | View Answers | Post Answers

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

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

BY: pratik vora

Total Answers : 0 | View Answers | Post Answers

31707
Jun, 20
2018
COUNCIL DECISION - ( BANK SIGNATORY )

Can a CA in practice become the Bank signatory of a Company

BY: Sukesh Gupta

Total Answers : 2 | View Answers | Post Answers

31708
Jun, 20
2018
OTHER BODIES - ( PROFESSIONAL ETHICS )

Can a CA in practice become the Bank signatory of a Company

BY: Sukesh Gupta

Total Answers : 3 | View Answers | Post Answers

31704
Jun, 19
2018
Companies Act, 2013 - ( DESIGNATED PARTNER IDENTIFICATION NUMBER (DPIN) )

Which eform is to be filled on MCA for appointing a person as a Partner in an LLP to be newly incorporated?

BY: Mitul Makwana

Total Answers : 2 | View Answers | Post Answers

31705
Jun, 19
2018
MISC. - ( CA PRACTICE )

I AM PARTNER OF A CA FIRM , CAN I START MY PROPRIETARY FIRM ALONG WITH PARTNER IN THAT CA FIRM. AND ALSO CAN I PRACTICE IN MY OWN INDIVIDUAL NAME AND DO ATTESTATION FUNCTION AS SUCH. IF YES, THEN KINDLY TELL ME THE PROCEDURE TO COMPLETE FORMALITIES WITH ICAI.

BY: RAVI KUMAR SHARMA

Total Answers : 1 | View Answers | Post Answers

31697
Jun, 18
2018
TDS/TCS - ( TDS APPLICABILITY TO "APEDA" )

IS TDS APPLICABLE ON THE PAYMENTS MADE TO APEDA?

BY: VIRENDER KUMAR

Total Answers : 1 | View Answers | Post Answers

31698
Jun, 18
2018
INDIRECT TAXES - ( SEC 143(1)(A) )

Recently we got notice us143(1)(a) .original return has been filed after due date. There was a LTCL. we already mentioned the amount in not to cf column but the same was not deducted in ITR. We already discussed the issue with winman software co., but they are suggested us to explain the same to CPC. How to solve it. How to respond to the e - assessment.

BY: Naseema

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Naseema

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Naseema

Total Answers : 0 | View Answers | Post Answers

31703
Jun, 18
2018
OTHER BODIES - ( CA PROFESSIONAL FCA )

Am Working as paid assistant in Audit firm for 3 years. And i want to start my own practice .After completion of 2 years of practice, can i apply for FCA. One of the condition for application is 5 years of continuous practice. Whether above years are included for continuous practice or i need to wait up to 5 years after starting my practice. Thanks in advance.

BY: Naseema

Total Answers : 2 | View Answers | Post Answers

31696
Jun, 17
2018
CORPORATE & OTHER LAWS - ( PRESENTATION UNDER SCHEDULE III )

As on 31st March 2018, the company has not received the subscription amount from the members. What should be the presentation of the subscription amount due from members in Schedule III, the company is not required to comply with IND AS..??

BY: RAHUL RUSTAGI

Total Answers : 0 | View Answers | Post Answers

31695
Jun, 16
2018
GST - ( HSN CODE AND GST RATE )

What is the HSN code and GST Rate for Fuel conversion Switch Emulators Injector supply..... used for manufacturing of CNG Kits LPG Kits. ( Meaning raw material items for CNGLPG Kit manufacturer)

BY: NILESH KANHIYALAL AGARWAL

Total Answers : 0 | View Answers | Post Answers

31694
Jun, 15
2018
CORPORATE & OTHER LAWS - ( FILING OF FORM ADT-1 )

IN HOW MANY DAYS DOES THE NEW AUDITOR IS REQUIRED TO FILE FORM ADT-1 IN CASE OF CASUAL VACANCY DUE TO RESIGNATION..??

BY: RAHUL RUSTAGI

Total Answers : 6 | View Answers | Post Answers

31693
Jun, 14
2018
GST - ( GST ON TELCOM DISTRIBUTORS )

Please provide in depth details on GST applicability on mobile recharge distributor. How will be the sales considered, input tax credit for the distributor and entire distribution channel under GST with an example. Also tds provisions and commission taxability along with turnover for tax audit under income tax provisions ? If possible advice on how Gst differs from service tax provisions (as service tax was exempt in hands of distributor for such services to retailers)

BY: Ankush Agrawal

Total Answers : 1 | View Answers | Post Answers

31691
Jun, 12
2018
TDS/TCS - ( IS LLP LIABLE TO DEDUCT TDS? )

Whether LLP is liable to deduct TDS?

BY: Pooja Machchhar

Total Answers : 4 | View Answers | Post Answers

31692
Jun, 12
2018
GST - ( GST ON RESIDENT WELFARE ASSOCIATION )

Dear Colleagues, A resident welfare Association having about 100 apartments. Out of which 60 apartments being charged monthly maintenance of less than Rs 7500 per month. balance apartments are unsold. For the unsold apartments maintenance will be paid by builder. In all likelihood such maintenance would cross inr 7500 per month eventhough per apartment maintenance it would be less than 7500. Whether maintenance charged by Resident welfare association to the builder is liable to GST

BY: Prashanth Karanth

Total Answers : 1 | View Answers | Post Answers

31687
Jun, 11
2018
DIRECT TAXES - ( NOTICE UNDER SEC 148 )

The asessing officer after receiving information from bank for having deposited cash more than 10 Lacs in saving account has issued notice to asessee in last week of Mar 18 anticipating escapement of income from Tax within meaning of Sec 147 for Ass Year 2011-12. In fact amount deposited pertains to sale of Agriculture Land.As Agriculture land is out of the purview of Capital Gain.Which Form of Return should be filed as filing of return is desired by Income Tax Officer and what about Sec 139 read with Sec 119(2)b and Sec 92CD

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

31689
Jun, 11
2018
GST - ( UNUTILIZED ITC USE (TRANSFER OR REFUND) )

Fact of the Case Company having PAN India basis business, transfer Goods from H.O. (Gurgaon) to Mumbai Depot (Maharashtra) and then sell the same to Inter-State and Intrastate till Mar-2018 and register under GST as Regular Type. W.e.f. April-2018 Closing Stock at Mumbai Depot is NIL and Company discontinue depot sale thereafter. What Option available to Company for utilisationtransfer of Input Tax Credit available with Mumbai Depot? W.e.f. April-2018 Company also register Mumbai Depot as Input Service Distributor for sharing ITC received on Service at Mumbai Depot. Whether it is possible to transfer of ITC of Mumbai Depot under Regular type to New ISD Registration? Please guide Option available with Mumbai Depot for usetransfer of ITC.

BY: ANKIT MAHESHBHAI RASANIA

Total Answers : 0 | View Answers | Post Answers

31690
Jun, 11
2018
CORPORATE & OTHER LAWS - ( LLP REGISTRATION )

Want to reserve a name and registration requires to be done based on future requirement. 1) Is there a way to block LLP name? 2) How to get a DPIN, proposed partners did not have a DIN

BY: Sai Ram

Total Answers : 2 | View Answers | Post Answers

31686
Jun, 09
2018
GST - ( JOURNAL ENTRY FOR TRAN 1 CREDIT IN BOOKS )

The query is as follows- We have claimed under TRAN-1 of GST, 1)Excise Duty Refund (as per Return filed), 2)Service Tax Refund (as per Return filed) and 3)Counter-veiling Duty on the Stocks (held as on 30th June, 2017) of Imported goods meant for sale in the Indian market, The TRAN-1 credit has been utilized by us against GST (output) collected by us on our Sales effected during the period July, 2017 to March, 2018. The Returns like GSTR-1, GSTR3B, TRAN-1, ITC-04 etc. have been filed by us regularly on the GST portal from time to time, during the period in question. Our questions are like these – i) what entries should be passes in the Books of Accounts in respect of TRAN-1 credit availed and ii) what should be the treatment of the same, under Income-tax.

BY: SHRIKANT KULKARNI

Total Answers : 0 | View Answers | Post Answers

31685
Jun, 08
2018
GST - ( GST ON INCENTIVES, QTY SALE, ADVERTISEMENT EXPENSES REIMBURSEMENT )

We are trader, our supplier provides below after sales 1. Incentive for sales promotion, 2. quantity discount on sales 3. reimbursement of advertising expenses Please advise rate gst rate for issue of invoicedebit note along with hsnsac codes Thank you

BY: RAMESH VADNALA

Total Answers : 1 | View Answers | Post Answers

31682
Jun, 07
2018
GST - ( GST ON INCENTIVE )

Sir, One of our client paying incentive to its customers as a percentage of monthly sales subject to the achievement of required sale volume. Please clarify whether the supplier is required to generate credit note on this transaction or should the receiver can issue a tax invoice in this regard.

BY: NITHIN S G

Total Answers : 5 | View Answers | Post Answers

31683
Jun, 07
2018
GST - ( CLARIFICATION REQUIRED REGARDING PAYMENT OF GST ON TOOL AMORTISATION )

It is the common practice in foundry industry that Patterns and Tools are developed at manufacturer’s end for the customer. The invoice for such tool pattern is raised on the customer. While raising the Invoice only Sales Tax (i.e.Central Sales Tax State Sales Tax) is levied but Excise duty was not levied as it is leviable on production but payable on Removal of Goods. While manufacturing the finished goods, manufacturer captively consumed such tool pattern. As per the clarification issued through Circular No. 170-4-96-CX dated 23-01-1996, CBEC clarified that the proportionate cost of pattern has to be included in the assessable value of the casting even in cases when such patterns are being supplied by the buyers of the casting or are got prepared manufactured by the job worker at the cost of the buyer. In cases where there is difficulty in apportioning the cost of pattern, apportionment can be made depending on the expected life and capability of the pattern and the quantity of castings that can be manufactured from it and thus working the cost to be apportioned per unit. For this purpose, a certificate from a Cost Accountant may be accepted. In such situations, specifically during the transition, Transitional Provisions in GST ACT are not clear about payment of Central Tax (i.e Central Excise CGST) on the value of such tools or patterns, the cost of which remained unamortised as on 30th June 2017. More Specifically - - Whether the assesse is required to pay Central Excise on the Unamortised Value as on 30th June, 2017? - Whether same scheme of amortization as assesse was following under Excise, shall be followed under GST or GST shall be payable on transaction value i.e. on the value finished goods without amortization? - If amortization is not considered for valuation, in that case whether it amounts to violation of Valuation Provisions or rules made under the provisions of the GST Act?

BY: Gangadhar Vijay Haldikar

Total Answers : 0 | View Answers | Post Answers

31679
Jun, 06
2018
DIRECT TAXES - ( UNREGISTERED TRUST )

Trust not registered us 12AA until as on 31.03.2018, Gross reciept (Corpus) 6.5 Lakhs in PY 2017-18. Now it wants to file ITR for the P.Y. 2017-18. Will Trust get benefit of section 11 12, if it gets registration us 12AA before filing ITR?

BY: SOURAV MODI

Total Answers : 7 | View Answers | Post Answers

31680
Jun, 06
2018
AUDIT - ( APPLICABILITY OF CARO 2016 )

Whether CARO is applicable in following case? 1. Paid up share and reserve is Rs 6.52 crore 2. Borrowing NIL 3. Turnover Rs 20.75 crore 3. Private Limited Company

BY: CA. GHOSH SAMRAT

Total Answers : 5 | View Answers | Post Answers

31676
Jun, 05
2018
DIRECT TAXES - ( DEEMED DIVIDEND U/S 2(22)(E) OR NOT ? )

A closely held private limited company is having 2 shareholders each having 50 shareholding. The company incurs some business expenditures including incorporation expenses of LLP which has to be ultimately borne by LLP. The expenditures incurred by the company on behalf of LLP is shown as LoanAdvance to LLP in the books of company. The aforementioned 2 shareholders of company are also 50-50 partners in LLP. So whether the debit balance of LLP shown as LoanAdvance in the books of company would be treated as deemed dividend us 2(22)(e) of the I.T. Act?

BY: NIKITA LONGWANI

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31677
Jun, 05
2018
INDIRECT TAXES - ( E-WAY BILL )

Managing E-way bill operations for courier agency is quite a difficult task. in context of their multimode transportation format, how to manage generation and updation of E-way bills? Does anyone has worked out an ideal model that can be followed by courier agencies?

BY: Nirav Parekh

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31678
Jun, 05
2018
GST - ( SINGLE PAN AND TWO PROPRIETORY FIRM - WHETHER 2 GST NUMBER REQUIRED ? )

Mr. X has proprietory firm (ABC ) in the business of COAL is already registered under GST  and now simultaneously he want to do other business in the name of (XYZ) in the business of  Transportation .  So Mr.A can do business (XYZ) with same GST number  which is already obtained or he will have to obtain new GST Number on same PAN ?  if Mr. A can do both business with single GST number then how the name of proprietory business and nature of activities will be mentioned ?

BY: samirkumar gokulbhai kasvala

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31672
Jun, 04
2018
MISC. - ( ACTIVITY ALLOWED TO A PRACTICING CA )

I want to upload classes for the benefit of CA CS Student on you tube channel at free of cost, is it allowed, I am a practicing Chartered accountant

BY: VISHAL KHANDELWAL

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31673
Jun, 04
2018
GST - ( INPUT TAX CREDIT )

As per GST Act input credit can be taken only when goodsservices are “received”. Does it mean for payment towards AMC for 12 Months, one has to take credit 112th every month since service is not “received” for unexpired period of AMC.

BY: Ethirajan

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31674
Jun, 04
2018
GST - ( TRANSPORTING SECOND HAND GOODS )

what are the documents required with an unregistered dealer who wants to transfer the fixed assets of his business which is closed, from one state to another.Does he have to pay tax if the value of the goods are more than 20 lakhs and should he generate eway bills.

BY: AMRUTH MOHAN

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31675
Jun, 04
2018
DIRECT TAXES - ( SET UP OF AN ENTITY IN FOREIGN COUNTRY )

One of our client is planning to set up an entity in foreign country. Whether it will be a Branch of Indian Company or a Subsidiary Company is not yet finalized. However i would like to know tax implications if any while suggesting for a suitable entity to client. Please let us know on following 1. If Branch is set up then under FEMA company is permitted to make certain remittance to meet initial expenses of the Branch further company is also permitted to make certain remittances to meet recurring expenses of the branch office – in this remittance whether in withholding tax compliance will come if Branch raises a Debit note where the expenses like Salary to employees, lease rentals, purchase of computers, furniture office equipment’s etc are included? 2. If Branch raises an Invoice on Company in India with respect to work done for Company then what all tax compliances need to be completed? Whether transfer pricing will be applicable? Withholding of tax will be applicable? 3. Above two questions also remain if the client decides to set up a subsidiary company instead of Branch. 4. Also please let us know if any other tax related provisions we should inform client before decision with respect to suitable entity is finalised.

BY: KESHAV TAD

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31671
Jun, 03
2018
GST - ( OMMISSION OF ONE SALE BILL IN GSTR 1 FOR DEC QTR )

One sale bill was missed while filing GSTR 3B for Nov17 and GSTR 1 for Dec 17 quarter as well. Now Returns for March 18 are also filed. Whether we Can enter sale in May Quarter for filng GSTR 3B or we should only increase output liability for may 18 without increasing sale figure for may 18

BY: Mahesh Kumar

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31661
Jun, 01
2018
Service Tax - ( HOW TO UPDATE REVISED SERVICE TAX RETURN FILED WITHIN TIME LIMITS FOR PERIOD ENDED ON 30 JUNE 2018 )

Dear Sir, If the company has not claimed 100 cenvat credit in its revised return. Suppose, total credit was of Rs. 100 and company claimed in its revised return of service tax amounting to Rs. 90. Whether the company can submit an application for updating its revised return and thereafter file the refund application for Rs. 10 I.e. Rs 10 excess (Refund in accordance with the provision of section 142(9)(b) of CGST)? Could you please provide your valuable suggestions on the same? Reagrds Sushil Bhardwaj

BY: Sushil Bhardwaj

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31662
Jun, 01
2018
GST - ( PURCHASE OF FURNITURE )

Whether GST paid on purchase of Furniture by business ownersmanufacturing cos will be eligible for Input credit?

BY: Mahesh Kumar

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31663
Jun, 01
2018
DIRECT TAXES - ( UNREGISTERED TRUST )

There are two unregistered trusts. Both are having school under trust.One of which Gross receipt exceed 2 crore and another gross receipt below 2 crore. Sir, following are my questions 1) Which form of ITR to be submitted? 2) Whether audit required under both the cases? 3) If audit required than which form to be submitted (form 10B or 3CB3CD)?

BY: SUDHIR KUMAR

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31664
Jun, 01
2018
COUNCIL DECISION - ( RESPONDING TO TENDER )

As per notification dt. 07042016, CA cannot respond to tenders where minimum fees is not prescribed. What action ICAI will take if found guilty on breach of above notification ? Where to complaint about breach of above notification by CAs and CA Firms ?

BY: Pavan M. Faliya

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31665
Jun, 01
2018
MISC. - ( FCRA REGISTRATION - CLOSING VOLUNTARY )

Sir How can we close the FCRA Registration if the FCRA registered association do not wish to retain its registration further.......

BY: NITHIN S G

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31666
Jun, 01
2018
GST - ( TURNOVER UNDER GST )

WHETHER A PERSON HAVING INTEREST INCOME FROM BANK F.D, OR PERSONAL LOAN GIVEN TO OTHER WOULD BE INCLUDED FOR THE PURPOSE OF AGGREGATE TURNOVER UNDER GST TO TAKE REGISTRATION. INTEREST INCOME 1950000 RS AND TAXABLE BUSINESS INCOME RS 150000.

BY: Shailesh Agrawal

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31667
Jun, 01
2018
AUDIT - ( INTERNAL AUDIT )

AS PER ANNOUNCEMENT DATED 07.04.2016, SHOULD I APPLY FOR TENDER OF NETAJI SUBHASH CHANDRA BOSE MEDICAL COLLEGE JABALPUR (M.P.) WHERE THEY HAVE NOT QUOTED MINIMUM FEE FOR TENDER

BY: NIBHA JAIN

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31668
Jun, 01
2018
GST - ( E WAY BILL )

1.Whether Transporter name and GST is mandatory or optional .      If Vehicle Number is mentioned and Transporters details is not mentioned then is it sufiicient to create a successful EWB ?  2. Issue of timing of generation of EWB   Truck get loaded at night at 11.00 p.m. and exact quantity and vehicle details is available at night only and transporter is unregistered ( and even Consigner does want transporter to prepare EWB because supplier wish to keep rate secret.). So how can supplier can prepare EWB at night . This is regular and not occassional .  In the above case at sr no 2 , supplier  wants to keep rate secret and hence he is just giving EWB number to transporter AND NOT GIVING DELIVERY CHALLAN OR INVOICE . So if Only EWB number is given to transporter then sufficient ( Invoice is not given and Delivery challan is given but only Qty is mentioned ) So is this situation correct ?

BY: samirkumar gokulbhai kasvala

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31669
Jun, 01
2018
GST - ( INVOICING )

While invoicing , transport charges is recovered from customer by way of reimbursement . But this transport charges is not shown separately in the invoice but it is included in the value of goods and GST is levied on total value of goods and value of transport but rate is applied as applicable to goods . So is this correct ?

BY: samirkumar gokulbhai kasvala

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31670
Jun, 01
2018
MISC. - ( TRANSPORTER BUSINESS )

A proprietorship concern ( MS ABC) already doing a business of a transporter . Now Ms ABC is also want to do other business apart from transport . so can he do so ?

BY: samirkumar gokulbhai kasvala

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31657
May, 31
2018
GST - ( GST ON COMMISSION AGENT )

HI EVERYONE, I WANNA KNOW WHETHER 20 LAKHS EXEMOTION IS AVAILABLE TO COMMISSION AGENT WHO RECEIVES COMMSION FROM SUPPLIER FOR SUPPLYING GOODS TO RECEIPENT. AND TELL ME IF THAT COMMSION AGENT IS REGISTERED FOR SALE OF GOODS IN GST SO WHAT SHOULD BE CONSEQUENCES WHETHER HE SHOULD AMEND HIS REGSISTRATION IF HE IS REQUIRED OR HE HAVE TO GET NEW REGISTRATION.

BY: Shobhit Kesharwani

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31658
May, 31
2018
MISC. - ( PROFESSIONAL ADDRESS FOR CA IN PRACTICE )

Hello, Could you please help me with my below mentioned query- Im planning to commence my practice as a proprietary CA at my residential address (as registered with ICAI). Therefore, my professional address and residential address would be the same. Am I allowed to do that? Do I need to obtain any other legislatorial registration other than obtaining the COP and the Firms registration from ICAI. Thanks a lot in advance. Regards, Prasen

BY: Prasen Pal

Total Answers : 4 | View Answers | Post Answers

31659
May, 31
2018
GST - ( OMMISSION OF ONE SALE BILL IN GSTR 1 FOR DEC QTR )

An asessee has failed to show one sale bill in GSTR 3B as well as GSTR-1 for Dec Qtr. Can it be revised or there is any other option to rectify?

BY: Mahesh Kumar

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31660
May, 31
2018
GST - ( AGGREGATE TURNOVER )

Whether remuneration and interest on capital received by a partner from the partnership firm is to be considered for arriving the aggregate turnover under GST. Suppose a partner receives Rs 10 lakhs as remuneration, Rs.5 lakhs as interest from firm and Rs6 lakhs as rent from commercial property. Is he required to take registration under GST since the total receipts are exceeding Rs20 lakhs.

BY: CA. PATNALA SIVA PRASAD RAO

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31654
May, 30
2018
DIRECT TAXES - ( APPLICABILITY OF SECTION 35AD )

Assessee is an individual who has incurred capital expenditure on construction of warehouse. This warehouse has been let out to Food Corporation of India for the purpose of Storage of Agricultural produce. Total construction cost is Rs.6 crores. Rent started coming in after a year. Depreciation was claimed for 2 years upto 2016-17 and IT returns has been filed for the 2 years. Is it possible to claim deduction us 35AD on the balance unamortized capital expenditure of Rs.3.7 crores during 2017-18? The profit and loss account has net expenses of Rs.30 lakhs. Assuming the same trend continues for FY 2017-18, and if Section 35AD is applied, can the balance unamortised capital expenditure of Rs.3 crores and odd, be carried forward to future years? This is in context of provision relating to storage of food grains in Section 35AD being scrapped from FY 2018-19 onwards.

BY: CA. ANURADHA A V

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31656
May, 30
2018
DIRECT TAXES - ( ORDER UNDER SECTION 154 OF INCOME TAX ACT )

Received an order for rectification of a mistake apparent from record under section 154. What are the important areas the assessee should cover? What are the remedies available to the assessee?

BY: CA PRADEEP C B

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31653
May, 29
2018
GST - ( TURNOVER IN GSTR1 APRIL,2018 )

In GSTR1 of April,2018 in 3a "Aggregate Turnover in the preceding Financial Year" - which year turnover is to be reported here. whether FY 16-17 or FY 17-18. Confusion is created due to 3b where in it is asking "Aggregate Turnover - April to June, 2017".

BY: CA. SANTHOSHI C

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31651
May, 28
2018
DIRECT TAXES - ( TCS )

Tcs is applicable @ 1 under section 206c on scrap. this is specific provision for scrap, does it mean that traders who are not liable to tax audit having low turnover are also liable to tcs for scrap or their is any limit for applicability of tcs. please guide me for same.

BY: NADIR D SHAIKH

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31652
May, 28
2018
GST - ( ITC NOT TAKEN )

1.ITC of one purchase bill for september mistakenly not taken 2.Credit not for various month ITC not reversed What is sollution ?? wait for annual return or ITC taken in may month

BY: CA. RACHIT JAIN

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31650
May, 26
2018
GST - ( WHETHER NIL RETURN IS TO BE FILED )

My client has applied for cancellation of GST registration in the month of January 2018 but registration has not been cancelled yet. Whether he is liable to file return till the date of cancellation of registration

BY: ATUL MUKUNDLAL TOSHNIWAL

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31649
May, 25
2018
DIRECT TAXES - ( HUF- TYPE OF INCOME )

Can HUF earn any type of income or particular type of income or there is any restriction ?

BY: samirkumar gokulbhai kasvala

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31648
May, 23
2018
Companies Act, 2013 - ( COMPOUNDING FOR OFFENCE U/S 129(7) )

To which body compounding application us 441 for offense us 129 (7) among RD or NCLT application has to be made?

BY: Virendra Kumar Pandey

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31644
May, 22
2018
MISC. - ( TAXABILITY OF UNREGISTERED TRUST )

My client is having a Charitable trust for women empowerment. He has apllied for 12AA registration which is pending for approval. For FY16 ITR-7 was filed and tax was calculated based on slab. There is only one trusty in the trust and the taxable income of the trusty was below the taxable limit. In the intimation us 143(1), received from Department, tax was calculated @ MMR. Kindly let me know how to proceed with the intimation and taxability of income of Trust.

BY: Vivek Khemka

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31645
May, 22
2018
GST - ( USE OF ITC ON EXPORT PURCHASE )

Sir, Can we use ITC on Purchase done for export to discharge liability of GST on domestic sale.

BY: RAM KUMAR SARASWAT

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31646
May, 22
2018
DIRECT TAXES - ( TDS U/S 195 )

A property has been purchased by a buyer from a seller who at that time of sale was living and employed in India and did not disclose to the seller that he was a NRI. Buyer deduced tds@1 instead of 20 And Now income tax has served a Notice us 200(1A) on buyer stating reasons for short deduction of tds. Since Buyer was unaware of the fact that the seller was a NRI and accordingly he deducted tds@ 1. All title deed, bank account, aadhar etc mentions Sellers residing in India. Moreover, NRI has duly filed his return and declared capital gain and paid tax. Is any case law there or can it be justified that buyer is not assesee in default as he had no knowledge of the same

BY: Kamreen Fatma

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31647
May, 22
2018
GST - ( REVERSE CHARGE ON GTA )

Whether Freight paid to registered transporter (GTA), GST is charged on bill, is liable to be Taxed under reverse charge. And whether credit on input GST, charged on GTA bill, can be taken.

BY: Vivek Khemka

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31642
May, 21
2018
DIRECT TAXES - ( MEDICAL INSURANCE )

A senior citizen has paid medical insurance of him and spouse on 31-3-18. His son reimburses him by issuing cheque of equal amount in May 18. Can Son claim deduction for this in his return ?

BY: Mahesh Kumar

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31643
May, 21
2018
GST - ( AGGREGATE TURNOVER )

An individual is having the following incomes 1. rental income Rs15 lakhs. 2. share of profit from a partnership firm Rs.6 lakhs 3. interest from bank fixed deposits Rs. 1 lakh Whether share of profit from partnership firm should be considered for arriving the aggregate turnover us 2(6) of GST.

BY: CA. PATNALA SIVA PRASAD RAO

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31641
May, 20
2018
MISC. - ( UNIQUE NUMBER DATE )

dear sir, my membership is 020947, firm regn 003811S and RBI unique code 002128. I would like to know the date of registration 002128. Your early info to microaudit@yahoo or sms to +918660877188 is much appreciated. with regards, CA sheriff.

BY: Masarath Ahmed Sheriff

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31640
May, 19
2018
OTHER BODIES - ( CO-OPERATIVE AUDIT - EDC, INVESTMENT AND REVENUE AUDIT )

Can a Statutory Auditor of a Co-operative Bank Audit, also do EDC, Investment and Revenue Audits of the same Co-Operative Bank? Also, can anyone guide me the procedures and guidelines to do the relevant Audits.

BY: RENIGUNTLA BADARINATH NISCHAL

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31638
May, 18
2018
GST - ( SERVICES OF STATE LOAD DESPATCH CENTRE )

Sir, It is to apprise that as per the notification no.122017-CT(R),SI.No.25, "service by way of transmission or distribution of electricity transmission or distribution utility is exempt from GST. " Further,it is to apprise that as per the point 4 of circular no.3482018-GST dated 01.03.2018 issued by tax research unit, Ministry of Finance, Government of India,"THE OTHER SERVICES SUCH AS 1.APPLICATION FEE FOR RELEASING CONNECTION OF ELECTRICITY, 2.RENTAL CHARGES AGAINST METERING EQUIPMENT, 3.TESTING FEES FOR METERSTRANSFORMERS, 4.LABOUR CHARGES FROM CUSTOMERS FOR SHIFTING OF METERS OR SHIFTING OF SERVICE LINES, 5. CHARGES FOR DUPLICATE BILL, PROVIDED BY "DISCOMS" to consumers are taxable. Kindly take the cognizance of section 31 of Electricity Act,2003 which is as follows ( Constitution of State load dispatch centres)- (1) The state government shall establish a centre to be known as the state load despatch centre for the purpose of exercising the powers and discharging the functions under this part. (2) The state load dispatch centre shall be operated by a Government company or any authority or corporation established or constituted by or under any state Act, as may be notified by the state government. provided that until a government company or authority or corporation is notified by the the state government, the state transmission utility shall operate the state load despatch centre, "Provided further that no state load despatch centre shall engage in the business of trading in electricity". We are the state load despatch centre in state of Uttar Pradesh and we are working under the State transmission utility i.e.Uttar Pradesh Power Transmission corporation Limited.we are charging fees from customers for following functions as per the section 32 of Electricity Act,2003 which is as follows (1) The state load despatch centre shall be the apex body to ensure integrated operation of the power system in a state. (2) The state load despatch centre shall (a) be res

BY: Mayank Gupta

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31639
May, 18
2018
GST - ( GST ON SERVICE TO FOREIGN CLIENT IN INDIA )

A Gujrat based registered person supplying technical consultancy service to a Shrilankan company (which has its parental holding co. in India) through personal visit in Bombay, He has received Purchase order from Shrilanka and will also get his fees in Dollar. My query is that- 1. What is the place of supply ..? 2. How he should raise the bill ..? 3. Is it called export of service ...?

BY: Satyendra Bhana

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31636
May, 17
2018
GST - ( SERVICE EXPORT REGISTRATION, IF MANDATORY? )

Hi there, Export of goods and services mandatory under GST? Experts favoring mandation says its compulsory us 24(1) (Inter state taxable supply), the grand notification introducing 20lacs exemption for registration does not apply to export (as word used in notification is turnover on all India basis, thus meaning only domestic turnover). I think export (zero rated supply) falls under IGST, and 20lacs limit also applies to IGST, it would be just and equitable to extend turnover limit to export and thus export with 20lacs turnover limit need no registration. However in absence of registration such unregistered exporter may not get ITC or refund benefit under GST. As far only Indian turnover to be used is concerned, I think this is wrong interpretation. The words "to be computed on all India basis" should not be given meaning that only domestic turnover is included, especially when we talk of aggregate turnover in which export is specifically included. Further if government intends to provide support to export then interpretation should be more elaborated and inclusive so as to service and help small exporters. I think term all India basis means domestic+export turnover and not only domestic turnover. In other words all India basis means turnover originating from India. Had government intended to restrict meaning only to domestic turnover they could have used Indian turnover rather saying on all India basis. By using all India basis mean, an Indian entity which also has presence and operations abroad, then only turnover from India shall be calculated and not worldwide. Im not sure if any gst related authority has categorically mandated export registration irrespective of turnover. If someone has anything in written from authority saying manadatory export registration, plz share with me.

BY: Rahul Kumar Singhai

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31637
May, 17
2018
DIRECT TAXES - ( BUY BACK OF SHARES BY UNLISTED COMPANY )

I have a query regarding the payment of tax under section 115QA (levied on buy back of shares made by unlisted company). Which challan number and the type of payment to be ed.

BY: shraddha

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31634
May, 16
2018
GST - ( ELECTRONIC SIGNATURE ON INVOICES )

Whether scanned images of signature inbuilt in billing software is a valid signature as per Rule 46 of CGST Rules 2017 relating to GST Tax Invoicing.

BY: HARIPRASAD M

Total Answers : 4 | View Answers | Post Answers

31635
May, 16
2018
Companies Act, 2013 - ( PRIVATE LTD COMPANY CAN TAKE LOAN FROM RELATIVE OF DIRECTORS? )

Can a Pvt Ltd company avail loans from directors relative? If yes then what is the maximum amount company can raise as a loan?

BY: sanjeev kumar

Total Answers : 1 | View Answers | Post Answers

31632
May, 15
2018
DIRECT TAXES - ( BALANCE SHEET DETAILS IN PRESUMPTIVE TAXATION )

In the latest Form ITR 4 for Presumptive taxation,they are asking for Balance Sheet. Whether a person rendering tution serviceprofessional service like accountancy in individual capacity should also provide all details of his personal assets and liabilities in it?

BY: Mahesh Kumar

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31633
May, 15
2018
DIRECT TAXES - ( TDS AND CLAIM OF GST )

A License Fee Recovery in paid by the petrol bunk dealers to the oil corporation on each consignment of Stock deli every. Further GST is Collected by the oil corporation. The LFE GST cannot be collected from any of the consumers by the petrol bunk dealers. Whether the GST paid is to be treated as input tax or expenses in the year of payment. Whether TDS is to be deducted on the licence fee Recovery payment by the dealers

BY: K.R.SATHIYAMURTHY

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31630
May, 14
2018
Customs & Excise - ( IE CODE )

While applying IE code am receiving error showing " wrong address" . I didnt use any special character. am logout and login again but its showing the same error. What i need to do now.

BY: Naseema

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31631
May, 14
2018
INDIRECT TAXES - ( E COMMERCE TRANSACTION )

As per section 2(44) of the CGST Act E - commerce means supply of goods or services both including digital products over digital or electronic network and as per Section 2(45) of CGST Act E- Commerce operator means any person who owns , operates or manages digital or electronic facility or platform for electronc commerce -section 2(45) of CGST Act . Accordingly whether a person shall be considered to have e coommerce transaction if he devlop a website , through website he procure online order towards the supply of tablets having lectures in soft copy or in audio and visual form , and also provide the payment mechanism on his website . whether such an activity covered under the definition of E- commerce transaction and such persona shall be treated as ecommerce operator . GST registration shall be taken as E Commerce operator , kindly guide us in this regard

BY: DEEPTI DHAKAD

Total Answers : 2 | View Answers | Post Answers

31628
May, 12
2018
GST - ( COMPOSITION SCHEME )

A person supplies goods and exempt sevice like renting of residential property. can he opt composition scheme ?

BY: CA. RACHIT JAIN

Total Answers : 7 | View Answers | Post Answers

31629
May, 12
2018
AUDIT - ( LC BILLS )

LCBD A bank Branch discounts LC bills from customers persons not having regular accounts with the Branch ( who are having facilities with other Banks). The commission earned ( collected affront) forms part of major part of revenue for the Branch. * What are the precautions to be observed? * What are the general guidelines? * What difference in treatment if it is LCBD foreign bills.? * Are there any RBI directions to support.? * How does the banking practice permit to allow facility soon after KYC is taken to non customers ( continue to have no operative account except LCBD). Need your advice.

BY: S.Balasubramanian.

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30628
May, 11
2018
AUDIT - ( TAX AUDIT WHERE PROFESSIONAL FEES RECEIVED )

I have received professional fees from another ca firm during the year. Can i do tax audit of the said ca firm? any guidelines for it ?

BY: CA. RACHIT JAIN

Total Answers : 1 | View Answers | Post Answers

30629
May, 11
2018
MISC. - ( COMMON PARTNER )

DEAR COLLEAGUES WHAT ARE THE CONDITIONS FOR BECOMING THE COMMON PARTNER IN OTHER FIRM?

BY: GOPALKRISHNA SOLANKI

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30630
May, 11
2018
GST - ( GST ON OLA RIDES )

Dear Colleagues, Few registered suppliers refuse to give invoice with GSTIN of the service recepient incorporated in them. For eg, Ola cabs. They say such facility they provide only to corporate customers. For Non corporate customers they would treat the transactions as B2C. Is there any recourse under GST Law ?

BY: Prashanth Karanth

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30631
May, 11
2018
MISC. - ( PARTNER AND PAID ASSISTANT )

A member who is holding COP is allowed to practice as partner in a CA firm and Work as a Paid Assistant simultaneously? Can he join the firm as a silent partner (No authority to sign the documents).

BY: JAIRAM MOHAN

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29628
May, 09
2018
Capital Gains - ( CAPITAL GAIN U/S 54F )

X an individual sold a land on 16.12.2016 for Rs 50.00 lacs, cost of acquisition was Rs 1.00 lacs acquired on 25.01.2005. During F Y 2016-17 Asstt year 17-18 he filed his ITR by depositing Rs 50.00 lacs in capital gain account of SBI as he did not purchase a residential house property in this year, and decided to purchase after one year. In the mean while X expired on 25.01.2018 leaving the amount of Rs 50.00 lacs in Capital gain account of sbi as it is. Now my query is how to use this 50.00 lacs in capital gain account of sbi. Wife was nominee of this account, and banker are ready to give the money to wife. But whether wife of X should acquire a house property of Rs 50.00 lacs to sustain the claim us 54F now, or what other matter should be look forward in this regard.

BY: pradeep kumar agrawal

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29629
May, 09
2018
DIRECT TAXES - ( PGBP )

Whether waived off of loan from a director become benefit as per Sec 28(iv) of the IT act? Can it be considered as extraordinary item in PL ac.

BY: Naseema

Total Answers : 2 | View Answers | Post Answers

29630
May, 09
2018
GST - ( GST ON LODGES )

Dear Colleagues, An entity is undertaking Lodging business. It has rooms below declared tariff of Rs 1000. As such it was awailing exemption vide entry no.14 of CGST-Rate Notfication 122017. Now the company has outsourced managing of about 20 rooms in the whole property to another business entity for a consolidated monthly rental of 2,50,000.Whether the said monthly rental is liable for GST? Or can it be exempt under Notfication 122017 as per day per room rental would be around Rs 420

BY: Prashanth Karanth

Total Answers : 5 | View Answers | Post Answers

29631
May, 09
2018
GST - ( WHETHER DENOTATION "F" IN RULE NO. 42 INCLUDES INTEREST ON FIXED DEPOSIT )

In case of Co-operative Housing Society, we have to compute allowable input tax credit. For this we referred Rule 42, We have question whether Denotation "F" i.e. Total turnover includes Interest on Fixed Deposit.

BY: SHARAD PATIL

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29626
May, 08
2018
DIRECT TAXES - ( SECTION 58 DISALLOWANCE )

An assessee claims interest payment Rs.75000 out of interest receipts Rs.125000 and shows Rs. 50000 income in other sources head. No TDS made for Rs.75000 and not subject to tax audit. Whether 30 disallowance will attract as per sec 58.

BY: ANAND B

Total Answers : 2 | View Answers | Post Answers

29627
May, 08
2018
VAT/Sales Tax - ( TDS CREDIT IF THE DEDUCTOR HAS NOT FILED TDS RETURN ONLINE )

AN ASSESSEE SOLD GOODS TO CONTOONMENT BOARD IN FY 2013-14. DVAT TDS@2 DEDUCTED ON THE SALE AND DULY DEPOSITED BY THE CONTOONMENT BOARD BUT FAILED TO FILE ONLINE SINCE THEY WARE NOT AWARE OF NOTIFICATION NO No. F. 3(364)PolicyVAT438-449 DATED 11.07.2013 TO FILE DVAT 48 ONLINE. RESULTANTLY NEITHER TDS AMOUNT REFLECTED NOR CLAIMED BY THE ASSESSEE IN THE DVAT RETURN FOR THE PERIOD. WHEN ASSESSEE APPROACHED WITH DVAT AUTHORITY TO GRANT REFUND BASED ON THE FACTS FIGURE, HE REFUSED TO ALLOW THE REFUND SAYING THAT HE CAN ISSUE REFUND ONLY IF IT WILL REFLECTS IN THE DVAT RETURN. KINDLY ADVICE.

BY: CA. PANDEY SATISH KUMAR

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29623
May, 07
2018
MISC. - ( INFORMATION SYSTEMS AUDIT EXPOSURE )

I am a practicing chartered accountant, holding a DISA certificate, however, most bank Concurrent audits require relevant Information Systems Audit experience plus I would want to get involved in a Systems Audit Assignment to understand it practically.How can i get exposure to systems audit ?

BY: ASLESHA SAHU

Total Answers : 1 | View Answers | Post Answers

29624
May, 07
2018
GST - ( REGISTRATION REQUIRED OR NOT )

I sell my garments online by posting its description and picture on a website do i need to register for GST?

BY: sanjeev kumar

Total Answers : 4 | View Answers | Post Answers

29625
May, 07
2018
MISC. - ( SIGN WITH GREEN INK )

Can a chartered accountant sign audit reportscertificates etc. with green ink pen ? any guidelines for using ink ??

BY: CA. RACHIT JAIN

Total Answers : 3 | View Answers | Post Answers

29622
May, 06
2018
CORPORATE & OTHER LAWS - ( CHARTERED ACCOUNTANT IN PRACTICE )

Mr. A is an NRI. He is a normal partner in a Corporate Consulting firm outside India where he is NOT a Managing partner. This firm is also a family business as all other partners are family members. Mr. A wishes to setup a sole proprietor CA firm in India to serve his clients who have offices in India as well as the country where he is currently staying in. Can he apply for a COP and set it up? Mr. A shall be travelling to and fro from India as and when required to manage his practice.

BY: Abraham George

Total Answers : 1 | View Answers | Post Answers

29617
May, 05
2018
Companies Act, 2013 - ( NATIONALITY CHANGE OF DIRECTOR )

Recently i filed DIR-6 form for nationality change of a director(Australian citizen but Indian origin) . Am receiving mail from ROC to resubmit the form and attach documents which should be attested as per MCA guidelines. My doubt is from whom attestation need to be get in this case.

BY: Naseema

Total Answers : 2 | View Answers | Post Answers

29618
May, 05
2018
GST - ( CLASSIFICATION )

Repairs maintanace of car other vehicle.can we classify the repairs maintanance service as principal supply attaract 18 gst rate to repairs maintanance though some spare parts used in repairs having gst rate of 28. please clarify whether we can apply principal of composite supply attract rate of repairs maintance.

BY: NADIR D SHAIKH

Total Answers : 3 | View Answers | Post Answers

29619
May, 05
2018
GST - ( REVERSE CHARGE )

Whether Interest paid to unregistered person will be subject to Reverse charge wef 1-7-18 as it is exempted up to 30-6-18

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

29620
May, 05
2018
GST - ( CANCELLATION OF GST NO )

An architecture firm (prop) under central jurisdiction had applied for cancellation of GST on 06-01-18 as its turnover was not expected to go beyond 20 Lacs during a year. Till date it has not been cancelled. Grievances have also been registered at Portal a couple of times but of no use. Local office of Central Govt(GST) also does not take responsibility in this regard and is noncooperative. In such a scenario, Whether Prop can continue his business in his individual name as he does not want to charge GST on clients to whom it is not refundable also

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

29621
May, 05
2018
DIRECT TAXES - ( PRESUMPTIVE TAXATION )

In presumptive Taxation,Whether Cheques deposited in asessees account in other cities can come under online payment or only NEFTRTGS payments are covered for 6 percent concession

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

29615
May, 03
2018
CORPORATE & OTHER LAWS - ( ELIGIBILITY OF POSITION OF CA AS MANAGING TRUSTEE )

Can a Chartered Accountant in practice become a "managing" trustee of a charitable trust? He receives no remuneration from the trustee for the post. In the CA law, there is no specific requirement of getting permission in case of a position as managing trustee. Also a CA in practice is generally allowed by the law to hold following position Honorary office-bearership of charitable, educational or other non-commercial organisations. Can anyone guide as to finally conclude on this question

BY: TEJAS RAMESHCHANDRA DHAMI

Total Answers : 0 | View Answers | Post Answers

29616
May, 03
2018
DIRECT TAXES - ( BENEFIT TO OPERATE IN SIKKIM _PHARMACEUTICAL COMPANY )

One Pharmaceutical Company having marketing in Delhi area is operating since 2011 and having a good profit margin as the company get their products with the own brand name get third party manufactured at Rs.2 and sold at Rs.10. Now the company has started their own manufacturing unit at Sikkim and get produced all their existing brands from Sikkim Unit only and the same transfer to Delhi and sold from that places . Thus claiming benefit of Section 80IB tax holiday by charging all their marketing expenses in that account from Sikkim Unit and no benefit shown from existing marketing unit at Delhi. Now our confusion persist that whether Income tax department may claim that you have shifted your entire profit to Sikkim and may raise following issue - 1. why not company Sikkim unit profit based on Sale price of Rs.2 ( which is Sale price of third party manufacture ) not based on Sale Price of Rs. 10, should be allowed only as the Sikkim unit of company producemanufacture for the other companies as well at Rs.2. 2. Why the profit which may be generate with third party manufacture shall be claimed as deduction. 3. Why not it should be treated as that it is same business as no separate brands . The same brands is being sold and it may be treated as " it is formed by splitting up or reconstruction , of a business already in existence".

BY: MASHENDRA KUMAR MASHI

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29614
May, 02
2018
ANNOUNCEMENT - ( DISSOLUTION OF CA PARTNERSHIP )

I am a partner in a CA firm. My COP date is 16-01-2014. If we dissolve our partnership firm this April. can I individually apply for Bank Audit. Whether 3 years eligibility period again apply in my case.

BY: LINU LUCIA N X

Total Answers : 2 | View Answers | Post Answers

29612
May, 01
2018
ANNOUNCEMENT - ( DISSOLUTION OF CA FIRM )

What are the documents to be submitted to icai for dissolution of CA partnership firm. After dissolution if one of the partners continue practicing(as proprietorship) , whether same FRN can be used. whether new name can be given.

BY: LINU LUCIA N X

Total Answers : 2 | View Answers | Post Answers

29613
May, 01
2018
GST - ( REVERSE CHARGE CONDITIONS )

If freight is being paid under reverse charge, which conditions should be fulfilled to claim input credit

BY: Mahesh Kumar

Total Answers : 5 | View Answers | Post Answers

29609
Apr, 30
2018
Companies Act, 2013 - ( FORM INC-32 )

I have incorporated a Pvt Ltd company very recently. But the e-filed form INC 32 is misplaced and lost. Is there any way out to get a copy of the said form from MCA portal. Be kind enough to give the procedure also.

BY: B.CHACKRAPANI WARRIER

Total Answers : 1 | View Answers | Post Answers

29610
Apr, 30
2018
Companies Act, 2013 - ( REGISTERED OFFICE )

I have incorporated a Pvt Ltd company in September,2017 by choosing the option correspondence address is NOT the address of registered office. But form INC -22 is not filed so far.If I file it now, with back date, should I pay penalty for the delay in filing.If so, whether the penalty is mandatory and when is it to be paid.

BY: B.CHACKRAPANI WARRIER

Total Answers : 1 | View Answers | Post Answers

29611
Apr, 30
2018
AUDIT - ( IF TURNOVER IS LESS THAN ONE CRORE AND NET PROFIT IS LESS THAN 8% THEN IS AUDIT U/S 44AB APPLICABLE? )

BEFORE FINANCE ACT 2016, AUDIT WAS TO BE CARRIED OUT EVEN IF THE TURNOVER WAS LESS THAN RS.1 CRORE IF NET PROFIT IS LESS THAN 8, PROVIDED THAT GROSS TOTAL INCOME EXCEEDS BASIC EXEMTION LIMIT. IS THIS THE SAME SITUATION AFTER FINANCE ACT 2016. PLEASE GUIDE ON THE SAME.

BY: BHAIRAV P JAIN

Total Answers : 5 | View Answers | Post Answers

29608
Apr, 29
2018
DIRECT TAXES - ( TRANSFER OF PROPERTY )

Three Ladies, joint owners of a commercial property 13 share each have gifted their shares to there husbands( who are brothers)and property has been transferred to their husbands. After a week two brothers out of three surrender their share in favour of third brother who has become owner of whole property. Indirectly two ladies in question have transferred their shares to their brother in law. Whether this can invite problem from Tax authorities? Further whether any gift deed is also required?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

29606
Apr, 28
2018
GST - ( AGGRAGATE TURNOVER )

1) Person draws a salary of 20L and lets a commercial property for Rs 1.5L and also have a Agriculture income of 5L. What is his TO? Liable for GST registration? 2) For a Individual can the TO on personal investments can be set aside and TO only for Business can be considered?

BY: Sai Ram

Total Answers : 7 | View Answers | Post Answers

29607
Apr, 28
2018
DIRECT TAXES - ( TDS ON PROPERTY )

Whether deposit of TDS @1on purchase of property in challan 26QB will be sufficient or any TDS return is also required to be filed

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

29604
Apr, 27
2018
GST - ( HIRING OF CRANES AND JCB IN OTHER STATES )

A PERSON IS GIVING CRANES AND JCB ON HIRE TO THE RECEIPT OF SERVICE WHO IS LOCATED IN DIFFERENT STATE. THE CRANE IS LOADED IN THE TRAILER AND TRANSPORTED TO THE PLACE OF SITE(DIFFERENT STATE). THE DRIVER AND ALL IS BEING PROVIDED BY THE SERVICE PROVIDER.FOR EG, A SERVICE PROVIDER IN WEST BENGAL SENTS CRANE TO BIHAR. THE SERVICE RECIPIENT IS LOCATED IN BIHAR. MY QUERY IS, 1) WHTR A PERSON( SERVICE RECIPIENT) NEED TO HAVE SEPARATE REGISTRATION IN BIHAR. 2) OR HE CAN RAISE AN IGST BILL. 3) AND IS E WAY BILL REQUIRED AND IF REQUIRED DEN HOW TO RAISE IT IN WHAT VALUE

BY: AMIT AGARWAL

Total Answers : 0 | View Answers | Post Answers

29605
Apr, 27
2018
DIRECT TAXES - ( TDS ON FOREIGN REMMITANCE )

My Client want to remit $24000 to Uzbekistan for getting permission from State Govt of Uzbekistan for sale of his product for 5 years. What will be purpose code for above transaction? will TDS be deductable, if yes, at which rate?

BY: SAMPAT SINGH

Total Answers : 2 | View Answers | Post Answers

29600
Apr, 26
2018
DIRECT TAXES - ( INTEREST / RENT TO NON RESIDENT )

Mr.X, doing money lending business pays Rs.50000 as interest to a NRI. He pays Rs. 60000 also as rent to NRI . MR. X not subject to tax audit. Whether Mr. X should deduct TDS @ 30 percent for payment to NRI for interest and rent?

BY: ANAND B

Total Answers : 3 | View Answers | Post Answers

29601
Apr, 26
2018
MISC. - ( NEWS ALERTS )

Though I have received answer to my earlier query, I just wanted to rephrase my query - I have changed my email ID to shovanbaksi@gmail this month but the daily news alert even after the change is being delivered to my earlier email ID. As I would not be using the old email ID anymore , I do not want news alerts to be delivered to my old email ID. Please advise.

BY: Shovan Baksi

Total Answers : 0 | View Answers | Post Answers

29602
Apr, 26
2018
AUDIT - ( SIGNING OF ADIT REPORT )

I AM PARTNER IN CA FIRM AND THE OTHER PARTNER ARE NOT RELATED PARTY OF ME SO WHETHER I CAN SIGN THE AUDIT REPORT OF PARENT BUSINESS OF MY OTHER PARTNER.

BY: NIDHI AGRWAL

Total Answers : 3 | View Answers | Post Answers

29603
Apr, 26
2018
GST - ( INPUT CREDIT ON FREIGHT GST )

A Registered transporter is issuing GST bills to a customer .The customer can avail it as Input credit. Is it correct.

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

29599
Apr, 25
2018
GST - ( INTEREST )

Query What is the rate of GST on interest collected from a customer for late payment of supply bills.

BY: Ethirajan

Total Answers : 4 | View Answers | Post Answers

29594
Apr, 24
2018
MISC. - ( CHANGE IN EMAIL ID )

I have changed my email ID but still I am receiving emails in my email ID Inbox.

BY: Shovan Baksi

Total Answers : 2 | View Answers | Post Answers

29595
Apr, 24
2018
DIRECT TAXES - ( HUF -CAN COMMISSION INCOME BE RECEIVED BY HUF ? )

HUF can HUF receive Commission Income ?

BY: samirkumar gokulbhai kasvala

Total Answers : 3 | View Answers | Post Answers

29596
Apr, 24
2018
DIRECT TAXES - ( HUF -PARTITION )

On partition of HUF-Income is taxable in the hands of Karta or Co parcener ? What is mechanism of taxability in the hands of individual hands ? i.e. Ratio or proportionate .

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

29597
Apr, 24
2018
DIRECT TAXES - ( TRASFER OF LAND TO WIFE WAS TREATED AS SALE OF LAND BY AO )

Owing to dispute in family one land was transferred by husband to wife via a sale deed for which no consideration was paid. But because they executed a sale deed, AO issued a notice to wife to levy tax on the amount mentioned in the sale deed. Fact of the case is that there was no sale consideration involved in it. Now the case is with CIT (A). Whats the Solution. Any relevant case law.

BY: RONAK AGARWAL

Total Answers : 2 | View Answers | Post Answers

29598
Apr, 24
2018
VAT/Sales Tax - ( MVAT )

Under MVAT , What is the last date for issue of notice for Issue based Aduit and Full asseseement for 2014-15 and 2015-16 ?

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

29591
Apr, 23
2018
GST - ( GST ON PACKED PRODUCT SOLD BY RESTAURANTS )

How to charge tax on Packed product (MRP Based eg. Cold Drinks) sold by restaurant ?5 or Regular Rate? Whether ITC is available on these products?

BY: Ajay Pandey

Total Answers : 4 | View Answers | Post Answers

29592
Apr, 23
2018
GST - ( JURISDICTION UNDER CENTRE )

How to find out details of a particular officer if case is alloted to centre under GST . The assesee is located at Mumbai

BY: samirkumar gokulbhai kasvala

Total Answers : 3 | View Answers | Post Answers

29593
Apr, 23
2018
GST - ( SET OF OF FURNITURE ADMISSIBLE OR NOT )

Whether the set off of furniture is allowed for a restaurant dealer who is paying tax @ 5 on sales

BY: KUNAL BUDHRAJA

Total Answers : 5 | View Answers | Post Answers

29590
Apr, 21
2018
DIRECT TAXES - ( SIGN OF BALANCE SHEET AFTER DEATH OF PROPRIETOR )

X an individual expires in April 2018, how his business which is under tax audit will be signed and by whom, in what capacity. Whether his wife can sign the balance sheet and ITR if the business is still going to be run by his spouse in future. And how the ITR with TAR will be signed Digitally Please explain

BY: pradeep kumar agrawal

Total Answers : 6 | View Answers | Post Answers

29584
Apr, 20
2018
GST - ( INPUT CREDIT )

A business man is paying for Freight on goods purchased from other state, Can he claim input credit on freight cartage paid to transporter? Further GST paid on installation of CCTV Cameras in ShopGodown for security purpose whether will be eligible for Input credit

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

29585
Apr, 20
2018
DIRECT TAXES - ( SECTION 269ST )

A partnership firm receives Rs.4 lakhs from one partner as capital by way of cash on 4 different dates of Rs.1 lakh each. Whether 269ST violated and Rs. 4 lakhs penalty attracts for AY 2018-19?

BY: ANAND B

Total Answers : 6 | View Answers | Post Answers

29586
Apr, 20
2018
Profits & Gains of Business & Profession - ( BOOK PROFIT CALCULATION FOR PROFESSIONAL DOCTORS )

A LLP is formed for Hospital Services by the Doctors and their Wives. Some of the Doctors’ wives are not qualified as Doctors. The Doctors are receiving Professional Fee, from the LLP after deducting applicable TDS on the Professional Receipts, for the services rendered by them for the Patients admitted in the Hospital by them in Individual capacity. As per LLP Agreement the Partners are eligible to take Remuneration and Interest on Capital as per provisions of Sec. 40(b) of the act. As per Deed all the Partners are working Partners. Queries 1. Whether Professional Fees paid to the Doctors, from the LLP after deducting applicable TDS on the Professional Receipts, for the services rendered by them for the Patients admitted in the Hospital by them in Individual capacity, will be considered as Book Profit or not? I hope the same should be not treated as part of the Book Profit, since the same is earned due to their Professional Capacity. And the LLP’s Profit after deducting the same Professional Fees, Interest on Capital and remuneration is distributed among all eligible Working Partners as per provisions of the Agreement and the Act. 2. Similarly if any Fee Salary is paid for their services to the Hospital ,to non medico Wives of the Doctors who are Partners of the LLP also.

BY: AJAY JAIN

Total Answers : 2 | View Answers | Post Answers

29587
Apr, 20
2018
DIRECT TAXES - ( UNREGISTERED SOCIETY )

Query A Trust Society is Registered under Trust Society Act, respectively. There Receipts are Rs.4 Lac and Expenses are Rs.3.50 Lacs, i.e. Net Profit of Rs.50000-. The Return of Income was filed in ITR 7, showing Income Under ‘Income from Other Sources” as Net Income of Rs.50000- (400000-350000). But CPC has not given Basic exemption of Rs.250000-, rather it has taxed on the whole amount of Total Receipts of Rs.400000- @ 30. Queries 1. If the Trust Society is Registered under its Act but not having Registration us12A of the Act, its Income should be shown under which Head of Income and How? 2. In the above situation Audit Report in Form 10B is applicable or not ?

BY: AJAY JAIN

Total Answers : 3 | View Answers | Post Answers

29589
Apr, 20
2018
MISC. - ( LLP WITH FAMILY MEMBERS )

Is there any specific permission required from icai in order to form a llp (to provide legal services other than any attest function e.g.tax , etc) with NON-ca partners family members?

BY: anuj agarwal

Total Answers : 2 | View Answers | Post Answers

29581
Apr, 19
2018
MISC. - ( CAN A CA BE A PARTNER IN TWO FIRMS AND WHAT WILL BE ITS IMPLICATIONS ON OBTAINING BANK AUDITS )

CAN A CHARTERED ACCOUNTANT BE PARTNER IN TWO OR MORE FIRMS AND IF YES WHAT WILL BE ITS IMPLICATIONS ON OBTAINING BANK AUDITS AND OTHER STATUTORY AUDITS i.e. CAN BOTH THE FIRMS APPLY FOR THE SAME STATUTORY AUDIT OR NOT.

BY: DIVYA DHANWANI

Total Answers : 2 | View Answers | Post Answers

29582
Apr, 19
2018
MISC. - ( IMPLICATIONS ON STATUTORY AUDIT IN CASE OF BRANCHES IN VARIOUS STATES. )

I am Partner in a CA Firm which has branches in various states. So, I want to ask, if my firm has the Statutory audit of any Insurance Company say National Insurance in one state (M.P) than can I apply for Statutory audit of the same insurance company in other state (Rajasthan) and avail the audit or not. If not, than can I apply for the Statutory audit of any other company in Insurance sector say New India Assurance in other State (Rajasthan).

BY: DIVYA DHANWANI

Total Answers : 0 | View Answers | Post Answers

29583
Apr, 19
2018
GST - ( CA CERTIFICATE FOR TRANSFER OF INPUT CREDIT ON LEASE )

Greetings Forum and Thanks for previous responses. My Client has rented his total manufacturing Unit to other Company for running the Factory. My Client has undertaken some expansion of the Existing Manufacturing Unit and has some Input GST credits which is available in credit ledger from July to March 2018. His only Output credit is on Rental Income which is very less compared to Input GST credit of expansion Now my client wants to transfer the Input tax credit to the lessee. As per Sec 18(3) of CGST and Rule 41 of CGST Rules i need to issue a CA certificate. I want to know if there is any format for the same, if not what contents should be present and what other precautions checking should i take to give the certificate. Thank for your responses in advance.

BY: CA. SANJEEV DESHPANDE

Total Answers : 1 | View Answers | Post Answers

29577
Apr, 18
2018
MISC. - ( RBI CODE OF MERGED CA FIRM )

A company merge in B Company, A company have RBI Unique code but B company have not RBI Unique Code, Can B Company apply for Concurrent Audit of Bank with RBI Unique Code of A Company.

BY: AJAY BIWAL

Total Answers : 1 | View Answers | Post Answers

29578
Apr, 18
2018
DIRECT TAXES - ( TAX TREATMENT FOR UNREGISTERED TRUST / SOCIETY )

Sir, A Society registered with the sub registrar of Societies but not with Income Tax us 12 A of the Income Tax Act. Kindly advise Query 1. When Audit of the Society is compulsory? Whether its , when receipts of the society exceeds Rs.50000-? If the Audit Report is to be issued , if any, under which Section and Form No? 2. At what Rate of tax , the society will be taxed? Whether as per slab rate applicable for Individual and HUF or at Maximum Marginal rate @ 30? 3. When the Society will be treated as AOP ( Association of Persons )? 4. Whether the Society not having 12 A registration can accept Corpus Fund donation? If yes, any case law is available, please provide.

BY: AJAY JAIN

Total Answers : 4 | View Answers | Post Answers

29579
Apr, 18
2018
DIRECT TAXES - ( TAXATION OF UNREGISTERED TRUST )

we have an unregistered trust and having gross receipts Rs. 5.00 lacs and incurred exps. Rs. 3.00 lacs against receipt i.e net surplus is Rs. 2.00 lacs whether any benefit will available of tax slab or we have to pay MMR on 2.00 lacs

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

29580
Apr, 18
2018
GST - ( IS UTILIZATION OF CREDIT OF IGST POSSIBLE AGAINST SGST AND CGST ONLY IF THERE IS IGST ALSO PAYABLE? )

During filing GSTR-3B, unable to set off CGST SGST liability from credit of IGST of previous months and current month. As per CBEC and GST helpdesk - Credit of IGST can be used against CS GST liability, Only if there is something output liabity of IGST. If no IGST liability then Credit of IGST can not be utilized for C S GST liability. Is it correct?

BY: SUBHASH CHAND

Total Answers : 3 | View Answers | Post Answers

29570
Apr, 17
2018
DIRECT TAXES - ( LATE FILING FEES )

For AY 2018-19 an assessee having Gross total Income Rs.3 lakhs and Deduction 80C Rs.1 lakh. Total Income Rs.2 lakhs. Filing date is say 1st Nov 2018. 234F fees is NIL ? or Rs.1000? .

BY: ANAND B

Total Answers : 4 | View Answers | Post Answers

29571
Apr, 17
2018
DIRECT TAXES - ( 234F LATE FILING FEES )

A partnership firm files a NIL income on 1st Nov 2018 for AY 2018-19. Whether Rs.1000 fees under sec 234 F will be levied?

BY: ANAND B

Total Answers : 3 | View Answers | Post Answers

29572
Apr, 17
2018
DIRECT TAXES - ( TAX CONSEQUENCES )

A resident investor wants to invest 50perC in shares of Pvt Ltd, that Pvt Ltd is having 25perC shareholdings of NRI. What will be the better way for Pvt Ltd - 1) BuyBack 2)Loan taken and shares issued 3) something else

BY: Pavankumar R. Nipanikar

Total Answers : 1 | View Answers | Post Answers

29573
Apr, 17
2018
GST - ( GST REVERSAL ON GOODS LOST BY FIRE )

Hi Goods worth of Rs.5 Crore got completed damaged in a fire accident. Whether GST CENVAT availed on those inputs to be reversed under GST regime as per section 17(5)(h) of CGST Act 2017? if so is there any method of calculating the same?

BY: CA. BALASUBRAMANIAM P

Total Answers : 1 | View Answers | Post Answers

29574
Apr, 17
2018
GST - ( RCM& GST REGISTRATION )

a person not crossing turnover threshold taking GST registration due to receipt of Reverse charge applicable inward supplies, after taking registration need he pay tax on his outward supplies? or he is liable pay Tax only on RCM applicable inward supplies?

BY: VARUN N

Total Answers : 1 | View Answers | Post Answers

29575
Apr, 17
2018
DIRECT TAXES - ( DEPRECIATION )

A Company has discarded some assets. It has not sold but only scrapped. Whether the WDV of these assets has to be deducted from while calculating depreciation under IT Act? Sec.32(1)(iii) stipulates it. Under IT Act, individual assets WDV may not be available as it forms part of block. What treatment to be given in respect of discarded assets under IT Block?

BY: balasubramanian

Total Answers : 3 | View Answers | Post Answers

29576
Apr, 17
2018
DIRECT TAXES - ( 12AA TRUST CORPUS )

Donation received by a 12AA Registered Trust. Should it be part of Corpus in bash or as Income in IE Account?

BY: Chandravijay Shah

Total Answers : 4 | View Answers | Post Answers

29567
Apr, 16
2018
DIRECT TAXES - ( SEC 44AD )

As per section 44AD, determined profit is deemed to be after deduction of depreciation and partners remuneration. In a given example if the taxable profit as per section 44AD is Rs 8 lacs. Can anybody suggest how to do reverse calculation to arrive at remuneration to partners to be offered to tax in their individual hands.

BY: Ethirajan

Total Answers : 3 | View Answers | Post Answers

29568
Apr, 16
2018
GST - ( GST ON SALE OF NEW CAR )

What is the rate of GST on sale of newly imported car by a company? Company is not a dealer. IGST has been paid while importing the car. Whether this can be adjusted against GST liability on sale of same car. Whether any cess would apply on sale of new car?

BY: GADE RANGA REDDY

Total Answers : 1 | View Answers | Post Answers

29569
Apr, 16
2018
AUDIT - ( IS CA ELIGIBLE AS IT AUDITOR FOR BUSINESS COUSIN ASSESSE )

A is CA and B is cousin of A (father of both are real brother). B (Proprietor) is liable to get Audit under Income Tax Act. Is A is eligible for appointment as Auditor? Please suggest your views in ref. of Sec 288 of IT Act.

BY: SUBHASH CHAND

Total Answers : 2 | View Answers | Post Answers

29563
Apr, 15
2018
DIRECT TAXES - ( SECTION 234F )

As per section 234F the fee payable for late filing from Asst year 2018-19 based on Total Income. Total Income means before deduction under chapter VI A or after giving deduction under 80C etc. Please clarify?

BY: ANAND B

Total Answers : 5 | View Answers | Post Answers

29564
Apr, 15
2018
DIRECT TAXES - ( 234 F )

As per sec 234F the fee payable for late filing from AY2018-19 based on Total Income.In sec 139 Explanation it stated that Total Income means without giving effect to Deduction whereas Section 234F simply states Total Income.plclarifyonTotal Income.

BY: ANAND B

Total Answers : 3 | View Answers | Post Answers

29565
Apr, 15
2018
MISC. - ( USE OF PREFIX CA )

whether a member in practice can use prefix CA in religious programme hordings?

BY: Lovish singla

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29566
Apr, 15
2018
GST - ( AUDIT LIMIT )

Whether GST Audit is required for Turnover Exceeding One crore or Two crores under GST Act?

BY: Mahesh Kumar

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29560
Apr, 14
2018
AUDIT - ( STATUTORY BANK BRANCH AUDITS )

Ours is a 23 Years old Proprietorship Firm.We had completed two years cooling period last year. Still We did not get branch audit this year.As long as RBI was distributing branches,everybody was getting some thing without influence. However that has changed now.

BY: Mahesh Kumar

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29561
Apr, 14
2018
DIRECT TAXES - ( ITR )

Whether there is any wayout to file ITR for Previous year 2017-18, as in Last year budget timelimit was fixed to file ITR.

BY: Mahesh Kumar

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29562
Apr, 14
2018
GST - ( GST FILING AFTER THE DEATH OF PROPRIETOR )

X an individual running a proprietorship firm ABC enterprises. X dies, how the GST returns will be filed further. Spouse of X is ready to continue the business in her name, should we take fresh GST No in the name of spouse to continue the old business, and how the ITC carried forward in X own GST will be realized, and what will happen to the inventory in hand in X Ac. please explain.

BY: pradeep kumar agrawal

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29556
Apr, 13
2018
GST - ( GST FILING AFTER THE DEATH OF PROPRIETOR )

X an individual running a proprietorship firm viz ABC enterprises. X dies, how the GST returns will be filed further. Spouse of X is ready to continue the running business in her PAN and in old firm name, should we take fresh GST No in the name of spouse, and how the ITC carried forward in X own GST will be realized, and what will happen to the inventory in hand in X Ac. please explain.

BY: pradeep kumar agrawal

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29557
Apr, 13
2018
TDS/TCS - ( LATE FILING LEVY )

we filed TCS return 27EQ belated say Jun 2017 qrt in Jan 18. TCS amount Was Rs 2500.00 and we paid intt as per calculation. We received a demand notice from traces intt was charged as calculated by us and demand nil, Late filing fee 234 E show - Nil, demand, but Late filing levy just after late filing fee us 234E show tremendous increase in demand Rs 7500.0, we could ascertain how this demand arises and what is the basis. We have thought of Rs 2500.00 to the extent of TCS amount.

BY: pradeep kumar agrawal

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29558
Apr, 13
2018
DIRECT TAXES - ( CAPITAL GAIN ON RURAL AGRI LAND )

Dear professional colleagues, Namaskaar ! Mr.X an individual purchased a rural agricultural land on 01.03.2017 at Rs.1 lac. On 31.12.2017 he sold the land to a pvt ltd company at Rs.1.5 Lacs. The proposed use of land by company is industrial. What are tax implications in the hands of Mr.X ? Regards CA R K Choudhary

BY: RAKESH KUMAR CHOUDHARY

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29559
Apr, 13
2018
GST - ( JOB WORKER_ITC 04 )

Hi All Please suggest me in case of job worker (job work being restricted to stitching or embroidery by small unskilled workers) as we need to file ITC 04. How to calculate and what should be the taxable value as required in ITC 04. Thanks in anticipation...!!

BY: ajit kumar maskara

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29554
Apr, 11
2018
DIRECT TAXES - ( TDS APPLICABILITY )

An individual who is liable to get his account audited us 44AB because of his turnover exceeding threshold limit in the immediate preceding year is liable to comply with TDS provisions. I am of the view that this condition will not apply to an individual who gets his account audited us 44AB even though his turnover is less than the threshold limit prescribed for the reason that he is declaring net profit less than 8 prescribed us 44AD. Please confirm whether my view is right..

BY: Ethirajan

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29555
Apr, 11
2018
GST - ( PURCHASE BILL OF OCT 17 )

A supplier has sent bills to purchaser in March18 of Period ranging from Oct 17 to Feb 18.Purchaser has already filed returns without showing these bills in his returns. Can the receiver now account for in March 18.Is there any maximum period limit for same?

BY: Mahesh Kumar

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28553
Apr, 10
2018
GST - ( REFUND )

What are the documentspapers required for claiming refund of excess cash in cash ledger after filing the rfd 01.

BY: CA. AGARWAL ABHAY KUMAR

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28554
Apr, 10
2018
DIRECT TAXES - ( APPLICATION UNDER SEC 119(2)(B) )

Is there any format available for application under sec 119(2)(b)

BY: KOMAL APURV VORA

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28555
Apr, 10
2018
Capital Gains - ( CAPITAL GAINS )

As per section 45(3), an individual who brings in his personal asset as capital contribution to the firm will be liable to Capital Gain Tax on value recorded in the books of the firm. In an example A contributes his individual land worth 1Crore at agreed value of 50Lacs. Invariably, the partnership deed is also registered with “sub registrar” paying registration fee on “guideline value” (in this case on 1Crore), My questions are 1. Whether section 50C is applicable to “A” and is he to pay Capital Gain tax on 1crore and not 50lacs as provided under section 45(3) 2. Whether provision of section 56(x) is attracted and the firm has to pay Tax of 50L (1crore minus 50lacs) treating the same as income from other sources.

BY: Ethirajan

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28556
Apr, 10
2018
Income From Salary - ( COMPENSATION RECEIVED ON TERMINATION OF EMPLOYEMENT )

Hi, Is compensation received on termination of employment by employer (layoff) taxable in the hands of recipient employee?

BY: Vallish

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28552
Apr, 09
2018
MISC. - ( INDIVIDUAL PRACTICE COUNTED FOR BANK AUDITS & PSU'S )

Dear Admin, i am holding full time COP in Individual name since last 2.5 years. Now i am joined partnership firm as a active partner ( also holding Individual Practice) with another CA, Who is holding full time COP in Sole Proprietorship also a Partner in another firm as well. My question is whether i am eligible for Bank Audit on 01.01.2019 in individual capacity or firm. If not, can i dissolve the partnership and continue individual, then is that my individual practice experience will be counted for the same Please guide me on this issue to take any immediate action. Thanks in Advance

BY: VISHWANATH SONONE

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28550
Apr, 05
2018
GST - ( RATE OF GST AND CODE FOR LOCKER RENT )

What is the Code and rate of GST for locker rent charged by banks

BY: ATUL MUKUNDLAL TOSHNIWAL

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28551
Apr, 05
2018
MISC. - ( CLOSING OF PROPRIETORSHIP )

Dear Sir I am practicing ca in the Proprietorship name . Now i have joined in one of the Firm . i want to close my Proprietorship what is the procedure for that

BY: VENKATESH S

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28549
Apr, 03
2018
AUDIT - ( LLP )

Can a LLP in which one of the partners is CA another is Engineer take insurance agency, Stock Audit and Valuation Job

BY: Mahesh Kumar

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28547
Apr, 01
2018
DIRECT TAXES - ( VALUATION OF SHARES )

1. “A” Company is a Subsidiary of “B” Co. 2. ‘’A” Co. Proposes to allot Shares to “B” Co. Both “A” “B” Co. are Domestic Companies Resident in India. 3. The Method of Valuation adopted by “A” co. is “NET ASSET VALUE METHOD” as defined under Rule 11UA (2) of Income tax Rules, 1962, as Currently DCF method of Valuation is under Scrutiny under Income Tax Department. 4. However a new Section 56 (2) (x) has been inserted in Finance Act 2017. Such Section Specifies where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017, Any property, other than immovable property,— (A) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property, (B) For a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration Shall be treated as Income from Other Sources of the Assesse. The Word “Property” mentioned in the above sub section includes Shares securities. 5. The Fair Market Value of Shares for the purpose of above sub section is to be determined as per rule 11UA (1) (C)(b) of Income Tax rules 1962. 6. In our above case “B” Co. is hit by 56 (2) (x) and “A” Co. is hit by 56(2) vii (b). The method of determination of Fair market value for the above two sub sections is different. How can we allot Shares in such a case where we adopt NAV method and neither the issuing company nor the Share Holder will suffer any Tax Liability under Sec. 56.

BY: Prashanth Karanth

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28548
Apr, 01
2018
MISC. - ( PART TIME COP )

Currently I am having Part Time COP, and working in an International Audit Firm, want to know that is there any benefit when i will start my own practice after some years and convert my Part Time COP to Full Time COP or better to surrender Part Time COP now and apply for Full Time COP whenever i will resign from firm and start my own practice.

BY: MUDDASSAR

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