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44755 |
Dec, 03
2024
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GST - ( HOW TO TAKE BENEFIT OF SEC16(6) )
In this case 2020-21 notice is issued DRC-01
History - Sept-2020 to Mar-2021 return was filed on 10.01.2022 ( as number was cancelled and appeal was filed and then after restore all pending return were filed ) so all ITC claimed in this period is disallowed . The notice is issued before sec 16(6) is enacted. Here query is The appeal order was passed on 24.11.2021 with condition to file all pending returns within 5 days. But to file return GST portal need to give access technically restore of GST Number. So, Ghatak given restore effect on 05.01.2022 and we file all pending returns before 10.01.2022 So my question here is that genuinely 30 days as per sec 16(6) shall be counted from activation of GST number on portal . But we don't have any evidence ( GST REG 20,) which proves our genuineness. No restore order available online.
So any solution to this query pls
BY: CA. HEMANG KISHORBHAI AMBANI
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44753 |
Dec, 02
2024
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GST - ( IGST REVERSAL )
IGST reversal due to CDNR was not effected in GSTR 3B as there was no IGST sale in the respective return, and GSTR 3B not consider it automatically in next month.
Can manual reduction of liability be made in 3B
BY: CA. SURAJ KUMAR CHOUDHARY
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44752 |
Nov, 30
2024
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MISC. - ( 082701 )
Goods have been sent to Canada by Speed post (Indiapost)Bill has been given to Post office What is the next requirement to be fulfilled
BY: Mahesh Kumar
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44750 |
Nov, 21
2024
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GST - ( 082701 )
If we have to sed goods abroad to close relative Can it be sent without issuing bill
In case we send it from a business Firm whether we have to issue invoice as well as pay IGST
BY: Mahesh Kumar
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44751 |
Nov, 21
2024
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GST - ( RCM ON RENT PAID TO GOVERNMENT )
AS PER NOTIFICATION NO 03/2018 DATED 25.01.2018 GST ON REVERSE CHARGE BASIS TO BE PAID BY "Any person registered under the Central Goods and Services Tax Act, 2017" FOR "Services supplied by the Central Government, State
Government, Union territory or local authority by way of
renting of immovable property to a person registered
under the Central Goods and Services Tax Act, 2017" and As per section 24 (iii) of CGST Act "person who are required to pay tax under reverse charge" is compulsory liable for registration. My query is if a person having turnover less than 10 lakhs and paying rent for commercial property to Government whether required to pay tax under reverse charge. On other way whether he is required to registered compulsorily under GST act to pay GST on reverse charge basis.
BY: ABHISHEK MITTAL
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44748 |
Nov, 18
2024
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Companies Act, 2013 - ( ROTATION OF STATUTORY AUDITORS PARTNERSHIP FIRM )
Whether the same partner can sign the financials of a listed entity for the sixth to seventh year in a row for a firm of statutory auditors ? As SQC 1 explains that signing partner can be engagement partner for seven years in a row of a listed entity? Is there any preventive clause anywhere in Companies Act,2013 to prevent a signing partner to sign the financials for sixth year in a row.As companies act says 50% of audit team should be rotated .But silent about the signing partner.
BY: DIXIT SHAILENDRA PREMSHANKAR
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44749 |
Nov, 18
2024
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DIRECT TAXES - ( FILING OF UPDATED RETURN )
Assessee has a refund of Rs.1.70 lakhs in original return for AY 2023-24. But it was never paid and demand was raised by intimation under 143(1a) for Rs.54 lakhs due to clerical error in capital gain reporting.
Now there are other items left out and the assessee wants to file an updated reuturn. However systems takes Rs.1.70 as paid and tax is computed over and above that amount.
Is there any solution?
BY: ALAMELU N N
Total Answers : 2 | View Answers | Post Answers
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44746 |
Nov, 13
2024
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AUDIT - ( 082701 )
Whether MSME category of Chartered accountants gets any priority in audit alottments If not Whether any of the Central Council member has included this in their agenda while approaching for votes
BY: Mahesh Kumar
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44747 |
Nov, 13
2024
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DIRECT TAXES - ( INCOME TAX TREATMENT OF CONVERSION OF PROPRIETORSHIP INTO LLP )
I have converted a Proprietorship into LLP w.e.f. 08.04.2024 and all the assets and liabilities of the said proprietorship have been transferred into LLP. Thus, Sale from 01.04.2024 to 07.04.2024 are in the proprietorship firm and from 08.04.2024 onwards the sales and all the business transactions are appearing in the LLP. Now my questions are:
1. What will the tax treatment in the hands of the person whose business has been transferred into LLP ?
2. How will the ITR of that person be filed ?
3. What entries are required to be made in his ITR with respect to the transfer of business to LLP?
BY: Gaurav Kumar Baranwal
Total Answers : 1 | View Answers | Post Answers
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44745 |
Nov, 09
2024
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MISC. - ( PEER REVIEW )
As per revised applicability of peer review mandate (Phase II & III), Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities are to be covered from 01.01.2025.
How can we identify trusts which are covered under public interest entities ? Do all Public Charitable and/or Religious Trusts fall under the category of public interest entity ? Is there any threshold monetary limit for these trusts ?
BY: Nilanjan Kayal
Total Answers : 1 | View Answers | Post Answers
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44743 |
Oct, 27
2024
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AUDIT - ( 082701 )
Can a firm with plumbing service of Rs 49 Lacs and Goods sale of 20 Lacs is required to get Tax Audit compulsorily If it opts for Presumptive taxation How much profit should be shown for plumber service
BY: Mahesh Kumar
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44742 |
Oct, 23
2024
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DIRECT TAXES - ( 082701 )
A firm providing plumber service Value around 50 Lacs and at the same time selling motors etc of 20 Lacs Whether Tax audit is necessary
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44741 |
Oct, 19
2024
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AUDIT - ( 082701 )
A firm is in loss to the tune of Rs 50 Lacs A Tax Audit report is to be revised and a few Balance sheet figures are also to be amended Whether it can cause problem from Income Tax End
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44740 |
Oct, 16
2024
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DIRECT TAXES - ( 082701 )
A restaurent has been opened (additional branch of existing franchisee) Expenses incurred on inaugration includes Hotel and travelling expenses of family members. Whether these can be amortised/capitalised
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44738 |
Oct, 15
2024
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AUDIT - ( 082701 )
TAR has been filed without filling clause 18 (depreciation particulars) Can we revise TAR filling assets details but not claiming Depreciation in a Partnership firm
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44739 |
Oct, 15
2024
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GST - ( 082701 )
I want to add certain figure in GST sales in B2Cs (unregistered Sale) to already filed B2Cs figure in GSTR 1 but old figure is not visible in GSTR 1A Will this figure be added to already filed GSTR1
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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44737 |
Oct, 14
2024
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GST - ( ITC ON SUBSIDIZED PRODUCTS TO COMPANY OWN DIVISION IN OTHER STATE )
A manufacturing company producing taxable and exempt goods in Rajasthan and send some of exempt goods as sample @Rs.1/- per item excluding GST (whereas GST is Nil) to Delhi head office (Both have different GSTIN but related parties as PAN is Same) but the market price of such item is Rs.115/- per item. The main raw material also exempt received from other vendor but the other packing materials which is purchased by another division under same GSTIN and transferred to Manufacturing division through delivery challan, used in production of such exempt good is taxable under GST. How this would be treated as GST credit taken or reversal of ITC. can a organization sell Goods lesser than cost because it will create a gap between ITC availed and Output liability in case of taxable goods.
BY: UMESH SHARMA
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44736 |
Oct, 02
2024
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OTHER BODIES - ( ETHICAL BOARD )
I am a practicing chartered accountant and an additional director in a private limited company duly complying to the norms prescribed by ICAI. The private limited company has borrowed a vehicle loan from a scheduled bank.
The scheduled bank is creating a charge for the loan borrowed and is insisting that the concerned form for creating charge should be signed by affixing the practicing CA digital signature instead of the other directors of the company.
Whether the same is permitted according to the ethics prescribed by ICAI and would it not amount to participating in the day to day activities of the company?
BY: PANI RAJ KATEPALLI
Total Answers : 1 | View Answers | Post Answers
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44735 |
Sep, 27
2024
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DIRECT TAXES - ( INCOME TAX RETURN FILED BY A GRATUITY TRUST BUT NOT REQUIRED TO BE FILED UNDER SECTION 139 - DEMAND )
Vide CIRCULAR NO.18/2017 [F.NO.385/01/2015-IT(B)] dated 29-05-2017, it is provided in para 4 of the Circular that accordingly, it has been decided that in case of below mentioned funds or authorities or Boards or bodies, by whatever name called, referred to in section 10 of the Income-tax Act, whose income is unconditionally exempt under that section and who are also statutorily not required to file return of income as per section 139 of the Income-tax Act, there would be no requirement for tax deduction at source, since their income is anyway exempt under the Income-tax Act.
Question: However, a recognised provident Fund inadvertently filed its return of income which was processed by CPC and raised a tax demand. We have replied to the TRO that a recognised provident fund is not required to file income tax return hence the demand should be struck off.
He replied that assessee fails to answer the question as to if the recognised trust is not required to file income tax return then why it was filed? And asking the demand to be paid.
Please advise.
BY: Babulal Sharma
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44733 |
Sep, 23
2024
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INDIRECT TAXES - ( BILL OF ENTRY NO REFLECT IN GSTR 2A )
Dear Sir,
we was paid of payment for the bills of entry of As per our reassessment of bills of entry for the financial years 2019-2020 and 2020-2021, we have made payments for all outstanding bills, including interest and penalty. However, we have noticed that the reassessed bills of entry are not reflecting in the GSTR 2A.
please provide suggestion for ITC take or Not
BY: SHAILESH JIVANBHAI SUTHAR
Total Answers : 2 | View Answers | Post Answers
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44732 |
Sep, 22
2024
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AUDIT - ( FORM 10B/10BB(AUDIT REPORT) FOR FY 23-24 )
A society (Registered under Societies registration Act) has obtained provisional registration under 12A/80G and Form 10AB is still pending to be filed. Audit Report For FY 23-24 has been issued. Is the provisionally registered society required to File Form 10B/10BB(Audit Report) for FY 23-24 since it has not obtained the final registration and approval under Section 12A/80G from IT dept? Gross Receipts of the Society for FY 23-24 is 58 Lacs approx ans whether tax audit is applicable to such society?
Kindly guide in this matter with relevant information
BY: CA INDRANEEL BISWAS
Total Answers : 1 | View Answers | Post Answers
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44731 |
Sep, 17
2024
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MISC. - ( 255279 )
Subject: Assistance Required: COP Application Issue Due to Outdated Employment Records in ICAI Portal
Dear Respected Seniors,
I am writing on behalf of a fellow Chartered Accountant who recently transitioned from employment to practice. He is facing a significant issue while trying to apply for a full-time Certificate of Practice (COP) through the ICAI SSP portal.
Background:
My friend was previously employed with two organizations.
The first employer had registered the employment with ICAI, but the termination of this employment was never updated in ICAI's records.
The second employer, with whom he worked for four years, was not registered at all in the ICAI system.
As a result, ICAI records still show him employed with the first employer, and the termination and subsequent employment details are missing.
Current Situation:
More than three years have passed since he left the first employer, and around six months have elapsed since we initiated efforts to resolve this issue.
We have raised multiple tickets through the SSP portal, but unfortunately, we have not been able to rectify the employment details.
We need to terminate the first employment, update the second, and then apply for a full-time COP.
Both employers are willing to cooperate, but despite their assistance and our attempts through the portal, the issue remains unresolved.
Request for Guidance:
If anyone has encountered a similar situation or has any knowledge of a proper channel to escalate this issue within ICAI, we would be extremely grateful for your advice.
If you could provide any email addresses, contact persons, or specific ICAI departments that could assist in resolving this, it would be of immense help to us.
Due to this issue, my friend has been unable to perform audits or engage in practice for the past six months. We are seeking urgent guidance on how to navigate this situation and successfully update the records in the ICAI portal to obtain a valid
BY: RYALI VAMSI KRISHNA
Total Answers : 1 | View Answers | Post Answers
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44730 |
Sep, 12
2024
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GST - ( 082701 )
An asessee is selling majority of goods out of state and is issuing interstate bill with Eway bill but his purchases are local and through Cycle rickshaw and Erickshaw that are not accompanied with Ewaybill GST officials are asking for explanation for difference in Ewaybill generatewd and Ewaybill received
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44727 |
Sep, 07
2024
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COUNCIL DECISION - ( PRIVATE TUTORSHIP LESS THEN 25 HOURS A WEEK )
Private tutorship less then 25 hours a week whether General Permission or Specific Permission as per below 190A extract -
Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to
such activities taken together do not exceed 25 hours a week.
BY: ANKIT BHANSALI
Total Answers : 1 | View Answers | Post Answers
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44724 |
Sep, 04
2024
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AUDIT - ( RELATED PARTY IDENTIFICATION )
M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44722 |
Sep, 03
2024
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AUDIT - ( RELATED PARTY IDENTIFICATION )
M/s PQR is an AOP ( Association of Persons) . Its members are M/s ABC Pvt ltd and M/s DEF (partnership firm ). So is M/s PQR and M/s ABC Pvt ltd related parties as per companies act .
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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44723 |
Sep, 03
2024
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AUDIT - ( 026801 )
A government body has appointed me as Auditor of a Society. The term of the appointment states that the Auditor shall prepare Trial balance, Receipts and Payment Account and Balance Sheet apart from Audit .
The Clause of Terms and Condition is " Audit by the Chartered Accountants shall include Value of Money Analysis, Economy Efficiency and Effectiveness. receipts and Payment Accounts , In come & Expenditure Account and Balance Sheet to be prepared and certified "
Thou it is not clear whether the Auditor has to prepare the Final Account and Audit the same, the Auditee expects the Auditor to do so.
Under such circumstances, can we accept the assignment
or will it be against the professional ethics
BY: Syed Sultan Mohideen
Total Answers : 0 | View Answers | Post Answers
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44721 |
Sep, 02
2024
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GST - ( 063083 )
Please clarify whether DMF (District Mineral Fund) contribution made by mining companies (at rate of 30% of royalty) over and above royalty payment being made while dispatching minerals from mines shall be subject to GST under RCM as per Sl no-5 of Notification 13/2017 Central Tax (Rates) or shall be exempted from GST as per notification 12/2017 as services being provided by Governmental authority.
In this regard it may be noted that the DMFT (District Mineral Fund Trust) has now been clarified as a governmental authority as per CIRCULAR-206/18/2023-GST and it has been clarified that they are eligible for the same exemptions from GST as available to any other
Governmental Authority.
BY: CA. PRUSTY SIDHARTHA SHANKAR
Total Answers : 2 | View Answers | Post Answers
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44720 |
Sep, 01
2024
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MISC. - ( FINANCIAL STATEMENTS OF NON CORPORATE ENTITIES )
Please let me know that whether it is mandatory to prepare financial statements of non corporate entities in new format from fy 23-24 or from fy 24-25, kindly clarify the interpretation of technical guide (June 22) and Guidance note ( Aug 23) on financial statements of non corporate entities
BY: SHWETA JAIN
Total Answers : 2 | View Answers | Post Answers
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44718 |
Aug, 27
2024
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Compliance - ( FOR APPOINTMENT AND RESIGNATION OF AUDITOR IN CASE MERGER OF FIRM )
I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view
BY: SACHINDER GARG
Total Answers : 0 | View Answers | Post Answers
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44716 |
Aug, 24
2024
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AUDIT - ( 082701 )
A cooperative society has furnished Audit note of Society Inspector( who does Statutory Auditor) and financial statements for Tax audit and tax audit report has been furnished.Now we find there is mistake in Profit and loss account. One entry around Rs 70000- has been entered twice Whether We should revise TAR altering the deduction amount under Sec 80P so that tax i\liability is nil or pay tax
on Rs 70000- by adding back Rs 70000-
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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44714 |
Aug, 21
2024
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Companies Act, 2013 - ( 406847 )
I was Practicing As A partner in Partnership firm till 15-May-2024. thereafter my firm was merged with another partnership firm from 15-May-2024 till now. My Previous Partnership Firm was Appointed As An Auditor In Some Companies. My Query Is As A Result Of Merger, Do I Need To Resign In Those Companies By Filing Form ADT-3 And Appoint The Partnership Firm As Auditor By Filing Form ADT-1 Or I don't need to file ADT-3 For the F.Y. 2023-2024, Just informing board of Directors of companies is sufficient. I kindly request your guidance on this matter, as I have sought answers from various sources but have not received a satisfactory response. Is there any notification, guidance anything to support the view.
BY: SACHINDER GARG
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44715 |
Aug, 21
2024
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AUDIT - ( UDIN GENERATION )
An audit report was issued on 1st August and subsequently the auditor issued another revised audit report on 5th August with changes in the wordings of the new audit report along with a new udin in 5th August since time limit to revoke the udin for 1st August has elapsed. How ever there was no changes in the figures of the FS on both the dates. Now will the new udin with revised audit report will overrule over the old udin as two udins were generated for the same set of FS? The assessee is a non corporate audit client and assessee is not liable to get its accounts audited under IT act or any other act and declares his income under 44AD(he voluntarily choose to get its accounts audited basically to apply for tenders) kindly guide whether any requirements to be followed
BY: CA INDRANEEL BISWAS
Total Answers : 0 | View Answers | Post Answers
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44712 |
Aug, 20
2024
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AUDIT - ( 082701 )
While doing Tax Audit of a cooperative Society whose statutory Audit is done by Department of cooperatives through its Inspectors ,Inspector's name is to be filled in Form 3CA
However in Express ITR software of KDK Software asks for CA Auditors particulars and ICAI membership etc
What to do
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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44711 |
Aug, 19
2024
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TDS/TCS - ( 063083 )
Please clarify if a company is required to revise its TDS return for 3rd quarter of FY-2324 to give effect to wrong tax deducted in respect of a vendor then within which timeline the unutilized amount of tax available in TDS challan can be utilised.
BY: CA. PRUSTY SIDHARTHA SHANKAR
Total Answers : 1 | View Answers | Post Answers
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44710 |
Aug, 12
2024
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GST - ( LUT FOR NEW ADDRESS )
Kindly guide for following,
Client having Registered Office at A and having LUT for the address. Now he has shifted his registered address to B. Kindly advise,
1. Whether there any procedure to surrender LUT of old address (A) and Can client apply for new LUT for New Address (B) ?
2. Without surrendering, whether we need to apply for LUT for New Address (B)
3. Whether we can use old LUT only and there is procedure of change in Address from old (A) to New (B)
Regards,
CA Trupti
BY: CA. CHAVAN TRUPTI GAJANAN
Total Answers : 0 | View Answers | Post Answers
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44709 |
Aug, 11
2024
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DIRECT TAXES - ( 082701 )
Can Presumptive taxation details be filled in ITR 3 leaving detailed Financial data filled otherwise if because of Capital gain this form is to be filled
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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44707 |
Aug, 10
2024
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AUDIT - ( CARO APPLICABILITY )
A private Limited company is having paid up capital Rs Rs 4.92 cr and Reserves and surplus negative i.e.(-5) cr . Borrowing from banks is Rs 0.53 cr and Revenue is 1 cr . So kindly guide whether CARO is applicable.
BY: samirkumar gokulbhai kasvala
Total Answers : 1 | View Answers | Post Answers
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