Sebi offers a way over FPI tax rule hurdle
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Click here to Post your Query >>5987 unanswered question(s) — Showing 1261–1280
| Que. Id | Date | Description |
|---|---|---|
| 20324 |
Jul. 16 2020 |
Turnover of pre GST –
(GST)
Dealer has registered under GST in March, and turnover from Jan to March is Rs. 198,80,000/-, whether this pre GST Turnover consider while filling first GSTR 3B?? and if yes the in which head? BY: Ninad Prataprao Shete No answers yet View Answers | Post Answers |
| 20325 |
Jul. 16 2020 |
Incorporation of Producer Company –
(Companies Act, 2013)
During incorporation of Producer Company, can we attach the proof of farming 7/ 12 extracts of Agricultural Land which is in the name of father or grandfather of member of producer company. Father or grandfather is not the member of producer company. Whether it is mandatory that agriculture land must be in the name of member of producer company or not? BY: CA Neha Gupta No answers yet View Answers | Post Answers |
| 20326 |
Jul. 16 2020 |
PAYMENT TO NRI FOR PURCHASE OF FLAT –
(TDS/TCS)
X A RESIDENT INDIVIDUAL PURCHASED A FLAT FROM NRI WORTH RS 60 L. TDS TO BE DEDUCTED AT 20.80% RATE, AND WHAT OTHER PROVISIONS IS APPLICABLE IN THIS REGARD, PLEASE LET ME KNOW. FURTHER WHILE FILLING THE TDS RETURN WE NOTICE VARIOUS NATURE OF PAYMENTS TO NRI IN SECTION 195, WE NEED TO CLARIFY THE NATURE OF PAYMENT. WHETHER IT IS LTCG, OR OTHER INCOME. BUT WE DIDN’T FIND SALE OF FLAT NATURE IN THIS PART. P[LEASE ADVICE BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20327 |
Jul. 16 2020 |
GST Refund –
(GST)
A company created websites for clients abroad and received payments in bank in forex. Bank has not provided BRC/FIRC. a. Is it compulsory for a bank to provide BRC/FIRC? b. If the bank does not provides BRC/FIRC then how to file Refund application with our the BRC/FIRC? Please suggest the way out. Thanks & Regards BY: SK No answers yet View Answers | Post Answers |
| 20323 |
Jul. 14 2020 |
Export of service –
(INTERNATIONAL BUSINESS)
If Service is rendered in India for a outsourcing job from a foreign country and payment received in his saving account in Indiaan rupees .Then whether it will be treated as export of service or not BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20322 |
Jul. 13 2020 |
Interest - Non Payment of Invoice within 180 days –
(GST)
Mr X purchased goods from Mr Y on 25 Jan 2020 . The ITC on GST on purchase was availed in the month of Jan 2020. The payment for the goods is still not made to the seller and shall happen in Aug 2020. What shall be the implications on ITC availed. (i) Should Mr X reverse ITC in July 2020 .(ii) Even if Mr X reverses ITC in July 2020 , is there any interest implications on ITC availed as the payment of invoice shall happen after 180 days from date of invoice BY: RAHUL PARASRAMPURIA No answers yet View Answers | Post Answers |
| 20319 |
Jul. 12 2020 |
IEC application –
(INTERNATIONAL BUSINESS)
While filing Online application for Import Export Code after making necessary payment of Rs 500- I am not able to submit as it displays message "Amount of Rs 500- is to be paid" Whether this is Site problem of DGFT BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20320 |
Jul. 12 2020 |
Partnership between CPA and FCA –
(MISC.)
Can a CA practising in India have partnership with CPA (USA) residing in India BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20321 |
Jul. 12 2020 |
CPA study material –
(MISC.)
Can any body guide from where to get Study material for CPA Course. BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20318 |
Jul. 10 2020 |
44AD –
(DIRECT TAXES)
Whether a partnership firm ( 1 partner is not a doctor) running a hospital will be eligble for presumptive taxation u/s 44ad? or will section 44ada be applicable? BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
| 20317 |
Jul. 07 2020 |
Final Return - GSTR-10 –
(GST)
The concern's Order of Cancellation of Registration is issued by the department and now it is required to file Final Return. The reason for cancellation is that, this closed concern was taken over by another concern. The closed concern has utilised all the ITC including ITC on closing stock before the take over. Is it correct to file "NIL" GSTR-10, as the concern do not have any ITC which is required to be reversed and paid back to government, as the closing stock with NIL ITC has been taken over by the other concern. BY: Shyamal Jariwala No answers yet View Answers | Post Answers |
| 20315 |
Jul. 06 2020 |
Composition dealer : Tax on Entire sales or only taxable sales –
(GST)
(1) client is in business of stationery.His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to students. our query that we have pay GST @ 1% on Total sales or only on taxable sales. (2) client is in business of Medical stores .His certain purchases are taxable and certain purchases are exempted. His entire sales is to counter sales to unregistered persons. our query that we have pay GST @ 1% on Total sales or only on taxable sales. BY: samirkumar gokulbhai kasvala No answers yet View Answers | Post Answers |
| 20316 |
Jul. 06 2020 |
Remuneration under section 44AD and 44ADA –
(Profits & Gains of Business & Profession)
One of my client - partnership firm is a technical consultant. We are keeping the books of accounts and doing audit because his profit is below the rates specified under section section 44ADA. Both profit before and after remuneration are below the rates specified under section 44ADA. Now, he has come up with a proposition that we should file return of income under section 44ADA declaring 50% profit and declare zero remuneration in partners' returns and thereby will have lesser tax if we consider partner's and firm's combined liability. To what extent is this feasible and should one avoid this? Because normally, you take a decision of choosing to go with 44AD or 44ADA only when your profit is higher than that at specified rate and here despite the profit being lower, he wants to go for 44ADA because he says partners return will not contain any remuneration. BY: Anuj Tiwari No answers yet View Answers | Post Answers |
| 20313 |
Jul. 05 2020 |
TAX AUDIT ENGAGEMENT –
(AUDIT)
As per 2nd SechedulePart-I , clause 4 -A member of the Institute shall not express his opinion on financial statements of any business or enterprise in which one or more persons who are his “relatives” within the meaning of Accounting Standard (AS - 18) . As per AS 18 Relatives - in relation to an individual, means the spouse, son,daughter, brother, sister, father and mother who may be expected to influence, or be influenced by, that individual in his/her dealings with the reporting enterprise Since definition of relative in AS-18 does not include spouse's father & mother , whether i can take up tax audit assignments of father-in-laws 'proprietorship/partnership business. Please clarify & help me . BY: VIVEK KUMAR GUPTA No answers yet View Answers | Post Answers |
| 20314 |
Jul. 05 2020 |
Deduction of Education Cess –
(DIRECT TAXES)
Hello Everyone! Can any one please share views whether deduction of education cess can be claimed in computing taxable income based on Rajasthan HC ruling in case of Chambal Fertilizers and Bombay HC ruling in case of Sesa Goa? BY: Manisha No answers yet View Answers | Post Answers |
| 20310 |
Jul. 04 2020 |
Disqualification of Auditor - Tax Audit –
(AUDIT)
Can a practicing chartered accountants under take tax audit assignment of his father-in- laws' proprietorship business? Please explain BY: VIVEK KUMAR GUPTA No answers yet View Answers | Post Answers |
| 20311 |
Jul. 04 2020 |
ITC Reversal –
(GST)
A & Co, a proprietary concern having GST registration in the State of Tamilnadu. A&Co is an authorized distributor of various products manufactured and sold by XYZ Ltd. During the financial year 2019-2020, A&CO purchased materials worth Rs. 25 Crores with GSTof 18% from XYZ Ltd. A&CO took entire GST amount as Input based on satisfaction of all conditions of ITC. Now as per agreement, A&CO at the end of year received turnover discount (TOD) of say Rs. 1 crore from XYZ Ltd. XYZ Ltd issued a credit note for the TOD without GST and A&CO accounted for the same as other income without giving any impact of GST. The query I have is, Whether A&CO is required to do ITC reversal as per rule 42 of CGST rules 2017, considering TOD as exempt or non-GST income. As this income is directly related to purchases and ITC being claimed fully when purchases were made. Appreciate if you can give your humbled opinion on whether A&CO should carry out ITC reversal for this TOD (exempt Income) based on Rule 42 of CGST Rules 2017. In case your view is no ITC reversal then can you give reasoning for the same. Thanks, CA. Amith Khadloya BY: Amith Kumar Khadloya No answers yet View Answers | Post Answers |
| 20312 |
Jul. 04 2020 |
While filing refund with regards to excess balance in electronic cash ledger due to TDS accumulation –
(GST)
As one of State Tax officer has raised SCN regarding GST refund with regards to excess balance in electronic cash ledger due to TDS deducted by government department based on that they are saying that as your Claimed ITC as per GSTR-3B and ITC as per GSTR-2A (Auto Populated is differ so that please reconcile the same otherwise difference between ITC claimed minus auto populated is deducted from your refund so my quarry is this is it relevant particularly in case of Refund due to TDS on cash ledger. As per my opinion in case of refund in respect of excess balance in electronic cash ledger due to TDS then ITC is not relevant as assessment authority and refund authority both are different so contation of officer is right BY: CA. KAKADIYA BHARATKUMAR POPAT No answers yet View Answers | Post Answers |
| 20306 |
Jul. 02 2020 |
Refund Of ITC Due To Inverted Duty Structure –
(GST)
GST on outward supply Rs. 5 ITC Input Rs. 6 Input Services Rs. 12 Capital Goods Rs. 18 Total ITC Rs. 36 What is the total refund that can be receivable on account of inverted duty structure ? BY: DARSHAK MAGANLAL THAKKAR No answers yet View Answers | Post Answers |
| 20307 |
Jul. 02 2020 |
TDS CREDIT MIS MATCH –
(DIRECT TAXES)
Q. The assessee is carrying the business of clearing and and forwarding agents and the assesee has received amount related to his services as well as out of pocket expenses ( pure Agent) services and the Assessee Customer has deducted the TDS on out of pocket ( Pure agent ) services also. at the time of filing of the ITR the Assessee has shown in the profit and loss account only the services which he has rendered not the out of pocket expenses since this is not income .after filing of ITR they have received the intimation as defective notice. the assessee has submit the reply against this defective notice by way of note that out of pocket expenses is not the income of the assesee this is pure agent services and customer has deduct the TDS . Now the asssee has received the Intimation u/s 143( 1) in which TDS Credit is Mis match showing in the statement while full tds are reflected in 26 AS till date. Please sugeest what are remedies for that and we should file the rectification . please give your valuable suggessions for that. BY: GOPAL KUMAR AGRAWAL No answers yet View Answers | Post Answers |
