Hello Professional Colleagues ! Whether newly introduced section 269 SU (Acceptance of payment through electronic modes) will apply for any receipt from foreign customer in foreign currency? As it may contradict with Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 if authorized dealer is not engaged? Thank You

BY: Manisha

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In case of Joint Development Agreements, post 01.04.2018, section 49(7) defining cost of acquisition of property and section 45(5A) defining sale consideration are similar (assuming no change in stamp value over a period of 2-3 years). This results in the cost of acquisition and sale value being the same and hence no capital gain arises. Is my understanding correct? Can this be considered as an initiative by the Government to senior citizens, who usually want to develop their old/existing houses, without much liquid resources to spare in case of capital gains arising out of completion of building. Please clarify regarding the same. Also, if one of the newly developed flats is sold a year later, what will be the cost of acquisition of the property and when it will be considered long term and short term respectively?

BY: CA. ANURADHA A V

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Client has listed property on AIRBNB and getting a rental income from the same. What is taxability of income and deductible of expenses.

BY: Nitin Porwal

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Dear Sir, Please clarify whether output tax liability under gst can be set off against subsequent input tax credit earned which is also appearing in electronic credit ledger i.e. output tax liability was of march 2018 and input tax credit earned in december 2019 which is appearing in electronic credit ledger? Thanking in anticipation

BY: Abhinav Chaurasia

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The entity has disclosed the gross turnover as well as purchases in profit and loss account including GST. The additional amount payable through cash ledger is also debited to profit and loss account. The GST amount is stated separately but debited to profit and loss account. The GSTR 3B and GSTR 1 are filed correctly disclosing the net turnover and input is correctly claimed. Can the component of GST in the gross turnover can be separated and stated in 5O of GSTR9C as "adjustment of turnover due to reasons not listed above"?

BY: SANTOSH JAGANNATH PAI

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DEAR ALL, FACTS : A PERSON IS CARRYING ON A CENTRE FROM WHERE HE COLLECTED CASH AND PAID TO WBSEDCL FOR PAYMENT OF ELECTRICITY BILLS. IN FY 2017-18 TOTAL DEPOSIT IN BANK WAS AROUND 60 LACS.BUT ENTIRE AMOUNT PAID FOR PAYMENT OF ELECTRICITY BILLS. ITO HAS ADDED ENTIRE AMOUNT U/S 69. QUERY : PLEASE PROVIDE ANY CASE LAW TO GO FOR APPEAL .

BY: SUDIP KUMAR MUKHOPADHYAY

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Details of Query: - ITC ledger as per audited books of account (F.Y. 17-18) Rs. 100 - ITC as per filed 3B for F.Y. 17-18 was Rs. 90 - But actually our eligible ITC was only Rs. 60. Hence we reversed excess claimed ITC of Rs. 30 in 3B returns of next F.Y. 18-19 and also reversed ITC excess ITC of Rs .40 in books of FY 18-19 (since FY 17-18 were audited). What will be treatment in GSTR 9 C Form ??? Is below treatment would be correct one or Other, please suggest ? Point 12 in Pt. II of Form 9C 12.A. - ITC availed as per audited Annual Financial Statement : i.e. 100 12.E. - ITC claimed in Annual Return (GSTR9 – point 7J): i.e. 90 12.F.- Un-reconciled ITC : 10 Then we can mention - Reasons for un-reconciled difference in ITC can be writteen as under: Reason 1 .ITC reversed in 3B of next filed 3B return Rs. 30 Reason 2. ITC Reversed in books of F.Y. 18-19 (but related to Previous year F.Y. 17-18) Rs. 40. Thanks.

BY: RAJENDRA SEWDA

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A person is taking tutions and he has taken GST no for a part time business on which no sale has taken place yet. Whether his tution Incme will also come under GST

BY: Mahesh Kumar

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Assessee construct building on lease land in 2014, after 2014 assessee not claimed Depreciation on it till date, Now he sold the building, Whether he can treat building as Long Term Asset for the purpose of Capital Gain?

BY: Ninad Prataprao Shete

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An assessee pays around 10 lakhs Under legacy dispute resolution scheme. Is he entitled to claim this amount as business expense ?

BY: nagappan.sm

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Persons turnover (from services) crossed 20L. Into supply of services. Complete turnover comes from single transaction. He also get rental from commercial building of Rs 10000 per month. Getting registered now. How to pay tax for the period in which he is not registered and should have been registered? What pe

BY: Sai Ram

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RCM Liability on inward supplies related to F.Y.2018-19 found on review of GSTR2A but paid in next financial year i.e.2019-20 (July,2019) & also ITC taken in GSTR3B in the same month.Now quary relates to GSTR9 i.e. Annual Return whether to shown or not in yes then in part or column.

BY: SANJAY BAHETI

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my query related to disclosure in Annual return GSTR9 & Certificate in GSTR9C pertaining to F.Y.2018-19. Detailed as under How & where to shown the difference in ITC between GSTR 3B and GSTR2A due to inward supplies actually received in next F.Y. i.e. 2019-20 on receipt basis while supplier has shown the same in March,2019 through GSTR1(i.e.in our case GSTR2A) pertaining F.Y.2018-19 (A purchase bill of 31/03/2019 has accounted for in books in April,2019 and also considered ITC in April,2019 when goods received actually.

BY: SANJAY BAHETI

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Society is under redevelopment in which assessee is a flat owner . Assessee is to receive larger flat (with additional area of say 500 sq feets) against old flat, out of 500 sq feets assessee is relinquishing rights on 200 Sq Feets to developer against a consideration. Taxability of such consideration ??

BY: shraddha

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I have filed a few GST returns of a client in another state i.e West Bengal. I have recd Email from some State govt department there to enrol my self there . Whether It is required?

BY: Mahesh Kumar

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Dear sir, We have sold first floor of our shop. for Rs 17 Lcas. The WDV of the shop in our books is Rs 3.97 Lcas . We have deducted Rs 17 lacs from WDV. The result Profit on it. Can we claim Remuneration out of it or not.

BY: VIPIN GUPTA

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Sir One of the partner of a firm expired without any will or other document for succession At present there is no partnership deed.,The unit has been acquired and the Partnership Deed is not there for claiming the amount. We want to give to wife of the said Partners because the children are not coming to settle.Please advise what precaution to be taken CHARAN DASS SHARMA

BY: Charan Dass Sharma

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Whether tax paid under Legacy Dispute Resolution scheme can be claimed as business expenses under the income tax Act

BY: nagappan.sm

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An assessee has purchased a house property for 3 crores out of sale proceed of a vaccant site of Rs. 6.25 crores. After purchase of the new house property he has spent around Rs60 lakhs for installing Air Conditioners. solar Energy system, Moduler Kichen, LED Televisions, screens and blinds for windows,, etc and made cub boards , spent labour on them, to make the house to suit his needs and habitable for his style of living. The assessing officer disallow all the above allowing only 10 % of them saying that the builder himself has provided main fiacilities. whether his disallowance is correct?

BY: nagappan.sm

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If COP is taken in November 2018 what is the requirement of structured hours for the year 2018 and block 2017 to 2019 ?

BY: SV

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An Intermediary service provider need to pay GST on services exported by him to foreign entity? If yes whether he needs to charge CGST & SGST or IGST? as services being provided to foreign company. also foreign amount is received in forein currency.

BY: sujaya

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WHEN THE ASSESSEE HAD MADE ROUTINE REPAIRS AND MAINTENANCE WORK (CONSTRUCTION) ON EXISTING IMMOVABLE PROPERTY. AND THE WHOLE EXPENSE IS DEBITED IN PROFIT AND LOSS ACCOUNT. MEANS NOT CAPITALISED ANY AMOUNT. CAN THE ASSESSEE TAKE ITC FOR GST PAID ON SUCH EXPENSES. THANK YOU.

BY: AJITKUMAR L PATEL

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A pharmacy dealing in medicines had returned some expired goods to the supplier. The supplier has replaced the goods with fresh stock and issued a credit note towards the goods supplied. The supplier reduced the amount of the credit note from fresh bill. The pharmacy has reduced the purchases to the extent of the credit note.No GST has been charged on the credit note. Whether the pharmacy/medical store is required to pay GST on the credit notes received? If not the reason for the same.

BY: SANTOSH JAGANNATH PAI

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We Are Certifying The P & L & B/S Of Client, To Whom Section 44AD Is Applicable By Making The Note As Unaudited Financial Statements On The Basis Of Which IT Return Is Filled. Is It Mandatory To Generate The UDIN For The Same. if UDIN is to generated then under which head is to be generated whether it is to be generated under certificate(others) or under audit & assurance.

BY: NADIR D SHAIKH

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IGST service invoice mistakenly prepared as intrastate and filed 3B and paid CGSTand SGST in cash as there was no ITC.mistake found before filing quarterly gstr1..whats the remedy...? To correct the invoice as interstate. Will raising a credit note and issuing a correct invoice on the same date is ok..? Any chances of interest or penalty?

BY: AJESH V JOHN

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1. WORK CONTRACT FROM GOVERNMENT CONTRACTOR T TO SHOW IN B 2 B OR B TO C? 2. GST TDS DEDUCTED RS. 10,000.00 AND RECEIVED 4,90,000.00 (ONLINE TDS SHOWING THIS AMONT). ON WHAT AMOUNT 10% IS TO BE CHARGED THAT IS TO BE PAID IN GSTR 3B?

BY: aditya banka

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A seller making sales through ecommerce operator-swiggy , in which gst is charged on value after discount but not on the pakaging charges . in this case what will be our taxable value while filing gst returns Also please help me where these ecommerce transactions to be shown in gstr-1

BY: MOHAMMED MASEEH UR REHMAN

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Dear Colleagues, We are a two member Partnership Firm and one of the partner is leaving. What is the way to convert the Firm into Proprietorship so that the name can be retained. How can this be done on the Self-Service Portal. Thank you.

BY: Subramanya K Bhat

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Sir, one of our client has entered into manufacturing activities in that he will be using raw material in kg some in Meters and some in liters to bring the final product. We are facing a problem how to value the closing stock. kindly guide

BY: VIPIN GUPTA

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We have showed excess sales in GSTR 3B and paid tax on it, sales as books is less we have put sales as per books figure in GSTR 9. Can you guide how can we claim the refund of excess tax paid in GSTR 3B. Which form to use

BY: VIPIN GUPTA

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The assessee was issued show-cause notice under section 143 (2) for scrutiny, followed by notice u/s. 142(1) r.w.s. 129 of the Act along with a detailed questionnaire enclosed requesting the assessee to submit the details which were timely submitted by the assessee. After reply from the assessee, Further Notices u/s. 142(1) were issued for the cash sales made to the certain customer and the assessee replied to it. In further 142(1) notices, there was nothing mentioned related to decline in the N.P. Ratio and disallowance of administrative expenses. But in the order u/s. 143(3), disallowance of expenses was made without mentioning this issue in any of the show cause notice issued earlier.

BY: Hunny Badlani

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The assesee has late depsoited ESI /PF which was reported in Form 3CD but employess contribution has not disallowed in ITR now CPC has added the same in ITR on the basis of Form 3CD whether any relief can be claimed ?

BY: SANDEEP KAPOOR

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Dear members Please enlighten on the following: 1. One of the proposed director is a foreign national holding OCI of India. An Address proof as stated in bank statement could only be notarised as it is not possible to get the address proof apostilled in Belgium( as per the law in Belgium). 2.Further the director also holds Indian PAN card and OCI. Is the same needs to be notarised and apostilled. This being a Indian document The solution to the query raised will be highly appreciated. Practice with ROCs in different state differs too and this is wrt. Pune ROC wrt his objection in rejection.

BY: vijay kumar kalia

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IN REDEVELOPMENT SCHEME EXISTING MEMBER ARE GETTING FLATS WITH EXTRA AREA WITHOUT ANY CHARGE. THERE IS INCREASES FROM 65 SQ MTR TO 85 SQ MTR . WHETHER DEVELOPER HAS TO PAY GST ON ENTIRE MARKET PRICE OR ON ONLY ON EXTRA AREA GETTING BY EXISTING OWNERS OR SIMPLY NOT TO PAY ????? NEW FLATS ON NEW FLOOR SALE PRICE BELOW 45 LAKHS . WHAT ARE RATE OF GST WITH INPUT CREDIT & WITHOUT INPUT CREDIT ??? IF SALE PRICE ABOVE 45 LAKS WHAT WILL BE THE RATE OF GST?? CA DIMPLE SHAH

BY: CA DIMPLEKUMAR V. SHAH

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Dear all, My query is as follows: CA is out of India for almost 1.5 years.His practice is in India. Can he conduct GST Audit of Indian Companies? Data can be mailed to him. GST is all online. Is it Possible or out of law? Warm Regards.

BY: Kamlesh Mehra

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My client MrP has recd.intimation under sec 143 (1)of the it act 1961. and there is a demand due to error in tan no. stated in tds schedules mismatch in tds schedule. the query is that in the ITR filing type is not in the general details page of the itr how do i state that the filing type is rectification under sec 154?

BY: KUSHAL HEGDE

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A return was filed without E Verification and ITR V was not sent to CPC banglore but return was revised thereafter and ITR V of Revised return was sent to CPC and refund was also issued on the basis of revised return. Whether it is necessary to send ITR V of origional return also as Department is sending Messages for that.

BY: Mahesh Kumar

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Can we get refund of stamp duty paid for Company incorporation in Spice form?. Already paid stamp duty but the name was rejected by MCA and i had to file fresh form with new SRN & new company is incorporated, but the stamp duty i paid for the SRN is pending for re submission. Can a different person use my SRN for new company incorporation and i collect stamp duty amount from him?

BY: CA Shrawan Suthar

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Can a Practicing CA sign a provisional balance sheet. ( Balance sheet for Nov 30, 2019 to be signed in Dec 2019). If yes, what is the scope of responsibility of a CA. weather UDIN is mandatory.

BY: chetan jadhav

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There are no of small client (business as well as salaried class assessee) who need attested computation of income and balance sheet for bank loan purposes. Business class person do not maintained any records and mostly returns are filed under section 44AD/44ADA Can we a practicing CA, Sign the said computation and financial as "Certified True Copy of Original" and weather UDIN is necessary. If yes, what is the scope of our responsibility. (kindly advise in light of recent guidelines issued by ICAI with respect to UDIN for certified true copy)

BY: chetan jadhav

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Father and son wish to buy residential property jointly. Father shall be claiming exemption u/s 54 ( he shall sell his owned residential property and invest in new one jointly with son). lets see by example: New property purchased on 25/12/2019 for 1.5 crs Fathers' estimated capital gain from sale of his old property 40lakhs. Father's residential property has to be sold within one year of the purchase of new property to claim under 54. If he is unable to sell the old property before 25/12/2020, what shall happen? Can he invest in the new property ( for claiming u/s 54 ) by buying 1/3rd share of the new property from his son? What shall be the stamp duty on the same?

BY: Pradnya M Oak

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DURING THE COURSE OF SEARCH OF A PERSON ' X ' IT WAS FOUND THAT ASSESSEE HAD RECEIVED BACK THE SUMS GIVEN AS LOAN TO THAT PERSON (IN WHOSE PREMISES THE SEARCH WAS CONDUCTED) IN CASH . ASSESSEE HAD ALREADY OFFERED THE SAID AMOUNT AS UNEXPLAINED CASH CREDIT UNDER SECTION 69 AND PAID THE TAX THEREON @ 60% UNDER SECTION 115BBE ALONG WITH PENALTY LEVIED UNDER SECTION 271AAC . HOWEVER THE PENALTY UNDER SECTION 271DA IS ALSO LEVIED SIMULTANEOUSLY ON ACCEPTANCE OF SUMS IN CASH . CAN PENALTY UNDER SECTION 271DA BE ALSO LEVIED IN CASE THE SUMS HAD BEEN DECLARED AS INCOME UNDER SECTION 69. SECTION 271AAC HAD STARTED WITH THE WORDINGS " NOTWITHSTANDING ANYTHING CONTAINED IN THE ACT , STILL THE PENALTY UNDER SECTION 271AAC AND PENALTY UNDER SECTIN 271 DA OF THE ICNOEM TAX ACT 1961 BE LEVIED SIMULTANEOUSLY ON THE SAME AMOUNT . PLEASE CLARIFY

BY: DEEPTI DHAKAD

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Taxable Value reported in GSTR-3B is more than the Taxable value filed in GSTR-1 (Difference in Lacs). There is nominal difference in Turnover as per GSTR-1 and Books of accounts (Difference in Hundreds). Is it possible to mention turnover as per books of accounts in GSTR-9, so that there is no variance in GSTR-9C or it is mandatory to mention taxable value as per GSTR-1 in GSTR-9 and explain the difference in GSTR-9C accordingly?

BY: Shyamal Jariwala

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"A" entered into an agreement to purchase a land for Rs. 14 Cr. and paid an advance of R. 8Cr. on 12-03-2012. No deduction was made u/s 194IA as the section came into existence only on 1-06-2013. Subsequently Rs. 6 Cr. were paid on 16-12-2019 and TDS was deducted on the amount of R. 6Cr. Now the sale deed is being executed. Whether TDS is required to be deducted on R. 8Cr. paid earlier at the time of execution of the sale deed?

BY: SANTOSH JAGANNATH PAI

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rental payments aggregating to over Rs.5 lakhs in a year are being made to a non resident by transferring funds to his NRO account . TDS is deducted at 31.2%. is there a requirement to upload form 15CB and and 15CA while transferring monthly rent?

BY: suman goyal

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If we charge fee to consultant for professional work of his client Is this situation covered under misconduct of professional ethics?.

BY: CHANTI

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Whether tax audit is applicable for resident welfare association registered under society registration act. The income is exempt under mutuality. However the collection from members exceeds Rs 1 crore

BY: rangarajan r

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Whether Unaudited Balance Sheet which has been compiled by CA requires UDIN . Banks are insisting for that

BY: Mahesh Kumar

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How one can raise the bill in the name of fourth person in GST. If A is the supplier, who sells to B but shipping is made to D (ultimate purchaser), whereas C also exist in between B and D - How one can raise the bill in given circumstance? please advise

BY: SURAJ KUMAR CHOUDHURY

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I am Doing My Practise as Proprietor and I am Also Partner in Another Firm. Now I want to Merge my Proprietary with the Partnership Firm in which I am Already a Partner. My Question is Can I Merge My Proprietary with the Partnership Firm in the above case.

BY: Siva Ette

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the Assessee is carrying the business of Clearing and forwarding (CHA) and received from their customer reimbursement of expenses and the service charges but the customer has deduct the TDS on inclusive of reimbursement of expenses so there is a Mismatch in receipts as per ITR and 26 As . The assesee has not omitted any income but shown in the ITR as net (excluding reimbursement of Expenses) because the reimbursement of expenses is not the income of the Assesee so in that case how to be proceed with Income tax authorities . So please give your valuable suggestion on this matter along with any notification or circular if any .

BY: GOPAL KUMAR AGRAWAL

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The assessee is a partnership firm engaged in construction activity. In has purchased land during the year 2006-07, and has started construction in 2012 and has done work to the extent of Rs. 50,00,000. Later on due to funds scarcity, it has entered into development agreement with other company for construction of flats in 2014. Construction was completed in the year 2018 and land owner has received his share of flats and started selling its share. How to treat the same in the books of land owner who is engaged in same business. Whether to calculate capital gains or business income. Kindly explain.

BY: Sushma Sireesha Mukka

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WRONG HEAD OF ITC CLAIMED IN FY 2017-8 WHILE FILING FORM 9 AND 9C WE NOTICED THAT ONE CLIENT HAS WRONGLY CLAIMED CGST AND SGST ITC INSTEAD OF IGST (PURCHASE BILL INTER STATE). WHAT WILL BE THE REMEDY TO CORRECT THE MISTAKE IN 3B. WE WILL PAY THE CGST AND SGST AMOUNT BY MAKING REVERSAL OF EARLIER WRONG CLAIMED ITC , BUT WHAT WILL HAPPEN TO THE IGST AMOUNT NOT CLAIMED ANY WHERE IN FY 2017-18 IN 3B

BY: pradeep kumar agrawal

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Dear All, Can a practicing Chartered Accountant issue Net worth certificate to private limited company based on provisional financial statement ( here provisional financial statements are signed by CA with clear indication of same being compile based on information provided by the management)

BY: chetan jadhav

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A person is having CGST as well as SGST Balance in Credit Ledger. He wants to adjust IGST liability from SGST as IGST balance is already utilised without using CGST Balance. Is it possible ? If yes then System is not allowing it

BY: Mahesh Kumar

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(1) While filling GSTR-9 of 17-18 IT was found that RCM on transport was missed out. Now can we declared in 3B of 19-20 and pay GST & claim set off in next month in 19-20 or we have to pay GST through DRC-03 and forgo the claim of set off?? (2) While paying RCM on transportation we have not paid GST on transport amount below 750 for each consignment and 1500 for full tempo load considering exemption given under GST. Now Whether we have to pay RCM on above exempted amount?? Members Pl. share your views

BY: Sandeep

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Service provided by a lawyer to a company in July 2017. Bill and payment made in July 2017. Company registered in GST in December 2017. Turnover is over 2 crores. Is the company liable to RCM payment on advocate's fees paid in July 2017 ?

BY: ASHISH GOEL

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A Company has deposited Electricity Bill to the State Electricity Board in Cash. The A.O , while doing the Assessment , has disallowed the same. Kindly provide some case laws and oblige.

BY: AJAY JAIN

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How to find relevant case laws for putting the same in our Reply. The will be find from which site ( Free of Cost )

BY: AJAY JAIN

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I wand to register a new charitable trust for charity purpose but i don't know the office where i submit the trust deed for registration?

BY: DHARMENDRA GORA

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I am registering a newly ca firm with icai through icai ssp portal and getting firm card, so it is mandatory to send the firm card to regional office of icai?

BY: DHARMENDRA GORA

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DEAR SIR/MAM DURING FILING TAX AUDIT REPORT, WE FILED TAX AUDIT REPORT BY ANOTHER CA. NOW WHEN WE OPEN THE REPORT FROM INCOME TAX PORTAL THEN THERE IS DETAILS OF AUDITOR WHO HAS TO SIGN THE REPORT BUT IT WAS UPLOADED BY WRONG CA USING HIS DIGITAL SIGNATURE. PLEASE SUGGEST ME THE SOLUTION. IT WAS FILED BEFORE THE DUE DATE. THANKS CA PRAVEEN AGGARWAL

BY: praveen aggarwal

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CAN WE SHOW REVERSAL OF TRANS 1 CREDIT WHICH I HAVE CLAIMED IN F.Y. 2017-18 NOW AT THE TIME OF FILING ANNUAL RETURN TILL DATE I HAVE NOT REVERSED THAT TRANS 1 CREDIT. THANKING YOU

BY: BIKASH KUMAR

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while creating refund application for 2018-19 Portal asks to file refund application for 2017-18 first. Whether it is compulsory to file refund application for that year.

BY: Mahesh Kumar

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A firm has not availed GST refund for F Year 2017-18 GST Balance as per Credit Ledger was around 125000- as on 31-3-18 Now GST Balance is around same figure as on 31-3-2019. That means no refund can be claimed for 2018-19 now as during 2018-19 Input as well as Output Tax is same appx This is case of Inverted duty structure.

BY: Mahesh Kumar

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After preparing CMA data Banks are insisting CA's to put their signatures . A CA has written Projections Prepared on the basis of Information provided by customer. Whether he will have to generate UDIN

BY: Mahesh Kumar

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Is the limit of 60 audits counted PAN wise? Say Tax audit report and Transfer Pricing Audit audit report signed by the same CA for same AY for the same Assessee. Will this be treated as a single assignment?

BY: Lokesh Chajed

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Deduction u/s 10AA was disallowed by AO on the contention that ROI is filed after due date. But nowhere in the section there is a mention of such condition for claiming 10AA deduction. However in sec 143(1)(v), it is mentioned the ROI shall be processed after disallowing 10AA deduction, if the ROI is filed beyond due date prescribed in 139(1). In these circumstances, whether any appeal can be filed, what are the chances of success. Can we make the contention that the eligibility conditions prescribed in 10AA do not include the condition that ROI filing should be within the due date and the assessee is not bound by the ROI processing directions as stipulated in sec 143(1). Thank you for your guidance.

BY: Suresh Raman

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How to close a pvt ltd company, lying closed since long. Some fixed assets and current assets with liability exist in the last audited balance sheet. The same can be transferred in the name of Directors or squared off. How to proceed for closure?

BY: SURAJ KUMAR CHOUDHURY

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As per the council decision dated 23rd Oct 2019, ICAI issues advisory for practising Member CAs to restrict them from listing with online Application based service provider Aggregators. With this background, I have below queries : 1. Adding firm name, office address, basic details etc in Google maps, are permissible ? Whether this is within the framework of guidelines prescribed by ICAI ? 2. Also, need clarification on registering with Justdial ? Please clarify

BY: Mallika K R

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Hi All, I Am A Chartered Accountant Started Practice In 2011 In Proprietorship Concern And Having Trade Name Registered Under ICAI . My brother Qualified As CA recently and We Want To Convert My Proprietorship Firm Into Partnership Firm Without Changing The Trade Name As Registered In ICAI. My firm is a statutory auditor of a listed company. My Question Is 1) Whether Proprietorship Experience Is Continued In Partnership Firm ..?? 2) Whether The Experience Will Count For Bank Audit Empanelment Under Partnership Firm..?? 3) Whether does it in anyway affect my firm continuance as a statutory auditor of the listed company? 3) Whether Can I Proceed With This Conversion, Kindly Suggest Me. Thanks in advance

BY: Arun A

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Please help to understand the requirement to convert the existing proprietorship in to partnership on the below scenario- 1. My friend is already in practice as alone 2. I want to join him and covert the same as Partnership 3. He has been in practice for more than 3 years now Please tell me that if we change the name and we enter into partnership then the seniority of my friends earlier as practitioner will be considered. Also, Please help highlight the current rules for taking article under a CA.

BY: Nitish Kumar

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What is to be got done in case the Balance Sheet is finalized on 30th Oct 2019, ie after the due date of AGM and no prior initiation had been given to MCA. Please advice the best possible way to deal with the issue without attracting any penal provisions.

BY: Nilanjan Kayal

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What is industrial activity code for a nidhi company.

BY: Shobhit Bansal

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X AN ASSESSEE RECEIVED A DEMAND NOTICE OF RS 30 K FOR ASSTT YEAR 2011-12, THIS IS DUE TO MISMATCH OF TDS. EFFECT OF FULL TDS CREDIT WAS NOT GIVEN IN THE ABOVE DEMAND NOTICE. MR X GOES FOR 154. WHILE FOLLOWING 154 PETITION IT IS SEEN THAT INTEREST ON FD WAS OMITTED IN ORIGINAL ITR. SO CAN WE CONSIDER THE INTEREST INCOME TOGETHER WITH TDS DEDUCTED ON FD AND FILE PETITION U/S 154. ORIGINAL RETURN SHOW ONLY SALARY RETURN AND TDS DEDUCTED ON SALARY. FURTHER IT IS TO BE NOTED THAT THE ORIGINAL ITR WAS FILED MANUALLY IN IT NOT WITH CPC. WE PRESENTLY RECEIVED A DIN MENTIONED INTIMATION FOR ORDER U/S 154 FROM IT IN OUR PORTAL TO SUBMIT REPLY TO THE SAME.

BY: pradeep kumar agrawal

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CAN A CA ATTEST BALANCE SHEET AND PROFIT LOSS ACCOUNT WHO IS NOT HOLDING COP ?

BY: Rajendra Sethia

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Hospital providing medical facilities has registered to GST as it has a pharmacy which caters to general public. Payment of GST under reverse charge was applicable for purchases from unregistered dealers from 1-07-2017 to 12-10-2017. The services provided by hospital are exempt except sales made by the pharmacy. Does the payment of GST under reverse charge will be applicable on all the purchases made by the hospital from unregistered dealers during the period or the same will be restricted to pharmacy purchases.

BY: SANTOSH JAGANNATH PAI

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I am a working partner of partnership firm and firm is liable to audit u/s 44ADA (since firms profit is less than 50% of turnover) . Besides drawing the salary , I have some additional business income in my personal capacity . Should I liable to audit my other business /profession receipts too ? Further I have filed my ITR AY 19-20 considering that my due date is 31st Oct, 2019 whereas the intimation shows due date as 31-08.19 . Is department is correct as he demand Late fee of Section 234F . or Alternatelvely we have to file 154 as where in ITR is to be shown that I am working partner so due date of filing is 30th oct

BY: SANDEEP KAPOOR

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I am a registered taxpayer under Gst. I file my gstr-1 on monthly basis, But my some clients file their gst returns on quaterly basis. Problem is while filing my gstr-3b how can i reconcile my itc from gstr-2a. Since they are filing their gstr-1 quaterly. Now a new provision has also been inserted u/s 36(4) of cgst rule 2017. Where we can take provisional credit up to 20% of itc claimed. Give me some suggestions, how can i solve this issue. Ca Praveen Aggarwal

BY: praveen aggarwal

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Does Pvt Ltd company also need to apply CG for removal of auditor before term? How Pvt. Ltd company can remove erring director not participating in business, not attending board meetings ?

BY: CA. KAKKAR JITENDER

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Is the rebate under section 87A not available if the return is filed belatedly after the due date?

BY: Hunny Badlani

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My client is a kacha artiya he sells raw cotton , mustard oil seed on behalf of agricultueist and sells it to factories and takes his commission he issues his own bill collects payment and pay to agriculturiat after deducting his commission. Is he liable to pay gst under. Reverse charge on raw cotton and oil seeds. he is however charging gst on his sale bill.

BY: VIPIN GUPTA

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ONE OF MY CLIENT RETURN IS PROCESSED BY CPC FOR AY 18-19. AND REFUND DETERMINED. BUT IN THE MEANTIME THE BANK ACCOUNT SHOWN IN ORIGINAL RETURN WAS CLOSED BY THE ASSESEE. AND NEW BANK ACCOUNT DETAILS IS FURNISHED IN CPC PORTAL WHICH WAS DULY VALIDATED ALSO. AND THEN WE REQUESTED FRO RE ISSUE OF REFUND. BUT CPC DENIED WITH THE MESSAGE THAT THE ACCOUNT NO FURNISHED BY US IS CLOSED. WE DID THE SAME PROCESS 2-3 TIMES AND REGULARLY THE REFUND WAS DENIED ON THE SAME GROUND. WHEN WE TALKED TO CPC THEY REPLIED TO DO AGAIN FOR RE ISSUE OF REFUND INDICATING THE CORRECT BANK A/C DETAILS. BUT THE POSITION IS SAME TILL NOW. PLEASE ADVICE WHAT TO DO

BY: pradeep kumar agrawal

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JDA was entered in F.Y. 2004-05 and flats acquired from JDA were sold in F.Y. 2014-15, while no tax has been till now, whether old provisions or new (as per Sec. 45(5A)) would be applicable now?

BY: Hunny Badlani

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As per sec 49A of Cgst Act, the utilization of IGST has to be done first. It there any order in which this utilisation is to be done. i.e igst then cgst and than sgst. or we can use for SGST first and than for CGST.

BY: VIPIN GUPTA

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Q. The landlord is NRI is having the immovable property situated in india and they have given property on rent to the Indian Company and the NRI also having the PAN what rate of TDS to be deducted by the indian Company so please give the your valuable advise on this matter if any supporting / Notification so please provide the same .

BY: GOPAL KUMAR AGRAWAL

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Q;The Company has one shipment from X Pvt Ltd , they raised invoice in the name of Importer Y Ltd and CHA (Z Ltd) has made the payments after deducting the TDS on behalf of Y Ltd. But X Ltd is not accepting the payment because of CHA has deducted the TDS. According to Income Tax Act 1961, 1. Normally, Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents operate on a contractual basis and so the tax is deductible u/s 194C of the Income Tax Act 1961. 2. Section 194C (1) provides that any person responsible for paying any sum to any resident contractor, for carrying out any work in pursuance of a contract, shall deduct tax at source at a specified percentage. 3. Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents make payments on behalf of the importers and exporters towards statutory levies, for example,dues, customs duties, etc., and other reimbursable expenses like Container charges, ICD Charges, stamp charges, and processing other statutory charges. when the payment is Subject to TDS according to the provisions of IT Act 1961, making the payment through an agent does not alter TDS liability. Therefore we are liable to deduct TDS while making payment to Shipping line Still X Ltd are refusing to accept payment with TDS Deduction. They are saying that Third payment is always consider as reimbursement of expenses which is not liable for deduction of any tax at source so please don’t deduct our tds . Give your valuable suggestions regarding the above matter

BY: GOPAL KUMAR AGRAWAL

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A proprietorship was converted into Partnership at will a few years back consisting of the Prop of the old firm and two new Partners (his brothers) Now the Proprietor of Old firm who is Partner now wants to dissolve the existing Partnership firm. Can he do so under Partnership Act . He does not want to resign from Partnership. Please advice

BY: Mahesh Kumar

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My client Which is Pvt Ltd is starting business to provide service of aggregator for Radio Taxi Like OLa and Uber. 1. Is he required to Collect TCS and file GSTR 8? 2. Is he liable to take Input of RCM paid on behalf of driver ? 3. On what amount GST shall be levied i.e. Discount given by company to customer (Which will be borne by company) via coupon code , then customer should pay Tax on Discounted amount or full amount and then discount is charged on it? 4. Percentage of GST leviable on Commission charged per ride by aggregator in the name of Convinence Fees ? 5. The discount given by Company to customer is to be reduced from convience fees and then GST charged or any other way ? 6. Is any type of GST charged on incentives paid by company to driver on the basis of there rating ? 7. Is any type of GST charged on commission paid to Service partners at different cities? 8. At what all places GST reg is required to be taken when the Company is reg. in UP and Technical team Work in New delhi? 9. Which all Return it is required to file monthly? it would be more helpful if someone shares me full case study on ola related to taxation matter specifically GST.

BY: aditya banka

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in section 139(2) of companies act public borrowings from financial institutions .... whats is the meaning of public borrowings or what is the meaning of financial institutions please....... public borrowings as per defination is tradable instrument

BY: MANOJ

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we have file ITR of AY 2017-18 of Trust in Feb 2018 along with Form 10B . My querry is that whether Exemption may be withdrawn for AY 2017-18 or we can save assesee for filing condonation of delay of Form10B and whether condonation of delay file be online or offline . pl. let us know the procedure to file Condonation of delay of Form 10 B . Its urgent

BY: SANDEEP KAPOOR

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Which period turnover shall consider for the Purpose of Applicability of GSTR 9 and GSTR 9C for F. Y. 2017 -18 ?

BY: SUYOG SUDHIR AWACHAT

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i have done below transaction kindly clarify X company in TN purchased goods from B company in TN and sell it to SEZ units in AP. where the goods X company has not taken possession of goods and X company directed B company to moved goods directly from B company go-down to SEZ units. , kindly clarify whether B company can claim exemption or cover under CST

BY: CA. RAM PRABHU M

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WILL "ADVANCE TAKEN FROM CUSTOMER" BE INCLUDED WHILE CONSIDERING PROVISIONS OF SEC 269SS ??

BY: SUDIP KUMAR MUKHOPADHYAY

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My Client has sold his residential House at a price in accordance with Stamp valuation Price . The entire sale consideration has received with banking mode . The AO has asked that why not matter to be refer for Valuation as in his opinion (without any evidences) the Sell Price is far below of FMV . He has asked to us whether you have any objection for valuation . What should we do . Pl. advise with relevant section and case law if possible .

BY: SANDEEP KAPOOR

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Whether it is mandatory to send NOC to previous auidotr by post ???

BY: Ninad Prataprao Shete

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Dear Fraternity members, my query is, can a full time practicing CA become DSA of any bank? Thanks

BY: Yogesh Bhutara

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Received intimation u/s 143(1) for my client.Want to file rectification request by uploading rectified ITR_3 XML file.But the ITR Utility is calculating late fine of 5000 u/s 234F.Original Return filed within due date only.Pls help.

BY: Anuj Kumar Khaitan

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How to appoint a CEO in private limited company? Will DIR-12 will suffice by the appointment of Director or MGT-14 needs to be filed in addition to the same. Thanks and regards

BY: SURAJ KUMAR CHOUDHURY

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A company has wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16. During GST Audit in current year, this was found out and the company paid the wrong credit availed in earlier years as above now, i.e. in FY 2019-20. The same has been expensed off. Is it an allowable expenses under Income Tax Act? Please provide any case laws, if available.

BY: balasubramanian

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