An architect is having registration under GST.He wants to opt for composition scheme as his last year turnover is less than 50 Lacs. Whether he will be able to provide services out of state in which he is registered as Composition tx payer

BY: Mahesh Kumar

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I was receiving the PDICAI daily newsletter through mail. Due to unforeseen reasons I am not receiving the same for the last few months. I am interested in subscribing to the same. Kindly assist me to subscription for PDICAI daily newsletter.

BY: V KRISHNAKUMAR

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Even after getting Aadhar linked mobile and email verified and providing ownership proof,GST department is asking for bank statement (account is yet to open after GST registration),source of investment proof and declaration whether the property is under mortgage or not.

BY: Mahesh Kumar

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26Q has been submitted on 11 th May 2023 and accepted at CPC.But some corrections are required and two challans to be added.What to do ?? And what will be last date for that?? Plz let me know.

BY: SUDIP KUMAR MUKHOPADHYAY

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Our FRN is 011541c With unique code 781916 but i am unable to trace our Firm registration date with RBI

BY: CA. MANGAL SHARAD CHAND

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Dear Friends, I am A resident senior citizen (62 years of age) having only interest income of about Rs.6,50,000/= for Asst. Yr.2024-25. If I opt for the new scheme of taxation u.s.115BAC at the time of filing my Return of Income for Asst. yr.2024-25 then my Total Income will also be Rs.6,50,000/= and my tax liability will be NIL. Can I submit Form 15H to the Banks this year for non deduction of tax at source from my interest income. Also, can my wife (57 years of age) submit Form 15G to the Banks under the above similar conditions. Please advice accordingly. Thanks.

BY: Sudeep B. Sarwate

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Subject: Eligibility for LLB after CA I am a Chartered Accountant who completed my CA after 10+2. I do not have any degree, and I have not completed any degree from IGNOU. I wish to join an LLB program and start my own practice as an advocate in courts. I am aware that I must surrender my COP before starting practice as an advocate. I would like to know if I can join IGNOU to get a BCom degree and then join an LLB program. Will a degree from IGNOU be eligible for admission to an LLB program? Will the Bar Council of India make any objections while issuing COP to a person who has a degree from IGNOU? I would be grateful if you could provide me with any information that you may have on this matter.

BY: RYALI VAMSI KRISHNA

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Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?

BY: samirkumar gokulbhai kasvala

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Hi Team, I am having part-time COP & working in an MNC as an employee. Now I am having permanent work from home option. So can I place my name board outside my home & start provide tax consultancy services other than audit & signing related services? Thank you in advance!

BY: VITTAL MATARE

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Whether TDS has to be deducted on Training Fee paid to Cambridge University U.K. towards training provided to teachers of a school through video conferencing ?

BY: Gaurav Kumar Baranwal

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Mr. A is an employee of M/s XYZ Private Limited. He has received some ESOP over the period of time during his employment with M/s XYZ Private Limited. Now, M/s XYZ Private Limited who were holding around 80% of stake in startup decided to exit from the startup and sell the whole stake. Due to the exit from this startup the valuation of M/s XYZ Private limited has gone down and board decided to compensate the ESOP holders. Board decided to pay say Rs. 100,000/- per ESOP to its employee as compensation for loss in valuation before and after the exit from startup. Que.: What will be taxation of this receipt in the hands of employee?

BY: samirkumar gokulbhai kasvala

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As per section Section 288(2) one of the partner of the firm is relative of the assessee firm hence it is understood that he cant be auditor of that firm. But there are other partners also who are not relative. Can other partner of the firm conduct audit.

BY: DEEPAK K GUJRATI

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A TRUST IS TO CREATED BY A SETTLOR IN RELATION TO AN IMMOVABLE PROPERTY ,SINCE THE TRUST HAS NOT YET BEEN REGISTERED U/S 12A WHAT IS THE POSITION OF TAXABILITY OF IMMOVABLE PROPERTY .

BY: vikas kalra

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A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account

BY: Mahesh Kumar

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A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account

BY: Mahesh Kumar

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An unregistered assessee has to pre-deposit 7.5% of service tax demand for filing appeal. While applying for Non-assessee registration through aces tab on cbic portal, it generates only excise registration number and excise accounting codes for deposit of taxes. How to deposit the aforesaid pre-deposit amount then ?

BY: Gaurav Kumar Baranwal

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sir , could anyone explain new clause h inserted by FA2023, how it will be applicable and what is the scenario , if business entity has an agreement to pay the supplier say-90days , than , in such case will it be disallowed if paid after 45days.

BY: RAM SAMARIA

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An application for GST registration has been made . though mobile no is authenticated E mail could not be. Now we can neither submit nor modify application till a notice comes from GST department Can We file another application with new Email address

BY: Mahesh Kumar

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Can a Chartered Accountant issue Financial Solvency Certificate to his client for procuring a Government Contract ?

BY: ALOK NATH SAHA

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Can a Practicing Chartered Accountant suppose Mr. A in his personal capacity being a Proprietor of his 'A Firm' authentication Internal Audit Report of Listed Entity where one of the Director Mr. B of such Listed Entity and Mr. A are partners in another Chartered Accountant Firm named 'AB Firm'. Will there be any conflict of interest?

BY: Mitul Makwana

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ONE OF MY CLIENT HAD PURCHASED AGRICULTURAL LAND IN DECEMBER 2014 AND PAID SALE CONSIDERATION IN CASH WITHOUT EVEN EXECUTION OF AGREEMENT OF SALE. THE VENDORS WERE HUSBAND AND WIFE. THEY HAVE NOT EXECUTED SALE DEED AS ONE OF THE VENDORS ( HUSBAND) HAD DIED AND THE LEGAL HEIRS OBTAINED LEGAL HEIRS CERTIFICATE IN SEPTEMBER 2016 ON THE NAME OF THE DECEASED WIFE AND SON. AS THE MUTATION AND LAND HOLDING WAS NOT TRANSFERRED ON THE NAMES OF THE LEGAL HEIRS , THEY KEPT THE EXECUTION OF SALE DEED PENDING. NOW THEY ARE READY TO EXECUTE THE SALE DEED. BUT THIS PARTICULAR AGRICULTURAL LAND HAD BECOME URBAN LAND AND THE SUB REGISTRAR OFFICE VALUE HAVE GONE IN CRORES. MY QUERY IS WHETHER THE SRO CAN ADOPT THE VALUE AS OF THE CURRENT DATE OR THE YEAR IN WHICH THE ORAL AGREEMENT ENTERED INTO AND FULL SALE CONSIDERATION WAS PAID. THAT WHETHER STAMP DUTY VALUE AS ON DATE OF AGREEMENT TO SELL OR THE DATE OF REGISTRATION OF SALE DEED TO BE ADOPTED FOR SECTION 50C.

BY: Anwar Iqbal

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I have just submitted Application for GST Registration opting for aadhar authentication. While mobile no of applicant is attatched with his Aadhar, Email address is mine. Whether it will be possible to authenticate in this case. Whether uploading KYC documents of applicant would have been better option

BY: Mahesh Kumar

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Hello fellow CAs, I am CA Vamsi Krishna Ryali (Membership No 255279) from Dwarapudi of Andhra Pradesh. and I have a query regarding the final registration of a new NGO under section 12AB of the Income Tax Act. My client is a new NGO that was incorporated on 23-Jun-2021. I applied for provisional registration under 12AB and it was approved on 31-Dec-2021. As per the provisions of the Income Tax Act, we must apply for final registration within six months of commencement of activities or before expiry of provisional registration whichever is earlier. However, we did not apply for final registration within six months because our client did not have many activities or donations till date. I would like to know the following: 1. How is the date of commencement of activities determined for the purpose of final registration under 12AB ? 2. Is this date subjective or objective ? 3. Is this date the same as the date of issue of provisional registration or different ? 4. Can this date be decided by the management of the NGO or is it fixed by law ? I request any clarification or guidance from the experts in this forum. Thank you in advance.

BY: RYALI VAMSI KRISHNA

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Can a person registered already under GST apply for another GST no under the same PAN by forming another Prop Firm Whether GST authorities generally raise any objection?

BY: Mahesh Kumar

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An asessee has gone abroad in Sep 2021 and has visited india in FY 22-23 for 43 days only. He will be nonresident for 2022-23 . If he sells a flat here in India in FY 23-24 which he has got posession of in Dec 22 .For calculation of his cost ,Consideration paid to a housing co mentioned in registry is around Rs 50 Lacs but adding GST part will be around 60 Lacs If he applies in form 13 to asessing officer for no deduction/Lower deduction of TDS whether it will be issued easily ?What are the other formalities to be complied in this case.Whether this consideration be deposited in normal saving account in India for further remittance to abroad

BY: Mahesh Kumar

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Whether Rs. 14 lakhs paid by an assessee to WBSEDCL (W.B. State Electricity Development Corporation Ltd.) towards installation of electric poles, cable laying and transmitter for new industrial electric supply connection at his newly constructed rice mill (based on their quotation). The poles, cables and transmitter shall continue to be the property of the WBSEDCL. Commercial production has not yet been commenced in the rice mill. Whether the expenditure shall be debited in full in the profit & loss account of the assessee in the year of payment and the same is allowable as revenue expenditure u/s 37(1) of the Income Tax Act, 1961? Please reply. With regards!

BY: ALOK NATH SAHA

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How to remove an existing director from Private limited company. Several notices were issued for attending Board meetings and all such meeting was not attended. DIN-KYC is not updated since last four years. In annual reports non attendance and non- signing of any of such statment is already reported

BY: SURAJ KUMAR CHOUDHARY

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Dear Sir, our client is engaged in renting of properties and also engaged in construction of apartments. we have IGST credit of Construction Business and And CGST & SGST liability for Rental Business. client wants to pay CGST & SGST Tax on cash basis without using IGST credit relating to apartment construction. reason for the same is that if IGST credit is used there will be no balance to reverse IGST credit pertaining to unsold inventory in apartment. However Portal does not allow to make payment of CGST & SGST tax in cash unless IGST credit is Exhausted . kindly guide us with the issue.

BY: Sachin

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Rule 37 of CGST Act talks about reversal of ITC in case of non payment of consideration within 180 days . In the said rule , sub rule (3) was omitted w,e,f 1st Oct 2022 vide NN 19/2022 . Department contention is that erstwhile sub rule (3) which says “ RP shall be liable to pay Interest u/s 50(1) starting from the availment of ITC ( not utilisation ) shall be applicable till 1st Oct 2022 as this rule has been omitted w,e,f 1st Oct 2022 . Interest u/s 50 (3) as amended retrospectively vide NN 09/2022 w,e,f 5th July 2017 where Interest has to be paid on ITC availed & utilised shall not be applicable in such cases . Your view on above ?

BY: VINOD KUMAR SHARMA

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An assesse has claimed input tax credit on purchase but the transaction is not visible in GSTR 2A. Should it reverse the input credit by reducing current month(march 23) Input or add to output liability. Further whether interest also has to be added though actually this amount not utilised for payment,only balance amount increased of IGST ledgers

BY: Mahesh Kumar

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ABC Ltd is a forwarding agent and is taking tanks on rental to export the chemicals of XYZ Ltd. To take those tanks on rental ABC Ltd has three choices to deal with which are as below – 1. Whether ABC Ltd takes tanks on rent from PQR Ltd, a registered Indian company. In this case at what rate PQR Ltd will charge GST to ABC Ltd? 2. Whether ABC Ltd takes tanks on rent from DEF Pte Ltd registered company in Singapore with no permanent place of business in India. As its import of services, Will ABC Ltd be liable to pay GST on reverse charge mechanism (RCM) being the import of service and if yes then at what rate? 3. Whether ABC Ltd takes tanks on rent from PQR Pte Ltd registered company in Singapore with the place of business in India also but payments are being made to Singapore registered company and invoice is being made by PQR Pte Ltd. In such case who will charge GST at what rate?

BY: PRATIK M DUGAR

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Hi, Since 2020, I have held a COP and worked as a sole proprietor. I have been a member since 2019. So my experience is 3 years from COP and 4 years from becoming a CA member. My friend is also a sole proprietor and an FCA with more than 5 years of experience in audits. We want to form a partnership firm. Q1. Can we both become full-time partners in the new firm and proprietors of our respective existing sole proprietorship firms at the same time? Whether ICAI allows it? The address of the firm will be the same as the address of one of the proprietorship firms, so technically there will be one head of charge for two firms, i.e., a partnership firm and a proprietorship firm. Further, we will have 3 FRNs, i.e., 2 proprietorship firms and 1 partnership firm. (If proprietor and partner is not allowed, we will close the our proprietorship firm) Q2. Whether our partnership firm (as mentioned above) will be eligible for audits, if the criteria are as follows: "The Auditor / Audit firm or at least one of the partners should have a minimum of 5 years’ experience in carrying out audits" Q3. To qualify the above criteria of 5 years' experience, shall we convert the proprietorship of my friend (which is having experience of more than 5 years) into partnership firm adding me as a partner or shall form a new partnership firm? Basically, will the individual experience of partners be counted as the experience of the firm?

BY: YASH SUNIL SHAH

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A person is receiving Salary and interest from the same Proprietorship firm and total amount from Salary and interest exceeds Rs 250000- but total income is below Rs 5Lacs. Can he give form 15G for nondeduction of TDS

BY: Mahesh Kumar

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After login when we go for downloading 15G utility Financial year 2022-23.' It is not available' message appears.What to do. Further whether three few Forms received together can be uploaded?

BY: Mahesh Kumar

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Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000. Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment. So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done? Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.

BY: NAVEEN KUMAR AGARWAL

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Suppose we received Service Invoice of 100000 dollar and make payment of 70000 to foreign party after deducting TDS @30% (TDS rate is just for example) and also form 15CB issued for 70000. Now foreign party is not agreeing for the TDS amount and now we need to make further payment of 30000 (Payment of 70000 is already done) and TDS need to be deposit by grossing of the earlier and current payment. So please confirm how to issue form 15CB for this balance 30000 amount and also confirm is there any action required for the form 15CB which we already issued for 70000 amount in which we mentioned that grossing of TDS is not done? Foreign will not issue any further invoice and we need to make 30000 payment on this invoice only.

BY: NAVEEN KUMAR AGARWAL

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A firm is filing GST returns on quarterly basis. How can it change to monthly filing scheme. Further if it wants to furnish IFF on monthly basis and file GSTR3B on quarterly basis whether it can do the same within existing scheme of quarterly returns or has to request on portal.

BY: Mahesh Kumar

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I was holding full time COP and doing practice, now i have joined a company and have surrenderd my COP. Can i hold part time COP and resume my practise as Chartered Accountant ?

BY: ASHISH KUMAR

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Can a CA firm create a logo for it? Can it use in the name board any logo other than the CA logo?

BY: Achuthan P

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If there is joint seller of immovable property. But the consideration is to be paid to single seller, can we deposit TDS in Form 26QB in the name of that single seller only

BY: ABHISHEK NALANGE

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A regular taxpayer Service provider with turnover less than 50 Lacs wants to opt for Composition scheme for 2023-24 Financial year. Whether he should have applied up to 31-3-23.

BY: Mahesh Kumar

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Hi, I have two queries regarding Sign Board My first question is can we put our firm name on ACP board with acrylic letters. Second is whether the name of the firm is allowed to be written on the ACP board with paint.

BY: RISHABH AGARWAL

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What will be the impact of GST on Land Owners Share when is land given to a Developer under a Developer Agreement and in consideration receives proportionate flats ? At what rate will GST be deposited on above transaction ? Please guide with reference.

BY: Gaurav Kumar Baranwal

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We have filed revision application under section 264 last year but it is rejected this Year by CIT. What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT? Waiting for your Valuable suggestion Thanks in advance

BY: HAYEDAR SALEEM SHAIKH

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We have filed revision application under section 264 last year but it is rejected this Year by CIT. What will be next action whether should we go for WRIT PETITION or file an appeal in ITAT? Waiting for your Valuable suggestion Thanks in advance

BY: HAYEDAR SALEEM SHAIKH

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As no of Bank branches to be audited have been drastically reduced and from 2023-24 it is up to Bank management to decide no of branches to be audited, A regular source of CA's income is being finished. Will it not be appropriate for PDC to take some proactive action .Small MSME firms even Proprietorship firms with rich experience also are not being considered for CAG/Other bank audits. They should be given assured minimum Audit work . There are enough Audit works available . Only equitable distribution is required.

BY: Mahesh Kumar

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In a partnership firm, there are 3 partners having share as under A-55, B-40 & C-5. The partnership firm is having an immovable property in its name as a godown which is used for its business and accordingly appeared in block of assets as per the provisions of income tax act 1961. Now on 1 apr 2023 there will be change in the constitution of the firm as under by admitting one new partner and accordingly the profit sharing ratio will be as under. Please note that the incoming partner is also bringing in Rs 20 lacs as his capital. The fare market value of the godown (immovable property) as on 01.04.2023 will be RS 30 lacs. The new profit ratio as under A-45, B- 35, C -5 & D-15. In the above situation over query is whether provisions of section 45(4) & provision of section 9 (b) of the income tax act 1961 whether applicable either one or both. Please clarify along with any case laws if available.

BY: MAHADEO VIRUPAX WALI

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One person had reversed excess ITC taken in FY 2021-22 [due to not uploaded in portal by suppliers] in sep `22.Now the issue is how to show this in FY 2022-23 ?? Will it affect purchase figure of FY 2021-22 which was already audited ??

BY: SUDIP KUMAR MUKHOPADHYAY

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A resident individual has interest income less than Rs 250000- but has income from business and total income is around 495000- After rebate u/87A Tax will be Nil Whether he can give Form 15G to deductor for nondeduction of TDS on interest

BY: Mahesh Kumar

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We are advance authorisation holders. During January 2019, we executed an export transaction on behalf of a third party advance license holder i.e. in the nature of third party exports. The said exported goods were procured by us from the said third party advance license holder on GST tax invoice and subsequently the goods were exported against advance authorisation license of the third party, thereby fulfilling the export obligation of third party. We had claimed refund of accumulated ITC on said export as per Rule 89(4) as the third party exporter had not claimed any refund. The said case has been picked up for assessment and the GST officials are categorizing the transaction as deemed export in line with Notification No. 48/2017 and are stating that refund has to be claimed as per Rule 89(4A). Given the above, my query is as follows: a) Are GST officials correct in categorising the above transaction as deemed export; b) In the event the above transactions are categorised as deemed export, can we claim refund of GST charged and paid on goods procured from third party exporter.

BY: SHRADDHA S KAMATH

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