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| 44887 |
Jul, 01
2025
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GST - ( 082701 )
Whether excess of credit notes over Sales resulting in negative sales and negative liability be shown in GSTr 1 and return filed
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44885 |
Jun, 30
2025
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MISC. - ( UDIN )
can partner of firm who is also having his proprietorship firm could generate UDIN for any audit assignment conducted by his proprietorship firm ?
BY: PRATIK
Total Answers : 1 | View Answers | Post Answers
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| 44884 |
Jun, 27
2025
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GST - ( HSN IN CASE OF SUPPLIES TO B2C )
Dear all, Issue is that is it mandatory to mention HSN code in table 12 of GSTR 1 in case of B2C supplies by a registered person having turnover less than 5 cr ??? Can we refer notification no 78/2020 dt 15/10/2020 ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 44882 |
Jun, 26
2025
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GST - ( RCM ON URD PURCHASE )
1) Whether RCM applicable on if individual come to jwellery shop for selling his old jwellery?
2) if no then what doucments need to be maintain for such type of URD purchase by shop owner??
thanks in advance
BY: Ninad Prataprao Shete
Total Answers : 1 | View Answers | Post Answers
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| 44883 |
Jun, 26
2025
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DIRECT TAXES - ( 091832 )
How the options turnover is calcluated for tax audit. Whether we have to include the premium on sale of options in turnover ? In most cases absolute profit and losses are taken and not the premium.
As per Final draft of ICAI GN Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, "then such net profit "should not be separately included.
From exposure draft to final GN the word is" same " is replaced with "then such net profit". So we have to take sale premium and absolute losses for turnover calculation. And leave the net profit as it is already part of sale premium.
Please clarify .
BY: naresh aggarwal
Total Answers : 0 | View Answers | Post Answers
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| 44881 |
Jun, 22
2025
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MISC. - ( ADVERTISEMENT IN JUST DIAL )
Justdial persons are calling CA FIRMS to place its name on top 5 or 10 on payment of annual fees which is direct violation of ICAI GUIDELINES. Is it allowed? Whether concerned committee so motto verifies such violations or not. One may see some companies names are spelledout while asking for subscription. Is it allowed. Listing is in the order of the payment made and not alphabetical order. Is this point worth commenting in PEER REVIEW. Please comment
BY: CA.veerendra.T.Murashillin
Total Answers : 2 | View Answers | Post Answers
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| 44878 |
Jun, 20
2025
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DIRECT TAXES - ( FILING OF ITR4 )
Current utility and online filing facility doesn't allow to file Balance sheet figures such as Debtors, Creditors, Stock and Cash Balance in filing of ITR 4. Is it just not required to file or it is lapses in the utility to be updated.
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 5 | View Answers | Post Answers
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| 44879 |
Jun, 20
2025
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DIRECT TAXES - ( 082701 )
A HUF firm was doing business in previous years However it is having only Interest Income during FY 2024-25 But while selecting ITR Form only ITR 4 is available as option not ITR 1
Can we file ITR 4 instead
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44875 |
Jun, 16
2025
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GST - ( IMPORT OF SERVICES - RCM APPLICABILITY )
Dear Professional Colleagues, If a school avail services of a non resident individual for teaching the students, whether these services attract GST on RCM to be paid by school?. The school is having Form 10AC for income exemption u/s 10(23C).
BY: ESWARAIAH Y
Total Answers : 2 | View Answers | Post Answers
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| 44874 |
Jun, 14
2025
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MISC. - ( PROFESSIONAL ETHICS )
I have seen some CA's writing their certificate course details as degrees on their visiting cards like CCAB (for concurrent audit course), Cert FAFP(for forensic course), Cert BRSR (for BRSR Course). Is this allowed to write on visiting card or anywhere with name?
BY: ROHAN
Total Answers : 1 | View Answers | Post Answers
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| 44873 |
Jun, 13
2025
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AUDIT - ( 082701 )
Ours is a Prop Firm and has been on the Panel of CAG for more than 15 years However for 2025-26 They have not included Our firm name in Empanelled firms list
Whether they have stopped Proprietorship firms from getting empanelled with them
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44872 |
Jun, 09
2025
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GST - ( GST ON CENTAGE INCOME )
ABC Limited is a government company with 100 percent shares owned by State Government. They provide supervison services for Construction of Roads, Bridges. For this they receive a certain percentage of the Civil Works as CENTAGE.
So basically what happens, A Contractor XYZ Ltd for the construction services raises a Tax Invoice in the name of ABC Ltd. Suppose for Rs 100 they raised a Tax Invoice and charged 18 percent GST on it and the total Invoice Values becomes 118. Now considering Rs 100 as the civil works value ABC Ltd books a centage Income of 8 Rupees in their books. This will be paid by the concerned road construction department. Now does ABC Ltd requires to pay GST on this 8 rupees i.e. Centage Income. If no, why? If yes, then can ITC of Rs 18 be claimed?
BY: AMIT KUMAR
Total Answers : 0 | View Answers | Post Answers
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| 44871 |
Jun, 06
2025
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GST - ( ITC )
There are 3 parties in the cases
party A, B & C
there is an agreement b/w A &B that A ( the builder) will develop property for B ( another builder) and thereafter B will perform some alteration like re- construction & deliver it to C.
Whether the GST charged by A from B ( supply falls under schedule 2)will be available as ITC to B? pls reply with reason.
BY: DEEKSHA GARG
Total Answers : 0 | View Answers | Post Answers
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| 44870 |
Jun, 05
2025
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IFRS - ( FIXED ASSET CAPITALISATION )
Below are the scenario -
1) Office Buiding constructed on freehold land is at the end of it's useful life and fully depreciated.
2) Original Gross Block is Rs.100 Cr with approx carpet area 1 lac sq.ft.
3) The company decides to reconstuct / significantly refurbish approx 10 thousand sq.ft by spending Rs.30 Cr today from own funds.
4) The company management decided to remove proportionate WDV (Rs. 10Cr Gross Block and Rs.10Cr Accumulated Depreciation) and capitalise Rs.30Cr with Building.
Questions -
1) Is the above allowed as per IFRS / IndAS ?
2) If yes, should Stat Auditors need to give any special attention or FAP on this ?
3) Are there any references of similiar past practices ?
BY: Debdatta Bandyopadhyay
Total Answers : 0 | View Answers | Post Answers
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| 44868 |
Jun, 03
2025
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DIRECT TAXES - ( 082701 )
A Cooperative society received intimation under sec 245 reg adjustment of incometax dues for Ass Year 2014-15 against pending refund in 10 Mar 25. It chose to disagree .Now it wants to file appeal before CIT Appeals(old CA receiving previous intimation assessee not aware of demand)
While vfiling appeal before CIT appeals what date should be mentioned in date of serving the order intimation under sec 143(1) can it be 10-3-25
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44865 |
May, 30
2025
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DIRECT TAXES - ( 082701 )
While filing appeal Form 35 to Commissioner appeals for Ass Year 2014-15,We have to provide details of order appealed against.Intimation issued by CPC only mentions document no
Please guide as the appeal is against Demand raised in intimation
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 44861 |
May, 29
2025
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AUDIT - ( 082701 )
Whether it is compulsory to show 8% or 6% of sales as net profit to avoid tax audit if turnover of a prop firm is 99 Lacs (below one crore)
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44860 |
May, 28
2025
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AUDIT - ( 082701 )
A proprietorship firm sales during 2024-25 is Rs 99 Lacs
Whether it is compulsory to show Net profit @8%. Last year 2023-24 FY it was under presumptive taxation sales below 1 Crore but Netprofit above 8%During 2022-23 It was being audited
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44858 |
May, 26
2025
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GST - ( 082701 )
A HUF firm is sending free sample to a member's wife abroad on proforma invoice Whether ITC is to be reversed on cost of sample
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44857 |
May, 25
2025
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MERGER & ACQUISITION - ( CONSTITUTION OF NEW FIRM )
Hi , I am qualified as CA in 2022 then Existing Proprietory firm of my Brother adding me as a partner, now can I constitute Proprietory firm and merge it with existing partnership firm without affecting eligibility criteria for empanelment of bank audit?
BY: HAMPANAVAR BASAVARAJA
Total Answers : 1 | View Answers | Post Answers
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| 44853 |
May, 15
2025
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GST - ( 082701 )
While calculating Eligible input GST for GST refund under inverted tax strucure, authorities are not reducing Adjusted turnover after reducing Inverted sale on account of trading activities Can we appeal against it
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44852 |
May, 14
2025
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DIRECT TAXES - ( SFT RETURN )
A company was listed in the previous year 2024-25 in july month on stock exchange.
Weather we have need to file sft return or not since there is a clause under section 285BA -
Receipt from any person of an amount of aggregating to ten lakh rupees or more in a financial year for acquiring the shares
I have a query weather we need to file the return or there is any exemption for listed companies.
BY: GAURAV KUMAR MISHRA
Total Answers : 1 | View Answers | Post Answers
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| 44850 |
May, 11
2025
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GST - ( 082701 )
We have sent one consignment of 18 kg by Courrier to canada on Proforma invoice stating sample consignment . Value stated is CAD 400 Rs 24600- without giving bifurcation of Value and courrier charges. An amount of Rs 15500 Taxable value + GST has been paid to courrier company Are we to reverse input on 24600- minus15500 @5% Further can we take input credit for GST paid to courrier company?
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44849 |
May, 07
2025
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MISC. - ( CREATION OF HUF )
In the year 1997 i had created one HUF with the gift amount of Rs 5,100 from brother in law. I had drafted the Gift Deed on the stamp paper of Rs 2/-.
Today we have to creat one new HUF. Please advise the compliance to be done
BY: RAJEEV KUMAR
Total Answers : 2 | View Answers | Post Answers
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| 44846 |
May, 05
2025
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GST - ( RCM ITC IN CASE OF RESTAURANT OPTED TO PAY 5% ON RESTAURANT SUPPLY )
A registered person runs a restaurant and a guesthouse on the same premises. The restaurant pays GST at 5% without ITC. Rent of ?60,000 is paid for both under a single bill, with GST under RCM at 18% (?10,800). In this case, which option is more suitable for claiming ITC for the guesthouse portion?
Option 1: Based on the ratio of outward supply.
Option 2: Specify separate rent for the guesthouse and restaurant in the rent agreement, obtain two invoices, and claim ITC of GST paid under RCM for the guesthouse rent.
Suggestions are welcome!
BY: SHABBIRALI ABBSBHAI CHAUDHARI
Total Answers : 1 | View Answers | Post Answers
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| 44847 |
May, 05
2025
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GST - ( 082701 )
We are sending free samples abroad Indian Rs Value around 24000- through Proforma Invoice. Whether IGST has to be paid
If yes How this is to be mentioned in proforma invoice and reported In GSTR 1 and GSTR 3B
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44848 |
May, 05
2025
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GST - ( GST APPLICABILITY ON ROYALTY CHARGES FOR EXCAVATION )
Dear Members, a client is paying yearly royalty of Rs.75,000 to the govt dept. for excavation of quarries. His annual turnover is around 10-12L. Is he liable to pay GST RCM on royalty charges? Does he needs to obtain GST Registration? If so, does he have to pay GST on his annual turnover also? Pls elaborate.
BY: Ajith Kumar K
Total Answers : 1 | View Answers | Post Answers
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| 44845 |
May, 03
2025
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GST - ( REVOCATION OF CANCELLATION OF REGISTRATION )
GST Registration is cancelled due to non-filing of GSTR 3B for December 24 quarter. Now even after filing GSTR 3B of December 24 quarter registration is not restored. Is it mandatory to file GSTR return of January 2025 to get registration restored (when quarterly filing is opted) ?
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 3 | View Answers | Post Answers
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| 44843 |
Apr, 29
2025
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Compliance - ( DEMERGER )
My proprietorship firm was merged in to another firm in 2020 but now i want to practice with my own trade name but wants to continue as partner in that firm. what procedure i have to follow? we have also entered in to partnership at that time in 2020? will it continue? or to enter in to new partnership?
BY: PRATIK
Total Answers : 2 | View Answers | Post Answers
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| 44841 |
Apr, 22
2025
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GST - ( 082701 )
While sanctioning GST refund Authorities are reducing Input on trading activities but not reducing GST output on such sales Which is not logical. Whether they are correct
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44840 |
Apr, 14
2025
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AUDIT - ( BANK AUDIT ELIGIBILITY )
I have 6 years of experience in practice as a Chartered Accountant under a proprietorship concern. I am exclusively associated with my firm. A fellow CA, who is also exclusively associated, has 3 years of experience. We are not in a partnership—my firm is still registered as a proprietorship concern.
As per the eligibility norms for empanelment of audit firms , under **Category IV**, it appears that a proprietorship concern can be eligible for bank audits with **2 CAs exclusively associated** with the firm, without needing to convert to a partnership firm.
Can someone please clarify:
- How can a proprietorship concern have 2 CAs exclusively associated, as required under Category IV?
- Is it acceptable under ICAI/empanelment rules for a second full-time CA to be employed or associated in a proprietorship concern without converting into a partnership firm?
- If the answer is to appoint as an employee, then can my friend continue with his Propeitorship Concer?
Your insights would be appreciated!
BY: JAY KUMAR KUMRANI
Total Answers : 5 | View Answers | Post Answers
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| 44839 |
Apr, 03
2025
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MISC. - ( CAN PART TIME PARTNER SIGN AUDIT REPORT )
I have a sole proprietorship firm and i am a partner in another partnership firm as well. I know that my status is not full time partner in the firm but my query is that being a part time partner in the firm, can I sign bank audit reports or other reports on behalf of the firm or not?
BY: TRIBHUVAN ADITYA SINGH
Total Answers : 5 | View Answers | Post Answers
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| 44834 |
Mar, 31
2025
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MISC. - ( MERGER OF CA FIRMS )
If three CA Firms want to form a new CA Partnership Firm by merging of all CA Proprietorship Firms, the head of in charge should be oldest firm or any CA firm can be head in charge for applying Firm Name Approval.
What form should be applied for approval of new firm name for merging the firms
BY: AKHILESH KUMAR SHRIVASTAVA
Total Answers : 5 | View Answers | Post Answers
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| 44836 |
Mar, 31
2025
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GST - ( GST REGISTRATION )
GST registration was earlier surrendered due to turnover fall below threshold. Now turnover is expected to cross threshold in coming year, in this situation, whether Fresh registration is to be restored from 01-April or from the date of crossing the threshold for turnover. Regards
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 6 | View Answers | Post Answers
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| 44833 |
Mar, 30
2025
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MISC. - ( 082701 )
Is it ok for a proprietor to purchase car in his name and bring it in his books giving credit to capital account. This has to be used in the profession use only
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44832 |
Mar, 28
2025
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GST - ( 038118 )
JOB WORK CAPITAL GOODS TO RETURN IN 3 YEARS
Dear Experts
For our pharmaceutical client, wherein equipments were send to job worker / Loan Licence sites
it has been advised to get such equipments back max in 3 years else revese ITC availed
quoting sections 143 & 16
According to Section 143 of the CGST Act, capital goods sent to a job worker must be returned to the principal within three years from the date of being sent out. If not returned within this period, it is deemed as a supply from the principal to the job worker, and GST is applicable.
As per Section 16 of the CGST Act, you can claim ITC on capital goods sent to job workers, provided they are returned within the stipulated period. If the capital goods are not returned within three years, the ITC claimed may need to be reversed.
while business manufacturing and job work agreement are continuing and can be supported with jobwork in and job work outward challans, still institing on physical movements is somewhat hard to belive
Please suggest way out if any or physical take back and re-send is the only option
BY: VIPUL JHAVERI
Total Answers : 1 | View Answers | Post Answers
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| 44830 |
Mar, 26
2025
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DIRECT TAXES - ( PROVISIONAL REGISTRATION OF TRUST EXPIRED )
Trust is provisionally registered for three years for the period 2023-24 to 2025-26. Trust activities started in 2023-24 but failed to apply for regular registration from 2023-24. Now which section is to be selected for applying 12A and 80G application as trust failed to convert provisional registration into regular registration ?
BY: SACHIN INGAWALE
Total Answers : 1 | View Answers | Post Answers
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| 44829 |
Mar, 24
2025
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DIRECT TAXES - ( RESOLUTION FOR ACCUMULATION OF SURPLUS INCOME )
Dear All, A 12AB registered Trust wants to accumulate its surplus income for application in the future years. Since the accounts are not yet finalised, they were unable to determine the amount. Do the trust need to pass the resolution for accumulation before the year end i.e. 31/03/25 or is it ok for them to pass the resolution once the accounts are finalised and file the Form 10 before the due date. Thanks.
BY: CA. VASUDEVAN P K
Total Answers : 3 | View Answers | Post Answers
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| 44827 |
Mar, 21
2025
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MISC. - ( CHANGE IN FIRM NAME AND CHANGE IN PSR )
We are planning for change in Firm Name and Change in Profit Sharing Ratios amongst same partners. No new Partner is being added nor anyone is retiring. I want to know will it have any impact on our eligibility for Bank Audits, seniority of Firm etc.
BY: KRUSHNAKUMAR SARDA
Total Answers : 4 | View Answers | Post Answers
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| 44825 |
Mar, 19
2025
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GST - ( 541641 )
Is breast implant surgery on transgender chargeable under GST?
As per guidelines issued by Indian Association Of Aesthetic Plastic Surgeons such surgery is gender affirmation surgery and not in nature of cosmetic surgery.
It is considered as medical necessity.
BY: KRITI GUPTA
Total Answers : 1 | View Answers | Post Answers
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| 44824 |
Mar, 18
2025
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MISC. - ( 082701 )
We have to send one parcel with export invoice to Brampton,Ontario State CANADA.Please advice the import duty as well as GST to be charged by that country.
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44822 |
Mar, 16
2025
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DIRECT TAXES - ( TAX AUDIT APPLICABILITY )
For FY 23-24 - Turnover Rs 1.50 Cr. Showed 15% profit. Filed ITR 4.
In FY 24-25 - Turnover Rs 90 Lakh. Ready to prepare PL and BS fully and file ITR 3 with full disclosure. Profit 15%.
Should the client do audit in FY 24-25?
BY: Sivaraman A.R.
Total Answers : 4 | View Answers | Post Answers
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| 44819 |
Mar, 14
2025
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DIRECT TAXES - ( TRUST - REGULAR REGISTRATION )
A trust which has been in existence for 3 years, not registered, applied for registration and was granted the same u/s 12(ac)(vi) (b) from 2024-25 to 2028-29.
The charitable activities has been ongoing since 3 years.
Should the trust apply for regular registration now and also request for condonation ( since 6 months has already elapsed from the commencement of charitable activities) or should the application be made only by 2028-29?
For the past 3 years return has been filed and tax paid at MMR.
Thank you.
BY: sandhya
Total Answers : 1 | View Answers | Post Answers
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| 44818 |
Mar, 13
2025
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Compliance - ( FORMATION OF FIRM )
I am planning to take COP and start my own practise however i have one existing tax consultant firm on my fatherin laws name. Can i take the firm name and registar it in ICAI rather than opening a new firm. Further I am planning to start a consultancy business which will be in partnership with lawyer, Tech employees to provided full financial and legal assistance to the customers, Can I do this without impacting my COP status?
BY: EKTA CHHALLANI
Total Answers : 2 | View Answers | Post Answers
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| 44814 |
Mar, 11
2025
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DIRECT TAXES - ( ORDER UNDER SECTION 250 OF THE INCOME TAX ACT, 1961 )
Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication.
The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits.
Accordingly, the case is remanded back for a fresh assessment.
Please advise for the stratagy.
BY: RAJEEV KUMAR
Total Answers : 4 | View Answers | Post Answers
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| 44815 |
Mar, 11
2025
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DIRECT TAXES - ( ORDER UNDER SECTION 250 OF THE INCOME TAX ACT, 1961 )
Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication.
The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits.
Accordingly, the case is remanded back for a fresh assessment.
Please advise for the stratagy.
BY: RAJEEV KUMAR
Total Answers : 3 | View Answers | Post Answers
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| 44816 |
Mar, 11
2025
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DIRECT TAXES - ( ORDER UNDER SECTION 250 OF THE INCOME TAX ACT, 1961 )
Considering the amendment and discussion and the fact that the appellant has submitted that he was not aware of nay notices for the income tax department due to change in his residential address and now the appellant has submitted the details and wishes for an opportunity to present the same, it would be appropriate to set aside the order passed under section 144 and remand the case to the A. O. for fresh adjudication.
The appellant shall submit all the relevant detail to the ld. AO., who will examine then on their merits.
Accordingly, the case is remanded back for a fresh assessment.
Please advise for the stratagy.
BY: RAJEEV KUMAR
Total Answers : 2 | View Answers | Post Answers
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| 44817 |
Mar, 11
2025
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MISC. - ( 082701 )
Has anybody idea how much import duty and GST is charged in canada for import from India on readymade garments
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44813 |
Mar, 07
2025
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DIRECT TAXES - ( 082701 )
While filing online appeal before ITAT against the order of CIT appeal,whether Hard copies of physical documents are also required to be submitted
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44812 |
Mar, 06
2025
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DIRECT TAXES - ( NOTICE UNDER SECTION 250 )
Notice under section 250 has been issued by CIT Appeal after the expiry a period of 5 years from the date of filing the application of appeal to CIT Appeal.
Please advise the provisions in act for time barred / void notice.
BY: RAJEEV KUMAR
Total Answers : 5 | View Answers | Post Answers
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| 44808 |
Mar, 01
2025
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GST - ( 082701 )
Asessee had applied for cancellation of GST registration in June 24 After issuing a notice for clarification (As in 19-20 input claimed was more in GSTR 3B compared to GSTR 2A) after our reply which pointed to Input less caimed in FY 20-21 in GHSTR 3B v GSTR 2A However Cancellation request was denied Another application for cancellation was made in July 24 Though registration was suspended and return filing was not required. Till date cancellation has not been made Whether is any rule of automatic cancellation after long delay
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44809 |
Mar, 01
2025
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GST - ( 082701 )
Asessee had applied for cancellation of GST registration in June 24 After issuing a notice for clarification (As in 19-20 input claimed was more in GSTR 3B compared to GSTR 2A) after our reply which pointed to Input less caimed in FY 20-21 in GHSTR 3B v GSTR 2A However Cancellation request was denied Another application for cancellation was made in July 24 Though registration was suspended and return filing was not required. Till date cancellation has not been made Whether is any rule of automatic cancellation after long delay
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44810 |
Mar, 01
2025
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GST - ( INPUT REVERSAL DETAILS IN ANNUAL RETURN. )
when a dealer has wrongly availed Section 17(5) input during 2023-24 and has reversed the input in subsequent year in September 2024 by making payment in cash the GST input credit and interest through DRC03,whether the reversed tax input credit is to be disclosed in clause 12 and 7E of annual return of 2023-24?
BY: SANTOSH JAGANNATH PAI
Total Answers : 2 | View Answers | Post Answers
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| 44807 |
Feb, 28
2025
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DIRECT TAXES - ( NOTICE UNDER SECTION 250 OF THE INCOME TAX ACT 1961 )
Received notice under section 250 of the income tax act, 1961 on 25-02-2025 in connection the appeal filed against the order under section 147 r.w.s.144 of the income tax act, 1961 passed by Assessing Officer vide DIN NO ITBA/COM/F/17/2019-20/1020814100(1) on 20-11-2019 for the assessment year 2012-13.
Appeal files on 20-11-2019
As per section 250, CIT Appeal must issue the order within one year from the end of financial year in which the appeal file. and in special case within next one year.
Hear is last date 31-03-2021 and in special case the last date is 31-03-2022.
but here notice is being issued on 25-02-2025.
PLESAE ADVISE AND PROVIDE CASE LAW FOR CHALLANGING THE NOTICE VALIDITY.
BY: RAJEEV KUMAR
Total Answers : 2 | View Answers | Post Answers
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| 44805 |
Feb, 27
2025
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DIRECT TAXES - ( FOREIGN DIVIDEND TREATMENT )
An assessee, resident individual, received Dividend on ESOP shares held in US company. They have deducted tax @ 25% in the USA. We have filed the ITR using DTAA rates, but while processing CPC treated it as normal income and taxed at normal rate leading to a tax demand. Please advise, is it correct to treat the foreign dividend as Income Chargeable at Special Rate or should it be at normal rate.
BY: CA. VASUDEVAN P K
Total Answers : 1 | View Answers | Post Answers
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| 44806 |
Feb, 27
2025
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INDIRECT TAXES - ( 082701 )
A nonresident according to Income tax defination has returned to India permanently .However his stay during 2024-25 Financial year will be around 90 days . During the previous three years period he has npt visited India (1-4-21 to 31-3-24)
Can he apply for GST registration as residents apply
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44803 |
Feb, 26
2025
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AUDIT - ( REMOVAL OF AUDITOR )
We have been appointed as a Statutory Auditor in a company for 5 years. The Company went into CIRP process. The Resolution Professional has removed us even though our term were not completed and appoint another auditor. Our fees were outstanding and thats why we have not given NOC to the incoming auditor. The incoming auditor has accepted the audit without our NOC. Can the incoming auditor accept the audit without the NOC of previous auditor when the company is in NCLT.
BY: manoj sethia
Total Answers : 3 | View Answers | Post Answers
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| 44801 |
Feb, 24
2025
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DIRECT TAXES - ( TDS ON FOREIGN PAYMENT )
Hi All, An assessee is going to make payment to a Foreign Company for the repair work done on a machinery part based on the Invoice issued. The Foreign Company don't have any presence in India. Bank is advising to use the purpose code S1023 - Technical Services for Form 15CA/CB. Since the work done was outside India and the Foreign Company don't have any establishment in India, does the remittance attract sec 195 for TDS deduction. Please advise.
BY: CA. VASUDEVAN P K
Total Answers : 3 | View Answers | Post Answers
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| 44800 |
Feb, 16
2025
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DIRECT TAXES - ( TDS ON SALARY )
A person who is working in Dubai for an Indian Company and receiving salary for getting Sales for Indian company . And the salary paid by company to the person without TDS deduction u/s 192B.
Whether TDS will be deductible?
If He is resident
If He is Non - resident.
BY: DEEKSHA GARG
Total Answers : 1 | View Answers | Post Answers
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| 44797 |
Feb, 14
2025
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INDIRECT TAXES - ( HSN OR SAC CODE )
I, wanted to know that regarding applicability of HSN or SAC Code under GST on the transactions regarding Interest received on late payment by buyer. As section-15(2)(d) of CGST Act, says the value of supply also includes interest, penalty, and late fees for delayed payment of any consideration for the supply of goods or services or both. The same will be taxable at the rate at which such goods or services were taxable. In short, the classification of interest cannot be different from the classification of such goods or services.
Please help in determining HSN or SAC Code as well as How to reflect it in GSTR-1 (Table-12 HSN Summary of Outward supplies with UQC)
BY: CA. SHAH AMIT ANIL HANSA
Total Answers : 3 | View Answers | Post Answers
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| 44795 |
Feb, 13
2025
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DIRECT TAXES - ( TAXABILITY OF NRI )
Divya is working as a Technical Advisor (contract role) for Quintessence Technology as freelancer and receives a net salary of ?2,35,000 per month after 10% tax deduction in Malaysia. The salary is received in her Indian bank account, but she is NOT residing in India and qualifies as an NRI.
Whether this will fall under section 5 of Income tax act and same will be taxable on the basis of receipt if not what is the taxability as per section?
BY: DEEKSHA GARG
Total Answers : 1 | View Answers | Post Answers
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| 44796 |
Feb, 13
2025
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MISC. - ( PEER REVIEW )
As per recent peer review notification, practice units which propose to undertake the statutory audit of entities which have raised funds from public or banks or financial institutions of over 50 cr or any body corporate including trusts which are covered under public interest entities are required to have PRC. My query is which trusts are covered under public interest entities ? Whether all public charitable or religious trusts are covered under this category even if they have not raised funds from public or bank above 50 cr ?
BY: CA KEYUR SUKHWANI
Total Answers : 2 | View Answers | Post Answers
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| 44794 |
Feb, 12
2025
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DIRECT TAXES - ( TRANSIT RENT RECEIVED BY LEGAL HEIR )
In few of the rulings High Court has clarified that Transit Rent i.e. Rent received for temporary accommodation by the owner of a property under redevelopment will be considered as "Capital Receipt" and hence will not be subjected to tax.
However, in case where the developer / builder has defaulted in payment of rent and pay in arrears after a few years after the death of the owner, the arrear is paid to the legal heir of the deceased owner, what will be the Income Tax Treatment of the arrears received by such legal heir.
BY: SHRUTI P BUDH
Total Answers : 1 | View Answers | Post Answers
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| 44792 |
Feb, 08
2025
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GST - ( REQUIREMENT OF REGISTRATION )
If a person is having authorized service station of any vehicle company but his total turnover is Rs.12 lac only, whether he is liable for compulsory registration as per Section 24 of CGST Act?
BY: CA ATUL TOSHNIWAL
Total Answers : 6 | View Answers | Post Answers
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| 44791 |
Feb, 05
2025
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DIRECT TAXES - ( 082701 )
A cooperative society was issued intimation by CPC in 2015 raising demand of Around 2.50 Lacs by disallowing Sec 80 P deductiowhile filing IT return the professional had wrongly
mentioned status as cooperative bank instead of cooperative society The secretarey of the society was not aware After issuing refunds till 2021-22 Fin Year Income tax departmewnt has started adjusting refund against pending payment which has become around Rs 9 Lacs because of interest Appeal filed with Commissioner appeal to condone delay in filing appeal has been dismissed stating they there is not sufficient cause for delay Whether going to Tribunal
is advisable as case has been dismissed on technical grounds not on merit
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44790 |
Feb, 04
2025
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GST - ( SECTION 50(1) VS RULE 88B(2) )
Taxpayer has missed out two invoices in GSTR 1 and GSTR 3B for the FY 2021-22 but reported in GSTR 9 and paid the taxes and interest on net liability. (ITC was maintained from due date till the payment at the time of GSTR 9). But the officer issued SCN to pay interest on entire taxes i.e., interest should be paid on gross liability as per Rule 88B(2) as the taxpayer did not reported in GSTR 1 and 3B.
Any supporting inputs to pay interest on cash portion only?
Thanks in advance
BY: CA. MADAGALA VENKATA RAMANA
Total Answers : 3 | View Answers | Post Answers
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| 44787 |
Feb, 02
2025
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DIRECT TAXES - ( 082701 )
Whether TDS is required to be deducted if Payments exceed threshold limits i.e 50000or 20000 or 600000 (for Professional service,Brokerage and rent paymennts respectively) or payments should be below these limits
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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