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Top 50 Question
Que. Id Date Description
40401
Sep, 23
2019
AUDIT - ( REVISION OF TAX AUDIT REPORT )

Can a tax audit report submitted by CA and accepted by Client be revised on finding a mistake

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40399
Sep, 21
2019
CORPORATE & OTHER LAWS - ( DPT-3 UNDER RESUBMISSION )

DPT-3 filed for private limited company was put under resubmission with the remark to submit the same with details list of such outstandings. How it is possible to get these details in case of an old companies carrying these since long (20 years) and for which no informations is readily available. What is time limit for resubmission as no specific time limit is given under remarks.

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

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

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

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40396
Sep, 18
2019
Capital Gains - ( 108293 )

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

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

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

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

BY: sweety sharma

Total Answers : 3 | View Answers | Post Answers

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

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

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 1 | View Answers | Post Answers

40394
Sep, 16
2019
INDIRECT TAXES - ( IGST -SEZ UNIT )

an SEZ unit is taking services of a hotel for an event management which will be taking place at their hotel - Convention hall. Will the services attract IGST (considering as supply of services to SEZ unit) or it will be subjected to CGST /SGST ( considering that place of supply is Hotel iteself and is not teh SEZ unit)

BY: GeetikaSetia

Total Answers : 0 | View Answers | Post Answers

40392
Sep, 15
2019
GST - ( GST ON TRAINING SERVICES )

what will be the gst impact for a person who is providing training services from india to people outside india through digital mode ?

BY: ravi kishore bhagi

Total Answers : 0 | View Answers | Post Answers

40391
Sep, 14
2019
SME - ( HOW TO CHANGE PROPRIETOR )

A proprietor ship firm wants to change its proprietor in the existing firm. What's the best way to do the same.

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40389
Sep, 13
2019
DIRECT TAXES - ( NEW REQUIREMENT IN COMPANY INCOME TAX RETURN )

In case of Pvt Ltd Company, there are two additional requirement apart from existing one, which are very difficult to furnish: 1. Shareholders details with PAN numbers. 2. Assets particulars with date of acquisition. A private limited company, which have been registered 30 years ago, how these details could be gathered and where from to arrive these figures. Even ROC data is available for last 12 years. Please respond

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

40390
Sep, 13
2019
DIRECT TAXES - ( FORM 3CD LOAN REPAYMENT OTHERWISE THEN IN CASH )

Unsecured loan was taken by way of journal entry in one hand from another as legal heir fund. How to disclose the same in 3CD, as this entry fall in none of the prescribed mode. Similarly how to disclose payment of Interest on unsecured loans which is paid by way of journal entry only

BY: SURAJ KUMAR CHOUDHURY

Total Answers : 0 | View Answers | Post Answers

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

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

BY: CA Neha Gupta

Total Answers : 2 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40388
Sep, 11
2019
GST - ( GST ANNUAL RETURN )

Whether pure agent services like paying taxes on behalf of some person be considered as exempt supply in GST...?? If yes, whether the amount received as a pure agent be included in computing the aggregate turnover for the purpose of audit of a taxpayer..???

BY: CA Neha Gupta

Total Answers : 0 | View Answers | Post Answers

40384
Sep, 10
2019
MISC. - ( ITR - 6 FILING )

Companies have to furnish details of “assets” including Jewellery, Painting etc., Unfortunately, it is not mentioned as “Fixed Assets”. Assets naturally includes inventories also. Does it mean a Private Company having a Jewellery Shop has to furnish details of jewellery for the above requirement in ITR 6

BY: Ethirajan

Total Answers : 0 | View Answers | Post Answers

40385
Sep, 10
2019
AUDIT - ( TAX AUDIT )

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

BY: Abhinav

Total Answers : 1 | View Answers | Post Answers

40382
Sep, 07
2019
DIRECT TAXES - ( INCOME TAX )

Dear sir, One of our client is selling a plot of land and to avoid tax he is telling me that he will gift the property to the purchaser and the purchaser has agreed to pay tax on it under sec 56. However there will be exchage of consideration in the form of Cash. Will there be any liablity on the Seller. Under Income Tax Act

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

40383
Sep, 07
2019
DIRECT TAXES - ( TDS )

Dear Sir, There is audit U/s 44AD and previous year and this year his turnover is 1.5 cr to 1.7 cr. He has paid interest to one party unsecured loan Rs 150000/- will he be liable to TDS. As limit U/s 44AB (a) is Rs 1 Cr.

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Mayank Jain

Total Answers : 3 | View Answers | Post Answers

40381
Sep, 06
2019
DIRECT TAXES - ( 079710 )

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

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

40378
Sep, 05
2019
DIRECT TAXES - ( 019493 )

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

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

40379
Sep, 05
2019
OTHER BODIES - ( REGARDING PART TIME COP )

Hi, I want to know whether Part Time COP Member can hold his Proprietor Firm while doing job at CA Firm?

BY: ABHISHEK SUSHILBHAI GOYAL

Total Answers : 0 | View Answers | Post Answers

40377
Sep, 03
2019
ANNOUNCEMENT - ( 077928 )

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

BY: SAMEER SAMEER SINGH

Total Answers : 1 | View Answers | Post Answers

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

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

BY: VENKATESH S BAKALE

Total Answers : 2 | View Answers | Post Answers

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

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

BY: balasubramanian

Total Answers : 3 | View Answers | Post Answers

40374
Aug, 29
2019
GST - ( GSTR 9 TABLE 18 HSN WISE REPORTING FOR IMPORT )

Dear Sirs, My query is relating to HSN wise reporting on imports. 1. Under taxable value which value we have to enter, whether assessable value as per Bill of Entry or Purchase value? 2. Sometimes the IGST charged by the customs authority slightly varies with the rates mentioned under rate tab in the table. Because of this portal is not accepting the import. How we can resolve this difference?

BY: NIRAJ PM

Total Answers : 0 | View Answers | Post Answers

40375
Aug, 29
2019
GST - ( GST )

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

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Hitesh J Pandya

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Pranab Kumar Bose

Total Answers : 1 | View Answers | Post Answers

40372
Aug, 28
2019
DIRECT TAXES - ( TCS ON HIGH SEAS SALES )

WHETHER TCS ON SALE OF COAL TO TRADER ON HIGH SEAS SALES AGREEMENT APPLIANCE ? PLEASE GOOD BOOKS FOR HIGH SEAS SALES AGREEMENT DRAFT .

BY: CA Chirag Mirani

Total Answers : 0 | View Answers | Post Answers

39369
Aug, 27
2019
Service Tax - ( REGISTRATION UNDER SERVICE TAX )

Sir one of our client is rendering service for construction of government school buildings and work of phed and pwd. WE have recevied notice from service tax department alleging us to take service tax registration and discharge service tax liablity. He is telling us that you can ignore servie U/s 66D for registration since you are rendering service whether taxable or exempt you have to take registration. Is he correct kindly provide reply quoting proper section as i will use it in my reply

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

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

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

BY: RAHUL PARASRAMPURIA

Total Answers : 2 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

39368
Aug, 26
2019
GST - ( ANNUAL RETURN - PT. IV COL 9 DETAILS OF TAX PAID. )

Dear Sir, Whether in Pt. IV Col 9 "Details of tax paid as declared in returns filed during the financial year", tax payable to be declared should be as provided in GSTR-3B filed during the year or it should be amended with the changes made through Annual Return and tax paid through DRC-03?

BY: Hunny Badlani

Total Answers : 0 | View Answers | Post Answers

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

Dear sir, My query is bifurcation in point 6B will be as per books or we have to bifurcate point 6A figure whether it is wrong or right

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

39366
Aug, 25
2019
GST - ( GSTR 9 )

Dear sir, My query is bifurcation in point 6B will be as per books or we have to bifurcate point 6A figure whether it is wrong or right

BY: VIPIN GUPTA

Total Answers : 0 | View Answers | Post Answers

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

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

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

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

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

BY: MAHADEO VIRUPAX WALI

Total Answers : 2 | View Answers | Post Answers

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

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

BY: VIJAYKUMAR BHANUBHAI GEVARIYA

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Hunny Badlani

Total Answers : 1 | View Answers | Post Answers

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

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

BY: pradeep kumar agrawal

Total Answers : 2 | View Answers | Post Answers

39357
Aug, 20
2019
GST - ( GST ON SERVICES GIVEN TO WORLD BANK )

Dear Colleagues, Is there any GST exemption on services given to World Bank?

BY: Prashanth Karanth

Total Answers : 0 | View Answers | Post Answers

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

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

BY: SUDHAKAR

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Hunny Badlani

Total Answers : 5 | View Answers | Post Answers