Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 21173 |
Nov. 01 2023 |
Belated Audit Report –
(CORPORATE & OTHER LAWS)
UDIN can't be generated beyond 2 month period and AGM is to be held by 30th Sept 2022. In such scenario how UDIN on Audit report could be generated for FY 2021-22 and even for current year BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21170 |
Oct. 26 2023 |
Claiming 80IAC when opted for 115BAA –
(DIRECT TAXES)
Assessee:- Pvt Ltd Company Date of Inco:- Sept 2019 Filed Return:- AY-20-21, 21-22, 22-23 Tax Rate:- 115BAA i.e. 22% However 10IC filed for AY 21-22 only. Status:- Startup Registration got on Nov 21 80IAC Approval:- 24 Oct 2023 ITR and Tax Audit:- Due date 31/10/23 not yet uploaded Query:- Assessee want to exercise 80IAC for AY 23-24 or AY24-25 onwards. Can he do so? Assessee wasn't aware at the time of filing first year return about start up registration and 80IAC. Mistakely selected tax rate u/s 115BAA. Now assessee wants to get deduction u/s 80IAC. He is ready to file rectification/Updated return with 25% tax rate for AY 21-22 and AY 22-23 and pay differential tax. Need opinion on this. BY: ASIF MUJAWAR No answers yet View Answers | Post Answers |
| 21171 |
Oct. 26 2023 |
Treatment of Sales Invoices –
(DIRECT TAXES)
Hi All, As assessee, being a railway contractor, had raised an invoice during Mar'23, and filed GST return of Mar'23 by including the same. However TDS has been deducted by Railways only in Apr'23 at the time of payment. If I included this invoice in FY 22-23, we will be denied the TDS credit by the CPC. Please advise if it's right to carry forward the sales to next year by showing it as WIP or otherwise and include it in next year sales and claim TDS credit. Thanks BY: CA. VASUDEVAN P K No answers yet View Answers | Post Answers |
| 21172 |
Oct. 26 2023 |
Applicability of Interest on delayed payment of GST –
(GST)
Fact of the case 1. Original 03 Invoices raised in the month of March 2018 - Taxable Value Rs. 40000000 on CGST / SGST @ 2.5% -1000000 /1000000 2. Amended one invoice in the month of August 2018 of Rs. 400000 @ 18% 3. Raised Two Debit Note in month of September 2018 for renaming two invoices pertaining to 2017-18 for differential tax Original Invoice Date 31/03/2018 31/03/2018 31/03/2018 Later in the month of August 2018 invoice No. 02 amended for correction in GST Rate Amendment Original Invoice Date 31/03/2018 in the month of September 2018 raised two debit note for Invoices pertaining to 2017-18 for differential Tax amount Date of Dr Note 15/09/2018 15/09/2018 GST Paid in the month of March 2019 through credit ledger Now GST Department demanding Interest on Rs. 52,00,000/- on amended invoice as well as debit note raised in next financial year ( 2018-19) from 20/04/2018 till date of deposit of Tax. Tax deposited thrugh credit ledger. Credit ledger have balance in the month of March 2018 Rs. 10,00,000 & in the month of March 2019 45,00,000/- Required Advice / Guidance Applicability of Interest - 1. From April 2018 on 52.00,000/- 2. From August 2018 on 19,50,000/- 3. From September 2018 on 32,50,000/- 4. Whether Credit ledger Balance in the Month of March/ August / September & March 2019 is considered for charging Interest ? BY: Pravin Taparia No answers yet View Answers | Post Answers |
| 21169 |
Oct. 25 2023 |
Working in Industry on work from home basis and holding COP –
(COUNCIL DECISION)
I am currently working in private limited company (IT consulting services) on work from home basis from 2 p.m. to 11 p.m. shift. Monday to Friday. At the same time I am holding a COP and associated with firm as branch in charge. I lost my job in gulf and returned to Indian. I was thinking of setting up a practice in home town. During the process of renewal of membership and COP as well as arrangement with firm, I got an offer for work from home basis. I accepted the offer to start employment and continued to hold COP and associated with firm. Establishing a practice in a small town with too much competition will take it's own time. Also, need to support families financially as well. In this circumstances can i continue with employment as well as hold full time COP or any other best option available. BY: Jainuddin Nihal No answers yet View Answers | Post Answers |
| 21168 |
Oct. 20 2023 |
MERGE OF PARTNERSHIP FIRM –
(DIRECT TAXES)
CAN TWO PARTNERSHIP FIRM MERGE? IF YES, WHAT ARE THE TAX IMPLICATIONS? BY: CA MAULIK SARDA No answers yet View Answers | Post Answers |
| 21167 |
Oct. 18 2023 |
QUERRY REGARDING FORM No. 10B AND ITR-7 –
(DIRECT TAXES)
1) While filling form No. 10B - Sl No. 18, to fill the details of incidental business, we are getting only one line item to fill. Whereas in case of educational institutions, there are two or three incidental businesses such as busses and hostels etc. How to fill the drop down box. Can we give only one incidental activity and give the receipts of all the businesses put together in the column for gross receipts of incidental businesses. 2) While filling ITR-7 SCHEDULE - JA2, LONAS AND BORROWINGS, is it necessary to take the figures of "OD/CC" accounts also. Sometimes it may so happen that the expenditure for attainment of objects will be met out of OD/CC accounts and we will claim such expenditure as spent/ BY: CA. VENKATA SATYANARAYANA V No answers yet View Answers | Post Answers |
| 21166 |
Oct. 14 2023 |
LTCG When Sale Consideration received in Installments –
(Capital Gains)
Capital Gain on Sale of Urban Agriculture Land Date of Sale :- 20/03/2023 Sale Consideration:- 1 crore (Only 20 lakhs is received till the date as agreed in registry and remaining will receive in March 24) Indexed Cost of Acquisition:- Rs. 3 lakhs Possession Given and Registry done on 20/03/2023 Seller wants to take Benefit of section 54B (Purchase of another agriculture land) but amount is not received till the date of return filing and even now. Please suggest what to do ?? BY: Ankit Vijaywargiya No answers yet View Answers | Post Answers |
| 21165 |
Oct. 10 2023 |
einvoicing of Taxpayer –
(GST)
Assessee have been enabled for e-invoicing on the GST portal. But as the taxpayer deals Mainly in NON-GST items and small turnover of taxable items in B2C category only, what to respond if mail have been received for filing declaration for exemption under the specified category (which not applicable to aseessee) BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21164 |
Oct. 09 2023 |
Revised tax audit report –
(DIRECT TAXES)
During filing of tax audit report, the details of Non-deduction of TDS on payment to resident was wrongly entered in coloum of non-resident. i.e. detailed to be entered in 21.B.(ii) - 30% disallowed was entered in 21.B.(1) - 100% disallowance. Query : 1. can revised report be filed ? BY: DNYANESH PATADE No answers yet View Answers | Post Answers |
| 21163 |
Oct. 01 2023 |
Tax audit ceiling limit clarification –
(AUDIT)
"The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the "specified number of tax audit assignments". FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD upto 2 CRORE OR 1 CRORE ? For example Last yr turnover 80lac opt for 44AD but current year turnover 1.6cr opt out 44AD and net income exceed minimum amount chargeble to tax. Please clarify that under which section audit will be done 44AB(a) or (e) for current year and it will counted under our Audit limit of 60? BY: MD AZHAR No answers yet View Answers | Post Answers |
| 21161 |
Sep. 28 2023 |
082701 –
(DIRECT TAXES)
A married Lady wants to gift 1 crore to brother of his father Will this raise questions from Income tax department BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21162 |
Sep. 28 2023 |
082701 –
(DIRECT TAXES)
A daughter gifts 1 crore to his father Father gifts further to his brother Will this be questionable? BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21160 |
Sep. 24 2023 |
Inter Branch Sales - GST, Audit, ITR –
(DIRECT TAXES)
Hi, I have one client....it has 2 branches one in Delhi and one in Haryana. Delhi Branch Sale - 2.5 Cr. Haryana Branch Sale - 1 Cr. Total Sale as per GST - 3.5 Cr. But Haryana branch only transfers stock to Delhi branch and no outside sale. Now, as per Income Tax audit will be done on 2.5 cr. Can we show Rs. 3.5 cr. sale in ITR, as sale and purchase of 1 cr. will be set off against each other and no impact on GP/NP. Because if we state 2.5 cr. sale in ITR, then we can get notice from Income Tax department and it can lead to unnecessary litigation. If anyone of you have any such client, please respond how are dealing with the same in audit and ITR? BY: CA ROHIT GARG No answers yet View Answers | Post Answers |
| 21158 |
Sep. 22 2023 |
turnover to be reported in Clause 40 in case of F&O Trading –
(AUDIT)
What amount of turnover should be reported in clause 40 of tax audit report in case of F&O trading- 1. Turnover computed as per Guidance note of ICAI. 2. Turnover of Total sale value of F&O Trading. BY: ASHISH GOYAL No answers yet View Answers | Post Answers |
| 21159 |
Sep. 22 2023 |
FIRM APPROVAL FOR NEWLY QUALIFIED CA –
(MISC.)
I HAVE APPLIED FOR COP. I WANT TO PRACTICE AS A PROPRIETOR, IS IT NECESSARY TO TAKE FIRM NAME APPROVAL AS I WANT TO PRACTICE AS "MANISHA & ASSOCIATED". AS PER REGULATION 190 , IF CA WANTS TO PRACTICE IN HER OWN NAME, NEED NOT APPLY FOR APPROVAL. KINDLY RESOLVE MY QUERY. BY: MANISHA RAJBHAR No answers yet View Answers | Post Answers |
| 21154 |
Sep. 21 2023 |
Applicability of CARO 2020 –
(AUDIT)
Regarding Private Limitred, have one Confusion . In the Order it is mentioned that not being a subsidiary or holding company of a public company Here My Query is Whether if Private Limited Company is a Subsidiary of one foreign Company. Then CARO is applicable to this or nor? Because of the Professionals are telling that CARO is applicable to Any Subsidiary Company. BY: LAKSHMI NARAYANA PANTHANGI No answers yet View Answers | Post Answers |
| 21155 |
Sep. 21 2023 |
168743 –
(AUDIT)
1. Can a CA do Audit of the Firm in which his Uncle's son is a partner holding 75% share? 2. Can a CA do the Audit of the proprietorship firm of Father-in-Law? BY: DHANESH GALA No answers yet View Answers | Post Answers |
| 21156 |
Sep. 21 2023 |
Guidance Note on Accounting of Political Party revised 2019 –
(MISC.)
At CDS-ICAI No guidance note on accounting of Political party is there to buy. How can I get it? BY: SUBHASH CHANDER BHASHKAR No answers yet View Answers | Post Answers |
| 21157 |
Sep. 21 2023 |
Resignation of Director from Amalgamated Entity. –
(Companies Act, 2013)
Mr. A is Director in ABC Ltd, ABC Ltd got Amalgamated with PQR Ltd, Later on Mr. A Resigned as Director of PQR Limited - Amalgamated Entity. But the Director master data of Mr. A is Still showing as Director in ABC Ltd. BY: PRASHANT No answers yet View Answers | Post Answers |
