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| 44548 |
Sep, 21
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44549 |
Sep, 21
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44546 |
Sep, 03
2023
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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
Total Answers : 2 | View Answers | Post Answers
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| 44543 |
Aug, 31
2023
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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
Total Answers : 2 | View Answers | Post Answers
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| 44542 |
Aug, 27
2023
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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
Total Answers : 1 | View Answers | Post Answers
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| 44539 |
Aug, 24
2023
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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
Total Answers : 2 | View Answers | Post Answers
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| 44536 |
Aug, 21
2023
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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
Total Answers : 2 | View Answers | Post Answers
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| 44533 |
Aug, 20
2023
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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
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| 44534 |
Aug, 20
2023
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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
Total Answers : 1 | View Answers | Post Answers
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| 44531 |
Aug, 17
2023
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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
Total Answers : 1 | View Answers | Post Answers
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| 44529 |
Aug, 14
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44530 |
Aug, 14
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44528 |
Aug, 13
2023
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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
Total Answers : 1 | View Answers | Post Answers
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| 44526 |
Aug, 08
2023
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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
Total Answers : 1 | View Answers | Post Answers
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| 44527 |
Aug, 08
2023
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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
Total Answers : 2 | View Answers | Post Answers
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| 44522 |
Aug, 03
2023
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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 : 0 | View Answers | Post Answers
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| 44523 |
Aug, 03
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44521 |
Aug, 01
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44518 |
Jul, 27
2023
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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
Total Answers : 1 | View Answers | Post Answers
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| 44516 |
Jul, 19
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44514 |
Jul, 16
2023
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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
Total Answers : 0 | View Answers | Post Answers
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| 44515 |
Jul, 16
2023
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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
Total Answers : 3 | View Answers | Post Answers
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| 44512 |
Jul, 12
2023
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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
Total Answers : 1 | View Answers | Post Answers
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| 44510 |
Jul, 08
2023
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MERGER & ACQUISITION - ( QUERY REGARDING CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )
I am a Practicing Chartered accountant practicing under Trade name and FRN. Also I am registered under RBI Bank branch audit panel and been alloted UCN. I am going to add one partner under my trade through which my proprietorship firm will get converted into partnership So I have two query due to above conversion :
1) Whether my FRN number and Trade Name will remain Same.?
2) Whether my UCN alloted for Bank branch audit panel will remain same.?
As I want both the above things to remain unchanged.
BY: GOPAL NANAKRAM POPTANI
Total Answers : 2 | View Answers | Post Answers
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| 44505 |
Jun, 26
2023
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DIRECT TAXES - ( LOSS FROM HOUSE PROPERTY )
An asessee has taken Housing loan around 5 years back for purchasing a flat. He is paying interest for last few years before registration of flat. During 2022-23 FY Registration was done and he got posession. Registation charges around 4 lacs were incurred. As there is no rent received This amount of 4 Lacs will result in Loss on housing property
Can he carry forward Rs 150000- Los on house property and adjust it from Short term Capital gain during 2023-24 FY.
Flat has been sold in 2023-24 FY and will be transferred shortly. Some principal amount payment has also taken place during 2022-23 FY
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44506 |
Jun, 26
2023
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DIRECT TAXES - ( LOSS FROM HOUSE PROPERTY )
An asessee has taken Housing loan around 5 years back for purchasing a flat. He is paying interest for last few years before registration of flat. During 2022-23 FY Registration was done and he got posession. Registation charges around 4 lacs were incurred. As there is no rent received This amount of 4 Lacs will result in Loss on housing property
Can he carry forward Rs 150000- Loss on house property and adjust it from Short term Capital gain during 2023-24 FY.
Flat has been sold in 2023-24 FY and will be transferred shortly. Some principal amount payment has also taken place during 2022-23 FY
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44503 |
Jun, 16
2023
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GST - ( GST RECONCILIATION )
In terms of Circular No. 170/02/2022-GST dtd 06-07-2022, various restriction was imposed on ITC credit viz. non credit of goods not received, payment not made within 180 days of purchases etc. How to reconcile the same on yearly basis with GST portal data as the same doesn't provide bifurcation on each item
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 0 | View Answers | Post Answers
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| 44501 |
Jun, 14
2023
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DIRECT TAXES - ( ITRU )
A person has not filed ITR for 2020-21 and 2021-22 Financial years His income is 490000- and 495000- for the years.Can he file ITR by paying of Rs 1000- penality for each year and without paying any tax
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44500 |
Jun, 06
2023
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GST - ( REMEDY TO ADJUST LATE PAID TAX WITH INTEREST )
dear experts kindly guide
for pharma mfg client
for expansion bldg contractor during
fy 20-21 raised bill say appx 50 lakhs and
gst @18% at rs 9 lakhs was also added in his bill which were accounted and itc for 9 lakhs
claimed however due to covid at contractor end due to hospitalisation of staff and owners contractor failed to file same in gst return nor paid this gst billed in 21-22 on pointing out he paid in dec 22 tax of 9 lakhs with 2 lakhs interest however now gst officer informed last date to-avail credit was sep 22 so no itc credit for co is possible and nor contractor get this back
pl suggest way out to use this tax payment made and avail credit also pl note ,while paying in dec 22 vendor mention 21-22 invoice dates as 22-23 dates so then he can make payment in 22-23 for 21-22 bills
possible
BY: VIPUL JHAVERI
Total Answers : 0 | View Answers | Post Answers
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| 44499 |
Jun, 03
2023
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Companies Act, 2013 - ( SEQUENCE OF FINANCIAL STATEMENTS )
Is there any basis for presenting the Financial Statements in the Sequence wherein Balance Sheet, then P & L , then cash flow and later on the other disclosures (RPT etc.). As one of our client wants to disclose the notes to account like RPT, Ratios, CSR with the accounting policy.
BY: PREYA LUNAWAT
Total Answers : 2 | View Answers | Post Answers
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| 44496 |
May, 26
2023
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GST - ( GST REGISTRATION FOR A NEW FIRM )
Even after getting Aadhar linked mobile and email verified and providing ownership proof,GST department is asking for bank statement (account is yet to open after GST registration),source of investment proof and declaration whether the property is under mortgage or not.
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44493 |
May, 24
2023
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DIRECT TAXES - ( SUBMISSION OF FORM 15H / 15G )
Dear Friends,
I am A resident senior citizen (62 years of age) having only interest income of about Rs.6,50,000/= for Asst. Yr.2024-25. If I opt for the new scheme of taxation u.s.115BAC at the time of filing my Return of Income for Asst. yr.2024-25 then my Total Income will also be Rs.6,50,000/= and my tax liability will be NIL. Can I submit Form 15H to the Banks this year for non deduction of tax at source from my interest income.
Also, can my wife (57 years of age) submit Form 15G to the Banks under the above similar conditions.
Please advice accordingly. Thanks.
BY: Sudeep B. Sarwate
Total Answers : 4 | View Answers | Post Answers
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| 44492 |
May, 23
2023
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MISC. - ( 255279 )
Subject: Eligibility for LLB after CA
I am a Chartered Accountant who completed my CA after 10+2. I do not have any degree, and I have not completed any degree from IGNOU. I wish to join an LLB program and start my own practice as an advocate in courts. I am aware that I must surrender my COP before starting practice as an advocate.
I would like to know if I can join IGNOU to get a BCom degree and then join an LLB program. Will a degree from IGNOU be eligible for admission to an LLB program? Will the Bar Council of India make any objections while issuing COP to a person who has a degree from IGNOU?
I would be grateful if you could provide me with any information that you may have on this matter.
BY: RYALI VAMSI KRISHNA
Total Answers : 1 | View Answers | Post Answers
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| 44491 |
May, 19
2023
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DIRECT TAXES - ( FUNDS RECEIVED FROM START UP- TAXATION IN THE HANDS OF EMPLOYEE )
Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 44488 |
May, 18
2023
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MISC. - ( PART-TIME COP )
Hi Team,
I am having part-time COP & working in an MNC as an employee. Now I am having permanent work from home option. So can I place my name board outside my home & start provide tax consultancy services other than audit & signing related services?
Thank you in advance!
BY: VITTAL MATARE
Total Answers : 2 | View Answers | Post Answers
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| 44490 |
May, 18
2023
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Startup Funding - ( TAXATION IN HANDS OF EMPLOYEE )
Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited.
Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup.
Que.: What will be taxation of this receipt in the hands of employee?
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
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| 44487 |
May, 16
2023
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AUDIT - ( APPOINTMENT OF TAX AUDITOR )
As per section Section 288(2) one of the partner of the firm is relative of the assessee firm hence it is understood that he cant be auditor of that firm. But there are other partners also who are not relative. Can other partner of the firm conduct audit.
BY: DEEPAK K GUJRATI
Total Answers : 3 | View Answers | Post Answers
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| 44486 |
May, 14
2023
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DIRECT TAXES - ( 091663 )
A TRUST IS TO CREATED BY A SETTLOR IN RELATION TO AN IMMOVABLE PROPERTY ,SINCE THE TRUST HAS NOT YET BEEN REGISTERED U/S 12A WHAT IS THE POSITION OF TAXABILITY OF IMMOVABLE PROPERTY .
BY: vikas kalra
Total Answers : 2 | View Answers | Post Answers
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| 44482 |
May, 13
2023
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GST - ( DIFFERENT BILL BOOKS )
A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there?
Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44483 |
May, 13
2023
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GST - ( DIFFERENT BILL BOOKS )
A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there?
Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44485 |
May, 13
2023
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DIRECT TAXES - ( SEC43B CLAUSE H FROM 01.04.2023 )
sir , could anyone explain new clause h inserted by FA2023, how it will be applicable and what is the scenario , if business entity has an agreement to pay the supplier say-90days , than , in such case will it be disallowed if paid after 45days.
BY: RAM SAMARIA
Total Answers : 1 | View Answers | Post Answers
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| 44481 |
May, 12
2023
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GST - ( TWO APPLICATIONS FORGST NO )
An application for GST registration has been made . though mobile no is authenticated E mail could not be. Now we can neither submit nor modify application till a notice comes from GST department
Can We file another application with new Email address
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44478 |
May, 08
2023
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MISC. - ( CODE OF ETHICS )
Can a Practicing Chartered Accountant suppose Mr. A in his personal capacity being a Proprietor of his 'A Firm' authentication Internal Audit Report of Listed Entity where one of the Director Mr. B of such Listed Entity and Mr. A are partners in another Chartered Accountant Firm named 'AB Firm'.
Will there be any conflict of interest?
BY: Mitul Makwana
Total Answers : 0 | View Answers | Post Answers
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| 44479 |
May, 08
2023
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DIRECT TAXES - ( WHETHER 50C APPLICABLE )
ONE OF MY CLIENT HAD PURCHASED AGRICULTURAL LAND IN DECEMBER 2014 AND PAID SALE CONSIDERATION IN CASH WITHOUT EVEN EXECUTION OF AGREEMENT OF SALE. THE VENDORS WERE HUSBAND AND WIFE. THEY HAVE NOT EXECUTED SALE DEED AS ONE OF THE VENDORS ( HUSBAND) HAD DIED AND THE LEGAL HEIRS OBTAINED LEGAL HEIRS CERTIFICATE IN SEPTEMBER 2016 ON THE NAME OF THE DECEASED WIFE AND SON. AS THE MUTATION AND LAND HOLDING WAS NOT TRANSFERRED ON THE NAMES OF THE LEGAL HEIRS , THEY KEPT THE EXECUTION OF SALE DEED PENDING. NOW THEY ARE READY TO EXECUTE THE SALE DEED. BUT THIS PARTICULAR AGRICULTURAL LAND HAD BECOME URBAN LAND AND THE SUB REGISTRAR OFFICE VALUE HAVE GONE IN CRORES. MY QUERY IS WHETHER THE SRO CAN ADOPT THE VALUE AS OF THE CURRENT DATE OR THE YEAR IN WHICH THE ORAL AGREEMENT ENTERED INTO AND FULL SALE CONSIDERATION WAS PAID. THAT WHETHER STAMP DUTY VALUE AS ON DATE OF AGREEMENT TO SELL OR THE DATE OF REGISTRATION OF SALE DEED TO BE ADOPTED FOR SECTION 50C.
BY: Anwar Iqbal
Total Answers : 0 | View Answers | Post Answers
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| 44477 |
May, 06
2023
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GST - ( AADHAR AUTHENTICATION FOR GST REGISTRATIONS )
I have just submitted Application for GST Registration opting for aadhar authentication. While mobile no of applicant is attatched with his Aadhar, Email address is mine. Whether it will be possible to authenticate in this case. Whether
uploading KYC documents of applicant would have been better option
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44476 |
May, 05
2023
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Profits & Gains of Business & Profession - ( QUERY REGARDING FINAL REGISTRATION OF A NEW NGO UNDER SECTION 12AB OF THE INCOME TAX ACT AND THE DAT )
Hello fellow CAs,
I am CA Vamsi Krishna Ryali (Membership No 255279) from Dwarapudi of Andhra Pradesh. and I have a query regarding the final registration of a new NGO under section 12AB of the Income Tax Act.
My client is a new NGO that was incorporated on 23-Jun-2021. I applied for provisional registration under 12AB and it was approved on 31-Dec-2021.
As per the provisions of the Income Tax Act, we must apply for final registration within six months of commencement of activities or before expiry of provisional registration whichever is earlier. However, we did not apply for final registration within six months because our client did not have many activities or donations till date.
I would like to know the following:
1. How is the date of commencement of activities determined for the purpose of final registration under 12AB ?
2. Is this date subjective or objective ?
3. Is this date the same as the date of issue of provisional registration or different ?
4. Can this date be decided by the management of the NGO or is it fixed by law ?
I request any clarification or guidance from the experts in this forum. Thank you in advance.
BY: RYALI VAMSI KRISHNA
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| 44474 |
May, 01
2023
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DIRECT TAXES - ( TDS ON NRI )
An asessee has gone abroad in Sep 2021 and has visited india in FY 22-23 for 43 days only. He will be nonresident for 2022-23 . If he sells a flat here in India in FY 23-24 which he has got posession of in Dec 22 .For calculation of his cost ,Consideration paid to a housing co mentioned in registry is around Rs 50 Lacs but adding GST part will be around 60 Lacs
If he applies in form 13 to asessing officer for no deduction/Lower deduction of TDS whether it will be issued easily ?What are the other formalities to be complied in this case.Whether this consideration be deposited in normal saving account in India for further remittance to abroad
BY: Mahesh Kumar
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| 44473 |
Apr, 27
2023
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DIRECT TAXES - ( ALLOWABILITY OF ELECTRICITY SUPPLY CONNECTION CHARGES PAID TO STATE ELECTRICITY BOARD )
Whether Rs. 14 lakhs paid by an assessee to WBSEDCL (W.B. State Electricity Development Corporation Ltd.) towards installation of electric poles, cable laying and transmitter for new industrial electric supply connection at his newly constructed rice mill (based on their quotation). The poles, cables and transmitter shall continue to be the property of the WBSEDCL. Commercial production has not yet been commenced in the rice mill.
Whether the expenditure shall be debited in full in the profit & loss account of the assessee in the year of payment and the same is allowable as revenue expenditure u/s 37(1) of the Income Tax Act, 1961?
Please reply. With regards!
BY: ALOK NATH SAHA
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| 44472 |
Apr, 26
2023
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CORPORATE & OTHER LAWS - ( DIRECTOR REMOVAL )
How to remove an existing director from Private limited company. Several notices were issued for attending Board meetings and all such meeting was not attended. DIN-KYC is not updated since last four years. In annual reports non attendance and non- signing of any of such statment is already reported
BY: SURAJ KUMAR CHOUDHARY
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| 44471 |
Apr, 25
2023
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GST - ( ITC SET OFF FOLLOWED BY GST PORTAL )
Dear Sir, our client is engaged in renting of properties and also engaged in construction of apartments. we have IGST credit of Construction Business and And CGST & SGST liability for Rental Business. client wants to pay CGST & SGST Tax on cash basis without using IGST credit relating to apartment construction. reason for the same is that if IGST credit is used there will be no balance to reverse IGST credit pertaining to unsold inventory in apartment.
However Portal does not allow to make payment of CGST & SGST tax in cash unless IGST credit is Exhausted . kindly guide us with the issue.
BY: Sachin
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| 44470 |
Apr, 20
2023
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GST - ( INTEREST ON WRONG AVAILMENT OF ITC )
Rule 37 of CGST Act talks about reversal of ITC in case of non payment of consideration within 180 days . In the said rule , sub rule (3) was omitted w,e,f 1st Oct 2022 vide NN 19/2022 . Department contention is that erstwhile sub rule (3) which says “ RP shall be liable to pay Interest u/s 50(1) starting from the availment of ITC ( not utilisation ) shall be applicable till 1st Oct 2022 as this rule has been omitted w,e,f 1st Oct 2022 .
Interest u/s 50 (3) as amended retrospectively vide NN 09/2022 w,e,f 5th July 2017 where Interest has to be paid on ITC availed & utilised shall not be applicable in such cases .
Your view on above ?
BY: VINOD KUMAR SHARMA
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| 44469 |
Apr, 18
2023
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GST - ( 082701 )
An assesse has claimed input tax credit on purchase but the transaction is not visible in GSTR 2A. Should it reverse the input credit by reducing current month(march 23) Input or add to output liability. Further whether interest also has to be added though actually this amount not utilised for payment,only balance amount increased of IGST ledgers
BY: Mahesh Kumar
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| 44468 |
Apr, 15
2023
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GST - ( GST TAX LIABILITY ON FORWARDING AGENT )
ABC Ltd is a forwarding agent and is taking tanks on rental to export the chemicals of XYZ Ltd. To take those tanks on rental ABC Ltd has three choices to deal with which are as below –
1. Whether ABC Ltd takes tanks on rent from PQR Ltd, a registered Indian company. In this case at what rate PQR Ltd will charge GST to ABC Ltd?
2. Whether ABC Ltd takes tanks on rent from DEF Pte Ltd registered company in Singapore with no permanent place of business in India. As its import of services, Will ABC Ltd be liable to pay GST on reverse charge mechanism (RCM) being the import of service and if yes then at what rate?
3. Whether ABC Ltd takes tanks on rent from PQR Pte Ltd registered company in Singapore with the place of business in India also but payments are being made to Singapore registered company and invoice is being made by PQR Pte Ltd. In such case who will charge GST at what rate?
BY: PRATIK M DUGAR
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| 44467 |
Apr, 14
2023
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MISC. - ( CAN A CA BE A FULL TIME PARTNER IN CA FIRM ALONG WITH BEING PROPRIETOR IN HIS EXISTING PROPRIETORSHI )
Hi, Since 2020, I have held a COP and worked as a sole proprietor. I have been a member since 2019. So my experience is 3 years from COP and 4 years from becoming a CA member.
My friend is also a sole proprietor and an FCA with more than 5 years of experience in audits.
We want to form a partnership firm.
Q1. Can we both become full-time partners in the new firm and proprietors of our respective existing sole proprietorship firms at the same time? Whether ICAI allows it?
The address of the firm will be the same as the address of one of the proprietorship firms, so technically there will be one head of charge for two firms, i.e., a partnership firm and a proprietorship firm.
Further, we will have 3 FRNs, i.e., 2 proprietorship firms and 1 partnership firm.
(If proprietor and partner is not allowed, we will close the our proprietorship firm)
Q2.
Whether our partnership firm (as mentioned above) will be eligible for audits, if the criteria are as follows:
"The Auditor / Audit firm or at least one of the partners should have a minimum of 5 years’ experience in carrying out audits"
Q3. To qualify the above criteria of 5 years' experience, shall we convert the proprietorship of my friend (which is having experience of more than 5 years) into partnership firm adding me as a partner
or
shall form a new partnership firm?
Basically, will the individual experience of partners be counted as the experience of the firm?
BY: YASH SUNIL SHAH
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| 44465 |
Apr, 12
2023
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DIRECT TAXES - ( 082701 )
A person is receiving Salary and interest from the same Proprietorship firm and total amount from Salary and interest exceeds Rs 250000- but total income is below Rs 5Lacs. Can he give form 15G for nondeduction of TDS
BY: Mahesh Kumar
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| 44466 |
Apr, 12
2023
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DIRECT TAXES - ( FILING OF FORM 15G )
After login when we go for downloading 15G utility Financial year 2022-23.' It is not available' message appears.What to do.
Further whether three few Forms received together can be uploaded?
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44462 |
Apr, 05
2023
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MISC. - ( FORM 15CA & 15CB )
Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000.
Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment.
So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done?
Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.
BY: NAVEEN KUMAR AGARWAL
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| 44463 |
Apr, 05
2023
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DIRECT TAXES - ( FORM 15CA & 15CB )
Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000. Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment. So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done? Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.
BY: NAVEEN KUMAR AGARWAL
Total Answers : 1 | View Answers | Post Answers
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| 44464 |
Apr, 05
2023
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GST - ( 082701 )
A firm is filing GST returns on quarterly basis. How can it change to monthly filing scheme. Further if it wants to furnish IFF on monthly basis and file GSTR3B on quarterly basis whether it can do the same within existing scheme of quarterly returns or has to request on portal.
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44461 |
Apr, 04
2023
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MISC. - ( PART TIME COP )
I was holding full time COP and doing practice, now i have joined a company and have surrenderd my COP.
Can i hold part time COP and resume my practise as Chartered Accountant ?
BY: ASHISH KUMAR
Total Answers : 2 | View Answers | Post Answers
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| 44458 |
Apr, 02
2023
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GST - ( 082701 )
A regular taxpayer Service provider with turnover less than 50 Lacs wants to opt for Composition scheme for 2023-24 Financial year. Whether he should have applied up to 31-3-23.
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44456 |
Apr, 01
2023
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MISC. - ( 433074 )
Hi,
I have two queries regarding Sign Board
My first question is can we put our firm name on ACP board with acrylic letters.
Second is whether the name of the firm is allowed to be written on the ACP board with paint.
BY: RISHABH AGARWAL
Total Answers : 2 | View Answers | Post Answers
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| 44452 |
Mar, 29
2023
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DIRECT TAXES - ( APPEAL AGAINST ORDER U/S 264 )
We have filed revision application under section 264 last year but it is rejected this Year by CIT.
What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT?
Waiting for your Valuable suggestion
Thanks in advance
BY: HAYEDAR SALEEM SHAIKH
Total Answers : 2 | View Answers | Post Answers
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| 44453 |
Mar, 29
2023
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Compliance - ( APPEAL AGAINST ORDER U/S 264 )
We have filed revision application under section 264 last year but it is rejected this Year by CIT. What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT? Waiting for your Valuable suggestion Thanks in advance
BY: HAYEDAR SALEEM SHAIKH
Total Answers : 1 | View Answers | Post Answers
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| 44454 |
Mar, 29
2023
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AUDIT - ( REDUCTION IN STATUTORY BANK BRANCH AUDIT ALOTTMENTS )
As no of Bank branches to be audited have been drastically reduced and from 2023-24 it is up to Bank management to decide no of branches to be audited, A regular source of CA's income is being finished. Will it not be appropriate for PDC to take some proactive action .Small MSME firms even Proprietorship firms with rich experience also are not being considered for CAG/Other bank audits. They should be given assured minimum Audit work . There are enough Audit works available . Only equitable distribution is required.
BY: Mahesh Kumar
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| 44455 |
Mar, 29
2023
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DIRECT TAXES - ( SECTION 45(4) AND SECTION 9(B) OF THE INCOME TAX ACT 1961 )
In a partnership firm, there are 3 partners having share as under A-55, B-40 & C-5. The partnership firm is having an immovable property in its name as a godown which is used for its business and accordingly appeared in block of assets as per the provisions of income tax act 1961.
Now on 1 apr 2023 there will be change in the constitution of the firm as under by admitting one new partner and accordingly the profit sharing ratio will be as under. Please note that the incoming partner is also bringing in Rs 20 lacs as his capital. The fare market value of the godown (immovable property) as on 01.04.2023 will be RS 30 lacs. The new profit ratio as under A-45, B- 35, C -5 & D-15. In the above situation over query is whether provisions of section 45(4) & provision of section 9 (b) of the income tax act 1961 whether applicable either one or both. Please clarify along with any case laws if available.
BY: MAHADEO VIRUPAX WALI
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