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| 40620 |
Apr, 03
2020
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GST - ( TRANSPORTATION SERVICE )
Mr. A is a cement dealer and registered to GST. The supplier bills him for door delivery of cement at his premises. Mr. A also owns transport vehicle and collects the loads of cement in his own vehicle from local depot and is paid the transportation charges by the person entrusted with the transportation. Are the transportation charges exempt under GST? Is the person entrusted with transportation liable to pay GST under reverse charge? Does the transportation receipt forms part of his turnover? Whether Mr. A will be treated as GTA under GST?
BY: SANTOSH JAGANNATH PAI
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| 40621 |
Apr, 03
2020
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GST - ( CREDIT NOTES )
Mr. A is dealer in electronic goods.He receives credit notes towards certain discounts from his supplier which are predetermined at the time of supply and GST is charges on them. Mr. A has accordingly reversed the input credit towards the credit notes reversed. There are also amounts credited to his account by the supplier towards incentives for achieving higher turnover and no GST is charged on the credit notes. Is Mr. A liable to pay GST on the credit notes? Are the receipts exempt in the hands of Mr. A under GST?
BY: SANTOSH JAGANNATH PAI
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| 40618 |
Apr, 01
2020
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DIRECT TAXES - ( ONLINE FILING OF FOM 15H )
A Taxdeductor has received Form 15H for nondeductionof TDS on Interest income of Rs 496000- for Fin Year 2019-20
on 25-3-20 . Interest is credited on 31-3-20.
By which date Form 15H can be Efiled on Portal
Isthere any relaxation in current Scenerioas DSC is required for same
BY: Mahesh Kumar
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| 40619 |
Apr, 01
2020
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MISC. - ( CONVERSION OF CA PARTNERSHIP TO CA PROPRIETOR )
A FIRM ESTB.1962 HAVING CURRENTLY 2 PARTNERS. SENIOR PARTNER PASSED AWAY RECENTLY. NOW LEFT WITH JUNIOR PARTNER HE WANTS TO CONTINUE THE FIRM AS PROPRIETOR...WHAT IMPLICATIONS ON, NAME, ESTB DATE. SENIORITY OF FIRM BEING CARRIED FORWARD FOR BANK AUDIT CAG EMPANELMENT ETC AND ICAI RECORDS? JUNIOR PARTNER EXPERIENCE IS 12 YEARS. SENIOR PARTNER QUALIFIED MORE THAN 50 YEARS BACK. OR IS IT BETTER TO ADD ANOTHER PARTNER AND CONTINUE TO FIRM PARTNERSHIP CONSTITUTION? MY PHONE NO. IS 9970088669 ANY FEEDBACK WOULD BE GRATEFUL.
BY: Kalyan Chakravarthy Vennety
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| 40616 |
Mar, 27
2020
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DIRECT TAXES - ( 079710 )
My Individual (Non -business Income) Client has sold his residential house for Rs. 3 cr (SDV also 3 cr) . in FY 11-12 During assessment proceedings AO refer the valuer for Fair Market value to Departments valuer u/s. 142 A. and since the report was not got till 31st Dec. 2019 he made assessment subject to valuer's report . but Now the dept. valuer valued the same as 3.5 cr. and now AO issued notice u/s. 154 for enhance our income by Rs. 50 lacs.
Can he do so ? whereas our sells consideration is actually Rs. 3.5 cr. as well as our banking tr. are also same AO has not found any other material evedince for disbeliving the consideration . what are the other factors and grounds which we should rely on for further appeal .
Thanks in Advance
BY: SANDEEP KAPOOR
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| 40613 |
Mar, 19
2020
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DIRECT TAXES - ( TAXABILITY OF INTEREST ON NRE DEPOSIT )
An individual who was an NRI has permanently shifted back to India. There are certain NRE deposits in his name. The query is can that individual take shelter under section 115H i.e. benefits available in certain cases even if after the assessee becomes resident and pay tax at the rate of 20% with regards to interest on NRE deposit as per section 115E.
BY: SHRADDHA S KAMATH
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| 40610 |
Mar, 18
2020
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DIRECT TAXES - ( SECTION 206C(1H)-TCS ON SALE OF GOODS )
Hello Everyone!
Finance Act 2020 has introduced sub section (1H) of Section 206C WEF 01.04.2020 wherein it is inserted liability on seller (specified) to collect TCS from buyer (Buyer) @ 0.1%/1% . Here, TCS is required to be collected at the time of receipt of the collection from buyer. Now my query is whether collection received on or after 01.04.2020 for sales of Feb/March 2020, then whether TCS is required to be collected on such consideration received in April 2020 towards Feb/March 2020 sale or TCS is required to be collected on consideration received for Sale made on or after 01.04.2020.
BY: Manisha
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| 40611 |
Mar, 18
2020
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AUDIT - ( TREATMENT OF LIFE MEMBERSHIP FEES )
A club received life membership fee. Should the amount be capitalized or taken to income? If income, can it be spread over number of years as decided by the management? Please share if there are any expert opinion or case studies. Thanks.
BY: balasubramanian
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| 40606 |
Mar, 14
2020
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GST - ( GSTR 9C )
While uploading Json file of GSTR 9C Error message comes but
no Error report is generated for Fin Year 2018-19
BY: Mahesh Kumar
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| 40607 |
Mar, 14
2020
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OTHER BODIES - ( PROPOSAL FOR CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP )
Dear Sir,
Now my firm constitution is proprietor and file MEF Form for 2018-19. Now i decided to convert my proprietary concern into partnership firm after 15th April 2020. when i file my MEF for 2019-20 i fill the details in MOC regarding any changes made then in next year when bank statutory audit allotted to me then is it allotted in the name of partnership firm or proprietary firm, please advise. or if it is alloted in the name of proprietorship concern then how i sign the audit report in the capacity of propretor as i am a partner in firm at that time.
Thanks in advance.
BY: BHARAT AGARAWAL
Total Answers : 1 | View Answers | Post Answers
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| 40604 |
Mar, 13
2020
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GST - ( REVERSAL OF ITC WITH REGARDS TO SUPPLY OF MEIS SCRIPTS )
My client is engaged in export of cashew kernels which is a zero rated supply. In relation to said export, the client is in receipt of MEIS scripts from the Government which is linked to the exports made. The further supply of MEIS scripts is exempted from GST. The query is whether input tax credit has to be reversed with regards to supply of MEIS scripts
BY: SHRADDHA S KAMATH
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| 40603 |
Mar, 09
2020
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GST - ( GST ON OUTWARD SUPPLIES TRANSPORTATION )
Company A is supplying Chemicals to Company B. As per PO Terms Company A shall arrange for Transportation & insurance on outward supplies and get the same reimbursed by B at actuals, for which Company A is raising two separate invoices , one is for goods with applicable GST And another invoice for Reimbursement of Expenses without charging GST,(since the Company is of the view that the services qualify as Pure Agent), further Company A is also paying GST on outward transportation under RCM basis and not availing any Input Tax Credit.
Query: 1
Whether the company A is liable to Collect GST on reimbursement of expenses (viz. Freight and Insurance)?
Query 2.
Whether the company A is eligible to take Input Tax credit on GST Paid under RCM basis for outward transportation?
BY: SUDHAKAR
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| 40601 |
Mar, 07
2020
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GST - ( GST EXCESS PAID )
GST for 2017-18 is excess paid and for 2018-19 also excess (nearly the same amount as in 2017-18). Excess amount paid in ultimately adjusted in Sep 2019 return. How to show this GSTR 9
BY: Sai Ram
Total Answers : 1 | View Answers | Post Answers
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| 40598 |
Mar, 06
2020
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GST - ( REFUND OF RCM PAID ON PURCHASE IN CASE OF SUPPLY TO SEZ. )
Dealer is exclusively supplying cab services to a SEZ unit. He is also taking services of unregistered persons on which he is paying tax on RCM. My query is that is he eligible to claim the refund of tax paid on RCM as he cannot utilise the same because there is only zero rated supply to SEZ and no other supply. Please reply the same.
BY: Ajay Lokhande
Total Answers : 1 | View Answers | Post Answers
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| 40596 |
Mar, 05
2020
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AUDIT - ( AUDIT US 44AB IS REQUIRED OR NOT )
An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD.
In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%.
In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by bank. Declared profit @ 6.28%.
He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-).
His Gross total income comes to below basic exemption limit of Rs. 2,50,000/- after set off of loss from house property.
In this case, do he need to get audited his books of accounts as he was not eligible to opt in u/s 44AD and total turnover was below 1 crore, declared income less that 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set off of loss from house property and before claiming deduction under chapter VI. ?
BY: VIRAL THACKER
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| 40597 |
Mar, 05
2020
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Service Tax - ( DEMAND DUE TO WRONG NOTFN NO. IN ST3 RETURNS )
A Service provider filed ST–3 Returns by wrongly including Negative list item-sale of goods turnover of Rs.9.5 crores to the taxable service and claimed exemption by giving Notification No.7 of 2015 .
On Rs.1.5 crores man power supply also, the assessee has claimed 100% abatement in ST-3 Returns by giving notification No.30/2012 item No.10 instead of Sl No.8. The mistakes were pointed out by the AG AUDIT PARTY. AC has issued show cause Notice with demand of around Rs1.8 crores saying that he is not entitled to the exemptions as mentioned in ST-3 RETURNS in respect of the services provided U/s Section 65(39a) and Section 65(64) – Erection, commissioning and Maintenance or Repair Service to Mobile companies
It is only disclosure mistake - the Sales Turnover suffered VAT Tax and the claim of 100% abatement on man power supply is also correct except giving wrong S.No.10 instead S.No.8 in ST3 Return.
Are there any case laws supporting the above facts where the department cannot levy service tax just for claiming exemptions/ abatements under wrong notification number in returns when the assessee can prove his claims with documentary evidence?
Please give your valuable advice with case laws, if any, in satisfying the A.C that the sales already suffered VAT and claim of abatement is also correct except giving wrong exemption notification No in ST-3 Returns
and there cannot be service tax demand just for disclosure mistakes
BY: M. UMA MAHESH
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| 40595 |
Mar, 04
2020
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GST - ( GST REGISTRATION )
AN E-COMMERCE SELLER WANTS TO REGISTER IN ANOTHER STATE AT E-COMMERCE OPERATOR WAREHOUSE THAN HOW TO OBTAIN NOC FROM ECO FOR USE OF WAREHOUSE AS PRINCIPAL PLACE OF BUSINESS .
BY: DHARMENDRA GORA
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| 40592 |
Mar, 03
2020
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GST - ( COMPOSITION SCHEME FOR ICE CREAM PARLOUR )
DEAR SIR, CAN ICE CREAM DEALER OPT FOR COMPOSITION. IF OPT THEN UNDER WHICH NOTIFICATION. I NOTIFICATION NO. 2/2019 CT(R) DTD 07.03.2019 A REGISTERED PERSON MAKING SUPPLIES OF THE ICE CREAM, PAN MASALA & TOBACCO IS ALSO NOT ELIGIBLE TO PAY CONCESSIONAL TAX UNDER THE SAID NOTIFICATION. PLZ ADVISE.
BY: RAHUL MADHAVARAO KHANDEBHARAD
Total Answers : 1 | View Answers | Post Answers
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| 40593 |
Mar, 03
2020
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MISC. - ( BANK STOCK AUDIT )
I want to know where to apply for stock auditor empanelment with Nationalized / private bank.
Is there any online link or physical documents to be submit. If physical submission than where to submit.
BY: RAHUL jain
Total Answers : 1 | View Answers | Post Answers
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| 40590 |
Mar, 02
2020
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MISC. - ( 019493 )
Whether a Private family trust can be a partner in a ordinary partnership firm?? . Also whether it can be partner in Limited Liability partnership Firm(LLP) ??
BY: nagappan.sm
Total Answers : 2 | View Answers | Post Answers
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| 40591 |
Mar, 02
2020
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GST - ( WHETHER LIABLE FOR CGST AND SGST OR IGST )
A Limited is registered company having registered office at Rajasthan engage in manufacturing. A Ltd. Is registered in Rajasthan and MP under GST law.
Another Company B Ltd (Registered in MP) provides manpower supply service to A Ltd for employees at Rajasthan and MP.
Now Question arises, whether B Ltd should raise GST invoice for manpower supply from MP by charging CGST& SGST OR IGST.
BY: Ankit Vijaywargiya
Total Answers : 1 | View Answers | Post Answers
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| 40587 |
Feb, 29
2020
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DIRECT TAXES - ( ACCEPTANCE OF LOAN IN CASH )
X AN INDIVIDUAL CARRY ON BUSINESS OF CONTRACT WORKS. HE FILED HIS RETURN FOR FY 2017-18 U/S 44AD. NOW IN FY 2018-19 THE SAME BUSINESS IS CONTINUED AND HE WILL BE FILING RETURN U/S 44AD. BUT IN FY HE HAS TAKEN A UNSECURED LOAN OF RS 5.00 L FROM HIS FRIENDS, BUT THIS LOAN IS IN CASH. SO THE ACCEPTANCE OF LOAN ATTRACTS TAXATION LIABILITY U/S 269SS. (ACCEPTANCE OF DEPOSIT OR LOAN IN CASH IN EXCESS OF RS 10 K) , WE WILL ADD THE LOAN AMOUNT TO HIS INCOME. BUT MY QUERY IS IN WHICH HEAD THIS LOAN TAKEN IN CASH WILL BE ADDED. BECAUSE HE IS NOT FILING 3CD AS THE BUSINESS IS DECLARED IN 44AD. SO HOW THE ADDITIONS FROM 3CD WILL BE INCLUDED IN HIS RETURN OF INCOME. IN FY 2018-19 HE HAS A TOTAL BUSINESS RECEIPT OF RS20 L AND NP @ 10% IS RS 2.00 L + UNSECURED LOAN OF RS 5.00 L = 7.00 L IS HIS TAXABLE INCOME. PLEASE GUIDE HOW TO SHOW THIS 5 L IN HIS TOTAL INCOME IN THE RETURN SO THAT THE QUESTION OF ADDITION U/S 269SS WILL BE TAKEN CARE OF ASSESEE HIMSELF
BY: pradeep kumar agrawal
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| 40588 |
Feb, 29
2020
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GST - ( ANNUAL RETURN FY 2018-19 )
I have a query after seeing the Offline Tool for Annual Return with respect to FY 2018-19 . There is no row to adjust the amounts being adjustments relating to FY 2017-18 done in GSTR-3B/1 for FY 2018-19. How to show effect of the same in Annual Return for FY 2018-19. or is it not be shown at all?
BY: KASHISH CHAWLA
Total Answers : 1 | View Answers | Post Answers
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| 40585 |
Feb, 28
2020
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GST - ( GSTR-10 )
If the GST registration is cancelled by the department on failure to file returns for continuous period of 6 months or more and the taxpayer does not wish to continue his business, then in that case whether all the returns have to be filed upto the date of cancellation and then file GSTR-10 or we can directly file GSTR-10 without filing previous returns.
BY: Aman Jain
Total Answers : 2 | View Answers | Post Answers
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| 40581 |
Feb, 27
2020
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GST - ( POWER OF SPECIAL SECRETARY_CBIC )
Dear all,
As all of you are aware that CBIC in its special drive has started sending mails demanding interest for belated filling of 3B after passing an internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 by Special Secretary,CBIC .
One of our clients got such type of mail.We have given our submission citing provisions and case laws.In response to that submission honble superintendent revert following mail to us.I am sending that mail in toto to all of you for my information and knowledge that WHETHER A SPECIAL SECRETARY HAS GOT POWER TO SUPERSEDE HIGH COURT`S JUDGEMENT ???
Awaiting for your response.
Dear Taxpayer,
in response to your letter, this is for your kind information that the amendment what you have stated in your reply has not been notified by the Government till date. Section 50 of the CGST Act, 2017 is very clear in this regard. Hence, you claim of payment of interest on cash amount is not sustainable. Secondly, despite of judgement of Madras High Court, Special Secretary, CBIC superseding the Judgement of Madras High Court, vide D.O. letter dated 10.02.2020 has ordered to recovery the interest on Gross Tax and Gujrat High Court's interim stay order is not a final order. Therefore, you are again requested to deposit the interest amount failing which recovery proceeding under Sub-Section 12 of Section 75 of the CGST Act, 2017 will be initiated against you.
Thanking you
Yours faithfully
(Nikhilesh Bhattacharyya )
Superintendent of Central Tax & Cx
Range-IV: Junglepur CGST & CX Division
BY: SUDIP KUMAR MUKHOPADHYAY
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| 40583 |
Feb, 27
2020
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MISC. - ( NAFRA-2 )
With regard to Form NFRA-2, following clarifications are required. It would be very helpful for us to file the form accurately.
1. Under clause 3b - Whether the Auditor filing the annual return has been subjected to any other reviews by other regulators ? - Do an auditor regulated by ICAI, need to report its peer review conducted by ICAI.
2. Under clause 4 (AUDIT CLIENTS AND AUDIT REPORTS OF THE AUDITOR) of the Form NFRA-2, do an auditor who has been appointed as the branch auditor of Banks, Insurance Co., or other companies etc. are also required to report under this para.
BY: SAHIB CHOUDHARY
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| 40580 |
Feb, 26
2020
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DIRECT TAXES - ( 079710 )
w.r.t foreign payment made there arose a TDS liability, but inadvertently the same was grossed up in form 15CA as well as form 15CB . In consequences thereof, an excess of TDS is being deposited to the IT department. Now , Can we adjust the excess TDS deposited in another payment made to the same person if yes what is procedure for adjustment .
BY: SANDEEP KAPOOR
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| 40578 |
Feb, 24
2020
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GST - ( GST FOR TRANSPORTER )
Company is engaged in providing transport service. GST has to be paid under RCM method by the service receiver. Now, in one cases company itself is paying GST under Forward Charge Mechanism(FCM) approach.
Can it be possible to opt RCM in few cases & FCM in few cases.
BY: Shobhit Bansal
Total Answers : 2 | View Answers | Post Answers
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| 40579 |
Feb, 24
2020
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DIRECT TAXES - ( TDS ON ROYALTY )
Dear Experts
There is a change in the royalty definition in the budget 2020 which includes now the sale of cinematagrophic films also. So will this apply to Section 9 , the intended section only or will it apply to Section 194J (tds section also,as they both have the same definition)
BY: T.R.S. PATHY SENTHIL
Total Answers : 3 | View Answers | Post Answers
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| 40576 |
Feb, 22
2020
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AUDIT - ( AUDIT REQUIREMENT )
An asessee having Net profit less than 8%,Having Credit limit from Banks for more than 10 Lacs,Having Cash receipts more than 5 percentage,Having Cash payments more than 5% are required to get tax audit done irrespective of whether Turnover is up to 5 crores or more than 5 CroresTurnover . Am I correct ?
BY: Mahesh Kumar
Total Answers : 4 | View Answers | Post Answers
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| 40577 |
Feb, 22
2020
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AUDIT - ( TAX AUDIT APPLICABILITY FY 2019-20 )
A Company whose turnover is Rs. 4 crores in fy 2019-20 and has more than 95% of its transactions in sales and purchases in electronic mode
in aforesaid case will tax audit not be applicable to the company as per the proposed amendment made in finance act 2020 wherein the limit specified in said cases ie more than 95% of transaction in sales and purchases thru electronic mode is upto Rs. 5 crores
BY: iyengar madhavan
Total Answers : 3 | View Answers | Post Answers
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| 40573 |
Feb, 21
2020
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GST - ( GST ON TRANSPORT SERVCIE )
My client is carrying business of transport of molasses, and raised invoice to 1) Ltd Company 2) sugar Factories 3) Goods transport agency in different situations. Out of these cases on which GST applicable and at what rate??
BY: Ninad Prataprao Shete
Total Answers : 1 | View Answers | Post Answers
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| 40574 |
Feb, 21
2020
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GST - ( GST ON TRUST )
Contribution Received by Trust from Its members which will be spend for the benefit of members. whether Trust is liable to pay GST on such contribution?
BY: SIDHARATH SUSHIL KUMAR BANSAL
Total Answers : 2 | View Answers | Post Answers
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