Sebi offers a way over FPI tax rule hurdle
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 >>5987 unanswered question(s) — Showing 321–340
| Que. Id | Date | Description |
|---|---|---|
| 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 |
| 21269 |
Jun. 05 2024 |
194298 –
(AUDIT)
Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024. should the financials of firm as on 31.03.2024 reflect this transfer or it will be taken as post financials event? normal financials to be prepared for firm as on 31.03.2024? BY: CA Shrawan Suthar No answers yet View Answers | Post Answers |
| 21270 |
Jun. 05 2024 |
TAX AUDIT - FIRM TAKEN OVER BY PARTNER –
(AUDIT)
Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024 SHOULD THIS BE REPORTED IN TAX AUDIT REPORT OR THIS WILL BE A POST FINANCIALS EVENT? IS THIS BE REPORTED IN TAX AUDIT REPORT? BY: CA Shrawan Suthar No answers yet View Answers | Post Answers |
| 21268 |
Jun. 04 2024 |
Incorporation of Pvt Ltd Company –
(CORPORATE & OTHER LAWS)
Is UDIN is required for submission of Incorporation documents of Pvt Ltd Company and if yes, in case of resubmission, fresh UDIN is required BY: CA. SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21267 |
May. 31 2024 |
009829 –
(DIRECT TAXES)
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 No answers yet View Answers | Post Answers |
| 21266 |
May. 30 2024 |
VAT, GST for Petrol Pump Industires –
(VAT/Sales Tax)
Hello Everyone, I have recently got an audit of Petrol Pump . So whether in Karnataka petrol pumps owners have to file monthly VAT and Excise Duty return every month even after GST? They are filing their GST return every month, stating the sales under "Non-GST Supply". Please share some detailed picture of what general monthly and annual compliances for Petrol Pump owners in Karnataka? BY: ANKIT JAIN No answers yet View Answers | Post Answers |
| 21264 |
May. 29 2024 |
ETHICS –
(MISC.)
Whether a COP holder can do intra day (share) trading ? BY: E VARALAKSHMI No answers yet View Answers | Post Answers |
| 21265 |
May. 29 2024 |
Document required in Formation of New Pvt Ltd Company –
(Companies Act, 2013)
Is any affidavit / Notorised document required in new private limited company formation through SPICe in V3 portal BY: CA. SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21262 |
May. 28 2024 |
Can a proprietor (having proprietor firm) become full time partiner in another CA firm without closi –
(MISC.)
Good morning, Background: Since Sep 2022, I'm practicing (under my proprietor firm). I'm planning to join as full time partner in another CA Firm (having 3 partners). My questions: Can I become full time partner without closing my existing proprietor firm? Will it be add any advantage to partnership firm in getting Bank /Govt Audits? BY: DINESH SURENDRA BHALKIKAR No answers yet View Answers | Post Answers |
| 21263 |
May. 28 2024 |
082701 –
(DIRECT TAXES)
Whether Spectra KDK software is satisfactorily working for Income tax TDS and Tax Audit work BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21261 |
May. 25 2024 |
COMPANY RUN ITS OWN BUS FOR TRANSPORTATION OF ITS EMPLOYEES –
(GST)
Dear Sir/Madam, Please note, a manufacturing company run its own bus for transportation of its employees. Since the appointment letter given to employees does not specify about the Transportaion facility, the GST auditor treats this as service given by employer to employee treating it as related party transaction and applying cost+10% valuation rule asking company to pay the GST liability with interest and penalty. Whether the action of the auditor is justified. Please let me know how to go about this. BY: Shridhar H No answers yet View Answers | Post Answers |
| 21259 |
May. 24 2024 |
Section 50C –
(Capital Gains)
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 No answers yet View Answers | Post Answers |
| 21260 |
May. 24 2024 |
224173 –
(GST)
Whether Deposits received from the members of a/an Apartment Owners Association/Residential Association (the Association) towards future supplies is taxable at the time of its receipt? Contentions: 1. Deposits received from the members of an Association towards future supplies is taxable u/s. 7(1)(aa). 2. However, the taxability u/s. 7(1)(aa) attracts only if there is any consideration 3. As per the proviso to section 2(31), a deposit given in respect of the supply of goods or services or both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply. As such can one construe/interpret that- • unless the Supplier (the Association) applies (expends) such deposit (towards any supply) there is no payment made for such supply (and hence no consideration) as per section 2(31) • Taxability u/s. 7(1)(aa) arises only in the case of ‘consideration’. In case of such deposits, deposits received in advance partakes the character of consideration only when Supplier (the Association) applies (expends) such deposit (towards any supply to its members) as per the proviso to section 2(31). • Hence the time of supply shifts to the time of actual application of such deposits as against the date of receipt of payment (herein in advance) as envisaged u/s. 13(2)(a). • Hence no GST to be paid at the time of receipt of such Deposits, but only when and if at all the Supplier (the Association) applies (expends) such deposit (towards any supply to its members). BY: SREEJITH M G No answers yet View Answers | Post Answers |
| 21258 |
May. 20 2024 |
RCM –
(GST)
one of my client manufacturing Rice which is exempted goods however its by product '"Bran" is taxable at 5% ,while purchasing some capital goods it has to pay freight to GTA,will RCM be applicable. BY: CA. SHARMA RAJESH CHANDRA No answers yet View Answers | Post Answers |
| 21257 |
May. 19 2024 |
CA office from Residential society –
(MISC.)
CA office from residential society(Thane district): 1. Is it allowed 2. Any permissions required We are not staying in the residential premises. We want to use entire flat for CA Office BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 21256 |
May. 16 2024 |
GST APPLICABILITY 12AA TRUST –
(GST)
ABC CUSTOM BROKER ASSOCIATION. ASSOCIATION IS CHARIRATABLE ENTITY REGISTERED U/S 12AA OF INCOME TAX ACT. WE ARE CHARGING MEMBERSHIP FEES ANNUALY. TRUST IS WORKING FOR ITS MEMBERS FOR EDUCATING, CONDUCTIONG SEMINARS AND ISSUE SOLVING FOR MEMEBERS WORKING AS CHA. FURTHER MAKING VARIOUS REPRESTATION WITH GOVERNMENT AND TAX AUTHORITIES FOR BETTERMENT OF CHA MEMBERS. WHETHER GST APPLICABLE ON MEMBERSHIP FEES AS ANNUAL MEMBERSHIP CROSS 20 LACS? IS THE ACTIVITIES COVERED UNDER CHARITABLE ACTIVITIES AS PER GST ACT? IS THERE ANY OTHER BENEFICIAL PROVISO TO SUCH TRUST/ASSOCIATIONS WITH RESPECT TO GST EXEMPTION? BY: AHMEDRAZA ANIS SUMIYA No answers yet View Answers | Post Answers |
| 21254 |
May. 15 2024 |
Non validation of bank account –
(DIRECT TAXES)
While adding bank account on income tax portal, the validation is failed showing message as ‘EE-WS-BVB-ERR-100020’. How to resolve the issue BY: ATUL MUKUNDLAL TOSHNIWAL No answers yet View Answers | Post Answers |
