Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 21132 |
Aug. 08 2023 |
Sale of Property by NRI –
(DIRECT TAXES)
A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers Is there any wayout BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21133 |
Aug. 08 2023 |
Sale of Property by NRI –
(DIRECT TAXES)
A NRI has to sell a Property around Rs 75 Lacs on which TDS is required to be deducted at higher rates .Profit is around Rs 5.5 lacs only .He wants to file Form 13 on Traces site but can not file in the absence of TAN numbers of Joint Purchasers Is there any wayout BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21131 |
Aug. 07 2023 |
082701 –
(DIRECT TAXES)
Can I upload Form 13 on behalf of a NRI for less deduction of TDS after registering myself as authorised representive of NRI BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21130 |
Aug. 06 2023 |
TDS on purchase of a property from NRI –
(DIRECT TAXES)
An NRI has sold a property for Rs 75 Lacs to two Jointowners Whether Joint purchasers are required to Deduct TDS BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21128 |
Aug. 03 2023 |
Will and Release deed –
(MISC.)
Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you. BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 21129 |
Aug. 03 2023 |
Certificate on Interest Equalization –
(AUDIT)
Dear Sir, With respect to your mail seeking certificate from us, we would like to bring to your attention in respect of Interest Equalization Certificate that : As per RBI circular RBI/2015-16/259 DBR.Dir.BC.No.62/04.02.001/2015-16 dated 4th December 2015, " The claims should be accompanied by an External Auditor’s Certificate (with stamp and membership number) certifying that the claim for interest equalisation of Rupees…………….. for the month ended ………….. has been verified and found to be strictly in accordance with the provisions of the Government scheme enclosed with the circular DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015. Claims for reimbursement will be considered for settlement only after receipt of this certificate." Here, concurrent auditors cannot be considered as External Auditor from Banks point of view. The certificate if any to be obtained should be obtained from the Statutory Auditor of the Borrower. A certificate from an external auditor i.e. statutory auditor of the Borrower would be relevant here since there are few conditions given in the RBI circulars which cannot be verified by us. Few of the conditions enumerated in the circular that cannot be verified by us are as under- a) The extended Scheme will not be available to those beneficiaries who are availing the benefit under any Production Linked Incentive (PLI) scheme of the government. b) All eligible exports under the scheme would have to meet the criteria of minimum processing for the goods to be called as Originating from India and would be governed by provision of Paragraph 2.108 (a) (Rules of Origin [Non preferential]) of Handbook of Procedures of Foreign Trade Policy 2015-2020. c) The scheme will be available to all exports under 416 tariff lines [at ITC (HS) code of 4 digit]as per Annexure A and exports made by Micro, Small & Medium Enterprises (MSMEs) across all ITC(HS) codes. Also, an article regarding the same issue was published in Economic Times wh BY: CA. TOTLA RAJENDRA P No answers yet View Answers | Post Answers |
| 21127 |
Aug. 01 2023 |
Will and Release deed –
(CORPORATE & OTHER LAWS)
Mrs. D ( mother) and Mrs R (Daughter),were joint owner of residential property. Mrs. Mrs. D prepared will in 2003 and registered with sub registrar office. . Husbund of Mrs. D had expired before preparing will. Mrs. D has 2 sons ( 1 son expired ) and 2 daughters . In the Will , Mrs. D stated that after her death Mrs.R will be rightful legal heirs of jointly owned flat.In 2021 Mrs. D died . Now Mrs. R wants to sell the above mentioned flat. So does the permission of 2 brother and 1 sister required ? I want to know difference between Will and Release deed Also I want to know requirement of preparing Release deed. Thanking you. BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 21125 |
Jul. 28 2023 |
Income Tax Return of Housing Society or Resident Welfare Association –
(DIRECT TAXES)
Surplus of Maintenance charges received by Housing Society is exempt on the basis of Principle of Mutuality. Under which head or column will that exempted surplus income be recorded ? BY: Gaurav Kumar Baranwal No answers yet View Answers | Post Answers |
| 21126 |
Jul. 28 2023 |
ITR V Physical Form –
(DIRECT TAXES)
Hi, Is ITR V of all person can be sent by one speed post or separate post ? I m asking because, confirmation msg recd only for one and not for others? BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21124 |
Jul. 27 2023 |
Regarding registering as a CA –
(DIRECT TAXES)
I am trying to register as a CA on efiling portal, but while doing so I am getting an error which says that the entered member name does matches with the PAN name but the name as per PAN records and ICAI records are same. Please guide me regarding this issue. BY: SIDDHARTH PADAMKUMAR MUNOT No answers yet View Answers | Post Answers |
| 21123 |
Jul. 23 2023 |
Valuation of Closing Stock in case of Jewellery Business –
(Profits & Gains of Business & Profession)
This is wrt to valuation of Closing Stock in case of gold ornaments and silver ornaments. Can I value at market price? or it at cost? In general, how the industry value it's closing stock? BY: ANKIT JAIN No answers yet View Answers | Post Answers |
| 21122 |
Jul. 19 2023 |
GST liability in Joint Development Agreements –
(GST)
The land owner entered into a JDA with the developer for construction of ten flats, five flats each. Should the Land owner pay GST on his share? If so what is the value of supply(Construction cost or land plus construction cost). If so at what rate? The land owner wants to retain his share and does not want to sell them. If the land owner is not willing to pay the GST, should the developer pay the GST on his behalf? If so should it be paid as RCM or regular GST showing owners share as turnover? BY: Y.KANAKAMAHALAKSHMI No answers yet View Answers | Post Answers |
| 21120 |
Jul. 16 2023 |
GST on door to door sale –
(GST)
Members, a dealer is planning to sell his goods door to door to his prospective customers by going to the customer's place of business with goods in his vehicle. He is GST registered. The invoice can only be raised at the place of business of the customer since he doesnt know whether the customer will buy his product or not. The value of goods will be more than Rs. 50,000/-. What all documents he has to carry with him in his vehicle? Thanks in advance. BY: Achuthan P No answers yet View Answers | Post Answers |
| 21121 |
Jul. 16 2023 |
Audit requirement –
(DIRECT TAXES)
For the Presumptive scheme of Income Tax Net profits should be 8 % of cash sale and 6 % for sale through Neft/cheques etc How should this be bifurcated as most of the debtors remains unpaid at the time of finalisation of balance sheet BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21119 |
Jul. 14 2023 |
ITR for Unaudited accounts –
(DIRECT TAXES)
Can we file ITR 3 for Unaudited accounts having turnover below 1 crore and Taxable profit less than 8% BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21118 |
Jul. 12 2023 |
Amendment of GST B2C SALES –
(GST)
Hi, How to Amend B2C figures once already amended to restore to Original figures. Portal object stating : Error! B2CS Amendment already exists for the original month in different return period. BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21117 |
Jul. 11 2023 |
INTEREST AND REMUNERATION TO PARTNERS –
(Profits & Gains of Business & Profession)
T/o of P'nership firm is less than 2 Cr but more than 1 Cr. Not declaring u/s 44AD but filing with books of accounts. Profit after deducting interest to partners is less than 8%. Is Audit u/s 44AB liable or can we just upload along with balance sheet and PnL? BY: MITTI RAJESH DOSHI No answers yet View Answers | Post Answers |
| 21116 |
Jul. 08 2023 |
Query Regarding Conversion of Proprietorship into partnership –
(MERGER & ACQUISITION)
I am a Practicing Chartered accountant practicing under Trade name and FRN. Also I am registered under RBI Bank branch audit panel and been alloted UCN. I am going to add one partner under my trade through which my proprietorship firm will get converted into partnership So I have two query due to above conversion : 1) Whether my FRN number and Trade Name will remain Same.? 2) Whether my UCN alloted for Bank branch audit panel will remain same.? As I want both the above things to remain unchanged. BY: GOPAL NANAKRAM POPTANI No answers yet View Answers | Post Answers |
| 21115 |
Jun. 30 2023 |
ITR form –
(DIRECT TAXES)
A person is having Salary income as well as a couple of Commission receipts Whetrher he can file ITR 1 or has to file ITR 3 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21114 |
Jun. 29 2023 |
treatment of exempt income –
(DIRECT TAXES)
Will income u/s 10 of Income Tax Act,1961 form part of taxable income ?? If not,Should we disclose it in ITR ?? BY: SUDIP KUMAR MUKHOPADHYAY No answers yet View Answers | Post Answers |
