Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20770 |
Oct. 27 2021 |
Tax audit –
(AUDIT)
A professional following cash basis ,whether tax audit is applicable or not in following circumstances , if yes than under which clause of 44AB, 1) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 40 lakhs 2) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 80 lakhs 3) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 1.05 crore Note:- 1)What if wants to offer Income under presumptive 44AD and 44ADA from professional activity is more than 50% of receipts and from trading of stock market is less than 6% of Turnover 2) Limit for tax audit U/S 44 AB for professional is above 50 lakhs and others is above 1 crore and if certain condition are satisfied than above 10 Cr BY: CA. MEHTA DEVANG PRATAPRAI No answers yet View Answers | Post Answers |
| 20769 |
Oct. 26 2021 |
Accounting of Joint Developement Agreement –
(MISC.)
How to make entries in books of account of Builder for Joint Development Agreement and flats given to landowner ?? BY: Ninad Prataprao Shete No answers yet View Answers | Post Answers |
| 20768 |
Oct. 17 2021 |
Legality of order passed u/s 144 –
(DIRECT TAXES)
Facts Individual Assessee has not filed original ITR for AY 12-13 based on some information AO has reopened the case u/s 148 in March 20 and assessee has also not filed his ITR within 30 days of service of above notice but filed delayed return against notice u/s 148 (before framed. Or completion of assessment ) Query Can AO passed order u/s 144 where assessee filed ITR before completion of assessment without issue notice u/s 143(2) of income tax act BY: SANDEEP KAPOOR No answers yet View Answers | Post Answers |
| 20767 |
Oct. 14 2021 |
SERVICE TAX LIABILITY ON CREDIT CO OPERATIVE SOCIETY –
(Service Tax)
A credit co operative society is accepting deposits and lending to its members and accordingly earns interest income. It also provide some other services like railway ticketing and running electricity bills collection centre from which it is receiving commission income from IRCTC and PGVCL. Interest income - 25 Lacs Commission Income - 1.5 Lacs What are the service tax implications in the instant case. BY: DARSHAK MAGANLAL THAKKAR No answers yet View Answers | Post Answers |
| 20765 |
Oct. 13 2021 |
Form 29b –
(DIRECT TAXES)
IT portal is not correctly accepting form 29b data filing. BY: SUMIT KUMAR BAGRA No answers yet View Answers | Post Answers |
| 20766 |
Oct. 13 2021 |
Online CA Examination –
(OTHER BODIES)
A long time back There was proposal to conduct CA Examinations online on MCQ pateren. In view of Pandemic like COVID this has become more urgent .Many Institutes in World are conducting online Examinations eg CPA . Why Our Institute is still persisting with Handwritten Examination which is many times not found to be foolproof BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20763 |
Oct. 12 2021 |
Tax Audit Report –
(AUDIT)
WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong' BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20764 |
Oct. 12 2021 |
Tax Audit Report –
(AUDIT)
WhetherTax Audit reports are being filed without any issue now on portal or still creating headache I am not able to register Digital signatue as message appears "Some thing gone wrong' BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20762 |
Oct. 10 2021 |
Tax on dividends etc –
(DIRECT TAXES)
Whether all sorts of dividend recd from any mutual fund,LIC or sip etc are taxable wef 1-4-20 or there is any exemption also? BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20761 |
Oct. 06 2021 |
tax audit limits –
(DIRECT TAXES)
Assessee is having turnover of Rs.99 lacs from contractual business and 1.5 lacs from hiring services u/s 44AE. Whether the same would be included in Gross turnover for Tax Audit or not. Otherwise Assessee can declare his income @ 6% on contractual receipts u/s 44AD and 1.50 lacs under 44AE without getting audited BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 20760 |
Oct. 01 2021 |
does converting from sole practicing (i.e., practicing with MRN AND COP on own name with out FRN ) t –
(MISC.)
I am practicing on my own name having MRN & COP from last 15 years. Now, I want to convert it into a sole proprietary frim with FRN. So ,does it impact my standing for BANK AUDIT & CAG I am converting my practice with MRN to sole firm with FRN with a view that i will merge my firm with other firm. so does my experience will be counted for last 15 years after converting my practice to a FRN BY: RAJAT AGARWAL No answers yet View Answers | Post Answers |
| 20758 |
Sep. 29 2021 |
ITC for Society Maintenance charges –
(GST)
ITC for Society Maintenance charges for Immovable property The taxpayer has commercial property and it is let out. Query is that can the taxpayer take ITC for GST charged for society maintenance charges. BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 20759 |
Sep. 29 2021 |
TDS credit not given by CPC –
(DIRECT TAXES)
Q. The Assesee Company is CHA has filed the ITR for the Assessment Year 2018-19 and some customer of the company has deducted TDS on Reimbursement of expenses . the company has shown the Turnover / Gross Receipts other than the reimbursement in ITR. Now the CPC has given the Proportionate TDS credit due to gross receipts not match with 26 AS .The Company has filed the rectification letter to local jurisdiction but ITO has given the reply that rectification is considered but Rectification Right with CPC so please see other alternate solution . So in that case what company can do to get the tax credit .and when we call CPC then they are showing PAN NO. and date of incorporation is wrong. So how we can approach to CPC . Please give your valuable suggestion. BY: GOPAL KUMAR AGRAWAL No answers yet View Answers | Post Answers |
| 20757 |
Sep. 27 2021 |
418074 –
(MISC.)
If Sole proprietor Chartered Accountant firm will be merged into a partnership firm. Whether that sole proprietorship firm have an option to de-merge later on. If yes, how long the option is available for de-merger and whether ICAI reserves the name of proprietorship firm. BY: Shobhit Bansal No answers yet View Answers | Post Answers |
| 20755 |
Sep. 22 2021 |
NRI Status –
(DIRECT TAXES)
A person is going abroad for studies Has remained in India for 180 days during 2021-22 fin year During last 10 years he was in India only Whether he will be treated NRI for 2021-22 During this year whether Rebate under 87A will be available BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20756 |
Sep. 22 2021 |
New utilities for 3CACD and 3CBCD –
(AUDIT)
I am not able to import draft data XML prepared on other computer for Tax Audit and ITR also Whether there is an issue here also BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20753 |
Sep. 21 2021 |
Conversion of CA proprietorship into partnership and change in name –
(MISC.)
Hi, Please do guide me in this. Ms. A (senior) and Ms. B have two proprietorship firms having separate FRNs. Both want to set up a partnership completely different from their individual practice. Can Ms. B join Ms. A as a partner convert her proprietorship into partnership and then change the firm name? Will a new FRN will be granted in a case of change in firm name or it can continue with existing one? What are the results of the above in relation to bank audit empanelment and CAG empanelment? BY: Andrea Samantha Lewis No answers yet View Answers | Post Answers |
| 20754 |
Sep. 21 2021 |
APPLICABILITY OF TAX AUDIT FOR DERIVATIVE TRANSACTIONS(F&O) –
(AUDIT)
Hello members, My client is a salaried person and also borne loss of Rs.7.00lakhs from Derivative transactions on a turnover of Rs.14lakhs (turnover arrived considering sum of positives and negatives in trade). As per section 43(5), this is non-speculative business. But other than business loss his Total Income(salary after deduction) is less than the maximum amount not chargeable to tax (i.e. below Rs.2.50lakhs). So, My question is: Whether to set off and carry forward the loss of Rs.7lakhs, tax audit is mandatory? or whether I can file the return simply by showing loss from business and If yes ,then can the same be carry forward? Can loss from F&O be set off with Capital Gains? BY: JYOTI MAHAJAN No answers yet View Answers | Post Answers |
| 20752 |
Sep. 18 2021 |
REPO TRANSACTION OF OLD VEHICLES –
(GST)
What should be accounting treatment to account for repo transactions of old vehicles wherein the gst valuation rules(proviso to rule 32 (5) of CGST rules) give a very different taxable value. Resulting into wide variations in actual turnover and GST turnover. This turnover difference might invite attention of taxmen. e.g:- original invoice value =200000/- date of original purchase= 1.4.2018/- REPO by financer on- 1.4.2020/- )also transfered to the new beneficiary on the same day) sales by the new beneficiary =220000/- date of this sale=1.4.2021 Now, purchase price as per proviso to rule 32(5)= 80000/- {200000-(200000*5%*12)} value of supply as per rule 32(5) = 140000/-[220000-80000] This is creating a difference of Rs. 60000/- Kindly post Any probable suggestions to this problem? BY: MOHIT JAIN No answers yet View Answers | Post Answers |
| 20750 |
Sep. 16 2021 |
Tax Audit –
(DIRECT TAXES)
In case of a Private Limited Company where the turnover is of 30 lakhs and there is a loss whether tax audit is required BY: YASH PAL ANAND No answers yet View Answers | Post Answers |
