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| 43318 |
Jul, 04
2022
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GST - ( 546529 )
Dear Sir / Ma'am
I had the following query with respect to GST on Air Ticket Agents. Would be highly obliged if the same is answered.
Air Travel Agent - Quota/Series Purchase of tickets from Airlines
Facts : Travel Agent is purchasing Air tickets from Airlines in advance in Bulk (Quota / Series Purchase). E.g. They purchased a ticket (PNR) from the Airline for Rs 3500 one month ago, now at the time of sale to customer they add their markup of say Rs. 500 and sell it to customer. At times they may sell it cost to cost or at lower than their purchase price (at loss) depending upon the demand in the market. The risk & reward is entirely of the Agent. In this case while purchasing the tickets from the Airline, Air travel Agent is giving his GSTIN and the invoice is raised by Airline in name of Air Travel Agent.
Queries
1. For Quota Purchase tickets, can the travel agent claim ITC and them further pass it on to actual customer for Airline GST. For markup, 18% GST is being charged and paid accordingly.
2. If the Travel Agent is not eligible to claim ITC on the airline GST. Is he required to deposit GST only on the markup charged to the customers?. Also, what would be the value of the taxable turnover for the purpose of GST. Can the entire basic cost of ticket be reported as exempt supply?
BY: SUHAIL AHMAD MIR
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| 43317 |
Jul, 03
2022
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DIRECT TAXES - ( FOREIGN INCOME )
A Resident on Student visa is earning some income in Canada
and paying some taxes there also. Whether this income should be added in indian income during fin yr 21-22 and taxes paid should be added in taxes paid
BY: Mahesh Kumar
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| 43316 |
Jun, 29
2022
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DIRECT TAXES - ( 082701 )
If an expense say Interest or Professional charges are paid without TDS deduction. Can by Increasing Net profit by 1/3 of Expense We are not liable to any other penality.
BY: Mahesh Kumar
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| 42314 |
Jun, 21
2022
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COUNCIL DECISION - ( DEMERGER OF CA FIRM )
A firm by name A & Co., (1year old) was merged with B & Co (15 years old), around 6 years ago. Now A & Co want to exit from the merger and get merged with another firm C &Co.,(3 years old).
When A & Co is getting merged with C & Co., whether the new merged firm will have seniority of 6 years of A & Co.,
BY: ASHWIN
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| 42313 |
Jun, 20
2022
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DIRECT TAXES - ( RETURN MARKED INVALID - HOW TO MAKE IT VALID )
The assessee is a Resident Individual – Senior Citizen. For AY 2018-19, the assessee has filed the return of Income offering income from Foreign Source by the way of Dividend, Salaries & Other Sources.
The assessee was served with notice U/s 139(9) citing defects in disclosure “Income Chargeable to Tax at Special rate has been shown only in Sch Part B – TI , without giving the details of the same in the relevant schedules viz., Sch CG/SchOS and Sch SI“. The notice was duly responded through E-filing facility.
The return filed by the assessee was not accepted by the department citing some inexistent defects and marked the same as Invalid Return.
The assessee aggrieved by the action of AO, filed a petition before the PCIT U/s 119(2b), pleading the Commissioner to give directions to the AO to treat the return filed as Valid and process the same in accordance with the law.However PCIT rejected the petition stating that the petition filed is beyond the scope of authority of the office.
Please advise the available legal course of action, if any, to give directions to the AO to process the return as a valid one.
BY: CA. VASUDEVAN P K
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| 42309 |
Jun, 17
2022
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OTHER BODIES - ( REGISTRATION DATE WITH RBI )
Our Firm's UCN With RBI Is 1017342(The Firm's FRN Is 022107S). In The Application For Empanelment Of Chartered Accountants For The Concurrent Audit Hosted By Certain Nationalised Banks ,The Date Of Registration With RBI Is Shown As A Mandatory Field To Be Filled. However, Despite Our Best Efforts ,Our Online Search In This Regard Has Been In Vain. We Would Greatly Appreciate It If You Could Assist In Obtaining The Date Of Registration Of The Firm With RBI As Early As Possible
BY: TARUN JAGDISH
Total Answers : 1 | View Answers | Post Answers
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| 42310 |
Jun, 17
2022
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ANNOUNCEMENT - ( PART TIME COP )
I Have joined an audit firm as a partner & branch incharge 2 years ago. Now I came out of the firm by march 2022 but I haven't surrender my COP and I thought of joining an MNC now. Can I still hold my COP and convert it to part time? then what is the procedure for the same?
BY: SRI HARSHITHA BAYAPUNENI
Total Answers : 1 | View Answers | Post Answers
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| 42311 |
Jun, 17
2022
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DIRECT TAXES - ( ASSESSMENT US/. 148 VS 153C )
Search initiated in 2017 on patsanstha, some account holder has received the notices for Income escapment u/s 148 in April 2021, whether the notice issued u/s 148 is valid?? Or it should be issued u/-s 153C?? Plz guide on the same
BY: Ninad Prataprao Shete
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| 42306 |
Jun, 13
2022
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DIRECT TAXES - ( ASSESSMENT )
Search initiated in 2017 on patsanstha, some account holder has received the notices for Income escapment u/s 148 in April 2021, whether the notice issued u/s 148 is valid?? Or it should be issued u/-s 153C?? Plz guide on the same
BY: Ninad Prataprao Shete
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| 42307 |
Jun, 13
2022
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MISC. - ( SIGNING OF PROJECT REPORT BY CA. )
Respected Sir/Madam,
Please clarify whether project report can be signed by a CA ? As there are various regulatory bodies such as Pollution Control Board, etc. are demanding CA signed Project Report. If no, please provide the reference of the Act under which it is not permissible and if yes, then what are the precautions to be taken before signing the project report.
Yours faithfully,
BY: Mustafa
Total Answers : 1 | View Answers | Post Answers
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| 42304 |
Jun, 11
2022
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MISC. - ( SIGNING OF UNAUDITED STATEMENTS )
The Bankers asking Signature of Chartered Accountants wiith UDIN in case of unaudited statements and 44AD clients. When we say with regard to our Guidelines on Unaudited statements they are not satisfied. Hence kindly provide the opinion on that topic, so that we could able to forward the same to the Bankers.
We feel that the Institute may issue general guidelines to the Bankers with regard to this matter, in appropriate channel.
BY: R. KANDASAMY
Total Answers : 2 | View Answers | Post Answers
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| 42300 |
Jun, 09
2022
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DIRECT TAXES - ( TAX AUDIT CLAUSE 44 )
Clause no 44 of Tax audit is applicable from FY 21-22, The clause requires reporting of expenditure breakup as GST paid Expenses AND Non GST Paid expenses.
Is this clause compulsory for reporting?
BY: CA Shrawan Suthar
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| 42296 |
Jun, 07
2022
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DIRECT TAXES - ( ESOP TAX IMPACT IN INDIA ENTITY )
Hi All, i need an insight on ESOP tax liability on India entity.
Suppose my US entity is providing shares to employees and it gets vested in April. what is the tax impact on India entity on this situation?
Suppose if US entity/ US stock broker deduct the tax value of shares and credit the remaining shares to employees, what is the tax impact/ liability on India entity on this?
BY: KARTHIK ATHREYAN
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| 42297 |
Jun, 07
2022
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DIRECT TAXES - ( 082701 )
Can we show Interest payable in 2021-22 and pay in July 22 without deductong TDS in 21-22 as Form 15 H could not be submitted in April 22 due to problem in Portal
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 42298 |
Jun, 07
2022
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DIRECT TAXES - ( 082701 )
Can we show Interest payable in 2021-22 and pay in July 22 without deductong TDS in 21-22 as Form 15 H could not be submitted in April 22 due to problem in Portal
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42299 |
Jun, 07
2022
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GST - ( 082701 )
A Firm has purchased yarn and got fabrication from outside.
It itself does not has machinery as such. GST officials pay visit compulsarily while issuing refund in case of inverted tax structure.Can it claim GST Refund in the absence of manufacturing facility.
BY: Mahesh Kumar
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| 42294 |
Jun, 05
2022
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DIRECT TAXES - ( WDV-SECTION 43(6)(C) )
Opening WDV as on 1-4-2021 Of only Vehicles Block(consisting of Car A-WDV Rs. 1 Lakh and Car B-WDV Rs. 8 Lakhs) is Rs. 9 Lakhs. During the year 2021-22, Car B is stolen. Insurance claim of Rs. 12 Lakhs is received. One new Car C is purchased for Rs. 22 Lakhs during the year 2021-22.What will be the WDV for working out of Depreciation for the year 2021-22 under the circumstances. Also, how these transactions should be booked in Books of Accounts.
BY: ARUN KUMAR ARORA
Total Answers : 1 | View Answers | Post Answers
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| 42292 |
May, 30
2022
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Compliance - ( UDIN )
I remember to have generated UDIN for all the forms filed on Income tax e-filing portal. But now I find that some forms in the tax portal appear to be without valid UDIN. Was it the UDIN portal or the Income tax portal or neither?
Even in the unlikely event that I have forgotten to generate the relevant UDINs, what is the solution
BY: RAVICHANDRAN R
Total Answers : 1 | View Answers | Post Answers
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| 42291 |
May, 28
2022
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MERGER & ACQUISITION - ( CONSEQUENCES OF MERGER OF 2 CA FIRMS )
I am currently practising as a sole proprietor. I am also a partner in another firm. Now we are planning to merge the 2 firms. My sole proprietorship is appointed as auditor in some companies. My query is as a result of merger, do I need to resign in those companies by filing Form ADT-3 and appoint the partnership firm as auditor by filing Form ADT-1 or the partnership firm will automatically be appointed as auditor
BY: Abi Muthuraj
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| 42290 |
May, 23
2022
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DIRECT TAXES - ( 082701 )
If a NRI sends RS 10Lacs app to account of a Indian resident (Not close relative), whether Indian resident has to pay Gift tax or tax applicable to to his income including 10 Lacs as applicable .Is their any other reporting requirement also to RBI/Other authorities ?
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 42289 |
May, 21
2022
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DIRECT TAXES - ( 082701 )
A cooperative Bank has deducted TCS of a Society in F Y 20-21
and since it was not visible in 26AS/AIS It could not be claimed.
Now we learn that Bank had deducted TCS for FY 2019-20 during 2020-21 and filed revised TDS Returns during 2020-21 for 2019-20 Financial year. Asessments of FY 2019-20 and 2020-21 are already completed. In these Circumstances How to claim TDS.
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42288 |
May, 20
2022
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GST - ( 144106 )
GST Registration for one of the Service Provider is wrongly taken as Regular Taxpayer instead of Composition Dealer. Is there any way i can get the registration amended to "Composition Dealer".
BY: Ganesh Suresh Agrawal
Total Answers : 2 | View Answers | Post Answers
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| 42287 |
May, 19
2022
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DIRECT TAXES - ( PROCEDURE OF CLAIMING DEDUCTION 80IBA : DEVELOPING AND BUILDING HOUSING PROJECTS )
PROCEDURE OF CLAIMING DEDUCTION 80IBA : Developing and Building Housing Projects
Questions
1) Do we require any special FORM to be filled before filing the Income Tax Return ??
2) Can the deduction can we claimed directly in the ITR
3) Can the Partners in a PartnershipFirm can claim the total profit deduction in the respective partners ITR??
4) Does it require any formalities Please elaborate the process of claiming Deduction under Sec : 80IBA
BY: GOVIND MUNDADA
Total Answers : 1 | View Answers | Post Answers
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| 42286 |
May, 18
2022
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DIRECT TAXES - ( TDS ON PROPERTY PURCHASED )
THE PURCHASER AND SELLER BOTH ARE NON RESIDENT INDIANS WORKING ABROAD, TDS IS TO BE DEDUCTED ON PURCHASE OF HOUSE PROPERTY FROM THE SELLER WHO IS A NON RESIDENT. THE SALE CONSIDERATION IS MORE THAN ONE CRORE AND THE APPLICABLE TDS RATE IS 23.92%. WHILE FILLING UP CHALLAN 26QB ONCE THE STATUS OF THE SELLER IS PUT AS NON RESIDENT, THE FOLLOWING MESSAGE IS SHOWN AND NOT ALLOWING TO GO FURTHER
"As Status of the Payee/Seller/Transferor is A Non-Resident, Form 26QB will not be applicable. The correct form to be used is Form 27Q"
MY QUERY IS FORM 27Q IS THE QUATERLY RETURN WHICH HAS TO BE FILED EVERY QUATERLY, THEN FOR PAYMENT OF TDS WHICH CHALLAN IS TO BE USED.
FURTHER WHEN THE SELLER IS A RESIDENT PAYMENT OF TDS IS THOUGH CHALLAN 26QB AND THE PURCHASER NEED NOT TO HAVE A TAN BUT WHEN THE SELLER IS A NON RESIDENT, THE PURCHASER HAVE TO FIRST OBTAIN TAN. PLEASE GUIDE..
BY: Anwar Iqbal
Total Answers : 1 | View Answers | Post Answers
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| 42280 |
May, 11
2022
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MISC. - ( UPDATION OF UDIN )
UDIN was generated for an individual assessee whose accounts are subject to tax audit under section 44AB . Subsequently the accounts were revised and the UDIN was revoked. New UDIN was generated and tax audit report was filed with the new UDIN. . New UDIN is updated successfully. The UDIN which is revoked cannot be updated. kindly advice
BY: Anwar Iqbal
Total Answers : 1 | View Answers | Post Answers
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| 42277 |
May, 10
2022
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Capital Gains - ( TDS CREDIT OF PROPERTY SOLD )
The assessee entered into an agreement for sale of his residential house in Jan 2021. The buyer deducted the TDS and issued cheques but did not give the same to the assessee. The assessee expired in May 2021 due to COVID. As the sale deed was not executed upto 31.03.2021 TDS deducted was carried forward. The sale deed was executed by the legal heirs of the assessee and they received their share of consideration reduced by respective TDS.. How can they claim the TDS deducted by buyer in March 2021 in the name of their father.
BY: CA SUDHIR KUMAR JAIN
Total Answers : 1 | View Answers | Post Answers
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| 42279 |
May, 10
2022
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MISC. - ( PUBLIC NOTICE FOR PROPERTY )
Mr. A is the owner of the property. Mr died in 2016. Mr. A has two sons as legal heirs ( Mr X and Mr Y . Release deed is prepared between Mr. A and Mr. B . Mr A has renounced his share and transferred his share to Mr. B and now Mr. B is the sole owner of the property.
Mr Y a purchaser weants to purchase the property from the Mr. B.
Query is
(1) Is Mr Y ( purchaser) required to confirm that is there any other legal owner apart from Mr A and Mr. B. . if yes, how he can confirm
(2)Before purchasing, is Mr. Y (purchaser) required to publish in newspaper about this purchase
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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| 42275 |
May, 09
2022
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GST - ( SLUMP SALE / BIZ TRANSFER AGREEEMENT - STAMP PAPER & REGISTRATION FEES )
A business transfer agreement (also known as Slump sale Agreement) -
For transfer of all assets and liabilities FROM a Sole Proprietorship TO a Partnership ON A GOING CONCERN BASIS (that is continuing running the business).
The Sole Proprietorship business contains only Capital and Machinery of Just Rs 20 Lakhs. Nothing else.
Question 1 - Whether this agreement is liable to pay stamp duty and registration fees?
Question 2 - If yes, Under which Serial No of Indian Stamp Act.
Question 3 - If What is the Stamp paper value and what is the registration fees in KERALA?
BY: Sivaraman A.R.
Total Answers : 1 | View Answers | Post Answers
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| 42274 |
May, 06
2022
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MISC. - ( CONVERSION OF PARTNERSHIP FIRM INTO SOLE PROPRIETORSHIP FIRM )
In the year 1997, Mr. Akash started practice with the sole proprietorship firm name "Agrawal Akash & Associates". In 2012, the sole proprietorship firm was converted into partnership firm by entering two new partners - Abhishek and Ankita. In 2017, Mr. Akash retired from partnership firm. Now, ankita want to retire from firm and Abhishek wants to continue the same firm name "Agrawal Akash & Associates" with same Firm Registration No. so that the experience of the firm can be considered everywhere.
Ques. 1 Can Abhishek continue as proprietor of Sole Proprietorship Firm "Agrawal Akash & Associates" ?
Ques. 2 Whether experience of the firm will be considered for Bank Audits?
Thanks & Regards,
BY: CA. ADARSH AGRAWAL
Total Answers : 1 | View Answers | Post Answers
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| 42273 |
May, 04
2022
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GST - ( TRANSFER OF MACHINERY AS A GOING CONCERN WITHOUT GST? )
A PROP biz run by Mr.A from 2017 under compo sch (1%). Biz stopped on 30.04.22. Its balance sheet as on 30.04.22 is capital Rs 20 lakh & Machinery 20 Lakh (WDV). Nothing else. Another Partnership firm is formed parallel on Jan 22 (Partners Mr.A and his 2 Sons). Sales in FIRM started from 01.4.22. Actually FIRM is Continuing running the business of PROP. Can PROP transfer this machinery TO FIRM as a going concern without GST Liability? (While registering the FIRM, selected "Voluntary Basis")
BY: Sivaraman A.R.
Total Answers : 2 | View Answers | Post Answers
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| 42271 |
May, 03
2022
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DIRECT TAXES - ( 082701 )
Form 15H submitted by a Senior Citizen could not be Efiled because of technical issue with Utility. This matter was reported to Efiling webmanager ,who had informed that matter has been escalated but solution was not provided.
Whether it will create problem
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 42272 |
May, 03
2022
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DIRECT TAXES - ( REVISED RETURN )
How can we revised the return filed u/s 148 on IT portal there is no option reflecting today we file return in response to notice u/s 148 but whatsoever reasons the TDS claimed schedule filled as NIl whereas corresponding income is accounted in ITR how can we revise now
BY: SANDEEP KAPOOR
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