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Que. Id Date Description
44668
Jun, 21
2024
MERGER & ACQUISITION - ( MERGER OF CA PROPRIETOR FIRM INTO EXISTING CA PARTNERSHIP FIRM )

I am a proprietor of CA Firm and also a partner in other CA firm, now we want to merge my proprietor firm into my existing Partnership firm. What is the process of merging CA Proprietor firm into existing CA Partnership Firm, which forms we need to file on SSP Portal ?

BY: ARCHANA KUMAWAT

Total Answers : 0 | View Answers | Post Answers

44667
Jun, 12
2024
GST - ( INTEREST INCOME AND REVESAL OF INPUT TAX CREDIT )

"Explanation 1(b) to Rule 42(5) of CGST Rules 2017 - provides that - for the purposes of rule 42 and this rule, it is hereby clarified that the aggregate value of exempt supplies shall exclude the value of services by way of accepting deposits, extending loans or advances in so far as the consideration is represented by way of interest or discount, except in case of a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances." As such Interest Income is to be Excluded for Rule 42 from Value of exempted supply. Does such interest Income is also to be Excluded from Value of Total turnover( in the denominator) , while calculating Common Input tax credit to be reversed.

BY: Prashanth Karanth

Total Answers : 1 | View Answers | Post Answers

44666
Jun, 08
2024
GST - ( SCRUTINY U/S.61 )

Officer issued ASMT-10 for scrutiny of returns. In addition, he is demanding copies of financial statements, bank statements etc. Whether we are bound to submit these information

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

44665
Jun, 07
2024
AUDIT - ( QUERY ON CLAIMING DEPRECIATION ON LEASED LAND )

We are a private limited company with a land lease from 2019 to 2037. We completed construction on this land in the financial year 2023-24 and began using the property within the same year. *Depreciation Period:* The Companies Act 2013 specifies a 30-year useful life for buildings, with depreciation rates of 9.5% (WDV) and 3.17% (SLM). However, our lease is only 18 years. Accordingly, we should depreciate the building over the balance period .What rate of depreciation should we adopt ? *Change of Depreciation Method:* We currently use the WDV method, which front-loads depreciation. We are considering switching to SLM to better match our business needs by spreading depreciation evenly over the asset's useful life. This change is justified because with SLM, the depreciation amount remains consistent each year. This approach will help manage the later years' burden of repairs, which would otherwise impact the P&L account more significantly under WDV. Is it permissible to switch from WDV to SLM for this leased asset under these circumstances? We seek guidance on ensuring compliance with regulations and aligning our accounting practices with our business needs.

BY: ADRSH HIREMATH

Total Answers : 1 | View Answers | Post Answers

44663
Jun, 05
2024
AUDIT - ( 194298 )

Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024. should the financials of firm as on 31.03.2024 reflect this transfer or it will be taken as post financials event? normal financials to be prepared for firm as on 31.03.2024?

BY: CA Shrawan Suthar

Total Answers : 3 | View Answers | Post Answers

44664
Jun, 05
2024
AUDIT - ( TAX AUDIT - FIRM TAKEN OVER BY PARTNER )

Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024 SHOULD THIS BE REPORTED IN TAX AUDIT REPORT OR THIS WILL BE A POST FINANCIALS EVENT? IS THIS BE REPORTED IN TAX AUDIT REPORT?

BY: CA Shrawan Suthar

Total Answers : 2 | View Answers | Post Answers

44662
Jun, 04
2024
CORPORATE & OTHER LAWS - ( INCORPORATION OF PVT LTD COMPANY )

Is UDIN is required for submission of Incorporation documents of Pvt Ltd Company and if yes, in case of resubmission, fresh UDIN is required

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44661
May, 31
2024
DIRECT TAXES - ( 009829 )

With effect from A.Y 2024 -25 only 85% of donation given by a 12AA approved charitable organization to similar organization will be considered as “application” of income. I have a 12AA approved Trust who undertake civil repairs at another approved trust and sometimes even provide food and educational materials to their inmates. Will these kind of outflow be treated as donation and only 85% of such expenditure will be considered as application of money or we can take 100% as application.

BY: C P Ethirajan

Total Answers : 0 | View Answers | Post Answers

44660
May, 30
2024
VAT/Sales Tax - ( VAT, GST FOR PETROL PUMP INDUSTIRES )

Hello Everyone, I have recently got an audit of Petrol Pump . So whether in Karnataka petrol pumps owners have to file monthly VAT and Excise Duty return every month even after GST? They are filing their GST return every month, stating the sales under "Non-GST Supply". Please share some detailed picture of what general monthly and annual compliances for Petrol Pump owners in Karnataka?

BY: ANKIT JAIN

Total Answers : 2 | View Answers | Post Answers

44658
May, 29
2024
MISC. - ( ETHICS )

Whether a COP holder can do intra day (share) trading ?

BY: E VARALAKSHMI

Total Answers : 1 | View Answers | Post Answers

44659
May, 29
2024
Companies Act, 2013 - ( DOCUMENT REQUIRED IN FORMATION OF NEW PVT LTD COMPANY )

Is any affidavit / Notorised document required in new private limited company formation through SPICe in V3 portal

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44656
May, 28
2024
MISC. - ( CAN A PROPRIETOR (HAVING PROPRIETOR FIRM) BECOME FULL TIME PARTINER IN ANOTHER CA FIRM WITHOUT CLOSI )

Good morning, Background: Since Sep 2022, I'm practicing (under my proprietor firm). I'm planning to join as full time partner in another CA Firm (having 3 partners). My questions: Can I become full time partner without closing my existing proprietor firm? Will it be add any advantage to partnership firm in getting Bank /Govt Audits?

BY: DINESH SURENDRA BHALKIKAR

Total Answers : 2 | View Answers | Post Answers

44657
May, 28
2024
DIRECT TAXES - ( 082701 )

Whether Spectra KDK software is satisfactorily working for Income tax TDS and Tax Audit work

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44655
May, 25
2024
GST - ( COMPANY RUN ITS OWN BUS FOR TRANSPORTATION OF ITS EMPLOYEES )

Dear Sir/Madam, Please note, a manufacturing company run its own bus for transportation of its employees. Since the appointment letter given to employees does not specify about the Transportaion facility, the GST auditor treats this as service given by employer to employee treating it as related party transaction and applying cost+10% valuation rule asking company to pay the GST liability with interest and penalty. Whether the action of the auditor is justified. Please let me know how to go about this.

BY: Shridhar H

Total Answers : 3 | View Answers | Post Answers

44653
May, 24
2024
Capital Gains - ( SECTION 50C )

Under section 50C of the Income Tax Act, if a person sells a capital asset below registration value, he will be liable to pay capital gain tax treating registration value as sale consideration. This rule is subject to certain tolerance. The section also provides that seller can also ask for valuation to be done if he has any genuine reason for selling at lower value. In such situation, he will offer capital gain tax based on actual value received. But I find in Income Tax portal, the ITR utility by default adopts only registration value and not actual sale consideration. Please look into this and revert.

BY: C P Ethirajan

Total Answers : 0 | View Answers | Post Answers

44654
May, 24
2024
GST - ( 224173 )

Whether Deposits received from the members of a/an Apartment Owners Association/Residential Association (the Association) towards future supplies is taxable at the time of its receipt? Contentions: 1. Deposits received from the members of an Association towards future supplies is taxable u/s. 7(1)(aa). 2. However, the taxability u/s. 7(1)(aa) attracts only if there is any consideration 3. As per the proviso to section 2(31), a deposit given in respect of the supply of goods or services or both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply. As such can one construe/interpret that- • unless the Supplier (the Association) applies (expends) such deposit (towards any supply) there is no payment made for such supply (and hence no consideration) as per section 2(31) • Taxability u/s. 7(1)(aa) arises only in the case of ‘consideration’. In case of such deposits, deposits received in advance partakes the character of consideration only when Supplier (the Association) applies (expends) such deposit (towards any supply to its members) as per the proviso to section 2(31). • Hence the time of supply shifts to the time of actual application of such deposits as against the date of receipt of payment (herein in advance) as envisaged u/s. 13(2)(a). • Hence no GST to be paid at the time of receipt of such Deposits, but only when and if at all the Supplier (the Association) applies (expends) such deposit (towards any supply to its members).

BY: SREEJITH M G

Total Answers : 1 | View Answers | Post Answers

44652
May, 20
2024
GST - ( RCM )

one of my client manufacturing Rice which is exempted goods however its by product '"Bran" is taxable at 5% ,while purchasing some capital goods it has to pay freight to GTA,will RCM be applicable.

BY: Rajesh Chandra Sharma

Total Answers : 3 | View Answers | Post Answers

44651
May, 19
2024
MISC. - ( CA OFFICE FROM RESIDENTIAL SOCIETY )

CA office from residential society(Thane district): 1. Is it allowed 2. Any permissions required We are not staying in the residential premises. We want to use entire flat for CA Office

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

44650
May, 16
2024
GST - ( GST APPLICABILITY 12AA TRUST )

ABC CUSTOM BROKER ASSOCIATION. ASSOCIATION IS CHARIRATABLE ENTITY REGISTERED U/S 12AA OF INCOME TAX ACT. WE ARE CHARGING MEMBERSHIP FEES ANNUALY. TRUST IS WORKING FOR ITS MEMBERS FOR EDUCATING, CONDUCTIONG SEMINARS AND ISSUE SOLVING FOR MEMEBERS WORKING AS CHA. FURTHER MAKING VARIOUS REPRESTATION WITH GOVERNMENT AND TAX AUTHORITIES FOR BETTERMENT OF CHA MEMBERS. WHETHER GST APPLICABLE ON MEMBERSHIP FEES AS ANNUAL MEMBERSHIP CROSS 20 LACS? IS THE ACTIVITIES COVERED UNDER CHARITABLE ACTIVITIES AS PER GST ACT? IS THERE ANY OTHER BENEFICIAL PROVISO TO SUCH TRUST/ASSOCIATIONS WITH RESPECT TO GST EXEMPTION?

BY: AHMEDRAZA ANIS SUMIYA

Total Answers : 2 | View Answers | Post Answers

44648
May, 15
2024
DIRECT TAXES - ( NON VALIDATION OF BANK ACCOUNT )

While adding bank account on income tax portal, the validation is failed showing message as ‘EE-WS-BVB-ERR-100020’. How to resolve the issue

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

44649
May, 15
2024
GST - ( RECOVERING GST PAID AT HIGHER RATE )

Dear Experts REG : RECOVERING GST PAID AT HIGHER RATE pl. share your valuable views and guidance Buyer - B was charged GST at 12% by Seller- S by mistake, while later on it is found that actually this product is with NIL rate of tax B paid off invoice and claimed ITC credit and S paid off GST collected to govt, now during GST audit of B - GST officer found ITC credit wrongly availed as there is NIL rate of tax and asked B to pay off GST for availing ineligible ITC credit of purchase of nil rated product and B has paid of the same demanded by govt now B trying to recover wrong charged GST from S, S is not willing to issue credit note, informing that matter is very old of FY 18-19 and they can not get back amount paid to govt under this circumstance can B apply for refund from Govt as he has paid undue tax as neither seller is liable to pay nor buyer is liable to pay any GST on nil rated product under "undue enrichment" to be refunded back to the payer/suffer, here to Buyer B

BY: VIPUL JHAVERI

Total Answers : 2 | View Answers | Post Answers

44647
May, 08
2024
GST - ( 082701 )

Applied for GST cancellation on 26-4-24 wef 31-3-2024 Last GSTR 3B for march filed a couple of days back Also some interest is payable How should I pay Late fee and Interest

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44646
May, 06
2024
GST - ( GST IMPLICATIONS ON MUSIC DISTRIBUTOR )

Dear Forum, I would like to inquire about the tax (gst) implications for a music distributor who publishes albums for musicians and receives music royalties on their behalf from platforms like Spotify, depositing them into their bank account before paying the royalties to the artists. Should these royalties be taxed under GST, or are they exempt? Additionally, who is responsible for paying this tax?

BY: MUHAMMED AMEEN GUNAJE MOIDU HAJI

Total Answers : 1 | View Answers | Post Answers

44644
Apr, 25
2024
INDIRECT TAXES - ( 082701 )

A Firm wants to surrender GST registration wef 31-3-24 It is filing its GSTR 3B on 26 alongwith Taxes payable Can it pay Late fees as well as Interest @18% in this return as well as it does not want to carry return filing in 24-25 Fin Year

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44645
Apr, 25
2024
CORPORATE & OTHER LAWS - ( PROBLEM FACED DUE TO MERGER OF CA FIRMS )

I was Practising As A Sole Proprietor till 09-Jan-2024. thereafter my firm was merged with another partnership firm from 10-Jan-2024 till now. My Sole Proprietorship was Appointed As Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view.

BY: ROSHAN CHHAGAN PAWAR

Total Answers : 2 | View Answers | Post Answers

44643
Apr, 24
2024
MISC. - ( CA CAN PARTNER WITH ANOTHER PROFESSIONALS. IF ALREADY PARTNER WITH ANY CA FIRM )

Sir I am Partner with one of the ca firm and want to make LLP or Company with another professional like CS, Advocate, cost accountant for any other legal services. Sir want to know can I do this. And what's impacts in my existing CA firm.

BY: shekhar nema

Total Answers : 1 | View Answers | Post Answers

44642
Apr, 23
2024
DIRECT TAXES - ( FORM 10 AB )

Section selected is 10(23c) instead of 12A. Form Application is not yet approved. Is there any way to withdraw application and file new with correct section

BY: CA. CHAVAN TRUPTI GAJANAN

Total Answers : 3 | View Answers | Post Answers

44641
Apr, 20
2024
DIRECT TAXES - ( TDS ON PAYMENT TO GOOGLE SINGAPORE FOR G SUITE SERVICES )

What should be rate of TDS on payment made to Google Singapore for Google workspace, Google suite services. Whether TDS will be applicable, if yes under section 195 or subject to equilisation levy

BY: Ankit Jain

Total Answers : 0 | View Answers | Post Answers

44640
Apr, 18
2024
GST - ( 082701 )

For nonfiling of return/nonpayment of tax by supplier of goods If SCN is issued to asessee for excess input claim of input Whether interest and penality be imposed if the Excess claim in GST credit ledger is unutilised

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44639
Apr, 17
2024
Companies Act, 2013 - ( CONSTRUCTION OF BUILDING CONSIDERATION FOR OCCUPANCY RIGHT )

The Private Limited company is getting lease of land and development cum occupancy right for 30 years from trust. The trust will get building constructed by company (builder) as donation when completed and some fixed rental amount yearly basis for lease. The company (builder) will use such property for rental income for 30 years. How to give treatment of such donation in books of company ? Can we consider it as intangible asset (consideration for occupancy right)? Can we amortize it for 30 years? Please guide. Further, How to treat in books of accounts of trust. ? Thanks in Advance.

BY: CA DHAVAL GHADIYALI

Total Answers : 0 | View Answers | Post Answers

44638
Apr, 15
2024
DIRECT TAXES - ( CHARITABLE & RELIGIOUS TRUST )

Form 10 under Rule 17(2) is required to be submitted electronically two months before the due date of return. Can you please guide as to what is the due date for making such eligible investments, i.e. by when the deposit/investment of the money referred to in clause (b) of sub section (2) of Section 11 of the IT Act is to be made.

BY: Nilanjan Kayal

Total Answers : 2 | View Answers | Post Answers

44636
Apr, 13
2024
DIRECT TAXES - ( 082701 )

Can ITRU be filed with nominal tax under New Tax regime for Fin Year 2022-23

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44637
Apr, 13
2024
DIRECT TAXES - ( CIRCLE RATES HYDERABAD AS PER 2001 )

Can anyone help me with finding cricle rates for Hyderabad as per 01 April 2001 for capital gains calculation? #Hyderabad #CircleRates #CA #ICAI #IncomeTax

BY: CA Shrawan Suthar

Total Answers : 1 | View Answers | Post Answers

44635
Apr, 11
2024
Capital Gains - ( CAPITAL GAIN )

“A” owns a site absolutely and the neighbouring site is owned by “B” absolutely. Both “A” and “B” give their sites for joint development to same builder. Under the advice of developer, the two sites are amalgamated so as to get more floor area. My query is whether any capital gain tax is attracted when two sites of “A” & “B” are amalgamated. This is because when sites are amalgamated, “A” gets 50% right in site owned by “B” previously and vice versa. Does it amount to exchange and capital gain tax is payable. Invite experts opinion on this.

BY: C P Ethirajan

Total Answers : 0 | View Answers | Post Answers

44633
Apr, 05
2024
GST - ( 082701 )

During early months of GST implementation GST 3B was filled and submitted fror Aug 2018 When it was filed,System neither added Input in the Credit Ledger nor Output tax was deducted Hpwever Return was filed on Portal Assessse added the above unadjusted figs in GSTR 3B for Sep 18 Now a mismatch notice has come from donotreply@gst.gov.in for Aug 2018 and being asked to submit fresh GSTR 3B for Aug 18(they have reset Return) This will require resetting of Sep 18 return also but resetting has been done for Aug 18 only Whethert we will have to visit Department

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44634
Apr, 05
2024
GST - ( GST ON HOSTEL SERVICES PROVIDED BY EDUCATINOAL TRUST TO ITS STUDENTS )

Is GST applicable on hostel services provided by educatinoal trust to its students @ 12% when hostel charges are less than Rs. 1,000/- per day per bed ?? Further can we consider imparting of education and hostel charges as composite supply or do we need to consider it as mixed supply ??

BY: VISHAL BABAN PANDIT

Total Answers : 3 | View Answers | Post Answers

44632
Apr, 04
2024
MISC. - ( MRL - CONCURRENT AUDIT )

A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit. Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit. So kindly guide whether CA form should obtain MRL from Bank. Also guide whehtehr is MRL required from Peer Review point of view.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44630
Apr, 03
2024
DIRECT TAXES - ( 082701 )

Whether NRI having carried forward Loss under Income from House property adjust the same against Short Term capital gain from sale of House Property

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44631
Apr, 03
2024
DIRECT TAXES - ( 45(4), 9B )

Fact of the case:- A partnership firm is to be reconstituted where one partner is retiring and one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution neither the land is revalued nor any part of the land is given to the retiring partner. The retiring partner is getiing only the closing capital balance and nothing else. 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

BY: dhanindra kumar surana

Total Answers : 1 | View Answers | Post Answers

44629
Mar, 31
2024
DIRECT TAXES - ( 082701 )

A prop firm has to pay Interest to a Super senior citizen around 499000- He does not have any other source of income Is Form 15G required to be obtained

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44628
Mar, 30
2024
MISC. - ( CONCURRENT AUDIT - MRL FROM BANK )

A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit. Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit. So kindly guide whether CA form should obtain MRL from Bank. Also guide whehtehr is MRL required from Peer Review point of view.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44627
Mar, 29
2024
CORPORATE & OTHER LAWS - ( DIRECTOR DIGITAL SIGN REGISTRATION ON MCA V3 PORTAL )

Hi, Is separate Business user ID is required for director to get his / her DSC registered in V3 portal of MCA

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44626
Mar, 28
2024
AUDIT - ( STATUTORY BANK BRANCH AUDIT - RACC )

Can anybody please highlight on the scope of audit and audit program in case of statutory bank branch audit of RACC (Retail Asset Credit Centre - Centralized Loan Processing Centre) of a nationalized bank. Particularly in case of appraisal, sanctioning and monitoring of advances pertaining to various branches under that RACC.

BY: ALOK NATH SAHA

Total Answers : 1 | View Answers | Post Answers

44625
Mar, 27
2024
Companies Act, 2013 - ( EFFECTIVE DATE OF RESIGNATION )

What is the effective date of resignation of Director of the Private Limited Company. Is it the date of notice by the Director or the date on which the resignation is accepted by the Company in its Board Meeting. Can it be the date of Board meeting?

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44624
Mar, 26
2024
MISC. - ( 073048 )

I want to receive daily newsletter on my mail

BY: Satyanarayan

Total Answers : 1 | View Answers | Post Answers

44623
Mar, 21
2024
DIRECT TAXES - ( 082701 )

Can We retain our Proprietorship firm and become part of CA Network or LLP

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44622
Mar, 19
2024
GST - ( 532589 )

A Private Ltd Company has 2 GSTIN in different states. In Delhi, they are dealing in trading of agricultural equipments and is mainly importing the goods. In Haryana, they are dealing in manufacturing of steel products. They have excess ITC balance in Haryana and almost every month, they pay GST liability in Delhi. Now, they want to sell the old obsolete stock from Delhi. Now, my question is whether how they can utilise the excess ITC Balance of Haryana in a legal way to set off the liability in Delhi GSTIN. Is there any legal channel to save the working capital of the company? I f yes, then please let me know. Thanks in advance.

BY: HARSHIT BANSAL

Total Answers : 3 | View Answers | Post Answers

44620
Mar, 16
2024
MISC. - ( PROFESSIONAL ETHICS )

Whether CA in Practice can do Intraday trading of equity shares for himself or if required to take permission from Institute.

BY: ASHISH SINGH

Total Answers : 3 | View Answers | Post Answers

44621
Mar, 16
2024
INDIRECT TAXES - ( GST REGISTRATION )

Dear Forum, A firm is providing health care services and hence the firm did not apply for GST registration as the health care services are exempt from GST. But the firm wants to sell an old medical equipment. Whether the Firm should apply for GST registration? Turnover from the health care services is of Rs.80 Lakh. Thanks in advance.

BY: CA. MADAGALA VENKATA RAMANA

Total Answers : 3 | View Answers | Post Answers

44619
Mar, 08
2024
Compliance - ( COMMUNICATION TO PREVIOUS AUDITORS )

SIR, IF EMAIL IS SENT (as provided in covid period) to Previous Auditor, is sufficient compliance or to be sent by Regd AD/Manual only. Please clarify CA. Veerendra Murashillin Hubballi

BY: CA.veerendra.T.Murashillin

Total Answers : 2 | View Answers | Post Answers

44618
Mar, 06
2024
CORPORATE & OTHER LAWS - ( CONTENTS OF INTERIM AUDIT REPORT )

We have conducted a complete audit of the interim accounts for the period Apr 23 to Dec 23 of a company which is putting it's paper for IPO. Our query is whether the interim audit report to be issued should cover and report on all the matters and clauses of the CARO? If not, which matters should be specifically covered and reported in the interim audit report?

BY: Harpreet Singh Ghai

Total Answers : 0 | View Answers | Post Answers

44616
Mar, 05
2024
GST - ( 082701 )

An asessee purchases Yarn, Gets fabricated through a unregistered Fabricator . It itself does not have machinery as such.Is it practically possible to claim GST Refund I?t is not filing Jobwork Returns also

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44617
Mar, 05
2024
DIRECT TAXES - ( 082701 )

A cooperative Society was issued Intimation under Sec 143(1) with demand for Rs 3 Lacs app .for Previous year 2013-14 in 2015 It was not replied/appealed against. Two years back they again received Demand asking for confirmation of demand . Party requested to allow revision of ITR stating It was a clerical error pf entering status o Copperative Society as Cooperative bank Hence Deduction of Sec 80 P was not allowed in intimation order This year again demand notice was issued and grievance was raised again asking for revision i ITr permission Now ITO of the Jurisdiction has asked to file appeal to CIT Appeal ,NFAC

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44614
Mar, 04
2024
DIRECT TAXES - ( NOTICE U/S 143(1)(A)(II) - SALARY )

How to respond to the ITD intimation seeking clarification with proposed adjustment of standard deduction (proposed disallowance) in Salary Case, wherein the same was arrived automatically from the utility. Assessee is also having Capital Gains, Business income, other income. Return is filed under old regime

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44615
Mar, 04
2024
DIRECT TAXES - ( NOTICE U/S 143(1)(A)(II) - BUSINESS / PROFESSION )

How to respond to the ITD intimation seeking clarification with proposed adjustment of all Chapter VIA deduction (proposed disallowance) in 44ADA Case, wherein the same was correctly inserted in appropriate colomn in the utility. Return is filed under old regime

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44613
Mar, 01
2024
TDS/TCS - ( TDS DEDUCTED AT 20% DUE TO INVALIDATION OF PAN )

One person has not linked his pan to aadhar card and due this reason his pan was inoperative. He has not a return filer. So he missed to link. Now he has came into a contract of property of property sale. In that section 194QB has been applicable. The deductor has made the TDS at 1%. But due to inoperative of pan the deductor has received demand notice of 19% amount i.e.(20%-1%). The deductor has deposited some amount against the demand amount. Now we have checked the 26AS of deductee the amount are reflecting in 26 AS. In 26AS part IV column demand payment for 1% amount it is showing as NO and in second row it is showing as demand amount yes. Whether we can claim that 20% deducted amount in our return of income which was due to inoperative of pan. Now the client has linked pan to adhar.

BY: MAHADEO VIRUPAX WALI

Total Answers : 1 | View Answers | Post Answers

44612
Feb, 23
2024
DIRECT TAXES - ( TAXABILITY OF THE INVESTMENT REG. )

Dear Collegue, Please clarify the following Query:- A Trust Registered under the Income Tax has filed Form No.10 indicating that the Funds were set apart towards Purchase of Land and Construction of Building for the Trust during the year 2019. However the Trust could not accumulate enough funds to acquire a Land The Five year time limit expires as on 31st March 2024. What is the Remedy available to the Trust? Whether the amount set apart is Taxable as the Trust could not comply with as per Form No.10 filed before the Income Tax Authorities. A.S. Raman

BY: A S RAMAN

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44611
Feb, 19
2024
Capital Gains - ( CAPITAL GAIN ON DEVELOPMENT AGREEMENT )

Landowner has registered Development Agreement with Developer for area sharing basis in FY. 2023-24. The landowner and Developer will receive 6 and 8 flats respectively in the newly constructed building. The building is proposed to be completed in FY. 2025-26. If Landowner received booking amount towards some of the flats in newly constructed building. e.g. For 1st flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2023-24. For 2nd Flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2024-25. 1) Whether section 145(5A) applicable? 2) In which year, capital gain on land is taxable? - in FY.2023-24, 2024-25 or 2025-26? 3) The amount on which capital gain is taxable?

BY: NAMRATA VIMALCHANDRA KASLAY

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44610
Feb, 17
2024
DIRECT TAXES - ( 082701 )

A cooperative society has received a demand notice demanding Rs 6 Lacs app 3 Tax+3 Interest for Ass Year 2014-15 Pr Year 2013-14 This demand was made around three years back also when it was requested to allow Revised ITR for same year but did not hear from them After this for two years Refund was also issued by Deptt Now they have raised fresh demand and withholding last year refund also Whether revised return for same year can be filed now without deptt permission

BY: Mahesh Kumar

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44608
Feb, 16
2024
GST - ( GST ON SUPPLY OF WATER THROUGH TANKER )

Whether Gst applicable on borewell Water supply through water Tanker to public and for construction related work??

BY: Ninad Prataprao Shete

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44609
Feb, 16
2024
DIRECT TAXES - ( INCOME TAX )

An Indian citizen working in foreign embassy in India. Whether the salary is taxable. Embassy is not deducting any TDS for the salary paid to its employee.

BY: Shobhit Bansal

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44607
Feb, 14
2024
Companies Act, 2013 - ( PROVISIONAL FINANCIAL STATEMENTS )

can we as CA Sign Provisional financial statements for Apr 2023 to Dec 2023. We have verified details and docs.

BY: samirkumar gokulbhai kasvala

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44606
Feb, 10
2024
GST - ( 082701 )

A cloth manufacturing firm does trading also of certain goods having different HSN. GST on cloth is 5% and on yarn is 12% How to calculate Inverted Turnover for the purpose of refund Whether it should be calculated from turnover only or input value of different HSN's will also be considered assuming input comprising of different HSN is sold

BY: Mahesh Kumar

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44605
Feb, 06
2024
DIRECT TAXES - ( 082701 )

Goods purchased from MSME .Payment made after 90 days but within same financial year. What will be affect in view of Sec 43 B(h) After Tax auditor pinpoints this whether Interest payment will be payable @three times of bank rate

BY: Mahesh Kumar

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44604
Feb, 01
2024
DIRECT TAXES - ( 082701 )

A sister has given gift Rs 10Lacs to his brother through bank whether income derived by brother will be clubbed in sister's income. Further where brother does not earn income but uses this gift to clear his outstanding liability What will be the consequencies

BY: Mahesh Kumar

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44603
Jan, 31
2024
DIRECT TAXES - ( TRANSFER OF BUSINESS OF PROPRIETOR TO OTHER PROPRIETOR )

If an assessee(mother) wants to transfer her business to her son because of old age,what will be the procedure?tax implications?

BY: Tanisha Sagar Boramanikar

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44602
Jan, 27
2024
DIRECT TAXES - ( 118411 )

"A" is suppliers to "B" and A is registered under the MSMED Act, 2006. As per written agreement between A and B, B is required to retain certain amount from bills of A and that retention is 12% of the bills amount without considering any indirect taxes. A has furnished B a Udhyam Registration Certificate. Now B will pay 88% of the bills to A and 12% retain and that retention shall be payable after 24 months from the date of receipt of goods. Shall section 43B(h) apply to such retention upto 12% of the bill amount?

BY: KETAN SHETH

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44601
Jan, 26
2024
GST - ( 082701 )

A registered person, An architect firm is paying rent to unregistered person for a property being used for his office . Whether he will be covered under reverse charge

BY: Mahesh Kumar

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44600
Jan, 23
2024
AUDIT - ( 118411 )

Myt client has written cheques dated 25.03.2024 to a trade payable falling under the Micro or Small category as defined under the Micro, Small and Medium Enterprise Development Act, 2006. As on 31.03.2024, the time period allowed under the said Act, has expired. The said cheque is cleard after 15.04.2024. My client is having (1) current account only, (ii) my client is enjoying credit facilty and that cheque is withing drawing power, or (iii) my client is enjoying credit facilty and his limit got exceeded if auditor counts that chequed dated 25.03.2024. My question is : When is the said cheque dated 25.03.2024 and cleard on or after 15.04.2024 treaed as cleard in the books of account?

BY: KETAN SHETH

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44597
Jan, 19
2024
DIRECT TAXES - ( JDA WHERE LAND OWNER IS THE BUILDER )

Dear all, We know that transfer does not take place u/s 2(47) r/w section 53A of TP Act,if the JDA is not registered. What will happen if, there are two persons holding a plot of land jointly and want to construct residential complex.Then how the JDA will be drafted and registered ?? Please throw some light on it.

BY: SUDIP KUMAR MUKHOPADHYAY

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44598
Jan, 19
2024
GST - ( GST RATE ON BANQUET HALL WHERE CHARGES TAKEN ON PER PERSON/PLATE BASIS )

M/s ABC having banquet hall where they provide their hall for booking to customer and service charges taken on per plate basis however billing is being issued for Hall Rental charges only and GST charged @ 18% and claim ITC etc on input services . Now the GST department team visited at the premises and they asked to M/s ABC to reverse ITC earlier claimed and charged 5% GSTon their Billing (earlier billed also) due to Notification No 20/2019 dated 30 sep 2019 Querry : whether department contention is correct pl. guide with relevant support /ruling

BY: SANDEEP KAPOOR

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44599
Jan, 19
2024
GST - ( INCORRECT REVERSAL OF ITC )

ITC wrongly reversed in Table 4(B)(1) instead of Table 4(B)(2). How to correct the same. Any option

BY: CA. SURAJ KUMAR CHOUDHARY

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44595
Jan, 15
2024
MISC. - ( IS THE PAST EXPERIENCE OF CA IN PRACTICE COUNTED FOR NEW FIRM IF HE RESIGNS FROM EXISTING PARTNERSHI )

I am a member of ICAI since Jan 2020 and hold COP in my individual name since April 2021. I am not a partner anywhere. My father is a practicing CA and a partner in a CA firm since 2002. Now he wants to resign from that firm and we both want to create our new firm with we both being partners. My query is whether my father's experience of more that 20 years in the past firm be counted in the new firm for bank audits??

BY: ABHINAV AGARWAL

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44596
Jan, 15
2024
GST - ( WRONG POS IN INTER STATE TRANSACTION )

Seller from Gujarat sold goods to buyer in WB. While filing GSTR-1 , the P-O-S was inadvertently mentioned as Tamil Nadu instead of WB. The POS shown in Tax Invoice was shown as WB correctly. Now the buyer of goods has been asked to reverse ITC of the IGST as the transaction is showing POS as TN .The WBGST officer is saying that credit cannot be allowed to buyer of WB as the tax on such transaction has been deposited with TN Govt. and not with WB govt. Can the seller claim refund of IGST paid on this transaction from TN govt. If yes, how ?

BY: RAHUL PARASRAMPURIA

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44594
Jan, 12
2024
Customs & Excise - ( 063083 )

How to apply in DGFT portal for one time extension of the period for producing the installation certificate by a maximum period of 12 months with a composition fee of Rs. 5000/-.

BY: CA. PRUSTY SIDHARTHA SHANKAR

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44592
Jan, 10
2024
DIRECT TAXES - ( M.A. BEFORE ITAT WHERE THE TAX EFFECT IS LESS THAN RS. 20,00,000/- )

In the case of an assessee Hon’ble ITAT deleted the addition before the Judgment of Hon’ble SC in the case of Checkmate Services Pvt. Ltd. maintained by Ho’ble CIT(A) on account of payment of employees contribution to PF/ESI after due dates under the respective laws but before the due date of filing ITR. The aforesaid addition in dispute was made by CPC in Intimation u/s 143(1)(a). The department has filed M.A. within time limit before the Hon’ble ITAT. Query: Q1. Since the appeal effect is less than 20 Lakhs whether the M.A. is maintainable? Q2. Since the addition in the above case was made by CPC in Intimation u/s 143(1)(a) while in the judgment of Checkmate Services Pvt. Ltd. of Hon’ble SC in the case of assessment u/s 143(3). Whether the M.A. of the department is maintainable on merits?

BY: Govind Agrawal

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44593
Jan, 10
2024
DIRECT TAXES - ( APPLICABILITY OF SEC 68 OF I.T. ACT, 1961 )

Appellant has given loan of Rs. 30,00,000/- in F.Y. 2008-09 to ABC through banking channels. Just before the debit of Rs. 30,00,000/- there is a credit in the bank A/c on account of repayment of loan received by the Appellant from his debtor which was given two years back through banking channels. Interest on the said amount and TDS thereon is reflected in Form 26AS and shown in ITR. On the basis of search in the case of ABC it was concluded by the Investigation wing that the loan of Rs. 30,00,000/- is accomodation entry. Notice u/s 148 was issued and reassessment was completed making addition of Rs. 30,00,000/- on the ground that assessee failed to prove three ingredients u/s 68 Query 1. As regards reasssessment whether only on the basis of borrowed satisfaction of investigation wing reassessment proceedings are valid? 2.Whether Notice u/s 148 instead of 153C in the case of third person for search prior to 01-04-2021 is valid? 3.Whether addition of Rs. 30,00,000/- on the ground that the assessee failed to prove the three ingrediants of sec 68 in respect of repayment of loan received from the debtor is valid particularly in view of the fact that repayment was received from debtor?

BY: Govind Agrawal

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44591
Jan, 09
2024
Companies Act, 2013 - ( LOAN FROM DIRECTORS OR RELATIVES OF DIRECTORS IN CASE OF PRIVATE LIMITED COMPANIES )

a) Can a private limited company accept loan from a sole proprietorship concern, where relative of one of the director of the company is the proprietor? b) Can a private limited company accept loan from a partnership firm, where relative of one of the director of the company is one of the partners?

BY: ALOK NATH SAHA

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44590
Jan, 05
2024
DIRECT TAXES - ( VALIDITY OF NOTICE U/S 131(1A) )

An authorised officer of Investigation wings of Gurugram issued notice u/s 131(1A) of Income Tax Act to a Private Limited company having Delhi Address and require personal attendance Is above notice is valid or that is out of his jurisdiction ?

BY: SANDEEP KAPOOR

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44589
Jan, 03
2024
GST - ( FILING OF GST APPEAL )

Dear Sir, One of my client has received Assessment Demand Order under Section 73 of CGST Act in GST DRC-07 on dated 28/07/2023 against which we had filed Rectification Application within 3 months time under section 161 of CGST Act to rectify the errors made on dated 02/09/2023. However the officer has rejected application and passed Order for rejection of Rectifcation on dated 28/11/2023 keeping the demand order of DRC-07 unchanged. Now we wish to file appeal against the Order passed of Rectifcation within 3 months time limit. Logically we are following the act & rules in right terms. However Please guide whether we are correct and also help me with any Instructions or Circular or Notification or Case study available for aforesaid same situation.

BY: SHUBHAM DILIP SUNDESHA

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44588
Jan, 01
2024
DIRECT TAXES - ( MISSED TO FILE FORM 10BA )

Belated return is filed on 31.03.2023 by claiming deduction u/s 80GG of rent paid, but failed to upload Form 10BA. Return is processed considering the deduction even though Form 10BA is not filed. Can you suggest further course of action in this regard. Thanks.

BY: ESWARAIAH Y

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44587
Dec, 30
2023
DIRECT TAXES - ( TAX IMPLICATIONS OF SECTION 8 COMPANY )

A Section 8 Company receives Government Grants for educational purposes. Some amount is unspent at the end of the year. What is the tax implication on the unspent amount?

BY: Y.KANAKAMAHALAKSHMI

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44586
Dec, 27
2023
OTHER BODIES - ( FORM ODI PART II - ANNUAL PERFORMANCE REPORT )

Resident Individual has made overseas investment in foreign entity in January 2023. However, the foreign entity follows calendar year. In this regard, want to understand whether Annual Performance Report ('APR') of the foreign entity is required to be filed for Calendar Year 2022 or Financial Year 2023.

BY: MANISHA MALI

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44585
Dec, 26
2023
CORPORATE & OTHER LAWS - ( MANAGERIAL REMUNERATION UNDER SEC.197 )

A company pays remuneration to its past directors towards service they rendered when they were directors. Should this amount be considered in overall managerial remuneration limit under sec.198 read with sec.197 for current year?

BY: balasubramanian

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44584
Dec, 23
2023
GST - ( 082701 )

GST department has issued demand notice to an assessee for Rs 5 Lacs GSt +Interest+Penality for the reason that GSTR1 filed by selling parties does not reflect Input credit availed by party in GSTR 3B. Financial year 2018-19 As per GSTR2A of that year Input credit almost matches except for an amount claimed of previous year 2017-18 in which year Fig in GSTR 2A was more than Input claimed in 2017-18 How can they issue showcause notice when comparing of Input credit availed in 3B with GSTR 2A was the rule in that period

BY: Mahesh Kumar

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44582
Dec, 22
2023
AUDIT - ( AUDIT U/S 44AB )

Hi, As the due date of audit is over and UDIN can't be generated prior to the due date now. What's will be the consequence of filing it now with Audit date is after the due date.

BY: CA. SURAJ KUMAR CHOUDHARY

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44583
Dec, 22
2023
CORPORATE & OTHER LAWS - ( BELATED AUDIT REPORT )

Hi, As the due date of Company audit is over and UDIN can't be generated prior to the due date of AGM now. What's will be the consequence of filing it now with Audit date is after the AGM due date.

BY: CA. SURAJ KUMAR CHOUDHARY

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44581
Dec, 19
2023
GST - ( TAXABILITY OF GST ON EXPORT OF SERVICE TRANSACTION )

Good morning sir I am CA Arpit amin doing practice at vadodara I required your valuable guidance on the following issue : Trail of Transaction Service Provider:- Mechlein Engineers (GST Registered at Ankleshwer) Service Order Received From :- Aashi KASEI (Japan Based Company) Nature of Service :- Providing Supply of welders for Electrode renovation job on site basis located in India and outside india. Location of Site :- Birlagam, Nagada, Ujjain , M. P (Grasim Industries Nagda Plant) Payment Received :- Aashi KASEI form Japan in USD. Issue :- Wether the transaction between Mechlein Engineers and Aashi KASEI for providing service on the obove mention site can be treted as export of service or not?

BY: ARPIT K AMIN

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44580
Dec, 16
2023
DIRECT TAXES - ( 409882 )

Whether Commission is Business or Profession. What will be tax audit Limit . any case law in income tax with this regards.

BY: SACHIN JAIN

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44579
Dec, 11
2023
DIRECT TAXES - ( ITR FOR AY 2022-23 )

Hello all, As due date for filing ITR for AY 2022-23 was 31.12.2022, however one of my friend hasn't filed the ITR, he has huge TDS of around Rs. 2L on sale of property. What can be done now? Can we include such income as well as TDS in ITR of AY 2023-24? or condonation of delay can be filed? what can be done? Please suggest. Thank You.

BY: ANKIT JAIN

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44578
Nov, 26
2023
CORPORATE & OTHER LAWS - ( HINDU UNDIVIDED FAMILY )

I HAVE HUF CONSISTING OF 3 MEMBERS MYSELF,WIFE,MINOR CHILD CAN MY WIFE RELINQUISH HER RIGHT WHAT IS PEOCEDURE

BY: Amit

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44577
Nov, 24
2023
DIRECT TAXES - ( ITR-7 QUERY )

Whether assessee claiming exemption under section 10(23C)(iiiad) need to fill balance sheet in ITR-7 ?

BY: CA SRIVASTAVA ATUL KUMAR

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44576
Nov, 20
2023
MISC. - ( PART TIME COP WITH FIRM NAME ALLOWED OR NOT )

A member took full time COP and has registered her Firm with ICAI. Now is planning to join a CA firm as an employee wants to know that on doing so when employer firm will add his details in their firm with the ICAI then his COP will automatically get converted into Part time COP or he has to intimate ICAI as unable to fill form 190A because sole incharge of proprietorship firm? And also wants to know his (members) firm registered under him will continue as it it's or need to do anything?

BY: TAMANNA VASANTA

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44573
Nov, 15
2023
GST - ( ITC CREDIT FOR OCT.'23 )

Supplier had filed its sales without GST no. during the month of March'23 and still not filed its GST return for Aug'23 and onwards. Can we take GST credit of the same without being updated in GSTR 2B. As post Nov.'23 we can't claim ITC for the period 22-23, is other option left to take this ITC

BY: CA. SURAJ KUMAR CHOUDHARY

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44574
Nov, 15
2023
GST - ( PAYMENT OF GST BY THE OWNERS IN DEVELOPMENT AGREEMENTS )

Sir in the case of a Development agreement to construct apartments on the site of the owner by a builder, how do we pay the GST on the owner's share of apartments. It is the onus of the developer to pay the GST on the owners share of apartments. How do we pay the GST. Should it be paid in RCM or DRC03 or Should it be shown as the turnover of the Developer and pay 18% GST on services of construction renedered to the owner? Kindly clarify.

BY: Y.KANAKAMAHALAKSHMI

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44575
Nov, 15
2023
GST - ( HOW TO CLAIM INPUT GST ON ONLINE TRADING OF GOODS )

The dealer sells goods through flipkart say for Rs100/- per unit. Flipkart pays Rs. 30 for delivery charges and remits Rs. 30 to the dealer with GST. The turnover is booked at RS. 70 with GST for a sale of Rs. 100. Besides the input GST on delivery charges paid by Flipkart is passed on to the dealer as it is booked on the dealer's GST. The dealer is recording a gross profit of Rs 40 being 70-30 = 40 ( booked turnover- delivery charges) where his gross profit is 100-30=70. Hence resulting in a loss with heavy input to be reversed. How do we deal with this situation?

BY: Y.KANAKAMAHALAKSHMI

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44572
Nov, 13
2023
COUNCIL DECISION - ( CAN A MEMBER IN PRACTICE HOLDING COP JOIN AS LECTURER IN COLLEGE )

A member holding COP as a full time in practice. Now he decides to join a college as lecturer. The working hours are less than 24 hours in a week. Does it requires any special permission or it is covered under general permission.

BY: GAJENDRA C BANDI

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44571
Nov, 09
2023
COUNCIL DECISION - ( CAN CA IN PRACTICE BECOME SHAREHOLDER AND DIRECTOR IN A PRIVATE LIMITED COMPANY. )

Can a CA in whole time practice become normal director (director simplicitor) in a private limited company which is engaged in the business or profession of multi services including Consulting, accounting and others? Whether specific permission fro the council required?

BY: Shriganesh Lakshminarayan Hegde

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44570
Nov, 08
2023
MISC. - ( HOLDING COP WANT TO DO GET EMPLOYED IN CA FIRM )

If person is holding COP and has obtained Firm name and registered it. Now wants to get employed as paid assistant in CA firm? Can person do so without surrendering COP n firm name. Can someone explain the procedure?

BY: TAMANNA VASANTA

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44569
Nov, 06
2023
GST - ( NON- RECEIPT OF GOODS )

In case of few purchases, supplier of goods raises invoices in the name of particular buyer, but goods taken away by some other person from transporter. Only issue is ITC comes under buyers name without actual purchases / payment / supplies. If buyer not take credit of the same from 2B on account of the above, how it would deal with possible reversal if any (in future)

BY: CA. SURAJ KUMAR CHOUDHARY

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