While providing loan facility and creating charge on asset of the Company, bank / financial institution is asking for a certificate in relation to Section 281 of Income tax Act. Can Chartered Accountants issue such certificate or it shall be given by the Assessing Officer only?

BY: NISHIL KHANDHAR

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A person is selling his goods at Amajon,Flipcart etc .He is Preparing sales from monthly statements submitted by E Commerce cos . These cos have started deducting TDS now and their figs in 26AS are Amount credited and TDS deducted @.75% Amount credited figs are not matching with our sales Can we amed figs of 2020-21 in GSTR1 for JUne 21

BY: Mahesh Kumar

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A person was appointed as MD under companies act 1956 for life. Under section 196 of 2013 Act MD can be appointed only for 5 years. Will he continue to be MD or should he be again re-appointed for 5 years only

BY: t sankar

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what is the consequence on buyer for non deduction of tds u/s 195 for 1cr? seller being a nri has sold a property of rs 5 cr on a agreement to sell dated 26.04.21 and taken adv of rs 1 cr dated 26 april 21 and applied for lower deduction of tds in form 13 on 30 april 21. now lower ded cert comes of amt 4 cr only instead of 5 cr. now buyer has ded tds on whole 5 cr amt at a lower ded as mentioned in lower ded cert. will buyer be liable to deduct tds at normal rate as per sec 195 on 1 cr or at lower rate itself. if on 1 cr tds at lower rate ded instead of whole rate as mentioned in 195 then what consequences buyer wl bear?

BY: jyotika

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Dear Sir, I want to clarify, that provisional norms or producence norm of any advance/loan is applicable to small NBFC which is non systemically not important NBFC. which is not accepting deposit having assets size 2-3 cr only.

BY: ashish agarwal

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Whats the remedy against 197 lower ded certificate issued u/s 197 in case of nri

BY: jyotika

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If total amt of sale consideration is 50 lacs and advance already paid before applying lower deduction certificate is 10 lacs and now lower deduction certificate is applied on whole amount of sale consideration i.e. 50 lacs but dept has issued lower ded cert on amount of rs. 40 lac only and buyer is saying he will ded tds on 40lac at rate specified in lower ded cert and on 10 lac (which was given as adv on which earlier no tds was ded), normal rate as mentioned in 195 will be deducted. Is it right from angle of buyer? if yes then whats the remedy with us shall we approach to department and how? bcz everything is online no manual response from dept we got as of now?

BY: jyotika

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A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is 1) Whether any registration by paying stamp duty is required 2) a factory is proposed to be constructed on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.

BY: T.R.S. PATHY SENTHIL

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A fundraising was started for medical treatment of Mr.X, on a platform named Milaap (www.milaap.org). Milap Social Ventures India Pvt. Ltd. is registered as a private limited company to help raise crowdfunding for emergencies and social cause. He was advised lung transplant, due to post COVID complications. Unfortunately, he passed away during the fundraising process. As he is survived by his wife, and a 2-year old son, we're keen on giving out the money to the family (to be used for his son's education). We seek your guidance on following questions: 1. What is the legal approach to transfer this money to his family, as the initial cause of fundraiser was medical treatment? (Milaap allows for the cause to be changed to a memorial fund, informing all donors of the present situation. But will anything additional need to be done at our end?) 2. How do we minimize the tax deductions applicable in this case? What will be the minimum tax deduction, given that we're able to materialize the best possible option? 3. Should this be transferred in the name of his 2-year old son or his working wife (30% income tax slab)? 4. What will the process look like, and what will be the documentation support required ?

BY: ASHOK DIXITHA JAIN

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Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc) Can we Challange the validity period of Show cause notice issue after period of 30 months

BY: SANDEEP KAPOOR

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My MRN is 421961, UCN is 1004308, FRN is 020714C. Please help me in knowing my date of registration with RBI as it is being asked while empanelling with Nationalized Banks.

BY: Gaurav Khanna

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The company is providing export of software to USA. The company has exported services without payment of GST. 1. is the company need to pay IGST if it writes off the export of service invoice by way of credit note within 9 months?

BY: SK

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We are PRACTING FIRM AT BENGALURU HAVING UCN NO 1016101AND REGISTRATION NO 018403S. The Date Of Registration With RBI Which Is A Mandatory Field In The Application For Empanelment For Concurrent Audit Of Bank. Kindly provide the same.

BY: Ankita Jain

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Our firm Nagachandra and Associates with UCN 161376 having ICAI registration 002258S, require the date of registration with RBI which is a mandatory field in the application for empanelment for concurrent audit of bank. Kindly give this information immediately.

BY: CA. SRINATH S

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I WANT TO REGISTER FOR CO-OPERATIVE AUDIT. PLEASE LET ME KNOW THE PROCESS TO REGISTER

BY: SHIVAM SHRIKANT SANCHETI

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Hi All, What is the objective of FTWZ operations? If foreign entity register with FTWZ in India to do business will it create Permenant Estabilishment in India?

BY: CA. BALASUBRAMANIAM P

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GSTR1 for JUly 2017 could not filed ( subsequent all GSTR1 ) filed. Due to this ( non filing of GSTR1), GSTR9 for 2017-18 and subsequent years could not filed. GST system is showing error''GSTR1 for July 2017 not filed ''. Kindly suggest what is the remedy available ?

BY: samirkumar gokulbhai kasvala

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There are 2 NRI's holding a piece of land and are willing to construct a residential/commercial complex with an intention to earn rental income. Construction is carried out partially with own funds and partially using a bank loan. As per RBI Master Direction on FDI... this activity is permitted as it is specifically excluded from definition of real estate. IS this interpretation correct ? Now they want to have a partnership firm wherein there will be 3 partners out of which 2 of them will be the NRI and 1 Person will be a Resident. The objective of the partnership firm shall be to receive the rental income on such constructed complex. The objective of firm shall be leasing of property. Questions : Can partnership firm receive rental income from the property owned by its partners? what are the other / better ways to execute this ? Citation of any section/circular/case law will be very much useful. Thanks a lot

BY: SRIMANTH KULKARNI

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A person X purchased a plot of land admeasuring 400 Sq yds on the following dates and registered rates: Plot no Date of purchase Size of the plot Consideration in sale deed (Rs.) Market value in sale deed (Rs.) 23/P 31.8.1988 200 sq. yards 15,000 25,000 24/P 29.9.1992 200 sq. yards 30,000 40,000 On 1 June 2019, X gifted this land to Wife (Y), Son (A) and Daughter (B) All of them joined together to develop this plot and build apartments through a developer. In return, the developer gave each of them a certain number of apartments as compensation for the plot of land. Apartments were given as per following 1. Y – 2 apartments 2. A – 2 apartments 3. B – 2 apartments All the flats received above are being sold in this year 2021-22 however they have not yet received the completion certificate. This also means that the assesees are not eligible for 45(5A) benefit. Can any expert answer the following issues ? Issues to be answered: Taxation in case of transfer of development rights wherein we need to answer the following: • Sale consideration of the Rights • Date of Transfer • Cost of Acquisition of the Rights • Indexation • Long term or short Term Taxation in case of transfer of developed flats wherein we need to answer the following: • Sale consideration of the Flats • Date of Transfer • Cost of Acquisition of the Flats • Indexation • Long term or short Term Avenues to save the capital gains: • Benefit under section 54 • Benefit under section 54F

BY: SRIMANTH KULKARNI

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Hi All, My friend is A Chartered Accountant in practice as a Proprietor since last 3 years and he is having a trade name registered with ICAI. Recently I had joined him as a partner without changing the trade name registered with ICAI. My question is if we want to change the trade name now then whether our existing firm with old FRN will get continued or we will get new firm name with new FRN?? Whether my partners proprietorship experience of 3 years will get continued in new firm?? Whether the Experience will count for bank audit empanelment under Partnership Firm?? Kindly suggest me whether I should change my firm name or not?

BY: HARESH CHANDRAKANT HARDIKAR

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CFSS FORM Was introduced to file declaration w.r.t. delay in filing of various forms. During last year, there is extension of various due dates also for filing of annual compliances etc. Whether the form is to be filed for these also or only delayed filing of previous forms is only to be filed.

BY: SURAJ KUMAR CHOUDHARY

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A private limited company is engaged in the software of export of services. Invoices are being raised in Foreign currencies and remittance is reflected in bank statement from outside. At present, company has neither registered in customs department (IEC Code) nor in Software Technology Parks in India (STPI). Whether company is required to take either of the registration or in STPI. Please guide.

BY: SAURABH GARG

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A Pvt. Ltd. Co. is creating websites and accounting systems for clients based in USA & Europe. These are treated as export of service. Company raised invoice on say 01-April-2020. Now the question is : (1) What is the maximum time limit to receive the sales proceeds in convertible foreign exchange?" so that the above Invoice can continue to be treated as export of service. (2) Is there any change in the time limit for receiving convertible foreign exchange? Thanks

BY: SK

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I have filed Form 10A for my clients having existing registration u/s 12A and 80G in the month of December 2020 and also mentioned the details in the respective ITR 7 for the AY 2020-21. But no communication received from the department till date. Shall I have to again file Form 10A after the amendment made in recent date?

BY: CA. GHOSH SAMRAT

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While Calculating GST Refund GST people are putting Adjusted sales value (Actual Sales-Sales of trading goods) Whether this is correct . In my opinion when goods traded are of same GST rate like Cloth/Shawl etc and Input is claimed at 5% and on Sales 5% GST is paid then why this adjustment is required as it reduces Refund value too much

BY: Mahesh Kumar

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Dear Professional Colleagues, What is the 4/6/8 digit code for footwear having MRP less than 500...2 digit code is 64 but digit code is not available. From April, 2021 onwards it is mandatory to quote at least 4 digit HSN code...what to do in this scenario??

BY: CA ROHIT GARG

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Hi All, I Am A Chartered Accountant who Started Practice In 2016 In Proprietorship Concern And Having Trade Name Registered Under ICAI. My Spouse Recently Qualified As CA In Nov 2020 Exams And We Want To Convert My Proprietorship Firm Into LLP With Changing The Trade Name As Registered In ICAI. My Question Is Whether Proprietorship Experience (5 Years) Is Continued In LLP ..?? Whether The Experience Will Count For Bank Audit Empanelment Under LLP..?? Whether Can I Proceed With This Conversion, Kindly Suggest Me. Thank You

BY: Dinesh chandra ranka

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Company X a foreign company from USA ordered materials from Company P in India and Company X asking to bill materials in US Dollars on X with US address and ship the materials to Company Y in India. Is the above transaction is allowed under GST? if GST rate? Whether Company P can receive money from Company X in USD for the above mentioned transaction?

BY: CA. BALASUBRAMANIAM P

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THE KING SOLOMON POST OM SHANTI OM (LET THERE BE PEACE IN THIS WORLD) THIS IS SWISS/FRENCH/DUTCH/INDIAN/UNITED NATIONS/BRITISH INTERNATIONAL DISPATCH ISSUED FROM THE WORLD SECRETAROAAT/DESK OF LORD RAVINDER(RABBINDER) KUMAR SHARMA(THE ROYAL CROWN/RA-UNCODE(THE SUN GODD-THE SUPREME POWER-THE HEAD OF STATES-THE ALIEN KING from outer space)/REXMUNDI/:THE MASTER MASON CODE IS LAUSDEO THE HEAD SUPREME COUNCIL OF EU@UN(uk(/I.E F-IN/THE CHAIRMAN-UNESCO & WORLD BANK (IMF) FOR THE IMMEDIATE RELEASE OF FUNDS ILLEGALLY WITHHELD AND FROZEN FROM THE YEAR 2006 TO 2019-20 BY GOVT OF INDIA RESERVE BANK OF INDIA AND INDIAN BANKS NAMELY STATE BANK OF INDIA AC NO 20361132765 CENTRAL BANK OF INDIA AC NO 3235787384 NOW FROZEN PUNJAB NATIONAL BANK ACCOUNT NO 3383000500130237 AND 3383000100145213 AND OTHER INDIAN BANKS IN GROSS VOILATION OF FOREIGN EXCHANAGENE MANAGEMENT ACT 1999 AND ARTICLE 5 OF UNITED NATIONS UNIVERSAL DECELARATION OF HUMAN RIGHTS WHICH STATE THAT NO ONE SHALL BE SUBJECTED TO TORTURE WHETHER PHYSICALLY AND OR FINANICIALLY AND OR BOTH AND OR DEGRADED INHUMAN AND CRUEL TREATMENT TO WHICH I HAVE BEEN SUBJECTED TO FROM 2006 to 2019-20 BY GOVT OF INDIA RESERVE BANK OF INDIA AND INDIAN BANKS RESULTING IN MY ACCIDENT ON 14/10/2019 IN SHIMLA HP INDIA AS A SUV OVERRAN ME CRUSHING ME ALMOST TO DEATH BREAKING THE BONE OF MY LEG AND I BED RIDDEN AS A STEEL PLATE HAS BEEN PUT IN THE BROKEN BONE OF MY LEG ALL MY PAYMENTS FROM THE YEAR 2006 TO 2019-20 BE IMMEDIATELY RELEASED UNDER AN URGENT INTERNATIONAL PRIORITY A CODE ONE AND PAYMENT CODE 2AA OF UN PROTOCOL AND UNITED NATIONS (PRIVILEDGES AND IMMUNITIES) ACT 1947 WHICH IS APPLICABLE TO THE STAYE OF HIMACHAL IN THE UNION TERRIPTRY OF INDIA HOSANNAH FILIO DAVID HOSANNAH TO THE SON OF DAVID FRENCH(ARCADIAN)ROYAL LINE MESSAGE STARTS:- I AM THE FIRST BREEZE BLOWING IN THE DARK OCEAN OF ETERNITY. I AM THE FIRST SUNRISE. I AM THE FIRST GLIMMER OF LI

BY: LORD RAVINDER KUMAR SHARMA THE

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Under what circumstances GST Refund is not available on trading of textiles (Asessee is manufacturing as well as trading and is claiming refund under Inverted tax structure) Raw material is yarn attracting higher gst in comparison to output (Textiles)

BY: Mahesh Kumar

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what are the complianceS for FY 2020-2021 FOR PRIVATE COMPANY TURNOVER MORE THAN 50 CR TRADING ACTIVITY

BY: Dinesh chandra ranka

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I WANT TO CONVERT MY PROPRIETORSHIP FIRM TO LLP WITH A NAME CHANGE. MY QUESTIONS ARE 1. APPLY FOR NAME APPROVAL TO MCA FIRST OR ICAI 2. FULL PROCESS FOR IT

BY: Dinesh chandra ranka

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Dear Sir, A Pvt. Ltd. Co. is creating websites and accounting systems for clients based in USA & Europe. These are treated as export of service. Company raised invoice on say 01-April-2020. Now the question is : (1) What is the maximum time limit to receive the sales proceeds in convertible foreign exchange?" so that the above Invoice can continue to be treated as export of service. (2) Is there any change in the time limit for receiving convertible foreign exchange? Thanks & regards

BY: SK

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AT WHAT RATE EXCISE DUTY IS PAYABLE ON BIRI (BIDI)?

BY: CA. SHAH DIWAKAR

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Dear All, Company A (Private Limited co) has register office (ROC) in Gujrat when it was formed in (2016) with one of the director and shareholder in Gujrat. The main business of company is to undertake works contract/service activity. In 2018 director/shareholder from Gujrat resigned and person in Maharashtra took the share and became director. Turnover for first 2 years was only ? 2 lacs. Thereafter company obtain GST registration in Maharashtra in 2018 and actual activity commenced. Company is regular in filling its GST return in Maharashtra. In Jan 2020 company applied to ROC to shifts its register office from Gujrat to Maharashtra. This application is still under process. Point to be noted is - 1. No employee is employed at Gujrat register office. 2. Both the directors/shareholders resides in Maharashtra where GST regn is obtained. 3. All work orders received from customers are in name of Maharashtra office. All the invoices raised by suppliers are on Maharashtra office address. in 2 years, olny one project executed in Gujrat. Other projects ere executed in Maharashtra 4. One can say that, register office is only for name sake and it was register in gujrat for convenience. (coz earlier one of the director was from Gujrat) My question - is it necessary for company to get itself register in Gujrat ?? According to me, it need not register in Gujrat as sales of services are rendered from Maharashtra and Gujrat is only register office (we can not even call it as fixed establishment) Thank you.

BY: chetan jadhav

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Dear Members, I have a query regarding Trading of Future & Options in Cryptocurrency. As of now, no law or directions/ Circulars/ Notifications are issued by CBDT so in this case how we can treat the trading of F&O for taxation purpose and how we can determine the turnover for tax audit. Whether the same method of share F&O (derivatives) has been used for calculation of tax or some different method? Request you to all, please share your valuable knowledge in this regard. Regards CA Neha Gupta

BY: CA Neha Gupta

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Dear Members, I have a query, whether Interstitial lung disease (ILD) are eligible for deduction under Sec-80DDB or not. I am trying to find out this disease in Rule-11DD but I am unable to find the exact name of disease. If anyone know about this, please comment.

BY: CA Neha Gupta

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Dear Professionals, One of my friend's filed ITR for one of his clients, subsequently he got notice of defective return due to non-maintenance of books of accounts. In that return, Capital Gain income was wrongly calculated and interest income was also not disclosed. Now, in response to 139(9) notice, can we only fill full financials as the defect was due to this reason only OR we can also disclose interest income and correct capital gain income in response to said notice. If we change income, can ITR be again treated as invalid??

BY: CA ROHIT GARG

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One Offline Utility has been released for financial year 2020-21 but it asks for importing Prefilled XML .When We go to import from Incometax site Asessment Year 2021-22 is not in the options list. Can we not file IT returns as now for Fin Year 2020-21

BY: Mahesh Kumar

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In case an assessee files a revise return then due date for issuance of notice u/s 143(2) will be from date of original return or date of revised return. Do remember that earlier revised return could be filed till 1 year from end of year in which original filed and Dhampur sugar mills case of Allahbad high court says revised return will substitute original return. Thank you in advance.

BY: NAMAN MALOO

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Whether Travelling expenses reimbursable by bank should include GST alsp

BY: Mahesh Kumar

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While applying for new GST Registration for Private limited Company, 1 director is Indian and 2 directors are foreigner. The foreign directors does NOT have PAN and Aadhar in india. So how to fill details about foreign directors. Also our query is that whether we it is mandatory to fill details of foreign directors or we need to fill details of Indian director only ? Query about Authorised person . The company is registered in uttarpresh and Indian director is of uttar Pradesh . Now company wants to obtain new GSTIN in the state of Maharashtra also . Our query is that is there any requirements of any representative / authorized person in the state of Maharashtra ? Can the authorized person be from uttarpradesh for filing GST application ?

BY: samirkumar gokulbhai kasvala

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While applying for new GST Registration for Private limited Company, 1 director is Indian and 2 directors are foreigner. The foreign directors does NOT have PAN and Aadhar in india. So how to fill details about foreign directors. Also our query is that whether we it is mandatory to fill details of foreign directors or we need to fill details of Indian director only ? Query about Authorised person The company is registered in uttarpradesh and Indian director is of uttarpradesh. Now company wants to obtain new GSTIN in the state of Maharashtra also . (a) Our query is that is there any mandatory requirements of any representative / authorized person in the state of Maharashtra ? or Can the authorized person be from uttarpradesh also for filing GST application ? (b)What is difference between Authorised signatory and authorized representative.

BY: samirkumar gokulbhai kasvala

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What is the procedure for getting UCN No from RBI

BY: VISHAL GARG

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It has been made compulsory to mention HSN Code wef April/May 2021. Whether it is necessary to maintain stock records also as it is asking for Quantity also

BY: Mahesh Kumar

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A Nidhi company has been incorporated in March 2021, whether NDH-3 is required to be filed by 30th April 2021.

BY: Shobhit Bansal

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Dear All, Should we include value of unbilled revenue for calculating threshold limit of 5 crore (turnover) for GST audit.

BY: chetan jadhav

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ON 27-04-2021 RECENTLY RBI ISSUED GUIDELINES FOR APPOINTMENT OF STATUTORY AUDITORS FOR BANKS. 01. ACCORDING TO THIS WHETHER INDIVIDUAL SOLE PROPRIETOR PRACTICING FIRMS WILL NOT BE ENTITLED FOR BANK AUDITS? 02. PLEASE LET ME KNOW HOW MANY YEARS OF EXPERIENCE OF INDIVIDUAL AUDIT FIRM IS REQUIRED TO GET STATUTORY BANK AUDIT?

BY: Sachin

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Dear Friends, For Fin. Yr.2021-2022 the estimated Total Income of a resident individual is Rs.4,80,000/= which includes Interest Income of Rs.2,30,000/= Further, he is also entitled to claim Tax Rebate u.s.87A and so his final Tax Liability for the year will be NIL. Pleasde advice me whether such an individual can file a valid Form 15G for non-deduction of tax at source from his Interest Income by mentioning Rs.4,80,000/= in the Estimated Total Income column of Form 15G as his Interest Income is below Rs.2,50,000/=

BY: Sudeep B. Sarwate

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The registered taxpayer has 2 place of business . i.e. one principal place of business ( office) and other additional place of business ( warehouse ). The seller wants to show additional place of business in sales invoices ( instead of place of principal place of business.) Query is whether is this permissible ?

BY: samirkumar gokulbhai kasvala

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