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Top 50 Question
Que. Id Date Description
44557
Oct, 01
2023
AUDIT - ( TAX AUDIT CEILING LIMIT CLARIFICATION )

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

BY: MD AZHAR

Total Answers : 0 | View Answers | Post Answers

44555
Sep, 28
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44556
Sep, 28
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44554
Sep, 24
2023
DIRECT TAXES - ( INTER BRANCH SALES - GST, AUDIT, ITR )

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

BY: CA ROHIT GARG

Total Answers : 0 | View Answers | Post Answers

44552
Sep, 22
2023
AUDIT - ( TURNOVER TO BE REPORTED IN CLAUSE 40 IN CASE OF F&O TRADING )

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

BY: ASHISH GOYAL

Total Answers : 1 | View Answers | Post Answers

44553
Sep, 22
2023
MISC. - ( FIRM APPROVAL FOR NEWLY QUALIFIED CA )

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

BY: MANISHA RAJBHAR

Total Answers : 1 | View Answers | Post Answers

44548
Sep, 21
2023
AUDIT - ( APPLICABILITY OF CARO 2020 )

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

BY: LAKSHMI NARAYANA PANTHANGI

Total Answers : 0 | View Answers | Post Answers

44549
Sep, 21
2023
AUDIT - ( 168743 )

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

BY: DHANESH GALA

Total Answers : 1 | View Answers | Post Answers

44550
Sep, 21
2023
MISC. - ( GUIDANCE NOTE ON ACCOUNTING OF POLITICAL PARTY REVISED 2019 )

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

BY: SUBHASH CHANDER BHASHKAR

Total Answers : 0 | View Answers | Post Answers

44551
Sep, 21
2023
Companies Act, 2013 - ( RESIGNATION OF DIRECTOR FROM AMALGAMATED ENTITY. )

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

BY: PRASHANT

Total Answers : 0 | View Answers | Post Answers

44547
Sep, 20
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44546
Sep, 03
2023
TDS/TCS - ( SUBMISSION OF 26Q FOR Q 1 OF FY 2324 )

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

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 2 | View Answers | Post Answers

44545
Sep, 01
2023
DIRECT TAXES - ( PARTNERSHIP FIRM - IN SCHEDULE 80P, DEDUCTION U/S 80P(2)(E) CANNOT BE CLAIMED ON INCOME OTHER THAN R )

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

BY: ANIL SHARMA

Total Answers : 2 | View Answers | Post Answers

44543
Aug, 31
2023
AUDIT - ( AUDIT UNDER SECTION 44AB(E) )

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

BY: ANIL SHARMA

Total Answers : 2 | View Answers | Post Answers

44544
Aug, 31
2023
DIRECT TAXES - ( 082701 )

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

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44542
Aug, 27
2023
TDS/TCS - ( CHALLAN CORRECTION )

Dear Members, I want to make TDS challan correction regarding financial year only of Q1 of FY 23-24.26Q has not yet been submitted.TRACES is sending messages regarding new value is to be given of major head,minor head and section.But there will be no change regarding these three values. Can anybody tell me whether challan correction is possible before submission of return ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 1 | View Answers | Post Answers

44541
Aug, 26
2023
DIRECT TAXES - ( TAX AUDIT AND ITR APPLICABILITY FOR COMPANY INCORPORATED ON 26TH MAR 23 )

Do we need to file Tax audit report and ITR for company incorporated on 26th Mar 23 on 30th Sep 23 or 30th Sep 24. As per companies act financial year ending for company incorporated after January 23 is next Mar 24. ? Is the interpretation correct and should I file Tax audit & ITR under income tax act..

BY: Ankit Jain

Total Answers : 1 | View Answers | Post Answers

44540
Aug, 25
2023
DIRECT TAXES - ( TDS U/S 194IA OF INCOME TAX ACT )

Total Sale Consideration of Property is 60.00 Lakhs and there are two sellers and one purchaser. Purchaser shall pay 50% amount to each seller. Whether TDS u/s 194IA is applicale or not ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44539
Aug, 24
2023
DIRECT TAXES - ( 082701 )

A Proprietorship firm with turnover less than 1 Crore and Net Profit exceeding 2.50 Lacs but less than 8%/6% does not required Tax Audit but has to file ITR in Form ITR 3. Am I correct

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44538
Aug, 23
2023
Companies Act, 2013 - ( CAN PRACTICING CA BE DESIGNATED PARTNER IN NON PROFESSIONAL LLP )

Can Practicing CA be designated partner in non professional LLP? I am a practicing CA got an inquiry from a friend who is in Mining business to be a designated partner in their LLP. Can you please let me know is it possible or not?

BY: VARAD JOSHI

Total Answers : 1 | View Answers | Post Answers

44537
Aug, 22
2023
AUDIT - ( SCHEDULE III DISCLOSURE REQUIREMENTS )

Kindly share Schedule III format and disclosure requirements

BY: C V KESAVAN

Total Answers : 2 | View Answers | Post Answers

44536
Aug, 21
2023
DIRECT TAXES - ( 082701 )

A tax audit report has to be rectified for a clerical mistake not effecting Balance sheet or Tax liability.While ITR has been already filed and UDIn is created Whether it will have effect on ITR filed/UDIN generated

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44533
Aug, 20
2023
TDS/TCS - ( CHALLAN CAN`T BE DOWNLOADED )

Dear Members, I remitted TDS amount in challan 281 on 06/08/2023 and it was sunday.Status is showing as `` initiated`` and it is valid till 21/08/2023.Amount has been debited from bank and there was no reverse entry till date.TDS grievance is of no help.What to do ?? Please guide me.

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers

44534
Aug, 20
2023
DIRECT TAXES - ( FORM NO 13 FOR LOWER DEDUCTION OF TDS )

An NRI has sold a flat for Rs 75 Lacs Short term capital gain is around 5.25 Lac Tax Liability is around 13000- He has filed Form no 13 on 20-8-23 online and acknowledged by CPC (TDS) on 20-8-23 Registration of Title deed is due within a week Sale agreement is dated 8-8-23 and TAN of deductor was applied on 10-8-23 which was issued a couple of days back In such a case what will be the duty of Deductor reg TDS as certificate is not expected soon

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44535
Aug, 20
2023
DIRECT TAXES - ( DISCLOSURE OF BUY BACK OF SHARES )

Is there any returns to be filed for buy back of shares?

BY: Ravindra Poojary G

Total Answers : 1 | View Answers | Post Answers

44531
Aug, 17
2023
AUDIT - ( 082701 )

A CA has to file revised tax audit report by correcting Business Address and with the name of Prop Firm name to be added. In such a scenerioo whether UDIN will have to be generated with amended date of Tax Audit report

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44532
Aug, 17
2023
Companies Act, 2013 - ( COMPLIANCE ANNUAL FILINGS ON NEW V3 PORTAL )

Hi, Whether Compliance annual filing of ROC (AOC4, MGT7A) enabled in new portal or is to be filed as previously

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44529
Aug, 14
2023
OTHER BODIES - ( EMPLOYEE GRATUITY )

A company has taken Emp. Gratuity policy with LIC. For the outgoing employees LIC has remitted the Gratuity to the Trust. However due to Bank account operation issue, they made payment to the outgoing employees from the Company. They have also booked the payment as expense and disallowed the same in the Co. IT return. Now the funds are lying in the Trust. Is there any way out to utilize the Funds with the Trust. Can the Trust remit the money received from the LIC to the Co.

BY: CA. VASUDEVAN P K

Total Answers : 0 | View Answers | Post Answers

44530
Aug, 14
2023
OTHER BODIES - ( EMPLOYEE PROVIDENT FUND )

A Company made EPF payment to a retiring employee through Trust. The Assessee retired on Jul'21 and received the EPF payment on May'22. For the interim period the trust has paid interest on the accumulated balance. While making the payment the Trust deducted TDS on entire interest, i.e. int for the period Aug'21 to May '22 on accumulated balance. Is it right to deduct TDS on the entire interest. Shouldn't they segregate taxable and non taxable contributions and deduct TDS on interest from accumulated balance of taxable contributions.

BY: CA. VASUDEVAN P K

Total Answers : 0 | View Answers | Post Answers

44528
Aug, 13
2023
DIRECT TAXES - ( 082701 )

A Proprietoship Firm's Tax audit report has been filed mentioning only Name of Proprietor his PAN and his residential address.However Firm name was by mistake ommitted. Does it require rectification,although ITR has also been filed

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44526
Aug, 08
2023
DIRECT TAXES - ( SALE OF PROPERTY BY NRI )

A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers Is there any wayout

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44527
Aug, 08
2023
DIRECT TAXES - ( SALE OF PROPERTY BY NRI )

A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers Is there any wayout

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44525
Aug, 07
2023
DIRECT TAXES - ( 082701 )

Can I upload Form 13 on behalf of a NRI for less deduction of TDS after registering myself as authorised representive of NRI

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44524
Aug, 06
2023
DIRECT TAXES - ( TDS ON PURCHASE OF A PROPERTY FROM NRI )

An NRI has sold a property for Rs 75 Lacs to two Jointowners Whether Joint purchasers are required to Deduct TDS

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44522
Aug, 03
2023
MISC. - ( WILL AND RELEASE DEED )

Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you.

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

44523
Aug, 03
2023
AUDIT - ( CERTIFICATE ON INTEREST EQUALIZATION )

Dear Sir, With respect to your mail seeking certificate from us, we would like to bring to your attention in respect of Interest Equalization Certificate that : As per RBI circular RBI/2015-16/259 DBR.Dir.BC.No.62/04.02.001/2015-16 dated 4th December 2015, " The claims should be accompanied by an External Auditor’s Certificate (with stamp and membership number) certifying that the claim for interest equalisation of Rupees…………….. for the month ended ………….. has been verified and found to be strictly in accordance with the provisions of the Government scheme enclosed with the circular DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015. Claims for reimbursement will be considered for settlement only after receipt of this certificate." Here, concurrent auditors cannot be considered as External Auditor from Banks point of view. The certificate if any to be obtained should be obtained from the Statutory Auditor of the Borrower. A certificate from an external auditor i.e. statutory auditor of the Borrower would be relevant here since there are few conditions given in the RBI circulars which cannot be verified by us. Few of the conditions enumerated in the circular that cannot be verified by us are as under- a) The extended Scheme will not be available to those beneficiaries who are availing the benefit under any Production Linked Incentive (PLI) scheme of the government. b) All eligible exports under the scheme would have to meet the criteria of minimum processing for the goods to be called as Originating from India and would be governed by provision of Paragraph 2.108 (a) (Rules of Origin [Non preferential]) of Handbook of Procedures of Foreign Trade Policy 2015-2020. c) The scheme will be available to all exports under 416 tariff lines [at ITC (HS) code of 4 digit]as per Annexure A and exports made by Micro, Small & Medium Enterprises (MSMEs) across all ITC(HS) codes. Also, an article regarding the same issue was published in Economic Times wh

BY: CA. TOTLA RAJENDRA P

Total Answers : 0 | View Answers | Post Answers

44521
Aug, 01
2023
CORPORATE & OTHER LAWS - ( WILL AND RELEASE DEED )

Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you.

BY: samirkumar gokulbhai kasvala

Total Answers : 0 | View Answers | Post Answers

44519
Jul, 28
2023
DIRECT TAXES - ( INCOME TAX RETURN OF HOUSING SOCIETY OR RESIDENT WELFARE ASSOCIATION )

Surplus of Maintenance charges received by Housing Society is exempt on the basis of Principle of Mutuality. Under which head or column will that exempted surplus income be recorded ?

BY: Gaurav Kumar Baranwal

Total Answers : 1 | View Answers | Post Answers

44520
Jul, 28
2023
DIRECT TAXES - ( ITR V PHYSICAL FORM )

Hi, Is ITR V of all person can be sent by one speed post or separate post ? I m asking because, confirmation msg recd only for one and not for others?

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44518
Jul, 27
2023
DIRECT TAXES - ( REGARDING REGISTERING AS A CA )

I am trying to register as a CA on efiling portal, but while doing so I am getting an error which says that the entered member name does matches with the PAN name but the name as per PAN records and ICAI records are same. Please guide me regarding this issue.

BY: SIDDHARTH PADAMKUMAR MUNOT

Total Answers : 1 | View Answers | Post Answers

44517
Jul, 23
2023
Profits & Gains of Business & Profession - ( VALUATION OF CLOSING STOCK IN CASE OF JEWELLERY BUSINESS )

This is wrt to valuation of Closing Stock in case of gold ornaments and silver ornaments. Can I value at market price? or it at cost? In general, how the industry value it's closing stock?

BY: ANKIT JAIN

Total Answers : 2 | View Answers | Post Answers

44516
Jul, 19
2023
GST - ( GST LIABILITY IN JOINT DEVELOPMENT AGREEMENTS )

The land owner entered into a JDA with the developer for construction of ten flats, five flats each. Should the Land owner pay GST on his share? If so what is the value of supply(Construction cost or land plus construction cost). If so at what rate? The land owner wants to retain his share and does not want to sell them. If the land owner is not willing to pay the GST, should the developer pay the GST on his behalf? If so should it be paid as RCM or regular GST showing owners share as turnover?

BY: Y.KANAKAMAHALAKSHMI

Total Answers : 0 | View Answers | Post Answers

44514
Jul, 16
2023
GST - ( GST ON DOOR TO DOOR SALE )

Members, a dealer is planning to sell his goods door to door to his prospective customers by going to the customer's place of business with goods in his vehicle. He is GST registered. The invoice can only be raised at the place of business of the customer since he doesnt know whether the customer will buy his product or not. The value of goods will be more than Rs. 50,000/-. What all documents he has to carry with him in his vehicle? Thanks in advance.

BY: Achuthan P

Total Answers : 0 | View Answers | Post Answers

44515
Jul, 16
2023
DIRECT TAXES - ( AUDIT REQUIREMENT )

For the Presumptive scheme of Income Tax Net profits should be 8 % of cash sale and 6 % for sale through Neft/cheques etc How should this be bifurcated as most of the debtors remains unpaid at the time of finalisation of balance sheet

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44513
Jul, 14
2023
DIRECT TAXES - ( ITR FOR UNAUDITED ACCOUNTS )

Can we file ITR 3 for Unaudited accounts having turnover below 1 crore and Taxable profit less than 8%

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44512
Jul, 12
2023
GST - ( AMENDMENT OF GST B2C SALES )

Hi, How to Amend B2C figures once already amended to restore to Original figures. Portal object stating : Error! B2CS Amendment already exists for the original month in different return period.

BY: SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44511
Jul, 11
2023
Profits & Gains of Business & Profession - ( INTEREST AND REMUNERATION TO PARTNERS )

T/o of P'nership firm is less than 2 Cr but more than 1 Cr. Not declaring u/s 44AD but filing with books of accounts. Profit after deducting interest to partners is less than 8%. Is Audit u/s 44AB liable or can we just upload along with balance sheet and PnL?

BY: MITTI RAJESH DOSHI

Total Answers : 1 | View Answers | Post Answers

44510
Jul, 08
2023
MERGER & ACQUISITION - ( QUERY REGARDING CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )

I am a Practicing Chartered accountant practicing under Trade name and FRN. Also I am registered under RBI Bank branch audit panel and been alloted UCN. I am going to add one partner under my trade through which my proprietorship firm will get converted into partnership So I have two query due to above conversion : 1) Whether my FRN number and Trade Name will remain Same.? 2) Whether my UCN alloted for Bank branch audit panel will remain same.? As I want both the above things to remain unchanged.

BY: GOPAL NANAKRAM POPTANI

Total Answers : 2 | View Answers | Post Answers

44509
Jun, 30
2023
DIRECT TAXES - ( ITR FORM )

A person is having Salary income as well as a couple of Commission receipts Whetrher he can file ITR 1 or has to file ITR 3

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44508
Jun, 29
2023
DIRECT TAXES - ( TREATMENT OF EXEMPT INCOME )

Will income u/s 10 of Income Tax Act,1961 form part of taxable income ?? If not,Should we disclose it in ITR ??

BY: SUDIP KUMAR MUKHOPADHYAY

Total Answers : 3 | View Answers | Post Answers