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Top 50 Question
Que. Id Date Description
44652
May, 20
2024
GST - ( RCM )

one of my client manufacturing Rice which is exempted goods however its by product '"Bran" is taxable at 5% ,while purchasing some capital goods it has to pay freight to GTA,will RCM be applicable.

BY: CA. SHARMA RAJESH CHANDRA

Total Answers : 2 | View Answers | Post Answers

44651
May, 19
2024
MISC. - ( CA OFFICE FROM RESIDENTIAL SOCIETY )

CA office from residential society(Thane district): 1. Is it allowed 2. Any permissions required We are not staying in the residential premises. We want to use entire flat for CA Office

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44650
May, 16
2024
GST - ( GST APPLICABILITY 12AA TRUST )

ABC CUSTOM BROKER ASSOCIATION. ASSOCIATION IS CHARIRATABLE ENTITY REGISTERED U/S 12AA OF INCOME TAX ACT. WE ARE CHARGING MEMBERSHIP FEES ANNUALY. TRUST IS WORKING FOR ITS MEMBERS FOR EDUCATING, CONDUCTIONG SEMINARS AND ISSUE SOLVING FOR MEMEBERS WORKING AS CHA. FURTHER MAKING VARIOUS REPRESTATION WITH GOVERNMENT AND TAX AUTHORITIES FOR BETTERMENT OF CHA MEMBERS. WHETHER GST APPLICABLE ON MEMBERSHIP FEES AS ANNUAL MEMBERSHIP CROSS 20 LACS? IS THE ACTIVITIES COVERED UNDER CHARITABLE ACTIVITIES AS PER GST ACT? IS THERE ANY OTHER BENEFICIAL PROVISO TO SUCH TRUST/ASSOCIATIONS WITH RESPECT TO GST EXEMPTION?

BY: AHMEDRAZA ANIS SUMIYA

Total Answers : 2 | View Answers | Post Answers

44648
May, 15
2024
DIRECT TAXES - ( NON VALIDATION OF BANK ACCOUNT )

While adding bank account on income tax portal, the validation is failed showing message as ‘EE-WS-BVB-ERR-100020’. How to resolve the issue

BY: ATUL MUKUNDLAL TOSHNIWAL

Total Answers : 1 | View Answers | Post Answers

44649
May, 15
2024
GST - ( RECOVERING GST PAID AT HIGHER RATE )

Dear Experts REG : RECOVERING GST PAID AT HIGHER RATE pl. share your valuable views and guidance Buyer - B was charged GST at 12% by Seller- S by mistake, while later on it is found that actually this product is with NIL rate of tax B paid off invoice and claimed ITC credit and S paid off GST collected to govt, now during GST audit of B - GST officer found ITC credit wrongly availed as there is NIL rate of tax and asked B to pay off GST for availing ineligible ITC credit of purchase of nil rated product and B has paid of the same demanded by govt now B trying to recover wrong charged GST from S, S is not willing to issue credit note, informing that matter is very old of FY 18-19 and they can not get back amount paid to govt under this circumstance can B apply for refund from Govt as he has paid undue tax as neither seller is liable to pay nor buyer is liable to pay any GST on nil rated product under "undue enrichment" to be refunded back to the payer/suffer, here to Buyer B

BY: VIPUL JHAVERI

Total Answers : 2 | View Answers | Post Answers

44647
May, 08
2024
GST - ( 082701 )

Applied for GST cancellation on 26-4-24 wef 31-3-2024 Last GSTR 3B for march filed a couple of days back Also some interest is payable How should I pay Late fee and Interest

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44646
May, 06
2024
GST - ( GST IMPLICATIONS ON MUSIC DISTRIBUTOR )

Dear Forum, I would like to inquire about the tax (gst) implications for a music distributor who publishes albums for musicians and receives music royalties on their behalf from platforms like Spotify, depositing them into their bank account before paying the royalties to the artists. Should these royalties be taxed under GST, or are they exempt? Additionally, who is responsible for paying this tax?

BY: MUHAMMED AMEEN GUNAJE MOIDU HAJI

Total Answers : 1 | View Answers | Post Answers

44644
Apr, 25
2024
INDIRECT TAXES - ( 082701 )

A Firm wants to surrender GST registration wef 31-3-24 It is filing its GSTR 3B on 26 alongwith Taxes payable Can it pay Late fees as well as Interest @18% in this return as well as it does not want to carry return filing in 24-25 Fin Year

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44645
Apr, 25
2024
CORPORATE & OTHER LAWS - ( PROBLEM FACED DUE TO MERGER OF CA FIRMS )

I was Practising As A Sole Proprietor till 09-Jan-2024. thereafter my firm was merged with another partnership firm from 10-Jan-2024 till now. My Sole Proprietorship was Appointed As 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, 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: ROSHAN CHHAGAN PAWAR

Total Answers : 2 | View Answers | Post Answers

44643
Apr, 24
2024
MISC. - ( CA CAN PARTNER WITH ANOTHER PROFESSIONALS. IF ALREADY PARTNER WITH ANY CA FIRM )

Sir I am Partner with one of the ca firm and want to make LLP or Company with another professional like CS, Advocate, cost accountant for any other legal services. Sir want to know can I do this. And what's impacts in my existing CA firm.

BY: shekhar nema

Total Answers : 1 | View Answers | Post Answers

44642
Apr, 23
2024
DIRECT TAXES - ( FORM 10 AB )

Section selected is 10(23c) instead of 12A. Form Application is not yet approved. Is there any way to withdraw application and file new with correct section

BY: CA. CHAVAN TRUPTI GAJANAN

Total Answers : 2 | View Answers | Post Answers

44641
Apr, 20
2024
DIRECT TAXES - ( TDS ON PAYMENT TO GOOGLE SINGAPORE FOR G SUITE SERVICES )

What should be rate of TDS on payment made to Google Singapore for Google workspace, Google suite services. Whether TDS will be applicable, if yes under section 195 or subject to equilisation levy

BY: Ankit Jain

Total Answers : 0 | View Answers | Post Answers

44640
Apr, 18
2024
GST - ( 082701 )

For nonfiling of return/nonpayment of tax by supplier of goods If SCN is issued to asessee for excess input claim of input Whether interest and penality be imposed if the Excess claim in GST credit ledger is unutilised

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44639
Apr, 17
2024
Companies Act, 2013 - ( CONSTRUCTION OF BUILDING CONSIDERATION FOR OCCUPANCY RIGHT )

The Private Limited company is getting lease of land and development cum occupancy right for 30 years from trust. The trust will get building constructed by company (builder) as donation when completed and some fixed rental amount yearly basis for lease. The company (builder) will use such property for rental income for 30 years. How to give treatment of such donation in books of company ? Can we consider it as intangible asset (consideration for occupancy right)? Can we amortize it for 30 years? Please guide. Further, How to treat in books of accounts of trust. ? Thanks in Advance.

BY: CA DHAVAL GHADIYALI

Total Answers : 0 | View Answers | Post Answers

44638
Apr, 15
2024
DIRECT TAXES - ( CHARITABLE & RELIGIOUS TRUST )

Form 10 under Rule 17(2) is required to be submitted electronically two months before the due date of return. Can you please guide as to what is the due date for making such eligible investments, i.e. by when the deposit/investment of the money referred to in clause (b) of sub section (2) of Section 11 of the IT Act is to be made.

BY: Nilanjan Kayal

Total Answers : 2 | View Answers | Post Answers

44636
Apr, 13
2024
DIRECT TAXES - ( 082701 )

Can ITRU be filed with nominal tax under New Tax regime for Fin Year 2022-23

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44637
Apr, 13
2024
DIRECT TAXES - ( CIRCLE RATES HYDERABAD AS PER 2001 )

Can anyone help me with finding cricle rates for Hyderabad as per 01 April 2001 for capital gains calculation? #Hyderabad #CircleRates #CA #ICAI #IncomeTax

BY: CA Shrawan Suthar

Total Answers : 1 | View Answers | Post Answers

44635
Apr, 11
2024
Capital Gains - ( CAPITAL GAIN )

“A” owns a site absolutely and the neighbouring site is owned by “B” absolutely. Both “A” and “B” give their sites for joint development to same builder. Under the advice of developer, the two sites are amalgamated so as to get more floor area. My query is whether any capital gain tax is attracted when two sites of “A” & “B” are amalgamated. This is because when sites are amalgamated, “A” gets 50% right in site owned by “B” previously and vice versa. Does it amount to exchange and capital gain tax is payable. Invite experts opinion on this.

BY: C P Ethirajan

Total Answers : 0 | View Answers | Post Answers

44633
Apr, 05
2024
GST - ( 082701 )

During early months of GST implementation GST 3B was filled and submitted fror Aug 2018 When it was filed,System neither added Input in the Credit Ledger nor Output tax was deducted Hpwever Return was filed on Portal Assessse added the above unadjusted figs in GSTR 3B for Sep 18 Now a mismatch notice has come from donotreply@gst.gov.in for Aug 2018 and being asked to submit fresh GSTR 3B for Aug 18(they have reset Return) This will require resetting of Sep 18 return also but resetting has been done for Aug 18 only Whethert we will have to visit Department

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44634
Apr, 05
2024
GST - ( GST ON HOSTEL SERVICES PROVIDED BY EDUCATINOAL TRUST TO ITS STUDENTS )

Is GST applicable on hostel services provided by educatinoal trust to its students @ 12% when hostel charges are less than Rs. 1,000/- per day per bed ?? Further can we consider imparting of education and hostel charges as composite supply or do we need to consider it as mixed supply ??

BY: VISHAL BABAN PANDIT

Total Answers : 3 | View Answers | Post Answers

44632
Apr, 04
2024
MISC. - ( MRL - CONCURRENT AUDIT )

A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit. Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit. So kindly guide whether CA form should obtain MRL from Bank. Also guide whehtehr is MRL required from Peer Review point of view.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44630
Apr, 03
2024
DIRECT TAXES - ( 082701 )

Whether NRI having carried forward Loss under Income from House property adjust the same against Short Term capital gain from sale of House Property

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44631
Apr, 03
2024
DIRECT TAXES - ( 45(4), 9B )

Fact of the case:- A partnership firm is to be reconstituted where one partner is retiring and one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution neither the land is revalued nor any part of the land is given to the retiring partner. The retiring partner is getiing only the closing capital balance and nothing else. Query- Whether section 45(4) and 9B are applicable in the above situation where no distribution of the LAND. If it is applicable then how the tax on deemed capital

BY: dhanindra kumar surana

Total Answers : 1 | View Answers | Post Answers

44629
Mar, 31
2024
DIRECT TAXES - ( 082701 )

A prop firm has to pay Interest to a Super senior citizen around 499000- He does not have any other source of income Is Form 15G required to be obtained

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44628
Mar, 30
2024
MISC. - ( CONCURRENT AUDIT - MRL FROM BANK )

A CA firm is conducting Concurrent Audit of bank. Also firm is giving few certificate as part of concurrent audit. Firm asked MRL from Bank . However Bank is of opinion that MRL is not required in case of Concurrent Audit. So kindly guide whether CA form should obtain MRL from Bank. Also guide whehtehr is MRL required from Peer Review point of view.

BY: samirkumar gokulbhai kasvala

Total Answers : 1 | View Answers | Post Answers

44627
Mar, 29
2024
CORPORATE & OTHER LAWS - ( DIRECTOR DIGITAL SIGN REGISTRATION ON MCA V3 PORTAL )

Hi, Is separate Business user ID is required for director to get his / her DSC registered in V3 portal of MCA

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 2 | View Answers | Post Answers

44626
Mar, 28
2024
AUDIT - ( STATUTORY BANK BRANCH AUDIT - RACC )

Can anybody please highlight on the scope of audit and audit program in case of statutory bank branch audit of RACC (Retail Asset Credit Centre - Centralized Loan Processing Centre) of a nationalized bank. Particularly in case of appraisal, sanctioning and monitoring of advances pertaining to various branches under that RACC.

BY: ALOK NATH SAHA

Total Answers : 1 | View Answers | Post Answers

44625
Mar, 27
2024
Companies Act, 2013 - ( EFFECTIVE DATE OF RESIGNATION )

What is the effective date of resignation of Director of the Private Limited Company. Is it the date of notice by the Director or the date on which the resignation is accepted by the Company in its Board Meeting. Can it be the date of Board meeting?

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 1 | View Answers | Post Answers

44624
Mar, 26
2024
MISC. - ( 073048 )

I want to receive daily newsletter on my mail

BY: Satyanarayan

Total Answers : 1 | View Answers | Post Answers

44623
Mar, 21
2024
DIRECT TAXES - ( 082701 )

Can We retain our Proprietorship firm and become part of CA Network or LLP

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

44622
Mar, 19
2024
GST - ( 532589 )

A Private Ltd Company has 2 GSTIN in different states. In Delhi, they are dealing in trading of agricultural equipments and is mainly importing the goods. In Haryana, they are dealing in manufacturing of steel products. They have excess ITC balance in Haryana and almost every month, they pay GST liability in Delhi. Now, they want to sell the old obsolete stock from Delhi. Now, my question is whether how they can utilise the excess ITC Balance of Haryana in a legal way to set off the liability in Delhi GSTIN. Is there any legal channel to save the working capital of the company? I f yes, then please let me know. Thanks in advance.

BY: HARSHIT BANSAL

Total Answers : 3 | View Answers | Post Answers

44620
Mar, 16
2024
MISC. - ( PROFESSIONAL ETHICS )

Whether CA in Practice can do Intraday trading of equity shares for himself or if required to take permission from Institute.

BY: ASHISH SINGH

Total Answers : 3 | View Answers | Post Answers

44621
Mar, 16
2024
INDIRECT TAXES - ( GST REGISTRATION )

Dear Forum, A firm is providing health care services and hence the firm did not apply for GST registration as the health care services are exempt from GST. But the firm wants to sell an old medical equipment. Whether the Firm should apply for GST registration? Turnover from the health care services is of Rs.80 Lakh. Thanks in advance.

BY: CA. MADAGALA VENKATA RAMANA

Total Answers : 3 | View Answers | Post Answers

44619
Mar, 08
2024
Compliance - ( COMMUNICATION TO PREVIOUS AUDITORS )

SIR, IF EMAIL IS SENT (as provided in covid period) to Previous Auditor, is sufficient compliance or to be sent by Regd AD/Manual only. Please clarify CA. Veerendra Murashillin Hubballi

BY: CA.veerendra.T.Murashillin

Total Answers : 2 | View Answers | Post Answers

44618
Mar, 06
2024
CORPORATE & OTHER LAWS - ( CONTENTS OF INTERIM AUDIT REPORT )

We have conducted a complete audit of the interim accounts for the period Apr 23 to Dec 23 of a company which is putting it's paper for IPO. Our query is whether the interim audit report to be issued should cover and report on all the matters and clauses of the CARO? If not, which matters should be specifically covered and reported in the interim audit report?

BY: Harpreet Singh Ghai

Total Answers : 0 | View Answers | Post Answers

44616
Mar, 05
2024
GST - ( 082701 )

An asessee purchases Yarn, Gets fabricated through a unregistered Fabricator . It itself does not have machinery as such.Is it practically possible to claim GST Refund I?t is not filing Jobwork Returns also

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44617
Mar, 05
2024
DIRECT TAXES - ( 082701 )

A cooperative Society was issued Intimation under Sec 143(1) with demand for Rs 3 Lacs app .for Previous year 2013-14 in 2015 It was not replied/appealed against. Two years back they again received Demand asking for confirmation of demand . Party requested to allow revision of ITR stating It was a clerical error pf entering status o Copperative Society as Cooperative bank Hence Deduction of Sec 80 P was not allowed in intimation order This year again demand notice was issued and grievance was raised again asking for revision i ITr permission Now ITO of the Jurisdiction has asked to file appeal to CIT Appeal ,NFAC

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44614
Mar, 04
2024
DIRECT TAXES - ( NOTICE U/S 143(1)(A)(II) - SALARY )

How to respond to the ITD intimation seeking clarification with proposed adjustment of standard deduction (proposed disallowance) in Salary Case, wherein the same was arrived automatically from the utility. Assessee is also having Capital Gains, Business income, other income. Return is filed under old regime

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44615
Mar, 04
2024
DIRECT TAXES - ( NOTICE U/S 143(1)(A)(II) - BUSINESS / PROFESSION )

How to respond to the ITD intimation seeking clarification with proposed adjustment of all Chapter VIA deduction (proposed disallowance) in 44ADA Case, wherein the same was correctly inserted in appropriate colomn in the utility. Return is filed under old regime

BY: CA. SURAJ KUMAR CHOUDHARY

Total Answers : 0 | View Answers | Post Answers

44613
Mar, 01
2024
TDS/TCS - ( TDS DEDUCTED AT 20% DUE TO INVALIDATION OF PAN )

One person has not linked his pan to aadhar card and due this reason his pan was inoperative. He has not a return filer. So he missed to link. Now he has came into a contract of property of property sale. In that section 194QB has been applicable. The deductor has made the TDS at 1%. But due to inoperative of pan the deductor has received demand notice of 19% amount i.e.(20%-1%). The deductor has deposited some amount against the demand amount. Now we have checked the 26AS of deductee the amount are reflecting in 26 AS. In 26AS part IV column demand payment for 1% amount it is showing as NO and in second row it is showing as demand amount yes. Whether we can claim that 20% deducted amount in our return of income which was due to inoperative of pan. Now the client has linked pan to adhar.

BY: MAHADEO VIRUPAX WALI

Total Answers : 1 | View Answers | Post Answers

44612
Feb, 23
2024
DIRECT TAXES - ( TAXABILITY OF THE INVESTMENT REG. )

Dear Collegue, Please clarify the following Query:- A Trust Registered under the Income Tax has filed Form No.10 indicating that the Funds were set apart towards Purchase of Land and Construction of Building for the Trust during the year 2019. However the Trust could not accumulate enough funds to acquire a Land The Five year time limit expires as on 31st March 2024. What is the Remedy available to the Trust? Whether the amount set apart is Taxable as the Trust could not comply with as per Form No.10 filed before the Income Tax Authorities. A.S. Raman

BY: A S RAMAN

Total Answers : 1 | View Answers | Post Answers

44611
Feb, 19
2024
Capital Gains - ( CAPITAL GAIN ON DEVELOPMENT AGREEMENT )

Landowner has registered Development Agreement with Developer for area sharing basis in FY. 2023-24. The landowner and Developer will receive 6 and 8 flats respectively in the newly constructed building. The building is proposed to be completed in FY. 2025-26. If Landowner received booking amount towards some of the flats in newly constructed building. e.g. For 1st flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2023-24. For 2nd Flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2024-25. 1) Whether section 145(5A) applicable? 2) In which year, capital gain on land is taxable? - in FY.2023-24, 2024-25 or 2025-26? 3) The amount on which capital gain is taxable?

BY: NAMRATA VIMALCHANDRA KASLAY

Total Answers : 2 | View Answers | Post Answers

44610
Feb, 17
2024
DIRECT TAXES - ( 082701 )

A cooperative society has received a demand notice demanding Rs 6 Lacs app 3 Tax+3 Interest for Ass Year 2014-15 Pr Year 2013-14 This demand was made around three years back also when it was requested to allow Revised ITR for same year but did not hear from them After this for two years Refund was also issued by Deptt Now they have raised fresh demand and withholding last year refund also Whether revised return for same year can be filed now without deptt permission

BY: Mahesh Kumar

Total Answers : 0 | View Answers | Post Answers

44608
Feb, 16
2024
GST - ( GST ON SUPPLY OF WATER THROUGH TANKER )

Whether Gst applicable on borewell Water supply through water Tanker to public and for construction related work??

BY: Ninad Prataprao Shete

Total Answers : 2 | View Answers | Post Answers

44609
Feb, 16
2024
DIRECT TAXES - ( INCOME TAX )

An Indian citizen working in foreign embassy in India. Whether the salary is taxable. Embassy is not deducting any TDS for the salary paid to its employee.

BY: Shobhit Bansal

Total Answers : 1 | View Answers | Post Answers

44607
Feb, 14
2024
Companies Act, 2013 - ( PROVISIONAL FINANCIAL STATEMENTS )

can we as CA Sign Provisional financial statements for Apr 2023 to Dec 2023. We have verified details and docs.

BY: samirkumar gokulbhai kasvala

Total Answers : 2 | View Answers | Post Answers

44606
Feb, 10
2024
GST - ( 082701 )

A cloth manufacturing firm does trading also of certain goods having different HSN. GST on cloth is 5% and on yarn is 12% How to calculate Inverted Turnover for the purpose of refund Whether it should be calculated from turnover only or input value of different HSN's will also be considered assuming input comprising of different HSN is sold

BY: Mahesh Kumar

Total Answers : 1 | View Answers | Post Answers

44605
Feb, 06
2024
DIRECT TAXES - ( 082701 )

Goods purchased from MSME .Payment made after 90 days but within same financial year. What will be affect in view of Sec 43 B(h) After Tax auditor pinpoints this whether Interest payment will be payable @three times of bank rate

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44604
Feb, 01
2024
DIRECT TAXES - ( 082701 )

A sister has given gift Rs 10Lacs to his brother through bank whether income derived by brother will be clubbed in sister's income. Further where brother does not earn income but uses this gift to clear his outstanding liability What will be the consequencies

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

44603
Jan, 31
2024
DIRECT TAXES - ( TRANSFER OF BUSINESS OF PROPRIETOR TO OTHER PROPRIETOR )

If an assessee(mother) wants to transfer her business to her son because of old age,what will be the procedure?tax implications?

BY: Tanisha Sagar Boramanikar

Total Answers : 3 | View Answers | Post Answers