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Top 50 Question
Que. Id Date Description
42210
Jan, 24
2022
AUDIT - ( ADDENDUM TO AUDIT REPORT )

In case an opinion para is missed in the Annexure to Audit Report for Internal Financial Control, Can an Addendum be issued subsequently. In case of the continuing audit can it be made good ihile issung the subsequent Audit Report

BY: CA. SHIRODKAR YESHWANT VINAYAK

Total Answers : 0 | View Answers | Post Answers

42209
Jan, 21
2022
GST - ( GST ON PAPAD PEETH AND UDID SANDAGE )

Whether GST applicable on Papad Peeth and Udid Sandage?? if yes then at what rate??

BY: Ninad Prataprao Shete

Total Answers : 0 | View Answers | Post Answers

42208
Jan, 17
2022
GST - ( WHETHER ITC CAN BE AVAILED FOR GOODS/SERVICES RECEIVED AT PLACE OF BUSINESS NOT MENTIONED IN THE REG )

In case a registered person has missed adding an additional place of business in the Registration Certificate and receives goods/services at such place, then can Department deny him the ITC since the said address was not mentioned in the registration certificate?

BY: DAYANAND PRABHAKAR KENY ROBOLO

Total Answers : 0 | View Answers | Post Answers

42207
Jan, 10
2022
AUDIT - ( INCOME ABROAD FOR A INDIAN RESIDENT GOING ABROAD ON STUDENT VISA )

A person has Salary Income from India for 5 months and has gone abroad for higher studies for PG Course. There he is authorised to do weekly job for specified hours. Whether he will be treated as resident and his forein income will be clubbed in Indian Salary for 21-22 Previous year During 21-22 his stay in india is 175 days

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

42206
Jan, 08
2022
MISC. - ( AMOUNT TAKEN OR PAID IN CASH IN EXCESS OF 20000- )

1 Whether amount taken for short time or paid for short time in cash exceeding 20000-(total )is also required to be reported in Tax Audit report 2 If TDS is not deducted on interest paid to persons,whether it will be suffice to make that Exp not allowable mean Add back to Profit without any other problem

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42205
Jan, 06
2022
AUDIT - ( AUDIT OF PANCHAYATS KEEPING ACCOUNTS ON SINGLE ENTRY SYSTEM )

Can Any body guide regarding Panchayat Audits having accounts on Single entry Sysyem

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

42204
Jan, 04
2022
DIRECT TAXES - ( TDS MATTERS )

TDS has been excess paid for Around 4000- under Sec 194 C .Whether same can be adjusted against TDs of Sec 194A

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42200
Jan, 01
2022
AUDIT - ( GST REFUND FIGS IN TAX AUDIT REPORT )

There is a column to fill GST refund received during the year in Tax Audit Report .What can be the intention behind this as i feel it is not liable to Income tax (Refund received under Inverted duty structure)

BY: Mahesh Kumar

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42201
Jan, 01
2022
DIRECT TAXES - ( TAX AUDIT LIMIT FOR SECTION 44AB(E) )

Dear sir if audit is conducted U/s 44AB(e) i.e Turnover is more than 1 cr but below 2 cr and he wishes to opt out of 44AD presumptive regime(where 44AD(4) is applicable). whether this will be counted for 60 Tax audit limit?? Kindly guide us regarding the same.

BY: Sachin

Total Answers : 0 | View Answers | Post Answers

42202
Jan, 01
2022
GST - ( ITC REVERSAL )

A party take credit of ITC against purchases in March 2021 GSTR3B.But the supplier not filed the returns (GSTR3B & GSTR1) or not paid GST, so ITC not showing in GSTR 2A/2B. Should ITC be reversed in portal & books and how ?

BY: KAMAL KISHORE VERMA

Total Answers : 1 | View Answers | Post Answers

42203
Jan, 01
2022
TDS/TCS - ( INVESTMENT SUBMISSION FOR TDS ON SALARY )

Please share your views on:- Is it necessary for an employee to show his Chapter VI-A eligible to employer. Can he get full TDS deducted without deduction and later on claim actual deductions while filing his ITR. (Obviously the Form 16 will not be in agreement with the ITR to be filed). Means can he claim deductions which are not shown to employer and are not in agreement with Form-16 ? Thanks in advance for your precious time to reply.

BY: SK

Total Answers : 0 | View Answers | Post Answers

42199
Dec, 24
2021
Capital Gains - ( 078994 )

An Individual is doing Share Trading. 1. Delivery basis , showing the same as Investment accordingly Long / Short Term Capital Gain is calculated 2. F & O Business of Shares 3. Intraday Business of Shares Query 1. Whether the assessee can show Capital Gain and Business Income simultaneously. 2. Whether the assessee should show as Business Income as a whole . 3. What is the right way?

BY: AJAY JAIN

Total Answers : 1 | View Answers | Post Answers

42198
Dec, 23
2021
GST - ( UTILIZATION OF GST CREDIT )

Suppose I have Op. Balance of GST CGST Rs.1.00Lakh, SGST Rs.2.00Lakh and IGST Rs.1.00Lakh. at the closure of the month I have Liability of IGST Rs.1.50Lakh and CGST Rs.0.10Lakh and SGST Rs.0.10Lakh. GST credit for current month is Zero. Now Firstly IGST credit to be used to pay IGST. So to Pay Rs.1.50Lakh IGST I will use Rs.1Lakh GST Credit firstly. Now the question is for payment of Balance IGST of Rs.0.50Lakh can I use SGST Credit first ? or is it compulsory to use CGST first and after utilization of all the CGST credit only I will be able to use SGST balance. Or Can I use SGST credit instead of CGST Credit to make balance IGST Payment ?

BY: SK

Total Answers : 1 | View Answers | Post Answers

42197
Dec, 18
2021
INDIRECT TAXES - ( MONETARY LIMIT FOR DEPARTMENT REVISION/APPEALS IN GST )

Hello Members, Is there any Monetary limit for Department revision/appeals in GST. If yes, what are the limits. Thanks Anant

BY: Anant Nyamannavar

Total Answers : 0 | View Answers | Post Answers

42196
Dec, 17
2021
AUDIT - ( TAX AUDIT REPORT REJECTED DUE TO CLERICAL ERROR )

While resubmitting Tax Audit to Asessee after it is rejected once Whether it will be origional report or revised Tax Audit report

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42194
Dec, 15
2021
DIRECT TAXES - ( TAX AUDIT )

In AY 2020-21 assessee’s total turnover exceeded prescribed limit and hence tax audit was done. In AY 2021-22 assessee’s profit is less than 50% of professional turnover. Total income exceeds taxable limit. Is tax audit required for AY 2021-22?

BY: Sadhana N.Kubal

Total Answers : 2 | View Answers | Post Answers

42195
Dec, 15
2021
DIRECT TAXES - ( TAX AUDIT )

In AY2020-21 assessee filed his return of income after getting tax audit done under proviso of Sec44AB(d) as his net profit was Less than 8%. Now in AY2021-22, the assesse has incurred loss/profit below 8%, and his total income below taxable income. 1. Is tax audit is required for AY2021-22. 2. If other income exceeds taxable limit whether tax audit is required

BY: Sadhana N.Kubal

Total Answers : 1 | View Answers | Post Answers

42192
Dec, 13
2021
Customs & Excise - ( IMPORT OF RAW MATERIALS AT FREE OF COST )

Hi All, Request clarification and guide lines for following query 1. A Ltd Importing Raw material and components (HSN Codes 8481.90.90 & 4016.90.90 & 7225) free of Cost from T Inc (USA). Material values would be around INR 3 Crores. T Inc and A Ltd are subsidiaries of X Ltd and accordingly they are related parties. Is this transaction possible and what are the guidelines to be followed to import the materials

BY: CA. BALASUBRAMANIAM P

Total Answers : 0 | View Answers | Post Answers

42193
Dec, 13
2021
DIRECT TAXES - ( WHETHER 269SS IS APPLICABLE FOR CHIT FUNDS COMPANY? )

Whether 269SS is applicable for Chit Funds company is applicable for subscription amount received and paid in excess of Rs 20,000/- in cash from members of Chit regardless of prize money

BY: ADARSH

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42191
Dec, 12
2021
DIRECT TAXES - ( HOW TO PRESENT PROFIT & LOSS STATEMENT IN CASE OF INCOME FROM FUTURE & OPTIONS TRADING IN INCOME TAX )

As per Sec 43 and guidance note issued by ICAI on TAX audit us 44AB Turnover in case of Trading in Future & Option is to be calculated by taking absolute total of net profit/loss for the transaction . My Query is that in case i compute turnover as stated above, What items or expenses shall construed as deduction from turnover to derive the net profit/loss as the case maybe or how to present them for disclosure in the income tax return filed ??? Also, In case of loss where the turnover is less than 1 crore or other specified limits as the case maybe is Tax Audit u/s 44AB mandatory,if yes then under which clause ??

BY: SHUBHAM GARG

Total Answers : 0 | View Answers | Post Answers

42189
Dec, 09
2021
DIRECT TAXES - ( DONATION ALLOWED )

Can Donation upto 2% of the expenses can be claimed as deduction. Whether this Donation can also be claimed u/s 80G if 50% of such donation is allowed as exemption? If not, why to claim 80G where only 50% exemption, when allowed as expenses 100%. Please respond with relevant case, if any

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

42190
Dec, 09
2021
DIRECT TAXES - ( SHARE FROM INHERITED PROPERTY )

A married lady gets her share from her father's inherited property Around 20 Lacs by banker cheque It should be tax free in my opinion as there is no inheritance tax in India. Am I correct?

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42188
Dec, 06
2021
DIRECT TAXES - ( TAX AUDIT )

A individual is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm.

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

42186
Dec, 04
2021
Service Tax - ( 079710 )

A CA firm having Professional receipts less than Rs. 50 Lacs in FY 2015-16 . Whether Service tax department is levied on Relaisable basis or mercantile basis . Pl. suggest along with relevant provisions /notifications/rules etc.

BY: SANDEEP KAPOOR

Total Answers : 1 | View Answers | Post Answers

42187
Dec, 04
2021
DIRECT TAXES - ( INCOME TAX AUDIT FOR FY 2020-21 )

A Taxpayer is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm.

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

42185
Nov, 30
2021
DIRECT TAXES - ( ONLINE FILING ITR3 )

While filing TR 3 online deduction under sec 54F is neither getting autopopulated nor figs can be filled manually under Capital Gain head.Is this also Portal problem? Please advice

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42184
Nov, 29
2021
DIRECT TAXES - ( TAX AUDIT IN COMPLIANCE OF SECTION 44AD )

Assessee had opted Section 44AD and was filing his return of income as per section 44AD for AY2017-18, 2018-19, 2019-20. In AY2020-21 assessee filed his return of income as per normal provisions and got his accounts audited as his net profit was Less than 8%. Now in AY2021-22, Assessee's Net Profit is more than 8% and turnover 17 Lakhs. As per Sec 44AD(4):- Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). As Per Sec44AD(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB. My Question is : Can Assessee File his Return of Income as per Normal Provisions and does not get accounts audited. or Is Audit Mandatory for 5 Succedding Years even if Turnover is Less than 1 crore and assessee declares net profit more than 8%. Thanks & Regards

BY: CA MOHIT SHARMA

Total Answers : 1 | View Answers | Post Answers

42182
Nov, 27
2021
DIRECT TAXES - ( DUE DATE OF EPF TO BE REPORTED IN TAX AUDIT REPORT FOR FY 2020-21 )

During FY 2020-21 EPFO issued a circular that no proceedings will be initiated for late deposit of EPF during the FY 2020-21 for any period during lockdown. Then What shall be the Due Date of EPF Payment for reporting in Tax Audit Report for FY2020-21 ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

42183
Nov, 27
2021
AUDIT - ( STOCK AUDIT EMPANELMENT )

I recently started practice, would my firm be eligible for bank stock audit? if not what are the options to get it empaneled

BY: CA GAJENDRA SHARMA

Total Answers : 3 | View Answers | Post Answers

42181
Nov, 26
2021
DIRECT TAXES - ( FORM 29B IN CASE OF LOSS )

Whether filing of Form 29B is required where there is loss as per Income Tax Act, loss as per books of accounts and book profits are also in negative? The company is not liable for audit u/s 44AB. If filing of Form 29B is required, then how to report Loss in Point no. 6 Total Income of Company as Form 29B on Income Tax Portal is not allowing negative figures?

BY: vikas kalra

Total Answers : 2 | View Answers | Post Answers

42178
Nov, 25
2021
DIRECT TAXES - ( CLAUSE 16(D) OF FORM 3CD )

Sir, Clause 16 is about "Amounts not credited to Profit and Loss Account" and Sub Clause (d) "any other item of income". Does this Clause 16(d) means any income which is not credited to Profit and Loss Account needs to be reported. Especially for a Proprietary Concern there can be Income From House Property or Income From Other Sources (Interest on Fixed Deposits) which are normally not credited to Profit and Loss Account. Does this clause cover to include such incomes which are not Credited to Profit and Loss Account.

BY: CA. KRISHNA MURTHY N

Total Answers : 1 | View Answers | Post Answers

42179
Nov, 25
2021
MERGER & ACQUISITION - ( CAN SOLE PROPRIETORS CREATE A PARTNERSHIP FIRM ? )

Two sole proprietors say A & B practices in their own proprietorship firms, they wants to create a partnership firm say XYZ. Can it is possible that both the partners practices in their own proprietorship firms and also in partnership firm XYZ ? Also please discuss whether in partnership firm counts experience of senior most partner.

BY: KAMAL KISHORE VERMA

Total Answers : 1 | View Answers | Post Answers

42180
Nov, 25
2021
DIRECT TAXES - ( LONG TERM CAPITAL GAIN )

An individual has sold a Plot after holding for 8 years and Sales consideration is 10 Lacs on which after indexation Long term capital gain of Rs 740000-arises He has invested Rs 7 Lacs for purchase of residential house within one year of transfer Under sec 54F Deduction of 540000- is available and around RS 200000- becomes Long Term Capital Gain liable to 20% Tax Can he invest another 3Lacs on another residential house to avoid tax payment by transferring 3Lacs to Capital gain scheme to reinvest 3 lac within 2 Years of sale of Plot Kindly advice

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42177
Nov, 24
2021
DIRECT TAXES - ( 255279 )

What was the recourse under Income Tax Law that left to the Assessee, who is seller of the Land, when Stamp Duty Value is much higher than Actual Market Value of the Land ?

BY: RYALI VAMSI KRISHNA

Total Answers : 1 | View Answers | Post Answers

42176
Nov, 23
2021
DIRECT TAXES - ( STAY PETITION )

I have filed appeal against order u/s 143(3) in facelss assessment but the jurisdictional AO is asking for payment of 20% demand. How do i file stay petition under faceless assessment scheme? Kindly help asap

BY: JAYASHREE RAJKUMAR BANG

Total Answers : 1 | View Answers | Post Answers

42175
Nov, 22
2021
DIRECT TAXES - ( FORM 29B )

Is Form 29B mandatory in all cases? Subsection 4 to section 115JB states that Every company to which this section applies, shall furnish a report in the prescribed form.i.e Form 29B.

BY: CA Shrawan Suthar

Total Answers : 2 | View Answers | Post Answers

42174
Nov, 20
2021
DIRECT TAXES - ( TAX AUDIT REPORTS )

Json file prepared is not being accepted while uploading by CA's showing it Invalid

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

42172
Nov, 17
2021
GST - ( REVERSAL OF INELIGIBLE CREDIT )

ITC was wrongly declared as ineligible. How to reverse the same as negative figures is not allowed under ineligible row of 3B.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

42173
Nov, 17
2021
TDS/TCS - ( APPLICABILITY OF SURCHARGE ON TDS MADE U/S 195 )

The assessee has purchased a property from an NRI for an amount exceeding Rs one crore. While deducting TDS on total consideration ( not on the Long Term Capital gain) should EC and SC also be deducted on Total Consideration?

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 0 | View Answers | Post Answers

42171
Nov, 15
2021
GST - ( 444964 )

WHETHER FOOTBALL PLAYER CAN OBTAIN GST REGISTRATION FOR THEIR MATCH PLAYING SERIVICE . IF YES , PLZ SPECIFY THE SAC CODE.....

BY: ARIHANT JAIN

Total Answers : 1 | View Answers | Post Answers

41171
Nov, 09
2021
MERGER & ACQUISITION - ( SOLE PRACTICE AND PROPRIETARY CONCERN. )

Hi everyone, I have registered as a sole practitioner in 2016. After 2 years I have registered my proprietary concern. Now I am being intelligible to get bank audit empanelment because I am not exclusively associated with my firm. What is the best way to retain my experience of 5 years sole practice and getting empaneled for bank audit. Can I merge my sole practice in to my firm or I have to terminate my self as a sole practitioner. Please suggest.

BY: GIRIJA SHANKAR KOTA

Total Answers : 0 | View Answers | Post Answers

41170
Nov, 02
2021
AUDIT - ( PROVISIONAL BALANCE SHEET )

can a practicing chartered accountant sign provisional balance sheet ( non audited ) ? if yes what should he mention in the balance sheet while signing and whether UDIN is applicable for that or not?

BY: AKSHAYA CHANDRAKANTH KAMATH

Total Answers : 1 | View Answers | Post Answers

41169
Nov, 01
2021
GST - ( IGST IN EXPORT INVOICE )

In case an Exporter opts for Supply of Goods on Payment of IGST, then Whether the exporter shall charge IGST on FOB Value or on (FOB Value + Insurance + Freight) ? Please advise and clarify.

BY: Gaurav Kumar Baranwal

Total Answers : 0 | View Answers | Post Answers

41168
Oct, 30
2021
AUDIT - ( 3CBCD JSON FILE NOT BEING UPLOADED ON PORTAL )

I have prepared Json file but while uploading it shows Invalid File

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

41167
Oct, 27
2021
AUDIT - ( TAX AUDIT )

A professional following cash basis ,whether tax audit is applicable or not in following circumstances , if yes than under which clause of 44AB, 1) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 40 lakhs 2) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 80 lakhs 3) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 1.05 crore Note:- 1)What if wants to offer Income under presumptive 44AD and 44ADA from professional activity is more than 50% of receipts and from trading of stock market is less than 6% of Turnover 2) Limit for tax audit U/S 44 AB for professional is above 50 lakhs and others is above 1 crore and if certain condition are satisfied than above 10 Cr

BY: CA. MEHTA DEVANG PRATAPRAI

Total Answers : 0 | View Answers | Post Answers

41166
Oct, 26
2021
MISC. - ( ACCOUNTING OF JOINT DEVELOPEMENT AGREEMENT )

How to make entries in books of account of Builder for Joint Development Agreement and flats given to landowner ??

BY: Ninad Prataprao Shete

Total Answers : 0 | View Answers | Post Answers

41165
Oct, 17
2021
DIRECT TAXES - ( LEGALITY OF ORDER PASSED U/S 144 )

Facts Individual Assessee has not filed original ITR for AY 12-13 based on some information AO has reopened the case u/s 148 in March 20 and assessee has also not filed his ITR within 30 days of service of above notice but filed delayed return against notice u/s 148 (before framed. Or completion of assessment ) Query Can AO passed order u/s 144 where assessee filed ITR before completion of assessment without issue notice u/s 143(2) of income tax act

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

41164
Oct, 14
2021
Service Tax - ( SERVICE TAX LIABILITY ON CREDIT CO OPERATIVE SOCIETY )

A credit co operative society is accepting deposits and lending to its members and accordingly earns interest income. It also provide some other services like railway ticketing and running electricity bills collection centre from which it is receiving commission income from IRCTC and PGVCL. Interest income - 25 Lacs Commission Income - 1.5 Lacs What are the service tax implications in the instant case.

BY: DARSHAK MAGANLAL THAKKAR

Total Answers : 0 | View Answers | Post Answers

41162
Oct, 13
2021
DIRECT TAXES - ( FORM 29B )

IT portal is not correctly accepting form 29b data filing.

BY: SUMIT KUMAR BAGRA

Total Answers : 0 | View Answers | Post Answers

41163
Oct, 13
2021
OTHER BODIES - ( ONLINE CA EXAMINATION )

A long time back There was proposal to conduct CA Examinations online on MCQ pateren. In view of Pandemic like COVID this has become more urgent .Many Institutes in World are conducting online Examinations eg CPA . Why Our Institute is still persisting with Handwritten Examination which is many times not found to be foolproof

BY: Mahesh Kumar

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