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Que. Id Date Description
44795
Feb, 13
2025
DIRECT TAXES - ( TAXABILITY OF NRI )

Divya is working as a Technical Advisor (contract role) for Quintessence Technology as freelancer and receives a net salary of ?2,35,000 per month after 10% tax deduction in Malaysia. The salary is received in her Indian bank account, but she is NOT residing in India and qualifies as an NRI. Whether this will fall under section 5 of Income tax act and same will be taxable on the basis of receipt if not what is the taxability as per section?

BY: DEEKSHA GARG

Total Answers : 0 | View Answers | Post Answers

44796
Feb, 13
2025
MISC. - ( PEER REVIEW )

As per recent peer review notification, practice units which propose to undertake the statutory audit of entities which have raised funds from public or banks or financial institutions of over 50 cr or any body corporate including trusts which are covered under public interest entities are required to have PRC. My query is which trusts are covered under public interest entities ? Whether all public charitable or religious trusts are covered under this category even if they have not raised funds from public or bank above 50 cr ?

BY: CA KEYUR SUKHWANI

Total Answers : 0 | View Answers | Post Answers

44793
Feb, 12
2025
DIRECT TAXES - ( REBATE UNDER SECTION 80GGC ( DONATION TO POLITICAL PARTIES) )

UNDER NEW TAX RAGIME, CAN WE DO DONATION TO POLITICAL PARTIES AND CLAIM REBATE UNDER SECTION 80GGC FOR THE FINANCIAL YEAR 2024-25. PLEASE ADVISE

BY: RAJEEV KUMAR

Total Answers : 1 | View Answers | Post Answers

44794
Feb, 12
2025
DIRECT TAXES - ( TRANSIT RENT RECEIVED BY LEGAL HEIR )

In few of the rulings High Court has clarified that Transit Rent i.e. Rent received for temporary accommodation by the owner of a property under redevelopment will be considered as "Capital Receipt" and hence will not be subjected to tax. However, in case where the developer / builder has defaulted in payment of rent and pay in arrears after a few years after the death of the owner, the arrear is paid to the legal heir of the deceased owner, what will be the Income Tax Treatment of the arrears received by such legal heir.

BY: SHRUTI P BUDH

Total Answers : 0 | View Answers | Post Answers

44792
Feb, 08
2025
GST - ( REQUIREMENT OF REGISTRATION )

If a person is having authorized service station of any vehicle company but his total turnover is Rs.12 lac only, whether he is liable for compulsory registration as per Section 24 of CGST Act?

BY: CA ATUL TOSHNIWAL

Total Answers : 2 | View Answers | Post Answers

44791
Feb, 05
2025
DIRECT TAXES - ( 082701 )

A cooperative society was issued intimation by CPC in 2015 raising demand of Around 2.50 Lacs by disallowing Sec 80 P deductiowhile filing IT return the professional had wrongly mentioned status as cooperative bank instead of cooperative society The secretarey of the society was not aware After issuing refunds till 2021-22 Fin Year Income tax departmewnt has started adjusting refund against pending payment which has become around Rs 9 Lacs because of interest Appeal filed with Commissioner appeal to condone delay in filing appeal has been dismissed stating they there is not sufficient cause for delay Whether going to Tribunal is advisable as case has been dismissed on technical grounds not on merit

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44790
Feb, 04
2025
GST - ( SECTION 50(1) VS RULE 88B(2) )

Taxpayer has missed out two invoices in GSTR 1 and GSTR 3B for the FY 2021-22 but reported in GSTR 9 and paid the taxes and interest on net liability. (ITC was maintained from due date till the payment at the time of GSTR 9). But the officer issued SCN to pay interest on entire taxes i.e., interest should be paid on gross liability as per Rule 88B(2) as the taxpayer did not reported in GSTR 1 and 3B. Any supporting inputs to pay interest on cash portion only? Thanks in advance

BY: CA. MADAGALA VENKATA RAMANA

Total Answers : 1 | View Answers | Post Answers

44789
Feb, 03
2025
AUDIT - ( FCA IS DIRECTOR REQUIRE SPECIAL PERMISSION )

A practicing CA who is FCA, and he is having directorship in 4 companies as whole time director what are the implication as per ICAI ACT and how to intimate to ICAI and whether he can continue authentication or not

BY: DEEKSHA GARG

Total Answers : 2 | View Answers | Post Answers

44787
Feb, 02
2025
DIRECT TAXES - ( 082701 )

Whether TDS is required to be deducted if Payments exceed threshold limits i.e 50000or 20000 or 600000 (for Professional service,Brokerage and rent paymennts respectively) or payments should be below these limits

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

44788
Feb, 02
2025
DIRECT TAXES - ( 082701 )

In budget 2025 Up to 12 Lacs Deduction of Rs 60000 can be obtained under sec 87A If taxable income is 1220000 whether tax liability will be 63000 plus Surcharge or Rs 20000 plus surcharge

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44786
Jan, 29
2025
GST - ( GST ON FOOD SERVICES GIVEN IN HOSTEL AND ITS CLUBBING WITH ACCOMODATION )

My question is with respect to whether food, internet services are provided along with accommodation outside educational premise by a private PG service are exempt or not , after the the decision of 53rd council meeting where accomodation services are exempt when stay is more than 90 days and rent is below 20,000 per month. Since only 'accomodation services' words are used in the notification under entry 12A and the chapter within notification that has written is chapter heading 9963 which has a heading accommodation, food ,beverages. Whether PG services provided along with food, internet services is considered exempt services or it is considered as a composite supply and be liable to GST since,only accomodation services exempt.

BY: YAGNESH

Total Answers : 2 | View Answers | Post Answers

44785
Jan, 27
2025
MISC. - ( FCA IS DIRECTOR REQUIRE SPECIAL PERMISSION )

A practicing CA who is FCA, and he is having directorship in 4 companies what are the implication as per ICAI ACT and how to intimate to ICAI and whether he can continue authentication or not

BY: DEEKSHA GARG

Total Answers : 2 | View Answers | Post Answers

44784
Jan, 25
2025
DIRECT TAXES - ( 082701 )

A cooperative milk producers society that is eligible for deduction under sec 80 P has to file ITR in January or feb 25 It is not claiming deduction under sec 80P for FY 23-24 Can it file under new tax regime and under old tax regime next year i.e FY 24-25

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44783
Jan, 23
2025
DIRECT TAXES - ( REMUNERATION TO PARTNERS )

Can a firm pay salary to its partners under employment contract? Will that come under the scope of 40(b) of the Income Tax Act, 1961?

BY: Abi Muthuraj

Total Answers : 3 | View Answers | Post Answers

44781
Jan, 20
2025
AUDIT - ( 237159 )

Any Requirements in Relation to Audit and Accountancy in Bhubaneswar?

BY: PANKAJ KUMAR MOHANTY

Total Answers : 1 | View Answers | Post Answers

44782
Jan, 20
2025
MISC. - ( PART TIME COP HOLDER WORK ALLOWED )

What are the professional works are allowed for a Part-Time COP holder member? Can he engage in representation before Tax authorities or can he share opinions on various matters?

BY: Vivek Singh

Total Answers : 1 | View Answers | Post Answers

44780
Jan, 19
2025
MISC. - ( HOLDING DESIGNATED PARTNER POSITION IN AN LLP )

Can a CA holding COP be a designated partner in a business consultancy LLP firm partnering with CS and assigned with Finance& Accounts function and no statutory audits. Does this require a prior permission from council? How to apply for this?

BY: sreevidhya v pai

Total Answers : 1 | View Answers | Post Answers

44779
Jan, 17
2025
DIRECT TAXES - ( SALARY AND 80CCD(2) NETTED )

FY 2021-22 Actual Salary Rs 20 lakh. 80CCD(2) Rs 200,000/- Form 16 clearly mentions this. But while return, the client filed it as Salary Rs 18 lakh and 80CCD(2) ZERO. 143(1) initimation came stating that you have shown lower salary and demand came Rs 30000. Ignorantly Assessee paid the demand instead of revising the return. Now assessee want to get back Rs 30000 he paid out of ignorance by showing Salary Rs 20 lakh and 80CCD(2) Rs 200,000/- as mentioned in Form 16 What is the way out? Is this a mistake apparent on record to file rectification return or should assessee go for 119(2)(b)?

BY: Sivaraman A.R.

Total Answers : 1 | View Answers | Post Answers

44778
Jan, 07
2025
ANNOUNCEMENT - ( 204398 )

I had been receiving daily mails in my official mail from the PDC-ICAI which i do not receive now. I do not get the ejournal or the daily mails kindly subscribe me to get these valuable mails

BY: CA. RENJITH K K

Total Answers : 2 | View Answers | Post Answers

44775
Jan, 06
2025
GST - ( GST RATE )

A chain of restaurants has one central kitchen in one city for supplying food (in fully cooked and semi-coooked form) to franchised standalone restaurant located in city and near city..can main kitchen charge 5% gst on the same??

BY: Ninad Prataprao Shete

Total Answers : 3 | View Answers | Post Answers

44776
Jan, 06
2025
MISC. - ( UNABLE TO CREATE USER ID FOR CAG EMPANELMENT )

I have been joined Shailendra Mishra & Associates on 12th Nov 2024. Shailendra Mishra & Associates (FRN -036800C) was incorporated on 20th July 2024 as a sole propritorship firm and later on converted intopartnership firm on 12th Nov, 2024. Now we want to empanel this firm with CAG, however we are not able to do so as we don't have the login credentail. Kindly help and guide.

BY: SATISH KUMAR SINGH

Total Answers : 2 | View Answers | Post Answers

44777
Jan, 06
2025
MISC. - ( 552646 )

i want to convert my proprietorship firm into partnership firm but there are questions in my mind pls help: 1. I have to resign from existing companies and appoint my partnership firm as auditor? or partnership firm will automatically become auditor of existing companies? 2. What procedure should i follow for conversion ? like first partnership deed is to be made or some approval required from icai first? 3. Will FRN no. will be same ?

BY: AAKASH GARG

Total Answers : 1 | View Answers | Post Answers

44772
Jan, 04
2025
DIRECT TAXES - ( 228923 )

Dear All, I have a Query, One of my client has converted his agriculture land in to Non Agriculture land and has made 30 plots in year 2021, and he has sold 2 plots in FY 2021-22 and 2 plots in FY 2022-23, during the FY 2023-24 he has executed a partition deed among his family members(3 sons) and has given 9 plots to his 3 sons in the partition deed. 1. Now my query is do i have to show these 9 plots in my sale consideration and pay tax on it or should i say i have gifted those plots to my family and debit my capital account and pay no tax. 2. Can Stock in trade be gifted/partitioned among family members and what would be the tax implications on it ?? Kindly request to post your reply as early as possible.

BY: SHAILESH KUMAR

Total Answers : 1 | View Answers | Post Answers

44773
Jan, 04
2025
Service Tax - ( SERVICE TAX ON ASSOCIATE PERSON OF GATI TRANSPORT )

ASEESSEE PROVIDE TRANSPORT AND LOADING AND UNLOADING OF GOODS SERVICE TO GATI TRANSPORT AS A ASSOCIATE , WHETHER SERVICE TAX LEVIABLE ON THIS TYPE OF SERVICE??

BY: Ninad Prataprao Shete

Total Answers : 1 | View Answers | Post Answers

44774
Jan, 04
2025
GST - ( RATE OF GST )

A chain of restaurants has one central kitchen in one city for supplying food (in fully cooked and semi-coooked form) to franchised standalone restaurant located in city and near city..can main kitchen charge 5% gst on the same??

BY: Ninad Prataprao Shete

Total Answers : 1 | View Answers | Post Answers

44769
Dec, 27
2024
INDIRECT TAXES - ( 082701 )

A HUF consisting of Father mother and son is existing Does have movable property only There is daughter in law married around two years back and a granddaughter also a few months old Whether Family settlement is ideal amongst Father Mother and son If Partion deed is opted whether it will attract stamp duty

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44770
Dec, 27
2024
INDIRECT TAXES - ( 082701 )

A HUF consisting of Father mother and son is existing Does have movable property only There is daughter in law married around two years back and a granddaughter also a few months old Whether Family settlement is ideal amongst Father Mother and son If Partion deed is opted whether it will attract stamp duty

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44771
Dec, 27
2024
Service Tax - ( PROCEDURE TO CLAIM SERVICE TAX APPEAL REFUND )

KIND ATTENTION SIR, THE ASSESSEE HAS FILED AN APPEAL DURING THE FY 2022 WITH THE APPELLATE AUTHORITY WITH REGARD TO SERVICE TAX DEMAND . THE APPEAL HAS BEEN ALLOWED AND ORDER HAS BEEN RECEIVED IN FAVOUR OF THE ASSESSEE . KINDLY GUIDE US TO GET REFUND OF TAX DEPOSITED AT THE TIME OF FILING APPEAL. WHETHER REFUND APPLICATION FORM TO BE FILED MANUALLY OR THROUGH ONLINE WITH SERVICE TAX DEPARTMENT . THANK YOU SIR

BY: P.SHANGAR

Total Answers : 1 | View Answers | Post Answers

44767
Dec, 26
2024
DIRECT TAXES - ( INCOME-TAX PORTAL )

How to remove an existing Director from a private limited company in Income-tax portal, (in continuation to query ID 44766) . Profile page does not allow the same, any possible solution.

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44768
Dec, 26
2024
GST - ( GST )

assessee has taken gst credit in gstr 3b but by mistake not taken entry in audited books of account can assessee claimed credit

BY: Amit

Total Answers : 2 | View Answers | Post Answers

44766
Dec, 25
2024
DIRECT TAXES - ( INCOME-TAX PORTAL )

How to remove an existing Director from a private limited company

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44763
Dec, 24
2024
GST - ( TURNOVER OF GSTR 1 IS HIGHER THAN GSTR 3B )

Dear all, GST dept has sent notice regarding mismatch of turnover shown in GSTR 1 and that of shown in GSTR 3B resulting in demand of additional tax and interest. Turnover shown in GSTR 3B had been considered in GSTR 9 & 9C,properly reflected in 26AS /TIS and considered while submitting 3CB & 3CD. Concerned GST officer is reluctant to consider all these things.He is demanding additional tax on differential amount with interest. Please guide,how to go about it ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 2 | View Answers | Post Answers

44764
Dec, 24
2024
OTHER BODIES - ( EMPLOYMENT & PRACTICE )

If a company wants me to appoint as CFO, in what ways I can continue my practice experience with or without signing. Please provide the needful solution asap.

BY: ABHAY CHOPRA

Total Answers : 3 | View Answers | Post Answers

44765
Dec, 24
2024
GST - ( GSTR 9 )

An invoice was wrongly reported by the party in GSTR-1 of March 2024. As a result, in my GSTR 2B for March 2024 this extra invoice was featuring. In line with Circular 170 reporting, I availed the credit and simultaneously reversed it in table 4(B)(2) so that the credit is not coming in my GSTR 3B. Subsequently, the invoice was amended in April 2024. In GSTR 3B of April 24, I reclaimed the credit earlier reversed and the amendment done by counterparty ensured that net effect on ITC became NIL. Now how to disclose the claim and reversal of this extra invoice in GSTR 9 for FY 23-24 & FY 24-25

BY: RAHUL PARASRAMPURIA

Total Answers : 1 | View Answers | Post Answers

44761
Dec, 18
2024
GST - ( GSTR 9 AND GSTR 9C ISSUE )

Negative difference in Table 8 of GSTR 9: 1. Due to ITC taken, but necessary invoice was never uploaded by supplier (finally reversed within due time) and 2. Due to ITC taken for previous year, duly reflected with stipulated time and reflected in GSTR 9 of PY. Difference in table 9 of 9C: 1. Due to outward supply of previous year duly amended in GSTR1 and GSTR3B of July next year and 2. Due to ITC taken, but necessary invoice was never uploaded by supplier (finally reversed within due time) as above. How to resolve or show the same

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44762
Dec, 18
2024
GST - ( HOW TO SHOW SALE PROCEEDS OF A PROPERTY IN GSTR 9 )

In case of an assessee who is renting an immovable commercial property we show rent of property in gst 1 and gst 3 and pay gst on rent . But if in an year if that property is sold after receiving oc than gst is not applicable on it..will sale proceeds of property be shown in GSTR 9 as no supply turnover or is it not required to show sale proceeds of property in GSTR 9 as it is a capital gain

BY: NISHANT NARANG

Total Answers : 1 | View Answers | Post Answers

44759
Dec, 16
2024
DIRECT TAXES - ( LAND LEASE CHARGES )

Whether land lease charges paid upfront for future period (say, for next 50 years) allowable under IT Act over the same period?

BY: balasubramanian

Total Answers : 4 | View Answers | Post Answers

44760
Dec, 16
2024
MISC. - ( OCI HOLDER ARE PARTNERS AND HOLDING 99% )

A partnership firm floated with 3 partners out of which 2 partners are Overseas Citizen of India and both of them contributed 99% of capital and profit sharing also 99%. Please clarify whether OCI can float partnership firm and contribute 99% capital and what are the compliances to be made

BY: E VARALAKSHMI

Total Answers : 2 | View Answers | Post Answers

44758
Dec, 12
2024
MISC. - ( CODE OF ETHICS )

Queries related to Code of ethics 1.Is it mandatory to use common logo of CA. There are many firms which does not use common CA logo. However they write their firm name with some different symbol ( like Star or Box or upward arrow) or colour or design. Is this correct. 2. Can we use Common CA logo and Firm name with some different symbol ( like Star or Box or upward arrow) or colour or design. 3. Is there any restriction or Guidelines for writing name of firm. Whether related to style,design, colour, etc ? 4.Can write name of firm uniquely or some other colour background or some symbol/Designs etc. 5.Can we mention QR code on Signboard and Letterhead. ? 6.Can we display name of services in our office premises 7. On Linekdin , Can we prepare separate profile of Firm . Is there any guidelines for Firm Profile . Can we show Linkedin symbol in visiting card 8.Can we mention minimum recommended fees of ICAI on our website

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44757
Dec, 09
2024
DIRECT TAXES - ( SECTION 80JJAA )

For claiming deduction under section 80JJAA, whether contract labourers are to be considered. Due to contract workers, the head count at the end of the year increases compared with that at the beginning of the year.

BY: balasubramanian

Total Answers : 3 | View Answers | Post Answers

44756
Dec, 04
2024
DIRECT TAXES - ( CLARIFICATION ON REPORTING ADVANCE PAYMENTS FOR UNDER-CONSTRUCTION FOREIGN PROPERTY IN SCHEDULE FA O )

Considering the property is under construction and the title has not yet been registered in the taxpayer's name, should the advance payment be disclosed under the "Details of Immovable Property" section of Schedule FA?

BY: CA. KHURANA PANKAJ

Total Answers : 3 | View Answers | Post Answers

44754
Dec, 03
2024
DIRECT TAXES - ( ORDER PASSED U/S 147 WITHOUT GIVING PREPAID TAX AND TDS CREDIT )

In faceless assessment of reopening case order u/s147 was passed but by mistake the credit is not given for Prepaid taxes and TDS so what is the remedy . As only filing of appeal is the only option ?

BY: CA. HEMANG KISHORBHAI AMBANI

Total Answers : 2 | View Answers | Post Answers

44755
Dec, 03
2024
GST - ( HOW TO TAKE BENEFIT OF SEC16(6) )

In this case 2020-21 notice is issued DRC-01 History - Sept-2020 to Mar-2021 return was filed on 10.01.2022 ( as number was cancelled and appeal was filed and then after restore all pending return were filed ) so all ITC claimed in this period is disallowed . The notice is issued before sec 16(6) is enacted. Here query is The appeal order was passed on 24.11.2021 with condition to file all pending returns within 5 days. But to file return GST portal need to give access technically restore of GST Number. So, Ghatak given restore effect on 05.01.2022 and we file all pending returns before 10.01.2022 So my question here is that genuinely 30 days as per sec 16(6) shall be counted from activation of GST number on portal . But we don't have any evidence ( GST REG 20,) which proves our genuineness. No restore order available online. So any solution to this query pls

BY: CA. HEMANG KISHORBHAI AMBANI

Total Answers : 0 | View Answers | Post Answers

44753
Dec, 02
2024
GST - ( IGST REVERSAL )

IGST reversal due to CDNR was not effected in GSTR 3B as there was no IGST sale in the respective return, and GSTR 3B not consider it automatically in next month. Can manual reduction of liability be made in 3B

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44752
Nov, 30
2024
MISC. - ( 082701 )

Goods have been sent to Canada by Speed post (Indiapost)Bill has been given to Post office What is the next requirement to be fulfilled

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44750
Nov, 21
2024
GST - ( 082701 )

If we have to sed goods abroad to close relative Can it be sent without issuing bill In case we send it from a business Firm whether we have to issue invoice as well as pay IGST

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44751
Nov, 21
2024
GST - ( RCM ON RENT PAID TO GOVERNMENT )

AS PER NOTIFICATION NO 03/2018 DATED 25.01.2018 GST ON REVERSE CHARGE BASIS TO BE PAID BY "Any person registered under the Central Goods and Services Tax Act, 2017" FOR "Services supplied by the Central Government, State Government, Union territory or local authority by way of renting of immovable property to a person registered under the Central Goods and Services Tax Act, 2017" and As per section 24 (iii) of CGST Act "person who are required to pay tax under reverse charge" is compulsory liable for registration. My query is if a person having turnover less than 10 lakhs and paying rent for commercial property to Government whether required to pay tax under reverse charge. On other way whether he is required to registered compulsorily under GST act to pay GST on reverse charge basis.

BY: ABHISHEK MITTAL

Total Answers : 1 | View Answers | Post Answers

44748
Nov, 18
2024
Companies Act, 2013 - ( ROTATION OF STATUTORY AUDITORS PARTNERSHIP FIRM )

Whether the same partner can sign the financials of a listed entity for the sixth to seventh year in a row for a firm of statutory auditors ? As SQC 1 explains that signing partner can be engagement partner for seven years in a row of a listed entity? Is there any preventive clause anywhere in Companies Act,2013 to prevent a signing partner to sign the financials for sixth year in a row.As companies act says 50% of audit team should be rotated .But silent about the signing partner.

BY: DIXIT SHAILENDRA PREMSHANKAR

Total Answers : 0 | View Answers | Post Answers

44749
Nov, 18
2024
DIRECT TAXES - ( FILING OF UPDATED RETURN )

Assessee has a refund of Rs.1.70 lakhs in original return for AY 2023-24. But it was never paid and demand was raised by intimation under 143(1a) for Rs.54 lakhs due to clerical error in capital gain reporting. Now there are other items left out and the assessee wants to file an updated reuturn. However systems takes Rs.1.70 as paid and tax is computed over and above that amount. Is there any solution?

BY: ALAMELU N N

Total Answers : 3 | View Answers | Post Answers

44746
Nov, 13
2024
AUDIT - ( 082701 )

Whether MSME category of Chartered accountants gets any priority in audit alottments If not Whether any of the Central Council member has included this in their agenda while approaching for votes

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44747
Nov, 13
2024
DIRECT TAXES - ( INCOME TAX TREATMENT OF CONVERSION OF PROPRIETORSHIP INTO LLP )

I have converted a Proprietorship into LLP w.e.f. 08.04.2024 and all the assets and liabilities of the said proprietorship have been transferred into LLP. Thus, Sale from 01.04.2024 to 07.04.2024 are in the proprietorship firm and from 08.04.2024 onwards the sales and all the business transactions are appearing in the LLP. Now my questions are: 1. What will the tax treatment in the hands of the person whose business has been transferred into LLP ? 2. How will the ITR of that person be filed ? 3. What entries are required to be made in his ITR with respect to the transfer of business to LLP?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44745
Nov, 09
2024
MISC. - ( PEER REVIEW )

As per revised applicability of peer review mandate (Phase II & III), Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities are to be covered from 01.01.2025. How can we identify trusts which are covered under public interest entities ? Do all Public Charitable and/or Religious Trusts fall under the category of public interest entity ? Is there any threshold monetary limit for these trusts ?

BY: Nilanjan Kayal

Total Answers : 1 | View Answers | Post Answers

44744
Nov, 06
2024
DIRECT TAXES - ( CONDONATION OF DELAY )

DEAR ALL, CAN ANYBODY TELL ME HOW AND WHEN CONDONATION OF DELAY IN FORM NO 35 IS TO BE SUBMITTED BEFORE CIT(APPEALS) ????

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

44743
Oct, 27
2024
AUDIT - ( 082701 )

Can a firm with plumbing service of Rs 49 Lacs and Goods sale of 20 Lacs is required to get Tax Audit compulsorily If it opts for Presumptive taxation How much profit should be shown for plumber service

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44742
Oct, 23
2024
DIRECT TAXES - ( 082701 )

A firm providing plumber service Value around 50 Lacs and at the same time selling motors etc of 20 Lacs Whether Tax audit is necessary

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44741
Oct, 19
2024
AUDIT - ( 082701 )

A firm is in loss to the tune of Rs 50 Lacs A Tax Audit report is to be revised and a few Balance sheet figures are also to be amended Whether it can cause problem from Income Tax End

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44740
Oct, 16
2024
DIRECT TAXES - ( 082701 )

A restaurent has been opened (additional branch of existing franchisee) Expenses incurred on inaugration includes Hotel and travelling expenses of family members. Whether these can be amortised/capitalised

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44738
Oct, 15
2024
AUDIT - ( 082701 )

TAR has been filed without filling clause 18 (depreciation particulars) Can we revise TAR filling assets details but not claiming Depreciation in a Partnership firm

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44739
Oct, 15
2024
GST - ( 082701 )

I want to add certain figure in GST sales in B2Cs (unregistered Sale) to already filed B2Cs figure in GSTR 1 but old figure is not visible in GSTR 1A Will this figure be added to already filed GSTR1

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44737
Oct, 14
2024
GST - ( ITC ON SUBSIDIZED PRODUCTS TO COMPANY OWN DIVISION IN OTHER STATE )

A manufacturing company producing taxable and exempt goods in Rajasthan and send some of exempt goods as sample @Rs.1/- per item excluding GST (whereas GST is Nil) to Delhi head office (Both have different GSTIN but related parties as PAN is Same) but the market price of such item is Rs.115/- per item. The main raw material also exempt received from other vendor but the other packing materials which is purchased by another division under same GSTIN and transferred to Manufacturing division through delivery challan, used in production of such exempt good is taxable under GST. How this would be treated as GST credit taken or reversal of ITC. can a organization sell Goods lesser than cost because it will create a gap between ITC availed and Output liability in case of taxable goods.

BY: UMESH SHARMA

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44736
Oct, 02
2024
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

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44735
Sep, 27
2024
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
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

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44734
Sep, 23
2024
DIRECT TAXES - ( 082701 )

Whether Clause 44 of Tax Audit report applies to Construction co only providing service activity also

BY: Mahesh Kumar

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44732
Sep, 22
2024
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
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

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44730
Sep, 12
2024
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
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

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44728
Sep, 07
2024
COUNCIL DECISION - ( HOW TO APPLY FOR SPECIFIC PERMISSION UNDER 190A )

How to apply for specific permission under 190A

BY: ANKIT BHANSALI

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44729
Sep, 07
2024
MISC. - ( CA PROPRIETORSHIP FIRM MERGE INTO PARTNERSHIP CA FIRM )

My doubt is when ca proprietorship firm merge into partnership ca firm and proprietor ca become partner in partnership firm is number of this partner counted as CAG empanelment or other tender qualifying marks ??

BY: CA PRADEEP KUMAR YADAV

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44726
Sep, 05
2024
DIRECT TAXES - ( TRANSFER OF BUSINESS & CONVERSION OF PROPRIETORSHIP TO PARTNERSHIP )

Dear all, What will be the Capital Gain implications in case entire proprietorship business had been transferred to daughter after death of her father ?? Second question is that what will be the Capital Gain implications in case such daughter along with two other sisters constitutes partnership by way of discontinuance of proprietorship wef 01/01/2024 ??

BY: SUDIP KUMAR MUKHOPADHYAY

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44724
Sep, 04
2024
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

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44725
Sep, 04
2024
COUNCIL DECISION - ( INVEST IN SHARE AND MUTUAL FUND IN CA LLP NAME )

Whether a CA Firm in Practice in LLP mode can invest in share and mutual fund in LLP Name

BY: ANKIT BHANSALI

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44722
Sep, 03
2024
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

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44723
Sep, 03
2024
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

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44721
Sep, 02
2024
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

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44720
Sep, 01
2024
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

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44719
Aug, 28
2024
GST - ( GST ON SALE OF DISTRIBUTION RIGHTS OF PHARMACEUTICAL COMPANY )

Distribution rights of pharmaceutical company sold to other for consideration. Whether GST is levied

BY: CA ATUL TOSHNIWAL

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44718
Aug, 27
2024
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

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44717
Aug, 25
2024
Capital Gains - ( CAPITAL GAIN ON SALE OF SHARES ALLOTED UNDER PROMOTER QUOTA )

Equity shares of public limited co alloted under promoter quota sold. How the capital gain will be computed

BY: CA ATUL TOSHNIWAL

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44716
Aug, 24
2024
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

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44713
Aug, 21
2024
GST - ( DOUBTS REGARDING PAYMENT OF GST COMENSATION CESS ON AERATED WATER BY RESTAURANTS )

My client is doing restaurant service paying GST at 5% without claiming ITC. Is he liable to pay GST compensation cess on supply of aerated water in addition to this 5% GST.

BY: VISAKH

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44714
Aug, 21
2024
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

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44715
Aug, 21
2024
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

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44712
Aug, 20
2024
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

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44711
Aug, 19
2024
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

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44710
Aug, 12
2024
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

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44709
Aug, 11
2024
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

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44707
Aug, 10
2024
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

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44708
Aug, 10
2024
DIRECT TAXES - ( TAX AUDIT-FORM 3CD- CLAUSE 8A )

WHAT TO DO IN CLAUSE 8A OF FORM 3CD IN CASE INDIVIDUAL ASSESSEE IS GOING WITH DEFAULT TAX REGIME i.e. NEW TAX REGIME FOR AY 2024-25 ?

BY: CA SRIVASTAVA ATUL KUMAR

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44704
Aug, 08
2024
DIRECT TAXES - ( LINK TO 45 AMENDMENTS-FINANCE BILL (NO, 2) 2024 (AMENDED BILL) )

IF ANYONCE CAN HELP ME TO GET FILE / WEB PAGE LINK FOR "45 AMENDMENTS-FINANCE BILL (No, 2) 2024 (Amended Bill)"

BY: VIPUL JHAVERI

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44705
Aug, 08
2024
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

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44706
Aug, 08
2024
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

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44703
Aug, 07
2024
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

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44701
Aug, 06
2024
DIRECT TAXES - ( WHICH CLAUSE OF 80G (5) WILL BE APPLICABLE WHILE FILING FORM 10AB IN CASE PROVISIONAL APPROVAL EXPIR )

Sir, a Charitable society was granted provisional approval in form 10AC, valid up to March 2024. Form 10AB could not be filled within due dates due to some unavoidable reasons. Now society wish to apply for approval under sec 80G. Now question is, which form is to be filled 10A or 10AB. If 10AB to be filled than which clause to be selected in raw No. 2 of form 10AB as section code? Please advise, thanks.

BY: RAM KUMAR SARASWAT

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44702
Aug, 06
2024
DIRECT TAXES - ( SCOPE OF ENQUIRY UNDER SECTION 133(6), WHEN RETURN WAS FILLED SHOWING PROFIT UNDER SEC. 44AD. )

Sir, An assessee filed his return of income tax showing profit under section 44AD. Now DDIT / ADIT has asked to submit his Balance sheet, profit and loss account and capital account. While assessee not maintained books of account. Is DDIT / ADIT legitimate to ask for these documents, do we need to prepare it and submit? Please advice.

BY: RAM KUMAR SARASWAT

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44700
Aug, 01
2024
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

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44697
Jul, 30
2024
DIRECT TAXES - ( 082701 )

For calculating Capital Gain of people involved in Daily ative trading whether statement from Broking co is to be obtained

BY: Mahesh Kumar

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44698
Jul, 30
2024
DIRECT TAXES - ( 082701 )

NRI has sold his Flat in India and his ITR is also processed Can he remit his funds abroad now from NRO accounts

BY: Mahesh Kumar

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44699
Jul, 30
2024
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

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