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Click here to Post your Query >>5983 unanswered question(s) — Showing 81–100
| Que. Id | Date | Description |
|---|---|---|
| 21512 |
Aug. 04 2025 |
A member having COP Simultaneously Partner in more than 1 CA Firm –
(COUNCIL DECISION)
I am already a Partner in one CA Firm doing audit and attest functions. Can I become partner in 1 more CA firm and do attest and audit functions for both firms BY: SRIHARI K R No answers yet View Answers | Post Answers |
| 21510 |
Aug. 02 2025 |
Netting off Creditors with Debtors –
(AUDIT)
Hi Team, We have come to a situation where the client has raised the GST invoices and purchased the goods from the same party which was reflecting as purchase and sales in one side. On the other side, there was no cash/ bank transactions involved for such purchases and sales made whereas it was adjusted by a journal by netting of creditors with Debtors. Is it allowed as per the accounting standards? And in the other case, Creditor's "A" balance of Rs. 1,00,000 has been adjusted with the Debtors "B" by posting a journal entry which impacts understament of assets and liabilities by Rs. 1,00,000. "A" and "B" are the not the same person. BY: MANOJ V No answers yet View Answers | Post Answers |
| 21508 |
Aug. 01 2025 |
Capital Gain - Tax in hands of legal Heir –
(DIRECT TAXES)
Hi, An Assessee has deposited the amount received from sale of capital asset in CGAS with SBI. He has died before the lock in period and he has not invested in any property. Now, the asset has been transferred to the legal heir. Whether withdrawal of deposit attract tax impact in the hands of legal heir? BY: SRIPRIYA PRAKASAM No answers yet View Answers | Post Answers |
| 21509 |
Aug. 01 2025 |
Section 44AD and section 194J –
(DIRECT TAXES)
A partnership firm engaged in computer program such as python, C++ coaching is an authorised franchisee. It gave software coaching to any person and its teachers are not professionals i.e. qualified teachers. It admitted income under section 44AD. The company collected fees and paid 50% to the assessee-firm as its share for every student and deducted tax @2% as technical charges. Now the AO says the gross receipt of the firm is taxable under sectionm44ADA and not under section 44AD. Is he justified? BY: SUBRAMANI V K No answers yet View Answers | Post Answers |
| 21507 |
Jul. 29 2025 |
Professionals taxation –
(DIRECT TAXES)
Whether a professional can report income less than 50% of gross receipts in their income-tax return if they maintain proper books of account and without tax audit report BY: CA. SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21506 |
Jul. 27 2025 |
082701 –
(DIRECT TAXES)
A small cooperative society was issued Intimation around 10 years back disallowing deduction u/sec 80P to which it was entitled. The previous CA who filed ITR for that year and 3 more yers thereafter failed tget it rectified Orders were passed after wards and refund was also released A couple of years back their refund was adjusted against pendin amount around Rs 8 Lacs Asessee appealed to CIT telling about ignorance of any such intimation passed around 10 years back and appeal was dismissed Another appeal to Appelent tribunal has been dismissed Whether any request can be made for installment based payment of Pending demand as they do not want to go to high court etc BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21505 |
Jul. 26 2025 |
Non Resident_Tax treatment –
(DIRECT TAXES)
Dear All, FACT :: One person left India for USA in Aug,2022 for employment purpose. Indian income includes dividend from MF,bank interest and perquisites received from employer as per form 16.Entire indian income is below 3 lakhs. QUERY :: 1] Is the residential status ``NON RESIDENT`` ?? 2] Can we submit ITR 2 ?? 3] Are submission of Form 10F and Tax Residency Certificate mandatory ?? Please guide me. BY: SUDIP KUMAR MUKHOPADHYAY No answers yet View Answers | Post Answers |
| 21504 |
Jul. 19 2025 |
Conversion of CA proprietor firm to partnerhip firm –
(MISC.)
I am Karthik G M, Chartered Accountant practicing in individual name without any firm registration since 2019. I am planning to join as partner to “Lingaraju & Co”, sole proprietary firm established in the year 1997. We want to change the firm name into “Lingaraju & Karthik” and intending to retain same firm registration number (FRN) of “Lingaraju & Co.” My critical point is to retain FRN of Lingaraju & Co. My query 1. is it compulsory to retain Firm name "Lingaraju & Co" to retain earlier FRN? or 2. is it possible to change Firm name as "Lingaraju & Karthik" and retain earlier FRN? BY: KARTHIK GM No answers yet View Answers | Post Answers |
| 21503 |
Jul. 17 2025 |
457276 –
(Compliance)
Query: Applicability of ICAI's Technical Guidance Note to NGOs with 12A Registration We seek clarification on whether an NGO holding a valid 12A certificate under the Income Tax Act is mandatorily required to follow the new Technical Guidance Note (TGN) on Financial Statements for Not-for-Profit Organizations issued by the ICAI. BY: ANSHUL GUPTA No answers yet View Answers | Post Answers |
| 21502 |
Jul. 16 2025 |
Clarification on Holding Proprietorship and Partnership Firm Simultaneously –
(COUNCIL DECISION)
I am a Chartered Accountant holding a full-time Certificate of Practice. I am currently a partner in a CA firm registered with ICAI, but I am not the member-in-charge of that partnership firm. I have also registered a proprietorship firm under my name through the SSP portal. This proprietorship firm is currently not operational — no assignments, client services, billing, or signing are being done from it. I seek ICAI’s clarification on the following points: 1. Can a member in practice simultaneously retain both a partnership firm (where they are not member-in-charge) and a proprietorship firm, provided * Both firms are registered and located in India, * Only the partnership firm is active and used for professional services, 2. Does the mere existence of both FRNs under the same member, even if one is inactive, **constitute a violation** of ICAI Council Guidelines, Code of Ethics, or Regulation 53A? Thank you in advance for your guidance. BY: ADITI KASHYAP No answers yet View Answers | Post Answers |
| 21500 |
Jul. 11 2025 |
Financial format for non-corporate entity –
(Compliance)
revised format of financial statements issued by ICAI for co-operative societies. the consolidated financial statements (CFS) of the society have been prepared in the new prescribed format and are forming part of the audit report. However, in addition to the consolidated statements, the management has also prepared separate branch-wise financial statements in the old format for internal review and administrative purposes that need to be authenticated. Whether it is permissible to issue the consolidated audited financials in the new format while allowing branch-wise financials in the earlier old format ? BY: CA. SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21501 |
Jul. 11 2025 |
Counting of experince of merging firm after demerger –
(MERGER & ACQUISITION)
Hi, Another firm merged with my firm in the year 2024. However, due to some personal reasons, it demerged not more than two months after the merger. On my firm card, I see the join date of the old merging firm as 2018 ie since its constitution. Does it mean that its experience will also be counted with my merged firm when its being assumed that merger happened from beginning of merging firm? Simply put, whether experience of demerged will remain with merged firm even after demerger ? If no, then what's the purpose of mentioning the join date as 2018 instead of 2024. Thanks BY: Deepak Anand No answers yet View Answers | Post Answers |
| 21499 |
Jul. 10 2025 |
Proprietorship to LLP conversion –
(MISC.)
Respected Members I want to convert my proprietorship firm to LLP. I want to know the process of conversion so that my existing credentials of the proprietorship firm can be continued. I want o keep the same name as of my proprietorship concern. Thanks BY: dhanindra kumar surana No answers yet View Answers | Post Answers |
| 21498 |
Jul. 09 2025 |
Due date for deposit in CGAS - AY 25-26 –
(DIRECT TAXES)
Dear All, An assessee is planning to deposit Capital Gain amount in CGAS . Since there is an extension in due date to file the ITR for AY 25-26, can she deposit the amount before the extended due date (while filing the returns) or should this be done on or before 31/7/25. BY: CA. VASUDEVAN P K No answers yet View Answers | Post Answers |
| 21497 |
Jul. 07 2025 |
082701 –
(GST)
Is it necessary to give details of no of documents while filing GSTR 1 for B2C Customers if sales is below 5 crores BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21495 |
Jul. 05 2025 |
SRS 4410 vs Statutory Audit –
(AUDIT)
Can a proprietor who have performed engagement as per SRS 4410 of LLP, do a statutory audit of the same LLP ? Because, wordings of SRS 4410 "We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation...." If proprietor is assisting in preparation then how can he do stat audit the same entity ? Kindly clarify.. BY: Mayur J. Raiyani No answers yet View Answers | Post Answers |
| 21496 |
Jul. 05 2025 |
TDS deducted under Section 194IA –
(TDS/TCS)
The Property Purchase agreement has 2 buyers, the purchase of property is financed through Bank Loan and the EMI isnpaid by the primary borrower. However at the time of TDS decution and payment through Form 26QB instead of filing 2 form 26QB the primary borrower has deducted full TDS under his PAN and filed Form 26QB on full value under the contention that he is responsible for payment of the Home Loan. There is no loss to the revenue as the entire TDS has been deducted and deposited. Will there be any consequence for filing only 1 Form 26QB or is there a way it can be rectified? BY: KOMAIL ABBAS TALAJAWALA No answers yet View Answers | Post Answers |
| 21494 |
Jul. 03 2025 |
GSTR1 & GSTR3B Mismatch IGST Paid May 19 Subsequently NO Refund Hence Amount adjusted in May 22 Lia –
(GST)
A. GSTR1 May 19 was filed and saved as WOPAY [ Zero] by oversight. B. GSTR3B May19 was filed correctly as WPAY [ with IGST] and accordingly Tax was paid on the same C. GSTR1 could not be amended and rectified due to technical errors D. Since GSTR1 was by oversight saved as WOPAY and Data was not transmitted our precious working capital was stuck up and no IGST Refund was forthcoming. E. GSTR1 could not amended as the GSTR3B was filed on time F. It was advised by ICEGATE that adjustment be made in subsequent GSTR3B, and we have followed the same as in spite of the documents follow up the IGST refund was not forthcoming and it is revenue Neutral for the Department. G. The said Payment made in GSTR3B May 19 has remained as an excess payment till the time it was adjusted in the March 2022 Liability H. Now we have received a Demand Notice for FY 2021-22 BY: JESAL V CHANCHANI No answers yet View Answers | Post Answers |
| 21493 |
Jul. 01 2025 |
082701 –
(GST)
Whether excess of credit notes over Sales resulting in negative sales and negative liability be shown in GSTr 1 and return filed BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21491 |
Jun. 30 2025 |
UDIN –
(MISC.)
can partner of firm who is also having his proprietorship firm could generate UDIN for any audit assignment conducted by his proprietorship firm ? BY: PRATIK No answers yet View Answers | Post Answers |
