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Click here to Post your Query >>5983 unanswered question(s) — Showing 661–680
| Que. Id | Date | Description |
|---|---|---|
| 20926 |
Jul. 06 2022 |
Belated Audit Report –
(DIRECT TAXES)
As per the Finance act 2022, now ITR of 2 previous AY can be filed. Now utility for the same is also available for 1 & 4. Other may also be made available soon. My question is whether audit reports can also be submitted for such AY. Pl confirm BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 20927 |
Jul. 06 2022 |
Section 44AD (4) introduced from AY 2017-18. –
(DIRECT TAXES)
My queries pertaining to Section 44AD (4) introduced from AY 2017-18. As per the section, if a person declares profit for any of the 5 consecutive subsequent AY at lower than 8 percent after declaring profit AT the rate of 8% or 6%, he shall not be eligible to claim the benefit of the prov of sec 44AD for 5 subsequent AY. But my question is that if in any of such subsequent AY he declares profit at 8% (irrespective of the fact that accounts get audited due to Turnover exceeding the prescribed limit), can he still not be eligible to claim the benefit of the prov of sec 44AD for 5 subsequent AY. Let us illustrate the same with example: AY TO PROFIT % 44AD eligible or not 2017-18 45 lacs 8% taken 2018-19 215 lacs 8.1% Audited in view of the prescribed limit 2019-20 20 lacs 8% eligible or not 2020-21 0 lacs Other Income eligible or not Please clarify the requirement of Audit under above situation. Regards BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 20928 |
Jul. 06 2022 |
GST Registration –
(GST)
As per sec.24 of CGST Act, persons who are required to pay tax under reverse charge are liable for compulsory registration under GST. But Sec.23 provides that registration requirement is not applicable any person engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax under this Act or under the Integrated Goods and Services Tax Act. In the light of the above, I request the Experts to clarify whether a NGO registered u/s12AA of the income tax Act, which is engaged in recognized charitable organization is liable to take registration when it makes any payment to an advocate which attracts GST under RCM. BY: Ethirajan No answers yet View Answers | Post Answers |
| 20924 |
Jul. 05 2022 |
RELIEF OF SECTION 89(1) FOR PENSIONER –
(Income From Salary)
HELLO MEMBERS, I had a query related to following: An assessee is a pensioner but due to default of Bank Department he did not receive his pension of the FY 20-21 during the year. After correction, bank give his pension of FY 20-21 in the current financial year (that is FY 21-22) along with pension of current FY 21-22. Now my question is Can assessee get benefit of Section 89(1) that is relief for arrears of salary (Pension) received during the FY 21-22 ? If yes, how will we treat it? as arrears of salary received or something else? BY: JYOTI MAHAJAN No answers yet View Answers | Post Answers |
| 20925 |
Jul. 05 2022 |
RELIEF OF SECTION 89(1) FOR PENSIONER –
(Income From Salary)
HELLO MEMBERS, I had a query related to following: An assessee is a pensioner but due to default of Bank Department he did not receive his pension of the FY 20-21 during the year. After correction, bank give his pension of FY 20-21 in the current financial year (that is FY 21-22) along with pension of current FY 21-22. Now my question is Can assessee get benefit of Section 89(1) that is relief for arrears of salary (Pension) received during the FY 21-22 ? If yes, how will we treat it? as arrears of salary received or something else? BY: JYOTI MAHAJAN No answers yet View Answers | Post Answers |
| 20923 |
Jul. 04 2022 |
546529 –
(GST)
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 No answers yet View Answers | Post Answers |
| 20922 |
Jul. 03 2022 |
Foreign income –
(DIRECT TAXES)
A Resident on Student visa is earning some income in Canada and paying some taxes there also. Whether this income should be added in indian income during fin yr 21-22 and taxes paid should be added in taxes paid BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20921 |
Jun. 29 2022 |
082701 –
(DIRECT TAXES)
If an expense say Interest or Professional charges are paid without TDS deduction. Can by Increasing Net profit by 1/3 of Expense We are not liable to any other penality. BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20920 |
Jun. 28 2022 |
Reporting for small companies –
(AUDIT)
In case of small companies where CARO is not applicable , how & where to report non compliance/ violation of various sections e.g. 185,188 etc in the auditors report. BY: Mayur No answers yet View Answers | Post Answers |
| 20919 |
Jun. 24 2022 |
082701 –
(AUDIT)
Can A CA sign Compiled Balance sheet without Audit of His brother and nephew . BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20918 |
Jun. 21 2022 |
DEMERGER OF CA FIRM –
(COUNCIL DECISION)
A firm by name A & Co., (1year old) was merged with B & Co (15 years old), around 6 years ago. Now A & Co want to exit from the merger and get merged with another firm C &Co.,(3 years old). When A & Co is getting merged with C & Co., whether the new merged firm will have seniority of 6 years of A & Co., BY: ASHWIN No answers yet View Answers | Post Answers |
| 20917 |
Jun. 20 2022 |
Return marked Invalid - How to make it valid –
(DIRECT TAXES)
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 No answers yet View Answers | Post Answers |
| 20916 |
Jun. 18 2022 |
Clause-44 And 30 C of Form-3CD –
(DIRECT TAXES)
Whether clause 44 And 30C of Form 3Cd are applicable for Reporting in 3CD for Asst Year 2022-23. BY: ARUN KUMAR ARORA No answers yet View Answers | Post Answers |
| 20913 |
Jun. 17 2022 |
Registration date with RBI –
(OTHER BODIES)
Our Firm's UCN With RBI Is 1017342(The Firm's FRN Is 022107S). In The Application For Empanelment Of Chartered Accountants For The Concurrent Audit Hosted By Certain Nationalised Banks ,The Date Of Registration With RBI Is Shown As A Mandatory Field To Be Filled. However, Despite Our Best Efforts ,Our Online Search In This Regard Has Been In Vain. We Would Greatly Appreciate It If You Could Assist In Obtaining The Date Of Registration Of The Firm With RBI As Early As Possible BY: TARUN JAGDISH No answers yet View Answers | Post Answers |
| 20915 |
Jun. 17 2022 |
Assessment us/. 148 VS 153C –
(DIRECT TAXES)
Search initiated in 2017 on patsanstha, some account holder has received the notices for Income escapment u/s 148 in April 2021, whether the notice issued u/s 148 is valid?? Or it should be issued u/-s 153C?? Plz guide on the same BY: Ninad Prataprao Shete No answers yet View Answers | Post Answers |
| 20912 |
Jun. 16 2022 |
revision U/s264 is faceless or not? –
(DIRECT TAXES)
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 No answers yet View Answers | Post Answers |
| 20910 |
Jun. 13 2022 |
Assessment –
(DIRECT TAXES)
Search initiated in 2017 on patsanstha, some account holder has received the notices for Income escapment u/s 148 in April 2021, whether the notice issued u/s 148 is valid?? Or it should be issued u/-s 153C?? Plz guide on the same BY: Ninad Prataprao Shete No answers yet View Answers | Post Answers |
| 20911 |
Jun. 13 2022 |
Signing of Project Report by CA. –
(MISC.)
Respected Sir/Madam, Please clarify whether project report can be signed by a CA ? As there are various regulatory bodies such as Pollution Control Board, etc. are demanding CA signed Project Report. If no, please provide the reference of the Act under which it is not permissible and if yes, then what are the precautions to be taken before signing the project report. Yours faithfully, BY: Mustafa No answers yet View Answers | Post Answers |
| 20909 |
Jun. 12 2022 |
Cost of acquisition of property acquired on account of settlement deed as part of Divorce –
(Capital Gains)
property was transferred by husband to wife as per divorce agreement and the same is also mentioned in court order. The FMV was mentioned in both settlement deed and court order. what will be the cost of acquisition in the hands of wife on subsequent sale of the said property. Whether FMV as per settlement deed can be taken as cost of acquisition as the transaction not gift, inheritance/succession? Thank you BY: Suresh Raman No answers yet View Answers | Post Answers |
| 20908 |
Jun. 11 2022 |
Signing of Unaudited Statements –
(MISC.)
The Bankers asking Signature of Chartered Accountants wiith UDIN in case of unaudited statements and 44AD clients. When we say with regard to our Guidelines on Unaudited statements they are not satisfied. Hence kindly provide the opinion on that topic, so that we could able to forward the same to the Bankers. We feel that the Institute may issue general guidelines to the Bankers with regard to this matter, in appropriate channel. BY: R. KANDASAMY No answers yet View Answers | Post Answers |
