Is the rebate under section 87A not available if the return is filed belatedly after the due date?

BY: Hunny Badlani

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My client is a kacha artiya he sells raw cotton , mustard oil seed on behalf of agricultueist and sells it to factories and takes his commission he issues his own bill collects payment and pay to agriculturiat after deducting his commission. Is he liable to pay gst under. Reverse charge on raw cotton and oil seeds. he is however charging gst on his sale bill.

BY: VIPIN GUPTA

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ONE OF MY CLIENT RETURN IS PROCESSED BY CPC FOR AY 18-19. AND REFUND DETERMINED. BUT IN THE MEANTIME THE BANK ACCOUNT SHOWN IN ORIGINAL RETURN WAS CLOSED BY THE ASSESEE. AND NEW BANK ACCOUNT DETAILS IS FURNISHED IN CPC PORTAL WHICH WAS DULY VALIDATED ALSO. AND THEN WE REQUESTED FRO RE ISSUE OF REFUND. BUT CPC DENIED WITH THE MESSAGE THAT THE ACCOUNT NO FURNISHED BY US IS CLOSED. WE DID THE SAME PROCESS 2-3 TIMES AND REGULARLY THE REFUND WAS DENIED ON THE SAME GROUND. WHEN WE TALKED TO CPC THEY REPLIED TO DO AGAIN FOR RE ISSUE OF REFUND INDICATING THE CORRECT BANK A/C DETAILS. BUT THE POSITION IS SAME TILL NOW. PLEASE ADVICE WHAT TO DO

BY: pradeep kumar agrawal

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JDA was entered in F.Y. 2004-05 and flats acquired from JDA were sold in F.Y. 2014-15, while no tax has been till now, whether old provisions or new (as per Sec. 45(5A)) would be applicable now?

BY: Hunny Badlani

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As per sec 49A of Cgst Act, the utilization of IGST has to be done first. It there any order in which this utilisation is to be done. i.e igst then cgst and than sgst. or we can use for SGST first and than for CGST.

BY: VIPIN GUPTA

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Q. The landlord is NRI is having the immovable property situated in india and they have given property on rent to the Indian Company and the NRI also having the PAN what rate of TDS to be deducted by the indian Company so please give the your valuable advise on this matter if any supporting / Notification so please provide the same .

BY: GOPAL KUMAR AGRAWAL

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Q;The Company has one shipment from X Pvt Ltd , they raised invoice in the name of Importer Y Ltd and CHA (Z Ltd) has made the payments after deducting the TDS on behalf of Y Ltd. But X Ltd is not accepting the payment because of CHA has deducted the TDS. According to Income Tax Act 1961, 1. Normally, Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents operate on a contractual basis and so the tax is deductible u/s 194C of the Income Tax Act 1961. 2. Section 194C (1) provides that any person responsible for paying any sum to any resident contractor, for carrying out any work in pursuance of a contract, shall deduct tax at source at a specified percentage. 3. Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents make payments on behalf of the importers and exporters towards statutory levies, for example,dues, customs duties, etc., and other reimbursable expenses like Container charges, ICD Charges, stamp charges, and processing other statutory charges. when the payment is Subject to TDS according to the provisions of IT Act 1961, making the payment through an agent does not alter TDS liability. Therefore we are liable to deduct TDS while making payment to Shipping line Still X Ltd are refusing to accept payment with TDS Deduction. They are saying that Third payment is always consider as reimbursement of expenses which is not liable for deduction of any tax at source so please don’t deduct our tds . Give your valuable suggestions regarding the above matter

BY: GOPAL KUMAR AGRAWAL

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A proprietorship was converted into Partnership at will a few years back consisting of the Prop of the old firm and two new Partners (his brothers) Now the Proprietor of Old firm who is Partner now wants to dissolve the existing Partnership firm. Can he do so under Partnership Act . He does not want to resign from Partnership. Please advice

BY: Mahesh Kumar

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My client Which is Pvt Ltd is starting business to provide service of aggregator for Radio Taxi Like OLa and Uber. 1. Is he required to Collect TCS and file GSTR 8? 2. Is he liable to take Input of RCM paid on behalf of driver ? 3. On what amount GST shall be levied i.e. Discount given by company to customer (Which will be borne by company) via coupon code , then customer should pay Tax on Discounted amount or full amount and then discount is charged on it? 4. Percentage of GST leviable on Commission charged per ride by aggregator in the name of Convinence Fees ? 5. The discount given by Company to customer is to be reduced from convience fees and then GST charged or any other way ? 6. Is any type of GST charged on incentives paid by company to driver on the basis of there rating ? 7. Is any type of GST charged on commission paid to Service partners at different cities? 8. At what all places GST reg is required to be taken when the Company is reg. in UP and Technical team Work in New delhi? 9. Which all Return it is required to file monthly? it would be more helpful if someone shares me full case study on ola related to taxation matter specifically GST.

BY: aditya banka

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in section 139(2) of companies act public borrowings from financial institutions .... whats is the meaning of public borrowings or what is the meaning of financial institutions please....... public borrowings as per defination is tradable instrument

BY: MANOJ

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we have file ITR of AY 2017-18 of Trust in Feb 2018 along with Form 10B . My querry is that whether Exemption may be withdrawn for AY 2017-18 or we can save assesee for filing condonation of delay of Form10B and whether condonation of delay file be online or offline . pl. let us know the procedure to file Condonation of delay of Form 10 B . Its urgent

BY: SANDEEP KAPOOR

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Which period turnover shall consider for the Purpose of Applicability of GSTR 9 and GSTR 9C for F. Y. 2017 -18 ?

BY: SUYOG SUDHIR AWACHAT

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i have done below transaction kindly clarify X company in TN purchased goods from B company in TN and sell it to SEZ units in AP. where the goods X company has not taken possession of goods and X company directed B company to moved goods directly from B company go-down to SEZ units. , kindly clarify whether B company can claim exemption or cover under CST

BY: CA. RAM PRABHU M

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WILL "ADVANCE TAKEN FROM CUSTOMER" BE INCLUDED WHILE CONSIDERING PROVISIONS OF SEC 269SS ??

BY: SUDIP KUMAR MUKHOPADHYAY

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My Client has sold his residential House at a price in accordance with Stamp valuation Price . The entire sale consideration has received with banking mode . The AO has asked that why not matter to be refer for Valuation as in his opinion (without any evidences) the Sell Price is far below of FMV . He has asked to us whether you have any objection for valuation . What should we do . Pl. advise with relevant section and case law if possible .

BY: SANDEEP KAPOOR

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Whether it is mandatory to send NOC to previous auidotr by post ???

BY: Ninad Prataprao Shete

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Dear Fraternity members, my query is, can a full time practicing CA become DSA of any bank? Thanks

BY: Yogesh Bhutara

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Received intimation u/s 143(1) for my client.Want to file rectification request by uploading rectified ITR_3 XML file.But the ITR Utility is calculating late fine of 5000 u/s 234F.Original Return filed within due date only.Pls help.

BY: Anuj Kumar Khaitan

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How to appoint a CEO in private limited company? Will DIR-12 will suffice by the appointment of Director or MGT-14 needs to be filed in addition to the same. Thanks and regards

BY: SURAJ KUMAR CHOUDHURY

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A company has wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16. During GST Audit in current year, this was found out and the company paid the wrong credit availed in earlier years as above now, i.e. in FY 2019-20. The same has been expensed off. Is it an allowable expenses under Income Tax Act? Please provide any case laws, if available.

BY: balasubramanian

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I want to know the difference between "Paid Assistant" and " Salaried Employee". As I am doing Job in CA Firm and I have to report to ICAI. What if I am holding Full Time CoP while Joining such Job. Your help will be really helpful.

BY: Pavankumar R. Nipanikar

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A senior citizen has paid Rs.50,000 as health insurance premium for himself. He has also incurred Rs.8000 towards medical expenditure for himself. He has further incurred Rs.5000 for preventive health check up for himself . He being a senior citizen, what is the total amount of deduction available to him under section.80D?

BY: balasubramanian

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Dear Sir, One of my client is an exporter. In GSTR 1 exports have been shown correctly , however in GSTR 3B Exports turnover has been shown as Interstate sale and IGST has also been shown as IGST-Interstate sale coloumn instead on IGST-Export coloumn. Since my interstate sale is not much, I am unable to adjust the IGST & Turnover figures in the subsequent months due to (-) ive figures. So kindly guide me to claim my pending export refund....

BY: CA. KHANDHEDIYA BHAVIK DEEPAKKUMAR

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Dear Sir A firm is engage in the business of labour supply to his client by deploying manpower from contractor with predifined margin. On the basis of record with client ( attendance record etc.), firm is raising the periodic Bills (GST TAX INVOICE)to his client and paid GST accordingly after taking the Input Tax Credit from his contractor.  In summary the business model is - Input from Contractor + Own Margin = Output Service to Client The query is If the Firm is raise Output Service Bills without Input Service ( By way of proper Tax Invoice from Contractor) and recognise his revenue and to math the revenue estimated expenditure is also provided for the month and after receiving the actual Tax Invoice from ( after 1-2 months ) Contractor claim ITC.  For ex. In April Output Service Rs. 100 Lakhs, Input Nil  In June Output Service Nil , Input Rs. 80 Lakhs Is there any violation of GST provision by following above practice ? Whether Month to Month booking is mandatory under GST Law ?

BY: CA ANIL KUMAR SAH

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There was some clerical error in balance sheet attached to original tax audit report due to which It has been revised. But the assesee is not accepting the said revised tax audit report. Plz suggest what can be done to avoid future litigation and problems since the tax department will process original tax audit report which has mistake.

BY: MOHD AHSAN KHAN

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DEAR SIR, PLZ GUIDE ME RELATING TO TAXATION ON RETIREMENT OF PARTNER. IF PARTNER RESIGNS FROM PARTNERSHIP FIRM AND TAKEAWAY 1.50CR FROM AGAINST RETIREMENT FROM PARTNERSHIP. HIS INITIAL TO PARTNERSHIP FIRM ( CAPITAL ) RS.2071000/-. PARTNERSHIP FIRM ALSO HAVE THE LAND & BUILDING WORTH RS.3CR, BUT HE IS TAKING ALL MONEY IN CASH AND NOTHING TAKING IN FORM AS AN ASSET. PLZ GUIDE RELATING TO TAXATION. HE IS IN PARTNERSHIP SINCE 1992.

BY: RAHUL MADHAVARAO KHANDEBHARAD

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A NEW COMPANY PREPARE BALANCE SHEET FOR 15 MONTHS UNDER COMPANIES ACT. IN THIS CASE, UNDER INCOME TAX ACT HOW COMPANY FILE HIS ITR AND TAX AUDIT REPORT AND FOR WHAT PERIOD. THANKS,

BY: Punit Rai

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Whether a CA in practice can practice on his indivisual name or on the sole proprietorship name after Merger with other firm.

BY: Harish Pandey

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How Funds owned by a HUF like capital in a firm or Loan to somebody,can be transferred partially to its members Whether Partial Partition deed is required to be prepared

BY: Mahesh Kumar

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We have a group of 5 Different CA Proprietor Frims, We now intend to Form a CA Partnership Firm. All 5 Firms have different standing in number of years of practice. My Query Will it be beneficial to Convert the oldest Proprietorship Firm into a Partnership or any firm? So that the number of years standing of the firm is increased. Please suggest

BY: SUMIT BHARADIA

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A cooperative society regd in Punjab doing construction and labour provider job has not done any business during F Y 2018-19. It has not been audited by Cooprative Society Auditor nor is eligible for Tax Audit. It is having a nominal Interest income which is adjustable against Previous Year carried forward Loss. Whether in this case date of reurn filing is 31-8-2019 or 31-10-2019in FY 2018-19

BY: Mahesh Kumar

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Whether a cooperative society can file ITR without Digital Signature if it is not eligible for Tax Audit.Statutory Audit has not been done by Cooperative department in this case

BY: Mahesh Kumar

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One of the Private Limited Company in India dealing in software services. One Foreign entity situated in USA is providing software services to the Indian Company. Foreign entity is not having any place of establishment in India and providing services from USA. Foreign entity will raise Bills for their services. Now the query is: 1.Whether the Indian Company has to deduct any TDS? At what percentage? 2.Whether there is any requirement of Form No.15CA and Form No.15CB? 3.Whether is there any requirement of Indian PAN for Foreign entity? 4.Any prior permission of Reserve Bank of India required?

BY: somu balasrinivasa murthy

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ITR-1 for Salary income only was filed by the assessee on 1st Sept 2019 for F.Y. 2018-19. ITR is not processed yet. Can now Tax Audit Report for F&O Business and Revised Return including the same be filed?

BY: Hunny Badlani

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I have the query regarding the exact GST provisions applicable in case of Taxi hiring contracts w.r.t. central government undertaking?

BY: puran bhat

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Long Term Capital Gain Dear Friends, Please Clarify the following Issue:- An Assessee had inherited a property based on the “WILL” left by his mother. In the will executed by his mother. She had stated that property should go to him and after his life time it should go to his Son. During the year the assessee had disposed the property. The Sale Deed has been executed by the assessee’s son also due to the Buyer’s insistance as a matter of abundant caution. Both the Assessee and his Son had received 50% share of proceeds realised. 1) In this context whether the Long Term Capital Gain has arisen to the assessee’s son also. Since he has executed the Sale Deed even though No Right to the Property which was inherited by his father out of Will. 2) Whether the entire proceeds should be offered in ths hands of the Assessee alone who has got Absolute Right to the property inherited. 3) Since the assessee’s son Name has been included in the Sale Deed due to abundant caution of the Buyer of the property, whether to be ignored while working out the Long Term Capital Gains?

BY: RAMAN

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Please clarify whether Incentives received on supply of exempt goods is taxable under GST ex. retail outlet of petrol and diesel.

BY: CA. KANTIPUDI VEERA VENKATA SATYANARAYANA

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A firm's turnover during 2018-19 is 90 lacs (< 1 crore) It is getting tax audit done as net profit is less than 8%. it is paying Interest to a NBF Company. Whether it is required to deduct TDS or not

BY: Mahesh Kumar

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what is the easiest way to calculate deferred tax assets or liabilities.

BY: VIJAY PROHIT

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should we give effect to deferred tax liability or assets while arriving at break up value of shares

BY: VIJAY PROHIT

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A Society is Registered in Sec 12AA. The Society is running a School. Its current year Receipts are Rs 2 cr and Application of Income ( Expenses ) are Rs.2.50 cr. Due to some unavoidable circumstances, it not able to file its ITR within due date. What will be Tax implications ? Whether it will be Taxed on Rs.2 cr Receipts or at Nil, since its in loss of Rs.0.50 cr. Whereas its not taking benefit of Sec 11 due to loss.

BY: AJAY JAIN

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Hello, Kindly explain what is additional place of business under gst? Do I have to obtain separate registration for each additional place of business, if the additional place of business and main place of business is in the same state?What other rules should we follow under gst for additional place of business?Should we charge gst when we transfer goods from main place of business to additional place ?If the supplier directly sends the goods to additional place of business, then also gst needs to be charged?please explain.

BY: deepika

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Dear all, Is there any voluntary tax audit system available on income tax act ? if yes, under which section we need to mention in audit report or while udin generation.

BY: CHANTI EMBADI

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A LLP is working. Now some Partners are to be inducted in the same LLP. The new Parthers have already give their Share to the LLP before 31.3.19. The LLP has kept their money as Unsecured Loan. Now they want to become Partners in the LLP. A Fresh LLP Agreement is Drafted on 01.10.19. Whether we can make it effective w.e.f 01.04.2019. Meaning that the New Partners shall become Partners of the LLP since 01.04.2019.

BY: AJAY JAIN

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AMOUNT RECEIVED FROM INSURANCE CO IS EXEMPT U/S 10(10D).IS IT APPLICABLE TO ANY AMOUNT OR THERE IS SOME OTHER CONDITIONS.

BY: SUDIP KUMAR MUKHOPADHYAY

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TRANSFER FIXED ASSET BY A CHARITABLE TRUST REGISTERED U/S 12AA TO ANOTHER CHARITABLE TRUST WITH SAME OBJECT S BUT WITHOUT REGN. U/S12AA. KINDLY CLARIFY THE IMPACT FOR THE TRANSFERROR TRUST AND THE TRANSFEREE TRUST UNDER INCOME TAX ACT

BY: P.SHANGAR

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AS PER SECTION 80 P THE INCOME TAX ACT, INCOME OF THE FARMERS PRODUCER COMPANY IS EXEMPT FROM FY 18-19 ( AS PER THE BUDGET 18-19) LIMIT TURNOVER IS UP TO 100 CRORES, AVAILABLE FOR 5 YEARS FROM AY 2019-20 LET ME KNOW WHETHER MAT IS PAYABLE ON THE SAME FOR COOPERATIVE SOCIETIES THE AMT IS NIL WHETHER THE SAME BENEFIT IS AVAILABLE FOR FARMERS PRODUCER COMPANY

BY: sadashiv iranna c

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After the introduction of section 145A of the Income tax Act 1961 Whether exclusive system of accounting for taxes is still permitred ? Exclusive system of taxes Considering taxes which can be claimable as a part of Balance sheet and npt routing through Profit and loss statement

BY: DINESH ARAVINDH V

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Sir, kindly let me know difference between Member and Co parcener in the case of HUF

BY: AJAY JAIN

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In case of Trusts which are registered u/s 12AA of the Act and for which audit reports in Form No.10B are to be issued, whether separate UDIN is to be generated for signing audit report in Form No.10B and for separately for signing financials ?

BY: CA. GANESH R

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