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| 44576 |
Nov, 20
2023
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MISC. - ( PART TIME COP WITH FIRM NAME ALLOWED OR NOT )
A member took full time COP and has registered her Firm with ICAI. Now is planning to join a CA firm as an employee wants to know that on doing so when employer firm will add his details in their firm with the ICAI then his COP will automatically get converted into Part time COP or he has to intimate ICAI as unable to fill form 190A because sole incharge of proprietorship firm?
And also wants to know his (members) firm registered under him will continue as it it's or need to do anything?
BY: TAMANNA VASANTA
Total Answers : 2 | View Answers | Post Answers
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| 44573 |
Nov, 15
2023
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GST - ( ITC CREDIT FOR OCT.'23 )
Supplier had filed its sales without GST no. during the month of March'23 and still not filed its GST return for Aug'23 and onwards. Can we take GST credit of the same without being updated in GSTR 2B. As post Nov.'23 we can't claim ITC for the period 22-23, is other option left to take this ITC
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 44574 |
Nov, 15
2023
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GST - ( PAYMENT OF GST BY THE OWNERS IN DEVELOPMENT AGREEMENTS )
Sir in the case of a Development agreement to construct apartments on the site of the owner by a builder, how do we pay the GST on the owner's share of apartments. It is the onus of the developer to pay the GST on the owners share of apartments. How do we pay the GST.
Should it be paid in RCM or
DRC03 or
Should it be shown as the turnover of the Developer and pay 18% GST on services of construction renedered to the owner?
Kindly clarify.
BY: Y.KANAKAMAHALAKSHMI
Total Answers : 2 | View Answers | Post Answers
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| 44575 |
Nov, 15
2023
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GST - ( HOW TO CLAIM INPUT GST ON ONLINE TRADING OF GOODS )
The dealer sells goods through flipkart say for Rs100/- per unit. Flipkart pays Rs. 30 for delivery charges and remits Rs. 30 to the dealer with GST. The turnover is booked at RS. 70 with GST for a sale of Rs. 100. Besides the input GST on delivery charges paid by Flipkart is passed on to the dealer as it is booked on the dealer's GST. The dealer is recording a gross profit of Rs 40 being 70-30 = 40 ( booked turnover- delivery charges) where his gross profit is 100-30=70.
Hence resulting in a loss with heavy input to be reversed. How do we deal with this situation?
BY: Y.KANAKAMAHALAKSHMI
Total Answers : 1 | View Answers | Post Answers
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| 44569 |
Nov, 06
2023
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GST - ( NON- RECEIPT OF GOODS )
In case of few purchases, supplier of goods raises invoices in the name of particular buyer, but goods taken away by some other person from transporter. Only issue is ITC comes under buyers name without actual purchases / payment / supplies. If buyer not take credit of the same from 2B on account of the above, how it would deal with possible reversal if any (in future)
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 1 | View Answers | Post Answers
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| 44568 |
Nov, 03
2023
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DIRECT TAXES - ( 082701 )
A HUF was formed around 15 years back by accepting a nominal Rs 5000- gift from brother of Karta .HUF consisted of Karta,his wife and a male child then minor. It did business for around 12 years and has a capital of Around 27Lacs which is standing in the books of a firm to whom all assets and liabilities were transferred while closing the firm owned by HUF Now The said firm is returning Rs 27 Lac to HUF's saving account Son of Karta has recently got married.How should be amount of Rs 27 Lacs should be distributed Whether Daughter in law of Karta will also be entitled to her share or Rs 27 Lacs can be divided between Karta.his wife and his Son only
BY: Mahesh Kumar
Total Answers : 0 | View Answers | Post Answers
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| 44564 |
Oct, 26
2023
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DIRECT TAXES - ( CLAIMING 80IAC WHEN OPTED FOR 115BAA )
Assessee:- Pvt Ltd Company
Date of Inco:- Sept 2019
Filed Return:- AY-20-21, 21-22, 22-23
Tax Rate:- 115BAA i.e. 22% However 10IC filed for AY 21-22 only.
Status:- Startup Registration got on Nov 21
80IAC Approval:- 24 Oct 2023
ITR and Tax Audit:- Due date 31/10/23 not yet uploaded
Query:- Assessee want to exercise 80IAC for AY 23-24 or AY24-25 onwards.
Can he do so? Assessee wasn't aware at the time of filing first year return about start up registration and 80IAC. Mistakely selected tax rate u/s 115BAA. Now assessee wants to get deduction u/s 80IAC. He is ready to file rectification/Updated return with 25% tax rate for AY 21-22 and AY 22-23 and pay differential tax. Need opinion on this.
BY: ASIF MUJAWAR
Total Answers : 1 | View Answers | Post Answers
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| 44565 |
Oct, 26
2023
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DIRECT TAXES - ( TREATMENT OF SALES INVOICES )
Hi All,
As assessee, being a railway contractor, had raised an invoice during Mar'23, and filed GST return of Mar'23 by including the same. However TDS has been deducted by Railways only in Apr'23 at the time of payment. If I included this invoice in FY 22-23, we will be denied the TDS credit by the CPC. Please advise if it's right to carry forward the sales to next year by showing it as WIP or otherwise and include it in next year sales and claim TDS credit. Thanks
BY: CA. VASUDEVAN P K
Total Answers : 2 | View Answers | Post Answers
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| 44566 |
Oct, 26
2023
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GST - ( APPLICABILITY OF INTEREST ON DELAYED PAYMENT OF GST )
Fact of the case
1. Original 03 Invoices raised in the month of March 2018 - Taxable Value Rs. 40000000 on CGST / SGST @ 2.5% -1000000 /1000000
2. Amended one invoice in the month of August 2018 of Rs. 400000 @ 18%
3. Raised Two Debit Note in month of September 2018 for renaming two invoices pertaining to 2017-18 for differential tax
Original Invoice Date
31/03/2018
31/03/2018
31/03/2018
Later in the month of August 2018 invoice No. 02 amended for correction in GST Rate
Amendment
Original Invoice Date
31/03/2018
in the month of September 2018 raised two debit note for Invoices pertaining to 2017-18 for differential Tax amount
Date of Dr Note
15/09/2018
15/09/2018
GST Paid in the month of March 2019 through credit ledger
Now GST Department demanding Interest on Rs. 52,00,000/- on amended invoice as well as debit note raised in next financial year ( 2018-19) from 20/04/2018 till date of deposit of Tax. Tax deposited thrugh credit ledger.
Credit ledger have balance in the month of March 2018 Rs. 10,00,000 & in the month of March 2019 45,00,000/-
Required Advice / Guidance
Applicability of Interest -
1. From April 2018 on 52.00,000/-
2. From August 2018 on 19,50,000/-
3. From September 2018 on 32,50,000/-
4. Whether Credit ledger Balance in the Month of March/ August / September & March 2019 is considered for charging Interest ?
BY: Pravin Taparia
Total Answers : 0 | View Answers | Post Answers
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| 44563 |
Oct, 25
2023
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COUNCIL DECISION - ( WORKING IN INDUSTRY ON WORK FROM HOME BASIS AND HOLDING COP )
I am currently working in private limited company (IT consulting services) on work from home basis from 2 p.m. to 11 p.m. shift. Monday to Friday. At the same time I am holding a COP and associated with firm as branch in charge. I lost my job in gulf and returned to Indian. I was thinking of setting up a practice in home town. During the process of renewal of membership and COP as well as arrangement with firm, I got an offer for work from home basis. I accepted the offer to start employment and continued to hold COP and associated with firm. Establishing a practice in a small town with too much competition will take it's own time. Also, need to support families financially as well. In this circumstances can i continue with employment as well as hold full time COP or any other best option available.
BY: Jainuddin Nihal
Total Answers : 2 | View Answers | Post Answers
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| 44561 |
Oct, 18
2023
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DIRECT TAXES - ( QUERRY REGARDING FORM NO. 10B AND ITR-7 )
1) While filling form No. 10B - Sl No. 18, to fill the details of incidental business, we are getting only one line item to fill. Whereas in case of educational institutions, there are two or three incidental businesses such as busses and hostels etc. How to fill the drop down box. Can we give only one incidental activity and give the receipts of all the businesses put together in the column for gross receipts of incidental businesses.
2) While filling ITR-7 SCHEDULE - JA2, LONAS AND BORROWINGS, is it necessary to take the figures of "OD/CC" accounts also. Sometimes it may so happen that the expenditure for attainment of objects will be met out of OD/CC accounts and we will claim such expenditure as spent/
BY: CA. VENKATA SATYANARAYANA V
Total Answers : 1 | View Answers | Post Answers
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| 44560 |
Oct, 14
2023
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Capital Gains - ( LTCG WHEN SALE CONSIDERATION RECEIVED IN INSTALLMENTS )
Capital Gain on Sale of Urban Agriculture Land
Date of Sale :- 20/03/2023
Sale Consideration:- 1 crore (Only 20 lakhs is received till the date as agreed in registry and remaining will receive in March 24)
Indexed Cost of Acquisition:- Rs. 3 lakhs
Possession Given and Registry done on 20/03/2023
Seller wants to take Benefit of section 54B (Purchase of another agriculture land) but amount is not received till the date of return filing and even now.
Please suggest what to do ??
BY: Ankit Vijaywargiya
Total Answers : 1 | View Answers | Post Answers
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| 44559 |
Oct, 10
2023
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GST - ( EINVOICING OF TAXPAYER )
Assessee have been enabled for e-invoicing on the GST portal. But as the taxpayer deals Mainly in NON-GST items and small turnover of taxable items in B2C category only, what to respond if mail have been received for filing declaration for exemption under the specified category (which not applicable to aseessee)
BY: SURAJ KUMAR CHOUDHARY
Total Answers : 2 | View Answers | Post Answers
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| 44558 |
Oct, 09
2023
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DIRECT TAXES - ( REVISED TAX AUDIT REPORT )
During filing of tax audit report,
the details of Non-deduction of TDS on payment to resident was wrongly entered in coloum of non-resident.
i.e. detailed to be entered in 21.B.(ii) - 30% disallowed was entered in 21.B.(1) - 100% disallowance.
Query :
1. can revised report be filed ?
BY: DNYANESH PATADE
Total Answers : 3 | View Answers | Post Answers
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| 44557 |
Oct, 01
2023
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AUDIT - ( TAX AUDIT CEILING LIMIT CLARIFICATION )
"The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the "specified number of tax audit assignments".
FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD upto 2 CRORE OR 1 CRORE ?
For example
Last yr turnover 80lac opt for 44AD but current year turnover 1.6cr opt out 44AD and net income exceed minimum amount chargeble to tax.
Please clarify that under which section audit will be done 44AB(a) or (e) for current year and it will counted under our Audit limit of 60?
BY: MD AZHAR
Total Answers : 1 | View Answers | Post Answers
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| 44554 |
Sep, 24
2023
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DIRECT TAXES - ( INTER BRANCH SALES - GST, AUDIT, ITR )
Hi,
I have one client....it has 2 branches one in Delhi and one in Haryana.
Delhi Branch Sale - 2.5 Cr.
Haryana Branch Sale - 1 Cr.
Total Sale as per GST - 3.5 Cr.
But Haryana branch only transfers stock to Delhi branch and no outside sale.
Now, as per Income Tax audit will be done on 2.5 cr.
Can we show Rs. 3.5 cr. sale in ITR, as sale and purchase of 1 cr. will be set off against each other and no impact on GP/NP.
Because if we state 2.5 cr. sale in ITR, then we can get notice from Income Tax department and it can lead to unnecessary litigation.
If anyone of you have any such client, please respond how are dealing with the same in audit and ITR?
BY: CA ROHIT GARG
Total Answers : 1 | View Answers | Post Answers
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| 44553 |
Sep, 22
2023
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MISC. - ( FIRM APPROVAL FOR NEWLY QUALIFIED CA )
I HAVE APPLIED FOR COP. I WANT TO PRACTICE AS A PROPRIETOR, IS IT NECESSARY TO TAKE FIRM NAME APPROVAL AS I WANT TO PRACTICE AS "MANISHA & ASSOCIATED".
AS PER REGULATION 190 , IF CA WANTS TO PRACTICE IN HER OWN NAME, NEED NOT APPLY FOR APPROVAL. KINDLY RESOLVE MY QUERY.
BY: MANISHA RAJBHAR
Total Answers : 2 | View Answers | Post Answers
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| 44548 |
Sep, 21
2023
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AUDIT - ( APPLICABILITY OF CARO 2020 )
Regarding Private Limitred, have one Confusion . In the Order it is mentioned that
not being a subsidiary or holding company of a public company
Here My Query is Whether if Private Limited Company is a Subsidiary of one foreign Company. Then CARO is applicable to this or nor?
Because of the Professionals are telling that CARO is applicable to Any Subsidiary Company.
BY: LAKSHMI NARAYANA PANTHANGI
Total Answers : 1 | View Answers | Post Answers
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| 44549 |
Sep, 21
2023
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AUDIT - ( 168743 )
1. Can a CA do Audit of the Firm in which his Uncle's son is a partner holding 75% share?
2. Can a CA do the Audit of the proprietorship firm of Father-in-Law?
BY: DHANESH GALA
Total Answers : 1 | View Answers | Post Answers
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| 44546 |
Sep, 03
2023
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TDS/TCS - ( SUBMISSION OF 26Q FOR Q 1 OF FY 2324 )
Dear Member,
Has anybody submitted 26Q for Q1 of FY 2324 ?? I have tried it today.But error report is coming regarding latest version of FVU and/or old CSI file.But I have updated my software and downloaded latest CSI file.But of no use.What to do ?? Please suggest.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 44543 |
Aug, 31
2023
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AUDIT - ( AUDIT UNDER SECTION 44AB(E) )
My query is that one of my client is opted sec 44AD last year having turnover of 1.20 crore but for this year having turnover of 1.70 crore and profit is 8.5 lakh (5%) then under which clause audit is applicable 44AB(A) Or 44AB(E)
BY: ANIL SHARMA
Total Answers : 3 | View Answers | Post Answers
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| 44542 |
Aug, 27
2023
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TDS/TCS - ( CHALLAN CORRECTION )
Dear Members,
I want to make TDS challan correction regarding financial year only of Q1 of FY 23-24.26Q has not yet been submitted.TRACES is sending messages regarding new value is to be given of major head,minor head and section.But there will be no change regarding these three values. Can anybody tell me whether challan correction is possible before submission of return ??
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 1 | View Answers | Post Answers
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| 44539 |
Aug, 24
2023
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DIRECT TAXES - ( 082701 )
A Proprietorship firm with turnover less than 1 Crore and Net Profit exceeding 2.50 Lacs but less than 8%/6% does not required Tax Audit but has to file ITR in Form ITR 3. Am I correct
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44536 |
Aug, 21
2023
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DIRECT TAXES - ( 082701 )
A tax audit report has to be rectified for a clerical mistake not effecting Balance sheet or Tax liability.While ITR has been already filed and UDIn is created Whether it will have effect on ITR filed/UDIN generated
BY: Mahesh Kumar
Total Answers : 2 | View Answers | Post Answers
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| 44533 |
Aug, 20
2023
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TDS/TCS - ( CHALLAN CAN`T BE DOWNLOADED )
Dear Members,
I remitted TDS amount in challan 281 on 06/08/2023 and it was sunday.Status is showing as `` initiated`` and it is valid till 21/08/2023.Amount has been debited from bank and there was no reverse entry till date.TDS grievance is of no help.What to do ?? Please guide me.
BY: SUDIP KUMAR MUKHOPADHYAY
Total Answers : 3 | View Answers | Post Answers
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| 44534 |
Aug, 20
2023
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DIRECT TAXES - ( FORM NO 13 FOR LOWER DEDUCTION OF TDS )
An NRI has sold a flat for Rs 75 Lacs Short term capital gain is around 5.25 Lac Tax Liability is around 13000-
He has filed Form no 13 on 20-8-23 online and acknowledged by CPC (TDS) on 20-8-23
Registration of Title deed is due within a week
Sale agreement is dated 8-8-23 and TAN of deductor was applied on 10-8-23 which was issued a couple of days back
In such a case what will be the duty of Deductor reg TDS as certificate is not expected soon
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44531 |
Aug, 17
2023
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AUDIT - ( 082701 )
A CA has to file revised tax audit report by correcting Business Address and with the name of Prop Firm name to be added. In such a scenerioo whether UDIN will have to be generated with amended date of Tax Audit report
BY: Mahesh Kumar
Total Answers : 1 | View Answers | Post Answers
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| 44529 |
Aug, 14
2023
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OTHER BODIES - ( EMPLOYEE GRATUITY )
A company has taken Emp. Gratuity policy with LIC. For the outgoing employees LIC has remitted the Gratuity to the Trust. However due to Bank account operation issue, they made payment to the outgoing employees from the Company. They have also booked the payment as expense and disallowed the same in the Co. IT return. Now the funds are lying in the Trust. Is there any way out to utilize the Funds with the Trust. Can the Trust remit the money received from the LIC to the Co.
BY: CA. VASUDEVAN P K
Total Answers : 1 | View Answers | Post Answers
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| 44530 |
Aug, 14
2023
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OTHER BODIES - ( EMPLOYEE PROVIDENT FUND )
A Company made EPF payment to a retiring employee through Trust. The Assessee retired on Jul'21 and received the EPF payment on May'22. For the interim period the trust has paid interest on the accumulated balance. While making the payment the Trust deducted TDS on entire interest, i.e. int for the period Aug'21 to May '22 on accumulated balance. Is it right to deduct TDS on the entire interest. Shouldn't they segregate taxable and non taxable contributions and deduct TDS on interest from accumulated balance of taxable contributions.
BY: CA. VASUDEVAN P K
Total Answers : 1 | View Answers | Post Answers
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