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| 44875 |
Jun, 16
2025
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GST - ( IMPORT OF SERVICES - RCM APPLICABILITY )
Dear Professional Colleagues, If a school avail services of a non resident individual for teaching the students, whether these services attract GST on RCM to be paid by school?. The school is having Form 10AC for income exemption u/s 10(23C).
BY: ESWARAIAH Y
Total Answers : 2 | View Answers | Post Answers
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| 44874 |
Jun, 14
2025
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MISC. - ( PROFESSIONAL ETHICS )
I have seen some CA's writing their certificate course details as degrees on their visiting cards like CCAB (for concurrent audit course), Cert FAFP(for forensic course), Cert BRSR (for BRSR Course). Is this allowed to write on visiting card or anywhere with name?
BY: ROHAN
Total Answers : 1 | View Answers | Post Answers
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| 44873 |
Jun, 13
2025
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AUDIT - ( 082701 )
Ours is a Prop Firm and has been on the Panel of CAG for more than 15 years However for 2025-26 They have not included Our firm name in Empanelled firms list
Whether they have stopped Proprietorship firms from getting empanelled with them
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44872 |
Jun, 09
2025
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GST - ( GST ON CENTAGE INCOME )
ABC Limited is a government company with 100 percent shares owned by State Government. They provide supervison services for Construction of Roads, Bridges. For this they receive a certain percentage of the Civil Works as CENTAGE.
So basically what happens, A Contractor XYZ Ltd for the construction services raises a Tax Invoice in the name of ABC Ltd. Suppose for Rs 100 they raised a Tax Invoice and charged 18 percent GST on it and the total Invoice Values becomes 118. Now considering Rs 100 as the civil works value ABC Ltd books a centage Income of 8 Rupees in their books. This will be paid by the concerned road construction department. Now does ABC Ltd requires to pay GST on this 8 rupees i.e. Centage Income. If no, why? If yes, then can ITC of Rs 18 be claimed?
BY: AMIT KUMAR
Total Answers : 0 | View Answers | Post Answers
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| 44871 |
Jun, 06
2025
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GST - ( ITC )
There are 3 parties in the cases
party A, B & C
there is an agreement b/w A &B that A ( the builder) will develop property for B ( another builder) and thereafter B will perform some alteration like re- construction & deliver it to C.
Whether the GST charged by A from B ( supply falls under schedule 2)will be available as ITC to B? pls reply with reason.
BY: DEEKSHA GARG
Total Answers : 0 | View Answers | Post Answers
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| 44870 |
Jun, 05
2025
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IFRS - ( FIXED ASSET CAPITALISATION )
Below are the scenario -
1) Office Buiding constructed on freehold land is at the end of it's useful life and fully depreciated.
2) Original Gross Block is Rs.100 Cr with approx carpet area 1 lac sq.ft.
3) The company decides to reconstuct / significantly refurbish approx 10 thousand sq.ft by spending Rs.30 Cr today from own funds.
4) The company management decided to remove proportionate WDV (Rs. 10Cr Gross Block and Rs.10Cr Accumulated Depreciation) and capitalise Rs.30Cr with Building.
Questions -
1) Is the above allowed as per IFRS / IndAS ?
2) If yes, should Stat Auditors need to give any special attention or FAP on this ?
3) Are there any references of similiar past practices ?
BY: Debdatta Bandyopadhyay
Total Answers : 0 | View Answers | Post Answers
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| 44868 |
Jun, 03
2025
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DIRECT TAXES - ( 082701 )
A Cooperative society received intimation under sec 245 reg adjustment of incometax dues for Ass Year 2014-15 against pending refund in 10 Mar 25. It chose to disagree .Now it wants to file appeal before CIT Appeals(old CA receiving previous intimation assessee not aware of demand)
While vfiling appeal before CIT appeals what date should be mentioned in date of serving the order intimation under sec 143(1) can it be 10-3-25
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44865 |
May, 30
2025
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DIRECT TAXES - ( 082701 )
While filing appeal Form 35 to Commissioner appeals for Ass Year 2014-15,We have to provide details of order appealed against.Intimation issued by CPC only mentions document no
Please guide as the appeal is against Demand raised in intimation
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 44861 |
May, 29
2025
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AUDIT - ( 082701 )
Whether it is compulsory to show 8% or 6% of sales as net profit to avoid tax audit if turnover of a prop firm is 99 Lacs (below one crore)
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 44860 |
May, 28
2025
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AUDIT - ( 082701 )
A proprietorship firm sales during 2024-25 is Rs 99 Lacs
Whether it is compulsory to show Net profit @8%. Last year 2023-24 FY it was under presumptive taxation sales below 1 Crore but Netprofit above 8%During 2022-23 It was being audited
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44858 |
May, 26
2025
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GST - ( 082701 )
A HUF firm is sending free sample to a member's wife abroad on proforma invoice Whether ITC is to be reversed on cost of sample
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44857 |
May, 25
2025
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MERGER & ACQUISITION - ( CONSTITUTION OF NEW FIRM )
Hi , I am qualified as CA in 2022 then Existing Proprietory firm of my Brother adding me as a partner, now can I constitute Proprietory firm and merge it with existing partnership firm without affecting eligibility criteria for empanelment of bank audit?
BY: HAMPANAVAR BASAVARAJA
Total Answers : 1 | View Answers | Post Answers
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| 44853 |
May, 15
2025
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GST - ( 082701 )
While calculating Eligible input GST for GST refund under inverted tax strucure, authorities are not reducing Adjusted turnover after reducing Inverted sale on account of trading activities Can we appeal against it
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44852 |
May, 14
2025
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DIRECT TAXES - ( SFT RETURN )
A company was listed in the previous year 2024-25 in july month on stock exchange.
Weather we have need to file sft return or not since there is a clause under section 285BA -
Receipt from any person of an amount of aggregating to ten lakh rupees or more in a financial year for acquiring the shares
I have a query weather we need to file the return or there is any exemption for listed companies.
BY: GAURAV KUMAR MISHRA
Total Answers : 1 | View Answers | Post Answers
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| 44850 |
May, 11
2025
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GST - ( 082701 )
We have sent one consignment of 18 kg by Courrier to canada on Proforma invoice stating sample consignment . Value stated is CAD 400 Rs 24600- without giving bifurcation of Value and courrier charges. An amount of Rs 15500 Taxable value + GST has been paid to courrier company Are we to reverse input on 24600- minus15500 @5% Further can we take input credit for GST paid to courrier company?
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44849 |
May, 07
2025
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MISC. - ( CREATION OF HUF )
In the year 1997 i had created one HUF with the gift amount of Rs 5,100 from brother in law. I had drafted the Gift Deed on the stamp paper of Rs 2/-.
Today we have to creat one new HUF. Please advise the compliance to be done
BY: RAJEEV KUMAR
Total Answers : 1 | View Answers | Post Answers
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| 44846 |
May, 05
2025
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GST - ( RCM ITC IN CASE OF RESTAURANT OPTED TO PAY 5% ON RESTAURANT SUPPLY )
A registered person runs a restaurant and a guesthouse on the same premises. The restaurant pays GST at 5% without ITC. Rent of ?60,000 is paid for both under a single bill, with GST under RCM at 18% (?10,800). In this case, which option is more suitable for claiming ITC for the guesthouse portion?
Option 1: Based on the ratio of outward supply.
Option 2: Specify separate rent for the guesthouse and restaurant in the rent agreement, obtain two invoices, and claim ITC of GST paid under RCM for the guesthouse rent.
Suggestions are welcome!
BY: SHABBIRALI ABBSBHAI CHAUDHARI
Total Answers : 1 | View Answers | Post Answers
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| 44847 |
May, 05
2025
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GST - ( 082701 )
We are sending free samples abroad Indian Rs Value around 24000- through Proforma Invoice. Whether IGST has to be paid
If yes How this is to be mentioned in proforma invoice and reported In GSTR 1 and GSTR 3B
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44848 |
May, 05
2025
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GST - ( GST APPLICABILITY ON ROYALTY CHARGES FOR EXCAVATION )
Dear Members, a client is paying yearly royalty of Rs.75,000 to the govt dept. for excavation of quarries. His annual turnover is around 10-12L. Is he liable to pay GST RCM on royalty charges? Does he needs to obtain GST Registration? If so, does he have to pay GST on his annual turnover also? Pls elaborate.
BY: Ajith Kumar K
Total Answers : 1 | View Answers | Post Answers
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| 44845 |
May, 03
2025
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GST - ( REVOCATION OF CANCELLATION OF REGISTRATION )
GST Registration is cancelled due to non-filing of GSTR 3B for December 24 quarter. Now even after filing GSTR 3B of December 24 quarter registration is not restored. Is it mandatory to file GSTR return of January 2025 to get registration restored (when quarterly filing is opted) ?
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 3 | View Answers | Post Answers
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| 44843 |
Apr, 29
2025
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Compliance - ( DEMERGER )
My proprietorship firm was merged in to another firm in 2020 but now i want to practice with my own trade name but wants to continue as partner in that firm. what procedure i have to follow? we have also entered in to partnership at that time in 2020? will it continue? or to enter in to new partnership?
BY: PRATIK
Total Answers : 2 | View Answers | Post Answers
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| 44841 |
Apr, 22
2025
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GST - ( 082701 )
While sanctioning GST refund Authorities are reducing Input on trading activities but not reducing GST output on such sales Which is not logical. Whether they are correct
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44840 |
Apr, 14
2025
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AUDIT - ( BANK AUDIT ELIGIBILITY )
I have 6 years of experience in practice as a Chartered Accountant under a proprietorship concern. I am exclusively associated with my firm. A fellow CA, who is also exclusively associated, has 3 years of experience. We are not in a partnership—my firm is still registered as a proprietorship concern.
As per the eligibility norms for empanelment of audit firms , under **Category IV**, it appears that a proprietorship concern can be eligible for bank audits with **2 CAs exclusively associated** with the firm, without needing to convert to a partnership firm.
Can someone please clarify:
- How can a proprietorship concern have 2 CAs exclusively associated, as required under Category IV?
- Is it acceptable under ICAI/empanelment rules for a second full-time CA to be employed or associated in a proprietorship concern without converting into a partnership firm?
- If the answer is to appoint as an employee, then can my friend continue with his Propeitorship Concer?
Your insights would be appreciated!
BY: JAY KUMAR KUMRANI
Total Answers : 5 | View Answers | Post Answers
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| 44839 |
Apr, 03
2025
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MISC. - ( CAN PART TIME PARTNER SIGN AUDIT REPORT )
I have a sole proprietorship firm and i am a partner in another partnership firm as well. I know that my status is not full time partner in the firm but my query is that being a part time partner in the firm, can I sign bank audit reports or other reports on behalf of the firm or not?
BY: TRIBHUVAN ADITYA SINGH
Total Answers : 5 | View Answers | Post Answers
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| 44834 |
Mar, 31
2025
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MISC. - ( MERGER OF CA FIRMS )
If three CA Firms want to form a new CA Partnership Firm by merging of all CA Proprietorship Firms, the head of in charge should be oldest firm or any CA firm can be head in charge for applying Firm Name Approval.
What form should be applied for approval of new firm name for merging the firms
BY: AKHILESH KUMAR SHRIVASTAVA
Total Answers : 5 | View Answers | Post Answers
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| 44836 |
Mar, 31
2025
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GST - ( GST REGISTRATION )
GST registration was earlier surrendered due to turnover fall below threshold. Now turnover is expected to cross threshold in coming year, in this situation, whether Fresh registration is to be restored from 01-April or from the date of crossing the threshold for turnover. Regards
BY: CA. SURAJ KUMAR CHOUDHARY
Total Answers : 6 | View Answers | Post Answers
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| 44833 |
Mar, 30
2025
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MISC. - ( 082701 )
Is it ok for a proprietor to purchase car in his name and bring it in his books giving credit to capital account. This has to be used in the profession use only
BY: Mahesh Kumar
Total Answers : 3 | View Answers | Post Answers
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| 44832 |
Mar, 28
2025
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GST - ( 038118 )
JOB WORK CAPITAL GOODS TO RETURN IN 3 YEARS
Dear Experts
For our pharmaceutical client, wherein equipments were send to job worker / Loan Licence sites
it has been advised to get such equipments back max in 3 years else revese ITC availed
quoting sections 143 & 16
According to Section 143 of the CGST Act, capital goods sent to a job worker must be returned to the principal within three years from the date of being sent out. If not returned within this period, it is deemed as a supply from the principal to the job worker, and GST is applicable.
As per Section 16 of the CGST Act, you can claim ITC on capital goods sent to job workers, provided they are returned within the stipulated period. If the capital goods are not returned within three years, the ITC claimed may need to be reversed.
while business manufacturing and job work agreement are continuing and can be supported with jobwork in and job work outward challans, still institing on physical movements is somewhat hard to belive
Please suggest way out if any or physical take back and re-send is the only option
BY: VIPUL JHAVERI
Total Answers : 1 | View Answers | Post Answers
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| 44830 |
Mar, 26
2025
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DIRECT TAXES - ( PROVISIONAL REGISTRATION OF TRUST EXPIRED )
Trust is provisionally registered for three years for the period 2023-24 to 2025-26. Trust activities started in 2023-24 but failed to apply for regular registration from 2023-24. Now which section is to be selected for applying 12A and 80G application as trust failed to convert provisional registration into regular registration ?
BY: SACHIN INGAWALE
Total Answers : 1 | View Answers | Post Answers
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| 44829 |
Mar, 24
2025
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DIRECT TAXES - ( RESOLUTION FOR ACCUMULATION OF SURPLUS INCOME )
Dear All, A 12AB registered Trust wants to accumulate its surplus income for application in the future years. Since the accounts are not yet finalised, they were unable to determine the amount. Do the trust need to pass the resolution for accumulation before the year end i.e. 31/03/25 or is it ok for them to pass the resolution once the accounts are finalised and file the Form 10 before the due date. Thanks.
BY: CA. VASUDEVAN P K
Total Answers : 3 | View Answers | Post Answers
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