|
|
| 44557 |
Oct, 01
2023
|
AUDIT - ( TAX AUDIT CEILING LIMIT CLARIFICATION )
"The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the "specified number of tax audit assignments".
FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD upto 2 CRORE OR 1 CRORE ?
For example
Last yr turnover 80lac opt for 44AD but current year turnover 1.6cr opt out 44AD and net income exceed minimum amount chargeble to tax.
Please clarify that under which section audit will be done 44AB(a) or (e) for current year and it will counted under our Audit limit of 60?
BY: MD AZHAR
Total Answers : 0 | View Answers | Post Answers
|
|
|
|
|
|
| 44554 |
Sep, 24
2023
|
DIRECT TAXES - ( INTER BRANCH SALES - GST, AUDIT, ITR )
Hi,
I have one client....it has 2 branches one in Delhi and one in Haryana.
Delhi Branch Sale - 2.5 Cr.
Haryana Branch Sale - 1 Cr.
Total Sale as per GST - 3.5 Cr.
But Haryana branch only transfers stock to Delhi branch and no outside sale.
Now, as per Income Tax audit will be done on 2.5 cr.
Can we show Rs. 3.5 cr. sale in ITR, as sale and purchase of 1 cr. will be set off against each other and no impact on GP/NP.
Because if we state 2.5 cr. sale in ITR, then we can get notice from Income Tax department and it can lead to unnecessary litigation.
If anyone of you have any such client, please respond how are dealing with the same in audit and ITR?
BY: CA ROHIT GARG
Total Answers : 0 | View Answers | Post Answers
|
|
|
|
| 44553 |
Sep, 22
2023
|
MISC. - ( FIRM APPROVAL FOR NEWLY QUALIFIED CA )
I HAVE APPLIED FOR COP. I WANT TO PRACTICE AS A PROPRIETOR, IS IT NECESSARY TO TAKE FIRM NAME APPROVAL AS I WANT TO PRACTICE AS "MANISHA & ASSOCIATED".
AS PER REGULATION 190 , IF CA WANTS TO PRACTICE IN HER OWN NAME, NEED NOT APPLY FOR APPROVAL. KINDLY RESOLVE MY QUERY.
BY: MANISHA RAJBHAR
Total Answers : 1 | View Answers | Post Answers
|
|
| 44548 |
Sep, 21
2023
|
AUDIT - ( APPLICABILITY OF CARO 2020 )
Regarding Private Limitred, have one Confusion . In the Order it is mentioned that
not being a subsidiary or holding company of a public company
Here My Query is Whether if Private Limited Company is a Subsidiary of one foreign Company. Then CARO is applicable to this or nor?
Because of the Professionals are telling that CARO is applicable to Any Subsidiary Company.
BY: LAKSHMI NARAYANA PANTHANGI
Total Answers : 0 | View Answers | Post Answers
|
|
| 44549 |
Sep, 21
2023
|
AUDIT - ( 168743 )
1. Can a CA do Audit of the Firm in which his Uncle's son is a partner holding 75% share?
2. Can a CA do the Audit of the proprietorship firm of Father-in-Law?
BY: DHANESH GALA
Total Answers : 1 | View Answers | Post Answers
|
|
|
|
|
|
|
|
| 44546 |
Sep, 03
2023
|
TDS/TCS - ( SUBMISSION OF 26Q FOR Q 1 OF FY 2324 )
Dear Member,
Has anybody submitted 26Q for Q1 of FY 2324 ?? I have tried it today.But error report is coming regarding latest version of FVU and/or old CSI file.But I have updated my software and downloaded latest CSI file.But of no use.What to do ?? Please suggest.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 2 | View Answers | Post Answers
|
|
|
|
| 44543 |
Aug, 31
2023
|
AUDIT - ( AUDIT UNDER SECTION 44AB(E) )
My query is that one of my client is opted sec 44AD last year having turnover of 1.20 crore but for this year having turnover of 1.70 crore and profit is 8.5 lakh (5%) then under which clause audit is applicable 44AB(A) Or 44AB(E)
BY: ANIL SHARMA
Total Answers : 2 | View Answers | Post Answers
|
|
|
|
| 44542 |
Aug, 27
2023
|
TDS/TCS - ( CHALLAN CORRECTION )
Dear Members,
I want to make TDS challan correction regarding financial year only of Q1 of FY 23-24.26Q has not yet been submitted.TRACES is sending messages regarding new value is to be given of major head,minor head and section.But there will be no change regarding these three values. Can anybody tell me whether challan correction is possible before submission of return ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 1 | View Answers | Post Answers
|
|
|
|
|
|
| 44539 |
Aug, 24
2023
|
DIRECT TAXES - ( 082701 )
A Proprietorship firm with turnover less than 1 Crore and Net Profit exceeding 2.50 Lacs but less than 8%/6% does not required Tax Audit but has to file ITR in Form ITR 3. Am I correct
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
|
|
|
|
|
|
| 44536 |
Aug, 21
2023
|
DIRECT TAXES - ( 082701 )
A tax audit report has to be rectified for a clerical mistake not effecting Balance sheet or Tax liability.While ITR has been already filed and UDIn is created Whether it will have effect on ITR filed/UDIN generated
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
|
|
| 44533 |
Aug, 20
2023
|
TDS/TCS - ( CHALLAN CAN`T BE DOWNLOADED )
Dear Members,
I remitted TDS amount in challan 281 on 06/08/2023 and it was sunday.Status is showing as `` initiated`` and it is valid till 21/08/2023.Amount has been debited from bank and there was no reverse entry till date.TDS grievance is of no help.What to do ?? Please guide me.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
|
|
| 44534 |
Aug, 20
2023
|
DIRECT TAXES - ( FORM NO 13 FOR LOWER DEDUCTION OF TDS )
An NRI has sold a flat for Rs 75 Lacs Short term capital gain is around 5.25 Lac Tax Liability is around 13000-
He has filed Form no 13 on 20-8-23 online and acknowledged by CPC (TDS) on 20-8-23
Registration of Title deed is due within a week
Sale agreement is dated 8-8-23 and TAN of deductor was applied on 10-8-23 which was issued a couple of days back
In such a case what will be the duty of Deductor reg TDS as certificate is not expected soon
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
|
|
|
|
| 44531 |
Aug, 17
2023
|
AUDIT - ( 082701 )
A CA has to file revised tax audit report by correcting Business Address and with the name of Prop Firm name to be added. In such a scenerioo whether UDIN will have to be generated with amended date of Tax Audit report
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
|
|
|
|
| 44529 |
Aug, 14
2023
|
OTHER BODIES - ( EMPLOYEE GRATUITY )
A company has taken Emp. Gratuity policy with LIC. For the outgoing employees LIC has remitted the Gratuity to the Trust. However due to Bank account operation issue, they made payment to the outgoing employees from the Company. They have also booked the payment as expense and disallowed the same in the Co. IT return. Now the funds are lying in the Trust. Is there any way out to utilize the Funds with the Trust. Can the Trust remit the money received from the LIC to the Co.
BY: CA. VASUDEVAN P K
Total Answers : 0 | View Answers | Post Answers
|
|
| 44530 |
Aug, 14
2023
|
OTHER BODIES - ( EMPLOYEE PROVIDENT FUND )
A Company made EPF payment to a retiring employee through Trust. The Assessee retired on Jul'21 and received the EPF payment on May'22. For the interim period the trust has paid interest on the accumulated balance. While making the payment the Trust deducted TDS on entire interest, i.e. int for the period Aug'21 to May '22 on accumulated balance. Is it right to deduct TDS on the entire interest. Shouldn't they segregate taxable and non taxable contributions and deduct TDS on interest from accumulated balance of taxable contributions.
BY: CA. VASUDEVAN P K
Total Answers : 0 | View Answers | Post Answers
|
|
| 44528 |
Aug, 13
2023
|
DIRECT TAXES - ( 082701 )
A Proprietoship Firm's Tax audit report has been filed mentioning only Name of Proprietor his PAN and his residential address.However Firm name was by mistake ommitted. Does it require rectification,although ITR has also been filed
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
|
|
| 44526 |
Aug, 08
2023
|
DIRECT TAXES - ( SALE OF PROPERTY BY NRI )
A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers
Is there any wayout
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
|
|
| 44527 |
Aug, 08
2023
|
DIRECT TAXES - ( SALE OF PROPERTY BY NRI )
A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers
Is there any wayout
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
|
|
|
|
|
|
| 44522 |
Aug, 03
2023
|
MISC. - ( WILL AND RELEASE DEED )
Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you.
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
|
|
| 44523 |
Aug, 03
2023
|
AUDIT - ( CERTIFICATE ON INTEREST EQUALIZATION )
Dear Sir,
With respect to your mail seeking certificate from us, we would like to bring to your attention in respect of Interest Equalization Certificate that :
As per RBI circular RBI/2015-16/259 DBR.Dir.BC.No.62/04.02.001/2015-16 dated 4th December 2015, " The claims should be accompanied by an External Auditor’s Certificate (with stamp and membership number) certifying that the claim for interest equalisation of Rupees…………….. for the month ended ………….. has been verified and found to be strictly in accordance with the provisions of the Government scheme enclosed with the circular DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015. Claims for reimbursement will be considered for settlement only after receipt of this certificate."
Here, concurrent auditors cannot be considered as External Auditor from Banks point of view. The certificate if any to be obtained should be obtained from the Statutory Auditor of the Borrower. A certificate from an external auditor i.e. statutory auditor of the Borrower would be relevant here since there are few conditions given in the RBI circulars which cannot be verified by us. Few of the conditions enumerated in the circular that cannot be verified by us are as under-
a) The extended Scheme will not be available to those beneficiaries who are availing the benefit under any Production Linked Incentive (PLI) scheme of the government.
b) All eligible exports under the scheme would have to meet the criteria of minimum processing for the goods to be called as Originating from India and would be governed by provision of Paragraph 2.108 (a) (Rules of Origin [Non preferential]) of Handbook of Procedures of Foreign Trade Policy 2015-2020.
c) The scheme will be available to all exports under 416 tariff lines [at ITC (HS) code of 4 digit]as per Annexure A and exports made by Micro, Small & Medium Enterprises (MSMEs) across all ITC(HS) codes.
Also, an article regarding the same issue was published in Economic Times wh
BY: CA. TOTLA RAJENDRA P
Total Answers : 0 | View Answers | Post Answers
|
|
| 44521 |
Aug, 01
2023
|
CORPORATE & OTHER LAWS - ( WILL AND RELEASE DEED )
Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died .
Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ?
I want to know difference between Will and Release deed
Also I want to know requirement of preparing Release deed.
Thanking you.
BY: samirkumar gokulbhai kasvala
Total Answers : 0 | View Answers | Post Answers
|
|
|
|
|
|
| 44518 |
Jul, 27
2023
|
DIRECT TAXES - ( REGARDING REGISTERING AS A CA )
I am trying to register as a CA on efiling portal, but while doing so I am getting an error which says that the entered member name does matches with the PAN name but the name as per PAN records and ICAI records are same.
Please guide me regarding this issue.
BY: SIDDHARTH PADAMKUMAR MUNOT
Total Answers : 1 | View Answers | Post Answers
|
|
|
|
| 44516 |
Jul, 19
2023
|
GST - ( GST LIABILITY IN JOINT DEVELOPMENT AGREEMENTS )
The land owner entered into a JDA with the developer for construction of ten flats, five flats each. Should the Land owner pay GST on his share? If so what is the value of supply(Construction cost or land plus construction cost). If so at what rate?
The land owner wants to retain his share and does not want to sell them.
If the land owner is not willing to pay the GST, should the developer pay the GST on his behalf? If so should it be paid as RCM or regular GST showing owners share as turnover?
BY: Y.KANAKAMAHALAKSHMI
Total Answers : 0 | View Answers | Post Answers
|
|
| 44514 |
Jul, 16
2023
|
GST - ( GST ON DOOR TO DOOR SALE )
Members, a dealer is planning to sell his goods door to door to his prospective customers by going to the customer's place of business with goods in his vehicle. He is GST registered. The invoice can only be raised at the place of business of the customer since he doesnt know whether the customer will buy his product or not. The value of goods will be more than Rs. 50,000/-. What all documents he has to carry with him in his vehicle? Thanks in advance.
BY: Achuthan P
Total Answers : 0 | View Answers | Post Answers
|
|
| 44515 |
Jul, 16
2023
|
DIRECT TAXES - ( AUDIT REQUIREMENT )
For the Presumptive scheme of Income Tax Net profits should be 8 % of cash sale and 6 % for sale through
Neft/cheques etc How should this be bifurcated as most of the debtors remains unpaid at the time of finalisation of balance sheet
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
|
|
|
|
| 44512 |
Jul, 12
2023
|
GST - ( AMENDMENT OF GST B2C SALES )
Hi, How to Amend B2C figures once already amended to restore to Original figures.
Portal object stating :
Error! B2CS Amendment already exists for the original month in different return period.
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
|
|
|
|
| 44510 |
Jul, 08
2023
|
MERGER & ACQUISITION - ( QUERY REGARDING CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )
I am a Practicing Chartered accountant practicing under Trade name and FRN. Also I am registered under RBI Bank branch audit panel and been alloted UCN. I am going to add one partner under my trade through which my proprietorship firm will get converted into partnership So I have two query due to above conversion :
1) Whether my FRN number and Trade Name will remain Same.?
2) Whether my UCN alloted for Bank branch audit panel will remain same.?
As I want both the above things to remain unchanged.
BY: GOPAL NANAKRAM POPTANI
Total Answers : 2 | View Answers | Post Answers
|
|
|
|
|
|