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| 40899 |
Nov, 18
2020
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DIRECT TAXES - ( DEDUCTION UNDER SEC 80 P )
A cooperative Society engaged in markrting of Milk produced by its members has filed its return for 2018-19 Previous year in Sep 20. As Deductions under Sec 80P is available if return is filed timely,Whether there is any solution (CPC Banglore has issued demand notice trating deduction as taxable income)
Whether there can be any benefit of extension in Return filing dates to sep 20 Further whether exemption limit for such cooperative societies is Rs 50000-
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40900 |
Nov, 18
2020
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DIRECT TAXES - ( EXEMPTION LIMIT FOR NRI )
An asessee has gone abroad for higher studies.His stay in 2019-20 was more than 182 days and will be resident only. Now in Previous Year 2020-21,his stay is less than 60 days whether he will be NRI for current year and his income from proprietory business running in his name in India will be taxable in india without exemption limit
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40896 |
Nov, 13
2020
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GST - ( GST REFUND )
We applied for GST refund of a client for 2018-19 who manufactures Cloth (Made from Manmade Fibre/Yarn) as well as Shawls
GST department had restricted Accumulation of input Credit of Certain types of cloth (wef 1-7-17 to 31-7-18) including cloth stated above and asking for Reversal of Accumulated Credit standing as on 31-7-2018 . They have already sanctioned GST refund for 2017-18 The asessee has closing stock as on 31-3-18 as well as 31-7-18 Now they are asking for return of already sanctioned refund for 2017-18 in view of various Notifications/Ciculars They are not considering Closing Stock while arriving at Reversals to make What our esteemed members think about it ?
BY: Mahesh Kumar
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| 40892 |
Nov, 05
2020
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GST - ( REVERSAL OF CREDIT BALANCE OUTSTANDING IN CREDIT LEDGER )
GST authorities are asking us to reverse Credit balance outstanding in Credit ledger voluntarily, that can not be claimed as refund while filing Refund application. Whether they are right.
Secondally Whether there was relief provided in terms of time to file GST refund application because of Chrona Pandemic as they want to exclude Input surplus for delayed period also Please reply urgently. Thanks
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40893 |
Nov, 05
2020
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AUDIT - ( AS-3 APPLICABILITY TO CO-OP BANK )
Is it not mandatory for a Cooperative Bank to prepare Cashflow statement (along with P&L and B/S)?
If CFS is not included in the Financial statements, Will it be enough if the auditor qualifies in his report about non compliance with AS -3?
BY: Sarath_CA
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| 40889 |
Oct, 31
2020
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GST - ( HOW TO UPDATE TABLE 17 OF ANNUAL RETURN, FOR PENDING RECORDS? )
Hi All, a taxpayer has filled details of HSN wise outward supply in Table 17 of Annual Return but the same is shown as pending records in GST portal, without displaying the appropriate numbers fed. Tickets raised in selfservice portal has been resolved as per them but the issue persists. How to overcome this technical problem? Please share your experience and thoughts! Thanks.
BY: CA. RAJESH KUMAR C
Total Answers : 1 | View Answers | Post Answers
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| 40888 |
Oct, 29
2020
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MERGER & ACQUISITION - ( PRACTICING CA-SOLE PROPRIETORSHIP AS WELL AS PARTNER IN A FIRM OF CAS SIMULTANEOUSLY POSSIBLE? )
Hi All, A practicing Chartered Accountant (CA) holding full time certificate of practice (COP) for the past 3 years in his/her individual registered Firm name of the ICAI as Sole Proprietorship, has been approached by a Firm of Chartered Accountants, to be a Partner in their Firm from a prospective date. Question is whether the individual, Sole Proprietorship Firm can also continue to be in existence and at the same time, the Firm can also admit him/her as Partner of their Firm? Is there any restriction in holding Sole Proprietorship Firm Name and Number, post joining the new/existing CA Firm as Partner? Intention is to retain the Sole Proprietorship Name and Style of individual CA as well as be a partner in the CA Firm at the same time. Please clarify. Thank you!
BY: CA. RAJESH KUMAR C
Total Answers : 2 | View Answers | Post Answers
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| 40881 |
Oct, 27
2020
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DIRECT TAXES - ( FORM 3CB-3CD )
Even after filing the Form 3CD in new schema(22nd October 2020), I am unable to upload the XML. It reads-
"The XML Schema is invalid. Please upload the XML in the correct schema.
At Line Number 194 - Invalid content was found starting with element 'ns3:TotalPurchase'_ One of
'{"http://incometaxindiaefiling_gov.in/F3CD":adjustment,
"http://incometaxindiaefiling_gov.in/F3CD":adjustmentWrittenDown}' is expected."
BY: Ritesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40882 |
Oct, 27
2020
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TDS/TCS - ( IN WHICH QUARTER DETAILS CAN BE INCLUDED )
payment of professional fees is as under
Q1 10000
Q2 15000
Q3 20000
Upto Quarter 2 payment of professional fees was less than Rs 30000 so no TDS is deducted but in Q3 cumulative payment has exceeded Rs 30000 so liability for payment of TDS arises on entire payment including Q1 and Q2 .
Our query is that while filing TDS return for Q3 , details of Q1 and Q2 can not be included. If we now go back to Q1 and Q2 and include these details then interest amount will have to be paid. So we want to know correct procedure.
BY: samirkumar gokulbhai kasvala
Total Answers : 3 | View Answers | Post Answers
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| 40883 |
Oct, 27
2020
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GST - ( 144183 )
A Construction company has entered in to Development agreement before March 2019, and also has opted old scheme where it is required to pay GST @ 18% (12%) while availing ITC. Question is whether the Land owners can take benefit of notification released on 29.03.2019, where the GST liability is shifted to Developers under RCM ? If not, can they pay the GST on construction cost plus 10% under rule 30? because paying GST @ 12% on FMV is not financial feasible. Is there any precedent or case law?
Thank you.
BY: Nikhil Shendye
Total Answers : 1 | View Answers | Post Answers
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| 40884 |
Oct, 27
2020
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GST - ( TRAN-1 CREDIT AND INPUT CREDIT )
A new unit took GST registration on 1st July 2017. They had made purchases just before that date and took tran -1 credit on the same. The unit is now thinking of closing and intend to forego tran-1 credit and some ITC credit available. There is no stock and everything is sold out. Is there any problem in filing the required forms for closure?
BY: SANTOSH JAGANNATH PAI
Total Answers : 1 | View Answers | Post Answers
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| 40885 |
Oct, 27
2020
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GST - ( COMPOSITION SCHEME )
What would be the GST rate applicable for a canteen in a movie theatre. Shall it be eligible for composition scheme at 1% or will it be treated as a restaurant
BY: T.R.S. PATHY SENTHIL
Total Answers : 1 | View Answers | Post Answers
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| 40879 |
Oct, 26
2020
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CORPORATE & OTHER LAWS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )
Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application.
1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ?
2. Also can anyone please share how the net worth of applicant co. will increase ?
3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ?
4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ?
Many thanks for your time. Awaiting kind response from the experts.
Siddharth
BY: SIDDHARTH MODI
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| 40880 |
Oct, 26
2020
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INTERNATIONAL BUSINESS - ( FEMA PROVISIONS / RBI MASTER CIRCULAR ON ODI INVESTMENT )
Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth
BY: SIDDHARTH MODI
Total Answers : 0 | View Answers | Post Answers
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| 40878 |
Oct, 24
2020
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AUDIT - ( ASSIGNMENT/ AUDIT OF BANKS, PSU AND CAG )
Dear Senior Members,
Good morning, Hope you are doing great. I am requesting guidance for growing Audit practice.
With experience of 1 year in practice, I want to do Assignments and Audits which will help in getting exposure in Public Audits / Assignments.
Need guidance, suggestions and advices to develop my firm in right way to get satisfactory works as soon as possible.
Thank you for your time and Regards,
T RAJASHEKAR REDDY
BY: THAMATAM RAJASHEKAR REDDY
Total Answers : 1 | View Answers | Post Answers
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| 40877 |
Oct, 23
2020
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GST - ( NON ACCEPTANCE OF PHYSICALLY GST 9C REPORT BY GST OFFICE )
Techical Issue in the Return Head of Annual GSTR 9:
Head: Pt IV ‘Details of Tax Paid as Declared in Return Filed During The financial Year’ Of table 9 of GSTR 9 due to that we are unable to Filed GSTR 9C of F.Y.2017-18
Issue:
While Filling the GSTR 9C, the error Message shown ”JSON ERROR” that is due to Technical error of not shown amount of Tax Payable in table 9 of Annual Return GSTR 9.
Q : Whether Assessee can file physical report GSTR 9C to Jurisdiction office ?
BY: SANJAY G GAJERA
Total Answers : 2 | View Answers | Post Answers
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| 40875 |
Oct, 21
2020
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DIRECT TAXES - ( SEC.115BAA )
A company has opted for lower rate of tax under sec.115BAA for FY 2019-20. It is a manufacturing company claiming additional depreciation till FY 2018-19. For FY 2019-20, it has opted sec.115BAA. It is a profit making company and there are no brought forward business loss or brought forward unabsorbed depreciation. During FY 2018-19, there were certain machinery items which were added for less than 180 days on which additional depreciation was claimed only at 10%. The balance 10% can be claimed in FY 2019-20. Since the Company has opted sec.115BAA, it has to forego this additional depreciation in FY 2019-20. As per proviso to sec.115BAA(2), whether the unclaimed additional depreciation of 10% has to be added back to the opening WDV of the block on 1.4.2019? Pls .clarify
BY: balasubramanian
Total Answers : 1 | View Answers | Post Answers
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| 40876 |
Oct, 21
2020
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GST - ( REMOVE DUPLICATE INVOICES )
ASSESSEE HAD SUBMITTED GSTR-1 FOR THE MONTH OF JULY 2020 SHOWING THE SUPPLIES MADE AND TAX PAYABLE. ALL THE INVOICE DETAILS ARE SAVED AS PROVIDED BY THE SUPPLIER AND LATER ON HE FILED THE RETURN. BUT, UNEXPECTEDLY THE RETURN WAS FILED SHOWING NIL TURNOVER AND TAX PAYABLE DUE TO THE TECHNICAL GLITCH AT GST PORTAL, ALSO THE INVOICE DATA WAS NOT VISIBLE AFTER THE FILING OF RETURN GSTR-1 FOR JULY 2020. ASSESSEE THEN ENTERED THE SAME INVOICES OF JULY 2020 IN THE GSTR-1 OF AUGUST 2020 AND FILED THE SAME. HE THOUGHT THERE ENDS THE MATTER. BUT ON 12TH OCTOBER HE RECEIVED AN EMAIL STATING THAT THERE IS A TECHINAL ERROR IN THE GSTR-1 FOR THE MONTH OF JULY 2020 KINDLY RE-FILE THE SAME. SO, NOW ASSESSEE HAD RE-FILED THE RETURN GSTR-1 SINCE NON FILING LEADS TO PENAL CONSEQUENCES.
NOW, COMES THE TWIST THAT THE GSTR-1 FOR THE MONTH OF AUGUST CONTAINS INVOICES FOR THE MONTH OF JULY 2020 AND ALSO JULY 2020 GSTR-1 CONTAINS SAME INVOICES. THIS HAD CAUSED DUPLICATION OF INVOICES AND RESULTANTLY SAME INVOICE WAS APPEARING TWICE IN GSTR-2A OF RECEIPIENT.
KINDLY, PLEASE SUGGEST THE SOLUTION TO RECTIFY THE SAME AS THIS IS CAUSING DIFFERENCE BETWEEN TURNOVER AS PER BOOKS AND ALSO DIFFERENCE BETWEEN TAX PAYABLE AS PER GSTR-1 AND AS PER GSTR-3B.
BY: D R V NARENDRA REDDY
Total Answers : 1 | View Answers | Post Answers
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| 40874 |
Oct, 19
2020
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DIRECT TAXES - ( SECTION 44AE V/S SECTION 44AD )
Can the transporter who doesn't own any Vehicle (trucks) but hires the vehicles from somebody for his transport business claim the benefit of section 44AE ? If not then can he avail the benefit under 44AD ??
Thanks in Advance..!!
BY: SHRUTI KUTE
Total Answers : 2 | View Answers | Post Answers
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| 40872 |
Oct, 17
2020
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DIRECT TAXES - ( 075812 )
Dear sir,
CBDT has made some amendments in form 3cd. But new schema and utility is still not available for new format. Please suggest, can we upload tax audit report in old format ? Whether it will be valid efiling of report ?
BY: Rajesh Kumar Mandwariya
Total Answers : 1 | View Answers | Post Answers
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| 40873 |
Oct, 17
2020
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GST - ( 210871 )
GSTR 2A for the month of September 2020 shows invoice and gst details based on GSTR 1 filed by the supplier, but not showing in GSTR 2B for ITC availability. On verifying noted that the supplier has lately filed GSTR 1. Please advice whether we can claim ITC in the month of September 2020 (based on entry in GSTR 2A) or in the month when it reflects in GSTR 2B? Please clarify
BY: NIRAJ PM
Total Answers : 1 | View Answers | Post Answers
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| 40870 |
Oct, 15
2020
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TDS/TCS - ( PAYMENT TO NRI U/S 195 )
X a resident individual purchased a house property worth Rs 100 L, from NRI in India. The payment was made after deducting TDS at lower rate upon furnishing of certificate by NRI. We filed the TDS return, but we came to know that the traces did not allowed the lower rate of tds certificate, and raised a demand of full rate ie 10%+Cess . I found a mistake in drafting of certificate no , as the same was noticed by me in the qtrly tds return file redrived by traces. I get it corrected. But do we require to submit form 15CA/CB also. If we have earlier not submitted the same can we submit now. or is it an error due to misprint of lower certificate no. So far 15CA/CB is required in banking transactions. so do we have to mandatorily file form 15CA/CB for claiming lower tds rate in traces or not, please advice
BY: pradeep kumar agrawal
Total Answers : 1 | View Answers | Post Answers
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| 40871 |
Oct, 15
2020
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GST - ( GST ON REP )
Development agreement entered after 01-04-2019. Construction involves all affordable housing (1% GST). 1) Do builder need to charge Landowner for construction service? If so, what rate? 2) Landowner has no other income. Do landowner need to get registered under GST if he sells his share of under construction apartment.
BY: Sai Ram
Total Answers : 1 | View Answers | Post Answers
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| 40869 |
Oct, 12
2020
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GST - ( TURNOVER AS PER GST AND IT )
Dealer is a contractor providing labor to companies such as HUL for Door to door marketing and sales of products on the purchase price. Here dealer is issuing Invoice for amount of charges for services provided as labor contractor. Whereas he purchases product at his own and resell the product in cash to end cunsumers without any profit margin....... So my question is, Whether we should include amount he collect from customer by selling the product without profit margin in output supply for GST and also whether it is to be included in Turnover for section 44AB of Income Tax?
BY: KUNAL KALYAN TARGHALE
Total Answers : 1 | View Answers | Post Answers
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| 40868 |
Oct, 11
2020
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AUDIT - ( ONEROUS CONTRACT AS PER IND AS 37 )
Onerous contract as per Ind AS 37 is one where the unavoidable cost of executing the contract exceeds the economic benefits expected to flow from the contract. Para 68 defines unavoidable cost as minimum of cost of fulfilling it and penalty payable for exiting from the contract. Suppose in a contract, no penalty is payable by either party at the time of exiting the contract or the contract is silent with regard to penalty clause as such, whether the contract can become onerous? In other words, if no penalty is payable then penalty is zero which can not exceed the cost to be incurred in the contract. So the contract can never be onerous. Is this view correct?
BY: balasubramanian
Total Answers : 0 | View Answers | Post Answers
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| 40866 |
Oct, 10
2020
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GST - ( TRUCKS ON HIRE TO GTA )
Dear Sir,
One my clients is giving trucks on hire to GTA.He is not the owner of trucks but arranging the same from other Truck Owners to provide to GTA.
Please guide on whether the amount he is receiving from GTA will be exempt as per Sl. No-22 of Noification No.12/2017-Central Tax(Rate) under Services by way of Hiring to GTA or the same will be taxable under GST.
The Client is having turnover of more than 40 lacs from the amount he is receiving from GTA.
BY: Anuj Kumar Khaitan
Total Answers : 1 | View Answers | Post Answers
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| 40863 |
Oct, 09
2020
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MERGER & ACQUISITION - ( CA PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM )
A & Co. is a proprietorship firm of CA Mr. A,
in which CA Mr. B and CA Mr. C are merging their proprietorship firms.
Whether A & Co can change their firm name to ABC & Co. before the merger or after the merger to maintain A & Co.'s total experience years?
Or A & Co. cannot change their name to ABC & Co. in order to maintain their total experience years? Any alternatives available to change the name of the firm?
BY: Hunny Badlani
Total Answers : 0 | View Answers | Post Answers
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| 40864 |
Oct, 09
2020
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MERGER & ACQUISITION - ( CONVERSION OF PROPRIETORY FIRM TO PARTNERSHIP FIRM )
Hi all, I am having a proprietary firm since 2011. Now one of my junior have qualified CA and wanted to be my partner. In this regard my concerns are;
1.Will I lose the years of experience of my proprietary firm when it becomes a partnership firm?
2.Will the year of formation (for counting the 3years criteria) for bank audit be 2011 or 2020?
Thankyou in advance.
BY: MALU NAIR
Total Answers : 0 | View Answers | Post Answers
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| 40861 |
Oct, 08
2020
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DIRECT TAXES - ( INCOME TAX MATTERS )
Whether NRI (Indian origion recently went abroad in 2019-20)
has got any tax exemption limit or has to deposit tax irrespective of income and whether his income abroad also has to be added in income
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40862 |
Oct, 08
2020
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GST - ( LATE FEE APPLICABILITY FOR NIL GSTR3B )
I have a nil return to be file in GSTR 3B for July’2020 which I did not file till date. In this case would there be any late fee levy? If yes, would it be calculated from 29-Sep’2020 till the date of filing of return (vide notif. 52/2020) or the liability of late fee would be calculated from the original due date of filing of the GSTR3B i.e. from 25-Aug-2020 till the date of filing of the GSTR3B at the rate of INR 20 per day. Kindly suggest and guide. Thanks a lot in advance.
BY: Prasen Pal
Total Answers : 0 | View Answers | Post Answers
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| 40859 |
Oct, 07
2020
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MISC. - ( NOC/INTIMATION TO PREVIOUS CS )
For FY 2018-19 annual filing of a Small Company was done by CS. He signed AOC-4, MGT-7 . For FY 2019-20 Company intends to shift work to CA of annual filing and related filing. In such case is it necessary to obtain NOC from previous CS or any other compliance to be done
BY: Mayur
Total Answers : 2 | View Answers | Post Answers
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| 40860 |
Oct, 07
2020
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MISC. - ( 188474 )
Please anyone can share Form 3 working in an excel sheet (Form 3 - Certificate for withdrawal of funds from a separate account under MAHA RERA). I currently doing a study of the MAHA RERA ACT.
Email:sksawantca21@gmail.com
BY: SHEKHAR KUNDLIK SAWANT
Total Answers : 0 | View Answers | Post Answers
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| 40858 |
Oct, 05
2020
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GST - ( CLASSIFICATION OF SERVICE )
A PERSON PROVIDED SERVICES TO OVERSEAS COMPANY AS A INTERMEDIARY SERVICE PROVIDER FOR MARKETING OF GOODS OF OVERSEAS COMPANY IN INDIA. THE ASSESSEE PROVIDES SERVICE OF FACILITATION A SUPPLY OF GOODS AND ARRANGEMENT OF DELIVERY OF GOODS IN LOCAL CUSTOMERS WHO IS SITUATED AT INDIA. THE OVERSEAS COMPANY GIVE COMMISSION FOR THIS SERVICE. THE WHOLE PAYMENT OF COMMISSION IS RECEIVED IN CONVERTIBLE FOREIGN EXCHANGE. IS THIS SERVICE FALL UNDER EXPORT OF SERVICE OR NOT. IS THERE ANY LIABILITY FOR PAYMENT OF GST ARISE IN THIS CASE. KINDLY GIVE ADVISE ON THIS MATTER.
BY: AJITKUMAR L PATEL
Total Answers : 1 | View Answers | Post Answers
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| 40854 |
Oct, 04
2020
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DIRECT TAXES - ( DEPRECIATION CLAIM )
Tax Auditor of a cooperative society in 3CACD has stated that in the absence of WDV at the start of Financial year of Fixed assets they are not able to calculate allowable depreciation for 2019-20 Whether while filing ITR we can also ignore depreciation to be claimed while depreciation debted has been added back to profit.
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 40856 |
Oct, 04
2020
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DIRECT TAXES - ( INCOME TAX MATTERS )
An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 40857 |
Oct, 04
2020
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DIRECT TAXES - ( INCOME TAX MATTERS )
An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 40853 |
Oct, 03
2020
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Profits & Gains of Business & Profession - ( DISALLOWANCE U/S 43B AND 40(A)(IA) SIMULTANEOUSLY )
In case of an assessee who has not Paid Interest due to the NBFCs (covered under 43B(da) from AY 2020-21) and at the same time has not deducted TDS on the said Interest dues; How will be the disallowance made u/s 43B and 40(a)(ia)?
For example, a company has not paid interest liability of Rs. 10 Lakhs to Non-Banking Finance Company and at the same time has not deducted TDS u/s 194A on the same amount. Thus under 40(a)(ia) 30% of expense i.e. 3 Lakhs shall be disallowed for non-deduction of TDS and under section 43B 100% of expense i.e. Rs. 10 Lakhs shall be disallowed for non-payment of liability.
If the amount is disallowed under both the sections then there will be disallowance of 130% of actual expense incurred by the company.
Thus, what shall be the correct course of action in the above case: -
Whether disallowance shall be made under both the sections? i.e. 100% under 43B and 30% under 40(a)(ia)? (Total 130% Disallowance)
Or
30% shall be first disallowed u/s 40(a)(ia) and then only 70% shall be disallowed u/s 43B?
Or
Any other course of action
BY: RONAK MOTA
Total Answers : 0 | View Answers | Post Answers
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| 40851 |
Oct, 01
2020
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DIRECT TAXES - ( FORM 10 U/S 11(2) )
Sir, My client filed a form 10 in the portal for accumulation u/s 11(2). On verification, it is found that the amount calculated as accumulated u/s 11(2) is wrongly taken. What is the remedy now. Whether a new Form 10 with correct details can be filed now? This is relating to AY 2020-21. Kindly advise.
Thanks
BY: CA. MADHUSOODANAN K P
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