Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20509 |
Nov. 28 2020 |
CGAS and issuance of certificate by CA –
(Capital Gains)
My query is on LTCG, A person has sold a Plot in September 2020 and there is a long term capital gain. He has already entered into an ‘Agreement to sell ‘ with a seller to purchase a new residential property in Jan 2020, which he can claim exemption under 54F. But the possession of the same will be in Dec 2023 (4years after agreement to sell) when construction is complete. He wants to put unutilized amount in CGAS and make payment to the seller directly from that account, frequency of payment to seller is once in 3 months. Please clarify the following: 1. Can he enjoy exemption under 54F by depositing the money in CGAS even though agreement was entered into to purchase the property ( 3 years is only for construction and not for purchase) and property is ready for possession after Dec 2023 ? 2. If yes, does he have time to utilize CGA amount till Aug 2023 (3 years from the date of transfer) ? 3. To open CG account with bank, bank is asking for certificate of computation of capital gain. Can CA issue that based on the details and document provided by him ? Agreement to sell also mentions some other approximate expenses/fees/taxes which have to be added to the purchase cost while computing net capital gain. As CAs cannot certify anything based on the estimated figure, how to deal with it ? Please clarify ? BY: Mallika K R No answers yet View Answers | Post Answers |
| 20504 |
Nov. 27 2020 |
INCOME U/S 56(2) –
(DIRECT TAXES)
A BUYER OF FLAT IS CHARGED FOR DIFF IN VALUE OF ACTUAL TRANSACTION PRICE OF BUILDING AND +/- 10% OF STAMP DUTY VALUE. MY QUERY IS IF THERE IS ANY WAY TO LOWER THE TAX BURDEN BY INVESTING IN ANY SCHEME, SO THAT WILL BE HELP FUL TO THE BUYER. BECAUSE THE SELLER IS COMPENSATED BY INVESTING THE DIFFERNETIAL AMOUNT IN 54EC, OR 54 . BUT CAN THE BUYER OF THE BUILDING IS ALSO ELGIBLE TO SAVE THE TAX BY INVESTING IN ANY BOND OR SCHEME BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20505 |
Nov. 27 2020 |
INCOME FROM BUSINESS –
(DIRECT TAXES)
X AN INDIVIDUAL IS UNDER TAX AUDIT FOR ONE OF HIS TRADING FIRM, AS THE TURNOVER EXCEEDS 1 CRORE LIMIT. SO 3 CD IS REQUIRED IN HIS CASE. BUT SIMULTANEOUSLY BESIDES THIS FIRM HE IS RUNNING 2 VEHICLE FOR WHICH INCOME IS ASSESSABLE U/S 44AE. SO MY QUERY IS FOR SAME PAN ASSESEE CAN HE DECLARE FOR TRANSPORTATION BUSINESS INCOME U/S 44AE, WHILE FOR OTHERS TRADING BUSINESS INCOME U/S 44AB DULY AUDITED BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20506 |
Nov. 27 2020 |
GST aaplicability –
(GST)
A Company in a scheme providing furniture to their employees and transferring the same to them at WDV as per INCOME TAX @10% at the end of 5 years Company is not taking any Input credit . On transfer is it liable for GST ? If yes, how and what will be the value Company engaged in electricity generation Thanks in advance BY: Krishna Prasad No answers yet View Answers | Post Answers |
| 20507 |
Nov. 27 2020 |
Cash gift from Relatives –
(DIRECT TAXES)
An asessee has taken Rs 2 Lacs cash gift from his wife and two lacs cash gift from fhis daughter without executing Gift deed during 2019-20 whether he can face problem from Income tax deptt BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20502 |
Nov. 18 2020 |
DEduction under SEc 80 P –
(DIRECT TAXES)
A cooperative Society engaged in markrting of Milk produced by its members has filed its return for 2018-19 Previous year in Sep 20. As Deductions under Sec 80P is available if return is filed timely,Whether there is any solution (CPC Banglore has issued demand notice trating deduction as taxable income) Whether there can be any benefit of extension in Return filing dates to sep 20 Further whether exemption limit for such cooperative societies is Rs 50000- BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20503 |
Nov. 18 2020 |
Exemption limit for NRI –
(DIRECT TAXES)
An asessee has gone abroad for higher studies.His stay in 2019-20 was more than 182 days and will be resident only. Now in Previous Year 2020-21,his stay is less than 60 days whether he will be NRI for current year and his income from proprietory business running in his name in India will be taxable in india without exemption limit BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20501 |
Nov. 16 2020 |
KNOW MY FIRM UCN NUMBER –
(MISC.)
DEAR SIR, MY FRN NUMBER 022866C AND MY MEF NUMBER MEF85242 CAN I KNOW MY UCN NUMBER BCZ I WANT TO APPLY FOR CONCURRENT AUDIT BY: saurabh sharma No answers yet View Answers | Post Answers |
| 20500 |
Nov. 15 2020 |
Tax Audit in Company –
(Companies Act, 2013)
Separate balance sheet and Profit and loss needs to be drawn up for filing TAX Audit in Income-tax or the financials filed in Companies Audit would suffice with additional computation BY: SURAJ KUMAR CHOUDHARY No answers yet View Answers | Post Answers |
| 20499 |
Nov. 13 2020 |
GST Refund –
(GST)
We applied for GST refund of a client for 2018-19 who manufactures Cloth (Made from Manmade Fibre/Yarn) as well as Shawls GST department had restricted Accumulation of input Credit of Certain types of cloth (wef 1-7-17 to 31-7-18) including cloth stated above and asking for Reversal of Accumulated Credit standing as on 31-7-2018 . They have already sanctioned GST refund for 2017-18 The asessee has closing stock as on 31-3-18 as well as 31-7-18 Now they are asking for return of already sanctioned refund for 2017-18 in view of various Notifications/Ciculars They are not considering Closing Stock while arriving at Reversals to make What our esteemed members think about it ? BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20498 |
Nov. 10 2020 |
NGO ITR –
(DIRECT TAXES)
Which ITR to file if a Trust or Institution is not registered under section 12A. BY: SHAFIYA MANZOOR No answers yet View Answers | Post Answers |
| 20497 |
Nov. 06 2020 |
TCS-Challan Payment Code –
(TDS/TCS)
Hello Everyone! Which code (Nature of Payment) to be selected for TCS payment challan no. 281 for payment of TCS collected on sale of goods covered under section 206C(1H) BY: Manisha No answers yet View Answers | Post Answers |
| 20495 |
Nov. 05 2020 |
Reversal of Credit balance outstanding in Credit ledger –
(GST)
GST authorities are asking us to reverse Credit balance outstanding in Credit ledger voluntarily, that can not be claimed as refund while filing Refund application. Whether they are right. Secondally Whether there was relief provided in terms of time to file GST refund application because of Chrona Pandemic as they want to exclude Input surplus for delayed period also Please reply urgently. Thanks BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20496 |
Nov. 05 2020 |
AS-3 Applicability to Co-op Bank –
(AUDIT)
Is it not mandatory for a Cooperative Bank to prepare Cashflow statement (along with P&L and B/S)? If CFS is not included in the Financial statements, Will it be enough if the auditor qualifies in his report about non compliance with AS -3? BY: Sarath_CA No answers yet View Answers | Post Answers |
| 20494 |
Nov. 02 2020 |
Compliance of Code of ethics –
(Compliance)
Can a CA in full time practice create youtube channels for ppt presentations related to taxes etc., alongwith live video showing him dictating it. BY: KG WARRIER No answers yet View Answers | Post Answers |
| 20492 |
Oct. 31 2020 |
How to update Table 17 of Annual Return, for pending records? –
(GST)
Hi All, a taxpayer has filled details of HSN wise outward supply in Table 17 of Annual Return but the same is shown as pending records in GST portal, without displaying the appropriate numbers fed. Tickets raised in selfservice portal has been resolved as per them but the issue persists. How to overcome this technical problem? Please share your experience and thoughts! Thanks. BY: CA. RAJESH KUMAR C No answers yet View Answers | Post Answers |
| 20493 |
Oct. 31 2020 |
GST refund –
(GST)
We have to file GST refunf under Inverted Tax structure for 2018-19 Fin Year Whether we can apply up to January 21 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20491 |
Oct. 29 2020 |
Practicing CA-Sole Proprietorship as well as Partner in a Firm of CAs simultaneously possible? –
(MERGER & ACQUISITION)
Hi All, A practicing Chartered Accountant (CA) holding full time certificate of practice (COP) for the past 3 years in his/her individual registered Firm name of the ICAI as Sole Proprietorship, has been approached by a Firm of Chartered Accountants, to be a Partner in their Firm from a prospective date. Question is whether the individual, Sole Proprietorship Firm can also continue to be in existence and at the same time, the Firm can also admit him/her as Partner of their Firm? Is there any restriction in holding Sole Proprietorship Firm Name and Number, post joining the new/existing CA Firm as Partner? Intention is to retain the Sole Proprietorship Name and Style of individual CA as well as be a partner in the CA Firm at the same time. Please clarify. Thank you! BY: CA. RAJESH KUMAR C No answers yet View Answers | Post Answers |
| 20490 |
Oct. 28 2020 |
Ocean Freight –
(GST)
Is there any change / case law wrt Ocean freight proposition? or it is the same as it was on 01.07.2017? BY: SK No answers yet View Answers | Post Answers |
| 20484 |
Oct. 27 2020 |
Form 3CB-3CD –
(DIRECT TAXES)
Even after filing the Form 3CD in new schema(22nd October 2020), I am unable to upload the XML. It reads- "The XML Schema is invalid. Please upload the XML in the correct schema. At Line Number 194 - Invalid content was found starting with element 'ns3:TotalPurchase'_ One of '{"http://incometaxindiaefiling_gov.in/F3CD":adjustment, "http://incometaxindiaefiling_gov.in/F3CD":adjustmentWrittenDown}' is expected." BY: Ritesh Kumar No answers yet View Answers | Post Answers |
