Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20609 |
Mar. 25 2021 |
Disclosure in ITR in case of Joint Bank Accounts –
(DIRECT TAXES)
Dear Friends, An individual and his wife, both residents, are filing income tax returns. The individual has few bank accounts on either or survivor basis with his name as first holder and his wife's name as second holder. The wife's name as second holder is for conveience sake only. The individual is showing the details of those bank accounts in his ITR every year as the first holder. Please advice me whether the wife should also disclose the details of those bank accounts where she is the second holder in her ITR. BY: Sudeep B. Sarwate No answers yet View Answers | Post Answers |
| 20610 |
Mar. 25 2021 |
Composition Dealer –
(GST)
A composition dealer cannot supply exempt goods. But whether can he supply exempt services. I believe there is a recent notification to this effect. Please clarify BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
| 20608 |
Mar. 20 2021 |
Disclossure of Bank Accounts in ITR Form –
(DIRECT TAXES)
Dear Friends, In July, 2020, a resident individual opened a Savings Account in the local Post Office near his residence for getting timely ECS Credits in that account from his investments in the Post Office Savings Schemes. Has he to disclose this Savings Account in his ITR Form for Asst. Yr. 2021- 2022. Please note that none of the Post Offices have IFSC Code which is required to be mentioned in the ITR Form. Please clarify. BY: Sudeep B. Sarwate No answers yet View Answers | Post Answers |
| 20607 |
Mar. 19 2021 |
SAC Code –
(GST)
I was going through a article somewhere and it was mentioned therein that SAC code of 6 digits has to be mandatorily mentioned on invoice from 1 April, irrespective of turnover or B to B or B to C Supply? Is it correct or same analogy has to be applied which is to be applied for HSN code i.e based on Turnover less than 5 Cr./Above 5 Cr. and depending upon B to B or B to C Supply. BY: CA ROHIT GARG No answers yet View Answers | Post Answers |
| 20606 |
Mar. 17 2021 |
Form 15H by Senior Citizen –
(DIRECT TAXES)
Whether Form H should be taken from Senior Citizen above 80 years( having Income from Interest only) below 5Lacs for Nondeduction of TDS BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20604 |
Mar. 15 2021 |
SPECIFIC PERMISSION TO ACT AS PROFESSIONAL DIRECTOR –
(MISC.)
WHETHER MEMBER IN PRACTICE REQUIRED TO OBTAIN SPECIFIC PERMISSION FROM INSTITUTE TO ACT AS CO -OPTED PROFESSIONAL DIRECTOR IN CO-OPERATIVE BANKS, AS PER NEW CODE PF ETHICS? IF NOT, IS IT NECESSARY TO INFORM INSTITUTE ABOUT APPOINTMENT AS CO-OPTED PROFESSIONAL DIRECTOR. BY: Sachin No answers yet View Answers | Post Answers |
| 20605 |
Mar. 15 2021 |
Part Time COP holder –
(MISC.)
A Part time COP holder can be employed. Can a Part time COP holder get into a partnership with Practicing Chartered Accountant? Can a Part time COP holder who is in partnership with a Practicing Chartered Accountant be member-in-charge of a office of the partnership firm? BY: YOGESH No answers yet View Answers | Post Answers |
| 20603 |
Mar. 14 2021 |
GSTR 9 query –
(GST)
My client has paid total tax in the form of CGST + SGST in 3B but his actual liability was CGST+SGST+IGST. In GSTR 1 he has shown liability correctly in the form of CGST+SGST+IGST. Now in GSTR 9 i had to disclose correct tax liability and correct sales revenue. What will happen to the unpaid IGST liability and over paid CGST +SGST if i file GSTR 9. Do i need to pay IGST and claim refund for over paid CGST+SGST? BY: ABHISHEK PRAHLADKA No answers yet View Answers | Post Answers |
| 20601 |
Mar. 13 2021 |
Composition Tax rate for Bakery –
(GST)
Hello all, A typical bakery person buys banded biscuits, chips, chocolates etc and also prepares cake, puffs, khara etc. He mostly does counter sales. What shall be composition tax rate? Can we apply 2.5% +2.5% for own products like cake, puffs etc and 0.5% +0.5% for traded items like biscuits, chocolate? or 1%+1% as a manufacturer. BY: Anant Nyamannavar No answers yet View Answers | Post Answers |
| 20602 |
Mar. 13 2021 |
Perquisites –
(DIRECT TAXES)
Hello Everyone! Is it a taxable perquisites if employer provides cell phones to employees free of cost? Whether any impact if Employer either shows the (i). cell phones as assets to the company or (ii).Expense out the cell phones given to employees in the Profit & Loss account? BY: Manisha No answers yet View Answers | Post Answers |
| 20599 |
Mar. 12 2021 |
Problem with GST site –
(GST)
While filing RFD01 (Refund under Inverted Tax Structure) Certain cells requiring basic Information like Total Turnover,Adjustrd Turnover are not activated (not allowing to fiil) and if We upload Json file first of Refund application it is giving error messages for so many purchase entries Common error is , 'Invoice not found in GSTR-1' That is surprising as Purchase invoices are found only in GSTR 2A where they are available . GST Portal managing people donot agree for the site problem but are unable to provide solution Is Any body facing such problem BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20600 |
Mar. 12 2021 |
GST ON LONG TERM LEASE –
(GST)
MUNICIPAL CORPORATION CHARGES ONE TIME PREMIUM ON LAND AUCTIONED ON LONG TIME LEASE OF 99 YEARS FOR COMMERCIAL PURPOSE. IN THIE SITUATION WHO IS LIABLE TO PAY GST. MUNICIPAL CORPORATION OR THE BUYER? BY: DARSHAK MAGANLAL THAKKAR No answers yet View Answers | Post Answers |
| 20598 |
Mar. 11 2021 |
073206 –
(AUDIT)
Kindly state whether a chartered accountant do the (as it is) computerisation of manual cash book and audit. The plea is we are doing only computerisation of cash book not involving any skill and not amending/ correcting the manual cash book. Many of the chartered accountants are doing this. kindly guide. BY: CA. SHARMA ASHISH No answers yet View Answers | Post Answers |
| 20597 |
Mar. 10 2021 |
Estimated Total Income for Form 15H –
(DIRECT TAXES)
Dear Friends, For Fin. Yr. 2021-2022, the estimated Interest Income under the Head Income From Other Sources of a resident senior citizen above 60 years is Rs.6,80,000/=. He has no income under other Heads of Income.. He is entitled for deduction of Rs,1,50,000/= u.s.80C and Rs.50,000/= u.s.80TTB. Therefore, his estimated Total Income which he will be required to mention in Column No.16 of Form 15H will be Rs.4,80,000/=. Further, he will also be entitled to claim full Tax Rebate u.s.87A and so his Tax Liability for the year will be NIL. Please advice me whether such an individual can file a valid Form 15H for non deduction of tax at source in April or May, 2021. BY: Sudeep B. Sarwate No answers yet View Answers | Post Answers |
| 20596 |
Mar. 09 2021 |
E filing Site OTP not coming for new registration –
(DIRECT TAXES)
In the Income tax e-filing portal Mobile & Email OTP is not coming for new assessee registration since yesterday... Any body facing the same problem...? BY: CA PRASHANTH KATTA No answers yet View Answers | Post Answers |
| 20595 |
Mar. 08 2021 |
LATE FILING FEE AND INTEREST IN 26QB (TO ADJUST UNCONSUMED CHALLAN) –
(TDS/TCS)
I RECEIVED A DEMAND OF RS 1000 FOR LATE FILING FEE AND 500 FOR INTEREST ON TDS IN 26QB. I DEPOSITED THE CHALLAN AMOUNT WITH THE ABOVE DETAILS. NOW STILL THE AMOUNT OF CHALLAN IS SHOWN AS UNCONSUMED STATUS IN THE TRACES PORTAL AND DEFAULT OF LATE FEE AND INTEREST IS STILL REFLECTING IN THE TRACES. I WANT TO KNOW HOW CAN I CONSUMED THE UNCONSUMED CHALLAN WITH THE DEFAULT IN TRACES. I DO HAVE DSC OF THE PARTY ALSO BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20592 |
Mar. 07 2021 |
229489 –
(DIRECT TAXES)
RESPECTED EXPERTS, Can a 12A registered trust accepts donation in kind i.e. most of the donors gives Books, Blankets, Second Hand Goods, rice bags etc. to Trust? How to record such donation in kind in books and at value to be recorded in Books of accounts? Can second Hand goods be sold and uses its proceeds for charitable activities? Is it falls under commercial activities? What would be the treatment as per Income Tax Act? Please clarify it.. Thanks BY: MOHAMMED QUSROO No answers yet View Answers | Post Answers |
| 20593 |
Mar. 07 2021 |
Patteren of CA Exam –
(MISC.)
There was recently suggestions to make CA Exam completely on MCQ patteren Whether there is any progress in the matter BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20594 |
Mar. 07 2021 |
Demand u/s 16(4) owing to late submission of return post Sept –
(GST)
How to resolve demand raised u/s 16(4) under GST. This is quit harassing provision. For sole default consequences are late fine, interest, disallowances and penalty. Please respond as these resulted into bank attachment without prior intimation. BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 20590 |
Mar. 05 2021 |
Form 15H –
(DIRECT TAXES)
A senior citizen above 80 years is going to submit Form 15 H by 10 th Mar 21 asking TDs deductor to not deduct TDS for Interest to be credited on 31-3-2021 for Financial year 2020-21.By which date deductor should upload the same to Income Tax department BY: Mahesh Kumar No answers yet View Answers | Post Answers |
