Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 21355 |
Nov. 18 2024 |
Filing of Updated return –
(DIRECT TAXES)
Assessee has a refund of Rs.1.70 lakhs in original return for AY 2023-24. But it was never paid and demand was raised by intimation under 143(1a) for Rs.54 lakhs due to clerical error in capital gain reporting. Now there are other items left out and the assessee wants to file an updated reuturn. However systems takes Rs.1.70 as paid and tax is computed over and above that amount. Is there any solution? BY: ALAMELU N N No answers yet View Answers | Post Answers |
| 21352 |
Nov. 13 2024 |
082701 –
(AUDIT)
Whether MSME category of Chartered accountants gets any priority in audit alottments If not Whether any of the Central Council member has included this in their agenda while approaching for votes BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21353 |
Nov. 13 2024 |
Income Tax Treatment of Conversion of Proprietorship into LLP –
(DIRECT TAXES)
I have converted a Proprietorship into LLP w.e.f. 08.04.2024 and all the assets and liabilities of the said proprietorship have been transferred into LLP. Thus, Sale from 01.04.2024 to 07.04.2024 are in the proprietorship firm and from 08.04.2024 onwards the sales and all the business transactions are appearing in the LLP. Now my questions are: 1. What will the tax treatment in the hands of the person whose business has been transferred into LLP ? 2. How will the ITR of that person be filed ? 3. What entries are required to be made in his ITR with respect to the transfer of business to LLP? BY: Gaurav Kumar Baranwal No answers yet View Answers | Post Answers |
| 21351 |
Nov. 09 2024 |
Peer Review –
(MISC.)
As per revised applicability of peer review mandate (Phase II & III), Practice Units which propose to undertake the Statutory Audit of entities which have raised funds from public or banks or financial institutions of over Fifty Crores rupees during the period under review or of any body corporate including trusts which are covered under public interest entities are to be covered from 01.01.2025. How can we identify trusts which are covered under public interest entities ? Do all Public Charitable and/or Religious Trusts fall under the category of public interest entity ? Is there any threshold monetary limit for these trusts ? BY: Nilanjan Kayal No answers yet View Answers | Post Answers |
| 21350 |
Nov. 06 2024 |
CONDONATION OF DELAY –
(DIRECT TAXES)
DEAR ALL, CAN ANYBODY TELL ME HOW AND WHEN CONDONATION OF DELAY IN FORM NO 35 IS TO BE SUBMITTED BEFORE CIT(APPEALS) ???? BY: SUDIP KUMAR MUKHOPADHYAY No answers yet View Answers | Post Answers |
| 21349 |
Oct. 27 2024 |
082701 –
(AUDIT)
Can a firm with plumbing service of Rs 49 Lacs and Goods sale of 20 Lacs is required to get Tax Audit compulsorily If it opts for Presumptive taxation How much profit should be shown for plumber service BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21348 |
Oct. 23 2024 |
082701 –
(DIRECT TAXES)
A firm providing plumber service Value around 50 Lacs and at the same time selling motors etc of 20 Lacs Whether Tax audit is necessary BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21347 |
Oct. 19 2024 |
082701 –
(AUDIT)
A firm is in loss to the tune of Rs 50 Lacs A Tax Audit report is to be revised and a few Balance sheet figures are also to be amended Whether it can cause problem from Income Tax End BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21346 |
Oct. 16 2024 |
082701 –
(DIRECT TAXES)
A restaurent has been opened (additional branch of existing franchisee) Expenses incurred on inaugration includes Hotel and travelling expenses of family members. Whether these can be amortised/capitalised BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21344 |
Oct. 15 2024 |
082701 –
(AUDIT)
TAR has been filed without filling clause 18 (depreciation particulars) Can we revise TAR filling assets details but not claiming Depreciation in a Partnership firm BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21345 |
Oct. 15 2024 |
082701 –
(GST)
I want to add certain figure in GST sales in B2Cs (unregistered Sale) to already filed B2Cs figure in GSTR 1 but old figure is not visible in GSTR 1A Will this figure be added to already filed GSTR1 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21343 |
Oct. 14 2024 |
ITC on subsidized Products to Company own Division in Other State –
(GST)
A manufacturing company producing taxable and exempt goods in Rajasthan and send some of exempt goods as sample @Rs.1/- per item excluding GST (whereas GST is Nil) to Delhi head office (Both have different GSTIN but related parties as PAN is Same) but the market price of such item is Rs.115/- per item. The main raw material also exempt received from other vendor but the other packing materials which is purchased by another division under same GSTIN and transferred to Manufacturing division through delivery challan, used in production of such exempt good is taxable under GST. How this would be treated as GST credit taken or reversal of ITC. can a organization sell Goods lesser than cost because it will create a gap between ITC availed and Output liability in case of taxable goods. BY: UMESH SHARMA No answers yet View Answers | Post Answers |
| 21342 |
Oct. 02 2024 |
Ethical Board –
(OTHER BODIES)
I am a practicing chartered accountant and an additional director in a private limited company duly complying to the norms prescribed by ICAI. The private limited company has borrowed a vehicle loan from a scheduled bank. The scheduled bank is creating a charge for the loan borrowed and is insisting that the concerned form for creating charge should be signed by affixing the practicing CA digital signature instead of the other directors of the company. Whether the same is permitted according to the ethics prescribed by ICAI and would it not amount to participating in the day to day activities of the company? BY: PANI RAJ KATEPALLI No answers yet View Answers | Post Answers |
| 21341 |
Sep. 27 2024 |
Income Tax Return filed by a Gratuity Trust but not required to be filed under section 139 - Demand –
(DIRECT TAXES)
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 No answers yet View Answers | Post Answers |
| 21339 |
Sep. 23 2024 |
Bill Of Entry no reflect in GSTR 2A –
(INDIRECT TAXES)
Dear Sir, we was paid of payment for the bills of entry of As per our reassessment of bills of entry for the financial years 2019-2020 and 2020-2021, we have made payments for all outstanding bills, including interest and penalty. However, we have noticed that the reassessed bills of entry are not reflecting in the GSTR 2A. please provide suggestion for ITC take or Not BY: SHAILESH JIVANBHAI SUTHAR No answers yet View Answers | Post Answers |
| 21340 |
Sep. 23 2024 |
082701 –
(DIRECT TAXES)
Whether Clause 44 of Tax Audit report applies to Construction co only providing service activity also BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21338 |
Sep. 22 2024 |
Form 10B/10BB(Audit Report) for FY 23-24 –
(AUDIT)
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 No answers yet View Answers | Post Answers |
| 21337 |
Sep. 17 2024 |
255279 –
(MISC.)
Subject: Assistance Required: COP Application Issue Due to Outdated Employment Records in ICAI Portal Dear Respected Seniors, I am writing on behalf of a fellow Chartered Accountant who recently transitioned from employment to practice. He is facing a significant issue while trying to apply for a full-time Certificate of Practice (COP) through the ICAI SSP portal. Background: My friend was previously employed with two organizations. The first employer had registered the employment with ICAI, but the termination of this employment was never updated in ICAI's records. The second employer, with whom he worked for four years, was not registered at all in the ICAI system. As a result, ICAI records still show him employed with the first employer, and the termination and subsequent employment details are missing. Current Situation: More than three years have passed since he left the first employer, and around six months have elapsed since we initiated efforts to resolve this issue. We have raised multiple tickets through the SSP portal, but unfortunately, we have not been able to rectify the employment details. We need to terminate the first employment, update the second, and then apply for a full-time COP. Both employers are willing to cooperate, but despite their assistance and our attempts through the portal, the issue remains unresolved. Request for Guidance: If anyone has encountered a similar situation or has any knowledge of a proper channel to escalate this issue within ICAI, we would be extremely grateful for your advice. If you could provide any email addresses, contact persons, or specific ICAI departments that could assist in resolving this, it would be of immense help to us. Due to this issue, my friend has been unable to perform audits or engage in practice for the past six months. We are seeking urgent guidance on how to navigate this situation and successfully update the records in the ICAI portal to obtain a valid BY: RYALI VAMSI KRISHNA No answers yet View Answers | Post Answers |
| 21336 |
Sep. 12 2024 |
082701 –
(GST)
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 No answers yet View Answers | Post Answers |
| 21333 |
Sep. 07 2024 |
Private tutorship less then 25 hours a week –
(COUNCIL DECISION)
Private tutorship less then 25 hours a week whether General Permission or Specific Permission as per below 190A extract - Engagement as Lecturer in an University, affiliated college, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week. BY: ANKIT BHANSALI No answers yet View Answers | Post Answers |
