Sebi offers a way over FPI tax rule hurdle
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Click here to Post your Query >>5987 unanswered question(s) — Showing 801–820
| Que. Id | Date | Description |
|---|---|---|
| 20791 |
Dec. 04 2021 |
Income Tax Audit for FY 2020-21 –
(DIRECT TAXES)
A Taxpayer is having Turnover of Rs 2.5 crores and his net profit is 3% of sales and more than 95% transactions of receipts and payment are through bannking channel. The understanding of Taxpayer is as under. (1)Since Turnover is less than Rs 10 Crores and more than 95% transactions of receipts and payment are through bannking channel , Income Audit is not required. (2) Also Audit is not required even profit is 3% i.e. is less than 8% becuase requirement of 8% is for presumptive scheme. u/s 44AD and section 44AD is applicable upto Turnover of Rs 2 crores. Here section 44AD is not applicable because Turnover is more than Rs 2 crores . In both above cases Income Tax Audit is not require. Kindly confirm. BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 20789 |
Nov. 30 2021 |
online filing ITR3 –
(DIRECT TAXES)
While filing TR 3 online deduction under sec 54F is neither getting autopopulated nor figs can be filled manually under Capital Gain head.Is this also Portal problem? Please advice BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20788 |
Nov. 29 2021 |
TAX AUDIT IN COMPLIANCE OF SECTION 44AD –
(DIRECT TAXES)
Assessee had opted Section 44AD and was filing his return of income as per section 44AD for AY2017-18, 2018-19, 2019-20. In AY2020-21 assessee filed his return of income as per normal provisions and got his accounts audited as his net profit was Less than 8%. Now in AY2021-22, Assessee's Net Profit is more than 8% and turnover 17 Lakhs. As per Sec 44AD(4):- Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). As Per Sec44AD(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB. My Question is : Can Assessee File his Return of Income as per Normal Provisions and does not get accounts audited. or Is Audit Mandatory for 5 Succedding Years even if Turnover is Less than 1 crore and assessee declares net profit more than 8%. Thanks & Regards BY: CA MOHIT SHARMA No answers yet View Answers | Post Answers |
| 20786 |
Nov. 27 2021 |
Due Date of EPF to be reported in Tax Audit Report for FY 2020-21 –
(DIRECT TAXES)
During FY 2020-21 EPFO issued a circular that no proceedings will be initiated for late deposit of EPF during the FY 2020-21 for any period during lockdown. Then What shall be the Due Date of EPF Payment for reporting in Tax Audit Report for FY2020-21 ? BY: Gaurav Kumar Baranwal No answers yet View Answers | Post Answers |
| 20787 |
Nov. 27 2021 |
Stock Audit Empanelment –
(AUDIT)
I recently started practice, would my firm be eligible for bank stock audit? if not what are the options to get it empaneled BY: CA GAJENDRA SHARMA No answers yet View Answers | Post Answers |
| 20785 |
Nov. 26 2021 |
FORM 29B IN CASE OF LOSS –
(DIRECT TAXES)
Whether filing of Form 29B is required where there is loss as per Income Tax Act, loss as per books of accounts and book profits are also in negative? The company is not liable for audit u/s 44AB. If filing of Form 29B is required, then how to report Loss in Point no. 6 Total Income of Company as Form 29B on Income Tax Portal is not allowing negative figures? BY: vikas kalra No answers yet View Answers | Post Answers |
| 20782 |
Nov. 25 2021 |
Clause 16(d) of Form 3CD –
(DIRECT TAXES)
Sir, Clause 16 is about "Amounts not credited to Profit and Loss Account" and Sub Clause (d) "any other item of income". Does this Clause 16(d) means any income which is not credited to Profit and Loss Account needs to be reported. Especially for a Proprietary Concern there can be Income From House Property or Income From Other Sources (Interest on Fixed Deposits) which are normally not credited to Profit and Loss Account. Does this clause cover to include such incomes which are not Credited to Profit and Loss Account. BY: CA. KRISHNA MURTHY N No answers yet View Answers | Post Answers |
| 20783 |
Nov. 25 2021 |
Can Sole Proprietors Create a Partnership Firm ? –
(MERGER & ACQUISITION)
Two sole proprietors say A & B practices in their own proprietorship firms, they wants to create a partnership firm say XYZ. Can it is possible that both the partners practices in their own proprietorship firms and also in partnership firm XYZ ? Also please discuss whether in partnership firm counts experience of senior most partner. BY: KAMAL KISHORE VERMA No answers yet View Answers | Post Answers |
| 20784 |
Nov. 25 2021 |
Long Term capital gain –
(DIRECT TAXES)
An individual has sold a Plot after holding for 8 years and Sales consideration is 10 Lacs on which after indexation Long term capital gain of Rs 740000-arises He has invested Rs 7 Lacs for purchase of residential house within one year of transfer Under sec 54F Deduction of 540000- is available and around RS 200000- becomes Long Term Capital Gain liable to 20% Tax Can he invest another 3Lacs on another residential house to avoid tax payment by transferring 3Lacs to Capital gain scheme to reinvest 3 lac within 2 Years of sale of Plot Kindly advice BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20781 |
Nov. 24 2021 |
255279 –
(DIRECT TAXES)
What was the recourse under Income Tax Law that left to the Assessee, who is seller of the Land, when Stamp Duty Value is much higher than Actual Market Value of the Land ? BY: RYALI VAMSI KRISHNA No answers yet View Answers | Post Answers |
| 20780 |
Nov. 23 2021 |
Stay Petition –
(DIRECT TAXES)
I have filed appeal against order u/s 143(3) in facelss assessment but the jurisdictional AO is asking for payment of 20% demand. How do i file stay petition under faceless assessment scheme? Kindly help asap BY: JAYASHREE RAJKUMAR BANG No answers yet View Answers | Post Answers |
| 20779 |
Nov. 22 2021 |
FORM 29B –
(DIRECT TAXES)
Is Form 29B mandatory in all cases? Subsection 4 to section 115JB states that Every company to which this section applies, shall furnish a report in the prescribed form.i.e Form 29B. BY: CA Shrawan Suthar No answers yet View Answers | Post Answers |
| 20778 |
Nov. 20 2021 |
Tax Audit reports –
(DIRECT TAXES)
Json file prepared is not being accepted while uploading by CA's showing it Invalid BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20776 |
Nov. 17 2021 |
Reversal of ineligible credit –
(GST)
ITC was wrongly declared as ineligible. How to reverse the same as negative figures is not allowed under ineligible row of 3B. BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 20777 |
Nov. 17 2021 |
Applicability of Surcharge on TDS made u/s 195 –
(TDS/TCS)
The assessee has purchased a property from an NRI for an amount exceeding Rs one crore. While deducting TDS on total consideration ( not on the Long Term Capital gain) should EC and SC also be deducted on Total Consideration? BY: Y.KANAKAMAHALAKSHMI No answers yet View Answers | Post Answers |
| 20775 |
Nov. 15 2021 |
444964 –
(GST)
WHETHER FOOTBALL PLAYER CAN OBTAIN GST REGISTRATION FOR THEIR MATCH PLAYING SERIVICE . IF YES , PLZ SPECIFY THE SAC CODE..... BY: ARIHANT JAIN No answers yet View Answers | Post Answers |
| 20774 |
Nov. 09 2021 |
Sole practice and proprietary concern. –
(MERGER & ACQUISITION)
Hi everyone, I have registered as a sole practitioner in 2016. After 2 years I have registered my proprietary concern. Now I am being intelligible to get bank audit empanelment because I am not exclusively associated with my firm. What is the best way to retain my experience of 5 years sole practice and getting empaneled for bank audit. Can I merge my sole practice in to my firm or I have to terminate my self as a sole practitioner. Please suggest. BY: GIRIJA SHANKAR KOTA No answers yet View Answers | Post Answers |
| 20773 |
Nov. 02 2021 |
provisional balance sheet –
(AUDIT)
can a practicing chartered accountant sign provisional balance sheet ( non audited ) ? if yes what should he mention in the balance sheet while signing and whether UDIN is applicable for that or not? BY: AKSHAYA CHANDRAKANTH KAMATH No answers yet View Answers | Post Answers |
| 20772 |
Nov. 01 2021 |
IGST in Export Invoice –
(GST)
In case an Exporter opts for Supply of Goods on Payment of IGST, then Whether the exporter shall charge IGST on FOB Value or on (FOB Value + Insurance + Freight) ? Please advise and clarify. BY: Gaurav Kumar Baranwal No answers yet View Answers | Post Answers |
| 20771 |
Oct. 30 2021 |
3CBCD Json file not being uploaded on portal –
(AUDIT)
I have prepared Json file but while uploading it shows Invalid File BY: Mahesh Kumar No answers yet View Answers | Post Answers |
