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

BY: CA. CHAVAN TRUPTI GAJANAN

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

BY: Ankit Jain

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

BY: Mahesh Kumar

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

BY: CA DHAVAL GHADIYALI

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

BY: Nilanjan Kayal

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

BY: Mahesh Kumar

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

BY: CA Shrawan Suthar

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

BY: C P Ethirajan

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

BY: Mahesh Kumar

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

BY: VISHAL BABAN PANDIT

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

BY: samirkumar gokulbhai kasvala

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

BY: Mahesh Kumar

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Fact of the case:- A partnership firm is to be reconstituted where one partner is retiring and one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution neither the land is revalued nor any part of the land is given to the retiring partner. The retiring partner is getiing only the closing capital balance and nothing else. Query- Whether section 45(4) and 9B are applicable in the above situation where no distribution of the LAND. If it is applicable then how the tax on deemed capital

BY: dhanindra kumar surana

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

BY: Mahesh Kumar

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

BY: samirkumar gokulbhai kasvala

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

BY: CA. SURAJ KUMAR CHOUDHARY

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

BY: ALOK NATH SAHA

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

BY: CA. SURAJ KUMAR CHOUDHARY

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I want to receive daily newsletter on my mail

BY: Satyanarayan

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

BY: Mahesh Kumar

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

BY: HARSHIT BANSAL

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

BY: ASHISH SINGH

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

BY: CA. MADAGALA VENKATA RAMANA

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

BY: CA.veerendra.T.Murashillin

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

BY: Harpreet Singh Ghai

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

BY: Mahesh Kumar

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

BY: Mahesh Kumar

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

BY: CA. SURAJ KUMAR CHOUDHARY

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

BY: CA. SURAJ KUMAR CHOUDHARY

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

BY: MAHADEO VIRUPAX WALI

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

BY: A S RAMAN

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

BY: NAMRATA VIMALCHANDRA KASLAY

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

BY: Mahesh Kumar

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

BY: Ninad Prataprao Shete

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

BY: Shobhit Bansal

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

BY: samirkumar gokulbhai kasvala

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

BY: Mahesh Kumar

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

BY: Mahesh Kumar

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

BY: Mahesh Kumar

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

BY: Tanisha Sagar Boramanikar

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

BY: KETAN SHETH

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

BY: Mahesh Kumar

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

BY: KETAN SHETH

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

BY: SUDIP KUMAR MUKHOPADHYAY

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

BY: SANDEEP KAPOOR

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

BY: CA. SURAJ KUMAR CHOUDHARY

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

BY: ABHINAV AGARWAL

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

BY: RAHUL PARASRAMPURIA

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

BY: CA. PRUSTY SIDHARTHA SHANKAR

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

BY: Govind Agrawal

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

BY: Govind Agrawal

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

BY: ALOK NATH SAHA

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

BY: SANDEEP KAPOOR

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

BY: SHUBHAM DILIP SUNDESHA

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

BY: ESWARAIAH Y

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

BY: Y.KANAKAMAHALAKSHMI

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

BY: MANISHA MALI

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

BY: balasubramanian

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

BY: Mahesh Kumar

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

BY: CA. SURAJ KUMAR CHOUDHARY

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

BY: CA. SURAJ KUMAR CHOUDHARY

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

BY: ARPIT K AMIN

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

BY: SACHIN JAIN

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

BY: ANKIT JAIN

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

BY: Amit

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

BY: CA SRIVASTAVA ATUL KUMAR

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

BY: TAMANNA VASANTA

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

BY: CA. SURAJ KUMAR CHOUDHARY

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

BY: Y.KANAKAMAHALAKSHMI

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

BY: Y.KANAKAMAHALAKSHMI

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

BY: GAJENDRA C BANDI

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

BY: Shriganesh Lakshminarayan Hegde

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

BY: TAMANNA VASANTA

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

BY: CA. SURAJ KUMAR CHOUDHARY

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A HUF was formed around 15 years back by accepting a nominal Rs 5000- gift from brother of Karta .HUF consisted of Karta,his wife and a male child then minor. It did business for around 12 years and has a capital of Around 27Lacs which is standing in the books of a firm to whom all assets and liabilities were transferred while closing the firm owned by HUF Now The said firm is returning Rs 27 Lac to HUF's saving account Son of Karta has recently got married.How should be amount of Rs 27 Lacs should be distributed Whether Daughter in law of Karta will also be entitled to her share or Rs 27 Lacs can be divided between Karta.his wife and his Son only

BY: Mahesh Kumar

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UDIN can't be generated beyond 2 month period and AGM is to be held by 30th Sept 2022. In such scenario how UDIN on Audit report could be generated for FY 2021-22 and even for current year

BY: CA. SURAJ KUMAR CHOUDHARY

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Assessee:- Pvt Ltd Company Date of Inco:- Sept 2019 Filed Return:- AY-20-21, 21-22, 22-23 Tax Rate:- 115BAA i.e. 22% However 10IC filed for AY 21-22 only. Status:- Startup Registration got on Nov 21 80IAC Approval:- 24 Oct 2023 ITR and Tax Audit:- Due date 31/10/23 not yet uploaded Query:- Assessee want to exercise 80IAC for AY 23-24 or AY24-25 onwards. Can he do so? Assessee wasn't aware at the time of filing first year return about start up registration and 80IAC. Mistakely selected tax rate u/s 115BAA. Now assessee wants to get deduction u/s 80IAC. He is ready to file rectification/Updated return with 25% tax rate for AY 21-22 and AY 22-23 and pay differential tax. Need opinion on this.

BY: ASIF MUJAWAR

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Hi All, As assessee, being a railway contractor, had raised an invoice during Mar'23, and filed GST return of Mar'23 by including the same. However TDS has been deducted by Railways only in Apr'23 at the time of payment. If I included this invoice in FY 22-23, we will be denied the TDS credit by the CPC. Please advise if it's right to carry forward the sales to next year by showing it as WIP or otherwise and include it in next year sales and claim TDS credit. Thanks

BY: CA. VASUDEVAN P K

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Fact of the case 1. Original 03 Invoices raised in the month of March 2018 - Taxable Value Rs. 40000000 on CGST / SGST @ 2.5% -1000000 /1000000 2. Amended one invoice in the month of August 2018 of Rs. 400000 @ 18% 3. Raised Two Debit Note in month of September 2018 for renaming two invoices pertaining to 2017-18 for differential tax Original Invoice Date 31/03/2018 31/03/2018 31/03/2018 Later in the month of August 2018 invoice No. 02 amended for correction in GST Rate Amendment Original Invoice Date 31/03/2018 in the month of September 2018 raised two debit note for Invoices pertaining to 2017-18 for differential Tax amount Date of Dr Note 15/09/2018 15/09/2018 GST Paid in the month of March 2019 through credit ledger Now GST Department demanding Interest on Rs. 52,00,000/- on amended invoice as well as debit note raised in next financial year ( 2018-19) from 20/04/2018 till date of deposit of Tax. Tax deposited thrugh credit ledger. Credit ledger have balance in the month of March 2018 Rs. 10,00,000 & in the month of March 2019 45,00,000/- Required Advice / Guidance Applicability of Interest - 1. From April 2018 on 52.00,000/- 2. From August 2018 on 19,50,000/- 3. From September 2018 on 32,50,000/- 4. Whether Credit ledger Balance in the Month of March/ August / September & March 2019 is considered for charging Interest ?

BY: Pravin Taparia

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I am currently working in private limited company (IT consulting services) on work from home basis from 2 p.m. to 11 p.m. shift. Monday to Friday. At the same time I am holding a COP and associated with firm as branch in charge. I lost my job in gulf and returned to Indian. I was thinking of setting up a practice in home town. During the process of renewal of membership and COP as well as arrangement with firm, I got an offer for work from home basis. I accepted the offer to start employment and continued to hold COP and associated with firm. Establishing a practice in a small town with too much competition will take it's own time. Also, need to support families financially as well. In this circumstances can i continue with employment as well as hold full time COP or any other best option available.

BY: Jainuddin Nihal

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CAN TWO PARTNERSHIP FIRM MERGE? IF YES, WHAT ARE THE TAX IMPLICATIONS?

BY: CA MAULIK SARDA

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1) While filling form No. 10B - Sl No. 18, to fill the details of incidental business, we are getting only one line item to fill. Whereas in case of educational institutions, there are two or three incidental businesses such as busses and hostels etc. How to fill the drop down box. Can we give only one incidental activity and give the receipts of all the businesses put together in the column for gross receipts of incidental businesses. 2) While filling ITR-7 SCHEDULE - JA2, LONAS AND BORROWINGS, is it necessary to take the figures of "OD/CC" accounts also. Sometimes it may so happen that the expenditure for attainment of objects will be met out of OD/CC accounts and we will claim such expenditure as spent/

BY: CA. VENKATA SATYANARAYANA V

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Capital Gain on Sale of Urban Agriculture Land Date of Sale :- 20/03/2023 Sale Consideration:- 1 crore (Only 20 lakhs is received till the date as agreed in registry and remaining will receive in March 24) Indexed Cost of Acquisition:- Rs. 3 lakhs Possession Given and Registry done on 20/03/2023 Seller wants to take Benefit of section 54B (Purchase of another agriculture land) but amount is not received till the date of return filing and even now. Please suggest what to do ??

BY: Ankit Vijaywargiya

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Assessee have been enabled for e-invoicing on the GST portal. But as the taxpayer deals Mainly in NON-GST items and small turnover of taxable items in B2C category only, what to respond if mail have been received for filing declaration for exemption under the specified category (which not applicable to aseessee)

BY: CA. SURAJ KUMAR CHOUDHARY

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During filing of tax audit report, the details of Non-deduction of TDS on payment to resident was wrongly entered in coloum of non-resident. i.e. detailed to be entered in 21.B.(ii) - 30% disallowed was entered in 21.B.(1) - 100% disallowance. Query : 1. can revised report be filed ?

BY: DNYANESH PATADE

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"The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the "specified number of tax audit assignments". FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD upto 2 CRORE OR 1 CRORE ? For example Last yr turnover 80lac opt for 44AD but current year turnover 1.6cr opt out 44AD and net income exceed minimum amount chargeble to tax. Please clarify that under which section audit will be done 44AB(a) or (e) for current year and it will counted under our Audit limit of 60?

BY: MD AZHAR

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A married Lady wants to gift 1 crore to brother of his father Will this raise questions from Income tax department

BY: Mahesh Kumar

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A daughter gifts 1 crore to his father Father gifts further to his brother Will this be questionable?

BY: Mahesh Kumar

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Hi, I have one client....it has 2 branches one in Delhi and one in Haryana. Delhi Branch Sale - 2.5 Cr. Haryana Branch Sale - 1 Cr. Total Sale as per GST - 3.5 Cr. But Haryana branch only transfers stock to Delhi branch and no outside sale. Now, as per Income Tax audit will be done on 2.5 cr. Can we show Rs. 3.5 cr. sale in ITR, as sale and purchase of 1 cr. will be set off against each other and no impact on GP/NP. Because if we state 2.5 cr. sale in ITR, then we can get notice from Income Tax department and it can lead to unnecessary litigation. If anyone of you have any such client, please respond how are dealing with the same in audit and ITR?

BY: CA ROHIT GARG

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What amount of turnover should be reported in clause 40 of tax audit report in case of F&O trading- 1. Turnover computed as per Guidance note of ICAI. 2. Turnover of Total sale value of F&O Trading.

BY: ASHISH GOYAL

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I HAVE APPLIED FOR COP. I WANT TO PRACTICE AS A PROPRIETOR, IS IT NECESSARY TO TAKE FIRM NAME APPROVAL AS I WANT TO PRACTICE AS "MANISHA & ASSOCIATED". AS PER REGULATION 190 , IF CA WANTS TO PRACTICE IN HER OWN NAME, NEED NOT APPLY FOR APPROVAL. KINDLY RESOLVE MY QUERY.

BY: MANISHA RAJBHAR

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

BY: LAKSHMI NARAYANA PANTHANGI

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

BY: DHANESH GALA

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

BY: SUBHASH CHANDER BHASHKAR

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

BY: PRASHANT

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

BY: Mahesh Kumar

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

BY: SUDIP KUMAR MUKHOPADHYAY

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

BY: ANIL SHARMA

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

BY: ANIL SHARMA

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

BY: Mahesh Kumar

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