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Que. Id Date Description
40975
Mar, 01
2021
GST - ( REFUND APPLICATION )

After creating Refund file (Under inverted tax structure) Cells to be filled eg Total Turnover,adjusted turnover are not activated.Further after uploading json file of Refund application Errors list is displayed showing various errors in Purchase details reason items not being displayed in GSTR 1 while purchase entries are never displayed in GSTR 1 (AlThough items are matching with GSTR 2A) Whether this is a fault of Software?

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40976
Mar, 01
2021
DIRECT TAXES - ( INDEPENDENT PROFESSIONAL SERVICES-DTAA )

1.As per Article 15 of India and UK DTAA, relaing to INDEPENDENT PERSONAL SERVICES, whether Designing Fee of Textile Garments charged by NRI Individual subject to TDS?

BY: SHRIDHAR

Total Answers : 1 | View Answers | Post Answers

40977
Mar, 01
2021
DIRECT TAXES - ( DTAA )

An Indian company paying Design fee relating to Textile Garment to "Non Resident Individual person" residing in UK. Is it possible to remit under Article 15,"Independent Personal Services" of India and UK DTAA ?

BY: SHRIDHAR

Total Answers : 0 | View Answers | Post Answers

40973
Feb, 24
2021
GST - ( WRONG PAYMENT IN GST )

Instead of CGST and SGST , paid IGST for the FY 2017-18. If the company pay CGST and SGST now can we claim the wrongly paid GST (IGST). Is there any time limit? Time limit of 2 years is applicable to this transaction?

BY: MADHUSUDHANA REDDY KS

Total Answers : 1 | View Answers | Post Answers

40974
Feb, 24
2021
MERGER & ACQUISITION - ( REGARDING MERGER OF TWO PROPRIETORSHIP FIRMS )

I have 2 Questions? First one is :--This is CA Jyoti Mahajan, I am Proprietor of B & Associates(2017). Another firm is C & Associates(2013) (Proprietorship) with whom I want to merge my CA Firm B & Associates. What will be the constitution of merged firm C & Associates and what will we both proprietor represent mean either proprietor or partners of merged firm and what will be the date of constitution of merged firm? Second Ques is :-- If B & Associates partnership having proprietor of C & Associates as partner and later on C & Associates merge with B & Associates then what will be the Implications and whether will get the benefit of oldest firm(2013)?And whether we should register merged firm with different name or can continue with B & Associates? and If in future C & Associates wants to demerge from B & Associates then what will be implication on B & Associates and C & Associates regarding date of constitution ?

BY: JYOTI MAHAJAN

Total Answers : 0 | View Answers | Post Answers

40972
Feb, 23
2021
Companies Act, 2013 - ( REASONS TO BE ATTACHED TO FORM NDH-2 )

What reasons can be justifiable for applying in FORM NDH-2 before ROC ? Reasons and justification if available with anyone ?

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

40971
Feb, 20
2021
MISC. - ( HIRING OF PAID ASSISTANT )

I am registered as a proprietary firm with ICAI. I want to hire a CA (Not holding COP) as paid assistant. My question is: 1. what is the procedure to be followed?? 2. what form is to be filled to inform the Institute?? Thank you in advance.

BY: ronak chetan kapadia

Total Answers : 1 | View Answers | Post Answers

40970
Feb, 19
2021
COUNCIL DECISION - ( CONVERTING INDIVIDUAL TO SOLE PROPRIETOR FIRM )

I am qualified from 2016 and full time practitioner. Now I want to convert my status as individual to sole proprietor firm. My query is whether experience of the new sole proprietor firm will be counted from the date of the conversion or my cop date ie. 2016

BY: KUPPUSAMY MUTHUKUMAR

Total Answers : 0 | View Answers | Post Answers

40969
Feb, 12
2021
DIRECT TAXES - ( SECTION 54F )

Hello Everyone! Whether exemption under section 54F available for investing in rural agriculture land and constructing a residential property thereon (Farm House) out of sale proceeds received from sale of shares of unlisted company? Please also provide reference of HC Judgements

BY: Manisha

Total Answers : 2 | View Answers | Post Answers

40968
Feb, 11
2021
DIRECT TAXES - ( 229489 )

DIRECT TAXES (TYPE OF REGISTRATION) RESPECTED SIR, THE QUESTION IS 2 PERSONS ARE COLLECTING SCRAP/SECOND HAND GOODS FROM DOOR TO DOOR PEOPLES AS A DONATION IN KIND. THE SAME GOODS THEY ARE SELLING TO GENERAL PEOPLE BY MAKING THEM FIT FOR USE BY INCURRING EXPENDITURE ON IT. THE SALE PROCEEDS ARE USING FOR CHARITABLE ACTIVITIES. NOW THEY WANT TO GO WITH NGO REGISTRATION. SO WHICH ONE IS RCOMMENDED UNDER SUCH CIRCUMSTANCES. 1. TRUST CANT DO BUSINESS ACTIVITY AS PER CONDITIONS LAID DOWN FOR 12A REGISTRATION. 2. CAN WE INCORPORATE SEC 8 COMPANY TO UNDERTAKE ABOVE ACTIVITIES. IS THERE ANY RESTRICTIONS ON SEC 8 COMPANY WITH RESPECT TO BUSINESS ACTIVITIES? THANKS IN ADVANCE

BY: MOHAMMED QUSROO

Total Answers : 1 | View Answers | Post Answers

40967
Feb, 09
2021
GST - ( DRC-03 PAYMENT )

One of my client received a notice ASMT-10 for filing nil 3B return in FY 2018-19. We have declared sales in GSTR-9 and paid tax. Whether department will demand interest and penalty also for not disclosing sales.

BY: Shobhit Bansal

Total Answers : 2 | View Answers | Post Answers

40966
Feb, 08
2021
GST - ( GSTR9 AND GSTR9C )

ITC of 2017-18 was taken in GSTR3B of FY 2018-19. However the same was missed to be reported in GSTR9 and GSTR9C of 2017-18. Query : So while preparing GSTR9 and GSTR9C of 2018-19 , should the ITC of 2017-18 taken in 2018-19 allowed or not ?

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

40965
Feb, 07
2021
DIRECT TAXES - ( RETURN FILLED WITH TAX PAYABLE ABOVE CRORE )

client has filled income tax return with tax payable due to financial crunch of his business. he has got his account audited u/s 44ab. i want to know what would be consequences of filling income tax return with tax payable. whether there is any provision for prosecution if liability is more than one crore.

BY: NADIR D SHAIKH

Total Answers : 2 | View Answers | Post Answers

40962
Feb, 06
2021
GST - ( CREDIT NOTE )

Can Credit note also be uploaded monthly by those who decide to go for Quarterly filing GSTR-1 return

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40963
Feb, 06
2021
GST - ( CREDIT NOTE )

Can Credit note also be uploaded monthly by those who decide to go for Quarterly filing GSTR-1 return

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

40964
Feb, 06
2021
DIRECT TAXES - ( DIVIDEND INCOME TO NRI )

A Non resident earns 15 Lakhs Dividend from Indian Listed Companies for financial year 2019-20. Whether this is taxable or exempted ?

BY: PRABINA KUMAR MONINGI

Total Answers : 1 | View Answers | Post Answers

40959
Feb, 04
2021
GST - ( GST AUDIT FY 2018-19 )

ITC of 2017-18 was taken in GSTR3B of FY 2018-19. However the same was missed to be reported in GSTR9 and GSTR9C of 2017-18. Query : So while preparing GSTR9 and GSTR9C of 2018-19 , should the ITC of 2017-18 taken in 2018-19 allowed or not ?

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

40960
Feb, 04
2021
COUNCIL DECISION - ( SECOND OFFICE OF CA FIRM (SOLE PROPRIETOR) )

I'm a Practicing CA with Sole Firm in Telangana State. I have an office in one of the Towns (Municipality). Now I'm willing to open a second office in a small town which is 24 km away from my main office but it is in the state of Maharastra. Do I need to have a separate CA as in charge or not as it is within 50Kms Radius? (Note: within 24kms but in a different town and Different State)

BY: DASARI PRANAYREDDY

Total Answers : 2 | View Answers | Post Answers

40961
Feb, 04
2021
CORPORATE & OTHER LAWS - ( CO-OP.BANK EXPOSURE LIMIT )

A Co-op. Bank's exposure limit to a single borrower is say Rs. 1.5 crs. It has already advanced Rs. 1.5 crs to a borrower on mortgage of immovable property of Rs. 5 crs.Again it want to advance Rs. 1.5 crs. to another borrower on the same morgaged property. Whether advance on the same mortgaged property to different borrowers becomes an advance to a single borrower?

BY: KOMAL APURV VORA

Total Answers : 0 | View Answers | Post Answers

40958
Feb, 03
2021
DIRECT TAXES - ( TYPE OF REGISTRATION )

RESPECTED SIR, THE QUESTION IS 2 PERSONS ARE COLLECTING SCRAP/SECOND HAND GOODS FROM DOOR TO DOOR PEOPLES AS A DONATION IN KIND. THE SAME GOODS THEY ARE SELLING TO GENERAL PEOPLE BY MAKING THEM FIT FOR USE BY INCURRING EXPENDITURE ON IT. THE SALE PROCEEDS ARE USING FOR CHARITABLE ACTIVITIES. NOW THEY WANT TO GO WITH NGO REGISTRATION. SO WHICH ONE IS RCOMMENDED UNDER SUCH CIRCUMSTANCES. 1. TRUST CANT DO BUSINESS ACTIVITY AS PER CONDITIONS LAID DOWN FOR 12A REGISTRATION. 2. CAN WE INCORPORATE SEC 8 COMPANY TO UNDERTAKE ABOVE ACTIVITIES. IS THERE ANY RESTRICTIONS ON SEC 8 COMPANY WITH RESPECT TO BUSINESS ACTIVITIES? THANKS IN ADVANCE

BY: MOHAMMED QUSROO

Total Answers : 0 | View Answers | Post Answers

40957
Feb, 01
2021
DIRECT TAXES - ( LATE FILING OF FORM 67 )

Rule 128 provides that Form 67 must be filed before due date u/s 139(1) in order to claim foreign tax credit in return of income. If return to be filed is a belated return and Form 67 has not been filed upto due date u/s 139(1), whether foreign tax credit claimed in return will be disallowed?

BY: vikas kalra

Total Answers : 1 | View Answers | Post Answers

40956
Jan, 31
2021
DIRECT TAXES - ( DIFFERENCE BETWEEN STAMP VALUATION AND SALE CONSIDERATION RELAXED UPTO 20% )

Govt had relaxed the difference between stamp valuation and sale consideration upto 20% on sale of land and building in November 2020. Anybody has the circular/notification with respect to it ? Pls forward.

BY: Gaurav Kumar Baranwal

Total Answers : 3 | View Answers | Post Answers

40953
Jan, 30
2021
AUDIT - ( ACCEPTANCE OF REVENUE AUDIT )

We are doing statutory audit of OBC (now PNB) for Last two years . Recently We have received assignment of Revenue Audits of PNB . Can we go for it ?

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40954
Jan, 30
2021
DIRECT TAXES - ( SECTION.43B(A)- ANY TAX, DUTY, CESS OR FEE ETC )

Sec.43B(a) allows any tax, duty, cess or fee by whatever name called under any law for time being in force on payment basis. A company is paying lease rent to TN Govt for land taken on lease from Govt. It has made provision for rent arrears as the matter is in litigation. Is this amount provided towards arrears rent will be covered in sec.43B(a) and allowed on only payment basis? If not in sec.43B(a), will it get disallowed under any other section? Pls clarify. Thanks.

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

40955
Jan, 30
2021
DIRECT TAXES - ( SEC 115BAA )

1.A company with carry forward depreciation and business loss(normal business). Is it possible to opt sec 115BAA with carry forward business loss? 2.Also, above company having short term borrowings from directors and not in the situation to repay. Is it possible to written off borrowings and adjust that income with carry forward business loss after opting Sec 115BAA? as MAT is not applicable.

BY: SHRIDHAR

Total Answers : 1 | View Answers | Post Answers

40951
Jan, 27
2021
TDS/TCS - ( TCS UNDER 206C 1H FOR SUPPLY TO NIC )

Will supply by a registered person TO NIC (government entity) liable for tcs

BY: HIMANSHU PUROHIT

Total Answers : 1 | View Answers | Post Answers

40952
Jan, 27
2021
TDS/TCS - ( PAYMENTS TO A REMOTE PROGRAMMER IN ABROAD - WHETHER TDS U/S. 195 IS REQUIRED TO BE DEDUCTED )

One of our client hires a Remote Programmer through Upwork portal occasionally and pays him / her in foreign currency. Whether we need to deduct TDS u/s.195 since the person is not located / not resident in India. Could anyone pls advise?

BY: DHIVYA G K

Total Answers : 1 | View Answers | Post Answers

40950
Jan, 23
2021
COUNCIL DECISION - ( SENIORITY ON CHANGE IN FIRM NAME )

What would be the seniority status in case a CA Partnership Firm wishes to change its name ? Will it continue to enjoy the seniority from it's earlier date only ?

BY: CA. DATTANI VISHAL MANSUKHLAL

Total Answers : 1 | View Answers | Post Answers

40949
Jan, 21
2021
DIRECT TAXES - ( INCOME TAX RETURN FOR FY 2018-2019 )

Can Income Tax Return be filed for FY 2018-2019 ( AY 2019-2020) .ITR 1 required to be filed and tax liability is zero as all taxes are deducted by Employer u/s 192? In the event no Tax Return can be filed is fees u/s 234f to be paid voluntarily or after receipt of Notice.?

BY: ANIRBAN BASU

Total Answers : 2 | View Answers | Post Answers

40947
Jan, 19
2021
DIRECT TAXES - ( 103762 )

Can we cancel form 10IC filed through oversight. We have yet not filed the return. Relevant section 115BAA is but we would like to otp for section 115BA.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 1 | View Answers | Post Answers

40948
Jan, 19
2021
MISC. - ( NON REVEIPT PDICAI CAPSULE DAILY )

Non receipt of pdicai capsule daily

BY: ASHWANI KUMAR KAPANIA

Total Answers : 2 | View Answers | Post Answers

40946
Jan, 18
2021
Companies Act, 2013 - ( CHANGE IN STATUS FROM INDIVIDUAL AUDITOR TO INDIVIDUAL AUDITOR'S FIRM (PAN IS SAME) )

The ADT-1 filed for the year is in the name of Individual auditor. However, later the Individual auditor registered his firm as a sole proprietorship. PAN of Auditor is the same. Only change in there is a firm registration number. Should there be ADT-3 filed and new ADT-1 or can the matter be ratified in the Board Meeting and in the AGM. To re-iterate, the signing auditor is the same. Only change is individual firm. Alternatively, can the signing auditor sign as a individual and not as a firm.

BY: Lokesh Chajed

Total Answers : 0 | View Answers | Post Answers

40945
Jan, 17
2021
CORPORATE & OTHER LAWS - ( CEILING FOR AGRICULTURE LAND PROCUREMENT )

Whether there is any ceiling/limitation for Purchase of Land in the name of Individual/HUF/COMPANY/Partnership/LLP/TRUST/Society in U.P.?

BY: AJAY JAIN

Total Answers : 0 | View Answers | Post Answers

40944
Jan, 16
2021
AUDIT - ( TAX AUDIT )

Can a multinational company involved in Tax Audit work put a condition that Tax Audit report can be used only by Income Tax Authorities and not by anybody else

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40943
Jan, 11
2021
ANNOUNCEMENT - ( TENDER FOR IFCOFR )

Want to upload RFP for appointment of consultant for implementation of Internal Financial Control over Financial Reporting (IFCOFR) in UCO Bank under opportunity section in PDICAI website.

BY: PRAVEEN JAIN

Total Answers : 0 | View Answers | Post Answers

40940
Jan, 08
2021
GST - ( UPDATES )

how do i get updates from GST portal before 23.10.2020 from news and updates.. Link - https://www.gst.gov.in/newsandupdates i can't find from cbic, journals, newsletters etc.

BY: shubham

Total Answers : 0 | View Answers | Post Answers

40941
Jan, 08
2021
MISC. - ( 1625832 )

is their any best alternative of tally software for a ca firm for macos?

BY: shubham

Total Answers : 0 | View Answers | Post Answers

40942
Jan, 08
2021
INDUSTRY WATCH - ( 1625832 )

how do i get all updates from icai on e-mail? because icai publish new mcq material without intimating to students . without informing to students icai change study material chapter or add new material on their bos knowledge portal how do i get updated about this type of matters so my study won't affect and not to be depend on private tutors? any RSS feed or web monitor or email alert facility provided by icai to students or members?

BY: shubham

Total Answers : 0 | View Answers | Post Answers

40939
Jan, 07
2021
ANNOUNCEMENT - ( PRIME TECHNICAL – SHARE MARKET TRAINING TOP ONLINE TRADING STRATEGIES )

Stock market is now becoming the leading business strategy attracting millions of business traders from across the world. Today’s millennial look at trading as one of the easiest methods for wealth creation and opt to trade as their part time business to earn extra money. Prime Technical is the Best Stock Market Training Institute in India. https://primetechnical.in

BY: AMELIA EMMA

Total Answers : 0 | View Answers | Post Answers

40938
Jan, 06
2021
DIRECT TAXES - ( TURNOVER FOR TAX AUDIT PURPOSE )

Whether GST Amount should be added for calculating Turnover for the purpose of Tax Audit u/s 44AB or it should be calculated without adding GST Amount ?

BY: GAURAV GUPTA

Total Answers : 5 | View Answers | Post Answers

40937
Jan, 05
2021
TDS/TCS - ( TDS ON NBFC )

The borrower has taken loan from NBFC. Is borrower liable to deduct TDS on interest paid to NBFC ? Thank you.

BY: samirkumar gokulbhai kasvala

Total Answers : 4 | View Answers | Post Answers

40936
Jan, 04
2021
TDS/TCS - ( TDS ON SALARIES )

In case pvt ltd Co. having turnover of Rs 2.5 cr and having 2 directors, TDS on salaries is not deducted by the company and Form 24Q not filed for all 4 Quarters . However in the person income Tax Return of both directors, Salaries from companies are properly reported and Self Assessment tax paid. Query : In this situation is company required to Deduct and pay TDS and File TDS Return . Thanking you

BY: samirkumar gokulbhai kasvala

Total Answers : 4 | View Answers | Post Answers

40935
Jan, 03
2021
OTHER BODIES - ( ETHICS )

can a practicing ca can do Intraday Share Trading Transactions . Because of COVID19 my practice has declined sharply. If any permission from Institute is required , please let me know the forms and formalities to be done.

BY: chandrol sanjay singh

Total Answers : 1 | View Answers | Post Answers

40933
Jan, 02
2021
GST - ( NEW GST RETURNS )

Under the new Scheme of GST returns wef 1-1-2021(For Turnover less than 5 crores) Either You have to file Monthly GSTR 1 and 3B or You can opt for filing monthly B2B data of sales,Pay taxes on monthly basis and then again submit B2C customers figures quarterly.Donot members agree that Second option is practically more cumbersome

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40934
Jan, 02
2021
OTHER BODIES - ( PF CLAIM BY BENEFICIARY )

Pf claim by beneficiary Reason of exit : death But while filling online claim by beneficiary Portal is showing not eligible for all forms Is there anybody who can guide in this regards..?

BY: ARIHANT JAIN

Total Answers : 0 | View Answers | Post Answers

40932
Jan, 01
2021
DIRECT TAXES - ( HOW TO FILE ITR FOR CHANGES IN PARTNERS )

There were 19 Partners in a LLP . Since 1.10.19 the number of Partners increased to 32. accordingly their Profit sharing Ratio changed. Whether 2 Profit and Loss and Balance Sheets will be filled in Computation of Income. In 3CD , changes in Partners will be filled and a single 3 CD will be filled. How to show different Profits of the Partners for two periods Kindly guide me

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

40930
Dec, 27
2020
DIRECT TAXES - ( INTEREST PAID ON EDUCATION LOANOF CHILD )

An education loan has been taken for study abroad in joint names of Father and son. Repayment is being done by father here in India to a bank. Can Father claim deduction under sec 80E for any amount of interest.

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

40931
Dec, 27
2020
GST - ( APPLICABILITY OF 9C IN CASE OF ASSESSEE IS HAVING MULTIPLE GSTN UNDER SAME PAN IN SAME STATE )

Assessee is having multiple GSTIN under common PAN in one state and TO is as follows: GSTN 1 - 15 Cr., GSTN 2 - 7 Cr., GSTN 3 - 3 Cr., GSTN 4 - 75 lacs. How to prepare and submit GSTR 9 under the common PAN? Whether one GSTR 9C is to be prepared for all or separate 9C for each or whom? Pl reply with appropriate reference.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

40929
Dec, 26
2020
Capital Gains - ( SALE OF LAND AFTER PLOTTING BY POWER OF ATTORNY HOLDER )

A(GRANDFATHER) B(GRANDSON) A MADE A POWER OF ATTORNY IN THE NAME OF B. B SOLD CERTAIN PART OF THE LAND IN PLOTS I.E AFTER PLOTTING A DOESNOT HAVE PAN NO. IN ALL THE SALE DEED(BENAMAS) B's NAME is SHOWN AS HOLDER OF POWER OF ATTORNY ALONG WITH HIS PAN NO. NOW A IS NO MORE & HIS ONLY LEGAL HEIR IS B .THEN HOW SHOULD THIS BE REFELECTED IN ITR OF B ?

BY: ARIHANT JAIN

Total Answers : 3 | View Answers | Post Answers

40927
Dec, 25
2020
GST - ( GST REFUND )

Certain GST Officials are reducing GST refund figs stating that deduction is on trading activity if manufacturer is also doing trading. Whether they are right .We calculated refund as per the formala given on portal

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

40928
Dec, 25
2020
Compliance - ( CAN CA DO PRACTICE AT PARTNERSHIP FIRM AS WELL AS INDIVIDUAL CAPACITY )

I am partner in firm. Can I do practice as partner in firm as well as individual capacity. I would wanted to sign tax audits few as a partner in firm and few as my individual capacity. Is it allowed?

BY: SACHIDANANDA LADE

Total Answers : 1 | View Answers | Post Answers

40925
Dec, 21
2020
DIRECT TAXES - ( EXEMPTION U/S 54F AND 54 )

Can Exemption U/S 54F for sale of land And 54 for sale of residential house be Claimed Simultaneously For Investment In Same House Property ? Pls guide with any reference.

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

40926
Dec, 21
2020
DIRECT TAXES - ( EXEMPTION U/S 54F )

Can Exemption U/S 54F Be Claimed On Sale Of Two Separate Pieces Of Land But Investment In Same House Property ? Pls guide with some reference.

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

40923
Dec, 20
2020
DIRECT TAXES - ( EXEMPTION U/S 54F )

Can exemption u/s 54F be claimed on sale of two separate pieces of land but investment in same house property ?

BY: Gaurav Kumar Baranwal

Total Answers : 2 | View Answers | Post Answers

40924
Dec, 20
2020
DIRECT TAXES - ( SIMULTANEOUS EXEMPTION U/S 54 AND 54F )

Can exemption u/s 54F and 54 be claimed simultaneously for investment in same house property ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

40920
Dec, 19
2020
CORPORATE & OTHER LAWS - ( FORMATION OF PVT LTD CO )

What are the main steps tp incorporate a co.Whether We should apply on SPIC+ to form a co with 15 Lacs as Capital What documents shoud be at hand while applying and Whether DSC of Class II will be sufficient

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40921
Dec, 19
2020
GST - ( 054873 )

GTA charges 5% or 12% GST. 1. At what rate is RCM payable? 2. Is RCM mandatory for GTA services whether GTA has paid GST or not ? 3.What is the status of GST paid by the GTA in the hands of the recipient ?

BY: Suprakas Chaudhuri

Total Answers : 2 | View Answers | Post Answers

40922
Dec, 19
2020
DIRECT TAXES - ( ESOPS ALLOTED IN USA )

An individual resident in India received 62 ESOPS in USA in FY 2018-19. At the time allotment 20 ESOPS were deducted as TDS by the company. Now in FY 2019-20 these shares allotted were sold in USA and earned profit of around 80000.00 Rs. Other Income of the assessee is around 45 Lac Rs. What will be the tax treatment of the shares sold in USA for FY 2019-20. Is there any specific DTAA provision, through which tax benefit can be claimed?

BY: CA. SHAH DIWAKAR

Total Answers : 2 | View Answers | Post Answers

40919
Dec, 15
2020
DIRECT TAXES - ( HOW TO CLAIM TDS OF FORM 16D IN ITR 3 )

There is a deduction of TDS u/s 194M and Form 16D is issued. Now the contractor wants to file ITR 3. But in ITR 3 Schedule Name TDS contains no field for TDS of Form 16D. TDS 1 is for Form 16, TDS 2 is for Form 16A and TDS 3 is for Form 16B/16C. Please let me know how to claim the amount of TDS of Form 16D in ITR 3.

BY: Rupesh Sakhi

Total Answers : 1 | View Answers | Post Answers

40918
Dec, 14
2020
DIRECT TAXES - ( COMMISION RECEIVED BY A CALL CENTRE )

Whether Commission received by a call centre be covered under Presumptive Tax Scheme .Its Commission receipts during 2019-20 is around 140 lacs

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

40917
Dec, 11
2020
MISC. - ( EXPERIENCE COUNT ON CHANGE OF TRADE NAME )

Hello all, I want to change trade name of my firm which is 12 years old and also change its constitution from proprietorship to partnership firm. What will happen to my experience count in Bank Audits and in various tenders? Kindly suggest method to change trade name and retain experience. Thanks and regards

BY: RAJESH SINGHANIA

Total Answers : 0 | View Answers | Post Answers

40916
Dec, 10
2020
GST - ( PLACE OF SUPPLY )

Where is the place of supply of Gold online Auction.? Seller : Kerala GSTN Buyer : Tamil Nadu GSTN Goods were collected by Buyer from the premises of Seller in Kerala.

BY: BIJIN

Total Answers : 2 | View Answers | Post Answers

40915
Dec, 08
2020
Income From Salary - ( INCOME FROM BUSINESS OR PROFESSION )

I am professor in college. My salary is 22 lakh for Financial year 2019-20. And in addition to salary, I received (1) Rs. 30000/- (thirty thousand) from answersheet evaluation (2) Rs. 50000/- (fifty thousand only) as honorarium from examination duty In this regard, my question is that can I fill ITR-4 for AY 2020-21? Is it possible to fill above additional income given in point no 1 and 2 in ITR-4 (BP) tab under 44........

BY: ASHISH KUMAR BAJPAI

Total Answers : 3 | View Answers | Post Answers

40913
Dec, 05
2020
Capital Gains - ( LONG TERM CAPITAL GAIN )

X AN INDIVIDUAL SOLD THE FLAT ON NOV 2019, AND EARNED A CPAITAL GAIN OF RS 20 L. HE ALREADY POSSES A HOUSE ALONG WITH HIS SON. NOW MY QUERY IS WHETHER HE CAN PURCHASE ANOTHER HOUSE BY INVESTING FLAT CAPITAL GAIN OF RS 20 L AND THEREBY CAN SAVE CAPITAL GAIN. WHAT WILL BE THE TIME LIMIT OF INVESTMENT IN 54EC BOND CONSIDERING SALE AGREEMENT ON 01.11.20, AND WHETHER HE CAN INVEST THE PROCEEDS IN ANY CAPITAL GAIN SCHEME ACCOUNT TO BE OPENED IN ANY NATIONALISED BANK FOR USE IN PURCHASE OF ANOTHER RESIDENTIAL UNIT, BUT AS ON DATE HE IS HAVING A HOUSE JOINTLY OWNED WITH HIS SON.

BY: pradeep kumar agrawal

Total Answers : 1 | View Answers | Post Answers

40914
Dec, 05
2020
Capital Gains - ( CIRCLE RATE OF FIXED ASSETS )

X AN INVIDIUAL SOLD A FLAT AT A PRICE OF RS 45 L WHEREAS THE CIRCLE RATE IS 61 L, IN NOV2019 SO WHICH AMOUNT WILL BE CONSIDERED FOR SALE VALUE TRANSACTION AMOUNT OF CIRCLE RATE / +/- 10% OF TRANSACTION PRICE. PLEASE SUGGEST

BY: pradeep kumar agrawal

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40910
Dec, 03
2020
DIRECT TAXES - ( TDS APPLICABILITY ON INTEREST TO NRI PARTNER )

Whether TDS provisions is applicable on interest payment on Capital to NRI Partner ? If Yes, Please mention Relevant Sections.

BY: ARIHANT JAIN

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40911
Dec, 03
2020
Capital Gains - ( 075030 )

Mr. A and Mr. B and M/s ABC Limited (Collectively "landowners") entered into JDA with M/s XYZ Limited ("Builder")in the FY 2012-13 for developing housing project on their land and received a refundable token advance of Rs. 3 lacs. Project was not completed in time and the time is extended by mutual consent between parties on 30/05/2018. Project is consisting 3 multistory building of 48 flats each. As per agreement landowners will get 40% of fully developed constructed unit/ area in proportionate of their land contribution ratio balance 60% builder will get. The first multistory building was completed in FY 18-19 as per completion certificate issued by the competent authority. Builder and the landowner sell 18 flats out of 30 flats in FY 18-19, 14 flats in FY 19-20, 3 flats in FY 20-21 and balance flats shall be sold in coming years. Builder and landowners have distributed the sale consideration, with mutually consent, in proportion as mentioned in JDA in the year in which sale took place. Land acquired by Mr A in FY 1998-99 say 10 lacs and Mr B for Rs. 15 lacs and M/s ABC Limited in FY 2003-04 for Rs. 75 lacs. Queries: 01. How LTCG calculated in the hand of landowners. Whether the same is arise in the year in which sales have been made or in the year in which completion certificate is received or sale consideration actually received from the builder in proportionate to the land utilized in a particular year/ registry. 02. What is Cost of acquisition for the landowners. Whether indexation will be given upto the date of JDA or to the date of completion certificate or to the date of registry or to the date of amount actually received from the builder. 03. As the LTCG arises in more than one year, what will be the time limit to make investment u/s 54 and 54F etc.

BY: Navin K. Gupta

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40912
Dec, 03
2020
Companies Act, 2013 - ( RATE OF DEPRECIATION. )

AT THE TIME OF FINALIZATION OF BOOKS OF ACCOUNTS OF PRIVATE LIMITED COMPANY, WHICH RATE OF DEPRECIATION WE HAVE TO TAKE. AS PER COMPANIES ACT OR INCOME TAX ACT. CAN I TAKE RATE OF DEPRECIATION AS PER INCOME TAX ACT AT TIME OF FINALIZATION OF BOOKS OF ACCOUNT. SO THAT THERE IS NO TIMMING DIFFERENCE IN DEPRECIATION. AND THEREFORE THERE IS NOT NEED TO CALCULATE ANY TIMING DIFFERENCE FOR DETREMINATION OF DIFFERED TAX. THANK YOU.

BY: AJITKUMAR L PATEL

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40908
Nov, 30
2020
MISC. - ( ADMISSION OF PARTNERS )

Date of Stamp Paper is 21.12.2019. for Partnership Deed Existing Partners w.e.f. 01.01.2016 New Partners Added : Effective Date 1. 21.12.2019 2. 30.12.2019 3. 31.12.2019 And 4. 04.06.2020. All new partners should be added in ONE Stamp paper dated above 21.12.2019 using date of deed execution 04.06.2020 OR Otherwise. Thanking you

BY: SUBHASH CHAND

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40909
Nov, 30
2020
DIRECT TAXES - ( ICDS II )

According to ICDS II value of purchase,sale & stock will be taken including GST.But for accounting purposes we are not including GST element.Query is that Where do we show calculation or treatment of ICDS,only in clause 13(f) of 3CD or somewhere else also.Please let me know.

BY: SUDIP KUMAR MUKHOPADHYAY

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40907
Nov, 29
2020
GST - ( NOT OBTAINING GST NO FOR A COMMISSION AGENT )

A commission agent earning 2% of Commission on goods sold through him having commission less than 20 lacs on yearly basis during 2017-18 to 2019-20 has not got himself registered in the belief that Rs 20 lacs is the threshold limit. What should he do know

BY: Mahesh Kumar

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40905
Nov, 28
2020
INTERNATIONAL BUSINESS - ( WRITE BACK OF PAYMENT FOR IMPORT BILLS )

My client has made imports of around 50 Lakhs four years back and due to bad quality of material it could not be sold. He has not paid the bills and now the overseas party has agreed to write off the entire amount. Can he do so without taking approval of RBI. Otherwise what should be the procedure for write off. At the time of Audit if company write off the amount without taking the approval of RBI what should be responsibility to report or disclose as an Auditor.

BY: Dinesh Agarwal

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40906
Nov, 28
2020
Capital Gains - ( CGAS AND ISSUANCE OF CERTIFICATE BY CA )

My query is on LTCG, A person has sold a Plot in September 2020 and there is a long term capital gain. He has already entered into an ‘Agreement to sell ‘ with a seller to purchase a new residential property in Jan 2020, which he can claim exemption under 54F. But the possession of the same will be in Dec 2023 (4years after agreement to sell) when construction is complete. He wants to put unutilized amount in CGAS and make payment to the seller directly from that account, frequency of payment to seller is once in 3 months. Please clarify the following: 1. Can he enjoy exemption under 54F by depositing the money in CGAS even though agreement was entered into to purchase the property ( 3 years is only for construction and not for purchase) and property is ready for possession after Dec 2023 ? 2. If yes, does he have time to utilize CGA amount till Aug 2023 (3 years from the date of transfer) ? 3. To open CG account with bank, bank is asking for certificate of computation of capital gain. Can CA issue that based on the details and document provided by him ? Agreement to sell also mentions some other approximate expenses/fees/taxes which have to be added to the purchase cost while computing net capital gain. As CAs cannot certify anything based on the estimated figure, how to deal with it ? Please clarify ?

BY: Mallika K R

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40901
Nov, 27
2020
DIRECT TAXES - ( INCOME U/S 56(2) )

A BUYER OF FLAT IS CHARGED FOR DIFF IN VALUE OF ACTUAL TRANSACTION PRICE OF BUILDING AND +/- 10% OF STAMP DUTY VALUE. MY QUERY IS IF THERE IS ANY WAY TO LOWER THE TAX BURDEN BY INVESTING IN ANY SCHEME, SO THAT WILL BE HELP FUL TO THE BUYER. BECAUSE THE SELLER IS COMPENSATED BY INVESTING THE DIFFERNETIAL AMOUNT IN 54EC, OR 54 . BUT CAN THE BUYER OF THE BUILDING IS ALSO ELGIBLE TO SAVE THE TAX BY INVESTING IN ANY BOND OR SCHEME

BY: pradeep kumar agrawal

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40902
Nov, 27
2020
DIRECT TAXES - ( INCOME FROM BUSINESS )

X AN INDIVIDUAL IS UNDER TAX AUDIT FOR ONE OF HIS TRADING FIRM, AS THE TURNOVER EXCEEDS 1 CRORE LIMIT. SO 3 CD IS REQUIRED IN HIS CASE. BUT SIMULTANEOUSLY BESIDES THIS FIRM HE IS RUNNING 2 VEHICLE FOR WHICH INCOME IS ASSESSABLE U/S 44AE. SO MY QUERY IS FOR SAME PAN ASSESEE CAN HE DECLARE FOR TRANSPORTATION BUSINESS INCOME U/S 44AE, WHILE FOR OTHERS TRADING BUSINESS INCOME U/S 44AB DULY AUDITED

BY: pradeep kumar agrawal

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40903
Nov, 27
2020
GST - ( GST AAPLICABILITY )

A Company in a scheme providing furniture to their employees and transferring the same to them at WDV as per INCOME TAX @10% at the end of 5 years Company is not taking any Input credit . On transfer is it liable for GST ? If yes, how and what will be the value Company engaged in electricity generation Thanks in advance

BY: Krishna Prasad

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40904
Nov, 27
2020
DIRECT TAXES - ( CASH GIFT FROM RELATIVES )

An asessee has taken Rs 2 Lacs cash gift from his wife and two lacs cash gift from fhis daughter without executing Gift deed during 2019-20 whether he can face problem from Income tax deptt

BY: Mahesh Kumar

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40899
Nov, 18
2020
DIRECT TAXES - ( DEDUCTION UNDER SEC 80 P )

A cooperative Society engaged in markrting of Milk produced by its members has filed its return for 2018-19 Previous year in Sep 20. As Deductions under Sec 80P is available if return is filed timely,Whether there is any solution (CPC Banglore has issued demand notice trating deduction as taxable income) Whether there can be any benefit of extension in Return filing dates to sep 20 Further whether exemption limit for such cooperative societies is Rs 50000-

BY: Mahesh Kumar

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40900
Nov, 18
2020
DIRECT TAXES - ( EXEMPTION LIMIT FOR NRI )

An asessee has gone abroad for higher studies.His stay in 2019-20 was more than 182 days and will be resident only. Now in Previous Year 2020-21,his stay is less than 60 days whether he will be NRI for current year and his income from proprietory business running in his name in India will be taxable in india without exemption limit

BY: Mahesh Kumar

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40898
Nov, 16
2020
MISC. - ( KNOW MY FIRM UCN NUMBER )

DEAR SIR, MY FRN NUMBER 022866C AND MY MEF NUMBER MEF85242 CAN I KNOW MY UCN NUMBER BCZ I WANT TO APPLY FOR CONCURRENT AUDIT

BY: saurabh sharma

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40897
Nov, 15
2020
Companies Act, 2013 - ( TAX AUDIT IN COMPANY )

Separate balance sheet and Profit and loss needs to be drawn up for filing TAX Audit in Income-tax or the financials filed in Companies Audit would suffice with additional computation

BY: SURAJ KUMAR CHOUDHARY

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40896
Nov, 13
2020
GST - ( GST REFUND )

We applied for GST refund of a client for 2018-19 who manufactures Cloth (Made from Manmade Fibre/Yarn) as well as Shawls GST department had restricted Accumulation of input Credit of Certain types of cloth (wef 1-7-17 to 31-7-18) including cloth stated above and asking for Reversal of Accumulated Credit standing as on 31-7-2018 . They have already sanctioned GST refund for 2017-18 The asessee has closing stock as on 31-3-18 as well as 31-7-18 Now they are asking for return of already sanctioned refund for 2017-18 in view of various Notifications/Ciculars They are not considering Closing Stock while arriving at Reversals to make What our esteemed members think about it ?

BY: Mahesh Kumar

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40895
Nov, 10
2020
DIRECT TAXES - ( NGO ITR )

Which ITR to file if a Trust or Institution is not registered under section 12A.

BY: SHAFIYA MANZOOR

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40894
Nov, 06
2020
TDS/TCS - ( TCS-CHALLAN PAYMENT CODE )

Hello Everyone! Which code (Nature of Payment) to be selected for TCS payment challan no. 281 for payment of TCS collected on sale of goods covered under section 206C(1H)

BY: Manisha

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40892
Nov, 05
2020
GST - ( REVERSAL OF CREDIT BALANCE OUTSTANDING IN CREDIT LEDGER )

GST authorities are asking us to reverse Credit balance outstanding in Credit ledger voluntarily, that can not be claimed as refund while filing Refund application. Whether they are right. Secondally Whether there was relief provided in terms of time to file GST refund application because of Chrona Pandemic as they want to exclude Input surplus for delayed period also Please reply urgently. Thanks

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

40893
Nov, 05
2020
AUDIT - ( AS-3 APPLICABILITY TO CO-OP BANK )

Is it not mandatory for a Cooperative Bank to prepare Cashflow statement (along with P&L and B/S)? If CFS is not included in the Financial statements, Will it be enough if the auditor qualifies in his report about non compliance with AS -3?

BY: Sarath_CA

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40891
Nov, 02
2020
Compliance - ( COMPLIANCE OF CODE OF ETHICS )

Can a CA in full time practice create youtube channels for ppt presentations related to taxes etc., alongwith live video showing him dictating it.

BY: KG WARRIER

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40889
Oct, 31
2020
GST - ( HOW TO UPDATE TABLE 17 OF ANNUAL RETURN, FOR PENDING RECORDS? )

Hi All, a taxpayer has filled details of HSN wise outward supply in Table 17 of Annual Return but the same is shown as pending records in GST portal, without displaying the appropriate numbers fed. Tickets raised in selfservice portal has been resolved as per them but the issue persists. How to overcome this technical problem? Please share your experience and thoughts! Thanks.

BY: CA. RAJESH KUMAR C

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40890
Oct, 31
2020
GST - ( GST REFUND )

We have to file GST refunf under Inverted Tax structure for 2018-19 Fin Year Whether we can apply up to January 21

BY: Mahesh Kumar

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40888
Oct, 29
2020
MERGER & ACQUISITION - ( PRACTICING CA-SOLE PROPRIETORSHIP AS WELL AS PARTNER IN A FIRM OF CAS SIMULTANEOUSLY POSSIBLE? )

Hi All, A practicing Chartered Accountant (CA) holding full time certificate of practice (COP) for the past 3 years in his/her individual registered Firm name of the ICAI as Sole Proprietorship, has been approached by a Firm of Chartered Accountants, to be a Partner in their Firm from a prospective date. Question is whether the individual, Sole Proprietorship Firm can also continue to be in existence and at the same time, the Firm can also admit him/her as Partner of their Firm? Is there any restriction in holding Sole Proprietorship Firm Name and Number, post joining the new/existing CA Firm as Partner? Intention is to retain the Sole Proprietorship Name and Style of individual CA as well as be a partner in the CA Firm at the same time. Please clarify. Thank you!

BY: CA. RAJESH KUMAR C

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40887
Oct, 28
2020
GST - ( OCEAN FREIGHT )

Is there any change / case law wrt Ocean freight proposition? or it is the same as it was on 01.07.2017?

BY: SK

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40881
Oct, 27
2020
DIRECT TAXES - ( FORM 3CB-3CD )

Even after filing the Form 3CD in new schema(22nd October 2020), I am unable to upload the XML. It reads- "The XML Schema is invalid. Please upload the XML in the correct schema. At Line Number 194 - Invalid content was found starting with element 'ns3:TotalPurchase'_ One of '{"http://incometaxindiaefiling_gov.in/F3CD":adjustment, "http://incometaxindiaefiling_gov.in/F3CD":adjustmentWrittenDown}' is expected."

BY: Ritesh Kumar

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40882
Oct, 27
2020
TDS/TCS - ( IN WHICH QUARTER DETAILS CAN BE INCLUDED )

payment of professional fees is as under Q1 10000 Q2 15000 Q3 20000 Upto Quarter 2 payment of professional fees was less than Rs 30000 so no TDS is deducted but in Q3 cumulative payment has exceeded Rs 30000 so liability for payment of TDS arises on entire payment including Q1 and Q2 . Our query is that while filing TDS return for Q3 , details of Q1 and Q2 can not be included. If we now go back to Q1 and Q2 and include these details then interest amount will have to be paid. So we want to know correct procedure.

BY: samirkumar gokulbhai kasvala

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40883
Oct, 27
2020
GST - ( 144183 )

A Construction company has entered in to Development agreement before March 2019, and also has opted old scheme where it is required to pay GST @ 18% (12%) while availing ITC. Question is whether the Land owners can take benefit of notification released on 29.03.2019, where the GST liability is shifted to Developers under RCM ? If not, can they pay the GST on construction cost plus 10% under rule 30? because paying GST @ 12% on FMV is not financial feasible. Is there any precedent or case law? Thank you.

BY: Nikhil Shendye

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40884
Oct, 27
2020
GST - ( TRAN-1 CREDIT AND INPUT CREDIT )

A new unit took GST registration on 1st July 2017. They had made purchases just before that date and took tran -1 credit on the same. The unit is now thinking of closing and intend to forego tran-1 credit and some ITC credit available. There is no stock and everything is sold out. Is there any problem in filing the required forms for closure?

BY: SANTOSH JAGANNATH PAI

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40885
Oct, 27
2020
GST - ( COMPOSITION SCHEME )

What would be the GST rate applicable for a canteen in a movie theatre. Shall it be eligible for composition scheme at 1% or will it be treated as a restaurant

BY: T.R.S. PATHY SENTHIL

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40886
Oct, 27
2020
GST - ( GST APPLICABILITY )

Whether winning from playing online game ie., AC2Three Rummy online is liable for GST for the FY 2018-19,if Yes what's the rate?

BY: KATYAINI CH

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40879
Oct, 26
2020
CORPORATE & OTHER LAWS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )

Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth

BY: SIDDHARTH MODI

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40880
Oct, 26
2020
INTERNATIONAL BUSINESS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )

Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth

BY: SIDDHARTH MODI

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40878
Oct, 24
2020
AUDIT - ( ASSIGNMENT/ AUDIT OF BANKS, PSU AND CAG )

Dear Senior Members, Good morning, Hope you are doing great. I am requesting guidance for growing Audit practice. With experience of 1 year in practice, I want to do Assignments and Audits which will help in getting exposure in Public Audits / Assignments. Need guidance, suggestions and advices to develop my firm in right way to get satisfactory works as soon as possible. Thank you for your time and Regards, T RAJASHEKAR REDDY

BY: THAMATAM RAJASHEKAR REDDY

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