Hello Professional Colleagues ! Whether newly introduced section 269 SU (Acceptance of payment through electronic modes) will apply for any receipt from foreign customer in foreign currency? As it may contradict with Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 if authorized dealer is not engaged? Thank You

BY: Manisha

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In case of Joint Development Agreements, post 01.04.2018, section 49(7) defining cost of acquisition of property and section 45(5A) defining sale consideration are similar (assuming no change in stamp value over a period of 2-3 years). This results in the cost of acquisition and sale value being the same and hence no capital gain arises. Is my understanding correct? Can this be considered as an initiative by the Government to senior citizens, who usually want to develop their old/existing houses, without much liquid resources to spare in case of capital gains arising out of completion of building. Please clarify regarding the same. Also, if one of the newly developed flats is sold a year later, what will be the cost of acquisition of the property and when it will be considered long term and short term respectively?

BY: CA. ANURADHA A V

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Client has listed property on AIRBNB and getting a rental income from the same. What is taxability of income and deductible of expenses.

BY: Nitin Porwal

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Dear Sir, Please clarify whether output tax liability under gst can be set off against subsequent input tax credit earned which is also appearing in electronic credit ledger i.e. output tax liability was of march 2018 and input tax credit earned in december 2019 which is appearing in electronic credit ledger? Thanking in anticipation

BY: Abhinav Chaurasia

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The entity has disclosed the gross turnover as well as purchases in profit and loss account including GST. The additional amount payable through cash ledger is also debited to profit and loss account. The GST amount is stated separately but debited to profit and loss account. The GSTR 3B and GSTR 1 are filed correctly disclosing the net turnover and input is correctly claimed. Can the component of GST in the gross turnover can be separated and stated in 5O of GSTR9C as "adjustment of turnover due to reasons not listed above"?

BY: SANTOSH JAGANNATH PAI

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DEAR ALL, FACTS : A PERSON IS CARRYING ON A CENTRE FROM WHERE HE COLLECTED CASH AND PAID TO WBSEDCL FOR PAYMENT OF ELECTRICITY BILLS. IN FY 2017-18 TOTAL DEPOSIT IN BANK WAS AROUND 60 LACS.BUT ENTIRE AMOUNT PAID FOR PAYMENT OF ELECTRICITY BILLS. ITO HAS ADDED ENTIRE AMOUNT U/S 69. QUERY : PLEASE PROVIDE ANY CASE LAW TO GO FOR APPEAL .

BY: SUDIP KUMAR MUKHOPADHYAY

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Details of Query: - ITC ledger as per audited books of account (F.Y. 17-18) Rs. 100 - ITC as per filed 3B for F.Y. 17-18 was Rs. 90 - But actually our eligible ITC was only Rs. 60. Hence we reversed excess claimed ITC of Rs. 30 in 3B returns of next F.Y. 18-19 and also reversed ITC excess ITC of Rs .40 in books of FY 18-19 (since FY 17-18 were audited). What will be treatment in GSTR 9 C Form ??? Is below treatment would be correct one or Other, please suggest ? Point 12 in Pt. II of Form 9C 12.A. - ITC availed as per audited Annual Financial Statement : i.e. 100 12.E. - ITC claimed in Annual Return (GSTR9 – point 7J): i.e. 90 12.F.- Un-reconciled ITC : 10 Then we can mention - Reasons for un-reconciled difference in ITC can be writteen as under: Reason 1 .ITC reversed in 3B of next filed 3B return Rs. 30 Reason 2. ITC Reversed in books of F.Y. 18-19 (but related to Previous year F.Y. 17-18) Rs. 40. Thanks.

BY: RAJENDRA SEWDA

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A person is taking tutions and he has taken GST no for a part time business on which no sale has taken place yet. Whether his tution Incme will also come under GST

BY: Mahesh Kumar

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Assessee construct building on lease land in 2014, after 2014 assessee not claimed Depreciation on it till date, Now he sold the building, Whether he can treat building as Long Term Asset for the purpose of Capital Gain?

BY: Ninad Prataprao Shete

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An assessee pays around 10 lakhs Under legacy dispute resolution scheme. Is he entitled to claim this amount as business expense ?

BY: nagappan.sm

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Persons turnover (from services) crossed 20L. Into supply of services. Complete turnover comes from single transaction. He also get rental from commercial building of Rs 10000 per month. Getting registered now. How to pay tax for the period in which he is not registered and should have been registered? What pe

BY: Sai Ram

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RCM Liability on inward supplies related to F.Y.2018-19 found on review of GSTR2A but paid in next financial year i.e.2019-20 (July,2019) & also ITC taken in GSTR3B in the same month.Now quary relates to GSTR9 i.e. Annual Return whether to shown or not in yes then in part or column.

BY: SANJAY BAHETI

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my query related to disclosure in Annual return GSTR9 & Certificate in GSTR9C pertaining to F.Y.2018-19. Detailed as under How & where to shown the difference in ITC between GSTR 3B and GSTR2A due to inward supplies actually received in next F.Y. i.e. 2019-20 on receipt basis while supplier has shown the same in March,2019 through GSTR1(i.e.in our case GSTR2A) pertaining F.Y.2018-19 (A purchase bill of 31/03/2019 has accounted for in books in April,2019 and also considered ITC in April,2019 when goods received actually.

BY: SANJAY BAHETI

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Society is under redevelopment in which assessee is a flat owner . Assessee is to receive larger flat (with additional area of say 500 sq feets) against old flat, out of 500 sq feets assessee is relinquishing rights on 200 Sq Feets to developer against a consideration. Taxability of such consideration ??

BY: shraddha

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I have filed a few GST returns of a client in another state i.e West Bengal. I have recd Email from some State govt department there to enrol my self there . Whether It is required?

BY: Mahesh Kumar

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Dear sir, We have sold first floor of our shop. for Rs 17 Lcas. The WDV of the shop in our books is Rs 3.97 Lcas . We have deducted Rs 17 lacs from WDV. The result Profit on it. Can we claim Remuneration out of it or not.

BY: VIPIN GUPTA

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Sir One of the partner of a firm expired without any will or other document for succession At present there is no partnership deed.,The unit has been acquired and the Partnership Deed is not there for claiming the amount. We want to give to wife of the said Partners because the children are not coming to settle.Please advise what precaution to be taken CHARAN DASS SHARMA

BY: Charan Dass Sharma

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Whether tax paid under Legacy Dispute Resolution scheme can be claimed as business expenses under the income tax Act

BY: nagappan.sm

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An assessee has purchased a house property for 3 crores out of sale proceed of a vaccant site of Rs. 6.25 crores. After purchase of the new house property he has spent around Rs60 lakhs for installing Air Conditioners. solar Energy system, Moduler Kichen, LED Televisions, screens and blinds for windows,, etc and made cub boards , spent labour on them, to make the house to suit his needs and habitable for his style of living. The assessing officer disallow all the above allowing only 10 % of them saying that the builder himself has provided main fiacilities. whether his disallowance is correct?

BY: nagappan.sm

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If COP is taken in November 2018 what is the requirement of structured hours for the year 2018 and block 2017 to 2019 ?

BY: SV

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An Intermediary service provider need to pay GST on services exported by him to foreign entity? If yes whether he needs to charge CGST & SGST or IGST? as services being provided to foreign company. also foreign amount is received in forein currency.

BY: sujaya

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WHEN THE ASSESSEE HAD MADE ROUTINE REPAIRS AND MAINTENANCE WORK (CONSTRUCTION) ON EXISTING IMMOVABLE PROPERTY. AND THE WHOLE EXPENSE IS DEBITED IN PROFIT AND LOSS ACCOUNT. MEANS NOT CAPITALISED ANY AMOUNT. CAN THE ASSESSEE TAKE ITC FOR GST PAID ON SUCH EXPENSES. THANK YOU.

BY: AJITKUMAR L PATEL

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A pharmacy dealing in medicines had returned some expired goods to the supplier. The supplier has replaced the goods with fresh stock and issued a credit note towards the goods supplied. The supplier reduced the amount of the credit note from fresh bill. The pharmacy has reduced the purchases to the extent of the credit note.No GST has been charged on the credit note. Whether the pharmacy/medical store is required to pay GST on the credit notes received? If not the reason for the same.

BY: SANTOSH JAGANNATH PAI

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We Are Certifying The P & L & B/S Of Client, To Whom Section 44AD Is Applicable By Making The Note As Unaudited Financial Statements On The Basis Of Which IT Return Is Filled. Is It Mandatory To Generate The UDIN For The Same. if UDIN is to generated then under which head is to be generated whether it is to be generated under certificate(others) or under audit & assurance.

BY: NADIR D SHAIKH

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IGST service invoice mistakenly prepared as intrastate and filed 3B and paid CGSTand SGST in cash as there was no ITC.mistake found before filing quarterly gstr1..whats the remedy...? To correct the invoice as interstate. Will raising a credit note and issuing a correct invoice on the same date is ok..? Any chances of interest or penalty?

BY: AJESH V JOHN

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1. WORK CONTRACT FROM GOVERNMENT CONTRACTOR T TO SHOW IN B 2 B OR B TO C? 2. GST TDS DEDUCTED RS. 10,000.00 AND RECEIVED 4,90,000.00 (ONLINE TDS SHOWING THIS AMONT). ON WHAT AMOUNT 10% IS TO BE CHARGED THAT IS TO BE PAID IN GSTR 3B?

BY: aditya banka

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A seller making sales through ecommerce operator-swiggy , in which gst is charged on value after discount but not on the pakaging charges . in this case what will be our taxable value while filing gst returns Also please help me where these ecommerce transactions to be shown in gstr-1

BY: MOHAMMED MASEEH UR REHMAN

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Dear Colleagues, We are a two member Partnership Firm and one of the partner is leaving. What is the way to convert the Firm into Proprietorship so that the name can be retained. How can this be done on the Self-Service Portal. Thank you.

BY: Subramanya K Bhat

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Sir, one of our client has entered into manufacturing activities in that he will be using raw material in kg some in Meters and some in liters to bring the final product. We are facing a problem how to value the closing stock. kindly guide

BY: VIPIN GUPTA

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We have showed excess sales in GSTR 3B and paid tax on it, sales as books is less we have put sales as per books figure in GSTR 9. Can you guide how can we claim the refund of excess tax paid in GSTR 3B. Which form to use

BY: VIPIN GUPTA

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The assessee was issued show-cause notice under section 143 (2) for scrutiny, followed by notice u/s. 142(1) r.w.s. 129 of the Act along with a detailed questionnaire enclosed requesting the assessee to submit the details which were timely submitted by the assessee. After reply from the assessee, Further Notices u/s. 142(1) were issued for the cash sales made to the certain customer and the assessee replied to it. In further 142(1) notices, there was nothing mentioned related to decline in the N.P. Ratio and disallowance of administrative expenses. But in the order u/s. 143(3), disallowance of expenses was made without mentioning this issue in any of the show cause notice issued earlier.

BY: Hunny Badlani

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The assesee has late depsoited ESI /PF which was reported in Form 3CD but employess contribution has not disallowed in ITR now CPC has added the same in ITR on the basis of Form 3CD whether any relief can be claimed ?

BY: SANDEEP KAPOOR

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Dear members Please enlighten on the following: 1. One of the proposed director is a foreign national holding OCI of India. An Address proof as stated in bank statement could only be notarised as it is not possible to get the address proof apostilled in Belgium( as per the law in Belgium). 2.Further the director also holds Indian PAN card and OCI. Is the same needs to be notarised and apostilled. This being a Indian document The solution to the query raised will be highly appreciated. Practice with ROCs in different state differs too and this is wrt. Pune ROC wrt his objection in rejection.

BY: vijay kumar kalia

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IN REDEVELOPMENT SCHEME EXISTING MEMBER ARE GETTING FLATS WITH EXTRA AREA WITHOUT ANY CHARGE. THERE IS INCREASES FROM 65 SQ MTR TO 85 SQ MTR . WHETHER DEVELOPER HAS TO PAY GST ON ENTIRE MARKET PRICE OR ON ONLY ON EXTRA AREA GETTING BY EXISTING OWNERS OR SIMPLY NOT TO PAY ????? NEW FLATS ON NEW FLOOR SALE PRICE BELOW 45 LAKHS . WHAT ARE RATE OF GST WITH INPUT CREDIT & WITHOUT INPUT CREDIT ??? IF SALE PRICE ABOVE 45 LAKS WHAT WILL BE THE RATE OF GST?? CA DIMPLE SHAH

BY: CA DIMPLEKUMAR V. SHAH

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Dear all, My query is as follows: CA is out of India for almost 1.5 years.His practice is in India. Can he conduct GST Audit of Indian Companies? Data can be mailed to him. GST is all online. Is it Possible or out of law? Warm Regards.

BY: Kamlesh Mehra

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My client MrP has recd.intimation under sec 143 (1)of the it act 1961. and there is a demand due to error in tan no. stated in tds schedules mismatch in tds schedule. the query is that in the ITR filing type is not in the general details page of the itr how do i state that the filing type is rectification under sec 154?

BY: KUSHAL HEGDE

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A return was filed without E Verification and ITR V was not sent to CPC banglore but return was revised thereafter and ITR V of Revised return was sent to CPC and refund was also issued on the basis of revised return. Whether it is necessary to send ITR V of origional return also as Department is sending Messages for that.

BY: Mahesh Kumar

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Can we get refund of stamp duty paid for Company incorporation in Spice form?. Already paid stamp duty but the name was rejected by MCA and i had to file fresh form with new SRN & new company is incorporated, but the stamp duty i paid for the SRN is pending for re submission. Can a different person use my SRN for new company incorporation and i collect stamp duty amount from him?

BY: CA Shrawan Suthar

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Can a Practicing CA sign a provisional balance sheet. ( Balance sheet for Nov 30, 2019 to be signed in Dec 2019). If yes, what is the scope of responsibility of a CA. weather UDIN is mandatory.

BY: chetan jadhav

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There are no of small client (business as well as salaried class assessee) who need attested computation of income and balance sheet for bank loan purposes. Business class person do not maintained any records and mostly returns are filed under section 44AD/44ADA Can we a practicing CA, Sign the said computation and financial as "Certified True Copy of Original" and weather UDIN is necessary. If yes, what is the scope of our responsibility. (kindly advise in light of recent guidelines issued by ICAI with respect to UDIN for certified true copy)

BY: chetan jadhav

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Father and son wish to buy residential property jointly. Father shall be claiming exemption u/s 54 ( he shall sell his owned residential property and invest in new one jointly with son). lets see by example: New property purchased on 25/12/2019 for 1.5 crs Fathers' estimated capital gain from sale of his old property 40lakhs. Father's residential property has to be sold within one year of the purchase of new property to claim under 54. If he is unable to sell the old property before 25/12/2020, what shall happen? Can he invest in the new property ( for claiming u/s 54 ) by buying 1/3rd share of the new property from his son? What shall be the stamp duty on the same?

BY: Pradnya M Oak

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DURING THE COURSE OF SEARCH OF A PERSON ' X ' IT WAS FOUND THAT ASSESSEE HAD RECEIVED BACK THE SUMS GIVEN AS LOAN TO THAT PERSON (IN WHOSE PREMISES THE SEARCH WAS CONDUCTED) IN CASH . ASSESSEE HAD ALREADY OFFERED THE SAID AMOUNT AS UNEXPLAINED CASH CREDIT UNDER SECTION 69 AND PAID THE TAX THEREON @ 60% UNDER SECTION 115BBE ALONG WITH PENALTY LEVIED UNDER SECTION 271AAC . HOWEVER THE PENALTY UNDER SECTION 271DA IS ALSO LEVIED SIMULTANEOUSLY ON ACCEPTANCE OF SUMS IN CASH . CAN PENALTY UNDER SECTION 271DA BE ALSO LEVIED IN CASE THE SUMS HAD BEEN DECLARED AS INCOME UNDER SECTION 69. SECTION 271AAC HAD STARTED WITH THE WORDINGS " NOTWITHSTANDING ANYTHING CONTAINED IN THE ACT , STILL THE PENALTY UNDER SECTION 271AAC AND PENALTY UNDER SECTIN 271 DA OF THE ICNOEM TAX ACT 1961 BE LEVIED SIMULTANEOUSLY ON THE SAME AMOUNT . PLEASE CLARIFY

BY: DEEPTI DHAKAD

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Taxable Value reported in GSTR-3B is more than the Taxable value filed in GSTR-1 (Difference in Lacs). There is nominal difference in Turnover as per GSTR-1 and Books of accounts (Difference in Hundreds). Is it possible to mention turnover as per books of accounts in GSTR-9, so that there is no variance in GSTR-9C or it is mandatory to mention taxable value as per GSTR-1 in GSTR-9 and explain the difference in GSTR-9C accordingly?

BY: Shyamal Jariwala

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"A" entered into an agreement to purchase a land for Rs. 14 Cr. and paid an advance of R. 8Cr. on 12-03-2012. No deduction was made u/s 194IA as the section came into existence only on 1-06-2013. Subsequently Rs. 6 Cr. were paid on 16-12-2019 and TDS was deducted on the amount of R. 6Cr. Now the sale deed is being executed. Whether TDS is required to be deducted on R. 8Cr. paid earlier at the time of execution of the sale deed?

BY: SANTOSH JAGANNATH PAI

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rental payments aggregating to over Rs.5 lakhs in a year are being made to a non resident by transferring funds to his NRO account . TDS is deducted at 31.2%. is there a requirement to upload form 15CB and and 15CA while transferring monthly rent?

BY: suman goyal

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If we charge fee to consultant for professional work of his client Is this situation covered under misconduct of professional ethics?.

BY: CHANTI

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Whether tax audit is applicable for resident welfare association registered under society registration act. The income is exempt under mutuality. However the collection from members exceeds Rs 1 crore

BY: rangarajan r

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Whether Unaudited Balance Sheet which has been compiled by CA requires UDIN . Banks are insisting for that

BY: Mahesh Kumar

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How one can raise the bill in the name of fourth person in GST. If A is the supplier, who sells to B but shipping is made to D (ultimate purchaser), whereas C also exist in between B and D - How one can raise the bill in given circumstance? please advise

BY: SURAJ KUMAR CHOUDHURY

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I am Doing My Practise as Proprietor and I am Also Partner in Another Firm. Now I want to Merge my Proprietary with the Partnership Firm in which I am Already a Partner. My Question is Can I Merge My Proprietary with the Partnership Firm in the above case.

BY: Siva Ette

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