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44736 |
Oct, 02
2024
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OTHER BODIES - ( ETHICAL BOARD )
I am a practicing chartered accountant and an additional director in a private limited company duly complying to the norms prescribed by ICAI. The private limited company has borrowed a vehicle loan from a scheduled bank.
The scheduled bank is creating a charge for the loan borrowed and is insisting that the concerned form for creating charge should be signed by affixing the practicing CA digital signature instead of the other directors of the company.
Whether the same is permitted according to the ethics prescribed by ICAI and would it not amount to participating in the day to day activities of the company?
BY: PANI RAJ KATEPALLI
Total Answers : 1 | View Answers | Post Answers
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44735 |
Sep, 27
2024
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DIRECT TAXES - ( INCOME TAX RETURN FILED BY A GRATUITY TRUST BUT NOT REQUIRED TO BE FILED UNDER SECTION 139 - DEMAND )
Vide CIRCULAR NO.18/2017 [F.NO.385/01/2015-IT(B)] dated 29-05-2017, it is provided in para 4 of the Circular that accordingly, it has been decided that in case of below mentioned funds or authorities or Boards or bodies, by whatever name called, referred to in section 10 of the Income-tax Act, whose income is unconditionally exempt under that section and who are also statutorily not required to file return of income as per section 139 of the Income-tax Act, there would be no requirement for tax deduction at source, since their income is anyway exempt under the Income-tax Act.
Question: However, a recognised provident Fund inadvertently filed its return of income which was processed by CPC and raised a tax demand. We have replied to the TRO that a recognised provident fund is not required to file income tax return hence the demand should be struck off.
He replied that assessee fails to answer the question as to if the recognised trust is not required to file income tax return then why it was filed? And asking the demand to be paid.
Please advise.
BY: Babulal Sharma
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44733 |
Sep, 23
2024
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INDIRECT TAXES - ( BILL OF ENTRY NO REFLECT IN GSTR 2A )
Dear Sir,
we was paid of payment for the bills of entry of As per our reassessment of bills of entry for the financial years 2019-2020 and 2020-2021, we have made payments for all outstanding bills, including interest and penalty. However, we have noticed that the reassessed bills of entry are not reflecting in the GSTR 2A.
please provide suggestion for ITC take or Not
BY: SHAILESH JIVANBHAI SUTHAR
Total Answers : 2 | View Answers | Post Answers
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44732 |
Sep, 22
2024
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AUDIT - ( FORM 10B/10BB(AUDIT REPORT) FOR FY 23-24 )
A society (Registered under Societies registration Act) has obtained provisional registration under 12A/80G and Form 10AB is still pending to be filed. Audit Report For FY 23-24 has been issued. Is the provisionally registered society required to File Form 10B/10BB(Audit Report) for FY 23-24 since it has not obtained the final registration and approval under Section 12A/80G from IT dept? Gross Receipts of the Society for FY 23-24 is 58 Lacs approx ans whether tax audit is applicable to such society?
Kindly guide in this matter with relevant information
BY: CA INDRANEEL BISWAS
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44731 |
Sep, 17
2024
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MISC. - ( 255279 )
Subject: Assistance Required: COP Application Issue Due to Outdated Employment Records in ICAI Portal
Dear Respected Seniors,
I am writing on behalf of a fellow Chartered Accountant who recently transitioned from employment to practice. He is facing a significant issue while trying to apply for a full-time Certificate of Practice (COP) through the ICAI SSP portal.
Background:
My friend was previously employed with two organizations.
The first employer had registered the employment with ICAI, but the termination of this employment was never updated in ICAI's records.
The second employer, with whom he worked for four years, was not registered at all in the ICAI system.
As a result, ICAI records still show him employed with the first employer, and the termination and subsequent employment details are missing.
Current Situation:
More than three years have passed since he left the first employer, and around six months have elapsed since we initiated efforts to resolve this issue.
We have raised multiple tickets through the SSP portal, but unfortunately, we have not been able to rectify the employment details.
We need to terminate the first employment, update the second, and then apply for a full-time COP.
Both employers are willing to cooperate, but despite their assistance and our attempts through the portal, the issue remains unresolved.
Request for Guidance:
If anyone has encountered a similar situation or has any knowledge of a proper channel to escalate this issue within ICAI, we would be extremely grateful for your advice.
If you could provide any email addresses, contact persons, or specific ICAI departments that could assist in resolving this, it would be of immense help to us.
Due to this issue, my friend has been unable to perform audits or engage in practice for the past six months. We are seeking urgent guidance on how to navigate this situation and successfully update the records in the ICAI portal to obtain a valid
BY: RYALI VAMSI KRISHNA
Total Answers : 1 | View Answers | Post Answers
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44730 |
Sep, 12
2024
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GST - ( 082701 )
An asessee is selling majority of goods out of state and is issuing interstate bill with Eway bill but his purchases are local and through Cycle rickshaw and Erickshaw that are not accompanied with Ewaybill GST officials are asking for explanation for difference in Ewaybill generatewd and Ewaybill received
BY: Mahesh Kumar
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44727 |
Sep, 07
2024
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COUNCIL DECISION - ( PRIVATE TUTORSHIP LESS THEN 25 HOURS A WEEK )
Private tutorship less then 25 hours a week whether General Permission or Specific Permission as per below 190A extract -
Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to
such activities taken together do not exceed 25 hours a week.
BY: ANKIT BHANSALI
Total Answers : 1 | View Answers | Post Answers
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44724 |
Sep, 04
2024
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AUDIT - ( RELATED PARTY IDENTIFICATION )
M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44722 |
Sep, 03
2024
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AUDIT - ( RELATED PARTY IDENTIFICATION )
M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44723 |
Sep, 03
2024
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AUDIT - ( 026801 )
A government body has appointed me as Auditor of a Society. The term of the appointment states that the Auditor shall prepare Trial balance, Receipts and Payment Account and Balance Sheet apart from Audit .
The Clause of Terms and Condition is " Audit by the Chartered Accountants shall include Value of Money Analysis, Economy Efficiency and Effectiveness. receipts and Payment Accounts , In come & Expenditure Account and Balance Sheet to be prepared and certified "
Thou it is not clear whether the Auditor has to prepare the Final Account and Audit the same, the Auditee expects the Auditor to do so.
Under such circumstances, can we accept the assignment
or will it be against the professional ethics
BY: Syed Sultan Mohideen
Total Answers : 0 | View Answers | Post Answers
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44721 |
Sep, 02
2024
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GST - ( 063083 )
Please clarify whether DMF (District Mineral Fund) contribution made by mining companies (at rate of 30% of royalty) over and above royalty payment being made while dispatching minerals from mines shall be subject to GST under RCM as per Sl no-5 of Notification 13/2017 Central Tax (Rates) or shall be exempted from GST as per notification 12/2017 as services being provided by Governmental authority.
In this regard it may be noted that the DMFT (District Mineral Fund Trust) has now been clarified as a governmental authority as per CIRCULAR-206/18/2023-GST and it has been clarified that they are eligible for the same exemptions from GST as available to any other
Governmental Authority.
BY: CA. PRUSTY SIDHARTHA SHANKAR
Total Answers : 0 | View Answers | Post Answers
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44720 |
Sep, 01
2024
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MISC. - ( FINANCIAL STATEMENTS OF NON CORPORATE ENTITIES )
Please let me know that whether it is mandatory to prepare financial statements of non corporate entities in new format from fy 23-24 or from fy 24-25, kindly clarify the interpretation of technical guide (June 22) and Guidance note ( Aug 23) on financial statements of non corporate entities
BY: SHWETA JAIN
Total Answers : 2 | View Answers | Post Answers
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44718 |
Aug, 27
2024
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Compliance - ( FOR APPOINTMENT AND RESIGNATION OF AUDITOR IN CASE MERGER OF FIRM )
I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view
BY: SACHINDER GARG
Total Answers : 0 | View Answers | Post Answers
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44716 |
Aug, 24
2024
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AUDIT - ( 082701 )
A cooperative society has furnished Audit note of Society Inspector( who does Statutory Auditor) and financial statements for Tax audit and tax audit report has been furnished.Now we find there is mistake in Profit and loss account. One entry around Rs 70000- has been entered twice Whether We should revise TAR altering the deduction amount under Sec 80P so that tax i\liability is nil or pay tax
on Rs 70000- by adding back Rs 70000-
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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44714 |
Aug, 21
2024
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Companies Act, 2013 - ( 406847 )
I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view.
BY: SACHINDER GARG
Total Answers : 0 | View Answers | Post Answers
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44715 |
Aug, 21
2024
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AUDIT - ( UDIN GENERATION )
An audit report was issued on 1st August and subsequently the auditor issued another revised audit report on 5th August with changes in the wordings of the new audit report along with a new udin in 5th August since time limit to revoke the udin for 1st August has elapsed. How ever there was no changes in the figures of the FS on both the dates. Now will the new udin with revised audit report will overrule over the old udin as two udins were generated for the same set of FS? The assessee is a non corporate audit client and assessee is not liable to get its accounts audited under IT act or any other act and declares his income under 44AD(he voluntarily choose to get its accounts audited basically to apply for tenders) kindly guide whether any requirements to be followed
BY: CA INDRANEEL BISWAS
Total Answers : 0 | View Answers | Post Answers
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44712 |
Aug, 20
2024
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AUDIT - ( 082701 )
While doing Tax Audit of a cooperative Society whose statutory Audit is done by Department of cooperatives through its Inspectors ,Inspector's name is to be filled in Form 3CA
However in Express ITR software of KDK Software asks for CA Auditors particulars and ICAI membership etc
What to do
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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44711 |
Aug, 19
2024
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TDS/TCS - ( 063083 )
Please clarify if a company is required to revise its TDS return for 3rd quarter of FY-2324 to give effect to wrong tax deducted in respect of a vendor then within which timeline the unutilized amount of tax available in TDS challan can be utilised.
BY: CA. PRUSTY SIDHARTHA SHANKAR
Total Answers : 1 | View Answers | Post Answers
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44710 |
Aug, 12
2024
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GST - ( LUT FOR NEW ADDRESS )
Kindly guide for following,
Client having Registered Office at A and having LUT for the address. Now he has shifted his registered address to B. Kindly advise,
1. Whether there any procedure to surrender LUT of old address (A) and Can client apply for new LUT for New Address (B) ?
2. Without surrendering, whether we need to apply for LUT for New Address (B)
3. Whether we can use old LUT only and there is procedure of change in Address from old (A) to New (B)
Regards,
CA Trupti
BY: CA. CHAVAN TRUPTI GAJANAN
Total Answers : 0 | View Answers | Post Answers
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44709 |
Aug, 11
2024
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DIRECT TAXES - ( 082701 )
Can Presumptive taxation details be filled in ITR 3 leaving detailed Financial data filled otherwise if because of Capital gain this form is to be filled
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44707 |
Aug, 10
2024
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AUDIT - ( CARO APPLICABILITY )
A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44705 |
Aug, 08
2024
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DIRECT TAXES - ( TAX AUDIT )
When Income-tax return is already filed u/s 44ADA, whether the same could be filed as revised after getting the same audited with lower profits with appropriate books
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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44706 |
Aug, 08
2024
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Companies Act, 2013 - ( CARO APPLICABILITY )
A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44703 |
Aug, 07
2024
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MISC. - ( 430378 )
A partnership firm is to be reconstituted where one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution land is being revalued and balance (Revalued profit) is to be adjusted to existing partners capital. After admission land is gain revalued to old rate and difference to be adjusted with new and old partners capital account. Resulting increase in Old partners capital account and decrease in new partner capital account. Query- Whether section 45(4) and 9B are applicable in the above situation where no distribution of the LAND. If it is applicable then how the tax on deemed capital or any other taxability
BY: Aman Kesharwani
Total Answers : 1 | View Answers | Post Answers
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44700 |
Aug, 01
2024
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GST - ( NOTICE U/S.61 AND NOTICE U/S.65 FOR SAME PERIOD FOR SAME ASSESSEE )
where for FY 2020-21 a notice u/s 61 for Scrutiny was issued & certain points raised, but before the process was completed u/s 61, a notice u/s 65 was issued for complete audit of the same FY which is due to take place during the present month of August 2024, and after the issue of notice for audit u/s 65, SCN has been issued u/s 73(1) for issues raised in ASMT-10, which remain uncluded at the time of issue of notice u/s 65..... the PO too is the same & its a case of STATE GOVT .... MY QUERY HERE IS - CAN TWO PROCEEDINGS UNDER TWO DIFFERENT SECTIONS FOR SAME ASSESSEE AND SAME PERIOD BE CONTINUED PARALELLY BY SAME PROPER OFFICER
BY: CA ATUL TOSHNIWAL
Total Answers : 0 | View Answers | Post Answers
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44699 |
Jul, 30
2024
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GST - ( 104792 )
MR A IS RETAILER FOR DIGITAL SEVA KENDRA ( DSK) . THIS DSK OFFER VARIOUS SERVICES LIKE PAYMENT OF UTILITY BILLS , BANKING , TICKETING OF RAILWAY, RECHARGES FOR MOBILES, DTH ETC. MR A RECIEVE CASH FROM CUTOMERS TOWARDS PAYMENT OF UTILTY BILLS , RECHARGES ETC AND DEPOSIT THE CASH IN IS CURRENT ACCOUNT AND TRANSFER THE SAME TO THE BANK ACCOUNT OF DSK. FOR PROVIDING THIS SERVICES AS A RETAILER THROUGH THE DSK , HE GETS COMMISION INCOMEONLY
THE QUESTION IS
1.WHAT IS THE TRESHHOLD LIMIT FOR GST REGISTRATION FOR RETAILER MR A
2. WHAT WILL BE THE TAXABLE SUPPLY FOR THE RETAILER , WIL IT BE THE COMMISION INCOME OR THE VALUE OF CAH RECEIVED FROM CUSTOMER.
BY: CA. SHIRODKAR YESHWANT VINAYAK
Total Answers : 2 | View Answers | Post Answers
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44696 |
Jul, 27
2024
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DIRECT TAXES - ( 082701 )
If Taxable income is below 5 Lacs for a supersenior citizen and Agriculture Income is Around 5Lacs Whether it is optional to file Incomne Tax Return
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44693 |
Jul, 17
2024
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DIRECT TAXES - ( 082701 )
Agriculture Income 2 lacs Short term Capital Gain 2 Lacs
Interest income 90000- If the asessee has died whether Legal heirs are supposed to file return If legal heir certificate is not available How to file Return
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44691 |
Jul, 14
2024
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DIRECT TAXES - ( 082701 )
An oldman has died His income from Share trading during 2023-24 FY is around Rs 2lac Whether his heirs are required to file ITR as his Taxable income is below 3Lacs
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44682 |
Jul, 11
2024
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DIRECT TAXES - ( SPOUSE TDS )
Deductor furnished all the payments and TDs on contracts under Husband PAN instead of part being dedcuted on Spouse income. Even payment is also made in her bank account. As deductor is showing inability in revision of TDS return and feedback in AIS statement can also be not confirmed, if submitted. In this circumstances, can we directly show under TDS column in ITR and claim it in Spouse ITR?
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 0 | View Answers | Post Answers
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44683 |
Jul, 11
2024
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Capital Gains - ( VALUATION OF HOUSE PROPERTY )
Assets purchased in AY 2014-15 and ITR filed at cost without taking valuation difference. Even ITD not raised any objection thereof. on sale of the same, what would be the cost of acquisition, actual price or valuation price as per the registered deed. Both value is mentioned in the deed.
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 0 | View Answers | Post Answers
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44684 |
Jul, 11
2024
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DIRECT TAXES - ( COMPENSATION RECEIVED FROM DEVELOPER FOR DELAY IN GIVING POSSESSION OF FLATS TO LAND OWNER )
One of the client has received amount of Rs.25,27,000 during FY 2023-24 towards compensation for Delay in Giving Possession of Flats to Land Owner towards his share of Flats as per Development Agreement. Developer has deducted TDS under sectoin 194I(b) from the said payment. Delay payment was for the period from FY 2019-20 till FY 2023-24. Whether the amount of Rs.25,27,000 is taxable? If Yes under which head? If No, under what section exemption can be claimed?.Please advise..
BY: CA Ravish Thakur
Total Answers : 0 | View Answers | Post Answers
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44685 |
Jul, 11
2024
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MISC. - ( DIFFERENCE BETWEEN CA PRACTICING AS SOLE PRACTICE AND AS PROPRIETOR )
While Filling up Form 18 there are two options
a) Proprietor/ Partner and
B) Sole Practice.
What is the exact difference between Proprietorship and sole practice form of practice between the two ? And What Kind Of Function Which Can Performed By CA Practicing As a Proprietorship Can Not Be Performed By CA Practicing As Sole Proprietor And Vise Versa.
BY: CA INDRANEEL BISWAS
Total Answers : 1 | View Answers | Post Answers
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44687 |
Jul, 11
2024
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DIRECT TAXES - ( TAXABILITY OF CONSIDERATION RECEIVED BY A PERSON WHO IS NOT OWNER OF THE LAND FROM THE DEVELOPER TOW )
A person having possession over a land since last 20 years. He is cultivating the land and produce rice crop out of it. He is not owner of the land. Now owner has entered into agreement to sale with a builder to transfer the said land. Builder paid consideration amount of ?60,00,000 to land owner and deducted TDS u/s 194IA. Builder also paid ?20,00,000 to the person holding possession over the land and deducted TDS u/s 194 IA. How Capital Gain will be attracted in this case? Who will get Indexation Benefit? Who will be eligible for exemption u/s 54B? Please advise.
BY: CA Ravish Thakur
Total Answers : 0 | View Answers | Post Answers
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44681 |
Jul, 10
2024
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MISC. - ( CONVERSION OF CA SOLE PROPRITORSHIP INTO PARTNERSHIP )
I am practicing as a sole proprietary firm , but now want to convert it into a partnership in firm . Will it affect the empanelment status.? Which year will be considered as the year of establishment- Year of starting the firm as a sole proprietary firm or the year in which the conversion has taken place?
BY: INDUKALA VISWANATH
Total Answers : 1 | View Answers | Post Answers
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44678 |
Jul, 07
2024
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Capital Gains - ( STCG ON UNLISTED SHARES )
in a case of sale of unlisted share of a salaried employee purchased unlisted shares and sold the shares in 3months from date of purchase
i)it is a case of short term capital gains on sale of unlisted shares
the party to whom the shares was sold has deducted tds as the sale is more than 50 lakhs sec 194(Q) is applicable and shown as sale of goods
and it appears as business receipts in the AIS of the salaried employee how is the correction to be made and shown as sale of securities in the ais as the salaried employee is not a dealer in share
2 where in the ITR2 is short term capital gains on sale of unlisted shares to be shown ?
BY: KUSHAL HEGDE
Total Answers : 0 | View Answers | Post Answers
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44680 |
Jul, 07
2024
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GST - ( CANCELLATION OF GST REGISTRATION ON VOLUNTERY BASIS )
The client submitted application for cancellation of GST registration on 10 Oct 2020 on voluntery basis.
No action from the department till 17 Jun 2024.
on 18 Jun 2024 the department communicated an order confirming cancellation of registration w.e.f. 10 Oct 2020.
In the mean time the client had issued 3 invoices with GST to his customers. Customers availed ITC. The client paid the GST so collected befiore due date.
The client also claimed ITC on purchases for the period from 10 Oct 2020 to 18 Jun 2024.
All returns were filed till March 2024. What are the consequences for ITC claimed by client and his customers.
BY: CA. LONIKAR SHASHIKANT ACHYUTR
Total Answers : 1 | View Answers | Post Answers
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44676 |
Jul, 04
2024
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AUDIT - ( TDS RECEIVABLE ADJUSTED AGAINST DEMAND )
One of my clients has demand related to previous years and dept is adjusting TDS receivable against demand. They have filed appeal against the matter and are still recording TDS receivable for previous year under assets. How to treat this from financial reporting perspective? What are recommended/ suggested disclosures or reporting steps for same.
BY: AYUSH AGARWAL
Total Answers : 0 | View Answers | Post Answers
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44674 |
Jul, 03
2024
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GST - ( RULE 96A OF CGST RULE 2017 )
During the departmental GST Audit it is observed that in case of export under LUT, the EGM filed date is later than 3 months from the export invoice date. Hence the department is invoking rule 96A and accordingly demanding Interest for the delayed period. Not only that, they are also invoking section 74, ready with rule 96A(1)(a), and demanding for the IGST on export. Is department justified in asking Interest and IGST for delay in filing EGM. Whether for the purpose of Rule 96A, whether EGM date is important or LEO date ( i.e. Let Export Order) date is important. Rule 96A does not say what is "export out of India". Request professional colleague to guide on this. Thanks for your efforts in advance.
BY: Shridhar H
Total Answers : 1 | View Answers | Post Answers
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44675 |
Jul, 03
2024
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MISC. - ( ADT-1 IN INDIVIDUAL NAME, FIRM FORMED LATER )
Dear Sirs/Madam
I had started my practice in own name and did not opt for any proprietorship firm. A client company has duly appointed me by filing ADT-1 for 5 years. Now I have formed and registered a sole proprietorship firm and got a separate FRN.
Now my question is, for those cases where my appointment as auditor has been done in individual name, can I issue the audit report on behalf of the firm. ?
What I think is that it is better to issue the remaining time period on the individual name only. Once the next renewal ADT-1 if filed, the firm can be appointed.
Kindly share your thoughts on the same.
Regards
Manish
BY: MANISH KUMAR TRIPATHI
Total Answers : 1 | View Answers | Post Answers
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44673 |
Jul, 01
2024
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GST - ( 424100 )
A PERSON GIVING SPRITUAL BLESSING TO FALLOWERS AND CHARGING FEES FROM THEM AND HE IS ALSO KNOWLEDGE OF VEDIC AND HOLISTIC SCIENCES AND ALSO AN AYURVEDIC DOCTOR BUT HIS MAIN SOURCE OF INCOME FROM BLESSING. PLEASE GUIDE ME WHETHER GST IS APPLICABLE AND WHAT IS THE CHARGEBALE RATE AND IF ANY ADVANCE RULING PLEASE PROVIDE
BY: SHWETA JAIN
Total Answers : 0 | View Answers | Post Answers
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44669 |
Jun, 22
2024
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DIRECT TAXES - ( POWER OF A.O. UNDER SEC. 44AD )
one my client engaged in the business of developing and selling residential land during the year 2019-20 he sold land worth Rs40 Lacs but by virtue of sec 43CA the value came Rs 10500000 the asessee took Rs 10500000 as consideration resorted to Sec 44AD and filed the return taking the profit @ 8% but A.O. mentioning that profit in real state business used to be 20% assessed the income at 15%. without any evidence otherwise ,Is there any case law in support.
BY: Rajesh Chandra Sharma
Total Answers : 0 | View Answers | Post Answers
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44667 |
Jun, 12
2024
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GST - ( INTEREST INCOME AND REVESAL OF INPUT TAX CREDIT )
"Explanation 1(b) to Rule 42(5) of CGST Rules 2017 - provides that - for the purposes of rule 42 and this rule, it is hereby clarified that the aggregate value of exempt supplies shall exclude the value of services by way of accepting deposits, extending loans or advances in so far as the consideration is represented by way of interest or discount, except in case of a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances."
As such Interest Income is to be Excluded for Rule 42 from Value of exempted supply.
Does such interest Income is also to be Excluded from Value of Total turnover( in the denominator) , while calculating Common Input tax credit to be reversed.
BY: Prashanth Karanth
Total Answers : 1 | View Answers | Post Answers
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44666 |
Jun, 08
2024
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GST - ( SCRUTINY U/S.61 )
Officer issued ASMT-10 for scrutiny of returns. In addition, he is demanding copies of financial statements, bank statements etc. Whether we are bound to submit these information
BY: CA ATUL TOSHNIWAL
Total Answers : 1 | View Answers | Post Answers
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44665 |
Jun, 07
2024
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AUDIT - ( QUERY ON CLAIMING DEPRECIATION ON LEASED LAND )
We are a private limited company with a land lease from 2019 to 2037. We completed construction on this land in the financial year 2023-24 and began using the property within the same year.
*Depreciation Period:*
The Companies Act 2013 specifies a 30-year useful life for buildings, with depreciation rates of 9.5% (WDV) and 3.17% (SLM). However, our lease is only 18 years. Accordingly, we should depreciate the building over the balance period .What rate of depreciation should we adopt ?
*Change of Depreciation Method:*
We currently use the WDV method, which front-loads depreciation. We are considering switching to SLM to better match our business needs by spreading depreciation evenly over the asset's useful life. This change is justified because with SLM, the depreciation amount remains consistent each year. This approach will help manage the later years' burden of repairs, which would otherwise impact the P&L account more significantly under WDV.
Is it permissible to switch from WDV to SLM for this leased asset under these circumstances?
We seek guidance on ensuring compliance with regulations and aligning our accounting practices with our business needs.
BY: ADRSH HIREMATH
Total Answers : 1 | View Answers | Post Answers
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44663 |
Jun, 05
2024
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AUDIT - ( 194298 )
Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024.
should the financials of firm as on 31.03.2024 reflect this transfer or it will be taken as post financials event?
normal financials to be prepared for firm as on 31.03.2024?
BY: CA Shrawan Suthar
Total Answers : 3 | View Answers | Post Answers
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44664 |
Jun, 05
2024
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AUDIT - ( TAX AUDIT - FIRM TAKEN OVER BY PARTNER )
Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024
SHOULD THIS BE REPORTED IN TAX AUDIT REPORT OR THIS WILL BE A POST FINANCIALS EVENT?
IS THIS BE REPORTED IN TAX AUDIT REPORT?
BY: CA Shrawan Suthar
Total Answers : 2 | View Answers | Post Answers
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44661 |
May, 31
2024
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DIRECT TAXES - ( 009829 )
With effect from A.Y 2024 -25 only 85% of donation given by a 12AA approved charitable organization to similar organization will be considered as “application” of income.
I have a 12AA approved Trust who undertake civil repairs at another approved trust and sometimes even provide food and educational materials to their inmates.
Will these kind of outflow be treated as donation and only 85% of such expenditure will be considered as application of money or we can take 100% as application.
BY: C P Ethirajan
Total Answers : 0 | View Answers | Post Answers
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44660 |
May, 30
2024
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VAT/Sales Tax - ( VAT, GST FOR PETROL PUMP INDUSTIRES )
Hello Everyone,
I have recently got an audit of Petrol Pump .
So whether in Karnataka petrol pumps owners have to file monthly VAT and Excise Duty return every month even after GST? They are filing their GST return every month, stating the sales under "Non-GST Supply".
Please share some detailed picture of what general monthly and annual compliances for Petrol Pump owners in Karnataka?
BY: ANKIT JAIN
Total Answers : 2 | View Answers | Post Answers
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44655 |
May, 25
2024
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GST - ( COMPANY RUN ITS OWN BUS FOR TRANSPORTATION OF ITS EMPLOYEES )
Dear Sir/Madam,
Please note, a manufacturing company run its own bus for transportation of its employees. Since the appointment letter given to employees does not specify about the Transportaion facility, the GST auditor treats this as service given by employer to employee treating it as related party transaction and applying cost+10% valuation rule asking company to pay the GST liability with interest and penalty. Whether the action of the auditor is justified. Please let me know how to go about this.
BY: Shridhar H
Total Answers : 3 | View Answers | Post Answers
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44653 |
May, 24
2024
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Capital Gains - ( SECTION 50C )
Under section 50C of the Income Tax Act, if a person sells a capital asset below registration value, he will be liable to pay capital gain tax treating registration value as sale consideration.
This rule is subject to certain tolerance. The section also provides that seller can also ask for valuation to be done if he has any genuine reason for selling at lower value.
In such situation, he will offer capital gain tax based on actual value received.
But I find in Income Tax portal, the ITR utility by default adopts only registration value and not actual sale consideration.
Please look into this and revert.
BY: C P Ethirajan
Total Answers : 0 | View Answers | Post Answers
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44654 |
May, 24
2024
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GST - ( 224173 )
Whether Deposits received from the members of a/an Apartment Owners Association/Residential Association (the Association) towards future supplies is taxable at the time of its receipt?
Contentions:
1. Deposits received from the members of an Association towards future supplies is taxable u/s. 7(1)(aa).
2. However, the taxability u/s. 7(1)(aa) attracts only if there is any consideration
3. As per the proviso to section 2(31), a deposit given in respect of the supply of goods or services or both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply.
As such can one construe/interpret that-
• unless the Supplier (the Association) applies (expends) such deposit (towards any supply) there is no payment made for such supply (and hence no consideration) as per section 2(31)
• Taxability u/s. 7(1)(aa) arises only in the case of ‘consideration’. In case of such deposits, deposits received in advance partakes the character of consideration only when Supplier (the Association) applies (expends) such deposit (towards any supply to its members) as per the proviso to section 2(31).
• Hence the time of supply shifts to the time of actual application of such deposits as against the date of receipt of payment (herein in advance) as envisaged u/s. 13(2)(a).
• Hence no GST to be paid at the time of receipt of such Deposits, but only when and if at all the Supplier (the Association) applies (expends) such deposit (towards any supply to its members).
BY: SREEJITH M G
Total Answers : 1 | View Answers | Post Answers
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44652 |
May, 20
2024
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GST - ( RCM )
one of my client manufacturing Rice which is exempted goods however its by product '"Bran" is taxable at 5% ,while purchasing some capital goods it has to pay freight to GTA,will RCM be applicable.
BY: Rajesh Chandra Sharma
Total Answers : 3 | View Answers | Post Answers
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44650 |
May, 16
2024
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GST - ( GST APPLICABILITY 12AA TRUST )
ABC CUSTOM BROKER ASSOCIATION.
ASSOCIATION IS CHARIRATABLE ENTITY REGISTERED U/S 12AA OF INCOME TAX ACT.
WE ARE CHARGING MEMBERSHIP FEES ANNUALY.
TRUST IS WORKING FOR ITS MEMBERS FOR EDUCATING, CONDUCTIONG SEMINARS AND ISSUE SOLVING FOR MEMEBERS WORKING AS CHA. FURTHER MAKING VARIOUS REPRESTATION WITH GOVERNMENT AND TAX AUTHORITIES FOR BETTERMENT OF CHA MEMBERS.
WHETHER GST APPLICABLE ON MEMBERSHIP FEES AS ANNUAL MEMBERSHIP CROSS 20 LACS? IS THE ACTIVITIES COVERED UNDER CHARITABLE ACTIVITIES AS PER GST ACT?
IS THERE ANY OTHER BENEFICIAL PROVISO TO SUCH TRUST/ASSOCIATIONS WITH RESPECT TO GST EXEMPTION?
BY: AHMEDRAZA ANIS SUMIYA
Total Answers : 2 | View Answers | Post Answers
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44649 |
May, 15
2024
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GST - ( RECOVERING GST PAID AT HIGHER RATE )
Dear Experts
REG : RECOVERING GST PAID AT HIGHER RATE
pl. share your valuable views and guidance
Buyer - B was charged GST at 12% by Seller- S by mistake, while later on it is found that actually this product is with NIL rate of tax B paid off invoice and claimed ITC credit and S paid off GST collected to govt, now during GST audit of B - GST officer found ITC credit wrongly availed as there is NIL rate of tax and asked B to pay off GST for availing ineligible ITC credit of purchase of nil rated product and B has paid of the same demanded by govt now B trying to recover wrong charged GST from S, S is not willing to issue credit note, informing that matter is very old of FY 18-19 and they can not get back amount paid to govt under this circumstance can B apply for refund from Govt as he has paid undue tax as neither seller is liable to pay nor buyer is liable to pay any GST on nil rated product under "undue enrichment" to be refunded back to the payer/suffer, here to Buyer B
BY: VIPUL JHAVERI
Total Answers : 2 | View Answers | Post Answers
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44647 |
May, 08
2024
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GST - ( 082701 )
Applied for GST cancellation on 26-4-24 wef 31-3-2024
Last GSTR 3B for march filed a couple of days back Also some interest is payable How should I pay Late fee and Interest
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44646 |
May, 06
2024
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GST - ( GST IMPLICATIONS ON MUSIC DISTRIBUTOR )
Dear Forum,
I would like to inquire about the tax (gst) implications for a music distributor who publishes albums for musicians and receives music royalties on their behalf from platforms like Spotify, depositing them into their bank account before paying the royalties to the artists. Should these royalties be taxed under GST, or are they exempt? Additionally, who is responsible for paying this tax?
BY: MUHAMMED AMEEN GUNAJE MOIDU HAJI
Total Answers : 1 | View Answers | Post Answers
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44644 |
Apr, 25
2024
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INDIRECT TAXES - ( 082701 )
A Firm wants to surrender GST registration wef 31-3-24
It is filing its GSTR 3B on 26 alongwith Taxes payable
Can it pay Late fees as well as Interest @18% in this return as well as it does not want to carry return filing in 24-25 Fin Year
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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44645 |
Apr, 25
2024
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CORPORATE & OTHER LAWS - ( PROBLEM FACED DUE TO MERGER OF CA FIRMS )
I was Practising As A Sole Proprietor till 09-Jan-2024. thereafter my firm was merged with another partnership firm from 10-Jan-2024 till now. My Sole Proprietorship was Appointed As Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3, Just informing board of Directors of companies is sufficient.
I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response.
Is there any notification, guidance anything to support the view.
BY: ROSHAN CHHAGAN PAWAR
Total Answers : 2 | View Answers | Post Answers
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44642 |
Apr, 23
2024
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DIRECT TAXES - ( FORM 10 AB )
Section selected is 10(23c) instead of 12A. Form Application is not yet approved. Is there any way to withdraw application and file new with correct section
BY: CA. CHAVAN TRUPTI GAJANAN
Total Answers : 3 | View Answers | Post Answers
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44640 |
Apr, 18
2024
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GST - ( 082701 )
For nonfiling of return/nonpayment of tax by supplier of goods If SCN is issued to asessee for excess input claim of input Whether interest and penality be imposed if the Excess claim in GST credit ledger is unutilised
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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44639 |
Apr, 17
2024
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Companies Act, 2013 - ( CONSTRUCTION OF BUILDING CONSIDERATION FOR OCCUPANCY RIGHT )
The Private Limited company is getting lease of land and development cum occupancy right for 30 years from trust. The trust will get building constructed by company (builder) as donation when completed and some fixed rental amount yearly basis for lease. The company (builder) will use such property for rental income for 30 years.
How to give treatment of such donation in books of company ? Can we consider it as intangible asset (consideration for occupancy right)? Can we amortize it for 30 years? Please guide.
Further, How to treat in books of accounts of trust. ?
Thanks in Advance.
BY: CA DHAVAL GHADIYALI
Total Answers : 0 | View Answers | Post Answers
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44638 |
Apr, 15
2024
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DIRECT TAXES - ( CHARITABLE & RELIGIOUS TRUST )
Form 10 under Rule 17(2) is required to be submitted electronically two months before the due date of return. Can you please guide as to what is the due date for making such eligible investments, i.e. by when the deposit/investment of the money referred to in clause (b) of sub section (2) of Section 11 of the IT Act is to be made.
BY: Nilanjan Kayal
Total Answers : 2 | View Answers | Post Answers
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