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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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

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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

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My doubt is when ca proprietorship firm merge into partnership ca firm and proprietor ca become partner in partnership firm is number of this partner counted as CAG empanelment or other tender qualifying marks ??

BY: CA PRADEEP KUMAR YADAV

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Dear all, What will be the Capital Gain implications in case entire proprietorship business had been transferred to daughter after death of her father ?? Second question is that what will be the Capital Gain implications in case such daughter along with two other sisters constitutes partnership by way of discontinuance of proprietorship wef 01/01/2024 ??

BY: SUDIP KUMAR MUKHOPADHYAY

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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

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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

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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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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

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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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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

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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

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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

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Sir, An assessee filed his return of income tax showing profit under section 44AD. Now DDIT / ADIT has asked to submit his Balance sheet, profit and loss account and capital account. While assessee not maintained books of account. Is DDIT / ADIT legitimate to ask for these documents, do we need to prepare it and submit? Please advice.

BY: RAM KUMAR SARASWAT

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where for FY 2020-21 a notice u/s 61 for Scrutiny was issued & certain points raised, but before the process was completed u/s 61, a notice u/s 65 was issued for complete audit of the same FY which is due to take place during the present month of August 2024, and after the issue of notice for audit u/s 65, SCN has been issued u/s 73(1) for issues raised in ASMT-10, which remain uncluded at the time of issue of notice u/s 65..... the PO too is the same & its a case of STATE GOVT .... MY QUERY HERE IS - CAN TWO PROCEEDINGS UNDER TWO DIFFERENT SECTIONS FOR SAME ASSESSEE AND SAME PERIOD BE CONTINUED PARALELLY BY SAME PROPER OFFICER

BY: CA ATUL TOSHNIWAL

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SERVICE PENSION OF RETIRED ARMY OFFICER EXEMPED UNDER SECTION 10? ( IT IS NOT DISABILITY PENSION BUT SERVICE PENSION GRANTED TO ARMY PERSONNEL AFTER NORMAL RETIREMENT)

BY: CA Shrawan Suthar

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Whether cost of improvement u/s.55 includes furniture cost for the purpose of computation of capital gain

BY: CA ATUL TOSHNIWAL

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Deductor furnished all the payments and TDs on contracts under Husband PAN instead of part being dedcuted on Spouse income. Even payment is also made in her bank account. As deductor is showing inability in revision of TDS return and feedback in AIS statement can also be not confirmed, if submitted. In this circumstances, can we directly show under TDS column in ITR and claim it in Spouse ITR?

BY: CA. SURAJ KUMAR CHOUDHARY

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Assets purchased in AY 2014-15 and ITR filed at cost without taking valuation difference. Even ITD not raised any objection thereof. on sale of the same, what would be the cost of acquisition, actual price or valuation price as per the registered deed. Both value is mentioned in the deed.

BY: CA. SURAJ KUMAR CHOUDHARY

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One of the client has received amount of Rs.25,27,000 during FY 2023-24 towards compensation for Delay in Giving Possession of Flats to Land Owner towards his share of Flats as per Development Agreement. Developer has deducted TDS under sectoin 194I(b) from the said payment. Delay payment was for the period from FY 2019-20 till FY 2023-24. Whether the amount of Rs.25,27,000 is taxable? If Yes under which head? If No, under what section exemption can be claimed?.Please advise..

BY: CA Ravish Thakur

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A person having possession over a land since last 20 years. He is cultivating the land and produce rice crop out of it. He is not owner of the land. Now owner has entered into agreement to sale with a builder to transfer the said land. Builder paid consideration amount of ?60,00,000 to land owner and deducted TDS u/s 194IA. Builder also paid ?20,00,000 to the person holding possession over the land and deducted TDS u/s 194 IA. How Capital Gain will be attracted in this case? Who will get Indexation Benefit? Who will be eligible for exemption u/s 54B? Please advise.

BY: CA Ravish Thakur

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in a case of sale of unlisted share of a salaried employee purchased unlisted shares and sold the shares in 3months from date of purchase i)it is a case of short term capital gains on sale of unlisted shares the party to whom the shares was sold has deducted tds as the sale is more than 50 lakhs sec 194(Q) is applicable and shown as sale of goods and it appears as business receipts in the AIS of the salaried employee how is the correction to be made and shown as sale of securities in the ais as the salaried employee is not a dealer in share 2 where in the ITR2 is short term capital gains on sale of unlisted shares to be shown ?

BY: KUSHAL HEGDE

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One of my clients has demand related to previous years and dept is adjusting TDS receivable against demand. They have filed appeal against the matter and are still recording TDS receivable for previous year under assets. How to treat this from financial reporting perspective? What are recommended/ suggested disclosures or reporting steps for same.

BY: AYUSH AGARWAL

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A PERSON GIVING SPRITUAL BLESSING TO FALLOWERS AND CHARGING FEES FROM THEM AND HE IS ALSO KNOWLEDGE OF VEDIC AND HOLISTIC SCIENCES AND ALSO AN AYURVEDIC DOCTOR BUT HIS MAIN SOURCE OF INCOME FROM BLESSING. PLEASE GUIDE ME WHETHER GST IS APPLICABLE AND WHAT IS THE CHARGEBALE RATE AND IF ANY ADVANCE RULING PLEASE PROVIDE

BY: SHWETA JAIN

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one my client engaged in the business of developing and selling residential land during the year 2019-20 he sold land worth Rs40 Lacs but by virtue of sec 43CA the value came Rs 10500000 the asessee took Rs 10500000 as consideration resorted to Sec 44AD and filed the return taking the profit @ 8% but A.O. mentioning that profit in real state business used to be 20% assessed the income at 15%. without any evidence otherwise ,Is there any case law in support.

BY: Rajesh Chandra Sharma

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I am a proprietor of CA Firm and also a partner in other CA firm, now we want to merge my proprietor firm into my existing Partnership firm. What is the process of merging CA Proprietor firm into existing CA Partnership Firm, which forms we need to file on SSP Portal ?

BY: ARCHANA KUMAWAT

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With effect from A.Y 2024 -25 only 85% of donation given by a 12AA approved charitable organization to similar organization will be considered as “application” of income. I have a 12AA approved Trust who undertake civil repairs at another approved trust and sometimes even provide food and educational materials to their inmates. Will these kind of outflow be treated as donation and only 85% of such expenditure will be considered as application of money or we can take 100% as application.

BY: C P Ethirajan

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Under section 50C of the Income Tax Act, if a person sells a capital asset below registration value, he will be liable to pay capital gain tax treating registration value as sale consideration. This rule is subject to certain tolerance. The section also provides that seller can also ask for valuation to be done if he has any genuine reason for selling at lower value. In such situation, he will offer capital gain tax based on actual value received. But I find in Income Tax portal, the ITR utility by default adopts only registration value and not actual sale consideration. Please look into this and revert.

BY: C P Ethirajan

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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Appellant has given loan of Rs. 30,00,000/- in F.Y. 2008-09 to ABC through banking channels. Just before the debit of Rs. 30,00,000/- there is a credit in the bank A/c on account of repayment of loan received by the Appellant from his debtor which was given two years back through banking channels. Interest on the said amount and TDS thereon is reflected in Form 26AS and shown in ITR. On the basis of search in the case of ABC it was concluded by the Investigation wing that the loan of Rs. 30,00,000/- is accomodation entry. Notice u/s 148 was issued and reassessment was completed making addition of Rs. 30,00,000/- on the ground that assessee failed to prove three ingredients u/s 68 Query 1. As regards reasssessment whether only on the basis of borrowed satisfaction of investigation wing reassessment proceedings are valid? 2.Whether Notice u/s 148 instead of 153C in the case of third person for search prior to 01-04-2021 is valid? 3.Whether addition of Rs. 30,00,000/- on the ground that the assessee failed to prove the three ingrediants of sec 68 in respect of repayment of loan received from the debtor is valid particularly in view of the fact that repayment was received from debtor?

BY: Govind Agrawal

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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

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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

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Dear Sir, With respect to your mail seeking certificate from us, we would like to bring to your attention in respect of Interest Equalization Certificate that : As per RBI circular RBI/2015-16/259 DBR.Dir.BC.No.62/04.02.001/2015-16 dated 4th December 2015, " The claims should be accompanied by an External Auditor’s Certificate (with stamp and membership number) certifying that the claim for interest equalisation of Rupees…………….. for the month ended ………….. has been verified and found to be strictly in accordance with the provisions of the Government scheme enclosed with the circular DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015. Claims for reimbursement will be considered for settlement only after receipt of this certificate." Here, concurrent auditors cannot be considered as External Auditor from Banks point of view. The certificate if any to be obtained should be obtained from the Statutory Auditor of the Borrower. A certificate from an external auditor i.e. statutory auditor of the Borrower would be relevant here since there are few conditions given in the RBI circulars which cannot be verified by us. Few of the conditions enumerated in the circular that cannot be verified by us are as under- a) The extended Scheme will not be available to those beneficiaries who are availing the benefit under any Production Linked Incentive (PLI) scheme of the government. b) All eligible exports under the scheme would have to meet the criteria of minimum processing for the goods to be called as Originating from India and would be governed by provision of Paragraph 2.108 (a) (Rules of Origin [Non preferential]) of Handbook of Procedures of Foreign Trade Policy 2015-2020. c) The scheme will be available to all exports under 416 tariff lines [at ITC (HS) code of 4 digit]as per Annexure A and exports made by Micro, Small & Medium Enterprises (MSMEs) across all ITC(HS) codes. Also, an article regarding the same issue was published in Economic Times wh

BY: CA. TOTLA RAJENDRA P

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dear experts kindly guide for pharma mfg client for expansion bldg contractor during fy 20-21 raised bill say appx 50 lakhs and gst @18% at rs 9 lakhs was also added in his bill which were accounted and itc for 9 lakhs claimed however due to covid at contractor end due to hospitalisation of staff and owners contractor failed to file same in gst return nor paid this gst billed in 21-22 on pointing out he paid in dec 22 tax of 9 lakhs with 2 lakhs interest however now gst officer informed last date to-avail credit was sep 22 so no itc credit for co is possible and nor contractor get this back pl suggest way out to use this tax payment made and avail credit also pl note ,while paying in dec 22 vendor mention 21-22 invoice dates as 22-23 dates so then he can make payment in 22-23 for 21-22 bills possible

BY: VIPUL JHAVERI

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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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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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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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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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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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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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As it is understood that a GTA has to exercise an option for either FCM or RCM for making supplies in a financial year. But what are the remedies available to a assessee who have supplied services under both FCM and RCM in a given period. FY 17-18, 18-19 and 19-20 Is there any case law on this issue?

BY: sanjay kumar agrawal

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My client is a partner in the firm and that firm is liable to audit. But while filing his individual return, he was selected " not liable to audit" option and filed under Sec 139(4) .He was opted for Sec 115BAC also. So Department assessed return with demand (without considering the Sec.115BAC). If we try to file rectification, the error message shows " There is a change in the return filing section type when compared to input in return for which the rectification is initiated. Therefore the rectification request can not be entertained ". How to rectify this mistake in the return.

BY: PONNUSAMY R

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A NBFC in housing finance sector is creating reserve as stipulated by sec.36(1)(viii) and claiming deduction under that section all the years. It is transferring its business in current year to another NBFC. Should the reserve created under sec.36 (1)(viii) be withdrawn and offered for tax in the same year?. Or, can it be offered for tax in subsequent years because the company is continuing to exist though the business is transferred to another company.

BY: balasubramanian

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Our Company has to pay tax on distributed income to shareholders on buy-back of shares u/s 115QA of the I. T. Act, 1961. Please guide which challan is to be used and which major head (tax applicable) and which minor head (Type of Payment) is to be ticked for payment of such tax online? In the PDF challan 280 downloaded from the I. T. Website, code 106 is Tax on distributed profits of Domestic Companies and code 107 is Tax on Distributed income to Unit Holders. None specify tax on distributed income to shareholders on buyback of shares. Please help so that there should not be mistake in payment.

BY: BHARAT KUMAR KEDIA

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Hi Can only one form 15CB issued for making single payment against more than one invoice (date of deduction of TDS is different for each invoice)?

BY: SANTHOSH K L

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Utility to upload Form 15H is not validating Section code in Income details file. This defect is there since Last year and has not been fixed by Income tax deptt/Co having prepared theutility (perhaps Infosys) Writing to Incometax helpdesk has not helped either. They close the querry after raising certain questions(

BY: Mahesh Kumar

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Fresh GST registration was wrongly applied as Tax Collector, application is still pending for processing. How we can modify the application as General Taxpayer. Otherwise GST authority may register the same and a fresh registration is to be applied. Regards

BY: CA. SURAJ KUMAR CHOUDHARY

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Section 2(22)(a) states that any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the compnay to its shareholders of all or any part of the assets of the Company, My question " whether will dividend and capital gain tax or only capital gain tax be applicable in the case of conversion of a company into LLP?"

BY: KETAN SHETH

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A cooperative society has procured New DSC in the name of Secretary who has recently joined. While resetting password of Society , message appears DSC of previous secretary's PAN required. How to fix this problem

BY: Mahesh Kumar

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A cooperative society has procured New DSC in the name of Secretary who has recently joined. While resetting password of Society , message appears DSC of previous secretary's PAN required. How to fix this problem

BY: Mahesh Kumar

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Is receipts of Impact arising on account of roll out of GST structure of Contractors is taxable in the hands of assessee, if so relevant proisio may also be given

BY: CA. SURAJ KUMAR CHOUDHARY

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One person wants to submit form no 30C in IT portal, as he will leave India within 31st August.How he will do that ?? Please guide. Is there any facility in income tax portal to file 30C or one needs to submit it physically ??? Pls let me know.

BY: SUDIP KUMAR MUKHOPADHYAY

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Some of our Assessee are Dal Miller / Jaggary Powder Producer. Up to 17/07/2022, Dall / jaggery sold without any brand name are liable to tax at NIL Rate. Notification No. 6/2022-Central Tax (Rate), Dt 13th July, 2022, it is specifically mentioned that these commodities are liable to tax at specified rate if they are pre-packaged and labelled. Aslo inserted an explanation with regard to pre-packaged and labelled with relation to Legal Metrology Act, 2009 (1 of 2010) and rules made thereunder. There is confusion with regard to GST on Dall / Jaggery Powder, if pre-packaged and labelled these commodity having Quantity more than 25 Kg are liable to tax or not, having transaction with Intermediary Traders / Dealer / Agent who ultimately sale to Retail seller who sale these commodity to consumer. HSN Commodity Description 0713 Dried leguminous vegetables, shelled, whether or not skinned or split pre-pakaged & labelled. 1701/1702 Jaggery of all types including Cane Jaggery (Gur) / Khandsari Sugar pre-pakaged & labelled. We request you to reply urgently as these notifications are effective from 18/07/2022

BY: Pravin Taparia

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Dear Sir / Ma'am I had the following query with respect to GST on Air Ticket Agents. Would be highly obliged if the same is answered. Air Travel Agent - Quota/Series Purchase of tickets from Airlines Facts : Travel Agent is purchasing Air tickets from Airlines in advance in Bulk (Quota / Series Purchase). E.g. They purchased a ticket (PNR) from the Airline for Rs 3500 one month ago, now at the time of sale to customer they add their markup of say Rs. 500 and sell it to customer. At times they may sell it cost to cost or at lower than their purchase price (at loss) depending upon the demand in the market. The risk & reward is entirely of the Agent. In this case while purchasing the tickets from the Airline, Air travel Agent is giving his GSTIN and the invoice is raised by Airline in name of Air Travel Agent. Queries 1. For Quota Purchase tickets, can the travel agent claim ITC and them further pass it on to actual customer for Airline GST. For markup, 18% GST is being charged and paid accordingly. 2. If the Travel Agent is not eligible to claim ITC on the airline GST. Is he required to deposit GST only on the markup charged to the customers?. Also, what would be the value of the taxable turnover for the purpose of GST. Can the entire basic cost of ticket be reported as exempt supply?

BY: SUHAIL AHMAD MIR

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The assessee is a Resident Individual – Senior Citizen. For AY 2018-19, the assessee has filed the return of Income offering income from Foreign Source by the way of Dividend, Salaries & Other Sources. The assessee was served with notice U/s 139(9) citing defects in disclosure “Income Chargeable to Tax at Special rate has been shown only in Sch Part B – TI , without giving the details of the same in the relevant schedules viz., Sch CG/SchOS and Sch SI“. The notice was duly responded through E-filing facility. The return filed by the assessee was not accepted by the department citing some inexistent defects and marked the same as Invalid Return. The assessee aggrieved by the action of AO, filed a petition before the PCIT U/s 119(2b), pleading the Commissioner to give directions to the AO to treat the return filed as Valid and process the same in accordance with the law.However PCIT rejected the petition stating that the petition filed is beyond the scope of authority of the office. Please advise the available legal course of action, if any, to give directions to the AO to process the return as a valid one.

BY: CA. VASUDEVAN P K

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Whether revision petition U/s264 will be filed in hard copy with PCIT or any mode to file online. It will be faceless or opportunity will be in physical form?

BY: CA Arun Daga

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Hi All, i need an insight on ESOP tax liability on India entity. Suppose my US entity is providing shares to employees and it gets vested in April. what is the tax impact on India entity on this situation? Suppose if US entity/ US stock broker deduct the tax value of shares and credit the remaining shares to employees, what is the tax impact/ liability on India entity on this?

BY: KARTHIK ATHREYAN

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Query - Will export duty be applicable of products sold by a SEZ unit to let say an Australian customer. Will benefit under Section 26(1)(b) of SEZ act be available in this case

BY: SARTHAK MITTAL

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While computing GST on development right for agreements after march 2019, where rent is to be paid to existing shop owners as compensation for the period of construction, whether GST needs to be paid on the same? Whether the registered shop owners needs to collect GST from builder? Thank you

BY: Nikhil Shendye

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Amendment vide Notification No.16/2021 and 15/2021-Central Tax (Rate) dated18th November 2021, amending previous Notification No.12/2017 and 11/2017-Central Tax(Rate), dated 28th June 2017 supply of Pure service to Govt, Local Authority, Govt Authority , Govt Entity are exempt. now Query: effect of amendments on the applicability of GST on pure service supplied to State Government ,Department of Public Health Engineering Directorate (PHED). Whether PHED is covered in the definition of Government Entity?

BY: SUBHA DIP CHAKRABORTY

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We are importing machinery. We are required to pay freight charges for such Import. We are required to pay such charges to Resident in India private limited and after received from us, such private limited will reimburse to Non-resident company. on such payment, whether TDS is applicable or not. If applicable, under which section and at what rate?

BY: KETAN SHETH

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I have firm registered for Construction as well trading both in one firm. I am buying cement trade material for selling and Non trade(institutional billing) cement for construction works. But i have some customer who want institutional cement from me on credit basis and HSN code of both the cement is same. Pls guide is it legal or not? and what are the main complication in this.

BY: VAIBHAV PANDEY

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Effect of Section 145A of income tax in case of entities in which 1. gst is not charged on export sales, and 2. ITC on inputs get refunded in subsequent years. If inclusive method is followed to compute income, then 1. Purchases would include ITC 2. But there is no gst on export sales So decrease in profits would take place because of sec 145A. Further, when refund of itc is received in subsequent years, it will be added to income of that subsequent year. Is this analysis correct? Pls guide. Thank you.

BY: Avinash Agrawal

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A professional following cash basis ,whether tax audit is applicable or not in following circumstances , if yes than under which clause of 44AB, 1) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 40 lakhs 2) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 80 lakhs 3) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 1.05 crore Note:- 1)What if wants to offer Income under presumptive 44AD and 44ADA from professional activity is more than 50% of receipts and from trading of stock market is less than 6% of Turnover 2) Limit for tax audit U/S 44 AB for professional is above 50 lakhs and others is above 1 crore and if certain condition are satisfied than above 10 Cr

BY: CA. MEHTA DEVANG PRATAPRAI

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A credit co operative society is accepting deposits and lending to its members and accordingly earns interest income. It also provide some other services like railway ticketing and running electricity bills collection centre from which it is receiving commission income from IRCTC and PGVCL. Interest income - 25 Lacs Commission Income - 1.5 Lacs What are the service tax implications in the instant case.

BY: DARSHAK MAGANLAL THAKKAR

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What should be accounting treatment to account for repo transactions of old vehicles wherein the gst valuation rules(proviso to rule 32 (5) of CGST rules) give a very different taxable value. Resulting into wide variations in actual turnover and GST turnover. This turnover difference might invite attention of taxmen. e.g:- original invoice value =200000/- date of original purchase= 1.4.2018/- REPO by financer on- 1.4.2020/- )also transfered to the new beneficiary on the same day) sales by the new beneficiary =220000/- date of this sale=1.4.2021 Now, purchase price as per proviso to rule 32(5)= 80000/- {200000-(200000*5%*12)} value of supply as per rule 32(5) = 140000/-[220000-80000] This is creating a difference of Rs. 60000/- Kindly post Any probable suggestions to this problem?

BY: MOHIT JAIN

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What steps will a company have to take if it's application in eForm NDH-2 gets rejected ? What would be the consequences and how can it be rectified ?

BY: Gaurav Kumar Baranwal

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The Partnership firm is in Maharashtra and it has 4 partners . One partner is residing in Maharashtra and obtained PTEC Number. Other 3 partners are residing in another state i.e. Gujarat. Our Queries are as under. 1. Do Partnership firm require to obtain PTEC Number 2. In the state of Maharashtra, is there the requirement to obtain PTEC number by these 3 partners who are not residing in the state of Maharashtra .?

BY: samirkumar gokulbhai kasvala

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Dear All, Facts : Holding Co is based in UK Subsidiary is based in India. Due to Covid-19 holding co has resolved to pay certain amount to all employees all subsidiary and associates. No benefit / margin will be retained by subsidiary. E.g. 200 pounds recd by subsidiary & amount worth 200 pounds will be fully paid to employees of the subsidiary. Modus of payment: Subsidiary in India will pay the amount to its employees in India and this will be reimbursed by holding co along with all the employee related taxes borne by subsidiary, if any. Query: What shall be the tax treatment of amount received from holding co in the hands of subsidiary co.? If taxable - what is the service ? Who is the service provider? who is the recipient ? On what Value GST should be paid ? whether GST to be paid under RCM ? Thanking you in advance for your guidance.

BY: CA MITUL MAHENDRA MEHTA

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WE HAVE RECEIVED ORDER PASSED BY CIT A UNDER FACELESS AND THESE ARE BEING PASSED WITHOUT CONSIDERING THE FACTS AND ISSUED RAISED BY APPELLANT. LIKE CPC PREOCESSED THE ITR WITH ADDITION BASED ON FORM 3CD FOR EPF CONTRIBUTION REPORTED WHICH IS ACTUALLY DEPOSITED WITHIN THE DUE DATE OF THE FUND AND IS REPORTED ACCORDING IN FORM 3CD. ASSESSED FILED THE APPEAL AND RAISED THE ISSUE THAT AS PER FORM 3CD TOTAL CONTRIBUTION IS REPORTED AND ONLY LATE DEPOSITED AMOUNT REQUIRED ADDTION AND NO THE WHOLE AMOUNT. APPELLANT SUBMITTED CHAALN AND EXTRACT OF FORM 3CD BUT THE CIT A DISMISSED THE APPEAL STATING THAT THE CONTRIBUTION IS LATE DEPOSIED AND CANNOT BE ALLOWED U/S 43B OR 139(1). THIS IS THE HEIGHT OF FACELESS APPEAL THAT SUCH A SMALL FACT IS NOT UNDERSTOOD. IF THIS IS THE APPROACH OBJECTIVES OF THE FACELESS SCHEME IS NOT SERVED AND IT IS COSTING HEAVILY TO THE TAXPAYERS.

BY: SUNIL KUMAR AGARWAL

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Remotely working for proprietary trading firms based in the US/EU is legal in India? Firm names Eg - (i) FTMO Trading Global/FF Traders, Prague (ii) Flow Traders, Netherlands (iii) Seven Points Capital, USA (iv) TopStep Technolgies LLC/ TopStep Funded, USA Here proprietary trading according to investopedia means - "Proprietary trading refers to a financial firm or commercial bank that invests for direct market gain rather than earning commission dollars by trading on behalf of clients. Also known as "prop trading," this type of trading activity occurs when a financial firm chooses to profit from market activities rather than thin-margin commissions obtained through client trading activity. Proprietary trading may involve the trading of stocks, bonds, commodities, currencies or other instruments." To be simple - the client will be only providing my services managing firms' capital and will they will provide me profit split in return. Would this be allowed as per the laws of FEMA?

BY: Hunny Badlani

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A fundraising was started for medical treatment of Mr.X, on a platform named Milaap (www.milaap.org). Milap Social Ventures India Pvt. Ltd. is registered as a private limited company to help raise crowdfunding for emergencies and social cause. He was advised lung transplant, due to post COVID complications. Unfortunately, he passed away during the fundraising process. As he is survived by his wife, and a 2-year old son, we're keen on giving out the money to the family (to be used for his son's education). We seek your guidance on following questions: 1. What is the legal approach to transfer this money to his family, as the initial cause of fundraiser was medical treatment? (Milaap allows for the cause to be changed to a memorial fund, informing all donors of the present situation. But will anything additional need to be done at our end?) 2. How do we minimize the tax deductions applicable in this case? What will be the minimum tax deduction, given that we're able to materialize the best possible option? 3. Should this be transferred in the name of his 2-year old son or his working wife (30% income tax slab)? 4. What will the process look like, and what will be the documentation support required ?

BY: ASHOK DIXITHA JAIN

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Mr. A a labour contractor(Unregd) is providing service to supply of manpower in a company which engage in production of biscuits etc and his gross revenue in Fy 2015-16 and FY 2016-17, are 12 lacs and 16 lacs besides the contractual receipts he has also earned Rental income Rs. 6.00 p.a in each year from a commercial organisation. Now the Service tax dept issued Show cause notice to Mr. A and ask why not charge the ST , Interest and penalty in accordance with law Whether the contention of officer is correct or any other relief or notification or case law as manpower is given to food industry (Manufacturer of Biscuits etc) Can we Challange the validity period of Show cause notice issue after period of 30 months

BY: SANDEEP KAPOOR

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Mr. A and Mr. B and M/s ABC Limited (Collectively "landowners") entered into JDA with M/s XYZ Limited ("Builder")in the FY 2012-13 for developing housing project on their land and received a refundable token advance of Rs. 3 lacs. Project was not completed in time and the time is extended by mutual consent between parties on 30/05/2018. Project is consisting 3 multistory building of 48 flats each. As per agreement landowners will get 40% of fully developed constructed unit/ area in proportionate of their land contribution ratio balance 60% builder will get. The first multistory building was completed in FY 18-19 as per completion certificate issued by the competent authority. Builder and the landowner sell 18 flats out of 30 flats in FY 18-19, 14 flats in FY 19-20, 3 flats in FY 20-21 and balance flats shall be sold in coming years. Builder and landowners have distributed the sale consideration, with mutually consent, in proportion as mentioned in JDA in the year in which sale took place. Land acquired by Mr A in FY 1998-99 say 10 lacs and Mr B for Rs. 15 lacs and M/s ABC Limited in FY 2003-04 for Rs. 75 lacs. Queries: 01. How LTCG calculated in the hand of landowners. Whether the same is arise in the year in which sales have been made or in the year in which completion certificate is received or sale consideration actually received from the builder in proportionate to the land utilized in a particular year/ registry. 02. What is Cost of acquisition for the landowners. Whether indexation will be given upto the date of JDA or to the date of completion certificate or to the date of registry or to the date of amount actually received from the builder. 03. As the LTCG arises in more than one year, what will be the time limit to make investment u/s 54 and 54F etc.

BY: Navin K. Gupta

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My query is on LTCG, A person has sold a Plot in September 2020 and there is a long term capital gain. He has already entered into an ‘Agreement to sell ‘ with a seller to purchase a new residential property in Jan 2020, which he can claim exemption under 54F. But the possession of the same will be in Dec 2023 (4years after agreement to sell) when construction is complete. He wants to put unutilized amount in CGAS and make payment to the seller directly from that account, frequency of payment to seller is once in 3 months. Please clarify the following: 1. Can he enjoy exemption under 54F by depositing the money in CGAS even though agreement was entered into to purchase the property ( 3 years is only for construction and not for purchase) and property is ready for possession after Dec 2023 ? 2. If yes, does he have time to utilize CGA amount till Aug 2023 (3 years from the date of transfer) ? 3. To open CG account with bank, bank is asking for certificate of computation of capital gain. Can CA issue that based on the details and document provided by him ? Agreement to sell also mentions some other approximate expenses/fees/taxes which have to be added to the purchase cost while computing net capital gain. As CAs cannot certify anything based on the estimated figure, how to deal with it ? Please clarify ?

BY: Mallika K R

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We applied for GST refund of a client for 2018-19 who manufactures Cloth (Made from Manmade Fibre/Yarn) as well as Shawls GST department had restricted Accumulation of input Credit of Certain types of cloth (wef 1-7-17 to 31-7-18) including cloth stated above and asking for Reversal of Accumulated Credit standing as on 31-7-2018 . They have already sanctioned GST refund for 2017-18 The asessee has closing stock as on 31-3-18 as well as 31-7-18 Now they are asking for return of already sanctioned refund for 2017-18 in view of various Notifications/Ciculars They are not considering Closing Stock while arriving at Reversals to make What our esteemed members think about it ?

BY: Mahesh Kumar

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Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth

BY: SIDDHARTH MODI

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Onerous contract as per Ind AS 37 is one where the unavoidable cost of executing the contract exceeds the economic benefits expected to flow from the contract. Para 68 defines unavoidable cost as minimum of cost of fulfilling it and penalty payable for exiting from the contract. Suppose in a contract, no penalty is payable by either party at the time of exiting the contract or the contract is silent with regard to penalty clause as such, whether the contract can become onerous? In other words, if no penalty is payable then penalty is zero which can not exceed the cost to be incurred in the contract. So the contract can never be onerous. Is this view correct?

BY: balasubramanian

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A & Co. is a proprietorship firm of CA Mr. A, in which CA Mr. B and CA Mr. C are merging their proprietorship firms. Whether A & Co can change their firm name to ABC & Co. before the merger or after the merger to maintain A & Co.'s total experience years? Or A & Co. cannot change their name to ABC & Co. in order to maintain their total experience years? Any alternatives available to change the name of the firm?

BY: Hunny Badlani

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Please anyone can share Form 3 working in an excel sheet (Form 3 - Certificate for withdrawal of funds from a separate account under MAHA RERA). I currently doing a study of the MAHA RERA ACT. Email:sksawantca21@gmail.com

BY: SHEKHAR KUNDLIK SAWANT

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In case of an assessee who has not Paid Interest due to the NBFCs (covered under 43B(da) from AY 2020-21) and at the same time has not deducted TDS on the said Interest dues; How will be the disallowance made u/s 43B and 40(a)(ia)? For example, a company has not paid interest liability of Rs. 10 Lakhs to Non-Banking Finance Company and at the same time has not deducted TDS u/s 194A on the same amount. Thus under 40(a)(ia) 30% of expense i.e. 3 Lakhs shall be disallowed for non-deduction of TDS and under section 43B 100% of expense i.e. Rs. 10 Lakhs shall be disallowed for non-payment of liability. If the amount is disallowed under both the sections then there will be disallowance of 130% of actual expense incurred by the company. Thus, what shall be the correct course of action in the above case: - Whether disallowance shall be made under both the sections? i.e. 100% under 43B and 30% under 40(a)(ia)? (Total 130% Disallowance) Or 30% shall be first disallowed u/s 40(a)(ia) and then only 70% shall be disallowed u/s 43B? Or Any other course of action

BY: RONAK MOTA

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Sir, My client filed a form 10 in the portal for accumulation u/s 11(2). On verification, it is found that the amount calculated as accumulated u/s 11(2) is wrongly taken. What is the remedy now. Whether a new Form 10 with correct details can be filed now? This is relating to AY 2020-21. Kindly advise. Thanks

BY: CA. MADHUSOODANAN K P

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A milk producers cooperative society has to file Income tax return in ITR 5 and entire business income is eligible for deduction under Sec 80 P but we have not been able to validate Schedule B which states deduction under sec 80 P can not be claimed in Schedule P. Whether all members are facing such problem Updated Excel utility also gives the same message.

BY: Mahesh Kumar

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Notification 56/2018(central tax) says if casual taxable person makes Inter-state supply of handicraft goods or certain products when made by craftsman predominantly by hands then exemption threshold(rs. 20L) shall be applicable to CTP. Does it mean if casual taxable person doesn't make inter state supply(means make only intra state supply) making of above mentioned goods then CTP have to apply for registration compulsorily as per sec. 24 of cgst act?

BY: GAURAV GUPTA

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Reclassified existing authorised share capital of rs. 10 lakhs(1 lakhs equity shares of rs. 10 each) to revised share capital of rs.1o lakhs (80k equity shares of rs. 10 each and 20k preference shares of rs. 10 each) and passed special resolution MGT 14 is approved by ROC but SH7 has been sent for resubmission on the ground that " No conversion/re-classification of Equity Shares into Preference Shares or vice. Versa has been permitted under the provisions of the Companies Act, 2013 (even not provided in Section 61 of the Act), therefore, Pl explain why not e-form may be consideredfor rejection." Please advice Whether we need to file sh7 at all? Read morts/details.asp?mod_id=2807799

BY: Rohit Gupta

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Party A in USA making an order on Party B in USA and inturn Party B in USA making order of the material from Party C in India. Party C has manufactured the material and Exporting it to Part B in USA. Material has moved out of Indian port meantime Party A is getting an order for the above material from India hence Party A wants to instruct Party B to do a highsea sale agreement to send the goods back to India to Part D? Is the above transaction possible if so kindly provide documentation required and any other additional compliances?

BY: CA. BALASUBRAMANIAM P

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A taxpayer was Normal scheme dealer till 31.03.2020 . From 01.04.2020, he has opted for composition scheme dealer. For FY 2019-20 , two sales invoices was not reported. Now he wants to report these 2 transactions of FY 2019-20 so that he can pay proper taxes and customer can get credit . Our query is that how to report these transactions. From FY 2020-21 , he is into composition scheme so not eligible to file GSTR1 .

BY: samirkumar gokulbhai kasvala

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While comparing GSTR 2A and 3B it was found that excess credit taken in 2018-19 OR it can be said that suppliers not uploaded all bills properly. If we want to reverse that excess credit in the month of March,2020 then what would be the accounting treatment ??

BY: SUDIP KUMAR MUKHOPADHYAY

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will you please share soft copies of following case laws regarding reimbursement of expenses : 1] International Consultants and Technocrats P Ltd v UOI (2012)28 taxmann.com & 2]Glaxo Smithkline Pharmaceuticals v CCE (2005) 1 STT 37 (CESTST) mail id :: mukho_sudip@yahoo.co.in

BY: SUDIP KUMAR MUKHOPADHYAY

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A person raised 3 invoices to service receiver in F Y 2017 2018 but due to some mistake not uploaded right credit against each invoice. Now the receiver raised a debit note along with tax & Interest. Due to the fact that he is an Important customer, supplier can not bought him to his knees. Now the question is: 1. can the supplier get the GST refund which he has paid to the department against these invoices since the receiver has raised a debit note, reversed the credit and not paid for the Invoices? Thanks & Regards

BY: SK

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ABC has rendered services of work contract at the site of DEF in FY16-17 (i.e. pre GST period) and tax and return of the same been duly deposited. Now, on account of deficiency of services, the two parties settled their account in FY20-21 in respect of the work done in the year 2016. Now to settle the account, ABC has to issue credit notes in respect of work done in FY16-17 on a/c of deficiency of services in FY20-21. Query- What will be the effect of Tax/ GST on credit notes to be raised by ABC?

BY: ARJUN GUPTA

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Presently a taxpayer is registered is under Regular scheme . He is selling goods as well as providing services. He wants to go for composition scheme . My understanding is that for the Goods , maximum Turnover limit is Rs 1.5 crores and pay GST @1% . For services Maximum Limit is Rs 50 Laths and pay tax @6% . so in total Rs 2 crores he will get his limit ( For Goods Rs 1.5 cr and for services Rs 50 Lakhs) Kindly confirm the above understanding .

BY: samirkumar gokulbhai kasvala

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If exporter had made import of raw material under advance license and then he had export finished good with payment of IGST. As per law he cannot export with payment of IGST. What remedy to outcome this issue.

BY: AJITKUMAR L PATEL

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Sir, A Resident Welfare Association (RWA} having 120 Flat Owners, The RWA is registered with the Sub Registrar of Societies. The RWA is earning Interest on FDR and TDS is deducted thereon. My questions are as follows: 1. The Members contribution is not taxable due to Concept of Mutuality. So, I have prepared a Maintenance account separately, the surplus is transferred to Members Fund. 2. The Bank Interest Rs. 3 lac ,is Taxable. So I have prepared a separate Income and Expenditure account and the surplus is transferred to Members Fund. 3. I have prepared ITR Form 5. Marked the RWA as Registered Society. The same is giving basic exemption of Rs.2.50 lacs. And Taxing the rest as per the slab Rates. 4. The Members Share is indeterminate, if I mention the same, it asks Rates of Taxation of the Members. All Members are taxable at MMR, i.e. 30%. In that case its taxing the RWA Income at 30% and not giving basic exemption of Rs.2.5. lacs. 5. Whether ITR filing is necessary for the RWA? What would be the position if TDS is not deducted? 6. Whether the RWA can give Form 15G to the Banker for no deduction of TDS? If yes, the Bank may upload figure for Interest on which TDS is not deducted due to Form 15G, it will reflect in the Form 26AS of the RWA later on. 7. If anyone is having more literature on RWA, please provide me @ ajayjain3455@yahoo.co.in.

BY: AJAY JAIN

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A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years. What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor? Whether to capitalise or treat it as revenue expenditure? If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building?

BY: Babitha

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In view of section 9(4) of CGST Act, RCM is applicable only in case of receipt of supply of goods or/and services by a registered person from unregistered supplier, in respect of specified categories of goods or services as may be notified by Government and as per notifications issued u/s. 9(4) RCM under Real Estate Sector and Renting of Motor Vehicle is applicable. Is RCM on purchase of Dress Material, payment of rent / brokearage, etc. from unregistered supplier applicable? If yes under what notification?

BY: Shyamal Jariwala

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Interesting case please do write me your opinion. Mr. X relinquished his right on jully 2020 in his ancestral property by executing sammatti patra/ manyata patra which was sold by his brothers without his consent on 2002 to builder. at that that time the land was agriculture land. now to close the said matter outside the court the builder had agreed to pay consideration of Rs.50 lakh to Mr.X by executing sammati patra/manyata patra for relinquishment of his right in said property. the said agriculture land was converted to residential NA plot on 2016 & now converted to commercial property in 2020. please guide me regarding this if i considered his relinquishment in agriculture land then it will not come under capital assets & consequently no capital gain. if i considered it to be capital assets then what should be cost of acquisition for the same i.e ( stamp duty value as on 01/04/2001 of agriculture land rate is to be considered or NA plot value rate or Commercial Plot value rate . Please guide me that how this transaction would be taxed for income tax. Also guide me for exemption u/s 54 which can be availed from this transaction.

BY: NADIR D SHAIKH

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A businessman sent goods to UP and generated Ewaybill. After that Ewaybill was cancelled and new ewaybill was not completed by Transporter it appears so as asessee is not sure why Eway bill was cancelled Now GST department has found this difference ,Although Sale bill was not cancelled and GST amount has also been paid for this bill.Can they impose penality for this clerical mistake

BY: Mahesh Kumar

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GST on outward supply Rs. 5 ITC Input Rs. 6 Input Services Rs. 12 Capital Goods Rs. 18 Total ITC Rs. 36 What is the total refund that can be receivable on account of inverted duty structure ?

BY: DARSHAK MAGANLAL THAKKAR

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What is the RBI limit for disbursal of gold loan amount in cash by NBFCs.

BY: BIJIN

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Dear members , As per Regulation 190(2)(ii)(g) of the chartered accountants ,1988 a distinguishing part of the name of the member or as per Regulation 190(2)(ii)(i) a part of the name of the proprietor can be used as firm name . For instance , as per point (g) "Ranga" is a distinguishing part commonly known of "Rangaraaj" . Also as per point(i) ,"Ranga" is the part of the name of proprietor "Rangaraaj" . So , Is "Ranga & Co" is a valid proprietor firm name for name approval ? Kindly suggest , Thanks in advance.

BY: CA RANGARAAJ P

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"A" concern wants to cancel registration ( no more business) and has some stock (credit of stock already utilised in regular course). "B" wants to takeover the business of "A". While applying for cancellation of GST registration "A", is it compulsory to mention stock details with taxable value and NIL ITC on stock (Because if Credit details is entered, will it be carried forward to "B" and "B" will not be eligible for ITC as, "A" has already utilised ITC on such stock). What Stock details is to be entered while applying cancellation of GST registration of "A"?

BY: Shyamal Jariwala

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With respect to calculation of RCM on supply from URD's, Should total inward supply should include the supplies from Govt? In Andhra, sand is completely controlled by Govt. Payment done to Govt online and sand is take from mining company. There is not GST invoice received. Can this supply be excluded from Inward Supply for purpose of calculating 80: 20 ratio

BY: Sai Ram

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Huge difference between RD purchases as per books and as per GSTR 2A. What is the implication on RCM Calculation. Is Reconciliation compulsory. What is the impact on builder if supplier didnt pay GST .

BY: Sai Ram

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M/s ABC Ltd purchased Land , Factory Building and Plant & Machinery of M/s XYZ Ltd from POR Bank Ltd through DRT auction process under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act 2002). 1. Is GST Liability arises in case of auctinable Property ?, If Yes, on whom ? 2. What is GST Impact on ABC Ltd, PQR Bank Ltd & XYZ Ltd.

BY: Pravin Taparia

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DEALER ENGAGED IN PROVIDING SERVICES RELATING TO THE JCB HIRING TO THE LOCAL AUTHORITY AS WELL AS TO THE AGRICULTURIST FOR EARTH WORK AND WELL WORK. WHAT IS THE GST RATE FOR THE SAID WORK.

BY: RAHUL MADHAVARAO KHANDEBHARAD

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A company is having receivables of USD 100 and Preshipment credit (working capital) of USD 150. Further it has 'Buy' forward contracts (i.e., Bank will buy USD from the company) with the bank for USD 20. In this case, what would be the unhedged foreign currency exposure in the wake of circulars issued by RBI.

BY: MOHAN SIVA PRASAD DODDIPATLA

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Mr. A who was carrying on business in proprietary firm M/s A & CO expired in June 2015. His son Mr. B carried on the business in the same proprietary name and was allotted another TIN. The assessments of the proprietary firm up to June 2015 and balance period were finalized separately. The assessment dues of the firm up to June 2015 were wrongly paid under the TIN of the new firm. Subsequently the dues were again paid in the correct TIN to settle the dues. However the commercial Officer is refusing to refund the amount wrongly paid under the new TIN under the pretext that the firm is already assessed to tax and the same cannot be reopened. is there a way out.

BY: SANTOSH JAGANNATH PAI

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U/s 47(xiii) any transfer of capital asset by a firm to a company is not treated as Transfer provided, there are 4 condition. 1 All the assets and liability of the firm before the succession become the asset and liability of the company . 2. All the partners of the firm immediately before the succession become the shareholders of the company in same proportion in which their capital stood in the books of account of firm. 3. The partners of the firm do not receive any consideration/benefit other than by way of allotment of shares by the company 4. The aggregate of the shareholding in the company of the partners of the firm is not less than 50 % of the total voting power in the company, and their shareholding continues to be as such for a period of 5 years from the date of succession. My query is if we observe all the above stipulated terms and conditions can we now proceed with such transfer of a firm’s capital assets to a company.or we need to observe some other conditions as well to proceed. if any other conditions are also required kindly explain the same

BY: pradeep kumar agrawal

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Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ? As these modes of payment can be provided. Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019 In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) hasbeen inserted in the Income-tax Rules, 1962. Rule119AA provides that the speci?ed person shallprovide facility for accepting payment throughfollowing electronic modes, in addition to thefacility for other electronic modes of payment, ifany, being provided by such person, namely (i) Debit Card powered by RuPay (ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and (iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code.

BY: DINESH KHURANA

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Dear Professionals, I started my Practice In 1989 as a Proprietorship Concern under ICAI with GST as per trade name . In a case of addition of a new CA , the firm is to be converted into a partnership firm requiring new PAN and new GST registration . With the above backdrop , my queries are : 1.Whether Proprietorship Experience Is Continued In the Partnership Firm as per ICAI records? 2. Whether the experience Will Count For Bank Audit Empanelment Under Partnership Firm ? 3. Also as a process , first conversion step to be taken from my Member SSP portal and later then the new partner should join ? 4. Whether my trade name "Palamalai & Co" can be changed as "Palamalai & Associates" or like including new partner initial as "RP & Associates" without any compromise in year of experience ? Kindly suggest clear opinions point wise . Thanks in advance .

BY: CA. PALAMALAI R

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Around 6 months back, A Committee was formed to recommend Change in Exam System following reports of CA Exam Papers being outsourced to Non professionals by Empaneled Examiner following protests by students. A Large number of Students/Professionals are of the View that Entry to CA Course should be made Difficult and Once a Person Joins CA Course, He should be assured of Completion of CA degree Tests should be conducted online and Paperwise results should be declared so that same Question paper is not required to be written after passing that paper on the lines of ACCA and CPA.In the prevailing atmosphere it becomes more relevent that Only Online Exam is conducted . This will also be of help to those students who have developed Problems like Writer Cramps and can not get Proper Writers

BY: Mahesh Kumar

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can a CA become a partner in audit firm in India and at the same time can hold the proprietorship of Audit Firm in Nepal Under ICAN ACT (Nepal). Any obligation for continuing as member of ICAI & ICAN at same time , whether possible or not ? How will the CPE obligation be fulfilled in such case ?

BY: RAJU GUPTA

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A FIRM ESTB.1962 HAVING CURRENTLY 2 PARTNERS. SENIOR PARTNER PASSED AWAY RECENTLY. NOW LEFT WITH JUNIOR PARTNER HE WANTS TO CONTINUE THE FIRM AS PROPRIETOR...WHAT IMPLICATIONS ON, NAME, ESTB DATE. SENIORITY OF FIRM BEING CARRIED FORWARD FOR BANK AUDIT CAG EMPANELMENT ETC AND ICAI RECORDS? JUNIOR PARTNER EXPERIENCE IS 12 YEARS. SENIOR PARTNER QUALIFIED MORE THAN 50 YEARS BACK. OR IS IT BETTER TO ADD ANOTHER PARTNER AND CONTINUE TO FIRM PARTNERSHIP CONSTITUTION? MY PHONE NO. IS 9970088669 ANY FEEDBACK WOULD BE GRATEFUL.

BY: Kalyan Chakravarthy Vennety

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My Individual (Non -business Income) Client has sold his residential house for Rs. 3 cr (SDV also 3 cr) . in FY 11-12 During assessment proceedings AO refer the valuer for Fair Market value to Departments valuer u/s. 142 A. and since the report was not got till 31st Dec. 2019 he made assessment subject to valuer's report . but Now the dept. valuer valued the same as 3.5 cr. and now AO issued notice u/s. 154 for enhance our income by Rs. 50 lacs. Can he do so ? whereas our sells consideration is actually Rs. 3.5 cr. as well as our banking tr. are also same AO has not found any other material evedince for disbeliving the consideration . what are the other factors and grounds which we should rely on for further appeal . Thanks in Advance

BY: SANDEEP KAPOOR

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What will be the tax treatment of immovable property held as stock in trade by a company and later contributed as capital into a partnership firm and will continue to be the stock in trade by the partnership firm ?

BY: Gaurav Kumar Baranwal

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Wanted to check presentation and accounting in books for Loan settlement as per Ind-AS.

BY: PARAS GUPTA

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While Issuing FORM 3, need to consider income and Expenditure of Land Owner Also?

BY: Sai Ram

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An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD. In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%. In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by bank. Declared profit @ 6.28%. He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-). His Gross total income comes to below basic exemption limit of Rs. 2,50,000/- after set off of loss from house property. In this case, do he need to get audited his books of accounts as he was not eligible to opt in u/s 44AD and total turnover was below 1 crore, declared income less that 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set off of loss from house property and before claiming deduction under chapter VI. ?

BY: VIRAL THACKER

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A Service provider filed ST–3 Returns by wrongly including Negative list item-sale of goods turnover of Rs.9.5 crores to the taxable service and claimed exemption by giving Notification No.7 of 2015 . On Rs.1.5 crores man power supply also, the assessee has claimed 100% abatement in ST-3 Returns by giving notification No.30/2012 item No.10 instead of Sl No.8. The mistakes were pointed out by the AG AUDIT PARTY. AC has issued show cause Notice with demand of around Rs1.8 crores saying that he is not entitled to the exemptions as mentioned in ST-3 RETURNS in respect of the services provided U/s Section 65(39a) and Section 65(64) – Erection, commissioning and Maintenance or Repair Service to Mobile companies It is only disclosure mistake - the Sales Turnover suffered VAT Tax and the claim of 100% abatement on man power supply is also correct except giving wrong S.No.10 instead S.No.8 in ST3 Return. Are there any case laws supporting the above facts where the department cannot levy service tax just for claiming exemptions/ abatements under wrong notification number in returns when the assessee can prove his claims with documentary evidence? Please give your valuable advice with case laws, if any, in satisfying the A.C that the sales already suffered VAT and claim of abatement is also correct except giving wrong exemption notification No in ST-3 Returns and there cannot be service tax demand just for disclosure mistakes

BY: M. UMA MAHESH

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AN E-COMMERCE SELLER WANTS TO REGISTER IN ANOTHER STATE AT E-COMMERCE OPERATOR WAREHOUSE THAN HOW TO OBTAIN NOC FROM ECO FOR USE OF WAREHOUSE AS PRINCIPAL PLACE OF BUSINESS .

BY: DHARMENDRA GORA

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X AN INDIVIDUAL CARRY ON BUSINESS OF CONTRACT WORKS. HE FILED HIS RETURN FOR FY 2017-18 U/S 44AD. NOW IN FY 2018-19 THE SAME BUSINESS IS CONTINUED AND HE WILL BE FILING RETURN U/S 44AD. BUT IN FY HE HAS TAKEN A UNSECURED LOAN OF RS 5.00 L FROM HIS FRIENDS, BUT THIS LOAN IS IN CASH. SO THE ACCEPTANCE OF LOAN ATTRACTS TAXATION LIABILITY U/S 269SS. (ACCEPTANCE OF DEPOSIT OR LOAN IN CASH IN EXCESS OF RS 10 K) , WE WILL ADD THE LOAN AMOUNT TO HIS INCOME. BUT MY QUERY IS IN WHICH HEAD THIS LOAN TAKEN IN CASH WILL BE ADDED. BECAUSE HE IS NOT FILING 3CD AS THE BUSINESS IS DECLARED IN 44AD. SO HOW THE ADDITIONS FROM 3CD WILL BE INCLUDED IN HIS RETURN OF INCOME. IN FY 2018-19 HE HAS A TOTAL BUSINESS RECEIPT OF RS20 L AND NP @ 10% IS RS 2.00 L + UNSECURED LOAN OF RS 5.00 L = 7.00 L IS HIS TAXABLE INCOME. PLEASE GUIDE HOW TO SHOW THIS 5 L IN HIS TOTAL INCOME IN THE RETURN SO THAT THE QUESTION OF ADDITION U/S 269SS WILL BE TAKEN CARE OF ASSESEE HIMSELF

BY: pradeep kumar agrawal

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Dear all, As all of you are aware that CBIC in its special drive has started sending mails demanding interest for belated filling of 3B after passing an internal order no CBEC-20/16/07/2020-GST dated 10/02/2020 by Special Secretary,CBIC . One of our clients got such type of mail.We have given our submission citing provisions and case laws.In response to that submission honble superintendent revert following mail to us.I am sending that mail in toto to all of you for my information and knowledge that WHETHER A SPECIAL SECRETARY HAS GOT POWER TO SUPERSEDE HIGH COURT`S JUDGEMENT ??? Awaiting for your response. Dear Taxpayer, in response to your letter, this is for your kind information that the amendment what you have stated in your reply has not been notified by the Government till date. Section 50 of the CGST Act, 2017 is very clear in this regard. Hence, you claim of payment of interest on cash amount is not sustainable. Secondly, despite of judgement of Madras High Court, Special Secretary, CBIC superseding the Judgement of Madras High Court, vide D.O. letter dated 10.02.2020 has ordered to recovery the interest on Gross Tax and Gujrat High Court's interim stay order is not a final order. Therefore, you are again requested to deposit the interest amount failing which recovery proceeding under Sub-Section 12 of Section 75 of the CGST Act, 2017 will be initiated against you. Thanking you Yours faithfully (Nikhilesh Bhattacharyya ) Superintendent of Central Tax & Cx Range-IV: Junglepur CGST & CX Division

BY: SUDIP KUMAR MUKHOPADHYAY

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With regard to Form NFRA-2, following clarifications are required. It would be very helpful for us to file the form accurately. 1. Under clause 3b - Whether the Auditor filing the annual return has been subjected to any other reviews by other regulators ? - Do an auditor regulated by ICAI, need to report its peer review conducted by ICAI. 2. Under clause 4 (AUDIT CLIENTS AND AUDIT REPORTS OF THE AUDITOR) of the Form NFRA-2, do an auditor who has been appointed as the branch auditor of Banks, Insurance Co., or other companies etc. are also required to report under this para.

BY: SAHIB CHOUDHARY

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w.r.t foreign payment made there arose a TDS liability, but inadvertently the same was grossed up in form 15CA as well as form 15CB . In consequences thereof, an excess of TDS is being deposited to the IT department. Now , Can we adjust the excess TDS deposited in another payment made to the same person if yes what is procedure for adjustment .

BY: SANDEEP KAPOOR

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In Case of Builders, whether the value of work in progress held as stock if transferred to Fixed Assets will be subjected to GST ? Meaning thereby Whether GST will be applicable in case stock is capitalised as Fixed Assets during the relevant year ?

BY: Gaurav Kumar Baranwal

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In the case of IND AS companies, certain items are passed through OCI. While computing income tax, we start from P & L profit or loss. Whether effect should be given for items passed through OCI? In the case of MAT paying companies u/s.115JB, CBDT has come out with a circular that starting point is PBT. But in the case of other companies, whether items in OCI should be given effect in tax computation? Please clarify. IND AS 1 says that OCI items should be net of taxes. Does it mean that OCI items have to be considered in computing taxable income?

BY: balasubramanian

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There is problem regarding GST tax bifurcation. Actually, As per books it has been shown as IGST liablity and same has been paid under IGST head but it was supposed to be CGST and SGST liablity. During the GST audit , In annual return it has been corrected and shown under correct head . But problem arises how to show the same in GSTR 9C figures as per audited books of account and how to deal it.

BY: Binod Kumar Banka

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Dear All, As per AS 11, ICAI Compendium of Opinions, Vol XXIX,all transactions whether involving receipt of foreign currency or payment in foreign currency, should be recorded at the exchange rate as on date of transaction. EEFC accounts should be recorded at the exchange rate on the date of transaction. The Company can not account for the payments from EEFC accounts at the exchange rates applicable to receipts without considering the exchange rates prevailing on the dates of payments from the accounts. ______________________________________________ My query is as under. Our organisation have EEFC account. If We have made export of 100 USD and We are receiving 100 USD at a time. Against on same day We have import payment from EEFC too, amounting to 40 USD. For E.g. Buy Rate 70, Sell Rate 72 We received from Bank net payment advise for 60 USD*72=Rs 4320. Now, if as per AS respective rates are taken in which bank EEFC account is maintained, Following entries are passed. 100 USD*72= Rs 7200 Receipt 60 USD*70= Rs 4200 Payment Net Receipt Rs 3000 However as per payment advise it is Rs 4320 as with same USD rate payment is knocked off. So whether should be record gain of Rs 1320 (as per Accounting Standard Rs 3000 vs. Actual Received Rs 4320).? Please guide. Also EEFC account needs to be shown separately in Balance Sheet under Cash and Bank balance?

BY: Pujit

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In case of Joint Development Agreements, post 01.04.2018, section 49(7) defining cost of acquisition of property and section 45(5A) defining sale consideration are similar (assuming no change in stamp value over a period of 2-3 years). This results in the cost of acquisition and sale value being the same and hence no capital gain arises. Is my understanding correct? Can this be considered as an initiative by the Government to senior citizens, who usually want to develop their old/existing houses, without much liquid resources to spare in case of capital gains arising out of completion of building. Please clarify regarding the same. Also, if one of the newly developed flats is sold a year later, what will be the cost of acquisition of the property and when it will be considered long term and short term respectively?

BY: CA. ANURADHA A V

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The entity has disclosed the gross turnover as well as purchases in profit and loss account including GST. The additional amount payable through cash ledger is also debited to profit and loss account. The GST amount is stated separately but debited to profit and loss account. The GSTR 3B and GSTR 1 are filed correctly disclosing the net turnover and input is correctly claimed. Can the component of GST in the gross turnover can be separated and stated in 5O of GSTR9C as "adjustment of turnover due to reasons not listed above"?

BY: SANTOSH JAGANNATH PAI

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Details of Query: - ITC ledger as per audited books of account (F.Y. 17-18) Rs. 100 - ITC as per filed 3B for F.Y. 17-18 was Rs. 90 - But actually our eligible ITC was only Rs. 60. Hence we reversed excess claimed ITC of Rs. 30 in 3B returns of next F.Y. 18-19 and also reversed ITC excess ITC of Rs .40 in books of FY 18-19 (since FY 17-18 were audited). What will be treatment in GSTR 9 C Form ??? Is below treatment would be correct one or Other, please suggest ? Point 12 in Pt. II of Form 9C 12.A. - ITC availed as per audited Annual Financial Statement : i.e. 100 12.E. - ITC claimed in Annual Return (GSTR9 – point 7J): i.e. 90 12.F.- Un-reconciled ITC : 10 Then we can mention - Reasons for un-reconciled difference in ITC can be writteen as under: Reason 1 .ITC reversed in 3B of next filed 3B return Rs. 30 Reason 2. ITC Reversed in books of F.Y. 18-19 (but related to Previous year F.Y. 17-18) Rs. 40. Thanks.

BY: RAJENDRA SEWDA

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A seller making sales through ecommerce operator-swiggy , in which gst is charged on value after discount but not on the pakaging charges . in this case what will be our taxable value while filing gst returns Also please help me where these ecommerce transactions to be shown in gstr-1

BY: MOHAMMED MASEEH UR REHMAN

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IN REDEVELOPMENT SCHEME EXISTING MEMBER ARE GETTING FLATS WITH EXTRA AREA WITHOUT ANY CHARGE. THERE IS INCREASES FROM 65 SQ MTR TO 85 SQ MTR . WHETHER DEVELOPER HAS TO PAY GST ON ENTIRE MARKET PRICE OR ON ONLY ON EXTRA AREA GETTING BY EXISTING OWNERS OR SIMPLY NOT TO PAY ????? NEW FLATS ON NEW FLOOR SALE PRICE BELOW 45 LAKHS . WHAT ARE RATE OF GST WITH INPUT CREDIT & WITHOUT INPUT CREDIT ??? IF SALE PRICE ABOVE 45 LAKS WHAT WILL BE THE RATE OF GST?? CA DIMPLE SHAH

BY: CA DIMPLEKUMAR V. SHAH

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Father and son wish to buy residential property jointly. Father shall be claiming exemption u/s 54 ( he shall sell his owned residential property and invest in new one jointly with son). lets see by example: New property purchased on 25/12/2019 for 1.5 crs Fathers' estimated capital gain from sale of his old property 40lakhs. Father's residential property has to be sold within one year of the purchase of new property to claim under 54. If he is unable to sell the old property before 25/12/2020, what shall happen? Can he invest in the new property ( for claiming u/s 54 ) by buying 1/3rd share of the new property from his son? What shall be the stamp duty on the same?

BY: Pradnya M Oak

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DURING THE COURSE OF SEARCH OF A PERSON ' X ' IT WAS FOUND THAT ASSESSEE HAD RECEIVED BACK THE SUMS GIVEN AS LOAN TO THAT PERSON (IN WHOSE PREMISES THE SEARCH WAS CONDUCTED) IN CASH . ASSESSEE HAD ALREADY OFFERED THE SAID AMOUNT AS UNEXPLAINED CASH CREDIT UNDER SECTION 69 AND PAID THE TAX THEREON @ 60% UNDER SECTION 115BBE ALONG WITH PENALTY LEVIED UNDER SECTION 271AAC . HOWEVER THE PENALTY UNDER SECTION 271DA IS ALSO LEVIED SIMULTANEOUSLY ON ACCEPTANCE OF SUMS IN CASH . CAN PENALTY UNDER SECTION 271DA BE ALSO LEVIED IN CASE THE SUMS HAD BEEN DECLARED AS INCOME UNDER SECTION 69. SECTION 271AAC HAD STARTED WITH THE WORDINGS " NOTWITHSTANDING ANYTHING CONTAINED IN THE ACT , STILL THE PENALTY UNDER SECTION 271AAC AND PENALTY UNDER SECTIN 271 DA OF THE ICNOEM TAX ACT 1961 BE LEVIED SIMULTANEOUSLY ON THE SAME AMOUNT . PLEASE CLARIFY

BY: DEEPTI DHAKAD

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I am Doing My Practise as Proprietor and I am Also Partner in Another Firm. Now I want to Merge my Proprietary with the Partnership Firm in which I am Already a Partner. My Question is Can I Merge My Proprietary with the Partnership Firm in the above case.

BY: Siva Ette

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The assessee is a partnership firm engaged in construction activity. In has purchased land during the year 2006-07, and has started construction in 2012 and has done work to the extent of Rs. 50,00,000. Later on due to funds scarcity, it has entered into development agreement with other company for construction of flats in 2014. Construction was completed in the year 2018 and land owner has received his share of flats and started selling its share. How to treat the same in the books of land owner who is engaged in same business. Whether to calculate capital gains or business income. Kindly explain.

BY: Sushma Sireesha Mukka

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Deduction u/s 10AA was disallowed by AO on the contention that ROI is filed after due date. But nowhere in the section there is a mention of such condition for claiming 10AA deduction. However in sec 143(1)(v), it is mentioned the ROI shall be processed after disallowing 10AA deduction, if the ROI is filed beyond due date prescribed in 139(1). In these circumstances, whether any appeal can be filed, what are the chances of success. Can we make the contention that the eligibility conditions prescribed in 10AA do not include the condition that ROI filing should be within the due date and the assessee is not bound by the ROI processing directions as stipulated in sec 143(1). Thank you for your guidance.

BY: Suresh Raman

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X AN ASSESSEE RECEIVED A DEMAND NOTICE OF RS 30 K FOR ASSTT YEAR 2011-12, THIS IS DUE TO MISMATCH OF TDS. EFFECT OF FULL TDS CREDIT WAS NOT GIVEN IN THE ABOVE DEMAND NOTICE. MR X GOES FOR 154. WHILE FOLLOWING 154 PETITION IT IS SEEN THAT INTEREST ON FD WAS OMITTED IN ORIGINAL ITR. SO CAN WE CONSIDER THE INTEREST INCOME TOGETHER WITH TDS DEDUCTED ON FD AND FILE PETITION U/S 154. ORIGINAL RETURN SHOW ONLY SALARY RETURN AND TDS DEDUCTED ON SALARY. FURTHER IT IS TO BE NOTED THAT THE ORIGINAL ITR WAS FILED MANUALLY IN IT NOT WITH CPC. WE PRESENTLY RECEIVED A DIN MENTIONED INTIMATION FOR ORDER U/S 154 FROM IT IN OUR PORTAL TO SUBMIT REPLY TO THE SAME.

BY: pradeep kumar agrawal

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JDA was entered in F.Y. 2004-05 and flats acquired from JDA were sold in F.Y. 2014-15, while no tax has been till now, whether old provisions or new (as per Sec. 45(5A)) would be applicable now?

BY: Hunny Badlani

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Q;The Company has one shipment from X Pvt Ltd , they raised invoice in the name of Importer Y Ltd and CHA (Z Ltd) has made the payments after deducting the TDS on behalf of Y Ltd. But X Ltd is not accepting the payment because of CHA has deducted the TDS. According to Income Tax Act 1961, 1. Normally, Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents operate on a contractual basis and so the tax is deductible u/s 194C of the Income Tax Act 1961. 2. Section 194C (1) provides that any person responsible for paying any sum to any resident contractor, for carrying out any work in pursuance of a contract, shall deduct tax at source at a specified percentage. 3. Custom House Agents (CHA) or Clearing & Forwarding (C&F) Agents make payments on behalf of the importers and exporters towards statutory levies, for example,dues, customs duties, etc., and other reimbursable expenses like Container charges, ICD Charges, stamp charges, and processing other statutory charges. when the payment is Subject to TDS according to the provisions of IT Act 1961, making the payment through an agent does not alter TDS liability. Therefore we are liable to deduct TDS while making payment to Shipping line Still X Ltd are refusing to accept payment with TDS Deduction. They are saying that Third payment is always consider as reimbursement of expenses which is not liable for deduction of any tax at source so please don’t deduct our tds . Give your valuable suggestions regarding the above matter

BY: GOPAL KUMAR AGRAWAL

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we have file ITR of AY 2017-18 of Trust in Feb 2018 along with Form 10B . My querry is that whether Exemption may be withdrawn for AY 2017-18 or we can save assesee for filing condonation of delay of Form10B and whether condonation of delay file be online or offline . pl. let us know the procedure to file Condonation of delay of Form 10 B . Its urgent

BY: SANDEEP KAPOOR

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How Funds owned by a HUF like capital in a firm or Loan to somebody,can be transferred partially to its members Whether Partial Partition deed is required to be prepared

BY: Mahesh Kumar

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A cooperative society regd in Punjab doing construction and labour provider job has not done any business during F Y 2018-19. It has not been audited by Cooprative Society Auditor nor is eligible for Tax Audit. It is having a nominal Interest income which is adjustable against Previous Year carried forward Loss. Whether in this case date of reurn filing is 31-8-2019 or 31-10-2019in FY 2018-19

BY: Mahesh Kumar

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Whether a cooperative society can file ITR without Digital Signature if it is not eligible for Tax Audit.Statutory Audit has not been done by Cooperative department in this case

BY: Mahesh Kumar

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ITR-1 for Salary income only was filed by the assessee on 1st Sept 2019 for F.Y. 2018-19. ITR is not processed yet. Can now Tax Audit Report for F&O Business and Revised Return including the same be filed?

BY: Hunny Badlani

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should we give effect to deferred tax liability or assets while arriving at break up value of shares

BY: VIJAY PROHIT

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A LLP is working. Now some Partners are to be inducted in the same LLP. The new Parthers have already give their Share to the LLP before 31.3.19. The LLP has kept their money as Unsecured Loan. Now they want to become Partners in the LLP. A Fresh LLP Agreement is Drafted on 01.10.19. Whether we can make it effective w.e.f 01.04.2019. Meaning that the New Partners shall become Partners of the LLP since 01.04.2019.

BY: AJAY JAIN

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TRANSFER FIXED ASSET BY A CHARITABLE TRUST REGISTERED U/S 12AA TO ANOTHER CHARITABLE TRUST WITH SAME OBJECT S BUT WITHOUT REGN. U/S12AA. KINDLY CLARIFY THE IMPACT FOR THE TRANSFERROR TRUST AND THE TRANSFEREE TRUST UNDER INCOME TAX ACT

BY: P.SHANGAR

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AS PER SECTION 80 P THE INCOME TAX ACT, INCOME OF THE FARMERS PRODUCER COMPANY IS EXEMPT FROM FY 18-19 ( AS PER THE BUDGET 18-19) LIMIT TURNOVER IS UP TO 100 CRORES, AVAILABLE FOR 5 YEARS FROM AY 2019-20 LET ME KNOW WHETHER MAT IS PAYABLE ON THE SAME FOR COOPERATIVE SOCIETIES THE AMT IS NIL WHETHER THE SAME BENEFIT IS AVAILABLE FOR FARMERS PRODUCER COMPANY

BY: sadashiv iranna c

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After the introduction of section 145A of the Income tax Act 1961 Whether exclusive system of accounting for taxes is still permitred ? Exclusive system of taxes Considering taxes which can be claimable as a part of Balance sheet and npt routing through Profit and loss statement

BY: DINESH ARAVINDH V

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An Indian Company exports software services to its holding company in USA. Holding Company settles the invoice as per terms. From current year, holding company decides to allocate some common costs to its subsidiaries located across the globe. Accordingly, a proportion is apportioned to Indian Subsidiary. This expense will hit Indian Subsidiary's Profit and loss account. Let know whether export proceeds realizable by the Indian Subsidiary can be netted off with this expense under FEMA Regulations. Also let know, if Indian Subsidiary has to pay GST on this expense.

BY: balasubramanian

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Shree Advertisers (here-in-after referred to as ‘the company’) is engaged in the business of selling advertising space or time .The company intends to sell its sole proprietorship business (alongwith assets and liabilities) as a whole and wants to know the tax implications under GST and Income tax Act. 1.Whether GST is applicable on sale of proprietorship business and its assets and liabilities as a whole? 2.What will be the tax implication on sale of assets and liabilities as a whole under Income tax Act , 1961? . 3.Will there be any exemption from capital gains tax if the profit arising from slump sale is reinvested in long term capital asset?

BY: shruti chhalani

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Mr X has taken a Residential building on Rent from his wife Y and starts to operate a guest house in that building Mr. X has some expenditure in interiors in Fy 19-20 and Commercial transactions /operation may commence in FY 2020-2021 . My Querry is whether GST Input on Expenditure incurred on interiors on Building and Fixed lighting , decoration etc will be available to Mr. X and what should be treatment of such expenditure as Pre-operative exps. or Booked as revenue expenditure and claim as Business Loss in Fy 19-20

BY: SANDEEP KAPOOR

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Rate of GST on pure labour contract under affordable housing projects like projects under CM Jan Aavas Yojna ? Is they are exempt or liable for tax at what rate

BY: SUBHASH CHAND

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DPT-3 filed for private limited company was put under resubmission with the remark to submit the same with details list of such outstandings. How it is possible to get these details in case of an old companies carrying these since long (20 years) and for which no informations is readily available. What is time limit for resubmission as no specific time limit is given under remarks.

BY: CA. SURAJ KUMAR CHOUDHARY

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an SEZ unit is taking services of a hotel for an event management which will be taking place at their hotel - Convention hall. Will the services attract IGST (considering as supply of services to SEZ unit) or it will be subjected to CGST /SGST ( considering that place of supply is Hotel iteself and is not teh SEZ unit)

BY: GeetikaSetia

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what will be the gst impact for a person who is providing training services from india to people outside india through digital mode ?

BY: ravi kishore bhagi

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In case of Pvt Ltd Company, there are two additional requirement apart from existing one, which are very difficult to furnish: 1. Shareholders details with PAN numbers. 2. Assets particulars with date of acquisition. A private limited company, which have been registered 30 years ago, how these details could be gathered and where from to arrive these figures. Even ROC data is available for last 12 years. Please respond

BY: CA. SURAJ KUMAR CHOUDHARY

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Unsecured loan was taken by way of journal entry in one hand from another as legal heir fund. How to disclose the same in 3CD, as this entry fall in none of the prescribed mode. Similarly how to disclose payment of Interest on unsecured loans which is paid by way of journal entry only

BY: CA. SURAJ KUMAR CHOUDHARY

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Whether pure agent services like paying taxes on behalf of some person be considered as exempt supply in GST...?? If yes, whether the amount received as a pure agent be included in computing the aggregate turnover for the purpose of audit of a taxpayer..???

BY: CA Neha Gupta

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Companies have to furnish details of “assets” including Jewellery, Painting etc., Unfortunately, it is not mentioned as “Fixed Assets”. Assets naturally includes inventories also. Does it mean a Private Company having a Jewellery Shop has to furnish details of jewellery for the above requirement in ITR 6

BY: C P Ethirajan

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Dear sir, One of our client is selling a plot of land and to avoid tax he is telling me that he will gift the property to the purchaser and the purchaser has agreed to pay tax on it under sec 56. However there will be exchage of consideration in the form of Cash. Will there be any liablity on the Seller. Under Income Tax Act

BY: VIPIN GUPTA

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Dear Sirs, My query is relating to HSN wise reporting on imports. 1. Under taxable value which value we have to enter, whether assessable value as per Bill of Entry or Purchase value? 2. Sometimes the IGST charged by the customs authority slightly varies with the rates mentioned under rate tab in the table. Because of this portal is not accepting the import. How we can resolve this difference?

BY: NIRAJ PM

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WHETHER TCS ON SALE OF COAL TO TRADER ON HIGH SEAS SALES AGREEMENT APPLIANCE ? PLEASE GOOD BOOKS FOR HIGH SEAS SALES AGREEMENT DRAFT .

BY: CA Chirag Mirani

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Sir one of our client is rendering service for construction of government school buildings and work of phed and pwd. WE have recevied notice from service tax department alleging us to take service tax registration and discharge service tax liablity. He is telling us that you can ignore servie U/s 66D for registration since you are rendering service whether taxable or exempt you have to take registration. Is he correct kindly provide reply quoting proper section as i will use it in my reply

BY: VIPIN GUPTA

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Dear Sir, Whether in Pt. IV Col 9 "Details of tax paid as declared in returns filed during the financial year", tax payable to be declared should be as provided in GSTR-3B filed during the year or it should be amended with the changes made through Annual Return and tax paid through DRC-03?

BY: Hunny Badlani

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Dear sir, My query is bifurcation in point 6B will be as per books or we have to bifurcate point 6A figure whether it is wrong or right

BY: VIPIN GUPTA

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Dear Colleagues, Is there any GST exemption on services given to World Bank?

BY: Prashanth Karanth

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A society is regd. under society registration act and their object is to specific for interest of particular community . They collect membership from their members and Donation from members and outsiders too and spent on their cultural activity , refreshment and some time some charitable activity also like medical camp etc. My querry is whether surplus of such cultural activity is exempt and weather concept of principal of mutuality will attract pl. clarify in details

BY: SANDEEP KAPOOR

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ONE PERSON IS RUNNING A CYBER CAFE FROM WHERE HE IS PAYING ELECTRIC BILLS,DEPOSITING INCOME TAX & GST AND OTHER STATUTORY LIABILITIES OF GENERAL PUBLIC AFTER COLLECTING CASH FROM THEM.HE IS PAYING FROM HIS CURRENT OR SAVINGS A/C.TOTAL DEPOSIT DURING THE YEAR EXCEEDS 60 LACS IN A YEAR.SHOULD HE GET GST NUMBER AND ISSUE INVOICE TO HIS CUSTOMERS ???

BY: SUDIP KUMAR MUKHOPADHYAY

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Dear All, An assessee (Resident Individual) received income from US Company by way dividend on Stock Options held. Withholding tax has been deducted @ 25% on the Dividend Income by the Foreign Company/ Broker. Before filing ITR 2, we need to file Form 67, in order to claim credit of Tax deducted in Foreign Country. While filing Form 67, we need to attach the proof of Tax deduction in Foreign Country. We have Form 1042-S, for the Tax deducted during the period Jan – Dec 2018, whereas for the Period Jan – Mar 2019, we have only the broker statement. Is it sufficient to attach the Broker Statement for the period Jan – Mar 2019, or is there any other alternative. Please advise. Thanks,

BY: A S RAMAN

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A Society registered under 12AA of the income tax act and also with FCRA, did not file annual return in Form FC 4 to the Ministry of Home Affairs for year ending 31.03.2018, because the Secretary of the society was unwell .Now the Society wants to file the return. What is the procedure and consequences. How to save the rigor of penalty.

BY: Varthamana Chandranathan Devadoss

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JDA AGREEMENT ENTERED INTO IN 2013.LANDLORD GOT SAY,20 LACS AS SECURITY DEPOSIT AND SHOWN AS LIABILITY IN B/SHEET. IN 2018,PROMOTER AND LANDLORD ENTERED INTO SEPARATE AGREEMENT TO SALE OUT LANDLORD`S PORTION FOR CONSIDERATION OF SAY RS 2 CR. AND RECEIVED RS 5 LACS IN FY 2018-19 AS PART PAYMENT. LANDLORD DOES NOT HAVE GST NUMBER. WHAT WILL BE THE INCOME TAX & GST IMPLICATION IN THE BOOKS OF LANDLORD ??

BY: SUDIP KUMAR MUKHOPADHYAY

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A party has declared wrong IGST liability and adjusted CREDIT of IGST IN 3B .WHERE AS actual liabilty(C/SGST) is declared in GSTR-1 which is higher than liabilty(C/SGST) higher than 3B. Therefor C/SGST is short paid. Whether excess IGST input can be adjusted for payment of output C/SGST ??? Or take refund of IGST and paid the short liability of C/SGST ??

BY: avadhesh gabel

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ABCD Pvt Ltd is a Company with 4 Directors viz A, B, C and D. PQ is a partnership firm wherein Mr.A and one other person are partners. Now, ABCD Pvt Ltd and PQ (Partnership firm) have applied for Cash Credit Limit in Bank (say 50 Lacs for ABCD Pvt Ltd and 40 Lacs for PQ). The property which is to be mortgaged as security is owned by ABCD Pvt Ltd. Now is there any bar on the Company giving guarantee for PQ so that Extension of EM can be done? Please help

BY: BIJOY KUMAR BANSHAL

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We have made a supply to a unit which purchaser told us to be in SEZ unit latter on it was discovered that the unit was in dometic tarrif area, as a result tax is to be deposited now. We have earlier issued bills without mentioning GST under LUT. Now we have to deposit tax. I want to ask 1. As earlier we have shown in 3B as zero rated now we have to deposit tax through 3B. Do we have to show the sale again in taxable outward supply or we have to show only tax along with other outward supply. 2. As regards GSTR 1 we have shown it as deemed export now we have to show it as taxable sales. As we have shown the taxable value and not the tax. To give benefit of tax will debit note will be correct option or supplementary invoice. If we issue debit note what we have to fill in note value will it not make the sale double if we show note value or we can show only tax. Will there be any mismatch in the purchasers 2A i.e invoice value without tax and debit note without value

BY: VIPIN GUPTA

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A sole proprietor trader opted composition scheme and paying GST @ 1% on Turnover. From this month he started getting commercial rent on renting of his property. Getting Rs 22,000/- per month (rent receipt is within limit specified ie 10% of TO or Rs 5 Lakh whichever is higher). What is GST rate for Commercial rent for this compos dealer?

BY: Sivaraman A.R.

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Dear Sir, One of my client has earned salary income for 2 months in FY 2018-19 in USA. He has also paid tax on it. My query is that - Whether he is allowed to claim relief in respect of all the taxes paid in USA like Fedral Income Tax, Social Security tax, Medicare tax or only Fedral Income Tax? Please clarify the same. Thanking you, Regards Hayedar Shaikh

BY: HAYEDAR SALEEM SHAIKH

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Hi , A Food Operator has taken a franchisee, serving ice Cream to their customer through the Retail shops in India and Also through E-commerce Operator with the rate of 5%, Such person has also not taken any Composition scheme for the Restaurants, Now the queries are:- 1. Franchisee fees, Rental for retail shops could be allowed as an input tax credit. 2. If such person will give their franchisee rights to other person and receipt some amount, then can we offset the franschisee fees Input tax credit against the tax liability on Receipt amount.

BY: Shobhit Bansal

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Company has to pay registration fees to foreign government for getting his medicine registered in that country Does the amount to be remitted is liable for TDS deduction under Income Tax and DTAA of Uzbekistan In my opinion TDS under IT to be stated @20.6% while we claim exemption under article 7 of DTAA Please guide really urgent

BY: DIVYA AGGARWAL

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JDA AGREEMENT ENTERED INTO IN 2013.LANDLORD GOT SAY,20 LACS AS SECURITY DEPOSIT AND SHOWN AS LIABILITY IN B/SHEET. IN 2018,PROMOTER AND LANDLORD ENTERED INTO SEPARATE AGREEMENT TO SALE OUT LANDLORD`S PORTION FOR CONSIDERATION OF SAY RS 2 CR. AND RECEIVED RS 5 LACS IN FY 2018-19 AS PART PAYMENT. LANDLORD DOES NOT HAVE GST NUMBER. WHAT WILL BE THE INCOME TAX & GST IMPLICATION IN THE BOOKS OF LANDLORD ??

BY: SUDIP KUMAR MUKHOPADHYAY

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Dear Professionals, Please guide for the below case study. For the FY 2018-19, my Client's Turnover as per GSTR-3B & Books is 10 Lacs(Assumed).He is involved only in interstate sale of goods.The Turnover as per the E-Way bills generated is coming to 11 Lacs.(Extra way Bill generated twice for same invoice by the client) In April-19 he received a notice(DRC-01) from the department u/s 73 for payment of differences of output tax coming as per returns and way bill. The notice had a demand of CGST and SGST on differential of 1 lacs instead of IGST. The same was also paid by the client under the wrong head SGST and CGST. Now the point is that the notice amount has been paid under the wrong head and the extra way bill was also generated by mistake. How to proceed in above case.

BY: Anuj Kumar Khaitan

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A firm located in India is providing digital marketing, ticket booking and customer support services for a cruise company in Australia. The Australian company have been paying in Australian dollars to the firm. Some of the customers of the Australian company are from India and they are ready to pay in INR to the Indian firm directly for the tickets booked. Does the firm has to register under GST and pay on this transaction??

BY: Achuthan P

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One of my client sell goods to its branch in another state at cost . Whether taxable value (which is actually cost to the client) shown in the invoice can be taken as open market value? Whether he has to add additional 10% in accordance with rule 30.

BY: NIRAJ PM

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If a person is paying interest on housing loan from a financial institution outside india (whose income is tax free in that country), whether the payer (who gets her salary from WHO which is Tax Free) needs to deduct the TDS on that for claiming the interest on housing loan.

BY: CA Neha Gupta

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A Municipal Corporation collects (1) Rs. 100/- towards charges for application forms for awas yojna (under Affordable Housing) (2) Charges for tender application documents for awarding various outsourced work of corporation. Whether GST is applicable in both the cases? If yes under which head GST is to be collected.

BY: DARSHAK MAGANLAL THAKKAR

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I have doubt under RERA 1. Suppose builder purchases material and incurred direct expenses for construction of a building, then for issuing Form 3 for cash withdrawal from a bank account, whether any outstanding payment (balance payment to be made to Creditors) towards the purchase of Material (Cement, Bricks etc) and Direct expenses (labour, rent of machinery) is to be included or not in Development/construction cost for Form 3 under RERA. (w.r..t.Maharashtra RERA) 2.Whether Closing stock is to be deducted from development/construction cost under RERA for issuing Form 3.(w.r.t. Maharashtra RERA)

BY: SHEKHAR KUNDLIK SAWANT

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ONE OF CLIENTS GOT LETTER FROM DEPT CHARGING INTEREST U/S 50 OF CGST ACT FOR EXCESS TRAN CREDIT AVAILED UPTO THE PERIOD OF REVERSAL OF EXCESS CREDIT TAKEN. QUERY : IS THERE ANY OTHER RECOURSE THAN MAKING PAYMENT ??? SHALL WE GET LEGAL HELP IF WE GO FOR APPEAL ?? YOUR OPINION IS HIGHLY SOLICITED WITH REFERENCE TO SECTION,RULE,NOTIFICATION AND CASE LAWS.

BY: SUDIP KUMAR MUKHOPADHYAY

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Mr. A is a Government Contractor engaged in :- 1. Construction of government buildings & Roads 2. Engaged in Water Boring & grounding of water Pipelines The Works involve both goods as well as services of labour. Now in both cases contractor is purchasing goods like cement , building materials , water pipes etc as required for completion of projects with the help of owned labours. Please clarify whether the contractor can take the input of GST paid on the goods procured for the both projects or not (consider separate projects). What are the conditions for availment of GST Inputs. What will the GST Rates on the above projects. Thanks in advance.

BY: VIPIN KUMAR

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There is one dealer who is registered in GST under composition scheme. The said dealer is providing various material and services to the Government Entity. Now the Government entity is deducting TDS @2% on the payment made to the supplier. Now the query is how that Composite Scheme Registered Dealer get Credit of Such TDS Amount which is deducted by Government Entity. The Government Entity is making more than 2,50,000.00 payment to the dealer. Please help to come out from this issue. As the Dealer is registered under composition scheme, he is not eligible to view TDS Credit in his Return Tab. How can he get his TDS Amount back? Thanks in advance.!!!

BY: CHIRAG DIPAKKUMAR SHETH

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While disallowing input with respect to exempted turnover, what is the total turnover to be taken for the month? Only the turnover which the input is utilised for or the total turnover even such inputs are not utilised? Ex. Interest Income, Rent income etc.,. If we have to consider entire turnover, we know interest accrued income in later months checking the TDS. But we have to file GST Return early. Even we estimate such incomes they are not accurate. Also another situation where inputs are availed in one month and there is only exempted turnover during the month but taxable supply occurred in later month we have to disallow the entire input. In later month we have to pay entire tax without input. There is no provision in GST to consider the exempted turnover and taxable turnover to total turnover on yearly basis for year end adjustment.

BY: VINAY BHARGAV KUMAR G

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Wef FY 18-19, Ind AS 115 has replaced Ind AS 18 and 11. Most of the listed entities in real estate sector has shifted to product completion method instead of percentage completion method in respect of incomplete projects, as noted from their quarterly results. Most of them have recognised negative impact on their net worth as at 1.4.18. For FY 2018-19, real estate companies would be recognising revenue based on product completion instead of percentage completion. My query is, for income tax purpose, would such entities be required to prepare a separate books of account i.e. as per Percentage completion since, ICDS on Construction contracts permits only percentage completion or they can continue to use accounts prepared as per new revenue recognition standard?

BY: Deepak Gupta

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Dear Sir, As there is a change in GST provision regarding gst rate from declared tariff to "Value of Supply". In my case the room rent declared is Rs 900 now the person has breakfast orders a bisleri bottle and other services and his bill goes to Rs 1350/- will we have to charge GSt or not. Can we give two bills one for stay and other for Service. and get rid of GST or we will cought under composite supply and will be liable to GST

BY: VIPIN GUPTA

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Respected sir, I have doubt that whether contractor(constructs resedential house) is eligible for new rates (1% and 5%). our case is that owner who is having or purchased plot of land and enters into agreement with contrator for construction of house. now question is that whether contractor have to pay gst with old rates or new rates? In every notification the word promoter is mentioned. In notification defination of promoter is to be seen as per RERA act. in that promoter includes contractor.At what rates Gst is applicable to contractor?

BY: HARDIK KETANKUMAR THACKER

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Whether input tax credit shall be reversed by a Real Estate Developer engaged in providing construction services of Residential/Commercial complex where the whole/part consideration has been received before issuance of Completion certificate ?

BY: DEEPAK ARYA

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As per notification no.3/2019 (Central Tax - Rate), new rate of GST has been prescribed. This applies to a "promoter". As per this notification, the meaning of promoter is the same as defined under RERA. Sec.2(zk) defines the term promoter. As per the "explanaion" given at the end of the sec.2(zk), if the person who construct the apartment & the person who sells the apartment are different, both are treated as "promoter" for purpose of RERA. This means a person who is acting as "contractor" for the developers also become a promoter & is covered by notification no.3/2019. Hence, I feel even the "contractor" has to charge 1% or 5% GST without ITC. However, I find the said notification has entry (v) providing for 12% GST for pure “contractor” who renders service to a promoters. There appears to be conflict of meanings. Experts please give your comments.

BY: C P Ethirajan

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IGST IS PAID ON IMPORT . HOW THIS IGST PAID IS SHOWN IN GST3B IN TABLE 3.1.d "Tax on outward and reverse charge inward supplies " UNDER INWARD SUPPLIES (LIABLE TO REVERSE CHARGE) AND IN TABLE 4 " ELIGIBLE ITC UNDER 4 (A(3) "INWARD SUPPLIES LIABLE TO REVERSE CHARGE IF IT IS SHOWN IN TABLE 4 TITLED "ELIGIBLE ITC" AT 4(A)(1) UNDER IMPORT OF GOODS , THIS IGST PAID ON IMPORT IS NOT SHOWN IN ITC CREDIT CLAIMED AND DUE SUMMARY GENERATED BY DEFAULT ON GST PORTAL UNDER TAB COMPARISON OF LIABILITY DECLARED AND ITC CLAIMED

BY: SHYAM SUNDER

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I have made free sample sale and i have paid GST on such sale at applicable rate and i have disclosed such sale in GSTR-1 in B2B transaction and paid GST in GSTR-3B and i have issued financial CN(including GST amount) to customer and i have borne GST paid as expense now , GST paid is showing in customer's GSTR-2A which is not eligible credit for him as he has not borne GST amount so customer wish me to do something that GST credit amount will not display in his GSTR-2A now how can i amend original sales invoice in GSTR-1 ? if i amend GSTR-1 with zero taxable amount and tax then there will be difference in my GSTR-1 & GSTR-3B. And Then how i can disclosure in GSTR-9 and 9C for this transaction difference ?

BY: parth

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Dear Sir, I have following doubts regarding ITC 04 1. My client is an manufacturer and is sending rough diamonds to job worker and the job worker after processing is sending polished diamonds. so now in the sheet of JW TO MFG. whether i have to mention Rough diamonds or Polished Diamonds?? 2. Another Client is based at Mumbai (as an principal manufacturer) is sending goods at surat for job work and the surat job worker is again sending it to another job worker for process. Than the processed goods are than returned by sub job worker to surat and than surat to mumbai for sale. whether the surat job worker will have to file ITC 04? If no than whether mumbai manufacturer will have to describe in his return about goods sent to another job worker??

BY: ALIRAZA SAJJAD RAVJANI

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IGST IS PAID ON IMPORT . HOW THIS GST PAID IS SHOWN IN GST3B IN TABLE 3.1.d "Tax on outward and reverse charge inward supplies " UNDER INWARD SUPPLIES (LIABLE TO REVERSE CHARGE) AND IN TABLE TABLE 4 " ELIGIBLE ITC UNDER ITC ON REVERSE CHARGE

BY: SHYAM SUNDER

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Whether Auditor disqualification u/s 226 under Co Act 1956 or u/s 141 under Co Act 2013 will apply presently? Few are asking under one and others are in 2nd condition. Will 226 under Co Act 1956 still hold good?

BY: CA. SURAJ KUMAR CHOUDHARY

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Whether the said regulation will effect existing deposits or loans also? How it would effect the deposits or loan already taken on the date of ordinance, whether the same is to be paid back immediately or it can continue and only effect fresh deposit or loan only.

BY: CA. SURAJ KUMAR CHOUDHARY

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As per notification no 05/2012 dated 17/03/2012, aggregate value of Rs.1000000 calculated by sum of taxable services charged in first consecutive invoices. In the case of work contractor , taxable value comes after abatement of 40% for material part, if total contract receipt Rs.1200000 then taxable value comes Rs. 720000. But as per department view first deduct Rs. 1000000 and then calculate abatement on Rs. 200000. Finally taxable amount comes Rs.120000. Please explain correct legal position.

BY: vikas jain

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After closure of e-biz portal for filing of form SPICE for incorporation of a company, whether application for ESI and PF registration is required to be made separately? As the said form specifically stated to file it through e-biz portal only, whereas the portal is closed. Now whether to mention all details under PF and ESI regn column or not?

BY: CA. SURAJ KUMAR CHOUDHARY

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Payment to Non Resident is not taxable in India, and no TDS is required, BUT Equalisation levy is needed to be deducted As per Rule 37BB: For "any sum chargeable under the provisions of the Act", 15CA Part A or B or C is needed For any other sum, Part D is needed. Will levy of Equalisation Levy make the amount "any sum chargeable under the provisions of the Act" and hence 15CA Part A or B or C will be needed? or does only TDS make the sume "any sum chargeable under the provisions of the Act"?

BY: Gaurav S Kenkre

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answer to my query no 36975. Pls reply

BY: Viral Shah

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Department had asked clarification for ITC on SS utensils which is finished product. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged 18%, selling utensils at 12%. we are also purchasing ss utensils 12% and selling it@ 12%. As all the items i.e. ss utensils purchased and manufactured are sold from common stock it is difficult to separate manufactured & purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST -31/12/18 issued in which point 4a mentioned - Where there are multiple inputs attracting different rates, in the formula provided in rule 89(5) of the CGST Rules, Net ITC covers ITC availed on all inputs irrespective of their rate of tax. We applied for refund of inputs only. But Departmental officer denied that ss utensils purchased is not input under inverted tax structure. Rule 89(5) Max. Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. We are eligible for refund by considering the NET ITC of all input availed.If we take all the sales (mfg & trading) under inverted sales then tax on all sales should be reduced as per formula, net ITC should include for all input as per formula. Means as per formula given by rules refund for trading items of finished product is nullified. As tax on inverted sales @12% is reduced from Net ITC which also include tax on finished product@12%. Please suggest that stand taken by department is correct?

BY: Viral Shah

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We had received deficiency memo in which Department had asked the clarification for Input credit on SS utensils which is finished product. We are selling the ss utensils. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged @ 18% while we are selling utensils at 12%.. However, simuntanouly we are also purchasing ss utensils @ 12% and selling the same @ 12%. As all the items i.e. ss utensils purchased and manufactured are under common pool (stock), there is very difficult to separate manufactured and purchased utensils. Department is denying the refund for Ss utensils under Net ITC formula for calculation. As per t Circular No. 79/53/2018-GST dated 31/12/18 issued by government in which point no 4 (a) on page no 3 & 4 specifically mentioned as below. “Representations have been received stating that while processing the refund of unutilized ITC on account of inverted tax structure, the departmental officers are denying the refund of ITC of GST paid on those inputs which are procured at equal or lower rate of GST than the rate of GST on outward supply, by not including the amount of such ITC while calculating the maximum refund amount as specified in rule 89(5) of the CGST Rules. The matter has been examined and the following issues are clarified: a) Refund of unutilized ITC in case of inverted tax structure, as provided in section 54(3) of the CGST Act, is available where ITC remains unutilized even after setting off of available ITC for the payment of output tax liability. Where there are multiple inputs attracting different rates of tax, in the formula provided in rule 89(5) of the CGST Rules, the term „Net ITC? covers the ITC availed on all inputs in the relevant period, irrespective of their rate of tax. Section 2(59) says input” means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. We herby applied for refund of inputs only .i.e. goods.

BY: Viral Shah

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Deficiency memo received in which asked clarification for ITC on SS utensils which is finished product. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged 18% while selling utensils at 12%. Simultaneously we are also purchasing ss utensils 12% and selling it@ 12%. As all the items i.e. ss utensils purchased and manufactured are sold from common pool (stock), there is very difficult to separate manufactured and purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST dated 31/12/18 issued in which point no 4 (a) mentioned as below. Refund of unutilized ITC in case of inverted tax structure, as provided in section 54(3) of the CGST Act, is available where ITC remains unutilized even after setting off of available ITC for the payment of output tax liability. Where there are multiple inputs attracting different rates of tax, in the formula provided in rule 89(5) of the CGST Rules, the term „Net ITC? covers the ITC availed on all inputs in the relevant period, irrespective of their rate of tax. Section 2(59) says input” means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. We applied for refund of inputs only. But Departmental officer denied that ss utensils purchased is not input under inverted tax structure. As per Rule 89(5) Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. Net ITC shall mean input tax credit availed on inputs during the relevant period. In formula, there is no anywhere mentioned that, Net ITC should not include Input procured at lower or equal rate. circular also clarify the above matter. Therefore, we are eligible for refund by considering the NET ITC of all input availed. If we reduced net I

BY: Viral Shah

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Purchasing SS patta which is coverted into utensils through jobwork. SS Patta charged 18%, selling utensils-12%. we are also purchasing & selling ss utensils-12%. As all ss utensils purchased & manufactured are sold from common stock it is difficult to separate sales of manufactured & purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST -31/12/18 issued in which point 4a mentioned - Where there are multiple inputs attracting different rates, in the formula provided in rule 89(5) of the CGST Rules, Net ITC covers ITC availed on all inputs irrespective of their rate of tax. Departmental officer denied that ss utensils purchased is not input under inverted tax structure. Rule 89(5) Max. Refund Amount = {(T/o invertedrated) x Net ITC ÷ Adj.TotalT/o} - tax on inverted rated supply). We are eligible for refund by considering the NET ITC of all input availed.If we take all the sales (mfg & trading) under inverted sales then tax on all sales should be reduced as per formula, net ITC should include for all input as per formula. Means as per formula given by rules refund for trading items of finished product is nullified. As tax on inverted sales @12% is reduced from Net ITC which also include tax on finished product@12%. we correct or not?

BY: Viral Shah

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Facts of the case- The Assessee is engaged in the Manufacturing-cum-Trading business and wants to incorporate a company/joint venture in foreign country (china) and make some investment by the Indian Company and some by Chinese Investors. Query- 1) what is the procedure for investment in Chinese Company by Indian company? 2) The RBI & FEMA compliances in the said case? 3) Please suggest what will be tax compliance under these transactions?

BY: GOPAL KUMAR AGRAWAL

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Suppose a work contract is awarded to a Company by the Client for Rs.112 crs including Rs.12 crs towards GST @ 12%. The company has awarded the same Contract to a sub-contractor for Rs.100 crs. including Rs.10.71 crs towards GST @ 12%. The Net Profit of the Company is Rs.10.71 crs. which should be remained at the end of the contract as net cash generated from the Project. Now if the Client has paid Rs.100 crs as advance payment then company has to pay immediately the GST on advance amounting to Rs.10.71 crs. On completion of Project, the company have will to Client and Sub-contractor will bill to company. At this point there is a GST Payable of Rs12 crs out of which we may adjust GST of Rs.10.71 crs already paid on advance. Net GST Payable is Rs.1.29 crs and GST Input is Rs. 10.71 crs. Hence there will be an input Claim of Rs.9.42 crs. Therefore, after the end of the project, there is a shortage of Cash of Rs.9.42 crs. instead of surplus of cash of Rs.10.71 crs. Refund of Input Claim of Rs.9.42 is not certain. Hence the conclusion is that the project is not beneficial to the company due to cash shortage. If there is any valuable guidance suggestion to sort out the above issue, please intimate the same.

BY: Sachin Aggarwal

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Is there any guideline from RBI and CBIC for Valuation of Domestic Money transfer Services.

BY: Ashish Kumar Goyal

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While selling Goods through MYNTRA/JABONG, etc, they charge the Supplier Commission on Product MRP (i.e. inclusive of GST) and the contract says that the commission so charged is exclusive of GST i.e. GST Shall be charged over and above such commission. Now this leads to Double collection of GST by such E-Comm Operator. Is it legally tenable to collect commission on GST value as well?

BY: Ashish Kumar Goyal

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PSLC ARE TRADED ON RBI E KUBER PLATFORM WHERE IDENTITY OF BUYER AND SELLER NOT KNOWN TO EACH PARTY, HOW THESE TRANSACTIONS CAN BE CLASSIFIED AS INTER STATE OR INTRA STATE FOR PAYMENT UNDER RCM

BY: NEERAJ KUMAR GAKHAR

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I have a scenario where the services were rendered before the introduction of Point of Taxation Rules, 2011 under service tax in which case the service tax was chargeable on receipt/cash basis. What should be the tax treatment for amount received during GST regime against such services rendered prior to POT rules, 2011 Should i pay Service Tax or GST against such receipt? and how should i disclose the same in respective service tax/ gst returns?

BY: Sukesh Kumar Tumma

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Dear Sir, I have a query with respect of Sale to Foreign Tourist in GST. Section 8 of the IGST Act define what is an Intra State Supply, which is reproduced below 8(1) Subject to the provisions of section 10, supply of goods where the location of the supplier and the place of supply of goods are in the same State or same Union territory shall be treated as intra-State supply: Provided that the following supply of goods shall not be treated as intra-State supply, namely:–– (i) supply of goods to or by a Special Economic Zone developer or a Special Economic Zone unit; (ii) goods imported into the territory of India till they cross the customs frontiers of India; or (iii) supplies made to a tourist referred to in section 15. That as per the above provision, a supply where place of supply and location of supplier is within the same state, however if the receipt is a foreign tourist the same will be treated as inter state supply. For a example Mr John of USA ( Fulfills condition of foreign tourist) visits a showroom in Jaipur and purchased some jewellery and goods are handed over to Mr. John on the Showroom itself. In this case the place of Supply is in Rajasthan and location of Supplier is also in Rajasthan, therefore as per normal rule it is a intra state supply. However since Mr. John is a foreign tourist by virtue of the proviso, it becomes an inter state supply. (Similarly like a sale to SEZ Unit) While Filling GSTR-1, there is exist a problem that when we enter the details in Table 7 i.e Sale to Unregistered Person and select place of Supply as Rajasthan. It opens CGST and SGST only . However the tax charged is IGST due to the facts of the supply being interstate. Then the option left for Filling a the return is with selecting place of supply as other territory to open the IGST column. So kindly guide with this. In case of Supply to SEZ Unit, they have given a column of tick (Supply to SEZ with or without GST). It is required that a same column

BY: MAYANK SRIVASTAVA

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I am trying to file RFD 01 online for claiming of Excess ITC in case of export without payment of tax .While filing of the Statement 3 using the online utility i am facing the problem in filing the data in the excel utility downloaded from the portal itself. The error in the excel file of utility for statement 3 says ' the file is locked for editing please unlock it and it requires password which is not available with us. Someone please advise me what can be done. Thanks

BY: ajit kumar maskara

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Incase of cable tv and internet operation, whether the GST is levied by ISP directly to Customer or it should be pass thru MSO and LCO?

BY: Sai Ram

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As per the Regulation 190A, clause (i) subclause (m) it is mentioned that "Engagement as Lecturer in an University, affiliated college, educational institution, coaching organisation, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week" is permitted for a chartered accountant in practice. My query on the above clause is "whether online answering of questions on accounting subject be considered as private tutorship?" where in, payment is received on a number of questions answered basis? Can this be taken up considering as private tutorship and under engagements which are generally permitted to be taken up by a chartered accountant? Please clarify.

BY: Himabindu M

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A company was formed in Sept 2017 using the DIN which has been disqualified under section 164(2) in year 2016 but which came to our knowledge now. We wish to appoint an additional director. What should be the date of appointment of additional director also with date of Removal of director in light of such disqualification. can someone please suggest us the most appropriate course of action.

BY: CA Neha Gupta

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Does ESIC act apply on the Chartered Accountant firm having more than 10 employees ? If yes, please quote the case law or supporting for your opinion.

BY: Anubhav Jain

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Whether The Agricultural Produce Market committee registered as Local Authority [ exempt u/s 10(26AAB)] is liable for Tax Audit ? If yes under which section ? and which form is applicable ?

BY: KOMAL APURV VORA

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An assessee has filed GSTR-3B returns of and from September 2017 in September 2018 wherein ITC of GST availed and set-off against output GST charging interest @ 18% p.a. for 1 year of delay. Interest was calculated on the net tax payable (after set-off ITC) however, department has sent an intimation that interest has not been discharged as per Section 50 of the CGST Act on the tax paid. As per Section 50 of the CGST Act interest at the rate of 18% is to be paid on the tax paid belatedly. Tax is paid only when the same is set off in the ITC ledger /Cash ledger at the time of filing the GSTR 3B. You are requested to calculate the interest payable on the delayed payments made by you and pay the interest. Please clarify if this stand taken by the department is correct or defendable? At what level?

BY: CA. RAJESH KUMAR C

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company was following Straight Line method of Depreciation till 31.03.2018. However it decides to shift to WDV method from 01.04.2018. The impact of change in method from inception till 31.03.2018 is being charged to opening reserves. What is the MAT impact of such reduction in the opening reserves on account of Change in method of depreciation. Whether any deduction can be made from Book Profits while computing MAT for AY 2019-20 or the reduction in opening reserves be added to unabsorbed depreciation (iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account 84[in case of a company other than the company referred to in clause (iih)]. As stated in Explanation 1 to 115JB

BY: Prashanth Karanth

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Facts: We have conducted Branch Audit of a Public Sector Bank in the month of April 2018, for which the quantum of Advances certified by us was in the slab of "Above 30 crore and up to 50 crore ". Accordingly, we have raised a bill for fees with basic audit fee at Rs.1,20,750/- Against this bill we have received an amount of Rs.79,350/= as basic audit fee in the slab of "Above 20 crore and up to 30 crore" On inquiry with the bank Head Office, we were informed that there is technical write offs and hence the quantum of advances have reduced and falling in the slab of "Above 20 crore and up to 30 crore" from slab of "Above 30 crore and up to 50 crore ". We are unable to understand as to how gross advances can be reduced, even though there was no such write off appearing in the balance sheet or other statements at the branch level which we have audited and signed. Query: 1. What are technical write off? 2. How should technical write off be treated in branch balance sheet? 3. Why are technical write off not brought to the notice of branch auditor at the time of audit? 4. Whether any certification is required for such write off? 5. Whether the audit fee payable to branch auditor will be based on gross advances or net advances (after technical write off)?

BY: Ravi Kiran M Jain

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As per this year income tax return forms the difference between the circle rate and purchase rate has to be shown as income from other sources in return form. Does this mean that we have to pay tax on it compulsorily even if we have disputed the circle rate before the stamp duty authorities and in our opinion purchase rate is in fact less than the circle rate and we can successfully prove it before I T authorities? thx

BY: MAHESH KUMAR

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Export turnover (with IGST payment) got wrongly declared as non-export IGST turnover. The dealer does not have inter-state turnover for reversal of turnover in the subsequent months. Hence attempt to reverse this results in negative turnover - which 3B is not taking. More than three months refund is blocked. Is there any way of rectifying this situation as refund is processed only if cumulative export turnover in GSTR1 matches cumulative export turnover in GSTR3B.

BY: CA_STUDENT

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Clause 27(a) is for showing Cenvat credit availed and utilised. Whether KVAT/SGST credit availed and utilised should also be shown or not. One school of thought says, to show such details only up to 30-06-2017 since Cenvat Credit Rules, 2004 is substituted with Cenvat Credit Rules, 2017 w-e-f 01-07-2017. Request to comment.

BY: B.CHACKRAPANI WARRIER

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A PERSON REGISTERED IN GST AS TRADER DEALING IN GOODS AND AS SERVICE PROVIDER FOR RENTING OF PROPERTY UNDER ON GST REGISTRATION. NOW HE CLOSES HIS BUSINESS OF TRADING AND CONTINUE TO RENTING THE PROPERTY. QUESTION IS HOW TO INTIMATE ONLINE THIS CLOSURE OF BUSINESS AS THERE IS NO SUCH OPTION. AND REGISTRATION IS NOT TO BE CANCELLED/SURRENDERED AS RENTING OF PROPERTY IS CARRIED ON .

BY: SHYAM SUNDER

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How to remove a director in Private limited company neither attended last three Board meeting nor tendering his resignation from the post of Directorship.

BY: CA. SURAJ KUMAR CHOUDHARY

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Whether Ind AS is applicable to Small Private Limited Company and if yes, from which financial year?

BY: CA. SURAJ KUMAR CHOUDHARY

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Whether income under section 44AE can be booked under two assessee in the same financial year? i.e. for 6 month as individual and for the remaining 6 month as partner in firm. Lorry was hired in the name of firm for the remaining period of year.

BY: CA. SURAJ KUMAR CHOUDHARY

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One of our clients is engaged in travel business who books air tickets/bus tickets/ railway tickets and also books hotel on behalf of customers. the client is receiving commission from airlines / other agents and in some cases also receives mark up from customers. so in above, client is charging GST @18% on commission received from airlines and also on mark up from customers in bookings of flight/bus/ railway. client also books hotel for customers in which he directly books hotel online and issues invoice in the name of customers and he sales the hotel accommodation to customer after adding the mark up. so respected experts what would be the % of GST would apply in the mark up. - whether 5% to be levied on mark up without ITC or - 18% to be levied on mark up or GST would be levied on entire amount? (if it is so then there would be double taxation as agent won't be getting any GST and also agent is raising invoice directly in the name of customers only) Kindly help me into above matter as soon as possible

BY: hemang savjani

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Sir, Is there any requirement of audit for a society not regd. U/s 12AA of IT Act, and claiming exemption U/S 10 (23C) (iii ad) of IT Act. If yes Please advice reporting form and section.

BY: RAM KUMAR SARASWAT

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One of our Clients has been searched. My question is CAN we go settlement commission only for 3 years.And for other 3 years can we go through the regular process of Scrutiny assessments.

BY: CA. SANJEEV DESHPANDE

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Sir, an educational society (not registered U/s 12AA of IT Act,) is having gross receipts of Rs. 170 Lacs and excess of income over exp. is Rs. 1.50 lacs only. Is its audit mandatory ? if yes, under which section and report in which form to be submitted? please advice.

BY: RAM KUMAR SARASWAT

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A professional has made furniture and plumbing work for his rented premises on labour charges basis in FY 2017-18. He is under tax audit vide sec 44DA and has not deducted TDS . He was under tax audit during AY 2017-18 since he crossed the threshhold then. However in AY 2018-19 his gross receipts are below 50 lakhs but he has opted tax audit under sec 44 ADA. How has he to proceed now? How will it be shown inthe Tax Audit report? There is no question of disallowance ( since expenditure is of Capital nature )but only non deduction of TDS. Please help friends

BY: Pradnya M Oak

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The ceiling of tax audit assignments has been fixed as 60 audits per CA. As we are aware, audit cases having turnover below Rs. 1 Cr with profit below 8% are NOT counted or reckoned within this ceiling of 60. My question is, now the limit u/s 44AD has been raised to Rs, 2 Cr. If we have an audit case having turnover of Rs. 1.50 Cr with less than 8% profit; will this be counted within this ceiling of 60 or NOT. Appreciate advise from learned colleagues. Thanks in advance.

BY: VISHNU KAMATH K

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Dear All, I have been paying my fees with GST but recently when I paid fees in different financial organization I fees was automatically exempt from GST as residence is out of country. Now my question is if the Membership fees paid by NRI is exempt from GST? If your how do we get that in our institution. Thanks in advance.

BY: Paras Modi

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RCM Table Sl No 10 -- Service supplied by a person located in Non-Taxable territory by way of transportation of goods by a vessal from place outside india upto the customs stations of clearance in india where Receipent is liable to pay tax under RCM under the above lines please clarify the below query Goods imported from outside india under CIF inco terms. Amount paid to supplier for the goods (There is no specific mention about basic value of goods, freight & insurance by the supplier) under these conditions whether receipient is liable to pay tax under RCM on transportation charges paid by Supplier ?

BY: CA. BALASUBRAMANIAM P

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Please advise in following case: Company X is changing its name to Company Y on 05th October 2018. The company imports raw materials, spares, accessories and FG from foreign countries (which require MRP declaration) and trades in India. Stock received before above said date and few in-transit items expected to be received after above said date will have MRP stickers with importer's name as company X. Please suggest if all such goods sold after 5th october should have new company name on them as importer (on MRP stickers). Also, please let me know if there is any penalty for contravention. (the company does not want to change the name after importing the same, since more than 4,00,000 packages are involved) Thanks in advance.

BY: RAVITEJ Y H

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Please advise in the following case: Company X is changing its name to Company Y on October 5th 2018. It imports raw materials, spares, accessories and FG (which require MRP declaration) from foreign countries and trades in India. Stock imported prior to above said date and few in-transit items received after above said date are expected to have name of Company X as importer's name. Whether the Company has to remove the MRP sticker and paste new one with new company name on sale of such items ? (Company does not want to go through MRP sticker changing process as 4,00,000 plus packages are involved) Also, please suggest if there is any penalty for contravention. Please quote specific provisions of the Act or decided case laws.

BY: RAVITEJ Y H

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1. Can Rule 6A(f) be read with Item (b) of Explanation 3 under Clause 44 of Section 65B to interpret that supply of services by a wholly-owned Indian (private limited) subsidiary company (WOS) to its overseas holding company is not an export? 2. Is it fair to interpret that a WOS and holding company are merely establishments of a person? 3. Is Explanation 4 to 65B(44) not exhaustive when it says that branch, agency or representation office (3 instances) are considered mere establishments of a person? 4. How can an Indian subsidiary be treated as a mere establishment of its overseas holding company when companies have separate legal identity?

BY: CA VISHRANT SHUKLA

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A firm has not made payment to creditor within 6 months of purchase bill in one case and made partial payment in another instance as on 31-3-18. Whether both these GST inputs will have to be reversed during Aug GSTR3B filing And If payment is made now whether it will be eligible fot input credit during month of Payment

BY: Mahesh Kumar

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Sir, When Goods are exported for Repair outside india and re-import after such repair then by virtue of Notification No. 94/96-customs dated 16.12.1996 custom duty is leviable only on fair cost of repair +freight (both side) + insurance & not on value of goods. But after levy of custom duty whether it is further liable for IGST on such cost of repair+freight+insurance because under IGST exemption only value of goods exempted not cost of repair? If IGST leviable on cost of repair then it will conflict the section 13 (3)(a) of IGST Act as per which Place of supply is outside india & once POS is outside india then why such cost of repair is subject to IGST on Re-import. Please guide.

BY: Shyamprakash Nagarmal Agarwal

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Is multi modal transport services rate 12% which came as per noti 13/2018 ctr is applicable on transportation of exempted products such as salt, agriculture produce, milk, food grains or not??? Please clarify

BY: GIRISH AGARWAL

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Glossary Mr A(NRI) – NRI Individual who gradually shifted from India to Foreign Country in year 2011 and came back to India in May 17 and stayed more than 182 days in 2017-18 Mrs A (NRI-POI/OCI Holder) – NRI Non Citizen of India but holding PIO/OCI and married to MR A(NRI) in year 2006-07. Also she was resident of India for year 1998-2005. And after marriage she stayed in India till 2008 and did her post-graduation from Mumbai. MR B (RESIDENT) – Brother of MR A(NRI) MR C/ MRS D- Mother/ Father of both MR A(NRI) & MR B (RESIDENT) ABCD & Co.- A partnership firm with 4 partners A/B/C/D AB & Co.- A partnership firm with 2 partners Mr A (NR) & Mr B (Resident) ABC P Limited company incorporated in 2009 (With A/B/C/D as Directors and Shareholders) XYZ P Limited Company incorporated in 2015 by transferring all assets of ABCD & Co to XYZ P Ltd by Slump Sale ABCD Pty Ltd- Foreign Company incorporated outside India with 100% shareholding of ABCD & Co and Directors as A/B/C/D Overview- Upto the year 2011 ABCD & CO.& AB & CO.was operational and running business within India. In the said year 2011-12 trade opportunity was created outside india. And the family decided to take the call and work on the same. A new private limited company was incorporated ABCD Pty Ltd in year 2011 within Initial Capital of INR Value Rs 500-1000. Query 1: Does any information need to be sent to any statuory body if Indian entity invested outside India. Any reporting Requirement. And whether it can be filed now and any penalty applicable? Procedure to be adopted while sending any money abroad in shape of Capital. After incorporation both MR A (NR) & Mrs A moved out of India and started living outside India. And both Mr A & Mrs A became NR in year 2011 itself. All the banks accounts of MR A (NR) continued to operate as normal SB A/c as Bank didn’t change their status. Eventually NRO/ NRE accounts were also opened. Mr A remained partner/ director / shareholder in both AB & Co., ABC

BY: VIKAS

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As per notification No.8/2018 Central Tax (rate)GST on used cars will be levied on margin. The Margin has to be arrived at by deducting the WDV as on the date of supply from the consideration. The income tax adopts Block system for allowing depreciation. The WDV of The Block in which car being sold is clubbed, might have been wiped out, or brought down substantially because sale value of any one asset included in the Block. A question arises how to arrive at WDV of car being sold for purpose of GST. Even otherwise, the income tax Act does not allow any proportioante Depreciation upto date on sale of any asset. Any suggestion to solve above two issues.

BY: C P Ethirajan

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An Assesses has leased out the liquor license (for Retail Trade) to another Party. As per terms of the contract, the lessee shall pay fixed amount monthly and also the annual fee payable for the license at the time of renewal. The lesser is entitled to take credit of TCS done on purchase made by lessee. There are three components 1. Monthly lease charges 2. TCS benefit 3. Annual license fee paid by the lessee I am of the opinion all the three will have to be offered to tax both for Income tax as well as GST. Please Confirm.

BY: C P Ethirajan

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One professional has purchased premises and the other professional is investing in the furniture and infrastructure in the said premises. The premises and infrastructure are going to be used by both the professionals. How do we account for the furniture and other infrastructure expenditure in the books of the second professional ( as he is not the owner of the premises) ? Shall we need to show the value of arrangement viz. use of premises in return for use of furniture and machinery? Friends , could you suggest some tax planning tips for making the arrangement beneficial to both the professionals in term of taxation? Both are individual practitioners and under Tax Audit.

BY: Pradnya M Oak

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An auditing firm XYZ was appointed as the auditor of Co. ABC Pvt. Ltd in the AGM Held at 2014 as per the provisions of the companies Act, 2013 for 5 years. It being a Pvt Limited company, not breaching the limits of Section 139(2), rotation of auditors was not applicable to it. In F.Y. 2017-18 ABC Pvt Ltd converted into ABC Ltd and it breached the limits of Section 139(2) for the first time in F.y. 2017-18. My query are as follows :- a) From which effective date will the rotation be applicable from ? b) Is the appointment for 5 years still valid for XYZ or should the company appoint the auditor afresh ? b) Can the auditor be appointed for a term of 5 more years after F.Y. 2018-19 considering that the rotation of Auditors be applies to XYZ from F.y. 2017-18.

BY: Akshay

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In a situation where a person registered under GST as regular tax payer from 1.7.2017 and thereafter opted for composition scheme from 01.12.2017, and filed GST returns till Apr-June 2018 under composition scheme. Option for composition is made on the basis of turnover for 2016-2017 which is below Rs.1 crore. While finalising accounts for F.Y. 2017-2018 for the purpose of filing income tax return came to know that it has crossed one crore which also included turnover during pre-GST regime i.e., Apr-June 2017. However Turnover during GST regime ie., July to Mar 2017 is not exceeding Rs.1 crore In this situation what is to be done by taxpayer for the returns filed under Composition Scheme from 1-12-2017 to 30.06.2018, i.e., whether to pay differential tax from date on which it has crossed Rs. 1 crore and for 2018-2019 whether to continue under composition scheme or not in view of proposed limit for composition scheme to Rs. 1.50 crore,since the words used in section 10 are Turnover during the preceeding financial year.

BY: CA. BHAMIDIPATI VANI KUMAR

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Qualified FCA with over 14+ exp (specialised in Ind-As/ IFRS- Advisory & Audits & ex-EY/KPMG) requesting to submit proposal on CITY-WISE basis across India to make better platform where no-one interrupt its present working & will be benefited from sharing knowledge and experitisation in certain areas.. Together we can make a professional working group.. Feel free to share your thoughts and expedite in sending your consent representing your city (as we would make one firm only from a city) and your valuable thoughts on this Journey. Ping me on whatsapp 9634706933 or email me on agrawal.anuj@icai.org

BY: anuj agarwal

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Respected Members, X, made agreement with Y for mining of quarry and to sale of minerals at Rs.5000per tonn. Quarry is 60 Kms. away from business place of X. Minerals are sent by 2-3 vehicles along with transit pass of mining Department. Each vehicle makes 5 trips every day and each consignment is less than 50,000. Query is 1. A invoice can be made for whole sale of the day which will be more than Rs.50,000. 2. Is e-way bill required if each consignment is less than 50k while invoice value is more than 50k. 3. How should we manage with minimum invoicing and minimum eway bills.

BY: SUBHASH CHAND

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X, made agreement with Y for mining of quarry and to sale of minerals at Rs.5000per tonn. Quarry is 60 Kms. away from business place of X. Minerals are sent by 2-3 vehicles along with transit pass of mining Department. Each vehicle makes 5 trips every day and each consignment is less than 50,000. Query is 1. A invoice can be made for whole sale of the day which will be more than Rs.50,000. 2. Is e-way bill required if each consignment is less than 50k while invoice value is more than 50k. 3. How should we manage with minimum invoicing and minimum eway bills.

BY: SUBHASH CHAND

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Sir, A Trust is created on 17.04.2015 in the name of Mr. X Family Trust. Trustees are Mr A and Mrs A. Beneficiaries of the Trust are Mr X , Mrs X, Son of Mr X and Daughter of Mr. X. The Trust is Discretionary Trust. The Trust has been settled to hold assets settled in the Trust by the Settlor for the Beneficiaries. The Trustees shall distribute the whole or any part of the Trust Fund ( including Income, Assets and Properties ) to any of the Beneficiaries as specified in the Clause of the Trust Deed in such proportion and in such manner and at such time as the Trustees in their absolute discretion as they deem fit. Now, the Trustees are going to pay Rs.40000/- p.m. to the Mr. X , one of the Beneficiary of the Trust. QUERY: 1. Whether the sum Rs.40000/- p.m. shall be Taxable in the hands of Mr. X? If not , under which Section? 2. How will Mr. X will spent the sum received ? Whether it will be distributed among all Beneficiaries ? 3. Kindly let me know in detail about Taxability or otherwise.

BY: AJAY JAIN

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As per section 14A disallowance is called for of any expenditure in relation to income which does not form part of the total income. The main item of income hit by the section is dividend from domestic companies. Now as per section 115BBDA the dividend receipt in excess of 10 lakhs is subject to income tax . My query is whether an assessee who has received dividend of only 8 lakhs can contend that the dividend income in general is no longer exempted income for the limited purpose of section 14A. The second part of my query is whether section 14A cannot be invoked at all for an assessee who has dividend receipt of 11 lakhs.

BY: C P Ethirajan

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Is Late coming deductions should consider under clause I of schedule III of GST Act 2017 - Consider that this transaction as supply by the employer to the employee in terms of contractual agreement entered into between the employer and the employee, will not be subjected to GST.” or Clause 5(e ) of Schedule II of CGST Act 2017 - Amount deducted is Consideration to the employer for “tolerating the act and will be subjected to GST.

BY: Laxmikant Nilkanth Alai

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a firm issued debit note of purchase return after takeover, how to issue credit note by seller in new firm after takeover as the earlier sale was made to old firm with old gstin. How to record credit note (on gst portal) in new firm?

BY: pratik vora

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Does any form of monthly pension is exempt from tax? For example-pension received from employee pension scheme 1995 of EPFO is exempt or not? Further, accumulated payments received by employee from recognized provident fund is exempt from income tax... Please guide under which section the same is exempt.

BY: arpit mudgal

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one of our client is engaged in non specified business. providing services to banks like verification of pan card, financial statements, it returns. for this he is paid some amount. banks/financial institutions are deducting tds u/s194j. it return is filed u/s44AD. now cpc is sending emails tds made u/s194j is not declared u/s44ada. since it is a business income, not a profession income. we disagreed. please guide us in this regard for filing it return.profit is up to 10/5 after meeting out all office expenses. is it ok to file return u/s44AD again this year. else tax liability will be more.

BY: SURENDRA KSHEERASAGAR

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IS THERE A FORMAT FOR ANNUAL REPORTING FOR A LLP, (WITH NO STATUTORY AUDIT REQUITEMENT,) VIZ - BALANCE SHEET AND PROFIT AND LOSS ACCOUNT TO BE FILED WITH THE ROC, ALONG WITH SOLVENCY STATEMENT.

BY: CA. BRINDA SHREE A

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Is leasing out License to trade in Liquor is to be classified as IPR services. If yes is GST rate 12?.

BY: C P Ethirajan

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An Individual registered himself for GST even though the gross taxable rent is below 20 lakhs, because a part of which attracted IGST as per sec 24(1). Very recently he has applied for cancellation of registration in view of notification number.102017.dated.13-10-2017 Assuming his registration gets cancelled with effect from 15th of July, my doubts are 1. Is he liable to charge GST for 15 days in July 2. After cancellation of his registration, will he be able to file his GSTR-3B and GSTR-1.

BY: C P Ethirajan

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I AM AN EXPORTER. MY TOTAL TURNOVER INCLUDES a) ZERO RATED SUPPLIES b) Rental Income (local supply) My purchases is only for zero rated supplies. No Purchase is done for supply of rental services. While claiming refund of unutilised input tax credit, what will be my Adjusted Total Turnover.? I had claimed refund of ITC BY TAKING Adjusted Total Turnover equals to zero rated supplies.

BY: pratik vora

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As on 31st March 2018, the company has not received the subscription amount from the members. What should be the presentation of the subscription amount due from members in Schedule III, the company is not required to comply with IND AS..??

BY: RAHUL RUSTAGI

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What is the HSN code and GST Rate for Fuel conversion Switch Emulators Injector supply..... used for manufacturing of CNG Kits LPG Kits. ( Meaning raw material items for CNGLPG Kit manufacturer)

BY: NILESH KANHIYALAL AGARWAL

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Fact of the Case Company having PAN India basis business, transfer Goods from H.O. (Gurgaon) to Mumbai Depot (Maharashtra) and then sell the same to Inter-State and Intrastate till Mar-2018 and register under GST as Regular Type. W.e.f. April-2018 Closing Stock at Mumbai Depot is NIL and Company discontinue depot sale thereafter. What Option available to Company for utilisationtransfer of Input Tax Credit available with Mumbai Depot? W.e.f. April-2018 Company also register Mumbai Depot as Input Service Distributor for sharing ITC received on Service at Mumbai Depot. Whether it is possible to transfer of ITC of Mumbai Depot under Regular type to New ISD Registration? Please guide Option available with Mumbai Depot for usetransfer of ITC.

BY: ANKIT MAHESHBHAI RASANIA

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The query is as follows- We have claimed under TRAN-1 of GST, 1)Excise Duty Refund (as per Return filed), 2)Service Tax Refund (as per Return filed) and 3)Counter-veiling Duty on the Stocks (held as on 30th June, 2017) of Imported goods meant for sale in the Indian market, The TRAN-1 credit has been utilized by us against GST (output) collected by us on our Sales effected during the period July, 2017 to March, 2018. The Returns like GSTR-1, GSTR3B, TRAN-1, ITC-04 etc. have been filed by us regularly on the GST portal from time to time, during the period in question. Our questions are like these – i) what entries should be passes in the Books of Accounts in respect of TRAN-1 credit availed and ii) what should be the treatment of the same, under Income-tax.

BY: SHRIKANT KULKARNI

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It is the common practice in foundry industry that Patterns and Tools are developed at manufacturer’s end for the customer. The invoice for such tool pattern is raised on the customer. While raising the Invoice only Sales Tax (i.e.Central Sales Tax State Sales Tax) is levied but Excise duty was not levied as it is leviable on production but payable on Removal of Goods. While manufacturing the finished goods, manufacturer captively consumed such tool pattern. As per the clarification issued through Circular No. 170-4-96-CX dated 23-01-1996, CBEC clarified that the proportionate cost of pattern has to be included in the assessable value of the casting even in cases when such patterns are being supplied by the buyers of the casting or are got prepared manufactured by the job worker at the cost of the buyer. In cases where there is difficulty in apportioning the cost of pattern, apportionment can be made depending on the expected life and capability of the pattern and the quantity of castings that can be manufactured from it and thus working the cost to be apportioned per unit. For this purpose, a certificate from a Cost Accountant may be accepted. In such situations, specifically during the transition, Transitional Provisions in GST ACT are not clear about payment of Central Tax (i.e Central Excise CGST) on the value of such tools or patterns, the cost of which remained unamortised as on 30th June 2017. More Specifically - - Whether the assesse is required to pay Central Excise on the Unamortised Value as on 30th June, 2017? - Whether same scheme of amortization as assesse was following under Excise, shall be followed under GST or GST shall be payable on transaction value i.e. on the value finished goods without amortization? - If amortization is not considered for valuation, in that case whether it amounts to violation of Valuation Provisions or rules made under the provisions of the GST Act?

BY: Gangadhar Vijay Haldikar

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Managing E-way bill operations for courier agency is quite a difficult task. in context of their multimode transportation format, how to manage generation and updation of E-way bills? Does anyone has worked out an ideal model that can be followed by courier agencies?

BY: Nirav Parekh

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One of our client is planning to set up an entity in foreign country. Whether it will be a Branch of Indian Company or a Subsidiary Company is not yet finalized. However i would like to know tax implications if any while suggesting for a suitable entity to client. Please let us know on following 1. If Branch is set up then under FEMA company is permitted to make certain remittance to meet initial expenses of the Branch further company is also permitted to make certain remittances to meet recurring expenses of the branch office – in this remittance whether in withholding tax compliance will come if Branch raises a Debit note where the expenses like Salary to employees, lease rentals, purchase of computers, furniture office equipment’s etc are included? 2. If Branch raises an Invoice on Company in India with respect to work done for Company then what all tax compliances need to be completed? Whether transfer pricing will be applicable? Withholding of tax will be applicable? 3. Above two questions also remain if the client decides to set up a subsidiary company instead of Branch. 4. Also please let us know if any other tax related provisions we should inform client before decision with respect to suitable entity is finalised.

BY: KESHAV TAD

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Sir How can we close the FCRA Registration if the FCRA registered association do not wish to retain its registration further.......

BY: NITHIN S G

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1.Whether Transporter name and GST is mandatory or optional .      If Vehicle Number is mentioned and Transporters details is not mentioned then is it sufiicient to create a successful EWB ?  2. Issue of timing of generation of EWB   Truck get loaded at night at 11.00 p.m. and exact quantity and vehicle details is available at night only and transporter is unregistered ( and even Consigner does want transporter to prepare EWB because supplier wish to keep rate secret.). So how can supplier can prepare EWB at night . This is regular and not occassional .  In the above case at sr no 2 , supplier  wants to keep rate secret and hence he is just giving EWB number to transporter AND NOT GIVING DELIVERY CHALLAN OR INVOICE . So if Only EWB number is given to transporter then sufficient ( Invoice is not given and Delivery challan is given but only Qty is mentioned ) So is this situation correct ?

BY: samirkumar gokulbhai kasvala

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Sir, It is to apprise that as per the notification no.122017-CT(R),SI.No.25, "service by way of transmission or distribution of electricity transmission or distribution utility is exempt from GST. " Further,it is to apprise that as per the point 4 of circular no.3482018-GST dated 01.03.2018 issued by tax research unit, Ministry of Finance, Government of India,"THE OTHER SERVICES SUCH AS 1.APPLICATION FEE FOR RELEASING CONNECTION OF ELECTRICITY, 2.RENTAL CHARGES AGAINST METERING EQUIPMENT, 3.TESTING FEES FOR METERSTRANSFORMERS, 4.LABOUR CHARGES FROM CUSTOMERS FOR SHIFTING OF METERS OR SHIFTING OF SERVICE LINES, 5. CHARGES FOR DUPLICATE BILL, PROVIDED BY "DISCOMS" to consumers are taxable. Kindly take the cognizance of section 31 of Electricity Act,2003 which is as follows ( Constitution of State load dispatch centres)- (1) The state government shall establish a centre to be known as the state load despatch centre for the purpose of exercising the powers and discharging the functions under this part. (2) The state load dispatch centre shall be operated by a Government company or any authority or corporation established or constituted by or under any state Act, as may be notified by the state government. provided that until a government company or authority or corporation is notified by the the state government, the state transmission utility shall operate the state load despatch centre, "Provided further that no state load despatch centre shall engage in the business of trading in electricity". We are the state load despatch centre in state of Uttar Pradesh and we are working under the State transmission utility i.e.Uttar Pradesh Power Transmission corporation Limited.we are charging fees from customers for following functions as per the section 32 of Electricity Act,2003 which is as follows (1) The state load despatch centre shall be the apex body to ensure integrated operation of the power system in a state. (2) The state load despatch centre shall (a) be res

BY: Mayank Gupta

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LCBD A bank Branch discounts LC bills from customers persons not having regular accounts with the Branch ( who are having facilities with other Banks). The commission earned ( collected affront) forms part of major part of revenue for the Branch. * What are the precautions to be observed? * What are the general guidelines? * What difference in treatment if it is LCBD foreign bills.? * Are there any RBI directions to support.? * How does the banking practice permit to allow facility soon after KYC is taken to non customers ( continue to have no operative account except LCBD). Need your advice.

BY: S.Balasubramanian.

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In case of Co-operative Housing Society, we have to compute allowable input tax credit. For this we referred Rule 42, We have question whether Denotation "F" i.e. Total turnover includes Interest on Fixed Deposit.

BY: SHARAD PATIL

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AN ASSESSEE SOLD GOODS TO CONTOONMENT BOARD IN FY 2013-14. DVAT TDS@2 DEDUCTED ON THE SALE AND DULY DEPOSITED BY THE CONTOONMENT BOARD BUT FAILED TO FILE ONLINE SINCE THEY WARE NOT AWARE OF NOTIFICATION NO No. F. 3(364)PolicyVAT438-449 DATED 11.07.2013 TO FILE DVAT 48 ONLINE. RESULTANTLY NEITHER TDS AMOUNT REFLECTED NOR CLAIMED BY THE ASSESSEE IN THE DVAT RETURN FOR THE PERIOD. WHEN ASSESSEE APPROACHED WITH DVAT AUTHORITY TO GRANT REFUND BASED ON THE FACTS FIGURE, HE REFUSED TO ALLOW THE REFUND SAYING THAT HE CAN ISSUE REFUND ONLY IF IT WILL REFLECTS IN THE DVAT RETURN. KINDLY ADVICE.

BY: CA. PANDEY SATISH KUMAR

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Can a Chartered Accountant in practice become a "managing" trustee of a charitable trust? He receives no remuneration from the trustee for the post. In the CA law, there is no specific requirement of getting permission in case of a position as managing trustee. Also a CA in practice is generally allowed by the law to hold following position Honorary office-bearership of charitable, educational or other non-commercial organisations. Can anyone guide as to finally conclude on this question

BY: TEJAS RAMESHCHANDRA DHAMI

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One Pharmaceutical Company having marketing in Delhi area is operating since 2011 and having a good profit margin as the company get their products with the own brand name get third party manufactured at Rs.2 and sold at Rs.10. Now the company has started their own manufacturing unit at Sikkim and get produced all their existing brands from Sikkim Unit only and the same transfer to Delhi and sold from that places . Thus claiming benefit of Section 80IB tax holiday by charging all their marketing expenses in that account from Sikkim Unit and no benefit shown from existing marketing unit at Delhi. Now our confusion persist that whether Income tax department may claim that you have shifted your entire profit to Sikkim and may raise following issue - 1. why not company Sikkim unit profit based on Sale price of Rs.2 ( which is Sale price of third party manufacture ) not based on Sale Price of Rs. 10, should be allowed only as the Sikkim unit of company producemanufacture for the other companies as well at Rs.2. 2. Why the profit which may be generate with third party manufacture shall be claimed as deduction. 3. Why not it should be treated as that it is same business as no separate brands . The same brands is being sold and it may be treated as " it is formed by splitting up or reconstruction , of a business already in existence".

BY: MASHENDRA KUMAR MASHI

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A PERSON IS GIVING CRANES AND JCB ON HIRE TO THE RECEIPT OF SERVICE WHO IS LOCATED IN DIFFERENT STATE. THE CRANE IS LOADED IN THE TRAILER AND TRANSPORTED TO THE PLACE OF SITE(DIFFERENT STATE). THE DRIVER AND ALL IS BEING PROVIDED BY THE SERVICE PROVIDER.FOR EG, A SERVICE PROVIDER IN WEST BENGAL SENTS CRANE TO BIHAR. THE SERVICE RECIPIENT IS LOCATED IN BIHAR. MY QUERY IS, 1) WHTR A PERSON( SERVICE RECIPIENT) NEED TO HAVE SEPARATE REGISTRATION IN BIHAR. 2) OR HE CAN RAISE AN IGST BILL. 3) AND IS E WAY BILL REQUIRED AND IF REQUIRED DEN HOW TO RAISE IT IN WHAT VALUE

BY: AMIT AGARWAL

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Though I have received answer to my earlier query, I just wanted to rephrase my query - I have changed my email ID to shovanbaksi@gmail this month but the daily news alert even after the change is being delivered to my earlier email ID. As I would not be using the old email ID anymore , I do not want news alerts to be delivered to my old email ID. Please advise.

BY: Shovan Baksi

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Hi All Please suggest me in case of job worker (job work being restricted to stitching or embroidery by small unskilled workers) as we need to file ITC 04. How to calculate and what should be the taxable value as required in ITC 04. Thanks in anticipation...!!

BY: ajit kumar maskara

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As per Notes and Instructions given by the Reserve Bank of India (RBI), pursuant to its Circular No.DBOD.No.BP.BC.78C.6861991-92 dated 6th February 1992, prescribing the form and contents of the Bank Balance Sheet cash margins for issuance of LCs and guarantees, should be shown as part of Other Liabilities and not as deposits but banks does not follow this and they continue to show these margins held in the form of Term Deposits in Deposits.. Please guide and provide the copy of circular as quoted above.

BY: CA. TOTLA RAJENDRA P

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Earlier our client was doing business from Nagpur and hence he is assesed in Nagpur Ward under income tax and VAT law. Now he doing business from Mumbai . So he wish to change his Jurisdiction ward for income tax and VAT . What is the procedure for this ? Change in address in PAN card and intimating to Nagpur and Mumbai officer is sufficient ? Suppose if he informs today i.e. 6th mar 2018 to Nagpur officer and Mumbai officer , then for earlier years i.e. fy 2016-17 or before , where the assessment will be done ? whether Nagpur or Mumbai ?

BY: samirkumar gokulbhai kasvala

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Can refund be claimed under GST of the CENVAT credit carried forward through TRAN-1 in the electronic credit ledger, by an exporter which is exporting 100 of its output (except scrap). If the TRAN-1 was filed in November and the CENVAT balance carried forward in the electronic credit ledger, can this amount be part of November refund claim made online on the GST portal.

BY: K.N.Padmanabhan

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Sir In Partnership Firm one of the partners expired and the heirs of the said partner are not prepared for the new papersdeed." That, on the retirement or death of any Partner the business of the firm will not be disturbed nor the operations of the bank account be disturbed. The share of the retired deceased partner will be transferred to the legal heirs" Please advise whether any problem will arise in the later period Actually the firm is closed and amount of compensation for the acquisition of the land is to be received

BY: Charan Dass Sharma

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A Company is engaged in export of service. It is claiming refund from department the GST paid on input services. A small portion of its service is rendered in India on which the Company is liable to pay GST. Can the Company adjust the GST payable on domestic service rendered against the refund due and claim the balance alone as refund?

BY: balasubramanian

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Assessee has Seafarer’s Employment Agreement with a Company at Singapore as a Electrical Engineer for 6 months during service tax regime . Is the service tax liable on assessee ?

BY: CA Jimmy Modi

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