Sebi offers a way over FPI tax rule hurdle
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Click here to Post your Query >>5987 unanswered question(s) — Showing 501–520
| Que. Id | Date | Description |
|---|---|---|
| 21092 |
May. 14 2023 |
091663 –
(DIRECT TAXES)
A TRUST IS TO CREATED BY A SETTLOR IN RELATION TO AN IMMOVABLE PROPERTY ,SINCE THE TRUST HAS NOT YET BEEN REGISTERED U/S 12A WHAT IS THE POSITION OF TAXABILITY OF IMMOVABLE PROPERTY . BY: vikas kalra No answers yet View Answers | Post Answers |
| 21088 |
May. 13 2023 |
Different bill books –
(GST)
A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21089 |
May. 13 2023 |
Different bill books –
(GST)
A wholesaler dealing in unstitched/stitched garments has opened a retail showroom as well. Whether it is necessary to issue bill for each retail sale to B2C Customers not wanting cash memo.If a consolidted bill is issued at dayend whether any upper monetary limit is there? Further can the retail showroom have seperate bill book for b2c customers. Can a consolidated entry be made at month end for cash sale/sale through googlepay/ptm etc iun books of account BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21090 |
May. 13 2023 |
Regarding Pre-deposit of Service Tax Demand for filing Appeal –
(Service Tax)
An unregistered assessee has to pre-deposit 7.5% of service tax demand for filing appeal. While applying for Non-assessee registration through aces tab on cbic portal, it generates only excise registration number and excise accounting codes for deposit of taxes. How to deposit the aforesaid pre-deposit amount then ? BY: Gaurav Kumar Baranwal No answers yet View Answers | Post Answers |
| 21091 |
May. 13 2023 |
SEC43B clause h from 01.04.2023 –
(DIRECT TAXES)
sir , could anyone explain new clause h inserted by FA2023, how it will be applicable and what is the scenario , if business entity has an agreement to pay the supplier say-90days , than , in such case will it be disallowed if paid after 45days. BY: RAM SAMARIA No answers yet View Answers | Post Answers |
| 21087 |
May. 12 2023 |
Two applications forGST No –
(GST)
An application for GST registration has been made . though mobile no is authenticated E mail could not be. Now we can neither submit nor modify application till a notice comes from GST department Can We file another application with new Email address BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21086 |
May. 11 2023 |
Financial Solvency Certificate –
(MISC.)
Can a Chartered Accountant issue Financial Solvency Certificate to his client for procuring a Government Contract ? BY: ALOK NATH SAHA No answers yet View Answers | Post Answers |
| 21084 |
May. 08 2023 |
Code of Ethics –
(MISC.)
Can a Practicing Chartered Accountant suppose Mr. A in his personal capacity being a Proprietor of his 'A Firm' authentication Internal Audit Report of Listed Entity where one of the Director Mr. B of such Listed Entity and Mr. A are partners in another Chartered Accountant Firm named 'AB Firm'. Will there be any conflict of interest? BY: Mitul Makwana No answers yet View Answers | Post Answers |
| 21085 |
May. 08 2023 |
WHETHER 50C APPLICABLE –
(DIRECT TAXES)
ONE OF MY CLIENT HAD PURCHASED AGRICULTURAL LAND IN DECEMBER 2014 AND PAID SALE CONSIDERATION IN CASH WITHOUT EVEN EXECUTION OF AGREEMENT OF SALE. THE VENDORS WERE HUSBAND AND WIFE. THEY HAVE NOT EXECUTED SALE DEED AS ONE OF THE VENDORS ( HUSBAND) HAD DIED AND THE LEGAL HEIRS OBTAINED LEGAL HEIRS CERTIFICATE IN SEPTEMBER 2016 ON THE NAME OF THE DECEASED WIFE AND SON. AS THE MUTATION AND LAND HOLDING WAS NOT TRANSFERRED ON THE NAMES OF THE LEGAL HEIRS , THEY KEPT THE EXECUTION OF SALE DEED PENDING. NOW THEY ARE READY TO EXECUTE THE SALE DEED. BUT THIS PARTICULAR AGRICULTURAL LAND HAD BECOME URBAN LAND AND THE SUB REGISTRAR OFFICE VALUE HAVE GONE IN CRORES. MY QUERY IS WHETHER THE SRO CAN ADOPT THE VALUE AS OF THE CURRENT DATE OR THE YEAR IN WHICH THE ORAL AGREEMENT ENTERED INTO AND FULL SALE CONSIDERATION WAS PAID. THAT WHETHER STAMP DUTY VALUE AS ON DATE OF AGREEMENT TO SELL OR THE DATE OF REGISTRATION OF SALE DEED TO BE ADOPTED FOR SECTION 50C. BY: Anwar Iqbal No answers yet View Answers | Post Answers |
| 21083 |
May. 06 2023 |
Aadhar authentication for GST registrations –
(GST)
I have just submitted Application for GST Registration opting for aadhar authentication. While mobile no of applicant is attatched with his Aadhar, Email address is mine. Whether it will be possible to authenticate in this case. Whether uploading KYC documents of applicant would have been better option BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21082 |
May. 05 2023 |
Query regarding final registration of a new NGO under section 12AB of the Income Tax Act and the dat –
(Profits & Gains of Business & Profession)
Hello fellow CAs, I am CA Vamsi Krishna Ryali (Membership No 255279) from Dwarapudi of Andhra Pradesh. and I have a query regarding the final registration of a new NGO under section 12AB of the Income Tax Act. My client is a new NGO that was incorporated on 23-Jun-2021. I applied for provisional registration under 12AB and it was approved on 31-Dec-2021. As per the provisions of the Income Tax Act, we must apply for final registration within six months of commencement of activities or before expiry of provisional registration whichever is earlier. However, we did not apply for final registration within six months because our client did not have many activities or donations till date. I would like to know the following: 1. How is the date of commencement of activities determined for the purpose of final registration under 12AB ? 2. Is this date subjective or objective ? 3. Is this date the same as the date of issue of provisional registration or different ? 4. Can this date be decided by the management of the NGO or is it fixed by law ? I request any clarification or guidance from the experts in this forum. Thank you in advance. BY: RYALI VAMSI KRISHNA No answers yet View Answers | Post Answers |
| 21081 |
May. 04 2023 |
Two GST registration nos for a common PAN –
(GST)
Can a person registered already under GST apply for another GST no under the same PAN by forming another Prop Firm Whether GST authorities generally raise any objection? BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21080 |
May. 01 2023 |
TDS on NRI –
(DIRECT TAXES)
An asessee has gone abroad in Sep 2021 and has visited india in FY 22-23 for 43 days only. He will be nonresident for 2022-23 . If he sells a flat here in India in FY 23-24 which he has got posession of in Dec 22 .For calculation of his cost ,Consideration paid to a housing co mentioned in registry is around Rs 50 Lacs but adding GST part will be around 60 Lacs If he applies in form 13 to asessing officer for no deduction/Lower deduction of TDS whether it will be issued easily ?What are the other formalities to be complied in this case.Whether this consideration be deposited in normal saving account in India for further remittance to abroad BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21079 |
Apr. 27 2023 |
Allowability of electricity supply connection charges paid to State Electricity Board –
(DIRECT TAXES)
Whether Rs. 14 lakhs paid by an assessee to WBSEDCL (W.B. State Electricity Development Corporation Ltd.) towards installation of electric poles, cable laying and transmitter for new industrial electric supply connection at his newly constructed rice mill (based on their quotation). The poles, cables and transmitter shall continue to be the property of the WBSEDCL. Commercial production has not yet been commenced in the rice mill. Whether the expenditure shall be debited in full in the profit & loss account of the assessee in the year of payment and the same is allowable as revenue expenditure u/s 37(1) of the Income Tax Act, 1961? Please reply. With regards! BY: ALOK NATH SAHA No answers yet View Answers | Post Answers |
| 21078 |
Apr. 26 2023 |
Director removal –
(CORPORATE & OTHER LAWS)
How to remove an existing director from Private limited company. Several notices were issued for attending Board meetings and all such meeting was not attended. DIN-KYC is not updated since last four years. In annual reports non attendance and non- signing of any of such statment is already reported BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 21077 |
Apr. 25 2023 |
ITC SET OFF FOLLOWED BY GST PORTAL –
(GST)
Dear Sir, our client is engaged in renting of properties and also engaged in construction of apartments. we have IGST credit of Construction Business and And CGST & SGST liability for Rental Business. client wants to pay CGST & SGST Tax on cash basis without using IGST credit relating to apartment construction. reason for the same is that if IGST credit is used there will be no balance to reverse IGST credit pertaining to unsold inventory in apartment. However Portal does not allow to make payment of CGST & SGST tax in cash unless IGST credit is Exhausted . kindly guide us with the issue. BY: Sachin No answers yet View Answers | Post Answers |
| 21076 |
Apr. 20 2023 |
Interest on wrong availment of ITC –
(GST)
Rule 37 of CGST Act talks about reversal of ITC in case of non payment of consideration within 180 days . In the said rule , sub rule (3) was omitted w,e,f 1st Oct 2022 vide NN 19/2022 . Department contention is that erstwhile sub rule (3) which says “ RP shall be liable to pay Interest u/s 50(1) starting from the availment of ITC ( not utilisation ) shall be applicable till 1st Oct 2022 as this rule has been omitted w,e,f 1st Oct 2022 . Interest u/s 50 (3) as amended retrospectively vide NN 09/2022 w,e,f 5th July 2017 where Interest has to be paid on ITC availed & utilised shall not be applicable in such cases . Your view on above ? BY: VINOD KUMAR SHARMA No answers yet View Answers | Post Answers |
| 21075 |
Apr. 18 2023 |
082701 –
(GST)
An assesse has claimed input tax credit on purchase but the transaction is not visible in GSTR 2A. Should it reverse the input credit by reducing current month(march 23) Input or add to output liability. Further whether interest also has to be added though actually this amount not utilised for payment,only balance amount increased of IGST ledgers BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 21074 |
Apr. 15 2023 |
GST Tax Liability on forwarding agent –
(GST)
ABC Ltd is a forwarding agent and is taking tanks on rental to export the chemicals of XYZ Ltd. To take those tanks on rental ABC Ltd has three choices to deal with which are as below – 1. Whether ABC Ltd takes tanks on rent from PQR Ltd, a registered Indian company. In this case at what rate PQR Ltd will charge GST to ABC Ltd? 2. Whether ABC Ltd takes tanks on rent from DEF Pte Ltd registered company in Singapore with no permanent place of business in India. As its import of services, Will ABC Ltd be liable to pay GST on reverse charge mechanism (RCM) being the import of service and if yes then at what rate? 3. Whether ABC Ltd takes tanks on rent from PQR Pte Ltd registered company in Singapore with the place of business in India also but payments are being made to Singapore registered company and invoice is being made by PQR Pte Ltd. In such case who will charge GST at what rate? BY: PRATIK M DUGAR No answers yet View Answers | Post Answers |
| 21073 |
Apr. 14 2023 |
Can a CA be a Full time Partner in CA firm along with being proprietor in his existing proprietorshi –
(MISC.)
Hi, Since 2020, I have held a COP and worked as a sole proprietor. I have been a member since 2019. So my experience is 3 years from COP and 4 years from becoming a CA member. My friend is also a sole proprietor and an FCA with more than 5 years of experience in audits. We want to form a partnership firm. Q1. Can we both become full-time partners in the new firm and proprietors of our respective existing sole proprietorship firms at the same time? Whether ICAI allows it? The address of the firm will be the same as the address of one of the proprietorship firms, so technically there will be one head of charge for two firms, i.e., a partnership firm and a proprietorship firm. Further, we will have 3 FRNs, i.e., 2 proprietorship firms and 1 partnership firm. (If proprietor and partner is not allowed, we will close the our proprietorship firm) Q2. Whether our partnership firm (as mentioned above) will be eligible for audits, if the criteria are as follows: "The Auditor / Audit firm or at least one of the partners should have a minimum of 5 years’ experience in carrying out audits" Q3. To qualify the above criteria of 5 years' experience, shall we convert the proprietorship of my friend (which is having experience of more than 5 years) into partnership firm adding me as a partner or shall form a new partnership firm? Basically, will the individual experience of partners be counted as the experience of the firm? BY: YASH SUNIL SHAH No answers yet View Answers | Post Answers |
