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| 40844 |
Sep, 23
2020
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TDS/TCS - ( PAYMENT TO NRI FOR PURCHASE OF FLAT )
X AN INDIVIDUAL IS PURCHASING A FLAT FROM NRI FOR RS 100 LACS. WE NEED TO DEDUCT TDS U/S 195. MY QUERY IS WHILE FILLING TDS THERE IS PAYMENT TYPE SHOWN - VIZ CAPITAL GAIN, OTHER INCOME, FOREIGN EXCHANGE , INTEREST AND SO ON, BUT NO WHERE WE FIND PAYMENT TYPE FOR PURCHASE OF PROPERTY. SO PLEASE SUGGEST WHERE TO FILL THE FORM IN PAYMENT TYPE OPTION
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40843 |
Sep, 22
2020
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GST - ( 080352 )
Whether the CA Firm can claim Input on GST paid on membership fee of its partners? The ICAI asks for the Membership Number of its member only, Can expert member answer why the Firm can not claim the same as input when the Firm has GST registration and partners constitute the firm or ICAI give IGST of partners in the alternative for enabling the claim thereof. Where does the nitty gritty lie?
BY: vijay kumar kalia
Total Answers : 1 | View Answers | Post Answers
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| 40839 |
Sep, 21
2020
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GST - ( 090631 )
1. a) last year gst paid on advances
b) this year invoice issued against that and not shown in gstr 3B
2. advance received for say 10 years and gst duly paid and it is amortised in 10 years in b sheet as income
NOW FORM 9 WHERE TO SHOW the above incomes in 1 and 2 TO TALLY WITH SALES IN BALANCE SHEET.
BY: ambeesh marwah
Total Answers : 0 | View Answers | Post Answers
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| 40840 |
Sep, 21
2020
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GST - ( GST 2A VS GST2B )
while reconciling our books ITC , kindly suggest , either GST2A or 2B to be considered. what is the basic difference between GST 2A and GST 2B
BY: RAM SAMARIA
Total Answers : 1 | View Answers | Post Answers
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| 40838 |
Sep, 20
2020
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GST - ( REGN CANCELLED SUO-MOTO BUT ASSESSED CONTINUES TO RAISE INVOICE )
An individual assessee was regd under GST. However for 6 months he did not file returns, GST dept issued notice, assessed did not reply and hence regn was cancelled suo-moto. But he continued to raise taxable invoice for 6 more months. Now he is ready to file returns till date of cancellation and then file application for revocation of cancellation.
1. He raised invoices after cancellation. Is it in order? what are the consequences
2. Since he has raised invoices after cancellation, will he be able to file returns after revocation of cancellation (for the period he raised invoices)
3. If the appn for revocation of cancellation is accepted, then what will be date of revocation, will it be be application date or from the date of cancellation
BY: t sankar
Total Answers : 0 | View Answers | Post Answers
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| 40837 |
Sep, 19
2020
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DIRECT TAXES - ( INCOME TAX ON NRI )
An individual whose presence in india was slightly above six months during 2019-20 Previous year has gone for higher studies etc to a foreign country.He is earning some income there doing part time job. At the same time a Proprietorship firm is working in his name. Whether his Income from India as well as Foreign country has to be clubbed in 2020-21 Financial year
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40835 |
Sep, 18
2020
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DIRECT TAXES - ( ITR 5 EXCEL UTILITY )
A milk producers cooperative society has to file Income tax return in ITR 5 and entire business income is eligible for deduction under Sec 80 P but we have not been able to validate Schedule B which states deduction under sec 80 P can not be claimed in Schedule P. Whether all members are facing such problem Updated Excel utility also gives the same message.
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40836 |
Sep, 18
2020
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MISC. - ( CURRENCY TRADING )
Dear Sir,
We are exporting goods and doing currency trading to manage the risk.
For Income Tax, it will be considered as a separate business,
but is there any limit from RBI for currency trading to Corporate? Or do we have to take any other approval prior to doing it?
BY: Pujit
Total Answers : 0 | View Answers | Post Answers
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| 40830 |
Sep, 17
2020
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DIRECT TAXES - ( DSC )
How to obtain DSC for a person sitting abroad and not able to return because of Travel restrictions.Whether a simple letter from him to authorize somebody else to file return on his behalf will work
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40831 |
Sep, 17
2020
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GST - ( GST CREDIT ON EXPENSES REIMBURSEMENT )
A Company registered in India incurring testing expenses (on behalf of B) and getting bill from M with GST. In turn A getting reimbursement of expenses incurred on behalf of B in foreign currency.
Whether Company A is eligible for taking GST Input credit of bill raised by M on A
BY: CA. BALASUBRAMANIAM P
Total Answers : 1 | View Answers | Post Answers
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| 40832 |
Sep, 17
2020
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GST - ( REGISTRATION FOR CASUAL TAXABLE PERSON )
Notification 56/2018(central tax) says if casual taxable person makes Inter-state supply of handicraft goods or certain products when made by craftsman predominantly by hands then exemption threshold(rs. 20L) shall be applicable to CTP.
Does it mean if casual taxable person doesn't make inter state supply(means make only intra state supply) making of above mentioned goods then CTP have to apply for registration compulsorily as per sec. 24 of cgst act?
BY: GAURAV GUPTA
Total Answers : 0 | View Answers | Post Answers
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| 40833 |
Sep, 17
2020
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Companies Act, 2013 - ( RECLASSIFICATION OF AUTHORISED SHARE CAPITAL:SH7 REJECTION )
Reclassified existing authorised share capital of rs. 10 lakhs(1 lakhs equity shares of rs. 10 each) to revised share capital of rs.1o lakhs (80k equity shares of rs. 10 each and 20k preference shares of rs. 10 each) and passed special resolution MGT 14 is approved by ROC but SH7 has been sent for resubmission on the ground that " No conversion/re-classification of Equity Shares into Preference Shares or vice. Versa has been permitted under the provisions of the Companies Act, 2013 (even not provided in Section 61 of the Act), therefore, Pl explain why not e-form may be consideredfor rejection." Please advice Whether we need to file sh7 at all?
Read morts/details.asp?mod_id=2807799
BY: Rohit Gupta
Total Answers : 0 | View Answers | Post Answers
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| 40829 |
Sep, 16
2020
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Income From Salary - ( 019493 )
It is learnt that the Leave encashment received by employees of LIC at the time of retiremnt is also eligible for full exemption u/s.10(10AA) after 01.03.2018 . can anyone support this view with notification ?
BY: nagappan.sm
Total Answers : 0 | View Answers | Post Answers
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| 40828 |
Sep, 15
2020
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DIRECT TAXES - ( INCOME TAX RETURN OF STAMP SELLER )
How to file income tax return of a stamp duty seller who's gross receipts from sale of Stamp is more then 1 cr and it's income is 1.5 percent of Stamp sale further he also deposited the cash in bank account of more then 10 lacs which is further transferred to govt account.
Is Gross receipts required to be shown in itr as receipt or only 1.5 percent is income and will be declared in itr.
BY: ANKUSH DUBEY
Total Answers : 2 | View Answers | Post Answers
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| 40827 |
Sep, 13
2020
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GST - ( REFUND FOR ZERO RATED SUPPLIES )
our client has applied for their export refunds of oct-18,nov-18 and dec-18 for which department has issued scn informing to allow itc only for itc getting seen in 2A quoting circular 135
on close reading of 135 , it is found that restrictions for
refund is due to introduction of rule 36(4) , which itself is
introduced for eligible ITC vide notification 43/2019 dt. 09/10/2019, so in our view restricting ITC only as per 2(A) if at all is correct , needs to be applied only for such return period after 9/10/2019 , for eligible ITC , as in case of any earlier period , as 36(4) restrictions were inapplicable ,3B itc are fully eligible for refund and allowing ITC only for amount as seen in 2A for such period seems is a faulty application of law
2.also circular 135 mentions "refund of accumulated ITC
shall be restricted to the ITC as per those invoices, the details of which are uploaded by the supplier
in FORM GSTR-1 and are reflected in the FORM GSTR-2A of the applicant."
it does not specify for which period , so for such invoices if they may not be seen on those month's 2A but it is seen even in earlier or later months 2A , implying genuine credits , such ITC as seen in any 2A stands eligible for refund
Expert friends , Kindly share your views and opinions
vipul d jhaveri - mubai- vdjmum@gmail.com
BY: VIPUL JHAVERI
Total Answers : 0 | View Answers | Post Answers
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| 40823 |
Sep, 11
2020
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DIRECT TAXES - ( TAX DEDUCTED BY BANK )
A Bank has deducted Tax for Cash Transactions being in excess of Certain Prescribed Limits from a Cooperative Society. Can this be claimed while filing Income Tax returns . Tax deducted is not appearing in 26AS for relevent year
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 40824 |
Sep, 11
2020
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DIRECT TAXES - ( JOINT HOME LOAN )
A house is owned by Mrs. X.
A home loan has been taken on said property by Mr. and Mrs. X (Co-borrowers).
The EMI of the said loan has been paid from Mr. X Bank account.
Who is eligible to claim deduction for Principal and Interest under Income Tax?
If none of them are eligible, what is the general practice adopted by the professionals and in whose return deduction is claimed?
BY: CA ROHIT GARG
Total Answers : 1 | View Answers | Post Answers
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| 40825 |
Sep, 11
2020
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AUDIT - ( TAX AUDIT FOR MULTIPLE BUSINESSES )
I have an assessee who is carrying on 2 businesses
1. Photo Development Service - T.O (12 lakhs)
2. Commodity Trading (Futures Intraday, delivery is not there, squared off daily) - T.O (56 Crores)
For 2nd business, he incurred 3 lakhs loss and intend to carry forward this speculative loss, hence tax audit is applicable here - Even sum of absolute figures (Profit/loss) per transaction also more than 1 crore, tax audit is inevitable
In this case, how to proceed for tax audit. Is it possible to disclose speculative loss and avail presumptive taxation scheme for 1st business or both turnovers needs to be aggregated?
For 2nd business what is the Turnover to be disclosed in ITR - Full sale - 56 crore, sum of absolute figures - 2 Crore?
Plesae guide me in both tax audit and filling of information in ITR perspective also.
Need experts help in proceeding further. Thanks in advance.
BY: UDAY KIRAN
Total Answers : 1 | View Answers | Post Answers
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| 40826 |
Sep, 11
2020
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DIRECT TAXES - ( STAMP VENDOR - TAX AUDIT )
A person is engaged in selling of stamp papers. He procures the stamp papers from haryana government's website and sell to persons after charging his commission.
Commission is not fixed by government but he charges it on his own discretion.
For the purpose of Tax Audit, should we consider commission amount only or the whole sale proceeds from sale of stamp paper?
BY: CA ROHIT GARG
Total Answers : 1 | View Answers | Post Answers
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| 40822 |
Sep, 08
2020
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INTERNATIONAL BUSINESS - ( HIGHSALE - REG )
Party A in USA making an order on Party B in USA and inturn Party B in USA making order of the material from Party C in India. Party C has manufactured the material and Exporting it to Part B in USA. Material has moved out of Indian port meantime Party A is getting an order for the above material from India hence Party A wants to instruct Party B to do a highsea sale agreement to send the goods back to India to Part D?
Is the above transaction possible if so kindly provide documentation required and any other additional compliances?
BY: CA. BALASUBRAMANIAM P
Total Answers : 0 | View Answers | Post Answers
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| 40821 |
Sep, 07
2020
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MISC. - ( RETIREMENT OF ONE PARTNER IN CA FIRM (FURNISHING OF REQUISITE FORMS) )
A - CA firm having 3 partners, one of the partner retire today. Please advice me which form we need to send to our Institute, further the retiring partner was also in charge of a separate branch. Kindly let me know all the forms which need to be filed with CA Institute and with GST for the closing of that particular branch , since that branch has operated in a separate GSTN No.
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40820 |
Sep, 06
2020
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Companies Act, 2013 - ( PRIVATE COMPANY ACCEPT LOAN FROM SHAREHOLDERS )
Private Limited company can accept loan from
Situation
1) Can accept loan from Shareholders? If yes, please provide section
2) Can accept loan from Relative of directors? If yes, please provide section
3) Can accept loan from friends of directors or shareholders? If yes, please provide section
4) Company taken loan from directors but subsequently directors resigned from directorship. Can loan will be treated as deposit?
BY: RAMESH K S
Total Answers : 1 | View Answers | Post Answers
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| 40818 |
Sep, 05
2020
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MISC. - ( NO OF ARTICLES TO BE REGISTRED UNDER CA )
Howmany No of Articles to be registred under CA
who is in contiguous practice of morethan 3 years
It means Only after FCA can engaged 2nd Article cleark
In my views Smartly revised guidlines by ICAI ??
latest guidlines for no of articles ??
BY: HARSHAD JAYANTIBHAI VAGHELA
Total Answers : 1 | View Answers | Post Answers
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| 40819 |
Sep, 05
2020
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TDS/TCS - ( TDS ON SALARIES )
For Financial Year 2019-20 , the position of Form 24Q filed are as under .
For Quarter 1 and 2 deductor was liable for TDS dedcution and same was paid and filed TDS return .
For Quarter3 and 4 Deductor was not liable for TDS decution and hence filed NIL declaration.
Now, are submitting request for Form 16 . The message displayed is ‘’no data is available’’ . Also there is message that ‘’
Form 16 will not be available for the PAN(s), which are not mentioned in the Annexure-II of Form 24Q for Quarter (Q4)
We have to mention that for Quarter4 deducted was liable for deduction and hence not deducted any TDS. So without TDS challan, TDS return can not filed and consequently Annexure II of Form 24Q also could not filed.
So our query is that how to download TDS certificate for Quarter1 and Q2
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 40810 |
Aug, 31
2020
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DIRECT TAXES - ( ITR FORM 4 )
Hi sir/madam
I have a question regarding of ITR form to be submitted of my client, he is having Commission income under 194D and he dont maintain books of account of Retail business (44AD)
Can i file ITR 4 Or need to fill ITR 3 ?
BY: RAGHURAMIREDDY
Total Answers : 5 | View Answers | Post Answers
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| 40807 |
Aug, 29
2020
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GST - ( E COMMERCE OPERATOR )
One person wants to sale products through amazon.He will purchase goods from registered suppliers.
Will he be treated as e-commerce operator ??
It is pertinent to mention that he has already taken registration as e-commerce operator few days ago.Now amazon people say that TCS will be deducted by them not by him ??
How should he go about it ?? Will he amend or cancel his registration as ecommerce operator ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 7 | View Answers | Post Answers
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| 40804 |
Aug, 28
2020
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GST - ( GSTR1 AMENDMENT )
A taxpayer was Normal scheme dealer till 31.03.2020 . From 01.04.2020, he has opted for composition scheme dealer.
For FY 2019-20 , two sales invoices was not reported. Now he wants to report these 2 transactions of FY 2019-20 so that he can pay proper taxes and customer can get credit .
Our query is that how to report these transactions. From FY 2020-21 , he is into composition scheme so not eligible to file GSTR1 .
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 40805 |
Aug, 28
2020
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DIRECT TAXES - ( CAPITAL GAIN )
An individual enters in to agreement with developer for purchase of an apartment in 2018, and regularly pays the instalment dues to developer in 2020 when the apartment in ready for delivery he executes into tripartite sale deed by which the apartments is registered in the name of third party. This results in substantial gain for the first agreement holder which can be treated as Long term capital gain.
My question for purpose of re-investments, is he to comply with provision of section 54 or 54F.
BY: Ethirajan
Total Answers : 0 | View Answers | Post Answers
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| 40806 |
Aug, 28
2020
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GST - ( GST APPLICABILITY )
“A”, real estate company enters into agreement with land owner for purchase of land for Rs.50L and pays advance of say 30 Lacs. Shortly the company finds a buyer for 60 lacs.
Sale deed is directly executed by the land owner to actual buyer with the with 'A' as consenting party for Rs. 60Lacs.
The buyer pays 20Lacs to land owner and 40 lacs to the real estate company.
My queries are
1. Is company liable for GST since what is transferred is not land per se, but only right in the land
2. If the company is liable for GST, is it on 60 lacs or on 10 lacs, being the margin money
BY: Ethirajan
Total Answers : 1 | View Answers | Post Answers
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| 40803 |
Aug, 27
2020
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GST - ( SALE OF OLD TRUCK (ISSUE OF CHARGING OF GST) )
X A business man engaged in trading purchased a Truck of Rs 20 L + GST 28% 5.60 = 25.60 in FY 2019-20. The GSt of Rs 5.60 was taken as input in the FY 2019-20. In CY 2020-21 now he wants to sale the truck for Rs 17 Lacs after deducting dep. My query is whether he will have to charge GST on sale price of truck of Rs 17.00 L + GST 28%. Or Input taken in FY 2019-20 ought to be reversed considering 1 year of usage of machinery in the business. Which option he will have to consider here.
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40800 |
Aug, 26
2020
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GST - ( GST )
A person raised 3 invoices to service receiver in F Y 2017 2018 but due to some mistake not uploaded right credit against each invoice. Now the receiver raised a debit note along with tax & Interest. Due to the fact that he is an Important customer, supplier can not bought him to his knees. Now the question is: 1. can the supplier get the GST refund which he has paid to the department against these invoices since the receiver has raised a debit note, reversed the credit and not paid for the Invoices? Thanks & Regards
BY: SK
Total Answers : 1 | View Answers | Post Answers
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| 40801 |
Aug, 26
2020
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GST - ( GSTR9 )
While preparing GSTR9 for the FY 2018-19, where to disclose the turnover relating to FY 2017-18 reported in the FY 2018-19.
BY: CA. MALLIKARJUNA RAO SIKHAKOLL
Total Answers : 3 | View Answers | Post Answers
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| 40796 |
Aug, 25
2020
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INDIRECT TAXES - ( REFUND APPLICATION RFD01A )
While filling Sales details in Excel Utility B2C figure is to be filled alongwth Bill wise sales details of Registered customers
B2C Sales includes IGST as well as CGST/SGST but Error message comes "Either tax should be IGSTor CGST/SGST
Even if we bifurcate into two figures JSON file is not validated after uploading.
Can any body suggest solution
Thanks in advance
Ca Mahesh Aneja
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40797 |
Aug, 25
2020
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INDIRECT TAXES - ( REFUND APPLICATION RFD01A )
While filling Sales details in Excel Utility B2C figure is to be filled alongwth Bill wise sales details of Registered customers
B2C Sales includes IGST as well as CGST/SGST but Error message comes "Either tax should be IGSTor CGST/SGST
Even if we bifurcate into two figures JSON file is not validated after uploading.
Can any body suggest solution
Thanks in advance
Ca Mahesh Aneja
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40798 |
Aug, 25
2020
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DIRECT TAXES - ( 078994 )
An Individual is Govt. Employee. He received Medical Reimbursement from his Employer for Medical Treatment of his Son. Whether its Taxable in the hands of the Individual.
BY: AJAY JAIN
Total Answers : 1 | View Answers | Post Answers
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| 40794 |
Aug, 24
2020
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DIRECT TAXES - ( TAX AUDIT FOR A COOPERATIVE SOCIETY )
A cooperative Society having turnover less tha Rs 1 crore dealing in Milk,Fertilizers,Karyana Goods has not been allotted to any Chartered Accountant for Tax audit by Department of Cooperation. Its Turnover is slightly less than 1 Crore and Net profit as per Balance Sheet is less than 8% of Turnover which becomes Nil after availing deuction under Sec 80 P
Whether Tax Audit will apply to this Society
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40795 |
Aug, 24
2020
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Profits & Gains of Business & Profession - ( 44AD )
Financial year 2018-19 TO less than Rs. 1C. assessee did not avail 44D, but filed under normal accounts
I know that for the next 5 years he cannot avail 44AD.
But for 2019-20, he avails 44AD and files return. What will happen if this return is not accepted.
BY: t sankar
Total Answers : 1 | View Answers | Post Answers
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| 40793 |
Aug, 22
2020
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GST - ( TCS ( TAX COLLECTION AT SOURCE) )
The taxpayer has forgotten to claim TCS deducted by E commerce operator for 2018-19 and 2019-20. From Feb 2020 , taxpayers has applied for cancellation of his GSTIN. Now GSTIn is cancelled but '' TDS TCS claim received '' Tab is not active. As per taplk with CBIC, they saying once, GST number is cancelled then we can not claim, TCS claim.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 40791 |
Aug, 19
2020
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DIRECT TAXES - ( TAX ON RIGHT TO USE OF LAND )
My client has made right to use agreement with Power Grid Corporation for installation of Power Transmission line in the land for an infinite period and received compensation .
The land has been declared as residential land in revenue record .
Plz clarify the nature of income and tax position
Thank you
BY: PONNUSAMY R
Total Answers : 1 | View Answers | Post Answers
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| 40787 |
Aug, 18
2020
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GST - ( EXCESS CREDIT TAKEN IN 2018-19 )
While comparing GSTR 2A and 3B it was found that excess credit taken in 2018-19 OR it can be said that suppliers not uploaded all bills properly.
If we want to reverse that excess credit in the month of March,2020 then what would be the accounting treatment ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 0 | View Answers | Post Answers
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| 40788 |
Aug, 18
2020
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Service Tax - ( CASE LAW_REIMBURSEMENT OF EXPENSES )
will you please share soft copies of following case laws regarding reimbursement of expenses :
1] International Consultants and Technocrats P Ltd v UOI (2012)28 taxmann.com &
2]Glaxo Smithkline Pharmaceuticals v CCE (2005) 1 STT 37 (CESTST)
mail id :: mukho_sudip@yahoo.co.in
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 0 | View Answers | Post Answers
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| 40789 |
Aug, 18
2020
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Capital Gains - ( TAX ON SALE OF RIGHTS OF RIGHT ISSUE IN OPEN MARKET )
I have 1000 shares @ 1500 of XYZ ltd and Co. issues right share in the ratio of 1:1 @ 1200. I sold this rights in open market @250 per share. So I had sum of Rs.250000(i.e. 250x1000).
So my query is, under which head will it be taxed and what are the other applicable provision are there under IT Act ?
Expect your valuable reply along with related Tax Provisions.
BY: VIJAYKUMAR BHANUBHAI GEVARIYA
Total Answers : 0 | View Answers | Post Answers
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| 40790 |
Aug, 18
2020
|
GST - ( COMPOSITION DEALER -LIMIT FOR GOODS AND LIMIT FOR SERVICES )
Presently A Taxpayer Is Registered Is Under Regular Scheme . He Is Selling Goods As Well As Providing Services. He Wants To Go For Composition Scheme . My Understanding Is That For The Goods , Maximum Turnover Limit Is Rs 1.5 Crores And Pay GST @1% . For Services Maximum Limit Is Rs 50 Laths And Pay Tax @6% . So In Total Rs 2 Crores He Will Get His Limit ( For Goods Rs 1.5 Cr And For Services Rs 50 Lakhs) Kindly Confirm The Above Understanding .
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 40780 |
Aug, 17
2020
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GST - ( GST REFUND )
A person raised 3 invoices to service receiver in F Y 2017 2018 but due to some mistake not uploaded right credit against each invoice. Now the receiver raised a debit note along with tax & Interest. Due to the fact that he is an Important customer, supplier can not bought him to his knees. Now the question is:
1. can the supplier get the GST refund which he has paid to the department against these invoices since the receiver has raised a debit note, reversed the credit and not paid for the Invoices?
Thanks & Regards
BY: SK
Total Answers : 0 | View Answers | Post Answers
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| 40781 |
Aug, 17
2020
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GST - ( 542430 )
ABC has rendered services of work contract at the site of DEF in FY16-17 (i.e. pre GST period) and tax and return of the same been duly deposited. Now, on account of deficiency of services, the two parties settled their account in FY20-21 in respect of the work done in the year 2016. Now to settle the account, ABC has to issue credit notes in respect of work done in FY16-17 on a/c of deficiency of services in FY20-21.
Query- What will be the effect of Tax/ GST on credit notes to be raised by ABC?
BY: ARJUN GUPTA
Total Answers : 0 | View Answers | Post Answers
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| 40783 |
Aug, 17
2020
|
CORPORATE & OTHER LAWS - ( 138420 )
I am is auditor of private limited company which is subsidy of listed company.
Please guide me,
1. Whether NAFRA 2 applicability to private company which is subsidy of listed company.
2. Whether uploading of the "Audit Working Documents " also applicable to me ?
BY: SANCHIT SURESH PANDHARE
Total Answers : 0 | View Answers | Post Answers
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| 40784 |
Aug, 17
2020
|
DIRECT TAXES - ( FORM 3CD & ITR FILING - A.Y 20-21 )
For A.Y 20 – 21, ITR filing due date is 30/11/20. But report u/s 44AB has to be uploaded by 31/10/20. The assessee wants to pay bonus outstanding only around 15/11/20. This being item covered u/s 43B, the assessee is entitled to claim deduction in A.Y 20 – 21.
How a person giving report u/s 44AB should address this situation. How does the assessee claim the bonus as deduction if as per 44AB report bonus outstanding remain unpaid on date of audit report
BY: Ethirajan
Total Answers : 1 | View Answers | Post Answers
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| 40785 |
Aug, 17
2020
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INSOLVENCY - ( 542430 )
Who are required to get themselves under NeSL (National E-Governance Services Limited)? What are the compliances associated after getting registered? Does a Unlisted Private Limited Company required to get itself registered under NeSL?
BY: ARJUN GUPTA
Total Answers : 0 | View Answers | Post Answers
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| 40778 |
Aug, 15
2020
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ANNOUNCEMENT - ( ICAI-LIC TERM INSURANCE )
Does a member who is working in a private limited company subscribe for LIC-ICAI Term insurance and ICAI-New India Assurance health insurance schemes? or these schemes are only for members in practice?
Thanks & Regards
BY: SK
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| 40771 |
Aug, 14
2020
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GST - ( COMPOSITION DEALER )
Presently a taxpayer is registered is under Regular scheme . He is selling goods as well as providing services. He wants to go for composition scheme .
My understanding is that for the Goods , maximum Turnover limit is Rs 1.5 crores and pay GST @1% . For services Maximum Limit is Rs 50 Laths and pay tax @6% .
so in total Rs 2 crores he will get his limit ( For Goods Rs 1.5 cr and for services Rs 50 Lakhs)
Kindly confirm the above understanding .
BY: samirkumar gokulbhai kasvala
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| 40769 |
Aug, 12
2020
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DIRECT TAXES - ( TDS ON CASH WITHDRAWL )
A cooperative Society is dealing in providing fertilizers/essential goods etc to its members . It has withdrawn cash in excess of 1 crore in financial year 2019-20
Whether TDS @2% is necessarily to be deducted by bank or
certificate from Income tax department will work here for non deduction/Lower deduction etc
BY: Mahesh Kumar
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| 40766 |
Aug, 08
2020
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DIRECT TAXES - ( 078994 )
Sir,
A Resident Welfare Association (RWA} having 120 Flat Owners, The RWA is registered with the Sub Registrar of Societies. The RWA is earning Interest on FDR and TDS is deducted thereon. My questions are as follows:
1. The Members contribution is not taxable due to Concept of Mutuality. So, I have prepared a Maintenance account separately, the surplus is transferred to Members Fund.
2. The Bank Interest Rs. 3 lac ,is Taxable. So I have prepared a separate Income and Expenditure account and the surplus is transferred to Members Fund.
3. I have prepared ITR Form 5. Marked the RWA as Registered Society. The same is giving basic exemption of Rs.2.50 lacs. And Taxing the rest as per the slab Rates.
4. The Members Share is indeterminate, if I mention the same, it asks Rates of Taxation of the Members. All Members are taxable at MMR, i.e. 30%. In that case its taxing the RWA Income at 30% and not giving basic exemption of Rs.2.5. lacs.
5. Whether ITR filing is necessary for the RWA? What would be the position if TDS is not deducted?
6. Whether the RWA can give Form 15G to the Banker for no deduction of TDS? If yes, the Bank may upload figure for Interest on which TDS is not deducted due to Form 15G, it will reflect in the Form 26AS of the RWA later on.
7. If anyone is having more literature on RWA, please provide me @ ajayjain3455@yahoo.co.in.
BY: AJAY JAIN
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| 40765 |
Aug, 07
2020
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MISC. - ( 450379 )
Hello Everyone I have Recently Qualified CA In Nov-2019 and Hold COP in June 2020 Can i do Tax Audit for F.y 2019-2020 and GST audit For Financial Year 2018-19.
BY: HARSH BANSAL
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| 40760 |
Aug, 06
2020
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GST - ( GST REFUND )
We want to file Refund application for July 2017 to mar 2018 . The Refund is on account of ITC accumulated due to Inverted Tax Structure.
We are trying to file the application but period '' July 2017'' is not appearing for selection and hence not able to file the application.
We contacted CBIC and GSTN but they replied time limit for filing refund application for 2017-18 is 2 years from relevant date and it is over and hence can not be filed. Even we had tried in mar 2020 but Proceed to file button was not active.
We believe that time limit is extended upto 31.08.2020..
Please guide us about the time limit for filing refund application for 2017-18 . Whether it is available upto 31.08.2020
Kindly guide us about extended time limit for for July 2017 to mar 2018 for filing refund application for on account of ITC accumulated due to Inverted Tax Structure
BY: samirkumar gokulbhai kasvala
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| 40762 |
Aug, 06
2020
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MISC. - ( UDIN FOR NON TAX AUDIT BALANCE SHEET )
As per FAQ on UDIN issued by ICAI dated Nov,2019 Que.No.54 no udin is required for financial statements which are not subject to any statutory audit. My question is, whether udin is required in case of balance sheet which was uploaded u/s 44 AD (Presumptive taxation) under Income tax act.
BY: SHEKHAR KUNDLIK SAWANT
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| 40764 |
Aug, 06
2020
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MISC. - ( TRUST OR SOCIETY ? )
One of my client wants to conduct charitable activities by taking DONATION from PUBLIC.
Whether can he do by forming a society ?
Or is he required to form a trust ?
BY: CA ANIT MOHAPATRA
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| 40757 |
Aug, 05
2020
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GST - ( ITC SHOWN AS CLAIMED IN EARLIER YEAR )
My client MR.S provider of services used the serial Nos. 1 TO 100 for his invoices inF.Y. 2017-18. again in F.Y. 2020-21 numbered his invoices NOS. 1 -127 e.g. in 2017-18 his invoice numbers are 001, 002, 003 etc.
similarly in 2020-21 his invoice are numbered 001,002,003 etc.
The GSTR-1 for qtr 1st April 2020 to 30th June 2020 has been filed accordingly.
The query is
1. Will the parties on whom the bills have been raised be able to claim the benefit of ITC for the qtr April 2020 to june 2020 ?
2. If no then how is the amendment to be made in the GSTR-1?
BY: KUSHAL HEGDE
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| 40759 |
Aug, 05
2020
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DIRECT TAXES - ( 542430 )
A Hindu Family is comprising of Father, Mother, Son, Daughter and Wife of Son (i.e. Daughter in Law). Son wishes to make an HUF consisting of only himself and his wife. Also, there is no other HUF existing as on date in respect of such family and there is no partition of the family.
Query1- Can Son make an HUF consisting of himself and his wife?
Query2- Whether proposed HUF has to receive some gift from the family members?
Query3- What are the other conditions to make the HUF of Son and Wife?
BY: ARJUN GUPTA
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| 40753 |
Aug, 04
2020
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GST - ( RCM ON GOVERNMENT SERVICES )
1. WATER CESS CHARGED BY POLLUTION CONTROL BOARD
2. ROC XBRL FEES OF RS 600
3. DIN SURRENDER FEES OF 10,000
4. BOILER INSPECTION FEES
5. RENEWAL FEES CHARGED BY POLLUTION CONTROL BOARD
6. FACTORY RENEWAL FEES
PLEASE GIVE THE ANSWER WITH RELATED NOTIFICATION AND SECTION NUMBER
BY: Akshay Verma
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| 40754 |
Aug, 04
2020
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FINANCIAL MANAGEMENT - ( 542430 )
TDS deposited under wrong TAN for FY20-21 Qtr-1. Does the TRACES Portal (OLTAS) has the facility to apply for TAN correction i.r.o said challan? Moreover, the challan has been paid through electronic mode and the period of 7days has already been passed.
BY: ARJUN GUPTA
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| 40755 |
Aug, 04
2020
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DIRECT TAXES - ( 542430 )
An Advocate has his Gross Receipts from his profession Rs. 25,00,000 and Net Profit Rs.8,50,000 during FY19-20. He is maintaining proper books of accounts u/s 44AA. Can he file ITR-3 showing such profits? Also, can his books of accounts be audited by his son, who is a Chartered Accountant in Practice?
BY: ARJUN GUPTA
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| 40756 |
Aug, 04
2020
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MISC. - ( SING ON PROVISIONAL BALANCE SHEET )
I am denied to sing provisional balance sheet and UDIN on provisional balance sheet.bank harras my client and say loan file will process without above said sing.what Can do and any step against bank can be taken.
BY: niladri Sekhar maiti
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| 40752 |
Aug, 03
2020
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GST - ( CESS ON COAL UNDER GST CAN BE REFUNDED TO A TRADER )
A coal Trader has purchased coal and paid cess @400 per M.Tonne now subsequently the coal Trader has sold coal to SEZ unit where he has to charge NIL GST/cess.
As a result of sale to SEZ now there is excess IGST input and cess is lying in his credit ledger. The trader wants to adjust IGST for susequent sale but he wants cess to be refunded because the cess now can not be utilised for subsequent sale as there is always cess on purchase of coal at fixed rate as input and on sale cess will be output at fixed rate hence, the cess of SEZ sale will always remain in his credit ledger,so he wants the refund.
Now the question is whether
1. A TRADER of coal can file application for refund of cess or it is allowed only to manufacturer.
2. Trader of coal is eligible for refund or not. He is not manufaturing any goods. only Purchases COAL and sales COAL.
Pl. clarify.
BY: DILIP DOSHI
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| 40749 |
Aug, 01
2020
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GST - ( REFUND ON SERVICES INPUT )
In case of Inverted Duty structure GST paid on services was not being allowed but in a court case in Gujarat Decision has been taken in favour of asessee.
Whether this can be of benefit to other states asessees
BY: Mahesh Kumar
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| 40751 |
Aug, 01
2020
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Capital Gains - ( WHETHER EXEMPTION U/S 54 IS ELIGIBLE? )
Assessee is an Individual aged about 72 years during the financial year 2019-2020, she transferred a residential house property and purchased two other residential properties within the same financial year.
But the properties acquired were in the name of her son and the sources for acquisition were transferred from her bank account to the sellers accounts.
Now, the query is whether she can claim exemption under section 54 for the LTCG on the sale of residential house property.
BY: D R V NARENDRA REDDY
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| 40746 |
Jul, 30
2020
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MISC. - ( CAPITAL/ REVENUE )
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years.
What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor?
Whether to capitalise or treat it as revenue expenditure?
If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?
BY: Babitha
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| 40747 |
Jul, 30
2020
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MISC. - ( CAPITAL/ REVENUE )
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years.
What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor?
Whether to capitalise or treat it as revenue expenditure?
If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?
BY: Babitha
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