Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20286 |
Jun. 13 2020 |
GST RATE FOR BUILDERS OF INDIVIDUAL RESIDENTIAL HOUSES –
(GST)
What is the GST rate for construction of Individual residential houses in client's land. Whether new GST rate of 1% in case of construction of affordable houses and 5% on construction of houses other than affordable house, is applicable for them. BY: HARIPRASAD M No answers yet View Answers | Post Answers |
| 20287 |
Jun. 13 2020 |
BUSINESS INCOME –
(DIRECT TAXES)
X AN INDIVIDUAL CARRY ON A TRADING BUSINESS. DURING F Y 2017-18 THE RETURN WAS FILED WITH TURNOVER EXCEEDING 1 CR WITH AUDITED U/S44AB, BUT DURING FY 2018-19 THERE IS NO BUSINESS ACTIVITY . GST FOR FY 18-19 SHOW NIL OUTPUT. BUT PREVIOUS YEAR FY 17-18 BALANCE IN ACCOUNT RECEIVABLE, CREDITOR, BANK ETC IS COMING IN FY 18-19. AND FURTHER IN MONTH MARCH 19 HE PURCHASED A CONSINGMENT WHICH WAS SOLD IN APRIL 19 . BUT TCS HAS BEEN DEDUCTED IN FY 18-19 FOR THE PURCHASES MADE IN MARCH 19. NOW HE WANTS TO FILE ITR UNDER OTHER INCOME HEAD . CAN HE DO SO. AND DOES HE REQUIRE TO SHOW BUSINESS HEAD, BALANCE SHEET IN ITR -3. DO IN ANY CASE WE NEED TO AUDIT THE NIL BUISNESS . PLEASE ADVICE BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20285 |
Jun. 12 2020 |
Cancellation of registration and furnishing stock in case of takeover –
(GST)
"A" concern wants to cancel registration ( no more business) and has some stock (credit of stock already utilised in regular course). "B" wants to takeover the business of "A". While applying for cancellation of GST registration "A", is it compulsory to mention stock details with taxable value and NIL ITC on stock (Because if Credit details is entered, will it be carried forward to "B" and "B" will not be eligible for ITC as, "A" has already utilised ITC on such stock). What Stock details is to be entered while applying cancellation of GST registration of "A"? BY: Shyamal Jariwala No answers yet View Answers | Post Answers |
| 20282 |
Jun. 11 2020 |
INQUIRY & VERIFICATION BY AO –
(DIRECT TAXES)
Can enquiry/verification be made for FY 2012-13 in June 2020, by the AO. Because almost 7 year has elapsed. So does this verification by AO is correct BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20283 |
Jun. 11 2020 |
Capital Gain A/c Scheme deposit could not utilised due to Covid 19 - whether taxable –
(Capital Gains)
One assessee has deposited its sale consideration in capital gain account scheme in a nationalized bank. But 3 year has been elapsed and assessee could not utilised its money to construct a new house, however in a couple of month his builder is ready to get the possession and make the registry of his Flat. Whether tax liability arises on him as he is not utilised his amount lying capital gain account scheme till 11th june the date where 3 years completed form sale of his capital assets (Plot)? BY: Navin K. Gupta No answers yet View Answers | Post Answers |
| 20284 |
Jun. 11 2020 |
SPICE+ form –
(MISC.)
Does a member has the right not share the spice+ form (Incorporation form) with the client even when client demand it ? Please provide your precious input. Thanks BY: Anubhav Jain No answers yet View Answers | Post Answers |
| 20281 |
Jun. 10 2020 |
Digital Signed Balance Sheet & Profit & loss Account –
(Compliance)
MY Question is, Can I Digitally Signed Balance Sheet Which are not subject to Any audit. Please Suggest me. My Client (Non tax Audit Client) is situated in remote area. They needed Original Balance Sheet. Because of Lockdown i can not send them Balance sheet with Manually Sign. BY: SHEKHAR KUNDLIK SAWANT No answers yet View Answers | Post Answers |
| 20276 |
Jun. 05 2020 |
194J- TDS @ 2% TECHNICAL SERVICE –
(TDS/TCS)
Is there any provision in income tax whereby we could get a certificate from the assessing officer or from TDS department that TDS is to be deducted @ 2% U/s 194J if we give our reasons/explanation that the services rendered by us fall under Technical services for purpose of TDS U/s 194J? The assessee does maintenance works of mobile/cell towers and falls under Technical service. (called as IME SERVICES) The deductor is insisting for a certificate from IT dept that TDS can be deducted @2% for the payments made to client treating as technical services. If not given they will deduct TDs @ 10%. We Wrote a letter to the deductor explaining how the services rendered by us will fall under Technical service and not professional service as per Section 194j and attract 2% TDS, but the deductor is still asking for a certificate from Dept in this regard. In the earlier years, when the TDS RATE U/S 194j is 10% with out distinction between technical or professional services, we used to apply for lower deduction in Form 13 and get a certificate for TDS @5/6% instead of 10%. Eventhough there is an amendment regarding tds @ 2% for technical services, the deductor is saying it still as 10%. We cannot go for a lower deduction application this year because if tds is deducted @ 2%, there will be tax payable by the assessee. If tds is deducted @ 10%/ 7.5% reduced rate, there will be a huge refund and case is getting selected for scrutiny I didn't find any section in income tax for applying to dept regarding this. Can anyone throw some light on any provisions in this regard or any other options available to deductee to get a certificate from dept that TDS HAS TO BE DEDUCTED @ 2% ON TECHNICAL SERVICES PROVIDED BY THE DEDUCTEE BY: M. UMA MAHESH No answers yet View Answers | Post Answers |
| 20277 |
Jun. 05 2020 |
Inward Supply in Real Estate –
(GST)
With respect to calculation of RCM on supply from URD's, Should total inward supply should include the supplies from Govt? In Andhra, sand is completely controlled by Govt. Payment done to Govt online and sand is take from mining company. There is not GST invoice received. Can this supply be excluded from Inward Supply for purpose of calculating 80: 20 ratio BY: Sai Ram No answers yet View Answers | Post Answers |
| 20278 |
Jun. 05 2020 |
GST Reconciliation for REAL Estate Sector –
(GST)
Huge difference between RD purchases as per books and as per GSTR 2A. What is the implication on RCM Calculation. Is Reconciliation compulsory. What is the impact on builder if supplier didnt pay GST . BY: Sai Ram No answers yet View Answers | Post Answers |
| 20279 |
Jun. 05 2020 |
form 67 can be filled after due date? –
(DIRECT TAXES)
I have forgot to file form 67 within the due date i.e. on or before of the due date of filling of return under section 139(1). After that when i known the same i filled the rectification u/s 154 which is rejected by the AO and processed the return with rejecting the claim stating that you have not filled the form 67 before due date. What would be the remedy in this case??? BY: RAJAT No answers yet View Answers | Post Answers |
| 20280 |
Jun. 05 2020 |
Applicability of GST –
(GST)
M/s ABC Ltd purchased Land , Factory Building and Plant & Machinery of M/s XYZ Ltd from POR Bank Ltd through DRT auction process under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act 2002). 1. Is GST Liability arises in case of auctinable Property ?, If Yes, on whom ? 2. What is GST Impact on ABC Ltd, PQR Bank Ltd & XYZ Ltd. BY: Pravin Taparia No answers yet View Answers | Post Answers |
| 20271 |
Jun. 04 2020 |
BLOCKAGE OF REFUND OF DUTY PAID GOODS –
(Customs & Excise)
Dear Sir/Madam, By mistake we have filed export sale in table no. 3.1(a) in GSTR 3B of duty paid goods instead of table no. 3.1(b). In GSTR-1 the Export data have been filed in right column in 6A. Now we are facing problem of refund as the invoice do not get transmitted. Other problem is that we cannot amend GSTR 3B return in subsequent return as we do not have domestic sale in subsequent months. Please do the needful and suggest a way to get refund. THE MATTER IS RELATED TO FY 2019-20 BY: PAWAN PATIDAR No answers yet View Answers | Post Answers |
| 20272 |
Jun. 04 2020 |
GST ON JCB HIRING FOR AGRICULTURE WORK –
(GST)
DEALER ENGAGED IN PROVIDING SERVICES RELATING TO THE JCB HIRING TO THE LOCAL AUTHORITY AS WELL AS TO THE AGRICULTURIST FOR EARTH WORK AND WELL WORK. WHAT IS THE GST RATE FOR THE SAID WORK. BY: RAHUL MADHAVARAO KHANDEBHARAD No answers yet View Answers | Post Answers |
| 20273 |
Jun. 04 2020 |
Being a partner in CA firm, Can I practice in individual name also? –
(Compliance)
I am a partner in ca firm and I can not register any proprietorship for myself in ICAI as per rules of the firm. Now I want to do some work in my personal capacity without constituting a proprietary firm in ICAI. Personal practice will have work of audit, attest function and consultancy. Is it possible to do in personal capacity without having FRN. One of the renowned faculty of ICAI told that A CA can not do any type of work in his personal capacity without registering proprietary firm if he is a partner in another ca firm. I request all on you to enlighten the above matter. BY: VIVEK KUMAR SINGHLA No answers yet View Answers | Post Answers |
| 20274 |
Jun. 04 2020 |
Charitable Trusts –
(DIRECT TAXES)
As per Finance Act 2020, fresh registration process for the existing Charitable Trusts enjoying registration u/s 12A is to be got done from 01.06.2020. Kindly guide how to go through the process. Further also please inform whether the same is to be done through a digital platform or through a physical process. BY: Nilanjan Kayal No answers yet View Answers | Post Answers |
| 20275 |
Jun. 04 2020 |
Turnover Certificate unaudited figures –
(Compliance)
Wether a CA in practice who's providing accountancy services to a company can give turnover Certificate (figures) of a F.y. which are unaudited by a statutory auditor to the banker? BY: POLUKONDA SAI NAGA SIRISHA No answers yet View Answers | Post Answers |
| 20268 |
Jun. 02 2020 |
Tax audit –
(AUDIT)
Assesee is carrying business of collecting milk from Farmers and send them to Dudh sangh. Assesee received commission for collecting and sending milk to Dudh Sangh but all the transaction of sale and purchase of Milk are routed through assessee's current account and turnover in account is 4 cr and commsiion income is 10 lakhs, hence whether tax audit applkicable in this case?? BY: Ninad Prataprao Shete No answers yet View Answers | Post Answers |
| 20269 |
Jun. 02 2020 |
12A Registration –
(DIRECT TAXES)
Online application for 12A registration was made in January 2020. Trust was created in the FY 2019-20. But till now we have not received any communication, Should we apply u/s 12AB BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
| 20270 |
Jun. 02 2020 |
Taxation of aop –
(DIRECT TAXES)
Income of Clubs and associaitons are excluded based on the mutuality concept. But how to claim the exemption in the ITR / Exempt under which section. Return has to be filed for getting the tds refund. BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
