Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20485 |
Oct. 27 2020 |
In which Quarter details can be included –
(TDS/TCS)
payment of professional fees is as under Q1 10000 Q2 15000 Q3 20000 Upto Quarter 2 payment of professional fees was less than Rs 30000 so no TDS is deducted but in Q3 cumulative payment has exceeded Rs 30000 so liability for payment of TDS arises on entire payment including Q1 and Q2 . Our query is that while filing TDS return for Q3 , details of Q1 and Q2 can not be included. If we now go back to Q1 and Q2 and include these details then interest amount will have to be paid. So we want to know correct procedure. BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 20486 |
Oct. 27 2020 |
144183 –
(GST)
A Construction company has entered in to Development agreement before March 2019, and also has opted old scheme where it is required to pay GST @ 18% (12%) while availing ITC. Question is whether the Land owners can take benefit of notification released on 29.03.2019, where the GST liability is shifted to Developers under RCM ? If not, can they pay the GST on construction cost plus 10% under rule 30? because paying GST @ 12% on FMV is not financial feasible. Is there any precedent or case law? Thank you. BY: Nikhil Shendye No answers yet View Answers | Post Answers |
| 20487 |
Oct. 27 2020 |
TRAN-1 CREDIT AND INPUT CREDIT –
(GST)
A new unit took GST registration on 1st July 2017. They had made purchases just before that date and took tran -1 credit on the same. The unit is now thinking of closing and intend to forego tran-1 credit and some ITC credit available. There is no stock and everything is sold out. Is there any problem in filing the required forms for closure? BY: SANTOSH JAGANNATH PAI No answers yet View Answers | Post Answers |
| 20488 |
Oct. 27 2020 |
Composition Scheme –
(GST)
What would be the GST rate applicable for a canteen in a movie theatre. Shall it be eligible for composition scheme at 1% or will it be treated as a restaurant BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
| 20489 |
Oct. 27 2020 |
GST APPLICABILITY –
(GST)
Whether winning from playing online game ie., AC2Three Rummy online is liable for GST for the FY 2018-19,if Yes what's the rate? BY: KATYAINI CH No answers yet View Answers | Post Answers |
| 20482 |
Oct. 26 2020 |
Fema Provisions / RBI Master Circular on ODI Investment –
(CORPORATE & OTHER LAWS)
Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth BY: SIDDHARTH MODI No answers yet View Answers | Post Answers |
| 20483 |
Oct. 26 2020 |
Fema Provisions / RBI Master Circular on ODI Investment –
(INTERNATIONAL BUSINESS)
Friends, one of my clients wants to invest in a new setup outside India. Since proposed financial commitment is greater than the net worth limit, the company plans to use the net worth of its parent unlisted public company and accordingly submit the application. 1. Can anyone share the draft of consent by parent co. in favour of applicant company strictly in line with law ? 2. Also can anyone please share how the net worth of applicant co. will increase ? 3. Also the parent company has recently acquired majority shares (in sep2020), can applicant co. claim networth of parent co. based on calculation of last available audited balance sheet which is march 2020 which is prior to acquiring the majority interest ? 4. Is there any time limit of holding in applicant co. to avoid any doubts of planned transaction just to secure ODI compliance ? Many thanks for your time. Awaiting kind response from the experts. Siddharth BY: SIDDHARTH MODI No answers yet View Answers | Post Answers |
| 20481 |
Oct. 24 2020 |
Assignment/ Audit of Banks, PSU and CAG –
(AUDIT)
Dear Senior Members, Good morning, Hope you are doing great. I am requesting guidance for growing Audit practice. With experience of 1 year in practice, I want to do Assignments and Audits which will help in getting exposure in Public Audits / Assignments. Need guidance, suggestions and advices to develop my firm in right way to get satisfactory works as soon as possible. Thank you for your time and Regards, T RAJASHEKAR REDDY BY: THAMATAM RAJASHEKAR REDDY No answers yet View Answers | Post Answers |
| 20480 |
Oct. 23 2020 |
NON ACCEPTANCE OF PHYSICALLY GST 9C REPORT by GST office –
(GST)
Techical Issue in the Return Head of Annual GSTR 9: Head: Pt IV ‘Details of Tax Paid as Declared in Return Filed During The financial Year’ Of table 9 of GSTR 9 due to that we are unable to Filed GSTR 9C of F.Y.2017-18 Issue: While Filling the GSTR 9C, the error Message shown ”JSON ERROR” that is due to Technical error of not shown amount of Tax Payable in table 9 of Annual Return GSTR 9. Q : Whether Assessee can file physical report GSTR 9C to Jurisdiction office ? BY: SANJAY G GAJERA No answers yet View Answers | Post Answers |
| 20478 |
Oct. 21 2020 |
Sec.115BAA –
(DIRECT TAXES)
A company has opted for lower rate of tax under sec.115BAA for FY 2019-20. It is a manufacturing company claiming additional depreciation till FY 2018-19. For FY 2019-20, it has opted sec.115BAA. It is a profit making company and there are no brought forward business loss or brought forward unabsorbed depreciation. During FY 2018-19, there were certain machinery items which were added for less than 180 days on which additional depreciation was claimed only at 10%. The balance 10% can be claimed in FY 2019-20. Since the Company has opted sec.115BAA, it has to forego this additional depreciation in FY 2019-20. As per proviso to sec.115BAA(2), whether the unclaimed additional depreciation of 10% has to be added back to the opening WDV of the block on 1.4.2019? Pls .clarify BY: balasubramanian No answers yet View Answers | Post Answers |
| 20479 |
Oct. 21 2020 |
REMOVE DUPLICATE INVOICES –
(GST)
ASSESSEE HAD SUBMITTED GSTR-1 FOR THE MONTH OF JULY 2020 SHOWING THE SUPPLIES MADE AND TAX PAYABLE. ALL THE INVOICE DETAILS ARE SAVED AS PROVIDED BY THE SUPPLIER AND LATER ON HE FILED THE RETURN. BUT, UNEXPECTEDLY THE RETURN WAS FILED SHOWING NIL TURNOVER AND TAX PAYABLE DUE TO THE TECHNICAL GLITCH AT GST PORTAL, ALSO THE INVOICE DATA WAS NOT VISIBLE AFTER THE FILING OF RETURN GSTR-1 FOR JULY 2020. ASSESSEE THEN ENTERED THE SAME INVOICES OF JULY 2020 IN THE GSTR-1 OF AUGUST 2020 AND FILED THE SAME. HE THOUGHT THERE ENDS THE MATTER. BUT ON 12TH OCTOBER HE RECEIVED AN EMAIL STATING THAT THERE IS A TECHINAL ERROR IN THE GSTR-1 FOR THE MONTH OF JULY 2020 KINDLY RE-FILE THE SAME. SO, NOW ASSESSEE HAD RE-FILED THE RETURN GSTR-1 SINCE NON FILING LEADS TO PENAL CONSEQUENCES. NOW, COMES THE TWIST THAT THE GSTR-1 FOR THE MONTH OF AUGUST CONTAINS INVOICES FOR THE MONTH OF JULY 2020 AND ALSO JULY 2020 GSTR-1 CONTAINS SAME INVOICES. THIS HAD CAUSED DUPLICATION OF INVOICES AND RESULTANTLY SAME INVOICE WAS APPEARING TWICE IN GSTR-2A OF RECEIPIENT. KINDLY, PLEASE SUGGEST THE SOLUTION TO RECTIFY THE SAME AS THIS IS CAUSING DIFFERENCE BETWEEN TURNOVER AS PER BOOKS AND ALSO DIFFERENCE BETWEEN TAX PAYABLE AS PER GSTR-1 AND AS PER GSTR-3B. BY: D R V NARENDRA REDDY No answers yet View Answers | Post Answers |
| 20477 |
Oct. 19 2020 |
Section 44AE v/s Section 44AD –
(DIRECT TAXES)
Can the transporter who doesn't own any Vehicle (trucks) but hires the vehicles from somebody for his transport business claim the benefit of section 44AE ? If not then can he avail the benefit under 44AD ?? Thanks in Advance..!! BY: SHRUTI KUTE No answers yet View Answers | Post Answers |
| 20475 |
Oct. 17 2020 |
075812 –
(DIRECT TAXES)
Dear sir, CBDT has made some amendments in form 3cd. But new schema and utility is still not available for new format. Please suggest, can we upload tax audit report in old format ? Whether it will be valid efiling of report ? BY: Rajesh Kumar Mandwariya No answers yet View Answers | Post Answers |
| 20476 |
Oct. 17 2020 |
210871 –
(GST)
GSTR 2A for the month of September 2020 shows invoice and gst details based on GSTR 1 filed by the supplier, but not showing in GSTR 2B for ITC availability. On verifying noted that the supplier has lately filed GSTR 1. Please advice whether we can claim ITC in the month of September 2020 (based on entry in GSTR 2A) or in the month when it reflects in GSTR 2B? Please clarify BY: NIRAJ PM No answers yet View Answers | Post Answers |
| 20473 |
Oct. 15 2020 |
payment to NRI u/s 195 –
(TDS/TCS)
X a resident individual purchased a house property worth Rs 100 L, from NRI in India. The payment was made after deducting TDS at lower rate upon furnishing of certificate by NRI. We filed the TDS return, but we came to know that the traces did not allowed the lower rate of tds certificate, and raised a demand of full rate ie 10%+Cess . I found a mistake in drafting of certificate no , as the same was noticed by me in the qtrly tds return file redrived by traces. I get it corrected. But do we require to submit form 15CA/CB also. If we have earlier not submitted the same can we submit now. or is it an error due to misprint of lower certificate no. So far 15CA/CB is required in banking transactions. so do we have to mandatorily file form 15CA/CB for claiming lower tds rate in traces or not, please advice BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20474 |
Oct. 15 2020 |
GST on REP –
(GST)
Development agreement entered after 01-04-2019. Construction involves all affordable housing (1% GST). 1) Do builder need to charge Landowner for construction service? If so, what rate? 2) Landowner has no other income. Do landowner need to get registered under GST if he sells his share of under construction apartment. BY: Sai Ram No answers yet View Answers | Post Answers |
| 20472 |
Oct. 12 2020 |
Turnover as per GST and IT –
(GST)
Dealer is a contractor providing labor to companies such as HUL for Door to door marketing and sales of products on the purchase price. Here dealer is issuing Invoice for amount of charges for services provided as labor contractor. Whereas he purchases product at his own and resell the product in cash to end cunsumers without any profit margin....... So my question is, Whether we should include amount he collect from customer by selling the product without profit margin in output supply for GST and also whether it is to be included in Turnover for section 44AB of Income Tax? BY: KUNAL KALYAN TARGHALE No answers yet View Answers | Post Answers |
| 20471 |
Oct. 11 2020 |
Onerous Contract as per IND AS 37 –
(AUDIT)
Onerous contract as per Ind AS 37 is one where the unavoidable cost of executing the contract exceeds the economic benefits expected to flow from the contract. Para 68 defines unavoidable cost as minimum of cost of fulfilling it and penalty payable for exiting from the contract. Suppose in a contract, no penalty is payable by either party at the time of exiting the contract or the contract is silent with regard to penalty clause as such, whether the contract can become onerous? In other words, if no penalty is payable then penalty is zero which can not exceed the cost to be incurred in the contract. So the contract can never be onerous. Is this view correct? BY: balasubramanian No answers yet View Answers | Post Answers |
| 20468 |
Oct. 10 2020 |
Tax Audit in case of Private Limited Companies –
(AUDIT)
Dear Sir, Is it mandatory to conduct tax audit and give report 3CA-3CD of pvt ltd company even if the turnover is less than 1 crore and company declaring profit less than 8%? Thanks BY: MOHAMMED QUSROO No answers yet View Answers | Post Answers |
| 20469 |
Oct. 10 2020 |
Trucks on Hire to GTA –
(GST)
Dear Sir, One my clients is giving trucks on hire to GTA.He is not the owner of trucks but arranging the same from other Truck Owners to provide to GTA. Please guide on whether the amount he is receiving from GTA will be exempt as per Sl. No-22 of Noification No.12/2017-Central Tax(Rate) under Services by way of Hiring to GTA or the same will be taxable under GST. The Client is having turnover of more than 40 lacs from the amount he is receiving from GTA. BY: Anuj Kumar Khaitan No answers yet View Answers | Post Answers |
