Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20448 |
Sep. 26 2020 |
080352 –
(GST)
NCB just stumbled upon drugs catch from many rug peddlers as a consequence of SSR,s probe by CBI. Can GST authority assess and levy tax on such bounties after the same crystallize in money terms valued at market value of such supplies? I Tax the matter is clear as illegal income to can be taxed. Experts and connoisseurs of GST may dwell on this with reasoning as this is going to fill the lower collections as many culprits are in the fray. BY: vijay kumar kalia No answers yet View Answers | Post Answers |
| 20447 |
Sep. 23 2020 |
PAYMENT TO NRI FOR PURCHASE OF FLAT –
(TDS/TCS)
X AN INDIVIDUAL IS PURCHASING A FLAT FROM NRI FOR RS 100 LACS. WE NEED TO DEDUCT TDS U/S 195. MY QUERY IS WHILE FILLING TDS THERE IS PAYMENT TYPE SHOWN - VIZ CAPITAL GAIN, OTHER INCOME, FOREIGN EXCHANGE , INTEREST AND SO ON, BUT NO WHERE WE FIND PAYMENT TYPE FOR PURCHASE OF PROPERTY. SO PLEASE SUGGEST WHERE TO FILL THE FORM IN PAYMENT TYPE OPTION BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20444 |
Sep. 22 2020 |
Service tax on doctor health care service –
(Service Tax)
Whether doctor is liable to service tax for F.Y.2015-16 and afterwards. No / Yes with reason BY: CA. HEMANG KISHORBHAI AMBANI No answers yet View Answers | Post Answers |
| 20445 |
Sep. 22 2020 |
DUE DATE OF ESIC/ EPF FOR FEB 20 TO SEP 20 –
(MISC.)
PLEASE SHARE WITH ME DUE DATE EXTENSION IN COVID TIME FROM FEB 20 TO SEP 20 FOR ESIC AND EPF LIABILITY BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20446 |
Sep. 22 2020 |
080352 –
(GST)
Whether the CA Firm can claim Input on GST paid on membership fee of its partners? The ICAI asks for the Membership Number of its member only, Can expert member answer why the Firm can not claim the same as input when the Firm has GST registration and partners constitute the firm or ICAI give IGST of partners in the alternative for enabling the claim thereof. Where does the nitty gritty lie? BY: vijay kumar kalia No answers yet View Answers | Post Answers |
| 20442 |
Sep. 21 2020 |
090631 –
(GST)
1. a) last year gst paid on advances b) this year invoice issued against that and not shown in gstr 3B 2. advance received for say 10 years and gst duly paid and it is amortised in 10 years in b sheet as income NOW FORM 9 WHERE TO SHOW the above incomes in 1 and 2 TO TALLY WITH SALES IN BALANCE SHEET. BY: ambeesh marwah No answers yet View Answers | Post Answers |
| 20443 |
Sep. 21 2020 |
GST 2A vs GST2B –
(GST)
while reconciling our books ITC , kindly suggest , either GST2A or 2B to be considered. what is the basic difference between GST 2A and GST 2B BY: RAM SAMARIA No answers yet View Answers | Post Answers |
| 20441 |
Sep. 20 2020 |
regn cancelled suo-moto but assessed continues to raise invoice –
(GST)
An individual assessee was regd under GST. However for 6 months he did not file returns, GST dept issued notice, assessed did not reply and hence regn was cancelled suo-moto. But he continued to raise taxable invoice for 6 more months. Now he is ready to file returns till date of cancellation and then file application for revocation of cancellation. 1. He raised invoices after cancellation. Is it in order? what are the consequences 2. Since he has raised invoices after cancellation, will he be able to file returns after revocation of cancellation (for the period he raised invoices) 3. If the appn for revocation of cancellation is accepted, then what will be date of revocation, will it be be application date or from the date of cancellation BY: t sankar No answers yet View Answers | Post Answers |
| 20440 |
Sep. 19 2020 |
Income Tax on NRI –
(DIRECT TAXES)
An individual whose presence in india was slightly above six months during 2019-20 Previous year has gone for higher studies etc to a foreign country.He is earning some income there doing part time job. At the same time a Proprietorship firm is working in his name. Whether his Income from India as well as Foreign country has to be clubbed in 2020-21 Financial year BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20437 |
Sep. 18 2020 |
GST registration –
(INDIRECT TAXES)
A commissionagent has earned commission in excess of 20 lacs in 2019-20 Whether Limit of Rs 20 Lacs remains unchanged and he will be required to obtain GST registration BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20438 |
Sep. 18 2020 |
ITR 5 Excel utility –
(DIRECT TAXES)
A milk producers cooperative society has to file Income tax return in ITR 5 and entire business income is eligible for deduction under Sec 80 P but we have not been able to validate Schedule B which states deduction under sec 80 P can not be claimed in Schedule P. Whether all members are facing such problem Updated Excel utility also gives the same message. BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20439 |
Sep. 18 2020 |
Currency Trading –
(MISC.)
Dear Sir, We are exporting goods and doing currency trading to manage the risk. For Income Tax, it will be considered as a separate business, but is there any limit from RBI for currency trading to Corporate? Or do we have to take any other approval prior to doing it? BY: Pujit No answers yet View Answers | Post Answers |
| 20433 |
Sep. 17 2020 |
DSC –
(DIRECT TAXES)
How to obtain DSC for a person sitting abroad and not able to return because of Travel restrictions.Whether a simple letter from him to authorize somebody else to file return on his behalf will work BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20434 |
Sep. 17 2020 |
GST Credit on expenses reimbursement –
(GST)
A Company registered in India incurring testing expenses (on behalf of B) and getting bill from M with GST. In turn A getting reimbursement of expenses incurred on behalf of B in foreign currency. Whether Company A is eligible for taking GST Input credit of bill raised by M on A BY: CA. BALASUBRAMANIAM P No answers yet View Answers | Post Answers |
| 20435 |
Sep. 17 2020 |
registration for casual taxable person –
(GST)
Notification 56/2018(central tax) says if casual taxable person makes Inter-state supply of handicraft goods or certain products when made by craftsman predominantly by hands then exemption threshold(rs. 20L) shall be applicable to CTP. Does it mean if casual taxable person doesn't make inter state supply(means make only intra state supply) making of above mentioned goods then CTP have to apply for registration compulsorily as per sec. 24 of cgst act? BY: GAURAV GUPTA No answers yet View Answers | Post Answers |
| 20436 |
Sep. 17 2020 |
Reclassification of authorised share capital:SH7 rejection –
(Companies Act, 2013)
Reclassified existing authorised share capital of rs. 10 lakhs(1 lakhs equity shares of rs. 10 each) to revised share capital of rs.1o lakhs (80k equity shares of rs. 10 each and 20k preference shares of rs. 10 each) and passed special resolution MGT 14 is approved by ROC but SH7 has been sent for resubmission on the ground that " No conversion/re-classification of Equity Shares into Preference Shares or vice. Versa has been permitted under the provisions of the Companies Act, 2013 (even not provided in Section 61 of the Act), therefore, Pl explain why not e-form may be consideredfor rejection." Please advice Whether we need to file sh7 at all? Read morts/details.asp?mod_id=2807799 BY: Rohit Gupta No answers yet View Answers | Post Answers |
| 20432 |
Sep. 16 2020 |
019493 –
(Income From Salary)
It is learnt that the Leave encashment received by employees of LIC at the time of retiremnt is also eligible for full exemption u/s.10(10AA) after 01.03.2018 . can anyone support this view with notification ? BY: nagappan.sm No answers yet View Answers | Post Answers |
| 20431 |
Sep. 15 2020 |
Income Tax Return of Stamp Seller –
(DIRECT TAXES)
How to file income tax return of a stamp duty seller who's gross receipts from sale of Stamp is more then 1 cr and it's income is 1.5 percent of Stamp sale further he also deposited the cash in bank account of more then 10 lacs which is further transferred to govt account. Is Gross receipts required to be shown in itr as receipt or only 1.5 percent is income and will be declared in itr. BY: ANKUSH DUBEY No answers yet View Answers | Post Answers |
| 20430 |
Sep. 13 2020 |
REFUND FOR ZERO RATED SUPPLIES –
(GST)
our client has applied for their export refunds of oct-18,nov-18 and dec-18 for which department has issued scn informing to allow itc only for itc getting seen in 2A quoting circular 135 on close reading of 135 , it is found that restrictions for refund is due to introduction of rule 36(4) , which itself is introduced for eligible ITC vide notification 43/2019 dt. 09/10/2019, so in our view restricting ITC only as per 2(A) if at all is correct , needs to be applied only for such return period after 9/10/2019 , for eligible ITC , as in case of any earlier period , as 36(4) restrictions were inapplicable ,3B itc are fully eligible for refund and allowing ITC only for amount as seen in 2A for such period seems is a faulty application of law 2.also circular 135 mentions "refund of accumulated ITC shall be restricted to the ITC as per those invoices, the details of which are uploaded by the supplier in FORM GSTR-1 and are reflected in the FORM GSTR-2A of the applicant." it does not specify for which period , so for such invoices if they may not be seen on those month's 2A but it is seen even in earlier or later months 2A , implying genuine credits , such ITC as seen in any 2A stands eligible for refund Expert friends , Kindly share your views and opinions vipul d jhaveri - mubai- vdjmum@gmail.com BY: VIPUL JHAVERI No answers yet View Answers | Post Answers |
| 20426 |
Sep. 11 2020 |
Tax deducted by Bank –
(DIRECT TAXES)
A Bank has deducted Tax for Cash Transactions being in excess of Certain Prescribed Limits from a Cooperative Society. Can this be claimed while filing Income Tax returns . Tax deducted is not appearing in 26AS for relevent year BY: Mahesh Kumar No answers yet View Answers | Post Answers |
