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Que. Id Date Description
44611
Feb, 19
2024
Capital Gains - ( CAPITAL GAIN ON DEVELOPMENT AGREEMENT )

Landowner has registered Development Agreement with Developer for area sharing basis in FY. 2023-24. The landowner and Developer will receive 6 and 8 flats respectively in the newly constructed building. The building is proposed to be completed in FY. 2025-26. If Landowner received booking amount towards some of the flats in newly constructed building. e.g. For 1st flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2023-24. For 2nd Flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2024-25. 1) Whether section 145(5A) applicable? 2) In which year, capital gain on land is taxable? - in FY.2023-24, 2024-25 or 2025-26? 3) The amount on which capital gain is taxable?

BY: NAMRATA VIMALCHANDRA KASLAY

Total Answers : 2 | View Answers | Post Answers

44610
Feb, 17
2024
DIRECT TAXES - ( 082701 )

A cooperative society has received a demand notice demanding Rs 6 Lacs app 3 Tax+3 Interest for Ass Year 2014-15 Pr Year 2013-14 This demand was made around three years back also when it was requested to allow Revised ITR for same year but did not hear from them After this for two years Refund was also issued by Deptt Now they have raised fresh demand and withholding last year refund also Whether revised return for same year can be filed now without deptt permission

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44608
Feb, 16
2024
GST - ( GST ON SUPPLY OF WATER THROUGH TANKER )

Whether Gst applicable on borewell Water supply through water Tanker to public and for construction related work??

BY: Ninad Prataprao Shete

Total Answers : 1 | View Answers | Post Answers

44609
Feb, 16
2024
DIRECT TAXES - ( INCOME TAX )

An Indian citizen working in foreign embassy in India. Whether the salary is taxable. Embassy is not deducting any TDS for the salary paid to its employee.

BY: Shobhit Bansal

Total Answers : 1 | View Answers | Post Answers

44607
Feb, 14
2024
Companies Act, 2013 - ( PROVISIONAL FINANCIAL STATEMENTS )

can we as CA Sign Provisional financial statements for Apr 2023 to Dec 2023. We have verified details and docs.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44606
Feb, 10
2024
GST - ( 082701 )

A cloth manufacturing firm does trading also of certain goods having different HSN. GST on cloth is 5% and on yarn is 12% How to calculate Inverted Turnover for the purpose of refund Whether it should be calculated from turnover only or input value of different HSN's will also be considered assuming input comprising of different HSN is sold

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44605
Feb, 06
2024
DIRECT TAXES - ( 082701 )

Goods purchased from MSME .Payment made after 90 days but within same financial year. What will be affect in view of Sec 43 B(h) After Tax auditor pinpoints this whether Interest payment will be payable @three times of bank rate

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44604
Feb, 01
2024
DIRECT TAXES - ( 082701 )

A sister has given gift Rs 10Lacs to his brother through bank whether income derived by brother will be clubbed in sister's income. Further where brother does not earn income but uses this gift to clear his outstanding liability What will be the consequencies

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44603
Jan, 31
2024
DIRECT TAXES - ( TRANSFER OF BUSINESS OF PROPRIETOR TO OTHER PROPRIETOR )

If an assessee(mother) wants to transfer her business to her son because of old age,what will be the procedure?tax implications?

BY: Tanisha Sagar Boramanikar

Total Answers : 2 | View Answers | Post Answers

44602
Jan, 27
2024
DIRECT TAXES - ( 118411 )

"A" is suppliers to "B" and A is registered under the MSMED Act, 2006. As per written agreement between A and B, B is required to retain certain amount from bills of A and that retention is 12% of the bills amount without considering any indirect taxes. A has furnished B a Udhyam Registration Certificate. Now B will pay 88% of the bills to A and 12% retain and that retention shall be payable after 24 months from the date of receipt of goods. Shall section 43B(h) apply to such retention upto 12% of the bill amount?

BY: KETAN SHETH

Total Answers : 1 | View Answers | Post Answers

44601
Jan, 26
2024
GST - ( 082701 )

A registered person, An architect firm is paying rent to unregistered person for a property being used for his office . Whether he will be covered under reverse charge

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44600
Jan, 23
2024
AUDIT - ( 118411 )

Myt client has written cheques dated 25.03.2024 to a trade payable falling under the Micro or Small category as defined under the Micro, Small and Medium Enterprise Development Act, 2006. As on 31.03.2024, the time period allowed under the said Act, has expired. The said cheque is cleard after 15.04.2024. My client is having (1) current account only, (ii) my client is enjoying credit facilty and that cheque is withing drawing power, or (iii) my client is enjoying credit facilty and his limit got exceeded if auditor counts that chequed dated 25.03.2024. My question is : When is the said cheque dated 25.03.2024 and cleard on or after 15.04.2024 treaed as cleard in the books of account?

BY: KETAN SHETH

Total Answers : 1 | View Answers | Post Answers

44597
Jan, 19
2024
DIRECT TAXES - ( JDA WHERE LAND OWNER IS THE BUILDER )

Dear all, We know that transfer does not take place u/s 2(47) r/w section 53A of TP Act,if the JDA is not registered. What will happen if, there are two persons holding a plot of land jointly and want to construct residential complex.Then how the JDA will be drafted and registered ?? Please throw some light on it.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

44598
Jan, 19
2024
GST - ( GST RATE ON BANQUET HALL WHERE CHARGES TAKEN ON PER PERSON/PLATE BASIS )

M/s ABC having banquet hall where they provide their hall for booking to customer and service charges taken on per plate basis however billing is being issued for Hall Rental charges only and GST charged @ 18% and claim ITC etc on input services . Now the GST department team visited at the premises and they asked to M/s ABC to reverse ITC earlier claimed and charged 5% GSTon their Billing (earlier billed also) due to Notification No 20/2019 dated 30 sep 2019 Querry : whether department contention is correct pl. guide with relevant support /ruling

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

44599
Jan, 19
2024
GST - ( INCORRECT REVERSAL OF ITC )

ITC wrongly reversed in Table 4(B)(1) instead of Table 4(B)(2). How to correct the same. Any option

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44595
Jan, 15
2024
MISC. - ( IS THE PAST EXPERIENCE OF CA IN PRACTICE COUNTED FOR NEW FIRM IF HE RESIGNS FROM EXISTING PARTNERSHI )

I am a member of ICAI since Jan 2020 and hold COP in my individual name since April 2021. I am not a partner anywhere. My father is a practicing CA and a partner in a CA firm since 2002. Now he wants to resign from that firm and we both want to create our new firm with we both being partners. My query is whether my father's experience of more that 20 years in the past firm be counted in the new firm for bank audits??

BY: ABHINAV AGARWAL

Total Answers : 2 | View Answers | Post Answers

44596
Jan, 15
2024
GST - ( WRONG POS IN INTER STATE TRANSACTION )

Seller from Gujarat sold goods to buyer in WB. While filing GSTR-1 , the P-O-S was inadvertently mentioned as Tamil Nadu instead of WB. The POS shown in Tax Invoice was shown as WB correctly. Now the buyer of goods has been asked to reverse ITC of the IGST as the transaction is showing POS as TN .The WBGST officer is saying that credit cannot be allowed to buyer of WB as the tax on such transaction has been deposited with TN Govt. and not with WB govt. Can the seller claim refund of IGST paid on this transaction from TN govt. If yes, how ?

BY: RAHUL PARASRAMPURIA

Total Answers : 3 | View Answers | Post Answers

44594
Jan, 12
2024
Customs & Excise - ( 063083 )

How to apply in DGFT portal for one time extension of the period for producing the installation certificate by a maximum period of 12 months with a composition fee of Rs. 5000/-.

BY: CA. PRUSTY SIDHARTHA SHANKAR

Total Answers : 2 | View Answers | Post Answers

44592
Jan, 10
2024
DIRECT TAXES - ( M.A. BEFORE ITAT WHERE THE TAX EFFECT IS LESS THAN RS. 20,00,000/- )

In the case of an assessee Hon’ble ITAT deleted the addition before the Judgment of Hon’ble SC in the case of Checkmate Services Pvt. Ltd. maintained by Ho’ble CIT(A) on account of payment of employees contribution to PF/ESI after due dates under the respective laws but before the due date of filing ITR. The aforesaid addition in dispute was made by CPC in Intimation u/s 143(1)(a). The department has filed M.A. within time limit before the Hon’ble ITAT. Query: Q1. Since the appeal effect is less than 20 Lakhs whether the M.A. is maintainable? Q2. Since the addition in the above case was made by CPC in Intimation u/s 143(1)(a) while in the judgment of Checkmate Services Pvt. Ltd. of Hon’ble SC in the case of assessment u/s 143(3). Whether the M.A. of the department is maintainable on merits?

BY: Govind Agrawal

Total Answers : 1 | View Answers | Post Answers

44593
Jan, 10
2024
DIRECT TAXES - ( APPLICABILITY OF SEC 68 OF I.T. ACT, 1961 )

Appellant has given loan of Rs. 30,00,000/- in F.Y. 2008-09 to ABC through banking channels. Just before the debit of Rs. 30,00,000/- there is a credit in the bank A/c on account of repayment of loan received by the Appellant from his debtor which was given two years back through banking channels. Interest on the said amount and TDS thereon is reflected in Form 26AS and shown in ITR. On the basis of search in the case of ABC it was concluded by the Investigation wing that the loan of Rs. 30,00,000/- is accomodation entry. Notice u/s 148 was issued and reassessment was completed making addition of Rs. 30,00,000/- on the ground that assessee failed to prove three ingredients u/s 68 Query 1. As regards reasssessment whether only on the basis of borrowed satisfaction of investigation wing reassessment proceedings are valid? 2.Whether Notice u/s 148 instead of 153C in the case of third person for search prior to 01-04-2021 is valid? 3.Whether addition of Rs. 30,00,000/- on the ground that the assessee failed to prove the three ingrediants of sec 68 in respect of repayment of loan received from the debtor is valid particularly in view of the fact that repayment was received from debtor?

BY: Govind Agrawal

Total Answers : 0 | View Answers | Post Answers

44591
Jan, 09
2024
Companies Act, 2013 - ( LOAN FROM DIRECTORS OR RELATIVES OF DIRECTORS IN CASE OF PRIVATE LIMITED COMPANIES )

a) Can a private limited company accept loan from a sole proprietorship concern, where relative of one of the director of the company is the proprietor? b) Can a private limited company accept loan from a partnership firm, where relative of one of the director of the company is one of the partners?

BY: ALOK NATH SAHA

Total Answers : 3 | View Answers | Post Answers

44590
Jan, 05
2024
DIRECT TAXES - ( VALIDITY OF NOTICE U/S 131(1A) )

An authorised officer of Investigation wings of Gurugram issued notice u/s 131(1A) of Income Tax Act to a Private Limited company having Delhi Address and require personal attendance Is above notice is valid or that is out of his jurisdiction ?

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

44589
Jan, 03
2024
GST - ( FILING OF GST APPEAL )

Dear Sir, One of my client has received Assessment Demand Order under Section 73 of CGST Act in GST DRC-07 on dated 28/07/2023 against which we had filed Rectification Application within 3 months time under section 161 of CGST Act to rectify the errors made on dated 02/09/2023. However the officer has rejected application and passed Order for rejection of Rectifcation on dated 28/11/2023 keeping the demand order of DRC-07 unchanged. Now we wish to file appeal against the Order passed of Rectifcation within 3 months time limit. Logically we are following the act & rules in right terms. However Please guide whether we are correct and also help me with any Instructions or Circular or Notification or Case study available for aforesaid same situation.

BY: SHUBHAM DILIP SUNDESHA

Total Answers : 1 | View Answers | Post Answers

44588
Jan, 01
2024
DIRECT TAXES - ( MISSED TO FILE FORM 10BA )

Belated return is filed on 31.03.2023 by claiming deduction u/s 80GG of rent paid, but failed to upload Form 10BA. Return is processed considering the deduction even though Form 10BA is not filed. Can you suggest further course of action in this regard. Thanks.

BY: ESWARAIAH Y

Total Answers : 3 | View Answers | Post Answers

44587
Dec, 30
2023
DIRECT TAXES - ( TAX IMPLICATIONS OF SECTION 8 COMPANY )

A Section 8 Company receives Government Grants for educational purposes. Some amount is unspent at the end of the year. What is the tax implication on the unspent amount?

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 0 | View Answers | Post Answers

44586
Dec, 27
2023
OTHER BODIES - ( FORM ODI PART II - ANNUAL PERFORMANCE REPORT )

Resident Individual has made overseas investment in foreign entity in January 2023. However, the foreign entity follows calendar year. In this regard, want to understand whether Annual Performance Report ('APR') of the foreign entity is required to be filed for Calendar Year 2022 or Financial Year 2023.

BY: MANISHA MALI

Total Answers : 1 | View Answers | Post Answers

44585
Dec, 26
2023
CORPORATE & OTHER LAWS - ( MANAGERIAL REMUNERATION UNDER SEC.197 )

A company pays remuneration to its past directors towards service they rendered when they were directors. Should this amount be considered in overall managerial remuneration limit under sec.198 read with sec.197 for current year?

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

44584
Dec, 23
2023
GST - ( 082701 )

GST department has issued demand notice to an assessee for Rs 5 Lacs GSt +Interest+Penality for the reason that GSTR1 filed by selling parties does not reflect Input credit availed by party in GSTR 3B. Financial year 2018-19 As per GSTR2A of that year Input credit almost matches except for an amount claimed of previous year 2017-18 in which year Fig in GSTR 2A was more than Input claimed in 2017-18 How can they issue showcause notice when comparing of Input credit availed in 3B with GSTR 2A was the rule in that period

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44582
Dec, 22
2023
AUDIT - ( AUDIT U/S 44AB )

Hi, As the due date of audit is over and UDIN can't be generated prior to the due date now. What's will be the consequence of filing it now with Audit date is after the due date.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44583
Dec, 22
2023
CORPORATE & OTHER LAWS - ( BELATED AUDIT REPORT )

Hi, As the due date of Company audit is over and UDIN can't be generated prior to the due date of AGM now. What's will be the consequence of filing it now with Audit date is after the AGM due date.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44581
Dec, 19
2023
GST - ( TAXABILITY OF GST ON EXPORT OF SERVICE TRANSACTION )

Good morning sir I am CA Arpit amin doing practice at vadodara I required your valuable guidance on the following issue : Trail of Transaction Service Provider:- Mechlein Engineers (GST Registered at Ankleshwer) Service Order Received From :- Aashi KASEI (Japan Based Company) Nature of Service :- Providing Supply of welders for Electrode renovation job on site basis located in India and outside india. Location of Site :- Birlagam, Nagada, Ujjain , M. P (Grasim Industries Nagda Plant) Payment Received :- Aashi KASEI form Japan in USD. Issue :- Wether the transaction between Mechlein Engineers and Aashi KASEI for providing service on the obove mention site can be treted as export of service or not?

BY: ARPIT K AMIN

Total Answers : 1 | View Answers | Post Answers

44580
Dec, 16
2023
DIRECT TAXES - ( 409882 )

Whether Commission is Business or Profession. What will be tax audit Limit . any case law in income tax with this regards.

BY: SACHIN JAIN

Total Answers : 4 | View Answers | Post Answers

44579
Dec, 11
2023
DIRECT TAXES - ( ITR FOR AY 2022-23 )

Hello all, As due date for filing ITR for AY 2022-23 was 31.12.2022, however one of my friend hasn't filed the ITR, he has huge TDS of around Rs. 2L on sale of property. What can be done now? Can we include such income as well as TDS in ITR of AY 2023-24? or condonation of delay can be filed? what can be done? Please suggest. Thank You.

BY: ANKIT JAIN

Total Answers : 3 | View Answers | Post Answers

44578
Nov, 26
2023
CORPORATE & OTHER LAWS - ( HINDU UNDIVIDED FAMILY )

I HAVE HUF CONSISTING OF 3 MEMBERS MYSELF,WIFE,MINOR CHILD CAN MY WIFE RELINQUISH HER RIGHT WHAT IS PEOCEDURE

BY: Amit

Total Answers : 3 | View Answers | Post Answers

44577
Nov, 24
2023
DIRECT TAXES - ( ITR-7 QUERY )

Whether assessee claiming exemption under section 10(23C)(iiiad) need to fill balance sheet in ITR-7 ?

BY: CA SRIVASTAVA ATUL KUMAR

Total Answers : 1 | View Answers | Post Answers

44576
Nov, 20
2023
MISC. - ( PART TIME COP WITH FIRM NAME ALLOWED OR NOT )

A member took full time COP and has registered her Firm with ICAI. Now is planning to join a CA firm as an employee wants to know that on doing so when employer firm will add his details in their firm with the ICAI then his COP will automatically get converted into Part time COP or he has to intimate ICAI as unable to fill form 190A because sole incharge of proprietorship firm? And also wants to know his (members) firm registered under him will continue as it it's or need to do anything?

BY: TAMANNA VASANTA

Total Answers : 2 | View Answers | Post Answers

44573
Nov, 15
2023
GST - ( ITC CREDIT FOR OCT.'23 )

Supplier had filed its sales without GST no. during the month of March'23 and still not filed its GST return for Aug'23 and onwards. Can we take GST credit of the same without being updated in GSTR 2B. As post Nov.'23 we can't claim ITC for the period 22-23, is other option left to take this ITC

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44574
Nov, 15
2023
GST - ( PAYMENT OF GST BY THE OWNERS IN DEVELOPMENT AGREEMENTS )

Sir in the case of a Development agreement to construct apartments on the site of the owner by a builder, how do we pay the GST on the owner's share of apartments. It is the onus of the developer to pay the GST on the owners share of apartments. How do we pay the GST. Should it be paid in RCM or DRC03 or Should it be shown as the turnover of the Developer and pay 18% GST on services of construction renedered to the owner? Kindly clarify.

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 3 | View Answers | Post Answers

44575
Nov, 15
2023
GST - ( HOW TO CLAIM INPUT GST ON ONLINE TRADING OF GOODS )

The dealer sells goods through flipkart say for Rs100/- per unit. Flipkart pays Rs. 30 for delivery charges and remits Rs. 30 to the dealer with GST. The turnover is booked at RS. 70 with GST for a sale of Rs. 100. Besides the input GST on delivery charges paid by Flipkart is passed on to the dealer as it is booked on the dealer's GST. The dealer is recording a gross profit of Rs 40 being 70-30 = 40 ( booked turnover- delivery charges) where his gross profit is 100-30=70. Hence resulting in a loss with heavy input to be reversed. How do we deal with this situation?

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 1 | View Answers | Post Answers

44572
Nov, 13
2023
COUNCIL DECISION - ( CAN A MEMBER IN PRACTICE HOLDING COP JOIN AS LECTURER IN COLLEGE )

A member holding COP as a full time in practice. Now he decides to join a college as lecturer. The working hours are less than 24 hours in a week. Does it requires any special permission or it is covered under general permission.

BY: GAJENDRA C BANDI

Total Answers : 4 | View Answers | Post Answers

44571
Nov, 09
2023
COUNCIL DECISION - ( CAN CA IN PRACTICE BECOME SHAREHOLDER AND DIRECTOR IN A PRIVATE LIMITED COMPANY. )

Can a CA in whole time practice become normal director (director simplicitor) in a private limited company which is engaged in the business or profession of multi services including Consulting, accounting and others? Whether specific permission fro the council required?

BY: Shriganesh Lakshminarayan Hegde

Total Answers : 3 | View Answers | Post Answers

44570
Nov, 08
2023
MISC. - ( HOLDING COP WANT TO DO GET EMPLOYED IN CA FIRM )

If person is holding COP and has obtained Firm name and registered it. Now wants to get employed as paid assistant in CA firm? Can person do so without surrendering COP n firm name. Can someone explain the procedure?

BY: TAMANNA VASANTA

Total Answers : 3 | View Answers | Post Answers

44569
Nov, 06
2023
GST - ( NON- RECEIPT OF GOODS )

In case of few purchases, supplier of goods raises invoices in the name of particular buyer, but goods taken away by some other person from transporter. Only issue is ITC comes under buyers name without actual purchases / payment / supplies. If buyer not take credit of the same from 2B on account of the above, how it would deal with possible reversal if any (in future)

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44568
Nov, 03
2023
DIRECT TAXES - ( 082701 )

A HUF was formed around 15 years back by accepting a nominal Rs 5000- gift from brother of Karta .HUF consisted of Karta,his wife and a male child then minor. It did business for around 12 years and has a capital of Around 27Lacs which is standing in the books of a firm to whom all assets and liabilities were transferred while closing the firm owned by HUF Now The said firm is returning Rs 27 Lac to HUF's saving account Son of Karta has recently got married.How should be amount of Rs 27 Lacs should be distributed Whether Daughter in law of Karta will also be entitled to her share or Rs 27 Lacs can be divided between Karta.his wife and his Son only

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44567
Nov, 01
2023
CORPORATE & OTHER LAWS - ( BELATED AUDIT REPORT )

UDIN can't be generated beyond 2 month period and AGM is to be held by 30th Sept 2022. In such scenario how UDIN on Audit report could be generated for FY 2021-22 and even for current year

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 3 | View Answers | Post Answers

44564
Oct, 26
2023
DIRECT TAXES - ( CLAIMING 80IAC WHEN OPTED FOR 115BAA )

Assessee:- Pvt Ltd Company Date of Inco:- Sept 2019 Filed Return:- AY-20-21, 21-22, 22-23 Tax Rate:- 115BAA i.e. 22% However 10IC filed for AY 21-22 only. Status:- Startup Registration got on Nov 21 80IAC Approval:- 24 Oct 2023 ITR and Tax Audit:- Due date 31/10/23 not yet uploaded Query:- Assessee want to exercise 80IAC for AY 23-24 or AY24-25 onwards. Can he do so? Assessee wasn't aware at the time of filing first year return about start up registration and 80IAC. Mistakely selected tax rate u/s 115BAA. Now assessee wants to get deduction u/s 80IAC. He is ready to file rectification/Updated return with 25% tax rate for AY 21-22 and AY 22-23 and pay differential tax. Need opinion on this.

BY: ASIF MUJAWAR

Total Answers : 1 | View Answers | Post Answers

44565
Oct, 26
2023
DIRECT TAXES - ( TREATMENT OF SALES INVOICES )

Hi All, As assessee, being a railway contractor, had raised an invoice during Mar'23, and filed GST return of Mar'23 by including the same. However TDS has been deducted by Railways only in Apr'23 at the time of payment. If I included this invoice in FY 22-23, we will be denied the TDS credit by the CPC. Please advise if it's right to carry forward the sales to next year by showing it as WIP or otherwise and include it in next year sales and claim TDS credit. Thanks

BY: CA. VASUDEVAN P K

Total Answers : 2 | View Answers | Post Answers

44566
Oct, 26
2023
GST - ( APPLICABILITY OF INTEREST ON DELAYED PAYMENT OF GST )

Fact of the case 1. Original 03 Invoices raised in the month of March 2018 - Taxable Value Rs. 40000000 on CGST / SGST @ 2.5% -1000000 /1000000 2. Amended one invoice in the month of August 2018 of Rs. 400000 @ 18% 3. Raised Two Debit Note in month of September 2018 for renaming two invoices pertaining to 2017-18 for differential tax Original Invoice Date 31/03/2018 31/03/2018 31/03/2018 Later in the month of August 2018 invoice No. 02 amended for correction in GST Rate Amendment Original Invoice Date 31/03/2018 in the month of September 2018 raised two debit note for Invoices pertaining to 2017-18 for differential Tax amount Date of Dr Note 15/09/2018 15/09/2018 GST Paid in the month of March 2019 through credit ledger Now GST Department demanding Interest on Rs. 52,00,000/- on amended invoice as well as debit note raised in next financial year ( 2018-19) from 20/04/2018 till date of deposit of Tax. Tax deposited thrugh credit ledger. Credit ledger have balance in the month of March 2018 Rs. 10,00,000 & in the month of March 2019 45,00,000/- Required Advice / Guidance Applicability of Interest - 1. From April 2018 on 52.00,000/- 2. From August 2018 on 19,50,000/- 3. From September 2018 on 32,50,000/- 4. Whether Credit ledger Balance in the Month of March/ August / September & March 2019 is considered for charging Interest ?

BY: Pravin Taparia

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44563
Oct, 25
2023
COUNCIL DECISION - ( WORKING IN INDUSTRY ON WORK FROM HOME BASIS AND HOLDING COP )

I am currently working in private limited company (IT consulting services) on work from home basis from 2 p.m. to 11 p.m. shift. Monday to Friday. At the same time I am holding a COP and associated with firm as branch in charge. I lost my job in gulf and returned to Indian. I was thinking of setting up a practice in home town. During the process of renewal of membership and COP as well as arrangement with firm, I got an offer for work from home basis. I accepted the offer to start employment and continued to hold COP and associated with firm. Establishing a practice in a small town with too much competition will take it's own time. Also, need to support families financially as well. In this circumstances can i continue with employment as well as hold full time COP or any other best option available.

BY: Jainuddin Nihal

Total Answers : 2 | View Answers | Post Answers

44562
Oct, 20
2023
DIRECT TAXES - ( MERGE OF PARTNERSHIP FIRM )

CAN TWO PARTNERSHIP FIRM MERGE? IF YES, WHAT ARE THE TAX IMPLICATIONS?

BY: CA MAULIK SARDA

Total Answers : 2 | View Answers | Post Answers

44561
Oct, 18
2023
DIRECT TAXES - ( QUERRY REGARDING FORM NO. 10B AND ITR-7 )

1) While filling form No. 10B - Sl No. 18, to fill the details of incidental business, we are getting only one line item to fill. Whereas in case of educational institutions, there are two or three incidental businesses such as busses and hostels etc. How to fill the drop down box. Can we give only one incidental activity and give the receipts of all the businesses put together in the column for gross receipts of incidental businesses. 2) While filling ITR-7 SCHEDULE - JA2, LONAS AND BORROWINGS, is it necessary to take the figures of "OD/CC" accounts also. Sometimes it may so happen that the expenditure for attainment of objects will be met out of OD/CC accounts and we will claim such expenditure as spent/

BY: CA. VENKATA SATYANARAYANA V

Total Answers : 1 | View Answers | Post Answers

44560
Oct, 14
2023
Capital Gains - ( LTCG WHEN SALE CONSIDERATION RECEIVED IN INSTALLMENTS )

Capital Gain on Sale of Urban Agriculture Land Date of Sale :- 20/03/2023 Sale Consideration:- 1 crore (Only 20 lakhs is received till the date as agreed in registry and remaining will receive in March 24) Indexed Cost of Acquisition:- Rs. 3 lakhs Possession Given and Registry done on 20/03/2023 Seller wants to take Benefit of section 54B (Purchase of another agriculture land) but amount is not received till the date of return filing and even now. Please suggest what to do ??

BY: Ankit Vijaywargiya

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44559
Oct, 10
2023
GST - ( EINVOICING OF TAXPAYER )

Assessee have been enabled for e-invoicing on the GST portal. But as the taxpayer deals Mainly in NON-GST items and small turnover of taxable items in B2C category only, what to respond if mail have been received for filing declaration for exemption under the specified category (which not applicable to aseessee)

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44558
Oct, 09
2023
DIRECT TAXES - ( REVISED TAX AUDIT REPORT )

During filing of tax audit report, the details of Non-deduction of TDS on payment to resident was wrongly entered in coloum of non-resident. i.e. detailed to be entered in 21.B.(ii) - 30% disallowed was entered in 21.B.(1) - 100% disallowance. Query : 1. can revised report be filed ?

BY: DNYANESH PATADE

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44557
Oct, 01
2023
AUDIT - ( TAX AUDIT CEILING LIMIT CLARIFICATION )

"The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the "specified number of tax audit assignments". FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD upto 2 CRORE OR 1 CRORE ? For example Last yr turnover 80lac opt for 44AD but current year turnover 1.6cr opt out 44AD and net income exceed minimum amount chargeble to tax. Please clarify that under which section audit will be done 44AB(a) or (e) for current year and it will counted under our Audit limit of 60?

BY: MD AZHAR

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44555
Sep, 28
2023
DIRECT TAXES - ( 082701 )

A married Lady wants to gift 1 crore to brother of his father Will this raise questions from Income tax department

BY: Mahesh Kumar

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44556
Sep, 28
2023
DIRECT TAXES - ( 082701 )

A daughter gifts 1 crore to his father Father gifts further to his brother Will this be questionable?

BY: Mahesh Kumar

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44554
Sep, 24
2023
DIRECT TAXES - ( INTER BRANCH SALES - GST, AUDIT, ITR )

Hi, I have one client....it has 2 branches one in Delhi and one in Haryana. Delhi Branch Sale - 2.5 Cr. Haryana Branch Sale - 1 Cr. Total Sale as per GST - 3.5 Cr. But Haryana branch only transfers stock to Delhi branch and no outside sale. Now, as per Income Tax audit will be done on 2.5 cr. Can we show Rs. 3.5 cr. sale in ITR, as sale and purchase of 1 cr. will be set off against each other and no impact on GP/NP. Because if we state 2.5 cr. sale in ITR, then we can get notice from Income Tax department and it can lead to unnecessary litigation. If anyone of you have any such client, please respond how are dealing with the same in audit and ITR?

BY: CA ROHIT GARG

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44552
Sep, 22
2023
AUDIT - ( TURNOVER TO BE REPORTED IN CLAUSE 40 IN CASE OF F&O TRADING )

What amount of turnover should be reported in clause 40 of tax audit report in case of F&O trading- 1. Turnover computed as per Guidance note of ICAI. 2. Turnover of Total sale value of F&O Trading.

BY: ASHISH GOYAL

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44553
Sep, 22
2023
MISC. - ( FIRM APPROVAL FOR NEWLY QUALIFIED CA )

I HAVE APPLIED FOR COP. I WANT TO PRACTICE AS A PROPRIETOR, IS IT NECESSARY TO TAKE FIRM NAME APPROVAL AS I WANT TO PRACTICE AS "MANISHA & ASSOCIATED". AS PER REGULATION 190 , IF CA WANTS TO PRACTICE IN HER OWN NAME, NEED NOT APPLY FOR APPROVAL. KINDLY RESOLVE MY QUERY.

BY: MANISHA RAJBHAR

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44548
Sep, 21
2023
AUDIT - ( APPLICABILITY OF CARO 2020 )

Regarding Private Limitred, have one Confusion . In the Order it is mentioned that not being a subsidiary or holding company of a public company Here My Query is Whether if Private Limited Company is a Subsidiary of one foreign Company. Then CARO is applicable to this or nor? Because of the Professionals are telling that CARO is applicable to Any Subsidiary Company.

BY: LAKSHMI NARAYANA PANTHANGI

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44549
Sep, 21
2023
AUDIT - ( 168743 )

1. Can a CA do Audit of the Firm in which his Uncle's son is a partner holding 75% share? 2. Can a CA do the Audit of the proprietorship firm of Father-in-Law?

BY: DHANESH GALA

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44550
Sep, 21
2023
MISC. - ( GUIDANCE NOTE ON ACCOUNTING OF POLITICAL PARTY REVISED 2019 )

At CDS-ICAI No guidance note on accounting of Political party is there to buy. How can I get it?

BY: SUBHASH CHANDER BHASHKAR

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44551
Sep, 21
2023
Companies Act, 2013 - ( RESIGNATION OF DIRECTOR FROM AMALGAMATED ENTITY. )

Mr. A is Director in ABC Ltd, ABC Ltd got Amalgamated with PQR Ltd, Later on Mr. A Resigned as Director of PQR Limited - Amalgamated Entity. But the Director master data of Mr. A is Still showing as Director in ABC Ltd.

BY: PRASHANT

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44547
Sep, 20
2023
DIRECT TAXES - ( 082701 )

Whether Exemption Limit of Rs 7 Lacs still exists for remittance other than medical or education even after 30-9-23

BY: Mahesh Kumar

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44546
Sep, 03
2023
TDS/TCS - ( SUBMISSION OF 26Q FOR Q 1 OF FY 2324 )

Dear Member, Has anybody submitted 26Q for Q1 of FY 2324 ?? I have tried it today.But error report is coming regarding latest version of FVU and/or old CSI file.But I have updated my software and downloaded latest CSI file.But of no use.What to do ?? Please suggest.

BY: SUDIP KUMAR MUKHOPADHYAY

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44545
Sep, 01
2023
DIRECT TAXES - ( PARTNERSHIP FIRM - IN SCHEDULE 80P, DEDUCTION U/S 80P(2)(E) CANNOT BE CLAIMED ON INCOME OTHER THAN R )

I have filed ITR of Partnership Firm with claiming loss of around 1 lakh for AY 2023-2024 firm does not have any turnover and Received a Message stating that In Schedule 80P, deduction u/s 80P(2)(e) cannot be claimed on income other than rental income Please suggest what is solution of the above

BY: ANIL SHARMA

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44543
Aug, 31
2023
AUDIT - ( AUDIT UNDER SECTION 44AB(E) )

My query is that one of my client is opted sec 44AD last year having turnover of 1.20 crore but for this year having turnover of 1.70 crore and profit is 8.5 lakh (5%) then under which clause audit is applicable 44AB(A) Or 44AB(E)

BY: ANIL SHARMA

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44544
Aug, 31
2023
DIRECT TAXES - ( 082701 )

Can an NRI transfer funds from own NRO account to his account abroad without tcs .Whether Form 15CA/CB will be applicable

BY: Mahesh Kumar

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44542
Aug, 27
2023
TDS/TCS - ( CHALLAN CORRECTION )

Dear Members, I want to make TDS challan correction regarding financial year only of Q1 of FY 23-24.26Q has not yet been submitted.TRACES is sending messages regarding new value is to be given of major head,minor head and section.But there will be no change regarding these three values. Can anybody tell me whether challan correction is possible before submission of return ??

BY: SUDIP KUMAR MUKHOPADHYAY

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44541
Aug, 26
2023
DIRECT TAXES - ( TAX AUDIT AND ITR APPLICABILITY FOR COMPANY INCORPORATED ON 26TH MAR 23 )

Do we need to file Tax audit report and ITR for company incorporated on 26th Mar 23 on 30th Sep 23 or 30th Sep 24. As per companies act financial year ending for company incorporated after January 23 is next Mar 24. ? Is the interpretation correct and should I file Tax audit & ITR under income tax act..

BY: Ankit Jain

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44540
Aug, 25
2023
DIRECT TAXES - ( TDS U/S 194IA OF INCOME TAX ACT )

Total Sale Consideration of Property is 60.00 Lakhs and there are two sellers and one purchaser. Purchaser shall pay 50% amount to each seller. Whether TDS u/s 194IA is applicale or not ?

BY: Gaurav Kumar Baranwal

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44539
Aug, 24
2023
DIRECT TAXES - ( 082701 )

A Proprietorship firm with turnover less than 1 Crore and Net Profit exceeding 2.50 Lacs but less than 8%/6% does not required Tax Audit but has to file ITR in Form ITR 3. Am I correct

BY: Mahesh Kumar

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44538
Aug, 23
2023
Companies Act, 2013 - ( CAN PRACTICING CA BE DESIGNATED PARTNER IN NON PROFESSIONAL LLP )

Can Practicing CA be designated partner in non professional LLP? I am a practicing CA got an inquiry from a friend who is in Mining business to be a designated partner in their LLP. Can you please let me know is it possible or not?

BY: VARAD JOSHI

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44537
Aug, 22
2023
AUDIT - ( SCHEDULE III DISCLOSURE REQUIREMENTS )

Kindly share Schedule III format and disclosure requirements

BY: C V KESAVAN

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44536
Aug, 21
2023
DIRECT TAXES - ( 082701 )

A tax audit report has to be rectified for a clerical mistake not effecting Balance sheet or Tax liability.While ITR has been already filed and UDIn is created Whether it will have effect on ITR filed/UDIN generated

BY: Mahesh Kumar

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44533
Aug, 20
2023
TDS/TCS - ( CHALLAN CAN`T BE DOWNLOADED )

Dear Members, I remitted TDS amount in challan 281 on 06/08/2023 and it was sunday.Status is showing as `` initiated`` and it is valid till 21/08/2023.Amount has been debited from bank and there was no reverse entry till date.TDS grievance is of no help.What to do ?? Please guide me.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

44534
Aug, 20
2023
DIRECT TAXES - ( FORM NO 13 FOR LOWER DEDUCTION OF TDS )

An NRI has sold a flat for Rs 75 Lacs Short term capital gain is around 5.25 Lac Tax Liability is around 13000- He has filed Form no 13 on 20-8-23 online and acknowledged by CPC (TDS) on 20-8-23 Registration of Title deed is due within a week Sale agreement is dated 8-8-23 and TAN of deductor was applied on 10-8-23 which was issued a couple of days back In such a case what will be the duty of Deductor reg TDS as certificate is not expected soon

BY: Mahesh Kumar

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44535
Aug, 20
2023
DIRECT TAXES - ( DISCLOSURE OF BUY BACK OF SHARES )

Is there any returns to be filed for buy back of shares?

BY: Ravindra Poojary G

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44531
Aug, 17
2023
AUDIT - ( 082701 )

A CA has to file revised tax audit report by correcting Business Address and with the name of Prop Firm name to be added. In such a scenerioo whether UDIN will have to be generated with amended date of Tax Audit report

BY: Mahesh Kumar

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44532
Aug, 17
2023
Companies Act, 2013 - ( COMPLIANCE ANNUAL FILINGS ON NEW V3 PORTAL )

Hi, Whether Compliance annual filing of ROC (AOC4, MGT7A) enabled in new portal or is to be filed as previously

BY: SURAJ KUMAR CHOUDHARY

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44529
Aug, 14
2023
OTHER BODIES - ( EMPLOYEE GRATUITY )

A company has taken Emp. Gratuity policy with LIC. For the outgoing employees LIC has remitted the Gratuity to the Trust. However due to Bank account operation issue, they made payment to the outgoing employees from the Company. They have also booked the payment as expense and disallowed the same in the Co. IT return. Now the funds are lying in the Trust. Is there any way out to utilize the Funds with the Trust. Can the Trust remit the money received from the LIC to the Co.

BY: CA. VASUDEVAN P K

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44530
Aug, 14
2023
OTHER BODIES - ( EMPLOYEE PROVIDENT FUND )

A Company made EPF payment to a retiring employee through Trust. The Assessee retired on Jul'21 and received the EPF payment on May'22. For the interim period the trust has paid interest on the accumulated balance. While making the payment the Trust deducted TDS on entire interest, i.e. int for the period Aug'21 to May '22 on accumulated balance. Is it right to deduct TDS on the entire interest. Shouldn't they segregate taxable and non taxable contributions and deduct TDS on interest from accumulated balance of taxable contributions.

BY: CA. VASUDEVAN P K

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44528
Aug, 13
2023
DIRECT TAXES - ( 082701 )

A Proprietoship Firm's Tax audit report has been filed mentioning only Name of Proprietor his PAN and his residential address.However Firm name was by mistake ommitted. Does it require rectification,although ITR has also been filed

BY: Mahesh Kumar

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44526
Aug, 08
2023
DIRECT TAXES - ( SALE OF PROPERTY BY NRI )

A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers Is there any wayout

BY: Mahesh Kumar

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44527
Aug, 08
2023
DIRECT TAXES - ( SALE OF PROPERTY BY NRI )

A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers Is there any wayout

BY: Mahesh Kumar

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44525
Aug, 07
2023
DIRECT TAXES - ( 082701 )

Can I upload Form 13 on behalf of a NRI for less deduction of TDS after registering myself as authorised representive of NRI

BY: Mahesh Kumar

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44524
Aug, 06
2023
DIRECT TAXES - ( TDS ON PURCHASE OF A PROPERTY FROM NRI )

An NRI has sold a property for Rs 75 Lacs to two Jointowners Whether Joint purchasers are required to Deduct TDS

BY: Mahesh Kumar

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44522
Aug, 03
2023
MISC. - ( WILL AND RELEASE DEED )

Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44523
Aug, 03
2023
AUDIT - ( CERTIFICATE ON INTEREST EQUALIZATION )

Dear Sir, With respect to your mail seeking certificate from us, we would like to bring to your attention in respect of Interest Equalization Certificate that : As per RBI circular RBI/2015-16/259 DBR.Dir.BC.No.62/04.02.001/2015-16 dated 4th December 2015, " The claims should be accompanied by an External Auditor’s Certificate (with stamp and membership number) certifying that the claim for interest equalisation of Rupees…………….. for the month ended ………….. has been verified and found to be strictly in accordance with the provisions of the Government scheme enclosed with the circular DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015. Claims for reimbursement will be considered for settlement only after receipt of this certificate." Here, concurrent auditors cannot be considered as External Auditor from Banks point of view. The certificate if any to be obtained should be obtained from the Statutory Auditor of the Borrower. A certificate from an external auditor i.e. statutory auditor of the Borrower would be relevant here since there are few conditions given in the RBI circulars which cannot be verified by us. Few of the conditions enumerated in the circular that cannot be verified by us are as under- a) The extended Scheme will not be available to those beneficiaries who are availing the benefit under any Production Linked Incentive (PLI) scheme of the government. b) All eligible exports under the scheme would have to meet the criteria of minimum processing for the goods to be called as Originating from India and would be governed by provision of Paragraph 2.108 (a) (Rules of Origin [Non preferential]) of Handbook of Procedures of Foreign Trade Policy 2015-2020. c) The scheme will be available to all exports under 416 tariff lines [at ITC (HS) code of 4 digit]as per Annexure A and exports made by Micro, Small & Medium Enterprises (MSMEs) across all ITC(HS) codes. Also, an article regarding the same issue was published in Economic Times wh

BY: CA. TOTLA RAJENDRA P

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44521
Aug, 01
2023
CORPORATE & OTHER LAWS - ( WILL AND RELEASE DEED )

Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you.

BY: samirkumar gokulbhai kasvala

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44519
Jul, 28
2023
DIRECT TAXES - ( INCOME TAX RETURN OF HOUSING SOCIETY OR RESIDENT WELFARE ASSOCIATION )

Surplus of Maintenance charges received by Housing Society is exempt on the basis of Principle of Mutuality. Under which head or column will that exempted surplus income be recorded ?

BY: Gaurav Kumar Baranwal

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44520
Jul, 28
2023
DIRECT TAXES - ( ITR V PHYSICAL FORM )

Hi, Is ITR V of all person can be sent by one speed post or separate post ? I m asking because, confirmation msg recd only for one and not for others?

BY: SURAJ KUMAR CHOUDHARY

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44518
Jul, 27
2023
DIRECT TAXES - ( REGARDING REGISTERING AS A CA )

I am trying to register as a CA on efiling portal, but while doing so I am getting an error which says that the entered member name does matches with the PAN name but the name as per PAN records and ICAI records are same. Please guide me regarding this issue.

BY: SIDDHARTH PADAMKUMAR MUNOT

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44517
Jul, 23
2023
Profits & Gains of Business & Profession - ( VALUATION OF CLOSING STOCK IN CASE OF JEWELLERY BUSINESS )

This is wrt to valuation of Closing Stock in case of gold ornaments and silver ornaments. Can I value at market price? or it at cost? In general, how the industry value it's closing stock?

BY: ANKIT JAIN

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44516
Jul, 19
2023
GST - ( GST LIABILITY IN JOINT DEVELOPMENT AGREEMENTS )

The land owner entered into a JDA with the developer for construction of ten flats, five flats each. Should the Land owner pay GST on his share? If so what is the value of supply(Construction cost or land plus construction cost). If so at what rate? The land owner wants to retain his share and does not want to sell them. If the land owner is not willing to pay the GST, should the developer pay the GST on his behalf? If so should it be paid as RCM or regular GST showing owners share as turnover?

BY: Y.KANAKAMAHALAKSHMI

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44514
Jul, 16
2023
GST - ( GST ON DOOR TO DOOR SALE )

Members, a dealer is planning to sell his goods door to door to his prospective customers by going to the customer's place of business with goods in his vehicle. He is GST registered. The invoice can only be raised at the place of business of the customer since he doesnt know whether the customer will buy his product or not. The value of goods will be more than Rs. 50,000/-. What all documents he has to carry with him in his vehicle? Thanks in advance.

BY: Achuthan P

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44515
Jul, 16
2023
DIRECT TAXES - ( AUDIT REQUIREMENT )

For the Presumptive scheme of Income Tax Net profits should be 8 % of cash sale and 6 % for sale through Neft/cheques etc How should this be bifurcated as most of the debtors remains unpaid at the time of finalisation of balance sheet

BY: Mahesh Kumar

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44513
Jul, 14
2023
DIRECT TAXES - ( ITR FOR UNAUDITED ACCOUNTS )

Can we file ITR 3 for Unaudited accounts having turnover below 1 crore and Taxable profit less than 8%

BY: Mahesh Kumar

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44512
Jul, 12
2023
GST - ( AMENDMENT OF GST B2C SALES )

Hi, How to Amend B2C figures once already amended to restore to Original figures. Portal object stating : Error! B2CS Amendment already exists for the original month in different return period.

BY: SURAJ KUMAR CHOUDHARY

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