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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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