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| 40716 |
Jul, 12
2020
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INTERNATIONAL BUSINESS - ( IEC APPLICATION )
While filing Online application for Import Export Code after making necessary payment of Rs 500- I am not able to submit as it displays message "Amount of Rs 500- is to be paid"
Whether this is Site problem of DGFT
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40715 |
Jul, 10
2020
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DIRECT TAXES - ( 44AD )
Whether a partnership firm ( 1 partner is not a doctor) running a hospital will be eligble for presumptive taxation u/s 44ad? or will section 44ada be applicable?
BY: T.R.S. PATHY SENTHIL
Total Answers : 4 | View Answers | Post Answers
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| 40714 |
Jul, 07
2020
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GST - ( FINAL RETURN - GSTR-10 )
The concern's Order of Cancellation of Registration is issued by the department and now it is required to file Final Return. The reason for cancellation is that, this closed concern was taken over by another concern. The closed concern has utilised all the ITC including ITC on closing stock before the take over. Is it correct to file "NIL" GSTR-10, as the concern do not have any ITC which is required to be reversed and paid back to government, as the closing stock with NIL ITC has been taken over by the other concern.
BY: Shyamal Jariwala
Total Answers : 2 | View Answers | Post Answers
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| 40712 |
Jul, 06
2020
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GST - ( COMPOSITION DEALER : TAX ON ENTIRE SALES OR ONLY TAXABLE SALES )
(1) client is in business of stationery.His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to students.
our query that we have pay GST @ 1% on Total sales or only on taxable sales.
(2) client is in business of Medical stores .His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to unregistered persons.
our query that we have pay GST @ 1% on Total sales or only on taxable sales.
BY: samirkumar gokulbhai kasvala
Total Answers : 2 | View Answers | Post Answers
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| 40713 |
Jul, 06
2020
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Profits & Gains of Business & Profession - ( REMUNERATION UNDER SECTION 44AD AND 44ADA )
One of my client - partnership firm is a technical consultant. We are keeping the books of accounts and doing audit because his profit is below the rates specified under section section 44ADA. Both profit before and after remuneration are below the rates specified under section 44ADA.
Now, he has come up with a proposition that we should file return of income under section 44ADA declaring 50% profit and declare zero remuneration in partners' returns and thereby will have lesser tax if we consider partner's and firm's combined liability.
To what extent is this feasible and should one avoid this?
Because normally, you take a decision of choosing to go with 44AD or 44ADA only when your profit is higher than that at specified rate and here despite the profit being lower, he wants to go for 44ADA because he says partners return will not contain any remuneration.
BY: Anuj Tiwari
Total Answers : 1 | View Answers | Post Answers
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| 40710 |
Jul, 05
2020
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AUDIT - ( TAX AUDIT ENGAGEMENT )
As per 2nd SechedulePart-I , clause 4 -A member of the Institute shall not express his opinion on financial statements of any business or enterprise in which one or more persons who are his “relatives” within the meaning of Accounting Standard (AS - 18) .
As per AS 18 Relatives - in relation to an individual, means the spouse, son,daughter, brother, sister, father and mother who may be expected to influence, or be influenced by, that individual in his/her dealings with the reporting enterprise
Since definition of relative in AS-18 does not include spouse's father & mother , whether i can take up tax audit assignments of father-in-laws 'proprietorship/partnership business. Please clarify & help me .
BY: VIVEK KUMAR GUPTA
Total Answers : 2 | View Answers | Post Answers
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| 40711 |
Jul, 05
2020
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DIRECT TAXES - ( DEDUCTION OF EDUCATION CESS )
Hello Everyone!
Can any one please share views whether deduction of education cess can be claimed in computing taxable income based on Rajasthan HC ruling in case of Chambal Fertilizers and Bombay HC ruling in case of Sesa Goa?
BY: Manisha
Total Answers : 1 | View Answers | Post Answers
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| 40708 |
Jul, 04
2020
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GST - ( ITC REVERSAL )
A & Co, a proprietary concern having GST registration in the State of Tamilnadu. A&Co is an authorized distributor of various products manufactured and sold by XYZ Ltd. During the financial year 2019-2020, A&CO purchased materials worth Rs. 25 Crores with GSTof 18% from XYZ Ltd. A&CO took entire GST amount as Input based on satisfaction of all conditions of ITC. Now as per agreement, A&CO at the end of year received turnover discount (TOD) of say Rs. 1 crore from XYZ Ltd. XYZ Ltd issued a credit note for the TOD without GST and A&CO accounted for the same as other income without giving any impact of GST.
The query I have is, Whether A&CO is required to do ITC reversal as per rule 42 of CGST rules 2017, considering TOD as exempt or non-GST income. As this income is directly related to purchases and ITC being claimed fully when purchases were made.
Appreciate if you can give your humbled opinion on whether A&CO should carry out ITC reversal for this TOD (exempt Income) based on Rule 42 of CGST Rules 2017. In case your view is no ITC reversal then can you give reasoning for the same.
Thanks,
CA. Amith Khadloya
BY: Amith Kumar Khadloya
Total Answers : 2 | View Answers | Post Answers
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| 40709 |
Jul, 04
2020
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GST - ( WHILE FILING REFUND WITH REGARDS TO EXCESS BALANCE IN ELECTRONIC CASH LEDGER DUE TO TDS ACCUMULATION )
As one of State Tax officer has raised SCN regarding GST refund with regards to excess balance in electronic cash ledger due to TDS deducted by government department based on that they are saying that as your Claimed ITC as per GSTR-3B and ITC as per GSTR-2A (Auto Populated is differ so that please reconcile the same otherwise difference between ITC claimed minus auto populated is deducted from your refund so my quarry is this is it relevant particularly in case of Refund due to TDS on cash ledger. As per my opinion in case of refund in respect of excess balance in electronic cash ledger due to TDS then ITC is not relevant as assessment authority and refund authority both are different so contation of officer is right
BY: CA. KAKADIYA BHARATKUMAR POPATBHAI
Total Answers : 1 | View Answers | Post Answers
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| 40704 |
Jul, 02
2020
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DIRECT TAXES - ( TDS CREDIT MIS MATCH )
Q. The assessee is carrying the business of clearing and and forwarding agents and the assesee has received amount related to his services as well as out of pocket expenses ( pure Agent) services and the Assessee Customer has deducted the TDS on out of pocket ( Pure agent ) services also. at the time of filing of the ITR the Assessee has shown in the profit and loss account only the services which he has rendered not the out of pocket expenses since this is not income .after filing of ITR they have received the intimation as defective notice. the assessee has submit the reply against this defective notice by way of note that out of pocket expenses is not the income of the assesee this is pure agent services and customer has deduct the TDS . Now the asssee has received the Intimation u/s 143( 1) in which TDS Credit is Mis match showing in the statement while full tds are reflected in 26 AS till date.
Please sugeest what are remedies for that and we should file the rectification . please give your valuable suggessions for that.
BY: GOPAL KUMAR AGRAWAL
Total Answers : 1 | View Answers | Post Answers
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| 40706 |
Jul, 02
2020
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GST - ( MISTAKE COMMITTED WHILE FILING GSTR- 3B )
A Trader Mr.X had filed his GSTR-1 showing correct details consisting of IGST, CGST AND SGST liabilities. But while filing his GSTR-3B he made a mistake at table 3.1(a) by adding the IGST liability in equal portions to CGST & SGST. The liabilities were then discharged by the availing the ITC Balance.
As a consequence of which while filing GSTR-9C there is a balance of IGST payable in table no.9 of GSTR-9C (diff b/w taxes paid as per GSTR-9 and as per books of account).
Please advise about the treatment of the same in GSTR-9C.
BY: D R V NARENDRA REDDY
Total Answers : 1 | View Answers | Post Answers
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| 40700 |
Jul, 01
2020
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DIRECT TAXES - ( CAPITAL GAIN )
A person inherited a property from his father in 2001 and sold in 2019-20. How will Capital gain be calculated. If he spends entire proceeds in undercostruction house in 2019-20 Whether he will not be required to pay capital gain .
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40702 |
Jul, 01
2020
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Companies Act, 2013 - ( INCORPORATION OF PRODUCER COMPANY )
Whether it is mandatory at the time of incorporation of Producer Company as per Section 581 of CA 1956 that all five directors must be appointed from 10 members or not?
If this is mandatory to appoint directors from members of producer company, please mention the rule or section in detail.
BY: CA Neha Gupta
Total Answers : 0 | View Answers | Post Answers
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| 40699 |
Jun, 28
2020
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DIRECT TAXES - ( TDS ON PROPERY -- LATE FEES )
In our case Agreement is entered on 10.02.2020 . Due date of payment and filing form 26QB was 30.03.2020 . But client could not make payment and is going to file form on 30.06.2020 . Here there is delay of 92 days ( from 31st mar 2020 to 30th June 2020 ) and amount of late fees is Rs 18400 .
There are 2 buyers and 2 sellers and hence 4 forms required to be filed. Our query about disclosure of late fees .
1. Whether Rs 18400 is to be divided amongst 4 forms so per form late fees is Rs 4600
2. Whether Rs 18400 can be shown in any one form
3. Whether Rs 18400 per form so total for 4 forms will be Rs 73600 .
Please guide us.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 40698 |
Jun, 27
2020
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GST - ( 038118 )
ITC - ELIGIBLE FOR GST ON PURCHASE OF AMBULANCE ??
Our Pharma client is purchasing an Ambulance for plant staff, we are informed no itc credit can be availed as it traps under 17(5)(a) for motor vehicle used for transportation of persons having seating capacity not more than 13 persons,please note this is a specialty vehicle having no seating but carries portable bed , this is maruti ecco converted at maruti plant and cleared from their factory gate as ambulance and not as car, even rto registration fees are different for a regular car and an ambulance , Prime definition in motor vehicle act 1988 , Motor-car, defined-: as other than a “transport vehicle” and “transport vehicle” means a public service vehicle, a goods carriage, an educational institution bus or a private service vehicle; Thus Ambulance being a private service vehicle, it is not motor car but a specialty Vehicle, kindly share your views and other suggestions to drive point on this GST ITC eligibility Thanks
CA VIPUL D. JHAVERI
MUMBAI
BY: VIPUL JHAVERI
Total Answers : 4 | View Answers | Post Answers
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| 40697 |
Jun, 26
2020
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GST - ( LUT )
After giving LUT, Export of Services can be made
without GST payment and Input credit can be claimed on Inputs . Whether this is given online and what details will have to be given therein
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40694 |
Jun, 24
2020
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GST - ( PROVIDING ACCOUNTANCY SERVICE TO A FOREIGN FIRM )
An Individual is providing Accountancy Services to a Foreign Firm and receiving his remuneration in his Saving account. Whether he is required to inform any authority ? And whether it will come under Export of services. Further any GST Liability though Person is unregistered under GST.
Please provide necessary answers
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 40692 |
Jun, 22
2020
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DIRECT TAXES - ( TDS CHALLAN BLOCKED )
We had booked a consultancy fees expense on provisional basis in March and TDS was also deducted and paid in Q4 u/s 195 and reported in 27Q-Q4. Since the party did not have a PAN in India, TDS was deducted @20%. However, on booking of invoice, the TDS was deducted again @20% erroneously and and reported again in next year's 27Q-Q1. However, since PAN number is not mentioned in the entry, we are unable to delete / remove this entry from 27Q-Q1. This is because entry is marked as 'C' type deduction, hence we are unable to edit the TDS deducted amount. Only solution we have found is to apply to TDS officer, which we have done but so far no response support from them. Has anyone faced similar issue? Kindly help.
BY: Vishal Shah
Total Answers : 1 | View Answers | Post Answers
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| 40693 |
Jun, 22
2020
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MISC. - ( FIRM NAME APPROVAL )
Dear members ,
As per Regulation 190(2)(ii)(g) of the chartered accountants ,1988 a distinguishing part of the name of the member or as per Regulation 190(2)(ii)(i) a part of the name of the proprietor can be used as firm name . For instance , as per point (g) "Ranga" is a distinguishing part commonly known of "Rangaraaj" .
Also as per point(i) ,"Ranga" is the part of the name of proprietor "Rangaraaj" .
So , Is "Ranga & Co" is a valid proprietor firm name for name approval ?
Kindly suggest , Thanks in advance.
BY: CA RANGARAAJ P
Total Answers : 0 | View Answers | Post Answers
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| 40691 |
Jun, 19
2020
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GST - ( ITC IN CASE OF FOREX DEALER )
ASSESSEE WHO IS WORKING AS A MONEY CHANGER AND DEAL IN FOREIGN EXCHANGE. HE PAID GST AS PER THE VALUATION RULES STATED IN RULE 32 OF GST ACT. CAN HE TAKE ITC ON THE INPUT AND INPUT SERVICES WHICH IS RELATED TO FURTHEERENCE OF HIS BUSINESS. THNAK YOU IN ADVANCE.
BY: AJITKUMAR L PATEL
Total Answers : 1 | View Answers | Post Answers
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| 40686 |
Jun, 15
2020
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DIRECT TAXES - ( FOREIGN TRIP FOR PURPOSE OF FILING ITR FOR FY 19-20 )
DOES A STUDENT HAVING F1 VISA (STUDENT VISA) STUDYING IN US, COMES HERE IN INDIA FOR 1 MONTH DURING FY 19-20. WILL BE CONSIDERED AS FOREIGN TRIP FOR THE PURPOSE OF FILING OF ITR FOR ASSTT YEAR 20-21. SO FAR IN FOREIGN TRIP VISTIOR CARRY B1 OR B2 VISA AND STAY OVERSEAS FOR VERY RESTRICTED PERIOD MAX 6 MONTHS.
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40687 |
Jun, 15
2020
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GST - ( GST IMPLICATION OF SALE PRICE LESS THAN PURCHASE COST )
A trader sells goods at a price which is less than the purchase cost of the same and thereby accumulates the ITC. He does this for achieving volume discount on purchases made by him.
1. Can the trader carry forward such accumulated ITC and utilise the same for future GST liability? I guess there can not be a situation of refund since it does not fall under inverted duty structure.
2. Would the discounts so received amount to subsidies directly linked to price as stated in Sec 15(2)(e).
BY: CA. KRISHNA MURTHY N
Total Answers : 2 | View Answers | Post Answers
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| 40688 |
Jun, 15
2020
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GST - ( IN CASE OF REVERSAL ITC CAN WE REVERSE INTER HEAD NET OFF BALANCE (I.E. CGST & SGST NETOFF) )
My question is with regards to reversal of ITC in textile sector, the quarry is as i have balance in CGST and SGST as against stock as on 31/07/2018 and electronic credit ledger in one CGST (-) while in SGST (+) so that we can reverse after set-off of minus balance against positive or we can reverse with respective head and pay interest thereon, in short at the time of reversal inter head adjustment is possible as per GST Law.
BY: CA. KAKADIYA BHARATKUMAR POPATBHAI
Total Answers : 1 | View Answers | Post Answers
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| 40685 |
Jun, 14
2020
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DIRECT TAXES - ( TDS DEDUCTION LIABILITY )
During 2017-18 and 2018-19 A firm was getting Tax Audit done
for sale amount around 95 Lacs as Net profit was less than 8%
Now in 2019-20 as net profit after Chapter VI deductions will not be taxable after taking 8% profit so tax audit will not be required .Is it correct that firm will not be required to deduct TDS and file TDS returns during current year
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40684 |
Jun, 13
2020
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DIRECT TAXES - ( BUSINESS INCOME )
X AN INDIVIDUAL CARRY ON A TRADING BUSINESS. DURING F Y 2017-18 THE RETURN WAS FILED WITH TURNOVER EXCEEDING 1 CR WITH AUDITED U/S44AB, BUT DURING FY 2018-19 THERE IS NO BUSINESS ACTIVITY . GST FOR FY 18-19 SHOW NIL OUTPUT. BUT PREVIOUS YEAR FY 17-18 BALANCE IN ACCOUNT RECEIVABLE, CREDITOR, BANK ETC IS COMING IN FY 18-19. AND FURTHER IN MONTH MARCH 19 HE PURCHASED A CONSINGMENT WHICH WAS SOLD IN APRIL 19 . BUT TCS HAS BEEN DEDUCTED IN FY 18-19 FOR THE PURCHASES MADE IN MARCH 19.
NOW HE WANTS TO FILE ITR UNDER OTHER INCOME HEAD . CAN HE DO SO. AND DOES HE REQUIRE TO SHOW BUSINESS HEAD, BALANCE SHEET IN ITR -3. DO IN ANY CASE WE NEED TO AUDIT THE NIL BUISNESS . PLEASE ADVICE
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40682 |
Jun, 12
2020
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GST - ( CANCELLATION OF REGISTRATION AND FURNISHING STOCK IN CASE OF TAKEOVER )
"A" concern wants to cancel registration ( no more business) and has some stock (credit of stock already utilised in regular course). "B" wants to takeover the business of "A". While applying for cancellation of GST registration "A", is it compulsory to mention stock details with taxable value and NIL ITC on stock (Because if Credit details is entered, will it be carried forward to "B" and "B" will not be eligible for ITC as, "A" has already utilised ITC on such stock). What Stock details is to be entered while applying cancellation of GST registration of "A"?
BY: Shyamal Jariwala
Total Answers : 0 | View Answers | Post Answers
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| 40680 |
Jun, 11
2020
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Capital Gains - ( CAPITAL GAIN A/C SCHEME DEPOSIT COULD NOT UTILISED DUE TO COVID 19 - WHETHER TAXABLE )
One assessee has deposited its sale consideration in capital gain account scheme in a nationalized bank. But 3 year has been elapsed and assessee could not utilised its money to construct a new house, however in a couple of month his builder is ready to get the possession and make the registry of his Flat.
Whether tax liability arises on him as he is not utilised his amount lying capital gain account scheme till 11th june the date where 3 years completed form sale of his capital assets (Plot)?
BY: Navin K. Gupta
Total Answers : 1 | View Answers | Post Answers
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| 40681 |
Jun, 11
2020
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MISC. - ( SPICE+ FORM )
Does a member has the right not share the spice+ form (Incorporation form) with the client even when client demand it ?
Please provide your precious input.
Thanks
BY: Anubhav Jain
Total Answers : 1 | View Answers | Post Answers
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| 40673 |
Jun, 05
2020
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TDS/TCS - ( 194J- TDS @ 2% TECHNICAL SERVICE )
Is there any provision in income tax whereby we could get a certificate from the assessing officer or from TDS department that TDS is to be deducted @ 2% U/s 194J if we give our reasons/explanation that the services rendered by us fall under Technical services for purpose of TDS U/s 194J?
The assessee does maintenance works of mobile/cell towers and falls under Technical service. (called as IME SERVICES)
The deductor is insisting for a certificate from IT dept that TDS can be deducted @2% for the payments made to client treating as technical services. If not given they will deduct TDs @ 10%. We Wrote a letter to the deductor explaining how the services rendered by us will fall under Technical service and not professional service as per Section 194j and attract 2% TDS, but the deductor is still asking for a certificate from Dept in this regard.
In the earlier years, when the TDS RATE U/S 194j is 10% with out distinction between technical or professional services, we used to apply for lower deduction in Form 13 and get a certificate for TDS @5/6% instead of 10%. Eventhough there is an amendment regarding tds @ 2% for technical services, the deductor is saying it still as 10%. We cannot go for a lower deduction application this year because if tds is deducted @ 2%, there will be tax payable by the assessee. If tds is deducted @ 10%/ 7.5% reduced rate, there will be a huge refund and case is getting selected for scrutiny
I didn't find any section in income tax for applying to dept regarding this. Can anyone throw some light on any provisions in this regard or any other options available to deductee to get a certificate from dept that TDS HAS TO BE DEDUCTED @ 2% ON TECHNICAL SERVICES PROVIDED BY THE DEDUCTEE
BY: M. UMA MAHESH
Total Answers : 2 | View Answers | Post Answers
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| 40674 |
Jun, 05
2020
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GST - ( INWARD SUPPLY IN REAL ESTATE )
With respect to calculation of RCM on supply from URD's, Should total inward supply should include the supplies from Govt? In Andhra, sand is completely controlled by Govt. Payment done to Govt online and sand is take from mining company. There is not GST invoice received. Can this supply be excluded from Inward Supply for purpose of calculating 80: 20 ratio
BY: Sai Ram
Total Answers : 0 | View Answers | Post Answers
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| 40676 |
Jun, 05
2020
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DIRECT TAXES - ( FORM 67 CAN BE FILLED AFTER DUE DATE? )
I have forgot to file form 67 within the due date i.e. on or before of the due date of filling of return under section 139(1).
After that when i known the same i filled the rectification u/s 154 which is rejected by the AO and processed the return with rejecting the claim stating that you have not filled the form 67 before due date.
What would be the remedy in this case???
BY: RAJAT
Total Answers : 1 | View Answers | Post Answers
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| 40677 |
Jun, 05
2020
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GST - ( APPLICABILITY OF GST )
M/s ABC Ltd purchased Land , Factory Building and Plant & Machinery of M/s XYZ Ltd from POR Bank Ltd through DRT auction process under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act 2002).
1. Is GST Liability arises in case of auctinable Property ?, If Yes, on whom ?
2. What is GST Impact on ABC Ltd, PQR Bank Ltd & XYZ Ltd.
BY: Pravin Taparia
Total Answers : 0 | View Answers | Post Answers
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| 40668 |
Jun, 04
2020
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Customs & Excise - ( BLOCKAGE OF REFUND OF DUTY PAID GOODS )
Dear Sir/Madam, By mistake we have filed export sale in table no. 3.1(a) in GSTR 3B of duty paid goods instead of table no. 3.1(b). In GSTR-1 the Export data have been filed in right column in 6A. Now we are facing problem of refund as the invoice do not get transmitted. Other problem is that we cannot amend GSTR 3B return in subsequent return as we do not have domestic sale in subsequent months. Please do the needful and suggest a way to get refund. THE MATTER IS RELATED TO FY 2019-20
BY: PAWAN PATIDAR
Total Answers : 0 | View Answers | Post Answers
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| 40670 |
Jun, 04
2020
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Compliance - ( BEING A PARTNER IN CA FIRM, CAN I PRACTICE IN INDIVIDUAL NAME ALSO? )
I am a partner in ca firm and I can not register any proprietorship for myself in ICAI as per rules of the firm.
Now I want to do some work in my personal capacity without constituting a proprietary firm in ICAI. Personal practice will have work of audit, attest function and consultancy. Is it possible to do in personal capacity without having FRN.
One of the renowned faculty of ICAI told that A CA can not do any type of work in his personal capacity without registering proprietary firm if he is a partner in another ca firm.
I request all on you to enlighten the above matter.
BY: VIVEK KUMAR SINGHLA
Total Answers : 0 | View Answers | Post Answers
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| 40671 |
Jun, 04
2020
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DIRECT TAXES - ( CHARITABLE TRUSTS )
As per Finance Act 2020, fresh registration process for the existing Charitable Trusts enjoying registration u/s 12A is to be got done from 01.06.2020. Kindly guide how to go through the process. Further also please inform whether the same is to be done through a digital platform or through a physical process.
BY: Nilanjan Kayal
Total Answers : 1 | View Answers | Post Answers
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| 40665 |
Jun, 02
2020
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AUDIT - ( TAX AUDIT )
Assesee is carrying business of collecting milk from Farmers and send them to Dudh sangh. Assesee received commission for collecting and sending milk to Dudh Sangh but all the transaction of sale and purchase of Milk are routed through assessee's current account and turnover in account is 4 cr and commsiion income is 10 lakhs, hence whether tax audit applkicable in this case??
BY: Ninad Prataprao Shete
Total Answers : 2 | View Answers | Post Answers
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| 40666 |
Jun, 02
2020
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DIRECT TAXES - ( 12A REGISTRATION )
Online application for 12A registration was made in January 2020. Trust was created in the FY 2019-20. But till now we have not received any communication, Should we apply u/s 12AB
BY: T.R.S. PATHY SENTHIL
Total Answers : 2 | View Answers | Post Answers
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| 40667 |
Jun, 02
2020
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DIRECT TAXES - ( TAXATION OF AOP )
Income of Clubs and associaitons are excluded based on the mutuality concept. But how to claim the exemption in the ITR / Exempt under which section. Return has to be filed for getting the tds refund.
BY: T.R.S. PATHY SENTHIL
Total Answers : 0 | View Answers | Post Answers
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| 40664 |
Jun, 01
2020
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FINANCIAL MANAGEMENT - ( HEDGING OF A FOREIGN CURRENCY LOAN )
A company is having receivables of USD 100 and Preshipment credit (working capital) of USD 150. Further it has 'Buy' forward contracts (i.e., Bank will buy USD from the company) with the bank for USD 20. In this case, what would be the unhedged foreign currency exposure in the wake of circulars issued by RBI.
BY: MOHAN SIVA PRASAD DODDIPATLA
Total Answers : 0 | View Answers | Post Answers
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| 40661 |
May, 28
2020
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DIRECT TAXES - ( 058720 )
A society has its own pan and running a engineering college ,now state govt has converted the college into a university by passing an university Act.whether separate pan is required for university which is now a body corporate with perpetual succession and common seal.
with thanks
BY: Prasanna Kumar Sahoo
Total Answers : 3 | View Answers | Post Answers
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| 40662 |
May, 28
2020
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VAT/Sales Tax - ( REFUND OF VAT WRONGLY PAID )
Mr. A who was carrying on business in proprietary firm M/s A & CO expired in June 2015. His son Mr. B carried on the business in the same proprietary name and was allotted another TIN. The assessments of the proprietary firm up to June 2015 and balance period were finalized separately. The assessment dues of the firm up to June 2015 were wrongly paid under the TIN of the new firm. Subsequently the dues were again paid in the correct TIN to settle the dues. However the commercial Officer is refusing to refund the amount wrongly paid under the new TIN under the pretext that the firm is already assessed to tax and the same cannot be reopened. is there a way out.
BY: SANTOSH JAGANNATH PAI
Total Answers : 0 | View Answers | Post Answers
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| 40660 |
May, 27
2020
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AUDIT - ( RBI- DATE OF REGISTRATION )
Our firm's UCN with RBI is 170030(The firm's FRN is 000740S). The UCN was allotted over 30 years ago and we have no record of the date of registration of our firm with the RBI.
In the application for empanelment of chartered accountants for the concurrent audit 2020-21 hosted by certain nationalised banks ,the date of registration with RBI is shown as a mandatory field to be filled.
However, despite our best efforts ,our online search in this regard has been in vain.
We would greatly appreciate it if you could assist in obtaining the date of registration of the firm with RBI as early as possible as the last date for submission of the online application is 05.06.2020
BY: CA. PREMILLA V NAIR
Total Answers : 1 | View Answers | Post Answers
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| 40657 |
May, 26
2020
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GST - ( GST ON NGO )
A charitable organization is engaged in doing Annadhana. This activity is not included in the definition of charitable activity as defined in GST Law. In this circumstance, is there any GST liability on donations received. If not, what could be the receipt by the said NGO which will be subject to GST.
BY: Ethirajan
Total Answers : 3 | View Answers | Post Answers
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| 40658 |
May, 26
2020
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GST - ( TAXABILITY OF CLAIM OF DAMAGES IN SALES RETURNED GOODS )
A manufacturer of machinery supplied goods to a buyer,who has returned them.later the vendor noticed some damages to the goods returned by the buyer.now the value of damages to the supplied goods is estimated at 3 lakhs.the supplier wants to raise a debit note on the buyer.whether gst is to charged on this?as per which provision of gst ?.because there is no supply of goods nor supply of services.
BY: nagappan.sm
Total Answers : 3 | View Answers | Post Answers
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| 40656 |
May, 24
2020
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AUDIT - ( NEW MEMBER IN PRACTICE )
Dear Advisor , Please note that i have just obtained COP on 22.04.2020 as sole proprietor , so please guide me where can i submit my firm details for reference of my firm for future assignments. Please guide me how to proceed for obtaining / offering my self for any future assignment.
Thanking You
from - CA Vivek Kr Gupta
BY: VIVEK KUMAR GUPTA
Total Answers : 1 | View Answers | Post Answers
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| 40654 |
May, 21
2020
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Capital Gains - ( TRANSFER OF CAPITAL ASSET TO A COMPANY WHERE A FIRM IS SUCCEEDED BY A COMPANY U/S 47(XIII) NOT TREAT )
U/s 47(xiii) any transfer of capital asset by a firm to a company is not treated as Transfer provided, there are 4 condition.
1 All the assets and liability of the firm before the succession become the asset and liability of the company .
2. All the partners of the firm immediately before the succession become the shareholders of the company in same proportion in which their capital stood in the books of account of firm.
3. The partners of the firm do not receive any consideration/benefit other than by way of allotment of shares by the company
4. The aggregate of the shareholding in the company of the partners of the firm is not less than 50 % of the total voting power in the company, and their shareholding continues to be as such for a period of 5 years from the date of succession.
My query is if we observe all the above stipulated terms and conditions can we now proceed with such transfer of a firm’s capital assets to a company.or we need to observe some other conditions as well to proceed. if any other conditions are also required kindly explain the same
BY: pradeep kumar agrawal
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| 40652 |
May, 19
2020
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GST - ( ITC CLAIMED UNDER WRONG HEAD )
Dear Members,
One of our client has claimed IGST credit as CGST/SGST in the month of September 2019.
Eg. Purchase Invoice having IGST as 2,20,000 is claimed as 1,10,000 each in CGST/SGST.
We found this error in the process of reconciliation of ITC with 2A. As we are yet to file the GSTR 3B for March 2020,can we reverse the CGST/SGST for March 2020 and claim the IGST.
(As the CGST/SGST for march is very less reversing the same will lead to a negative figure in GSTR 3B for March 2020. Will this be a problem?)
Kindly Advise.
Thanks in Advance.
Note: We can utilized the wrong ITC claimed for setting of our liability.
BY: S. JITESH
Total Answers : 2 | View Answers | Post Answers
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| 40651 |
May, 16
2020
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MISC. - ( UDIN FOR PROVISIONAL BALANCE SHEET )
Dear Expert,
Do we need to generate UDIN for provisional balance sheet signed with below disclaimer -
Disclaimer - The preparation and presentation of the Provisional financial statement is the responsibility of the management. Financial statement have been compiled for the limited purpose on the specific request and on the basis of documents and information furnished by the management without any risk and responsibility on our part in any respect of whatsoever nature. . The provisional financials statement is unaudited and hence no opinion is expressed on the same.
I understand, as per ICAI FAQ on UDIN, it is stated that, it is required for provisional balance sheet prepared/compiled.
but as per my understanding, UDIN is necessary if we are certifying/attesting/or expressing our opinion on something.
kindly advise.
Also confirm if a CA can sign the provisional financial with such note.
BY: chetan jadhav
Total Answers : 3 | View Answers | Post Answers
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| 40650 |
May, 14
2020
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DIRECT TAXES - ( EVERIFICATION OF ORIGINAL RETURN )
Do we need to e-verify both original and revised ITR, if a revised ITR has been filed & everified and the corresponding original ITR was not e-verified ?
Since for claiming Deduction, original return needs to filed within the due date.
In our case, original return was filed but not everified with in 120 days. Later revised return has been filed & everified.
Now we received intimation u/s 143(1) , in which deducation has not allowed and this revised return is considered as belated return.
Please let me know the possibilites of claiming deduction and options available. Please share the relevant case laws available
BY: Gogisetti Sivaji Ganesh
Total Answers : 1 | View Answers | Post Answers
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| 40649 |
May, 12
2020
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TDS/TCS - ( TDS ON PAYMENT TO PRIVATE DRUG REHAB )
Hi,
My question is as follows:
Is TDS required to be deducted on Payment made by a company to a Drug Rehab Centre? Drug Rehab Centre is a society registered under Manipur Society Registration Act, 1989. It is not formed by Government. The payment is not for employees and also not donation. It is for the welfare. Please reply. Warm regards.
BY: Kamlesh Mehra
Total Answers : 3 | View Answers | Post Answers
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| 40648 |
May, 11
2020
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OTHER BODIES - ( 239879 )
My querry is Regarding RERA Certifications,
While providing RERA Quarterly certificates to the clients, the RERA act defines the method of calculation of "the amount that can be withdrawn from RERA Account" i.e
"% completion method".
I am not able to understand clearly, about this method of calculation.
I would request members to help me in this case, with a small illustration for better understanding.
BY: Akash Gilda
Total Answers : 0 | View Answers | Post Answers
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| 40646 |
May, 08
2020
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AUDIT - ( 558351 )
I have started practice in april 2020, can i sign the balance sheet of proprietor who is not required to audit under any law, for financial year 2017-18.
Thanks in advance
BY: CA SACHIN SETIA
Total Answers : 4 | View Answers | Post Answers
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| 40647 |
May, 08
2020
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DIRECT TAXES - ( CLAIMING DEDUCTION IN REVISED RETURN )
ABC is a cooperative society which is subject to audit under Cooperative Societies Act, 1964. It has filed NIL IT Return for FY 2018-19 on 04/10/2019 and later filed the revised return on 1/12/2019 with all the income details and claimed deduction u/s 80P.
Please let me know the validity of above practice & can the society claim deduction ? As for the purpose of claiming deduction, IT return has to be filed with in the due date.
Please let me know at the earliest...
BY: Gogisetti Sivaji Ganesh
Total Answers : 2 | View Answers | Post Answers
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| 40644 |
May, 07
2020
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GST - ( APPLICABILITY OF GST )
M/s ABC is a Petroleum Dealer. Dealer receives transport charges from HPCL/BPCL/ IOC. Where to be shown in GSTR -3B , the outward supplies which are subject to RCM ? Dealer also receives Variable dealer Margin from HPCL/BPCL/ IOC. Is GST applicable on Variable dealer margin ? if Yes, at what rate ?
BY: Pravin Taparia
Total Answers : 2 | View Answers | Post Answers
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| 40645 |
May, 07
2020
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DIRECT TAXES - ( PENSION )
A retire from govt. job and he was entitled for pension. How ever due to some disputes pension was not released to him and meanwhile he expired. After two year from his death wife of A received pension from the date of retirement upto date of death of A apart from this arrear of pension was also received. Query here is whether pension received by wife is taxable in her hands of. if yes whether she can claim relief u/s 89. Or it is exempt in her hand. Thanks
BY: SUNIL KUMAR AGARWAL
Total Answers : 2 | View Answers | Post Answers
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| 40641 |
May, 05
2020
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GST - ( PAYMENT UNDER DRC 03 )
The taxable turnover as per final accounts for the year 2017-18 is Rs. 2.10 crores and GST payable is Rs. 58.8 lakhs. The taxable turnover as per GSTR 3B is Rs. Rs. 2 crores and GST amount is Rs. 56 lakhs. There is sufficient credit in the credit ledger. Whether the shortfall of Rs. 2.8 lakhs can be paid through GSTR 03 by adjustment through credit ledger before filing the annual return?
BY: SANTOSH JAGANNATH PAI
Total Answers : 4 | View Answers | Post Answers
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| 40642 |
May, 05
2020
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GST - ( GSTR-9C (QUERY ON DUTY DRAWBACK) )
Dear all,
Whether Duty drawback received on export of goods is required to be shown in GST or not?
If yes then this is fall under which of following:
1. Exempt Supply
2. Nil Rated
3. Non-GST Turnover
4. No Supply Turnover
and while filiing the GSTR-9C, we have to include duty drawback in Turnover as per audited financial statement or not?
BY: CA Neha Gupta
Total Answers : 1 | View Answers | Post Answers
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| 40640 |
Apr, 30
2020
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INDIRECT TAXES - ( GST-RENT COLLECTED FROM CLINIC )
Sir,
A person is collecting rent and GST from various shops in his commercial complex. One of the place being let out to a doctor for running his clinic. The Doctor says since he is doing exempted Health car service, GST should not be collected from him. Is it correct ?
BY: N.NAGARAJAN
Total Answers : 7 | View Answers | Post Answers
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| 40638 |
Apr, 27
2020
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CORPORATE & OTHER LAWS - ( INCORPORATION OF A PRODUCER COMPANY )
One NGO has promoted 4 Producer company for villagers in different areas of a district and the same NGO now wants to form a Producer Company with those 4 producer company as its members/shareholders at the district level for the reason below
1)The Grants given to the different Producer Company can be monitored well.
2)The procurement and sales of all the 4 Producer Companies can be negotiated well.
3)The Management of the companies can be monitored well.
Overall it will be easier for the NGO to keep an eye on the working of the company.
But as per the provisions of Producer Companies Act a Producer Company can be formed by
1)Ten or more producers (individuals); or
2)Two or more producer institutions; or
3)Combination of the above two (10+2).
My question is whether 2 or more Producer companies as stated above can be considered as a producer institutions and whether they can form a Producer Company.
I have one more question on same lines. Whether Producer Institutions which does not have PAN Card can become a member/shareholder of a Producer Company?
Please reply my above query. Thanks in advance
BY: AMIT GUPTA
Total Answers : 0 | View Answers | Post Answers
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| 40639 |
Apr, 27
2020
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INDIRECT TAXES - ( GST- RCM -DIRECTOR )
Sir,
I had posted query as to whether RCM is applicable for payments made for attending patients by a Private Ltd. Hospital to a Director who is also a director of that Company. For this I received a reply in our forum that it is applicable. But GST practitioners in other forums say that the service being Health service provided by the said doctor RCM is not applicable. Kindly explain as many hospitals would be impacted if the RCM is applicable.
BY: N.NAGARAJAN
Total Answers : 3 | View Answers | Post Answers
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| 40637 |
Apr, 26
2020
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DIRECT TAXES - ( DIGITAL MODES )
Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ? As these modes of payment can be provided.
Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019
In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) hasbeen inserted in the Income-tax Rules, 1962. Rule119AA provides that the speci?ed person shallprovide facility for accepting payment throughfollowing electronic modes, in addition to thefacility for other electronic modes of payment, ifany, being provided by such person, namely
(i) Debit Card powered by RuPay
(ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and
(iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code.
BY: DINESH KHURANA
Total Answers : 0 | View Answers | Post Answers
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| 40635 |
Apr, 25
2020
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DIRECT TAXES - ( FEES FOR TECHNICAL SERVICES )
Dear Colleagues,
How to identify the key difference between Fees for Technical service, technical consultancy, and fees for professional services so as to apply the TDS rate of 2% u/s 194J w.e.f 01.04.2020. As provided in section 194J definition of professional service includes the word technical consultancy and as per the definition of Fees for technical services provided in section 9 also includes the word consultancy in such circumstances how to decide the exact nomenclature of the service and TDS rate thereon whether 2% or 10%?
BY: Manisha
Total Answers : 1 | View Answers | Post Answers
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| 40634 |
Apr, 24
2020
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MISC. - ( ACCOUNTING FOR EXCESS PROVISION MADE ON 31.3.2020 )
Dear sir/Madam
One of the client has made provision for interest receivable for the financial year 19-20 as on 31.03.2020 (for eg.100000) . However during the first week of April 2020 the client has premature FD for salary paid to employee, so the Bank has reduced interest rate for the period 19-20 (for eg.only 90000) but tds has deducted as on 31.03.2020 for rs.100000. In this circumstances what are the entries to be made in the books of accounts as on 31.3.2020.
Kindly suggest me, thanks in advance
BY: KANAGARAJ
Total Answers : 1 | View Answers | Post Answers
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| 40632 |
Apr, 23
2020
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IFRS - ( ASSET CLASSIFICATION )
Dear All,
Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap
BY: KOSAL AGARWAL
Total Answers : 1 | View Answers | Post Answers
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| 40633 |
Apr, 23
2020
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IFRS - ( ASSET CLASSIFICATION )
Dear All,
Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap
BY: KOSAL AGARWAL
Total Answers : 0 | View Answers | Post Answers
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| 40630 |
Apr, 20
2020
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MISC. - ( CONVERSION FROM PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM )
Dear Professionals, I started my Practice In 1989 as a Proprietorship Concern under ICAI with GST as per trade name . In a case of addition of a new CA , the firm is to be converted into a partnership firm requiring new PAN and new GST registration .
With the above backdrop , my queries are :
1.Whether Proprietorship Experience Is Continued In the Partnership Firm as per ICAI records?
2. Whether the experience Will Count For Bank Audit Empanelment Under Partnership Firm ?
3. Also as a process , first conversion step to be taken from my Member SSP portal and later then the new partner should join ?
4. Whether my trade name "Palamalai & Co" can be changed as "Palamalai & Associates" or like including new partner initial as "RP & Associates" without any compromise in year of experience ?
Kindly suggest clear opinions point wise .
Thanks in advance .
BY: CA. PALAMALAI R
Total Answers : 0 | View Answers | Post Answers
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| 40629 |
Apr, 19
2020
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GST - ( GSTR 9 )
IN GSTR 9 OF FY 2018-19 ,TABLE 8 C ,WHETHER SUM OF ITC AVAILED OF YEAR 2017-18 BUT CLAIMED IN YEAR 2018-19 AS WELL AS ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME OR ONLY AMOUNT OF ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME ? PLEASE CLARIFY BY ANY ONE.
BY: SANJIV MEHROTRA
Total Answers : 0 | View Answers | Post Answers
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| 40628 |
Apr, 18
2020
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GST - ( PROFESSIONAL SERVICES BY NRI )
IF professional services are provided by NRI to Indian domestic company on a regular basis, then whether that NRI needs to take GST Registration ? If yes then whether with threshold or without threshold ? If not then whether company needs to pay GST on RCM ?
BY: Amol Prakash Kasat
Total Answers : 2 | View Answers | Post Answers
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| 40627 |
Apr, 16
2020
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GST - ( GST RATE & HSN FOR HAND SANITIZER )
M/s ABC Ltd is a Sugar Factory and also have Distillery unit. Food & Drug Authority (FDA) Maharashtra had issued Drug Licence for Manufacturing Hand Sanitizer.
Composition for Each 100 Ml Hand Sanitizer contains -
Ethly Alcohol IP - 80% V/V
Hydrogen Peroxide IP - 0.125% V/V
Glycerol IP - 1.45 % V/V
Purified Water - QS
Colour - Brilliant Blue & Pink
Request you to guide us GST Rate & HSN for Hand Sanitizer
BY: Pravin Taparia
Total Answers : 1 | View Answers | Post Answers
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| 40625 |
Apr, 15
2020
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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. In SSP Portal a head office incharge partner only can move all the applications and Head Office incharge is my another partner, he is not allowing me to change the details in firm details and creating problems since from 1 year. I have also communicated on email to the concerned officials in the SIRC as well as ICAI-New Delhi and they just intimated to the other partner, SSP Portal procedure to update the changes. But still that other partner has not done nothing and just ignore their directives. 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.
My communication on mail is happened on the below email ids:
h.vanitha@icai.in, padmabalaji@icai.in, mss@icai.in, leena.khanvilkar@icai.in, josphine@icai.in, Secretary@icai.in, Secretary@icai.in, president@icai.in and vicepresident@icai.in
BY: VENKATESH S BAKALE
Total Answers : 1 | View Answers | Post Answers
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| 40626 |
Apr, 15
2020
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MISC. - ( EXAMINATION PATTEREN OF CA )
Around 6 months back, A Committee was formed to recommend Change in Exam System following reports of CA Exam Papers being outsourced to Non professionals by Empaneled Examiner following protests by students. A Large number of Students/Professionals are of the View that Entry to CA Course should be made Difficult and Once a Person Joins CA Course, He should be assured of Completion of CA degree Tests should be conducted online and Paperwise results should be declared so that same Question paper is not required to be written after passing that paper on the lines of ACCA and CPA.In the prevailing atmosphere it becomes more relevent that Only Online Exam is conducted . This will also be of help to those students who have developed Problems like Writer Cramps and can not get Proper Writers
BY: Mahesh Kumar
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| 40624 |
Apr, 13
2020
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MISC. - ( CHANGE OF NAME OF EXISTING CA FIRM )
I am partner of ca firm and want to change the firm name. All partners are agreed for change of name. my firm has 15 years of standing.
please let me know, whether there is effect in standing and bank empanelment.
Regards
BY: UMA SHANKAR JHA
Total Answers : 1 | View Answers | Post Answers
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| 40623 |
Apr, 10
2020
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TDS/TCS - ( TDS ON SALE AND DISTRIBUTION OF FILMS )
Sale and distribution of films now included under royalty and hence TDS would be applicable. But the rate( 2% or 10%) is not clear after the amendment to Finance act 2020. Please refer below
As per the Finanace Act 2020,
In section 194J of the Income-tax Act, in sub-section (1),––
(a) in the long line, for the words “ten per cent. of such sum”, the words and
brackets “two per cent. of such sum in case of fees for technical services (not being a
professional services, or royalty where such royalty is in the nature of consideration for
sale, distribution or exhibition of cinematographic films and ten per cent. of such sum in
other cases,” shall be substituted;
So TDS for sale and distribution of films is now 2% or 10%. Please clarify
BY: T.R.S. PATHY SENTHIL
Total Answers : 1 | View Answers | Post Answers
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| 40620 |
Apr, 03
2020
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GST - ( TRANSPORTATION SERVICE )
Mr. A is a cement dealer and registered to GST. The supplier bills him for door delivery of cement at his premises. Mr. A also owns transport vehicle and collects the loads of cement in his own vehicle from local depot and is paid the transportation charges by the person entrusted with the transportation. Are the transportation charges exempt under GST? Is the person entrusted with transportation liable to pay GST under reverse charge? Does the transportation receipt forms part of his turnover? Whether Mr. A will be treated as GTA under GST?
BY: SANTOSH JAGANNATH PAI
Total Answers : 3 | View Answers | Post Answers
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| 40621 |
Apr, 03
2020
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GST - ( CREDIT NOTES )
Mr. A is dealer in electronic goods.He receives credit notes towards certain discounts from his supplier which are predetermined at the time of supply and GST is charges on them. Mr. A has accordingly reversed the input credit towards the credit notes reversed. There are also amounts credited to his account by the supplier towards incentives for achieving higher turnover and no GST is charged on the credit notes. Is Mr. A liable to pay GST on the credit notes? Are the receipts exempt in the hands of Mr. A under GST?
BY: SANTOSH JAGANNATH PAI
Total Answers : 2 | View Answers | Post Answers
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| 40618 |
Apr, 01
2020
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DIRECT TAXES - ( ONLINE FILING OF FOM 15H )
A Taxdeductor has received Form 15H for nondeductionof TDS on Interest income of Rs 496000- for Fin Year 2019-20
on 25-3-20 . Interest is credited on 31-3-20.
By which date Form 15H can be Efiled on Portal
Isthere any relaxation in current Scenerioas DSC is required for same
BY: Mahesh Kumar
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