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Que. Id Date Description
44423
Feb, 07
2023
AUDIT - ( 013537 )

I had uploaded form 3cb and 3cd for A.Y.2022-23 on 18-09-2022 after generating UDIN & consumed the UDIN for original 3cb & 3cd. Some technical errors were noticed by the Dept. I wish to REVISE 3cb & 3cd correcting the defects I am not revising ITR. please clarify the following 1. whether new UDIN is to be Generated? If yes what is the date of audit report? whether it is original date or Revised date of reports?

BY: CA. JAIN JAWAHAR LAL

Total Answers : 1 | View Answers | Post Answers

44422
Feb, 02
2023
GST - ( GSTR 9C )

Dear All, One person is having 3 businesses e.g. business A,business B & business C under same PAN.Client has not submitted GSTR 9C upto FY 2019-20 although aggregate turnover of that year exceeded Rs.5 Crs.But client has submitted seperate GSTR 9C from FY 2020-21 onwards in spite of individual turnover of all businesses doesn't exceed Rs.5Crs. In the meantime client has received a notice from GST Dept. u/s 65 for conducting audit from FY 2017-18 to FY 2021-22 for business A. Now the query is how to save client from penalty provisions for FY 2019-20 regarding business A ??? This is also to be noted that individual turnover of business A in FY 2019-20 was below Rs.5Crs. Please guide us.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 0 | View Answers | Post Answers

44420
Feb, 01
2023
DIRECT TAXES - ( WRONG ASS YEAR IN TDS CHALLAN DEPOSITED ONLINE ON INCOME TAX SITE )

In the TDS challan deposited online in Dec 2022 by mistake on income tax site Asessment year was wrongly put as 2021-22 instead of 2023-24 and now demand has been raised for same challan amount plus interest while checking Statement status. What shoud be done to rectify mistake

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44421
Feb, 01
2023
DIRECT TAXES - ( RECTIFICATION UNDER SECTION 154 )

While filing the return, wrong section was selected and filed. Can we rectify the return filing section from 139(4) to 139(1) under sec 154 plz Clarify

BY: PONNUSAMY R

Total Answers : 1 | View Answers | Post Answers

44416
Jan, 28
2023
GST - ( 082701 )

Whether GST refund on account of Services input @18% can be claimed now where output of goods is 5% under Inverted duty structure. This is applicable in case of Suppliers selling on Eportal like Amajon,Flipcart

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44417
Jan, 28
2023
GST - ( 082701 )

Whether GST refund on account of Services input @18% can be claimed now where output of goods is 5% under Inverted duty structure. This is applicable in case of Suppliers selling on Eportal like Amajon,Flipcart

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44418
Jan, 28
2023
MISC. - ( UNABLE TO VIEW MY APPLICATION HISTORY IN MCA V3 PORTAL )

Previous Forms in V2 portal not showing in My Applications of new V3 portal. I have created V3 login in October 2022 only. (MCA Help desk suggested to login with V2 credentials but, it sowing error of User already exist)and No Response from MCA for ticket raised. Provide and Solution for the issue.

BY: SRIKANTH TUMMANAPALLI

Total Answers : 1 | View Answers | Post Answers

44419
Jan, 28
2023
DIRECT TAXES - ( 241485 )

DTAA Applicability : We have received a service invoice from a company which is a resident of Germany. But the payment is required to be remitted to its bank account in UK. Which country DTAA we should refer? DTAA with Germany or DTAA with UK? Any notification/rules regarding this?

BY: Ajith Kumar K

Total Answers : 1 | View Answers | Post Answers

44415
Jan, 27
2023
GST - ( INPUT CREDIT FOR THE FY 2021-22 )

Assessee had opted for filling quarterly return. As per the 2B of Dec.'22 quarter, ITC of fy 2021-22 booked now by the supplier. Can it be taken by now as the 30-11-22 elapsed for taking credit for FY 2021-22

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44413
Jan, 20
2023
DIRECT TAXES - ( 082701 )

If We provide dates in filter on Incometax site Only challans paid in Dec 22 and Jan 23 appear While Challan of Nov 22 aappears in OLTAS CSI file Which file to upload while filing Quarterly TDS report .

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44414
Jan, 20
2023
MISC. - ( TREATMENT OF PARTNERS CURRENT ACCOUNT )

One of our client who is a partnership Firm has filed its return of income u/s.44AD admitting 8% income on gross turnover. The partners have shared the gross receipts amount received in banks in their proportionate ratios. Since the return is filed/s.44AD the share of profit from firm in partners books is less than what has been transferred from bank. For Eg; Gross receipts Rs.1000000/-(Rs.5 lacs each transferred to 2 partners) Share of profit is Rs.40000/- each only (8% of Rs.1000000/- offered u/s.44AD) What is the treatment of the amount showing as excess credit in the books of the partners

BY: Parvathi

Total Answers : 2 | View Answers | Post Answers

44410
Jan, 19
2023
DIRECT TAXES - ( 082701 )

TDS challan deposited in dec 22 and after are not being validated because of sudden change made by Tax people. How to file TDS returns

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44411
Jan, 19
2023
COUNCIL DECISION - ( USE OF CA LOGO )

A member who is completing 25 years in practice wants to hold a get together of all present & past article students. On this occasion he wishes to give small mementos to those who attend the event. Can he emboss the CA Logo along with his firm name on the mementos?

BY: BHALCHANDRA GANGADHAR KALE

Total Answers : 1 | View Answers | Post Answers

44412
Jan, 19
2023
GST - ( E INVOICE )

A seller liable for e -invoicing has not generated e - invoicing. Kindly guide what is consequences for SELEER ? Kindly guide what is consequences for PURCHASER ?

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44408
Jan, 18
2023
GST - ( 104792 )

Can Defence Personal claim exemption in GST for purchase of Car from Dealer

BY: CA. SHIRODKAR YESHWANT VINAYAK

Total Answers : 1 | View Answers | Post Answers

44409
Jan, 18
2023
DIRECT TAXES - ( TAX U/S 115QA-CHALLAN NO. AND MINOR HEAD )

Our Company has to pay tax on distributed income to shareholders on buy-back of shares u/s 115QA of the I. T. Act, 1961. Please guide which challan is to be used and which major head (tax applicable) and which minor head (Type of Payment) is to be ticked for payment of such tax online? In the PDF challan 280 downloaded from the I. T. Website, code 106 is Tax on distributed profits of Domestic Companies and code 107 is Tax on Distributed income to Unit Holders. None specify tax on distributed income to shareholders on buyback of shares. Please help so that there should not be mistake in payment.

BY: BHARAT KUMAR KEDIA

Total Answers : 0 | View Answers | Post Answers

44406
Jan, 14
2023
GST - ( NEGATIVE LIABILITY GST -COMPOSITION SCHEME - SERVICE PROVIDERS )

Sir, I am a Practicing CA under Composition scheme and a Negative liability has arisen due to error in non reporting of the Out put service value in the Annual return 2020.21. The related credit not availed . In order to set off the Negative liability ,I had voluntarily declared higher tax due than the actual tax due in CMP08 of third Quarter 2021.22 .The Actual tax was paid . Annual return for 2021.22 was filed and there was an Error Message in GSTR 4 for 2021.22 ,directing me to declare appropriate Out put service value in consonance with the Tax due shown in CMP 08 third quarter. The said error message occurs even after the GST Dept has adjusted all negative liabilities for all Assessees Pl guide how to solve this issue ?

BY: A.Jeevanantham

Total Answers : 1 | View Answers | Post Answers

44407
Jan, 14
2023
DIRECT TAXES - ( AUDIT U/S 44AB )

One thing I want to know what will happen ,if turnover is below 1 cr and profit is less than 8%/6%,then tax liability would be huge if there is no audit u/s 44AB . What will be the course of action then ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 4 | View Answers | Post Answers

44405
Jan, 12
2023
MISC. - ( 254311 )

Hi Can only one form 15CB issued for making single payment against more than one invoice (date of deduction of TDS is different for each invoice)?

BY: SANTHOSH K L

Total Answers : 0 | View Answers | Post Answers

44403
Jan, 09
2023
DIRECT TAXES - ( CSV FILE FORM 15H TO BE SUBMITTED ONLINE )

Can anybody send above file format to upload on Income Tax site. Utility on Income tax portal is not able to validate Section code of Income details. Thanks in advance. CA Mahesh Aneja mahesh_aneja@rediffmail.com mahesh1aneja@gmail.com

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44404
Jan, 09
2023
MISC. - ( CA NAME BOARD )

As per our CA Ethics, what is the size of name board that can be displayed outside the office? A complaint raised by another CA against me. He is not a wellwisher. My office situated in a 6 storied govt. Building, so for appropriate visibility I fixed a board without any glowing lights,etc I completely read the ethics but I can't found any measurement of board size.It is better to reduce the size or keep it as it is. Please answer as soon as possible.

BY: PRASANNA M

Total Answers : 3 | View Answers | Post Answers

44402
Jan, 07
2023
DIRECT TAXES - ( 082701 )

Utility to upload Form 15H is not validating Section code in Income details file. This defect is there since Last year and has not been fixed by Income tax deptt/Co having prepared theutility (perhaps Infosys) Writing to Incometax helpdesk has not helped either. They close the querry after raising certain questions(

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44398
Dec, 31
2022
DIRECT TAXES - ( 139(9) & 234A )

Filing return under 139(1) in time and due to defect notice , assessee responded notice and file ITR U/S 139(9). Can authority charged interest u/s 234A ? Sec 234A specifically mentioned return not filed u/s 139(1) & 139(4). Any case law available to get waiver of interest U/S 234A for filing return u/s 139(9).

BY: CA. CHAVAN TRUPTI GAJANAN

Total Answers : 2 | View Answers | Post Answers

44399
Dec, 31
2022
DIRECT TAXES - ( 139(9) & 234A )

Filing return under 139(1) in time and due to defect notice , assessee responded notice and file ITR U/S 139(9). Can authority charged interest u/s 234A ? Sec 234A specifically mentioned return not filed u/s 139(1) & 139(4). Any case law available to get waiver of interest U/S 234A for filing return u/s 139(9). Even tax was paid on due date while filing return u/s 139(1).

BY: CA. CHAVAN TRUPTI GAJANAN

Total Answers : 0 | View Answers | Post Answers

44400
Dec, 31
2022
DIRECT TAXES - ( 212760 )

As per the latest provisions of the Income-tax Act we cannot file belated/revised IT return for the AY 2022-23 after 31.12.2022 but we can file the ITR for the same period only after 1st April, 2023 under Updated Return U/s. 139(8A) Category. If any one wants to file the revised/belated return for the AY 2022-23 in between 1st January, 2023 to 31st March, 2023, whether any option is there to file the same..?

BY: santhoshreddy.m

Total Answers : 3 | View Answers | Post Answers

44401
Dec, 31
2022
DIRECT TAXES - ( 212760 )

If a person is deducted TDS on interest amount of Rs. 1,00,000 @ Rs. 10,000 on fixed deposits made with the bank in the FY 2021-22. He is not having any other income except the interest earned amounted to Rs. 1,00,000/-. His case is reported in Form 26AS & AIS. Whether he is required to file the ROI since TDS is deducted..? If he does not file the return for the AY 2022-23 what will happen..?

BY: santhoshreddy.m

Total Answers : 3 | View Answers | Post Answers

44395
Dec, 27
2022
GST - ( 104792 )

IS THE WORKS CONTRACT SERVICES TO INDIAN RAILWAYS IS TAXABLE UNDER GST

BY: CA. SHIRODKAR YESHWANT VINAYAK

Total Answers : 3 | View Answers | Post Answers

44396
Dec, 27
2022
DIRECT TAXES - ( 082701 )

A person having income less than 2.5 lacs files income tax return in January 23 for Fin Year 2021-22. He shall not have to pay late fees. Am I correct

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

44397
Dec, 27
2022
DIRECT TAXES - ( 082701 )

A person having income less than 2.5 lacs files income tax return in January 23 for Fin Year 2021-22. He shall not have to pay late fees. Am I correct

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44394
Dec, 26
2022
MISC. - ( CAN A CA AS A PARTNER SIGN IN ITS INDIVIDUAL CAPACITY )

As a partner, can a CA sign certificated in its individual capacity. If yes , can he sign the Net worth certificate of his partner.

BY: MOHIT LOONKAR

Total Answers : 1 | View Answers | Post Answers

44391
Dec, 24
2022
GST - ( CANCELLATION OF NEW REGISTRATION )

GST registration was obtained in TCS category instead of taxpayer category. How to cancel the same and obtain afresh registration as taxpayer category? Currently option to cancel or surrender is not available under Registration tab of the GST portal.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44392
Dec, 24
2022
TDS/TCS - ( 082701 )

TDS Payments made during Oct and Nov 22 were being confirmed by OLTAS but payment during Dec 22 is being verified by Income Tax site. Will not there be problem while filing TDS return for Oct to Dec 22 Quarter.

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44393
Dec, 24
2022
GST - ( INPUT ON CAPITAL GOODS PURCHASED FOR SERVICE ACTIVITY )

for Dry Cleaning services , machine, equipment's were purchased in the nature of Capital Goods. How GST input on the same could be availed and utilised in payment of GST output on such laundry services

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44390
Dec, 22
2022
Capital Gains - ( 54EC & 54F SIMULTANEOUSLY )

Can anybody claim exemption u/s 54EC & 54F simultaneously ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

44387
Dec, 21
2022
Capital Gains - ( EXEMPTION U/S 54/54F FOR SELF CONSTRUCTED RESIDENTIAL HOUSE )

if new self construction property completed (OC Received) within 1 year before sale of old property, can we consider it as "purchase" and claim exemption or provision is silent on before construction property (specifically mentioned construction should be completed within 3 Years after sale of property) and claim exemption. Any case law available in such scenario

BY: CA. CHAVAN TRUPTI GAJANAN

Total Answers : 1 | View Answers | Post Answers

44388
Dec, 21
2022
MISC. - ( CERTIFICATE FOR ESTIMATED COST OF PROJECT )

Please guide me whether a CA can issue cartificate for ESTIMATED cost of project. Estimated cost includes Land and Building, Plant and Machinery and Misc exp. The client has to submit this certificate for pollution control Board . If CA can issue certificate then what are documents and details which should be obtained from the client.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44389
Dec, 21
2022
GST - ( CHANGE IN GST REGISTRATION APPLICATION TYPE )

Fresh GST registration was wrongly applied as Tax Collector, application is still pending for processing. How we can modify the application as General Taxpayer. Otherwise GST authority may register the same and a fresh registration is to be applied. Regards

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44386
Dec, 17
2022
Companies Act, 2013 - ( CSR -1 REGISTRATION )

Dear Sir, Is CSR-1 Registration is compulsory for a Government School to get funding from the Corporates ?

BY: KAMAL KISHORE VERMA

Total Answers : 0 | View Answers | Post Answers

44385
Dec, 14
2022
DIRECT TAXES - ( 118411 )

Section 2(22)(a) states that any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the compnay to its shareholders of all or any part of the assets of the Company, My question " whether will dividend and capital gain tax or only capital gain tax be applicable in the case of conversion of a company into LLP?"

BY: KETAN SHETH

Total Answers : 0 | View Answers | Post Answers

44383
Dec, 13
2022
MISC. - ( PROFESSION TAX IN W BENGAL )

Whether a Prop Firm doing trading business in kolkotta has to pay profession tax also.If yes what is the threshold limit

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44384
Dec, 13
2022
MISC. - ( PROFESSION TAX IN W BENGAL )

Whether a Prop Firm doing trading business in kolkotta has to pay profession tax also.If yes what is the threshold limit

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44382
Dec, 12
2022
GST - ( ANNUAL RETURN )

Dear sir can we file GSTR 9 & 9C for the Current FY 2021-22 without filing Previous year Annual return i.e. 2019-20

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

44379
Dec, 07
2022
SME - ( IRRCOVERABLE DUES )

The client is registered under Udyam aadhar and GST. The client has sold goods but customer is not paying the due amount. The cheque received from customer is dishonoured . The client has issued Invoice, uploaded on GST portal, issued E way bill. Kindly guide whether remedy is available under Udyam aadhar registered person or any other alternative for recovering due .

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44380
Dec, 07
2022
DIRECT TAXES - ( CASH RECEIPT )

The Tax payer is selling goods with Invoice and uplaidng invoice in GST portal . The customer is paying by cash only. Kindly guide whether is there is restriction in accepting cash and any limit.

BY: samirkumar gokulbhai kasvala

Total Answers : 3 | View Answers | Post Answers

44381
Dec, 07
2022
GST - ( WHETHER PRE-DEPOSIT OF 10% TAX IN DISPUTE CAN BE DONE THROUGH E. CREDIT LEDGER OR TO BE DONE THROUGH )

Whether pre-deposit of 10% tax in dispute can be done through E. Credit Ledger OR To be done through E. Cash Ledger

BY: Gaurav Kumar Baranwal

Total Answers : 2 | View Answers | Post Answers

44378
Dec, 04
2022
MISC. - ( DISSOLUTION OF CA FIRM WHILE KEEPING ITS NAME BY ONE PARTNER. )

Sir, I am CA Avinash Gupta partner in M/S Avinash K Gupta & Co. Our Firm have 4 partners and now we all partners mutually agree to discontinue our partnership firm. We also agree that our firm i.e. Avinash K Gupta & Co. to be continue by CA Avinash Gupta under the same name and FRN Number. I want to ask the procedure to dissolve our firm so that firm can continue by CA Avinash Gupta. Please provide details regrading forms and other procedures that we have to file to SSP Portal.

BY: CA. GUPTA AVINASH

Total Answers : 1 | View Answers | Post Answers

44376
Sep, 22
2022
DIRECT TAXES - ( DSC FOR PASSWORD CHANGE )

A cooperative society has procured New DSC in the name of Secretary who has recently joined. While resetting password of Society , message appears DSC of previous secretary's PAN required. How to fix this problem

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44377
Sep, 22
2022
DIRECT TAXES - ( DSC FOR PASSWORD CHANGE )

A cooperative society has procured New DSC in the name of Secretary who has recently joined. While resetting password of Society , message appears DSC of previous secretary's PAN required. How to fix this problem

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44375
Sep, 21
2022
AUDIT - ( COMMUNICATION WITH PREVIOUS AUDITOR IN CASE OF COMPILED BALANCE SHEETS )

Whether a CA is required to obtain NOC from previous Chartered Accountant in case of Compiled Balance Sheets certified by him (not audited under any law) ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44374
Sep, 20
2022
DIRECT TAXES - ( TDS MATTERS )

A reality co has demanded full and final payment 2500000-from an applicant. It has credited Interest for late posession Rs 22500-(25000--2500 TDS) Should asessee deduct TDS on 2500000- or on 2477500-(2500000-22500) Net payable amount

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44372
Sep, 19
2022
DIRECT TAXES - ( SPECIFIED NUMBER OF TAX AUDIT ASSIGNEMENTS )

Dear Sir an assessee who declares profit U/s 44AD i.e. 8% for previous year and subsequently for CY he declares profit lower then 8% (his turnover is below 2 Cr and Above 1 CR ) wherein 44AD(4) is attracted and liable for Audit U/s 44Ab(e) whether such tax audit will be counted within specified limit of 60 tax audits ?

BY: Sachin

Total Answers : 2 | View Answers | Post Answers

44373
Sep, 19
2022
AUDIT - ( 082701 )

I had to generate UDIN for compilation of Financials but by Mistake I chose Tax audit under 44 AB(a) Should I revoke and generate fresh UDIN

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44371
Sep, 14
2022
DIRECT TAXES - ( SHORTAGES IN TAX AUDIT )

Where to show shortages in PL? Whether it is to be directly reduced from closing stock or it should be shown both sides of the PL for the equal amount? such shortages is mandatory as per the nature of business

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44369
Sep, 13
2022
DIRECT TAXES - ( DEDUCTION UNDER SEC 80P )

A cooperative Milk society with turnover less than 1 crore is not required to get Tax audit done but files ITR after 31-7-22 Whether it will lose deduction under sec 80P and will have to pay tax on income

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44370
Sep, 13
2022
MISC. - ( 255109 )

Whether member with Part time COP is considered as Member with COP or Without COP for the purpose of CPE Hours.

BY: LUQMAN AL HAKEEM

Total Answers : 2 | View Answers | Post Answers

44368
Sep, 11
2022
TDS/TCS - ( APPLICABLE OF TDS PROVISION IN CASE OF FIRST YEAR OF AUDIT )

Dear Sir, A Proprietary business having turnover more than 9.00 Crore during the FY 2021-22.He is liable to Tax Audit u/s 44AB during FY 2021-22.Please let me know, whether TDS provisions are applicable or not for FY-2021-22.He has made payments for Contractors, Professional fees, etc. during 2021-22 without deducting TDS. Please explain whether these expenses will be disallowed on the ground that TDS not deducted ?

BY: KAMAL KISHORE VERMA

Total Answers : 1 | View Answers | Post Answers

44366
Sep, 10
2022
GST - ( GST REGISTRATION )

A cooperative society is dealing in exempted as as well GST supply and taxable supply is around 5 lacs but exepted supply is 40 lacs will both figs will be added to determine its GST registration requirement

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44367
Sep, 10
2022
GST - ( 305618 )

RCM ON RENTING OF RESIDENTIAL AND DWEELING PROPERTY BOTH ARE REGISTERED UNDER GST:- As new Notification-05/202022 came for RCM on renting of Residential dwelling , please let us clarify :- 1. Whether both tenant and landlord are registered under GST , who will be liable to pay GST ? whether RCM or Forward ? 2. For identification of "residential dwelling properties" , Since GST act is not define ,how to identify. In some of cities categories properties by municipality Corporation for taxability on commercial and residential but uses may not be the same. 3. Whether companies Guest house taken on lease , the same will be classified under residential ?

BY: PREM NIWAS CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44365
Sep, 08
2022
INDIRECT TAXES - ( GST REGISTRATION FOR PRIMARY COOP SOCIETIES )

A coop society collects milk from members and sells to an agency . It also provides fertilizers,pesticide and essential commodities to members .Whethe it is required to get registered under GST if total turnover is more than 40 lacs in Punjab

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44363
Sep, 07
2022
AUDIT - ( FORM 10B )

This has reference to Form 10B (Audit report under section 12A(b) of the Income-tax Act). As per point no. (7), the information required is, 'Whether any part of the income in respect of which an option was exercised under clause (2) of the Explanation to section 11(1) in any earlier year is deemed to be income of the previous year under section 11(1B) ? If so, the details thereo.' Please guide whether the point should be considered as ANY earlier year or ONLY the previous year, in case it should be ANY earlier year, how many years should be go back.

BY: Nilanjan Kayal

Total Answers : 1 | View Answers | Post Answers

44364
Sep, 07
2022
MISC. - ( PART-TIME COP (CHARTERED ACCOUNTANT) )

1. How to Convert Full-Time COP into Part-Time COP ? 2. Is Part-Time COP holder can become a partner with Full-Time COP holder to form a CA Partnership Firm ? 3. If yes to (2), Does Part-Time COP Partner can continue to get Share of Profits / Remuneration from Firm ? Thank You

BY: RYALI VAMSI KRISHNA

Total Answers : 2 | View Answers | Post Answers

44362
Sep, 06
2022
DIRECT TAXES - ( ITR 5 )

Quantitative details are not being confirmed in above ITR utility,( Java based). Is any body else also has such issue

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44361
Sep, 04
2022
MISC. - ( 255279 )

Good Morning, Myself CA Vamsi Krishna Ryali, managing partner of 'Vamsi & Narasimha Chartered Accountants". Our firm having two partners namely Vamsi (myself) & Narasimha. Now Narasimha wants to move out of the firm, in such cases, is my partnership firm automatically closed ? or it will convert into sole proprietor ship firm ? Is ICAI firm registration number will going to change ? For bank empanelment purposes, how experience of firm will be dealt with ?

BY: RYALI VAMSI KRISHNA

Total Answers : 2 | View Answers | Post Answers

44360
Sep, 03
2022
DIRECT TAXES - ( TAX AUDIT - LOAN ACCPETED - PAN NOT AVAIALBLE )

Clause 31a- loan accepted from farmers who does not have PAN. without PAN, the Tax Audit form is not getting uploaded.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44359
Sep, 02
2022
GST - ( TAXABILITY OF IMPACT CREDIT )

Is receipts of Impact arising on account of roll out of GST structure of Contractors is taxable in the hands of assessee, if so relevant proisio may also be given

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44358
Sep, 01
2022
MISC. - ( COULD A CA, BEING A PARTNER IN ANOTHER FIRM, ALSO OPEN A PROPRIETORSHIP FIRM UNDER HIS NAME AND PRAC )

Could a CA, being a partner in another firm, also open a proprietorship firm under his name and practice there?

BY: DEEPAK BHANDARI

Total Answers : 3 | View Answers | Post Answers

44357
Aug, 30
2022
MISC. - ( PDICAI DAILY NEWS ROUNDUP )

Hi Team, a Few Months Back I Used To Get PDICAI Daily News Roundup. Is It Stopped Now? If No then Kindly Start this again. It is a very helpful page to update myself. Regards CA AMIT KUMAR

BY: AMIT KUMAR

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44356
Aug, 29
2022
Profits & Gains of Business & Profession - ( RECEIPTS OF COSMETOLOGIST - BUSINESS RECEIPTS OR PROFESSIONAL RECEIPTS )

WHETHER RECEIPTS FROM COSMETOLOGY/SKIN CARE/ HAIR TREATMENT IN CASE OF A PERSON QUALIFIED B. H.M.S AND DIPLOMA HOLDER IN COSMETOLOGY & SKIN AESTHETICS WILL BE CONSIDERED AS PROFESSIONAL RECEIPTS OR BUSINESS RECEIPTS & COMPUTATION OF INCOME WOULD BE UNDER SECTION 44AD OR 44ADA ?

BY: CA. SHAH KAJAL ARVIND

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44355
Aug, 28
2022
MISC. - ( 123789 )

Can CA in which he is director , can also become shareholder of the same company?

BY: GIRISH D MITTAL

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44353
Aug, 27
2022
Compliance - ( PAYING FOR GOOGLE FOR 360 DEGREES VIEW IS IT A BREACH OF PROFESSIONAL ETHICS? )

Paying for Google for Enabling a 360 Degrees View of our office listed on Google Maps, is this a breach of Professional Ethics? Can this be allowed if it was hosted for free?

BY: CA. DOSHI RAJENDRA RAMCHAND

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44354
Aug, 27
2022
Capital Gains - ( ADMISSION OF A PARTNER-APPLICABILITY OF CAPITAL GAIN TAX-GAAR-SEC 56(2)(X) )

There is a Partnership Firm having three partners.The Net worth of the Firm is Rs. 100 Crores (considering Market value of Goodwill and Immovable Properties-whereas Net worth as per Books of Accounts is Rs. 50 Crores) as on 31-03-2022. A new Partner is admitted in the Firm on 1-4-2022 and he is given 25% Share of Profit in the Firm whereas existing partners Share is reduced. New Partner contributes Rs 25 Lacs in Firm as his Capital Contribution.Existing Partners are not given any Stock nor any Immovable Property nor any money over and above the balances appearing in their capital accounts. Query 1-Such Transaction involves any Capital Gain Tax Liability on continuing Partners. 2-The incoming Partner is Liable to tax u/s 56(2)(x) of I.tax Act 1961. 3-The abovesaid arrangement is covered under GAAR Provisions

BY: ARUN KUMAR ARORA

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44352
Aug, 26
2022
CORPORATE & OTHER LAWS - ( SIGNING OF 15CB BY A SHAREHOLDER OF A COMPANY? )

Can a Partner of CA Firm sign Form15CB Certificate and Issue it to the company of which he or his partner is Shareholder (very small qty of share bought through demat, Say Issued shares are 1000000/- and the CA holds 10 Shares. (No Controlling Interest in the company). (Minority Shareholder). Example: P and his Father (R) are Partners in a CA firm. R (Father) holds shares of AbC Ltd. Can P or R Issue 15CB to ABC Ltd?

BY: CA. DOSHI RAJENDRA RAMCHAND

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44350
Aug, 25
2022
AUDIT - ( 172905 )

Please provide some advice on the Vulnerability Assessment and Penetration Testing (VAPT) tools which can be best for DCCB banks.

BY: TRUPTI SANDIP PANDYA

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44351
Aug, 25
2022
MISC. - ( 079710 )

X (Land Owner) and Y (Developers) created a LLP firm namely XY LLP , where according to capital contribution clause X will introduce Land as his capital cont part and Y will invest amount . NO other activity has made till 31.03.2021 and No bank account opened . The Management has drafted balances sheet as on 31.03.2021 by assets as Land and Investment and in assets Capital cont. with disclosures that Land are regd in personal name pf X partner Querry Whether above acts are legal . Can we further proceeds as Land as assets without their Title in Firms name what is best way to proceed further

BY: SANDEEP KAPOOR

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44349
Aug, 24
2022
GST - ( RCM ON RENTING OF COMMERCIAL PROPERTY BY UNREGISTERED DEALER )

Tenant is a registered taxpayer paying rent on commercial property and Landlord is unregistered dealer. Total rent in a year is below Rs. 20 Lakhs. My question is whether RCM is applicable on renting of commercial property?

BY: SUDHAKAR

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44348
Aug, 23
2022
MISC. - ( NET WORTH CERTIFICATION )

Can a chartered accountant issue net worth certificate of private limited company on the basis of valuation report issued by a Registered valuer under IBBI

BY: ASHISH GULATI

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44347
Aug, 21
2022
GST - ( ITC NOT REFLECTED IN GSTR2A/B )

Sir, Input Tax credit of Purchases in Jul-22 in not shown in GSTR2A/B in July 22, due to the supplier not file GSTR-1 within due date i.e. filed after cut off date 13/08/2022. From suppler side screenshot of filed GSTR -1 is available. Can we take ITC in the month of July-22 while filing GSTR3B.In portal login there is Red box showing displaying 'you are contravening Rule 36(4)' Can we go ahead, whether any penalty or Interest will be charged. Please explain.

BY: KAMAL KISHORE VERMA

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44346
Aug, 20
2022
TDS/TCS - ( 082701 )

A proprietor has filed TDS return for 4th quarter 2021-22 which has been rejected by TDS department for no obvious reason as Invalid TAN is the reason while TAN is correct The deductee can not claim it as it is not reflecting n 26AS. Can we utilize the same challan now for Sep 22 Quarter trating it unconsumed

BY: Mahesh Kumar

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44345
Aug, 19
2022
MISC. - ( PROPERTY )

M/S XYZ Pvt ltd ( the last purchaser) wants to sell Residential property . However they have following query. Background 1.M/s ABC Pvt Ltd has developed the property. 2.M/s ABC Pvt Ltd allotted 35% area to Mr. B. 3.Mr. B has sold flat to Mr.C 4.Mr. C sold to flat to M/s XYZ Pvt ltd M/s XYZ Pvt ltd is last purchaser and it intends to sell the property. Here agreement mentioned at point number 2 (i.e. between .M/s ABC Pvt ltd and Mr.B ) and point number 3 ( i.e. Mr.B and Mr.C ) ---These 2 agreements are not registered at sub registrar office and stamp duty not paid at all and hence not available. Only last Agreement is available i.e. between Mr. C to M/s XYZ Pvt ltd. Kindly guide what is the consequences for future purchaser . Thank you in advance

BY: samirkumar gokulbhai kasvala

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44344
Aug, 14
2022
DIRECT TAXES - ( QUANTITATIVE DETAILS IN ITR 5 )

While preparing ITR 5 System is not validating ITR if Quantitative details are not filled of Stocks,Purchhase,sale etc If asessee is not maintaining stock records How can we fill that

BY: Mahesh Kumar

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44342
Aug, 13
2022
DIRECT TAXES - ( FILLING OF FORM 30C )

One person wants to submit form no 30C in IT portal, as he will leave India within 31st August.How he will do that ?? Please guide. Is there any facility in income tax portal to file 30C or one needs to submit it physically ??? Pls let me know.

BY: SUDIP KUMAR MUKHOPADHYAY

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44343
Aug, 13
2022
DIRECT TAXES - ( TDS ON COMMISSION TO E-COMMERCE WEBSITE OPERATOR )

One of my client sell goods through e commerce website operator. The e-com company deduct TDS u/s 194-O on payment made to my client (sales proceeds). Further the e-com company also deduct it's commission. Is section 194H applicable on such commission charged by ecom company or its is excluded vide provision of section 194O(3)?

BY: MADHUSUDAN KUMAR PODDAR

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44341
Aug, 12
2022
GST - ( RCM ON DIRECTOR SERVICE )

Service of renting of immovable service provided by director (who is registered in GST) to company , now wehter GST needs ot charge on forward charge or company needs to pay RCM on this service ?

BY: parth

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44340
Aug, 08
2022
DIRECT TAXES - ( INCOME TAX RETURN FORM FOR AY-2022-23 )

Dear sir, A taxpayer had filed return ITR 4 (44AD -Presumptive Taxation) up to AY 2021-22 (FY-2020-21).In FY 2021-22 (AY-2022-23) he became a Director in a Private Limited Company (The company has no turnover, no remuneration paid to Directors during the FY 2021-22). In the current AY 2022-23 (FY-2021-22) he filed ITR in ITR-3.Is the Return filed under ITR -3 correct or not ? please explain.

BY: KAMAL KISHORE VERMA

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44339
Aug, 07
2022
DIRECT TAXES - ( PRESUMPTIVE TAXATION FOR PROFESSIONALS )

A professional having Turnover of 18 Lacs but income of Rs 4 Lacs whether will require Tax Audit as condition for not requiring Tax Audit is that he should not have income more than exempted Limit that is 2.50 Lacs

BY: Mahesh Kumar

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44338
Aug, 04
2022
Companies Act, 2013 - ( ACCOUNTING TREATMENT FOR MEIS SCRIPT )

Dear Experts, Can some one guide on accounting treatment to be followed for MEIS Script sale for FY 21-22 and FY 22-23 under following situation. Company received approval from Govt for MEIS script before 31st March 22 and Sale of MEIS took place in April 22. My thoughts on same are as under - As on 31st March 22 (on accrual of benefit) MEIC Script Assets (Current Assets) Dr To MEIS script income (Indirect Income) in FY 22-23 (on actual sale of script) Customer Ac Dr To MEIC Script Assets (Current Asstes) Can someone guide ???

BY: chetan jadhav

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44335
Aug, 03
2022
MISC. - ( PURCHASE OF RESIDENTIAL PROPERTY FROM PVT LTD COMPANY )

Mr. A is purchasing a Resindetial property from ABC Pvt ltd Company. What documents are required Specifically in case of Company who seller.

BY: samirkumar gokulbhai kasvala

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44336
Aug, 03
2022
DIRECT TAXES - ( 082701 )

An assesse has income below 5 lacs i.e 495000- but his long term capital gain is Around 75000- though it is also exempted being less than 1 Lac Whether for the purpose of Rebate under Sec 87A Income from LTCG will be added and rebate will be not available ?

BY: Mahesh Kumar

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44337
Aug, 03
2022
TDS/TCS - ( TDS APPLICABILITY U/S 44AD,44ADA,44ADE )

Dear Sir, Please let me know whether it is compulsory to deduct TDS for Salary, payment to contractors, payment for professional fees, etc. under presumptive Taxation scheme U/s 44AD,44ADA,44ADE of Income Tax Act. Also please highlight whether there is any limit of turnover or gross receipts to comply these provisions.

BY: KAMAL KISHORE VERMA

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44334
Aug, 02
2022
MERGER & ACQUISITION - ( PROCESS FOR MERGER OF TWO CA PROPRIETORHIP FIRM )

Please suggest me stepwise process regarding merger of two CA proprietorhip firm . whether first we need to registered partnership firm and take new pan no ?? whether we need to registered merger deed also .?? whether we need to take approval for new name of partnership firm ?? Which form need to fill on ssp portal - Form E or Reconstitution form ??

BY: MOHIT AGRAWAL

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44333
Jul, 25
2022
DIRECT TAXES - ( 082701 )

A Person has received Share from ancestral property Around 7Lacs in FA 2021-22 It has not deposited any amount in Capiital Gain account but intends to buy New Residential Property for same value within next year. Whether there will be problem if Capital gain tax is not deposited for 2021-22 and new property is purchased in 2022-23 FY

BY: Mahesh Kumar

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44331
Jul, 23
2022
DIRECT TAXES - ( WHICH EXPENSES CAN BE CLAIMED FROM INCOME OF SPORTS PLAYER ON CONTRACT BASIS WHILE AUDITING ?? )

Which expenses can be claimed from Income Of Sports Player On Contract basis while auditing ??

BY: ARIHANT JAIN

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44332
Jul, 23
2022
DIRECT TAXES - ( 442629 )

A partnership firm incorporated during FY 20-21 has nil turnover and nominal interest income (IFOS) from FD. It is not allowed to opt 44AD since T.O. is Nil. whether audit U/S 44AB is required ?

BY: DEEP KUMAR GUPTA

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44329
Jul, 21
2022
MISC. - ( 212866 )

WHAT IS THE UNIQUE IDENTIFICATION NUMBER OF OUR FIRM RAMKUMAR VAIRVAN AND CO PROP V RAMKUMAR FROM 23.05.2022

BY: V.Ramkumar

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44330
Jul, 21
2022
DIRECT TAXES - ( REVISION OF FORM 3CD )

If we want to revise the tax audit report in Form 3CD, whether entire data has to be re entered in json utility? Or, is there any facility whereby we can open the previously downloaded json file and revise the relevant clauses alone which require modification? If we try opening the previously saved json file, it always show error message.

BY: balasubramanian

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43329
Jul, 20
2022
MERGER & ACQUISITION - ( CONVERSION FROM SOLE PROPREITORSHIP INTO PARTNERSHIP )

I am sole proprietor with trade name registered under ICAI in the month of Sep 2019. Can i apply/ am i eligible for MEF for 22-23, since i am going to complete my three years in Sep 2022. Can i convert my sole propreitorship into partnership firm ? does the conversion into partnership firm will affect the seniority of my firm and would i still be eligible for bank audits after conversion ?

BY: ravi kishore bhagi

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43328
Jul, 16
2022
GST - ( GST ON PRE-PACKAGED AND LABELLED COMMODITIES AFTER ISSUANCE OF NOTIFICATION NO. 6/2022 )

Some of our Assessee are Dal Miller / Jaggary Powder Producer. Up to 17/07/2022, Dall / jaggery sold without any brand name are liable to tax at NIL Rate. Notification No. 6/2022-Central Tax (Rate), Dt 13th July, 2022, it is specifically mentioned that these commodities are liable to tax at specified rate if they are pre-packaged and labelled. Aslo inserted an explanation with regard to pre-packaged and labelled with relation to Legal Metrology Act, 2009 (1 of 2010) and rules made thereunder. There is confusion with regard to GST on Dall / Jaggery Powder, if pre-packaged and labelled these commodity having Quantity more than 25 Kg are liable to tax or not, having transaction with Intermediary Traders / Dealer / Agent who ultimately sale to Retail seller who sale these commodity to consumer. HSN Commodity Description 0713 Dried leguminous vegetables, shelled, whether or not skinned or split pre-pakaged & labelled. 1701/1702 Jaggery of all types including Cane Jaggery (Gur) / Khandsari Sugar pre-pakaged & labelled. We request you to reply urgently as these notifications are effective from 18/07/2022

BY: Pravin Taparia

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43326
Jul, 15
2022
DIRECT TAXES - ( TAXABILITY OF INCOME OF SPORTS PLAYER ON CONTRACT BASIS )

whether Income of sports Player on contract basis covered in 44AD / 44ADA & which expense is appropriate for this?

BY: ARIHANT JAIN

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43327
Jul, 15
2022
DIRECT TAXES - ( PROCEDURE IN CASE DEATH OF WIDOW OF THE ONLY ONE MALE COPARSENER )

In our case of HUF there were one male member and his wife. Now in this previous year the wife is expeired and therefore the only sole surviving coparceners as a single male is remained. In this case the query is whether the balance sheet containing the properties of huf is necessarily to be added in the individual balance sheet of the male coparceners was doing business in his individual capacity and declaring individual income in his return of income. The huf since never having taxable income not file its return of income up to today. therefore in case we merge the properties and liabilities of the huf in the balance sheet of individual to disclose the properties of huf as received share of coparcener of the huf.

BY: MAHADEO VIRUPAX WALI

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43324
Jul, 13
2022
AUDIT - ( SECTION 44AD (4) INTRODUCED FROM AY 2017-18. )

What if in any subsequent AY year after getting audited, assessee failed to get accounts audited. i.e. if in AY 2018-19 non-audited and filed under 44AD, subsequent to that in AY 2019-20 Audited in view to GTO and again in AY 2020-21 it got unaudited. Whether Assessee can get accounts audited for AY 2021-22 ignoring previous omission of non-audit.

BY: SURAJ KUMAR CHOUDHARY

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