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Top 50 Question
Que. Id Date Description
36868
Nov, 20
2018
Companies Act, 2013 - ( APPOINTMENT OF AUDITOR IN CASE OF OPC )

How auditor shall be appointed in case of OPC..?? The OPC is not required to hold AGM as per section 96 of CA Act, 2013. Will the first and subsequent auditor be appointed by passing Board Resolution or any other procedure be followed.

BY: CA Neha Gupta

Total Answers : 0 | View Answers | Post Answers

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

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

BY: CA Neha Gupta

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36870
Nov, 20
2018
GST - ( 108293 )

One of my client is film producer. He is registered under GST. He incurred expenditure to produce the film and availed ITC. He also collected GST from sale of rights of film. At present , the scenario is that there is balance in ITC since previous four months and he is going to stop his business. My query is that whether he can claim refund of balance in ITC?

BY: ATUL MUKUNDLAL TOSHNIWAL

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36867
Nov, 16
2018
GST - ( TWO GST NUMBER )

i had applied for new GST registration in 05/07/2017 , GST registeation was not provided till 31.08.2017 . I applied again with 2nd application on 01.09.2017 and i recevied GST registration number for this second application. I filed all returns and made all compliances for this GST number. on 15/11/2018 , i received notice from Profession Tax officer that on your GST number, Profession Tax registration is not obtained . When I checked GST number then I CAME TO KNOW THAT I HAVE BEEN ALLOTED GST REGISTRATION AGAINST MY FIRST APPLICATION ( DATED 05/07/2017) ALSO AND I NEVER RECEIVED ANY EMAIL OR MESSAGE FOR ALLOTMENT OF THIS GST REGISTRATION. So now i have 2 GST registration , one for which i have made all compliance till date and other is for which i have to apply for cancellation BUT MY QUERY IS THAT SINCE THIS NUMBER WAS NOT KNOWN TO ME AT ALL AND GOVERNMENT NEVER INFORMED ME ABOUT THIS NUMBER, I HAVE NOT DONE ANY COMPLIANCE. SO WILL I BE LIABLE TO DO THIS COMPLIANCE ?

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

36866
Nov, 15
2018
DIRECT TAXES - ( CAPITAL GAIN )

An NRI who is serving in Kuwait for last twe;ve Years appx has sold Residential Flat in India and after Indexation capital gain of around 35 Lacs is earned. In Kuwait he is earning Tax free Salary (There is No income Tax there) On Purchase from NRI Buyer has to deduct TDS @20.8%. Whether he should invest in Capital Bonds/Residential property to avoid Capital Gain Tax or there is any other wayout. I have heard some Income Tax Authority can issue Certificate of No deduction/short deduction.Whether Such Authority is in all cities or Some centralised Department in Delhi etc

BY: Mahesh Kumar

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36865
Nov, 14
2018
DIRECT TAXES - ( CAN AOP OBTAIN REGISTRATION U/S 12A )

Dear Ma'am/Sir's I have a client which is basically Society registered under Society Act and running schools. While they have pan card with 4th digit as 'A'. now my query as can we apply form 10A for 12A Registration or we have to obtain correct pan card as a trust with 4th digit as 'T' . Thanks

BY: KAPIL JANGID

Total Answers : 0 | View Answers | Post Answers

35865
Nov, 12
2018
DIRECT TAXES - ( TAXABILITY OF COMPENSATION FOR ACQUISITION UNDER RFCTLARR ACT )

COMPENSATION HAS BEEN PAID TO THE ASSESSEE FOR ACQUISTION OF LAND AND BUILDING BY NHAI UNDER RFCTLARR ACT.COMPENSATION HAS THREE COMPONENTS AS BELOW: 1.VALUE OF LAND. 2.VALUE OF BUILDING. 3.INTEREST ON DELAYED PAYMENT. KINDLY ADVICE ARE ALL OF THE THREE PAYMENTS ARE EXEMPT FROM INCOME TAX OR IF ANY ONE OF THE ABOVE IS TAXABLE. LAND IN NON AGRICULTURE .

BY: vikas kalra

Total Answers : 2 | View Answers | Post Answers

35864
Nov, 11
2018
DIRECT TAXES - ( TRANSFER PRICING STUDY )

Should the auditor signing Form 3CEB do the TP study also to determine the ALP? Or, can a company engage another professional to do the TP study and based on that study get the Form 3CEB certified by another CA?

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Anubhav Jain

Total Answers : 0 | View Answers | Post Answers

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

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

BY: CA. JAIN JAWAHAR LAL

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35861
Oct, 29
2018
Companies Act, 2013 - ( APPLICABILITY OF CARO )

Whethet CARO is applicable to the following Pvt Ltd Co? 1. Paid up capital & reserve: Rs 1.19 Crore 2. Loan : Rs 43 Laks 3. Turnover : Rs 7.22 Crore

BY: CA. GHOSH SAMRAT

Total Answers : 1 | View Answers | Post Answers

35860
Oct, 28
2018
GST - ( RECLAIM OF REFUND AMOUNT DEBYED TO CREDIT LEDGER )

We had applied for refund under Inverted Duty Structure which arose because of High GST @18% paid on Input Services GST officials have informed as per Law We are not eligible for refund However they have not given any written response to Refund application even after Two months. How can We reclaim amount debted to GST Ledger

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

35859
Oct, 27
2018
TDS/TCS - ( TDS ON PROPERTY )

An individual buying Commercial property from a partnership firm has to deduct TDS @1% from seller if value exceeds 50 Lacs. A major part was given through cheques on the basis of oral agreement but wrtitten agreement/Title deed is yet to be Executed. Whether TDS will have to be deposited adding interest @1.5% to TDs amount for Advance payment .

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

35858
Oct, 25
2018
GST - ( INPUT CREDIT BEFORE REGISTRATION UNDER GST )

We received registration certificate wef 24/11/2017. Can we claim Input credit of purchase bill dated 27/10/2017 ? We have Tax invoice with us and the payment was made within 180 days.

BY: KHYATI KIRTI LIYA

Total Answers : 3 | View Answers | Post Answers

35854
Oct, 23
2018
GST - ( MISSING SALES IN B2C GSTR 1 )

missed to file b2c sale in aug17 in gstr1 now how to add the same in sep 18 gstr1 as there is table no 10 amended b2c where there is no option to add sale only amendment can be made if already there is b2c sale in aug 17

BY: SHYAM SUNDER

Total Answers : 2 | View Answers | Post Answers

35855
Oct, 23
2018
AUDIT - ( 178420 )

ONE OF THE PRIVATE LIMITED HAS NOT ANY TRANSACTION IN F.Y. 2017-18. WHETHER AUDIT REPORT AND ITR COMPULSORY EVEN IF THERE IS NO TRANSACTIONS AT ALL???

BY: Sameer Rajesh Dhoyda

Total Answers : 2 | View Answers | Post Answers

35856
Oct, 23
2018
DIRECT TAXES - ( WHICH RETURN OF INCOME TO USED FOR REMUNERATION RECD FROM PARTNER IN FIRM )

V A PARTNER IN APARTNER SHIP FIRM HAS RECD REMUNERATION FORM PARTNERSHIP FIRM IN THE F.Y 2017-18 A.Y.2018-19 GIVEN TO UNDERSTAND THAT ITR 3 HAS TO BE FILED BY V THE ONLY INCOME OF V IS THE REMUNERATION RECD FROM THE FIRM WHERE IN THE THE ITR 3 HAS THE AMOUNT RECD AS REMUNERATION FROM PARTNERSHIP FIRM IS TO BE SHOWN? 2 WHAT IS THE NATURE OF INCOME TO BE SHOWN FOR SUCH REMUNERATION?

BY: KUSHAL HEGDE

Total Answers : 1 | View Answers | Post Answers

35853
Oct, 22
2018
GST - ( AMENDMENT IN GST1 AND GST 3B )

IF SALES FOR TWO MONTHS SAY SEP 17 AND OCT 17 HAS BEEN OMITTED IN GST1 AND GST3B WHETHER SAME NOW CAN BE AMENDED IN SEP 18 GST1 AND GST3B

BY: SHYAM SUNDER

Total Answers : 2 | View Answers | Post Answers

35852
Oct, 20
2018
Capital Gains - ( LONG TERM CAPITAL GAIN )

An asessee has sold a plot earning around Rs 5 Lacs as long term capital gain. He is owning a residential house which he wants to reconstruct after demolishing existing structure. Whether it will be treated as construction of new house for availing exemption from Capital gain

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

35849
Oct, 19
2018
GST - ( TREATMENT OF STOCK ON CONVERSION OF COMPANY INTO LLP )

What would be the treatment of stock lying in the hands of the company on Conversion of the Private Limited Company into a LLP ? Whether the same has to be as sale in the hands of the company and purchase in the hands of LLP under GST as well ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

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

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

BY: KOMAL APURV VORA

Total Answers : 0 | View Answers | Post Answers

35851
Oct, 19
2018
GST - ( GST INPUT TAX CREDIT )

GST Registration taken w.e.f 1st July, 2017. However No GST returns filed for the period from July 2017 - Mar 2018. Can ITC be availed in that case if all Old Returns for period from Jul 2017 - Mar 2018 filed with Late FIling Fees on 01st Nov, 2018 (i.e. after Last date of availment of ITC - 20th Oct, 2018 for FY 2017-18)

BY: Harshal Punamchand Jain

Total Answers : 2 | View Answers | Post Answers

35846
Oct, 17
2018
AUDIT - ( STOCK AUDIT )

Whether Statutory Auditor of a Private Limited Company can do Stock Audit of the same company allotted by Bank….????

BY: SIDDARAMESHWARA GOWDA A

Total Answers : 1 | View Answers | Post Answers

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

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

BY: CA. RAJESH KUMAR C

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Prashanth Karanth

Total Answers : 0 | View Answers | Post Answers

35845
Oct, 15
2018
GST - ( GST AUDIT )

For GST audit covered cases, is it necessary to prepare audited financials for the period July'17 to Mar'18, in additions to audited financials for the whole year.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

35843
Oct, 14
2018
GST - ( AAR )

Hello, In a AAR, an applicant asks two questions. One is answered in positive and one in negative for the applicant. Applicant decides to go in for appeal for question answered in negative only asks the appellate Authority to set aside/modify this question only. Can the appellate Authority go beyond the prayer and answer second question in negative as well? Regards.

BY: Adarsh

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Ravi Kiran M Jain

Total Answers : 0 | View Answers | Post Answers

35842
Oct, 13
2018
GST - ( GSTR-4 COMPOSITION RETURN )

whether purchase list upload is mandatory for return Q-2 July-Sep 2018, what (Penalty) if the same are not uploaded while filing GSTR-4

BY: VISHAL GOLCHHA

Total Answers : 2 | View Answers | Post Answers

35838
Oct, 11
2018
DIRECT TAXES - ( TDS ON PAYMENT TO TRANSPORTERS )

A cooperative Society providing Transportation services makes payments to transporters for availing their services. Whether it is liable to deduct any TDS on theses payments

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: CA VISHWAJEET SINGH

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Deeptika

Total Answers : 0 | View Answers | Post Answers

35837
Oct, 09
2018
GST - ( GST INPUT TAX CREDIT )

Whether GST Input Tax Credit available on purchase of GOLD BAR by Pvt. Ltd. Company if Purchase of Gold Bar is for Long Term Investment Purpose ? Please guide us...

BY: ANKIT MAHESHBHAI RASANIA

Total Answers : 1 | View Answers | Post Answers

35835
Oct, 08
2018
GST - ( MISSING INOVICE )

1. IN GST 1 OF FEB 18 ONE TAX INVOICE ( ON SALE)) HAS NOT BEEN REPORTED WHETHER SAME CAN BE ADDED IN THE SEP 18 OF GSR1 WITH ORIGINAL INVOICE DATE. IF NOT WHAT IS THE SOLUTION AS GST2 IS NOT ACTIVE 2. IF SUPPLIER ISUUES CREDIT NOTE WHETHER RECEIVER HAS TO PREPARE THE DEBIT NOTE AGAINST THIS CREDIT NOTE AND HOW TO REPORT THIS IN GST RETURN

BY: SHYAM SUNDER

Total Answers : 1 | View Answers | Post Answers

35836
Oct, 08
2018
DIRECT TAXES - ( ITR 4 )

The assessee is under audit u/s 44AB(e) . ( declaring the income @ lower than 8% but T/O is less than 2 Crores ) My query : Which ITR Form is applicable in this case. Can He file ITR4 - as per my understanding still asssessee is filing return u/s 44AD then he can file ITR4

BY: CA. HEMANG KISHORBHAI AMBANI

Total Answers : 1 | View Answers | Post Answers

35832
Oct, 06
2018
AUDIT - ( AUDIT OF SOCIETY )

Sir, An educational society is not registered U/S 12AA of IT Act and its gross receipts are 135 lacs . is it required to be audited U/s 44AB of IT Act and which form of ITR is to be filled.

BY: RAM KUMAR SARASWAT

Total Answers : 1 | View Answers | Post Answers

35833
Oct, 06
2018
GST - ( REGISTRATION IN CASE OF COMMISSION INCOME )

A person in Maharashtra providing services to his client in Gujarat by providing him buyer and gets commission from both seller and purchaser. He do not deal with goods in any way. His total receipts comes to Rs.10 lac. Whether he is liable for registration as per Sec.24.

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

35834
Oct, 06
2018
GST - ( GST )

1. RM which we are purchasing is on GST 18% and our final product is tax free (our being feed supplement for animals). This has increased our purchase prise as earlier we were procuring RM against CST 2%. Can we claim input as refund as done with cloth manufacturers. 2. Or can we adjust GST input credit of RM mentioned in point no. 1 in our other GST liabilities arising out of sale of taxable products.

BY: harjinder

Total Answers : 2 | View Answers | Post Answers

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

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

BY: MAHESH KUMAR

Total Answers : 0 | View Answers | Post Answers

35830
Oct, 04
2018
GST - ( INPUT TAX CREDIT )

If a contractor is doing construction as well as provides repair and maintenance services, is he eligible to take input tax credit on material purchased for providing such services? Thanks in advance!

BY: Mith Jain

Total Answers : 1 | View Answers | Post Answers

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

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

BY: CA_STUDENT

Total Answers : 0 | View Answers | Post Answers

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

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

BY: B.CHACKRAPANI WARRIER

Total Answers : 0 | View Answers | Post Answers

35827
Sep, 30
2018
GST - ( 529718 )

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

BY: sanjeev kumar

Total Answers : 0 | View Answers | Post Answers

35824
Sep, 29
2018
GST - ( GST PRACTITIONER EXAM )

Whether it is necessary to clear GST practioner exam for Ca's What will be the Impact if he does not appear in exam

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

35825
Sep, 29
2018
GST - ( GST PRACTIONER EXAM )

Whether it is necessary for CA's to clear GST Practioner Exam Whether they will have any problem in GST practice otherwise

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: SHYAM SUNDER

Total Answers : 0 | View Answers | Post Answers

34822
Sep, 27
2018
AUDIT - ( SIGNATURE REQUIREMENT ON 3CD SUBMITTED WITH IT PORTAL )

Sir, A print out of 3CD taken from IT Portal after duly submitted and approved , is it required to be stamped and signed while handing over to client ?

BY: RAM KUMAR SARASWAT

Total Answers : 1 | View Answers | Post Answers

34823
Sep, 27
2018
GST - ( 240554 )

Is GST applicable? Agreement to sell a constructed property on a future date and advance is taken now. There is no agreement for construction of property.

BY: Sai Ram

Total Answers : 2 | View Answers | Post Answers

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

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

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

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

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

BY: SURAJ KUMAR CHOUDHURY

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