You can add further comments to your query by clicking on "Add Comment".
This link will appear only, if you are logged-in with your user id and password. The same will appear as
"Querist Comment" on the Forum.
Click here to Post your Query >>5983 unanswered question(s) — Showing 301–320
| Que. Id | Date | Description |
|---|---|---|
| 21291 |
Jul. 11 2024 |
Difference Between CA Practicing as Sole Practice and as Proprietor –
(MISC.)
While Filling up Form 18 there are two options a) Proprietor/ Partner and B) Sole Practice. What is the exact difference between Proprietorship and sole practice form of practice between the two ? And What Kind Of Function Which Can Performed By CA Practicing As a Proprietorship Can Not Be Performed By CA Practicing As Sole Proprietor And Vise Versa. BY: CA INDRANEEL BISWAS No answers yet View Answers | Post Answers |
| 21292 |
Jul. 11 2024 |
87A for winning from lotteries –
(DIRECT TAXES)
Whether 87A rebate is allowed for tax on winning from lotteries? BY: Sivaraman A.R. No answers yet View Answers | Post Answers |
| 21293 |
Jul. 11 2024 |
Taxability of Consideration received by a person who is not owner of the land from the developer tow –
(DIRECT TAXES)
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 No answers yet View Answers | Post Answers |
| 21287 |
Jul. 10 2024 |
CONVERSION OF CA SOLE PROPRITORSHIP INTO PARTNERSHIP –
(MISC.)
I am practicing as a sole proprietary firm , but now want to convert it into a partnership in firm . Will it affect the empanelment status.? Which year will be considered as the year of establishment- Year of starting the firm as a sole proprietary firm or the year in which the conversion has taken place? BY: INDUKALA VISWANATH No answers yet View Answers | Post Answers |
| 21283 |
Jul. 07 2024 |
bonus stripping in itr2 –
(Capital Gains)
in case of bonus stripping how and where is this to be shown in itr2 BY: KUSHAL HEGDE No answers yet View Answers | Post Answers |
| 21284 |
Jul. 07 2024 |
stcg on unlisted shares –
(Capital Gains)
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 No answers yet View Answers | Post Answers |
| 21285 |
Jul. 07 2024 |
082701 –
(AUDIT)
Sale 80 Lacs Net Profit 4 Lacs Less than 6% and 8 % Whether Tax Audit is required BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21286 |
Jul. 07 2024 |
Cancellation of GST Registration on voluntery basis –
(GST)
The client submitted application for cancellation of GST registration on 10 Oct 2020 on voluntery basis. No action from the department till 17 Jun 2024. on 18 Jun 2024 the department communicated an order confirming cancellation of registration w.e.f. 10 Oct 2020. In the mean time the client had issued 3 invoices with GST to his customers. Customers availed ITC. The client paid the GST so collected befiore due date. The client also claimed ITC on purchases for the period from 10 Oct 2020 to 18 Jun 2024. All returns were filed till March 2024. What are the consequences for ITC claimed by client and his customers. BY: CA. LONIKAR SHASHIKANT ACHYUTR No answers yet View Answers | Post Answers |
| 21282 |
Jul. 04 2024 |
TDS Receivable adjusted against demand –
(AUDIT)
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 No answers yet View Answers | Post Answers |
| 21280 |
Jul. 03 2024 |
RULE 96A OF CGST RULE 2017 –
(GST)
During the departmental GST Audit it is observed that in case of export under LUT, the EGM filed date is later than 3 months from the export invoice date. Hence the department is invoking rule 96A and accordingly demanding Interest for the delayed period. Not only that, they are also invoking section 74, ready with rule 96A(1)(a), and demanding for the IGST on export. Is department justified in asking Interest and IGST for delay in filing EGM. Whether for the purpose of Rule 96A, whether EGM date is important or LEO date ( i.e. Let Export Order) date is important. Rule 96A does not say what is "export out of India". Request professional colleague to guide on this. Thanks for your efforts in advance. BY: Shridhar H No answers yet View Answers | Post Answers |
| 21281 |
Jul. 03 2024 |
ADT-1 in individual name, Firm formed later –
(MISC.)
Dear Sirs/Madam I had started my practice in own name and did not opt for any proprietorship firm. A client company has duly appointed me by filing ADT-1 for 5 years. Now I have formed and registered a sole proprietorship firm and got a separate FRN. Now my question is, for those cases where my appointment as auditor has been done in individual name, can I issue the audit report on behalf of the firm. ? What I think is that it is better to issue the remaining time period on the individual name only. Once the next renewal ADT-1 if filed, the firm can be appointed. Kindly share your thoughts on the same. Regards Manish BY: MANISH KUMAR TRIPATHI No answers yet View Answers | Post Answers |
| 21279 |
Jul. 01 2024 |
424100 –
(GST)
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 No answers yet View Answers | Post Answers |
| 21278 |
Jun. 28 2024 |
44AB audit applicable? –
(DIRECT TAXES)
FY 22-23 - TO 80 lakhs. Profit 10%. Filed ITR4 FY 23-24 - TO 80 lakhs. Profit 10%. Ready to file with full PL and BS in ITR 3. Is Audit 44AB(e) applicable here? BY: Sivaraman A.R. No answers yet View Answers | Post Answers |
| 21277 |
Jun. 25 2024 |
Taxability of yearly membership fee received in cash –
(DIRECT TAXES)
In case of AOP, yearly maintenance is received from members in cash as and when required. These cash is deposited into AOP bank A/c. and cheques are issued for expenditure. Whether cash received is revenue receipt of AOP BY: ATUL MUKUNDLAL TOSHNIWAL No answers yet View Answers | Post Answers |
| 21275 |
Jun. 22 2024 |
Power of A.O. under Sec. 44AD –
(DIRECT TAXES)
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 No answers yet View Answers | Post Answers |
| 21276 |
Jun. 22 2024 |
Sec.56 (2)(Vii) –
(Income from Other Sources)
"Agriculture Land In Rural Area" is covered in "Immovable property" for the purpose of Sec 56 (2)(Vii) or not BY: Rajesh Chandra Sharma No answers yet View Answers | Post Answers |
| 21274 |
Jun. 21 2024 |
Merger of CA Proprietor Firm into existing CA Partnership Firm –
(MERGER & ACQUISITION)
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 No answers yet View Answers | Post Answers |
| 21273 |
Jun. 12 2024 |
Interest Income and Revesal of Input tax credit –
(GST)
"Explanation 1(b) to Rule 42(5) of CGST Rules 2017 - provides that - for the purposes of rule 42 and this rule, it is hereby clarified that the aggregate value of exempt supplies shall exclude the value of services by way of accepting deposits, extending loans or advances in so far as the consideration is represented by way of interest or discount, except in case of a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances." As such Interest Income is to be Excluded for Rule 42 from Value of exempted supply. Does such interest Income is also to be Excluded from Value of Total turnover( in the denominator) , while calculating Common Input tax credit to be reversed. BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 21272 |
Jun. 08 2024 |
Scrutiny u/s.61 –
(GST)
Officer issued ASMT-10 for scrutiny of returns. In addition, he is demanding copies of financial statements, bank statements etc. Whether we are bound to submit these information BY: ATUL MUKUNDLAL TOSHNIWAL No answers yet View Answers | Post Answers |
| 21271 |
Jun. 07 2024 |
Query on Claiming Depreciation on Leased Land –
(AUDIT)
We are a private limited company with a land lease from 2019 to 2037. We completed construction on this land in the financial year 2023-24 and began using the property within the same year. *Depreciation Period:* The Companies Act 2013 specifies a 30-year useful life for buildings, with depreciation rates of 9.5% (WDV) and 3.17% (SLM). However, our lease is only 18 years. Accordingly, we should depreciate the building over the balance period .What rate of depreciation should we adopt ? *Change of Depreciation Method:* We currently use the WDV method, which front-loads depreciation. We are considering switching to SLM to better match our business needs by spreading depreciation evenly over the asset's useful life. This change is justified because with SLM, the depreciation amount remains consistent each year. This approach will help manage the later years' burden of repairs, which would otherwise impact the P&L account more significantly under WDV. Is it permissible to switch from WDV to SLM for this leased asset under these circumstances? We seek guidance on ensuring compliance with regulations and aligning our accounting practices with our business needs. BY: ADRSH HIREMATH No answers yet View Answers | Post Answers |
