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Top 50 Question
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

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

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

BY: MAHADEO VIRUPAX WALI

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