• Registered Users :
  • 163021
  • Current Active Users :
  • 103475

Forum

DID YOU KNOW ?

You can add further comments to your query by clicking on "Add Comment".
This link will appear only, if you are logged-in with your user id and password. The same will appear as
"Querist Comment" on the Forum.

Click here to Post your Query >>
View Archive
Que. Id Date Description
44548
Sep, 21
2023
AUDIT - ( APPLICABILITY OF CARO 2020 )

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

BY: LAKSHMI NARAYANA PANTHANGI

Total Answers : 0 | View Answers | Post Answers

44549
Sep, 21
2023
AUDIT - ( 168743 )

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

BY: DHANESH GALA

Total Answers : 0 | View Answers | Post Answers

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

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

BY: SUBHASH CHANDER BHASHKAR

Total Answers : 0 | View Answers | Post Answers

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

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

BY: PRASHANT

Total Answers : 0 | View Answers | Post Answers

44547
Sep, 20
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 2 | View Answers | Post Answers

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

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

BY: ANIL SHARMA

Total Answers : 2 | View Answers | Post Answers

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

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

BY: ANIL SHARMA

Total Answers : 2 | View Answers | Post Answers

44544
Aug, 31
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Ankit Jain

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44539
Aug, 24
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

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

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

BY: VARAD JOSHI

Total Answers : 1 | View Answers | Post Answers

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

Kindly share Schedule III format and disclosure requirements

BY: C V KESAVAN

Total Answers : 2 | View Answers | Post Answers

44536
Aug, 21
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

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

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

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Ravindra Poojary G

Total Answers : 1 | View Answers | Post Answers

44531
Aug, 17
2023
AUDIT - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

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

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

BY: CA. VASUDEVAN P K

Total Answers : 0 | View Answers | Post Answers

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

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

BY: CA. VASUDEVAN P K

Total Answers : 0 | View Answers | Post Answers

44528
Aug, 13
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44525
Aug, 07
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

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

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

BY: CA. TOTLA RAJENDRA P

Total Answers : 0 | View Answers | Post Answers

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

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

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

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

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

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

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

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

BY: SIDDHARTH PADAMKUMAR MUNOT

Total Answers : 1 | View Answers | Post Answers

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

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

BY: ANKIT JAIN

Total Answers : 2 | View Answers | Post Answers

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

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

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Achuthan P

Total Answers : 0 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

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

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

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

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

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44511
Jul, 11
2023
Profits & Gains of Business & Profession - ( INTEREST AND REMUNERATION TO PARTNERS )

T/o of P'nership firm is less than 2 Cr but more than 1 Cr. Not declaring u/s 44AD but filing with books of accounts. Profit after deducting interest to partners is less than 8%. Is Audit u/s 44AB liable or can we just upload along with balance sheet and PnL?

BY: MITTI RAJESH DOSHI

Total Answers : 1 | View Answers | Post Answers

44510
Jul, 08
2023
MERGER & ACQUISITION - ( QUERY REGARDING CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )

I am a Practicing Chartered accountant practicing under Trade name and FRN. Also I am registered under RBI Bank branch audit panel and been alloted UCN. I am going to add one partner under my trade through which my proprietorship firm will get converted into partnership So I have two query due to above conversion : 1) Whether my FRN number and Trade Name will remain Same.? 2) Whether my UCN alloted for Bank branch audit panel will remain same.? As I want both the above things to remain unchanged.

BY: GOPAL NANAKRAM POPTANI

Total Answers : 2 | View Answers | Post Answers

44509
Jun, 30
2023
DIRECT TAXES - ( ITR FORM )

A person is having Salary income as well as a couple of Commission receipts Whetrher he can file ITR 1 or has to file ITR 3

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44508
Jun, 29
2023
DIRECT TAXES - ( TREATMENT OF EXEMPT INCOME )

Will income u/s 10 of Income Tax Act,1961 form part of taxable income ?? If not,Should we disclose it in ITR ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

44507
Jun, 28
2023
DIRECT TAXES - ( FIRST APPEAL IN RESPONSE TO EX-PARTE ORDER U/S 148 WHERE NO RETURN IS FILED )

In case of a company, no return has been filed and ex-parte assessment has been done under section 148 r.w.s. 144 and Now Appeal has to be filed. Whether advance tax has to be mandatorily be deposited (if there exists some capital gain income) before filing appeal as per Section 249(4)(b) ? Can't we file appeal and deposit final tax after disposal of appeal ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44505
Jun, 26
2023
DIRECT TAXES - ( LOSS FROM HOUSE PROPERTY )

An asessee has taken Housing loan around 5 years back for purchasing a flat. He is paying interest for last few years before registration of flat. During 2022-23 FY Registration was done and he got posession. Registation charges around 4 lacs were incurred. As there is no rent received This amount of 4 Lacs will result in Loss on housing property Can he carry forward Rs 150000- Los on house property and adjust it from Short term Capital gain during 2023-24 FY. Flat has been sold in 2023-24 FY and will be transferred shortly. Some principal amount payment has also taken place during 2022-23 FY

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44506
Jun, 26
2023
DIRECT TAXES - ( LOSS FROM HOUSE PROPERTY )

An asessee has taken Housing loan around 5 years back for purchasing a flat. He is paying interest for last few years before registration of flat. During 2022-23 FY Registration was done and he got posession. Registation charges around 4 lacs were incurred. As there is no rent received This amount of 4 Lacs will result in Loss on housing property Can he carry forward Rs 150000- Loss on house property and adjust it from Short term Capital gain during 2023-24 FY. Flat has been sold in 2023-24 FY and will be transferred shortly. Some principal amount payment has also taken place during 2022-23 FY

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44504
Jun, 22
2023
TDS/TCS - ( CORRECTION RETURN REJECTED AT E FILLING )

After adding all new challans and related deductees correction return of TDS for form no 26Q for FY 2022-23 Q4 has been rejected at e filling site.How to solve this problem ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

44503
Jun, 16
2023
GST - ( GST RECONCILIATION )

In terms of Circular No. 170/02/2022-GST dtd 06-07-2022, various restriction was imposed on ITC credit viz. non credit of goods not received, payment not made within 180 days of purchases etc. How to reconcile the same on yearly basis with GST portal data as the same doesn't provide bifurcation on each item

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44502
Jun, 15
2023
MISC. - ( TERM OF AN AUDITOR UNDER TELANGANA COOPERATIVE SOCIEITIESV ACT 1964 )

What is the maximum term of a chartered Accountant to conduct the audit of a credit co operative society under Talangana Co operative Societies Act 1964 . Is it three year or no such term

BY: Anwar Iqbal

Total Answers : 1 | View Answers | Post Answers

44501
Jun, 14
2023
DIRECT TAXES - ( ITRU )

A person has not filed ITR for 2020-21 and 2021-22 Financial years His income is 490000- and 495000- for the years.Can he file ITR by paying of Rs 1000- penality for each year and without paying any tax

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

44500
Jun, 06
2023
GST - ( REMEDY TO ADJUST LATE PAID TAX WITH INTEREST )

dear experts kindly guide for pharma mfg client for expansion bldg contractor during fy 20-21 raised bill say appx 50 lakhs and gst @18% at rs 9 lakhs was also added in his bill which were accounted and itc for 9 lakhs claimed however due to covid at contractor end due to hospitalisation of staff and owners contractor failed to file same in gst return nor paid this gst billed in 21-22 on pointing out he paid in dec 22 tax of 9 lakhs with 2 lakhs interest however now gst officer informed last date to-avail credit was sep 22 so no itc credit for co is possible and nor contractor get this back pl suggest way out to use this tax payment made and avail credit also pl note ,while paying in dec 22 vendor mention 21-22 invoice dates as 22-23 dates so then he can make payment in 22-23 for 21-22 bills possible

BY: VIPUL JHAVERI

Total Answers : 0 | View Answers | Post Answers

44499
Jun, 03
2023
Companies Act, 2013 - ( SEQUENCE OF FINANCIAL STATEMENTS )

Is there any basis for presenting the Financial Statements in the Sequence wherein Balance Sheet, then P & L , then cash flow and later on the other disclosures (RPT etc.). As one of our client wants to disclose the notes to account like RPT, Ratios, CSR with the accounting policy.

BY: PREYA LUNAWAT

Total Answers : 2 | View Answers | Post Answers

44498
May, 31
2023
GST - ( SERVICE OUT OF STATE FOR COMPOSITION SCHEME )

An architect is having registration under GST.He wants to opt for composition scheme as his last year turnover is less than 50 Lacs. Whether he will be able to provide services out of state in which he is registered as Composition tx payer

BY: Mahesh Kumar

Total Answers : 5 | View Answers | Post Answers

44497
May, 29
2023
ANNOUNCEMENT - ( REQUEST FOR PDICAI DAILY NEWS ROUNDUP DAILY NEWS LETTER )

I was receiving the PDICAI daily newsletter through mail. Due to unforeseen reasons I am not receiving the same for the last few months. I am interested in subscribing to the same. Kindly assist me to subscription for PDICAI daily newsletter.

BY: V KRISHNAKUMAR

Total Answers : 2 | View Answers | Post Answers

44496
May, 26
2023
GST - ( GST REGISTRATION FOR A NEW FIRM )

Even after getting Aadhar linked mobile and email verified and providing ownership proof,GST department is asking for bank statement (account is yet to open after GST registration),source of investment proof and declaration whether the property is under mortgage or not.

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44494
May, 25
2023
TDS/TCS - ( CORRECTION OF TDS RETURN OF Q4 OF FY 22-23 )

26Q has been submitted on 11 th May 2023 and accepted at CPC.But some corrections are required and two challans to be added.What to do ?? And what will be last date for that?? Plz let me know.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

44495
May, 25
2023
MISC. - ( RBI REGISTRATION DATE )

Our FRN is 011541c With unique code 781916 but i am unable to trace our Firm registration date with RBI

BY: CA. MANGAL SHARAD CHAND

Total Answers : 3 | View Answers | Post Answers

44493
May, 24
2023
DIRECT TAXES - ( SUBMISSION OF FORM 15H / 15G )

Dear Friends, I am A resident senior citizen (62 years of age) having only interest income of about Rs.6,50,000/= for Asst. Yr.2024-25. If I opt for the new scheme of taxation u.s.115BAC at the time of filing my Return of Income for Asst. yr.2024-25 then my Total Income will also be Rs.6,50,000/= and my tax liability will be NIL. Can I submit Form 15H to the Banks this year for non deduction of tax at source from my interest income. Also, can my wife (57 years of age) submit Form 15G to the Banks under the above similar conditions. Please advice accordingly. Thanks.

BY: Sudeep B. Sarwate

Total Answers : 4 | View Answers | Post Answers

44492
May, 23
2023
MISC. - ( 255279 )

Subject: Eligibility for LLB after CA I am a Chartered Accountant who completed my CA after 10+2. I do not have any degree, and I have not completed any degree from IGNOU. I wish to join an LLB program and start my own practice as an advocate in courts. I am aware that I must surrender my COP before starting practice as an advocate. I would like to know if I can join IGNOU to get a BCom degree and then join an LLB program. Will a degree from IGNOU be eligible for admission to an LLB program? Will the Bar Council of India make any objections while issuing COP to a person who has a degree from IGNOU? I would be grateful if you could provide me with any information that you may have on this matter.

BY: RYALI VAMSI KRISHNA

Total Answers : 1 | View Answers | Post Answers

44491
May, 19
2023
DIRECT TAXES - ( FUNDS RECEIVED FROM START UP- TAXATION IN THE HANDS OF EMPLOYEE )

Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44488
May, 18
2023
MISC. - ( PART-TIME COP )

Hi Team, I am having part-time COP & working in an MNC as an employee. Now I am having permanent work from home option. So can I place my name board outside my home & start provide tax consultancy services other than audit & signing related services? Thank you in advance!

BY: VITTAL MATARE

Total Answers : 2 | View Answers | Post Answers

44489
May, 18
2023
DIRECT TAXES - ( APPLICABILITY OF TDS ON TRAINING FEE PAID TO CAMBRIDGE UNIVERSITY U.K. )

Whether TDS has to be deducted on Training Fee paid to Cambridge University U.K. towards training provided to teachers of a school through video conferencing ?

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

44490
May, 18
2023
Startup Funding - ( TAXATION IN HANDS OF EMPLOYEE )

Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

44487
May, 16
2023
AUDIT - ( APPOINTMENT OF TAX AUDITOR )

As per section Section 288(2) one of the partner of the firm is relative of the assessee firm hence it is understood that he cant be auditor of that firm. But there are other partners also who are not relative. Can other partner of the firm conduct audit.

BY: DEEPAK K GUJRATI

Total Answers : 3 | View Answers | Post Answers

44486
May, 14
2023
DIRECT TAXES - ( 091663 )

A TRUST IS TO CREATED BY A SETTLOR IN RELATION TO AN IMMOVABLE PROPERTY ,SINCE THE TRUST HAS NOT YET BEEN REGISTERED U/S 12A WHAT IS THE POSITION OF TAXABILITY OF IMMOVABLE PROPERTY .

BY: vikas kalra

Total Answers : 2 | View Answers | Post Answers

44482
May, 13
2023
GST - ( DIFFERENT BILL BOOKS )

A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44483
May, 13
2023
GST - ( DIFFERENT BILL BOOKS )

A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44484
May, 13
2023
Service Tax - ( REGARDING PRE-DEPOSIT OF SERVICE TAX DEMAND FOR FILING APPEAL )

An unregistered assessee has to pre-deposit 7.5% of service tax demand for filing appeal. While applying for Non-assessee registration through aces tab on cbic portal, it generates only excise registration number and excise accounting codes for deposit of taxes. How to deposit the aforesaid pre-deposit amount then ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44485
May, 13
2023
DIRECT TAXES - ( SEC43B CLAUSE H FROM 01.04.2023 )

sir , could anyone explain new clause h inserted by FA2023, how it will be applicable and what is the scenario , if business entity has an agreement to pay the supplier say-90days , than , in such case will it be disallowed if paid after 45days.

BY: RAM SAMARIA

Total Answers : 1 | View Answers | Post Answers

44481
May, 12
2023
GST - ( TWO APPLICATIONS FORGST NO )

An application for GST registration has been made . though mobile no is authenticated E mail could not be. Now we can neither submit nor modify application till a notice comes from GST department Can We file another application with new Email address

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44480
May, 11
2023
MISC. - ( FINANCIAL SOLVENCY CERTIFICATE )

Can a Chartered Accountant issue Financial Solvency Certificate to his client for procuring a Government Contract ?

BY: ALOK NATH SAHA

Total Answers : 1 | View Answers | Post Answers

44478
May, 08
2023
MISC. - ( CODE OF ETHICS )

Can a Practicing Chartered Accountant suppose Mr. A in his personal capacity being a Proprietor of his 'A Firm' authentication Internal Audit Report of Listed Entity where one of the Director Mr. B of such Listed Entity and Mr. A are partners in another Chartered Accountant Firm named 'AB Firm'. Will there be any conflict of interest?

BY: Mitul Makwana

Total Answers : 0 | View Answers | Post Answers

44479
May, 08
2023
DIRECT TAXES - ( WHETHER 50C APPLICABLE )

ONE OF MY CLIENT HAD PURCHASED AGRICULTURAL LAND IN DECEMBER 2014 AND PAID SALE CONSIDERATION IN CASH WITHOUT EVEN EXECUTION OF AGREEMENT OF SALE. THE VENDORS WERE HUSBAND AND WIFE. THEY HAVE NOT EXECUTED SALE DEED AS ONE OF THE VENDORS ( HUSBAND) HAD DIED AND THE LEGAL HEIRS OBTAINED LEGAL HEIRS CERTIFICATE IN SEPTEMBER 2016 ON THE NAME OF THE DECEASED WIFE AND SON. AS THE MUTATION AND LAND HOLDING WAS NOT TRANSFERRED ON THE NAMES OF THE LEGAL HEIRS , THEY KEPT THE EXECUTION OF SALE DEED PENDING. NOW THEY ARE READY TO EXECUTE THE SALE DEED. BUT THIS PARTICULAR AGRICULTURAL LAND HAD BECOME URBAN LAND AND THE SUB REGISTRAR OFFICE VALUE HAVE GONE IN CRORES. MY QUERY IS WHETHER THE SRO CAN ADOPT THE VALUE AS OF THE CURRENT DATE OR THE YEAR IN WHICH THE ORAL AGREEMENT ENTERED INTO AND FULL SALE CONSIDERATION WAS PAID. THAT WHETHER STAMP DUTY VALUE AS ON DATE OF AGREEMENT TO SELL OR THE DATE OF REGISTRATION OF SALE DEED TO BE ADOPTED FOR SECTION 50C.

BY: Anwar Iqbal

Total Answers : 0 | View Answers | Post Answers

44477
May, 06
2023
GST - ( AADHAR AUTHENTICATION FOR GST REGISTRATIONS )

I have just submitted Application for GST Registration opting for aadhar authentication. While mobile no of applicant is attatched with his Aadhar, Email address is mine. Whether it will be possible to authenticate in this case. Whether uploading KYC documents of applicant would have been better option

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44476
May, 05
2023
Profits & Gains of Business & Profession - ( QUERY REGARDING FINAL REGISTRATION OF A NEW NGO UNDER SECTION 12AB OF THE INCOME TAX ACT AND THE DAT )

Hello fellow CAs, I am CA Vamsi Krishna Ryali (Membership No 255279) from Dwarapudi of Andhra Pradesh. and I have a query regarding the final registration of a new NGO under section 12AB of the Income Tax Act. My client is a new NGO that was incorporated on 23-Jun-2021. I applied for provisional registration under 12AB and it was approved on 31-Dec-2021. As per the provisions of the Income Tax Act, we must apply for final registration within six months of commencement of activities or before expiry of provisional registration whichever is earlier. However, we did not apply for final registration within six months because our client did not have many activities or donations till date. I would like to know the following: 1. How is the date of commencement of activities determined for the purpose of final registration under 12AB ? 2. Is this date subjective or objective ? 3. Is this date the same as the date of issue of provisional registration or different ? 4. Can this date be decided by the management of the NGO or is it fixed by law ? I request any clarification or guidance from the experts in this forum. Thank you in advance.

BY: RYALI VAMSI KRISHNA

Total Answers : 1 | View Answers | Post Answers

44475
May, 04
2023
GST - ( TWO GST REGISTRATION NOS FOR A COMMON PAN )

Can a person registered already under GST apply for another GST no under the same PAN by forming another Prop Firm Whether GST authorities generally raise any objection?

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

44474
May, 01
2023
DIRECT TAXES - ( TDS ON NRI )

An asessee has gone abroad in Sep 2021 and has visited india in FY 22-23 for 43 days only. He will be nonresident for 2022-23 . If he sells a flat here in India in FY 23-24 which he has got posession of in Dec 22 .For calculation of his cost ,Consideration paid to a housing co mentioned in registry is around Rs 50 Lacs but adding GST part will be around 60 Lacs If he applies in form 13 to asessing officer for no deduction/Lower deduction of TDS whether it will be issued easily ?What are the other formalities to be complied in this case.Whether this consideration be deposited in normal saving account in India for further remittance to abroad

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44473
Apr, 27
2023
DIRECT TAXES - ( ALLOWABILITY OF ELECTRICITY SUPPLY CONNECTION CHARGES PAID TO STATE ELECTRICITY BOARD )

Whether Rs. 14 lakhs paid by an assessee to WBSEDCL (W.B. State Electricity Development Corporation Ltd.) towards installation of electric poles, cable laying and transmitter for new industrial electric supply connection at his newly constructed rice mill (based on their quotation). The poles, cables and transmitter shall continue to be the property of the WBSEDCL. Commercial production has not yet been commenced in the rice mill. Whether the expenditure shall be debited in full in the profit & loss account of the assessee in the year of payment and the same is allowable as revenue expenditure u/s 37(1) of the Income Tax Act, 1961? Please reply. With regards!

BY: ALOK NATH SAHA

Total Answers : 3 | View Answers | Post Answers

44472
Apr, 26
2023
CORPORATE & OTHER LAWS - ( DIRECTOR REMOVAL )

How to remove an existing director from Private limited company. Several notices were issued for attending Board meetings and all such meeting was not attended. DIN-KYC is not updated since last four years. In annual reports non attendance and non- signing of any of such statment is already reported

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44471
Apr, 25
2023
GST - ( ITC SET OFF FOLLOWED BY GST PORTAL )

Dear Sir, our client is engaged in renting of properties and also engaged in construction of apartments. we have IGST credit of Construction Business and And CGST & SGST liability for Rental Business. client wants to pay CGST & SGST Tax on cash basis without using IGST credit relating to apartment construction. reason for the same is that if IGST credit is used there will be no balance to reverse IGST credit pertaining to unsold inventory in apartment. However Portal does not allow to make payment of CGST & SGST tax in cash unless IGST credit is Exhausted . kindly guide us with the issue.

BY: Sachin

Total Answers : 0 | View Answers | Post Answers

44470
Apr, 20
2023
GST - ( INTEREST ON WRONG AVAILMENT OF ITC )

Rule 37 of CGST Act talks about reversal of ITC in case of non payment of consideration within 180 days . In the said rule , sub rule (3) was omitted w,e,f 1st Oct 2022 vide NN 19/2022 . Department contention is that erstwhile sub rule (3) which says “ RP shall be liable to pay Interest u/s 50(1) starting from the availment of ITC ( not utilisation ) shall be applicable till 1st Oct 2022 as this rule has been omitted w,e,f 1st Oct 2022 . Interest u/s 50 (3) as amended retrospectively vide NN 09/2022 w,e,f 5th July 2017 where Interest has to be paid on ITC availed & utilised shall not be applicable in such cases . Your view on above ?

BY: VINOD KUMAR SHARMA

Total Answers : 1 | View Answers | Post Answers

44469
Apr, 18
2023
GST - ( 082701 )

An assesse has claimed input tax credit on purchase but the transaction is not visible in GSTR 2A. Should it reverse the input credit by reducing current month(march 23) Input or add to output liability. Further whether interest also has to be added though actually this amount not utilised for payment,only balance amount increased of IGST ledgers

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44468
Apr, 15
2023
GST - ( GST TAX LIABILITY ON FORWARDING AGENT )

ABC Ltd is a forwarding agent and is taking tanks on rental to export the chemicals of XYZ Ltd. To take those tanks on rental ABC Ltd has three choices to deal with which are as below – 1. Whether ABC Ltd takes tanks on rent from PQR Ltd, a registered Indian company. In this case at what rate PQR Ltd will charge GST to ABC Ltd? 2. Whether ABC Ltd takes tanks on rent from DEF Pte Ltd registered company in Singapore with no permanent place of business in India. As its import of services, Will ABC Ltd be liable to pay GST on reverse charge mechanism (RCM) being the import of service and if yes then at what rate? 3. Whether ABC Ltd takes tanks on rent from PQR Pte Ltd registered company in Singapore with the place of business in India also but payments are being made to Singapore registered company and invoice is being made by PQR Pte Ltd. In such case who will charge GST at what rate?

BY: PRATIK M DUGAR

Total Answers : 0 | View Answers | Post Answers

44467
Apr, 14
2023
MISC. - ( CAN A CA BE A FULL TIME PARTNER IN CA FIRM ALONG WITH BEING PROPRIETOR IN HIS EXISTING PROPRIETORSHI )

Hi, Since 2020, I have held a COP and worked as a sole proprietor. I have been a member since 2019. So my experience is 3 years from COP and 4 years from becoming a CA member. My friend is also a sole proprietor and an FCA with more than 5 years of experience in audits. We want to form a partnership firm. Q1. Can we both become full-time partners in the new firm and proprietors of our respective existing sole proprietorship firms at the same time? Whether ICAI allows it? The address of the firm will be the same as the address of one of the proprietorship firms, so technically there will be one head of charge for two firms, i.e., a partnership firm and a proprietorship firm. Further, we will have 3 FRNs, i.e., 2 proprietorship firms and 1 partnership firm. (If proprietor and partner is not allowed, we will close the our proprietorship firm) Q2. Whether our partnership firm (as mentioned above) will be eligible for audits, if the criteria are as follows: "The Auditor / Audit firm or at least one of the partners should have a minimum of 5 years’ experience in carrying out audits" Q3. To qualify the above criteria of 5 years' experience, shall we convert the proprietorship of my friend (which is having experience of more than 5 years) into partnership firm adding me as a partner or shall form a new partnership firm? Basically, will the individual experience of partners be counted as the experience of the firm?

BY: YASH SUNIL SHAH

Total Answers : 1 | View Answers | Post Answers

44465
Apr, 12
2023
DIRECT TAXES - ( 082701 )

A person is receiving Salary and interest from the same Proprietorship firm and total amount from Salary and interest exceeds Rs 250000- but total income is below Rs 5Lacs. Can he give form 15G for nondeduction of TDS

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44466
Apr, 12
2023
DIRECT TAXES - ( FILING OF FORM 15G )

After login when we go for downloading 15G utility Financial year 2022-23.' It is not available' message appears.What to do. Further whether three few Forms received together can be uploaded?

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44462
Apr, 05
2023
MISC. - ( FORM 15CA & 15CB )

Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000. Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment. So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done? Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.

BY: NAVEEN KUMAR AGARWAL

Total Answers : 0 | View Answers | Post Answers

44463
Apr, 05
2023
DIRECT TAXES - ( FORM 15CA & 15CB )

Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000. Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment. So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done? Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.

BY: NAVEEN KUMAR AGARWAL

Total Answers : 1 | View Answers | Post Answers

44464
Apr, 05
2023
GST - ( 082701 )

A firm is filing GST returns on quarterly basis. How can it change to monthly filing scheme. Further if it wants to furnish IFF on monthly basis and file GSTR3B on quarterly basis whether it can do the same within existing scheme of quarterly returns or has to request on portal.

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44461
Apr, 04
2023
MISC. - ( PART TIME COP )

I was holding full time COP and doing practice, now i have joined a company and have surrenderd my COP. Can i hold part time COP and resume my practise as Chartered Accountant ?

BY: ASHISH KUMAR

Total Answers : 2 | View Answers | Post Answers

44459
Apr, 03
2023
MISC. - ( CREATING A LOGO FOR CA FIRM )

Can a CA firm create a logo for it? Can it use in the name board any logo other than the CA logo?

BY: Achuthan P

Total Answers : 3 | View Answers | Post Answers

44460
Apr, 03
2023
TDS/TCS - ( TDS ON SALE OF IMMOVABLE PROPERTY )

If there is joint seller of immovable property. But the consideration is to be paid to single seller, can we deposit TDS in Form 26QB in the name of that single seller only

BY: ABHISHEK NALANGE

Total Answers : 1 | View Answers | Post Answers

44458
Apr, 02
2023
GST - ( 082701 )

A regular taxpayer Service provider with turnover less than 50 Lacs wants to opt for Composition scheme for 2023-24 Financial year. Whether he should have applied up to 31-3-23.

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44456
Apr, 01
2023
MISC. - ( 433074 )

Hi, I have two queries regarding Sign Board My first question is can we put our firm name on ACP board with acrylic letters. Second is whether the name of the firm is allowed to be written on the ACP board with paint.

BY: RISHABH AGARWAL

Total Answers : 2 | View Answers | Post Answers

44457
Apr, 01
2023
GST - ( IMPACT OF GST IN CASE OF LAND OWNER'S SHARE UPON ENTERING INTO DEVELOPMENT AGREEMENT )

What will be the impact of GST on Land Owners Share when is land given to a Developer under a Developer Agreement and in consideration receives proportionate flats ? At what rate will GST be deposited on above transaction ? Please guide with reference.

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

44452
Mar, 29
2023
DIRECT TAXES - ( APPEAL AGAINST ORDER U/S 264 )

We have filed revision application under section 264 last year but it is rejected this Year by CIT. What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT? Waiting for your Valuable suggestion Thanks in advance

BY: HAYEDAR SALEEM SHAIKH

Total Answers : 2 | View Answers | Post Answers

44453
Mar, 29
2023
Compliance - ( APPEAL AGAINST ORDER U/S 264 )

We have filed revision application under section 264 last year but it is rejected this Year by CIT. What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT? Waiting for your Valuable suggestion Thanks in advance

BY: HAYEDAR SALEEM SHAIKH

Total Answers : 1 | View Answers | Post Answers

44454
Mar, 29
2023
AUDIT - ( REDUCTION IN STATUTORY BANK BRANCH AUDIT ALOTTMENTS )

As no of Bank branches to be audited have been drastically reduced and from 2023-24 it is up to Bank management to decide no of branches to be audited, A regular source of CA's income is being finished. Will it not be appropriate for PDC to take some proactive action .Small MSME firms even Proprietorship firms with rich experience also are not being considered for CAG/Other bank audits. They should be given assured minimum Audit work . There are enough Audit works available . Only equitable distribution is required.

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44455
Mar, 29
2023
DIRECT TAXES - ( SECTION 45(4) AND SECTION 9(B) OF THE INCOME TAX ACT 1961 )

In a partnership firm, there are 3 partners having share as under A-55, B-40 & C-5. The partnership firm is having an immovable property in its name as a godown which is used for its business and accordingly appeared in block of assets as per the provisions of income tax act 1961. Now on 1 apr 2023 there will be change in the constitution of the firm as under by admitting one new partner and accordingly the profit sharing ratio will be as under. Please note that the incoming partner is also bringing in Rs 20 lacs as his capital. The fare market value of the godown (immovable property) as on 01.04.2023 will be RS 30 lacs. The new profit ratio as under A-45, B- 35, C -5 & D-15. In the above situation over query is whether provisions of section 45(4) & provision of section 9 (b) of the income tax act 1961 whether applicable either one or both. Please clarify along with any case laws if available.

BY: MAHADEO VIRUPAX WALI

Total Answers : 0 | View Answers | Post Answers