Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20363 |
Aug. 06 2020 |
GST Refund –
(GST)
We want to file Refund application for July 2017 to mar 2018 . The Refund is on account of ITC accumulated due to Inverted Tax Structure. We are trying to file the application but period '' July 2017'' is not appearing for selection and hence not able to file the application. We contacted CBIC and GSTN but they replied time limit for filing refund application for 2017-18 is 2 years from relevant date and it is over and hence can not be filed. Even we had tried in mar 2020 but Proceed to file button was not active. We believe that time limit is extended upto 31.08.2020.. Please guide us about the time limit for filing refund application for 2017-18 . Whether it is available upto 31.08.2020 Kindly guide us about extended time limit for for July 2017 to mar 2018 for filing refund application for on account of ITC accumulated due to Inverted Tax Structure BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 20364 |
Aug. 06 2020 |
Amount withdrawan from Charitable trust –
(OTHER BODIES)
Assessee is a charitable trust, can trustee withdraw money from trust as professional or consultancy fees?? BY: Ninad Prataprao Shete No answers yet View Answers | Post Answers |
| 20365 |
Aug. 06 2020 |
UDIN FOR NON TAX AUDIT BALANCE SHEET –
(MISC.)
As per FAQ on UDIN issued by ICAI dated Nov,2019 Que.No.54 no udin is required for financial statements which are not subject to any statutory audit. My question is, whether udin is required in case of balance sheet which was uploaded u/s 44 AD (Presumptive taxation) under Income tax act. BY: SHEKHAR KUNDLIK SAWANT No answers yet View Answers | Post Answers |
| 20366 |
Aug. 06 2020 |
Signing of Unaudited Balance Sheet of Proprietor –
(Compliance)
Can we sign Balance sheet of Proprietor which was not required to be audited under any statute/law. BY: SHEKHAR KUNDLIK SAWANT No answers yet View Answers | Post Answers |
| 20367 |
Aug. 06 2020 |
Trust Or Society ? –
(MISC.)
One of my client wants to conduct charitable activities by taking DONATION from PUBLIC. Whether can he do by forming a society ? Or is he required to form a trust ? BY: ANIT MOHAPATRA No answers yet View Answers | Post Answers |
| 20360 |
Aug. 05 2020 |
ITC SHOWN AS CLAIMED IN EARLIER YEAR –
(GST)
My client MR.S provider of services used the serial Nos. 1 TO 100 for his invoices inF.Y. 2017-18. again in F.Y. 2020-21 numbered his invoices NOS. 1 -127 e.g. in 2017-18 his invoice numbers are 001, 002, 003 etc. similarly in 2020-21 his invoice are numbered 001,002,003 etc. The GSTR-1 for qtr 1st April 2020 to 30th June 2020 has been filed accordingly. The query is 1. Will the parties on whom the bills have been raised be able to claim the benefit of ITC for the qtr April 2020 to june 2020 ? 2. If no then how is the amendment to be made in the GSTR-1? BY: KUSHAL HEGDE No answers yet View Answers | Post Answers |
| 20361 |
Aug. 05 2020 |
Quantitative details in case of Tax Audit cases –
(DIRECT TAXES)
Whether it is mandatory now to fill Quantitative details in ITR 3 released now.In majority of cases Tax Auditors are pointing to Non maintainance of Quantitative stock Records. In such cases How it will be possible BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20362 |
Aug. 05 2020 |
542430 –
(DIRECT TAXES)
A Hindu Family is comprising of Father, Mother, Son, Daughter and Wife of Son (i.e. Daughter in Law). Son wishes to make an HUF consisting of only himself and his wife. Also, there is no other HUF existing as on date in respect of such family and there is no partition of the family. Query1- Can Son make an HUF consisting of himself and his wife? Query2- Whether proposed HUF has to receive some gift from the family members? Query3- What are the other conditions to make the HUF of Son and Wife? BY: ARJUN GUPTA No answers yet View Answers | Post Answers |
| 20356 |
Aug. 04 2020 |
RCM ON GOVERNMENT SERVICES –
(GST)
1. WATER CESS CHARGED BY POLLUTION CONTROL BOARD 2. ROC XBRL FEES OF RS 600 3. DIN SURRENDER FEES OF 10,000 4. BOILER INSPECTION FEES 5. RENEWAL FEES CHARGED BY POLLUTION CONTROL BOARD 6. FACTORY RENEWAL FEES PLEASE GIVE THE ANSWER WITH RELATED NOTIFICATION AND SECTION NUMBER BY: Akshay Verma No answers yet View Answers | Post Answers |
| 20357 |
Aug. 04 2020 |
542430 –
(FINANCIAL MANAGEMENT)
TDS deposited under wrong TAN for FY20-21 Qtr-1. Does the TRACES Portal (OLTAS) has the facility to apply for TAN correction i.r.o said challan? Moreover, the challan has been paid through electronic mode and the period of 7days has already been passed. BY: ARJUN GUPTA No answers yet View Answers | Post Answers |
| 20358 |
Aug. 04 2020 |
542430 –
(DIRECT TAXES)
An Advocate has his Gross Receipts from his profession Rs. 25,00,000 and Net Profit Rs.8,50,000 during FY19-20. He is maintaining proper books of accounts u/s 44AA. Can he file ITR-3 showing such profits? Also, can his books of accounts be audited by his son, who is a Chartered Accountant in Practice? BY: ARJUN GUPTA No answers yet View Answers | Post Answers |
| 20359 |
Aug. 04 2020 |
Sing on provisional balance sheet –
(MISC.)
I am denied to sing provisional balance sheet and UDIN on provisional balance sheet.bank harras my client and say loan file will process without above said sing.what Can do and any step against bank can be taken. BY: niladri Sekhar maiti No answers yet View Answers | Post Answers |
| 20355 |
Aug. 03 2020 |
CESS ON COAL UNDER GST CAN BE REFUNDED TO A TRADER –
(GST)
A coal Trader has purchased coal and paid cess @400 per M.Tonne now subsequently the coal Trader has sold coal to SEZ unit where he has to charge NIL GST/cess. As a result of sale to SEZ now there is excess IGST input and cess is lying in his credit ledger. The trader wants to adjust IGST for susequent sale but he wants cess to be refunded because the cess now can not be utilised for subsequent sale as there is always cess on purchase of coal at fixed rate as input and on sale cess will be output at fixed rate hence, the cess of SEZ sale will always remain in his credit ledger,so he wants the refund. Now the question is whether 1. A TRADER of coal can file application for refund of cess or it is allowed only to manufacturer. 2. Trader of coal is eligible for refund or not. He is not manufaturing any goods. only Purchases COAL and sales COAL. Pl. clarify. BY: DILIP DOSHI No answers yet View Answers | Post Answers |
| 20352 |
Aug. 01 2020 |
Refund on Services Input –
(GST)
In case of Inverted Duty structure GST paid on services was not being allowed but in a court case in Gujarat Decision has been taken in favour of asessee. Whether this can be of benefit to other states asessees BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20353 |
Aug. 01 2020 |
AD code –
(INTERNATIONAL BUSINESS)
Whether after getting IOC code for exports Authorised dealer code is required to be taken from Bank. If so whether it should be on Bank's Letter Head? BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20354 |
Aug. 01 2020 |
WHETHER EXEMPTION U/S 54 IS ELIGIBLE? –
(Capital Gains)
Assessee is an Individual aged about 72 years during the financial year 2019-2020, she transferred a residential house property and purchased two other residential properties within the same financial year. But the properties acquired were in the name of her son and the sources for acquisition were transferred from her bank account to the sellers accounts. Now, the query is whether she can claim exemption under section 54 for the LTCG on the sale of residential house property. BY: D R V NARENDRA REDDY No answers yet View Answers | Post Answers |
| 20351 |
Jul. 31 2020 |
Sec 80 deduction –
(DIRECT TAXES)
Whether Grand Father can pay LIC Premium of his Grand son from his HUF, i.e. HUF of the Grand Father, and may take Deduction of the same u/s 80C in his HUF. BY: AJAY JAIN No answers yet View Answers | Post Answers |
| 20349 |
Jul. 30 2020 |
CAPITAL/ REVENUE –
(MISC.)
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years. What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor? Whether to capitalise or treat it as revenue expenditure? If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building? BY: Babitha No answers yet View Answers | Post Answers |
| 20350 |
Jul. 30 2020 |
CAPITAL/ REVENUE –
(MISC.)
A partnership firm acquired a leased property(land and building) through public auction under SARFAESI Act. The original term of lease is for 84 years, the balance term is 77 years. The firm paid Rs. 4 crore to bank(for both land and building) and 1 crore(for land only as building was constructed by first lessee) to Govt. Industrial Park(Lessor). No other lease rental are payable. The ownership property is vested with Industrial park(lessor). After lease term they can renew the lease agreement for further 30 years. What is the treatment of Rs.4 crore paid to bank and Rs.1 crore paid to lessor? Whether to capitalise or treat it as revenue expenditure? If it is to be capitalised, can we amortize this amount or can we claim only depreciation on building? BY: Babitha No answers yet View Answers | Post Answers |
| 20345 |
Jul. 28 2020 |
Payment through westeren union –
(INTERNATIONAL BUSINESS)
Payment recd in Saving account of a person in Indian rupees through Westeren Union for service provided out of india whether this will be out of definition of Export of services BY: Mahesh Kumar No answers yet View Answers | Post Answers |
