Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20470 |
Oct. 10 2020 |
Can practicing CA sign the Non audited financial statement –
(COUNCIL DECISION)
I want to ask that is practicing CA can sign Profit ans loss account and Balance sheet which has prepared for income tax return filling purpose . like presumptive income return filling by client can ca certify this client balance sheet BY: CHANDRABHAGA PATIL No answers yet View Answers | Post Answers |
| 20466 |
Oct. 09 2020 |
CA Proprietorship Firm to Partnership Firm –
(MERGER & ACQUISITION)
A & Co. is a proprietorship firm of CA Mr. A, in which CA Mr. B and CA Mr. C are merging their proprietorship firms. Whether A & Co can change their firm name to ABC & Co. before the merger or after the merger to maintain A & Co.'s total experience years? Or A & Co. cannot change their name to ABC & Co. in order to maintain their total experience years? Any alternatives available to change the name of the firm? BY: Hunny Badlani No answers yet View Answers | Post Answers |
| 20467 |
Oct. 09 2020 |
Conversion of Proprietory firm to partnership firm –
(MERGER & ACQUISITION)
Hi all, I am having a proprietary firm since 2011. Now one of my junior have qualified CA and wanted to be my partner. In this regard my concerns are; 1.Will I lose the years of experience of my proprietary firm when it becomes a partnership firm? 2.Will the year of formation (for counting the 3years criteria) for bank audit be 2011 or 2020? Thankyou in advance. BY: MALU NAIR No answers yet View Answers | Post Answers |
| 20464 |
Oct. 08 2020 |
Income tax matters –
(DIRECT TAXES)
Whether NRI (Indian origion recently went abroad in 2019-20) has got any tax exemption limit or has to deposit tax irrespective of income and whether his income abroad also has to be added in income BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20465 |
Oct. 08 2020 |
Late Fee applicability for nil GSTR3B –
(GST)
I have a nil return to be file in GSTR 3B for July’2020 which I did not file till date. In this case would there be any late fee levy? If yes, would it be calculated from 29-Sep’2020 till the date of filing of return (vide notif. 52/2020) or the liability of late fee would be calculated from the original due date of filing of the GSTR3B i.e. from 25-Aug-2020 till the date of filing of the GSTR3B at the rate of INR 20 per day. Kindly suggest and guide. Thanks a lot in advance. BY: Prasen Pal No answers yet View Answers | Post Answers |
| 20462 |
Oct. 07 2020 |
NOC/Intimation to Previous CS –
(MISC.)
For FY 2018-19 annual filing of a Small Company was done by CS. He signed AOC-4, MGT-7 . For FY 2019-20 Company intends to shift work to CA of annual filing and related filing. In such case is it necessary to obtain NOC from previous CS or any other compliance to be done BY: Mayur No answers yet View Answers | Post Answers |
| 20463 |
Oct. 07 2020 |
188474 –
(MISC.)
Please anyone can share Form 3 working in an excel sheet (Form 3 - Certificate for withdrawal of funds from a separate account under MAHA RERA). I currently doing a study of the MAHA RERA ACT. Email:sksawantca21@gmail.com BY: SHEKHAR KUNDLIK SAWANT No answers yet View Answers | Post Answers |
| 20461 |
Oct. 05 2020 |
CLASSIFICATION OF SERVICE –
(GST)
A PERSON PROVIDED SERVICES TO OVERSEAS COMPANY AS A INTERMEDIARY SERVICE PROVIDER FOR MARKETING OF GOODS OF OVERSEAS COMPANY IN INDIA. THE ASSESSEE PROVIDES SERVICE OF FACILITATION A SUPPLY OF GOODS AND ARRANGEMENT OF DELIVERY OF GOODS IN LOCAL CUSTOMERS WHO IS SITUATED AT INDIA. THE OVERSEAS COMPANY GIVE COMMISSION FOR THIS SERVICE. THE WHOLE PAYMENT OF COMMISSION IS RECEIVED IN CONVERTIBLE FOREIGN EXCHANGE. IS THIS SERVICE FALL UNDER EXPORT OF SERVICE OR NOT. IS THERE ANY LIABILITY FOR PAYMENT OF GST ARISE IN THIS CASE. KINDLY GIVE ADVISE ON THIS MATTER. BY: AJITKUMAR L PATEL No answers yet View Answers | Post Answers |
| 20457 |
Oct. 04 2020 |
Depreciation claim –
(DIRECT TAXES)
Tax Auditor of a cooperative society in 3CACD has stated that in the absence of WDV at the start of Financial year of Fixed assets they are not able to calculate allowable depreciation for 2019-20 Whether while filing ITR we can also ignore depreciation to be claimed while depreciation debted has been added back to profit. BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20458 |
Oct. 04 2020 |
TCS deducted by a cooperative bank from coop society –
(DIRECT TAXES)
TCS deducted during July to Sep 2020 by a cooperative bank of a coopertaive society for more than permissable cash payments of 2019-20 Whether this deduction can be claimed in 2020-21 Financial year as in 26As for 2019-20 nothing is shown there as now BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20459 |
Oct. 04 2020 |
Income tax matters –
(DIRECT TAXES)
An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20460 |
Oct. 04 2020 |
Income tax matters –
(DIRECT TAXES)
An assesse has gone abroad and was not here in india since 1-4-20 and is not going to be here for 182 days in India during 2020-21 financial year.A business under his proprietorship is running in India. What will be taxability position during 2020-21. He is having some income abroad also BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20456 |
Oct. 03 2020 |
Disallowance u/s 43B and 40(a)(ia) Simultaneously –
(Profits & Gains of Business & Profession)
In case of an assessee who has not Paid Interest due to the NBFCs (covered under 43B(da) from AY 2020-21) and at the same time has not deducted TDS on the said Interest dues; How will be the disallowance made u/s 43B and 40(a)(ia)? For example, a company has not paid interest liability of Rs. 10 Lakhs to Non-Banking Finance Company and at the same time has not deducted TDS u/s 194A on the same amount. Thus under 40(a)(ia) 30% of expense i.e. 3 Lakhs shall be disallowed for non-deduction of TDS and under section 43B 100% of expense i.e. Rs. 10 Lakhs shall be disallowed for non-payment of liability. If the amount is disallowed under both the sections then there will be disallowance of 130% of actual expense incurred by the company. Thus, what shall be the correct course of action in the above case: - Whether disallowance shall be made under both the sections? i.e. 100% under 43B and 30% under 40(a)(ia)? (Total 130% Disallowance) Or 30% shall be first disallowed u/s 40(a)(ia) and then only 70% shall be disallowed u/s 43B? Or Any other course of action BY: RONAK MOTA No answers yet View Answers | Post Answers |
| 20455 |
Oct. 02 2020 |
TCS U/S 206 C(1H) ON WIND ELECTRICITY SALE –
(TDS/TCS)
Pl. let me know that whether TCS u/s 206 (1H) will be levied on wind electricity sale receipt BY: TARUN JAIN No answers yet View Answers | Post Answers |
| 20454 |
Oct. 01 2020 |
Form 10 u/s 11(2) –
(DIRECT TAXES)
Sir, My client filed a form 10 in the portal for accumulation u/s 11(2). On verification, it is found that the amount calculated as accumulated u/s 11(2) is wrongly taken. What is the remedy now. Whether a new Form 10 with correct details can be filed now? This is relating to AY 2020-21. Kindly advise. Thanks BY: CA. MADHUSOODANAN K P No answers yet View Answers | Post Answers |
| 20452 |
Sep. 30 2020 |
Tax Audit u/s 44AB –
(AUDIT)
My Tunover is less than 1Cr Profit is below 8%/6% so whether Tax Audit required? BY: DHEERAJ M AGRAWAL No answers yet View Answers | Post Answers |
| 20453 |
Sep. 30 2020 |
Due date for Form No 11 and Form No. 8 for F.Y. 2019-20 –
(Compliance)
I want to know in case of LLP, that any relaxation given for filling Form No 11 and Form 8 for F.Y. 2019-20. weather any ralaxation given in the time for filling of form or Late fees waiver BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 20450 |
Sep. 28 2020 |
Audit of Co. Op. Housing Co. Op. Society as an Committee –
(AUDIT)
Can accept Audit of Co. Op. Housing Society where I also executive committee member of that society. BY: SANJAYKUMAR SOHANLAL AGRAWAL No answers yet View Answers | Post Answers |
| 20451 |
Sep. 28 2020 |
foreign outward remittance –
(INDIRECT TAXES)
An NRI sells his flat in India , which he bought in 2010. there is no capital gain after indexation. Can he repatriate the sale proceeds without paying any tax including the recently introduced TDS on foreign remittances? IN case there is capital gain and he pays the same , can he repatriate without any further TDS? He is in U.K. now. BY: Natarajan Janardhanan No answers yet View Answers | Post Answers |
| 20449 |
Sep. 27 2020 |
Appointment of legal heir –
(DIRECT TAXES)
Whether affidavit in front of notary will suffice the purpose of legal heir certificate. So that the applicant can file return of his deceased father BY: ATUL MUKUNDLAL TOSHNIWAL No answers yet View Answers | Post Answers |
