Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20266 |
Jun. 01 2020 |
DATE OF REGISTRATION WITH RBI –
(MISC.)
HOW DO I FIND MY FIRM'S DATE OF REGISTRATION WITH RBI. I HAVE MY UCN NUMBER. KINDLY HELP. BY: RADHA AGARWAL No answers yet View Answers | Post Answers |
| 20267 |
Jun. 01 2020 |
Hedging of a Foreign Currency Loan –
(FINANCIAL MANAGEMENT)
A company is having receivables of USD 100 and Preshipment credit (working capital) of USD 150. Further it has 'Buy' forward contracts (i.e., Bank will buy USD from the company) with the bank for USD 20. In this case, what would be the unhedged foreign currency exposure in the wake of circulars issued by RBI. BY: MOHAN SIVA PRASAD DODDIPATLA No answers yet View Answers | Post Answers |
| 20264 |
May. 28 2020 |
058720 –
(DIRECT TAXES)
A society has its own pan and running a engineering college ,now state govt has converted the college into a university by passing an university Act.whether separate pan is required for university which is now a body corporate with perpetual succession and common seal. with thanks BY: Prasanna Kumar Sahoo No answers yet View Answers | Post Answers |
| 20265 |
May. 28 2020 |
REFUND OF VAT WRONGLY PAID –
(VAT/Sales Tax)
Mr. A who was carrying on business in proprietary firm M/s A & CO expired in June 2015. His son Mr. B carried on the business in the same proprietary name and was allotted another TIN. The assessments of the proprietary firm up to June 2015 and balance period were finalized separately. The assessment dues of the firm up to June 2015 were wrongly paid under the TIN of the new firm. Subsequently the dues were again paid in the correct TIN to settle the dues. However the commercial Officer is refusing to refund the amount wrongly paid under the new TIN under the pretext that the firm is already assessed to tax and the same cannot be reopened. is there a way out. BY: SANTOSH JAGANNATH PAI No answers yet View Answers | Post Answers |
| 20262 |
May. 27 2020 |
FLA RETURN FOR 2019-20 –
(OTHER BODIES)
Can FLA return for FY 2019-20 be filed now? If Yes, request you to share the Website Link. Thanks in Advance BY: Puneeth Kumar No answers yet View Answers | Post Answers |
| 20263 |
May. 27 2020 |
RBI- date of registration –
(AUDIT)
Our firm's UCN with RBI is 170030(The firm's FRN is 000740S). The UCN was allotted over 30 years ago and we have no record of the date of registration of our firm with the RBI. In the application for empanelment of chartered accountants for the concurrent audit 2020-21 hosted by certain nationalised banks ,the date of registration with RBI is shown as a mandatory field to be filled. However, despite our best efforts ,our online search in this regard has been in vain. We would greatly appreciate it if you could assist in obtaining the date of registration of the firm with RBI as early as possible as the last date for submission of the online application is 05.06.2020 BY: CA. PREMILLA V NAIR No answers yet View Answers | Post Answers |
| 20260 |
May. 26 2020 |
GST on NGO –
(GST)
A charitable organization is engaged in doing Annadhana. This activity is not included in the definition of charitable activity as defined in GST Law. In this circumstance, is there any GST liability on donations received. If not, what could be the receipt by the said NGO which will be subject to GST. BY: Ethirajan No answers yet View Answers | Post Answers |
| 20261 |
May. 26 2020 |
Taxability of claim of damages in sales returned goods –
(GST)
A manufacturer of machinery supplied goods to a buyer,who has returned them.later the vendor noticed some damages to the goods returned by the buyer.now the value of damages to the supplied goods is estimated at 3 lakhs.the supplier wants to raise a debit note on the buyer.whether gst is to charged on this?as per which provision of gst ?.because there is no supply of goods nor supply of services. BY: nagappan.sm No answers yet View Answers | Post Answers |
| 20259 |
May. 24 2020 |
NEW MEMBER IN PRACTICE –
(AUDIT)
Dear Advisor , Please note that i have just obtained COP on 22.04.2020 as sole proprietor , so please guide me where can i submit my firm details for reference of my firm for future assignments. Please guide me how to proceed for obtaining / offering my self for any future assignment. Thanking You from - CA Vivek Kr Gupta BY: VIVEK KUMAR GUPTA No answers yet View Answers | Post Answers |
| 20257 |
May. 21 2020 |
Transfer of capital asset to a company where a firm is succeeded by a company u/s 47(xiii) not treat –
(Capital Gains)
U/s 47(xiii) any transfer of capital asset by a firm to a company is not treated as Transfer provided, there are 4 condition. 1 All the assets and liability of the firm before the succession become the asset and liability of the company . 2. All the partners of the firm immediately before the succession become the shareholders of the company in same proportion in which their capital stood in the books of account of firm. 3. The partners of the firm do not receive any consideration/benefit other than by way of allotment of shares by the company 4. The aggregate of the shareholding in the company of the partners of the firm is not less than 50 % of the total voting power in the company, and their shareholding continues to be as such for a period of 5 years from the date of succession. My query is if we observe all the above stipulated terms and conditions can we now proceed with such transfer of a firm’s capital assets to a company.or we need to observe some other conditions as well to proceed. if any other conditions are also required kindly explain the same BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20258 |
May. 21 2020 |
Validity of Name available in covid time –
(Companies Act, 2013)
We have a name approval which was due to expire on 28/03/2020. but due to lock down we could not proceed with company formation. So kindly tell when this name approval will expire in this covid era. any extension given to the validity of name availability from MCA BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 20256 |
May. 20 2020 |
Income tax on lump sum amount received by Advocate. –
(DIRECT TAXES)
An advocate, super senior citizen, received a substantial amount in lump sum from 'Advocate Welfare Fund' upon permanently stopping his legal practice. Whether that amount is liable to income tax. If so, the said amount is to be offered under which 'head of income'. BY: B.CHACKRAPANI WARRIER No answers yet View Answers | Post Answers |
| 20255 |
May. 19 2020 |
ITC Claimed under wrong head –
(GST)
Dear Members, One of our client has claimed IGST credit as CGST/SGST in the month of September 2019. Eg. Purchase Invoice having IGST as 2,20,000 is claimed as 1,10,000 each in CGST/SGST. We found this error in the process of reconciliation of ITC with 2A. As we are yet to file the GSTR 3B for March 2020,can we reverse the CGST/SGST for March 2020 and claim the IGST. (As the CGST/SGST for march is very less reversing the same will lead to a negative figure in GSTR 3B for March 2020. Will this be a problem?) Kindly Advise. Thanks in Advance. Note: We can utilized the wrong ITC claimed for setting of our liability. BY: S. JITESH No answers yet View Answers | Post Answers |
| 20254 |
May. 16 2020 |
UDIN for provisional balance sheet –
(MISC.)
Dear Expert, Do we need to generate UDIN for provisional balance sheet signed with below disclaimer - Disclaimer - The preparation and presentation of the Provisional financial statement is the responsibility of the management. Financial statement have been compiled for the limited purpose on the specific request and on the basis of documents and information furnished by the management without any risk and responsibility on our part in any respect of whatsoever nature. . The provisional financials statement is unaudited and hence no opinion is expressed on the same. I understand, as per ICAI FAQ on UDIN, it is stated that, it is required for provisional balance sheet prepared/compiled. but as per my understanding, UDIN is necessary if we are certifying/attesting/or expressing our opinion on something. kindly advise. Also confirm if a CA can sign the provisional financial with such note. BY: chetan jadhav No answers yet View Answers | Post Answers |
| 20253 |
May. 14 2020 |
Everification of Original Return –
(DIRECT TAXES)
Do we need to e-verify both original and revised ITR, if a revised ITR has been filed & everified and the corresponding original ITR was not e-verified ? Since for claiming Deduction, original return needs to filed within the due date. In our case, original return was filed but not everified with in 120 days. Later revised return has been filed & everified. Now we received intimation u/s 143(1) , in which deducation has not allowed and this revised return is considered as belated return. Please let me know the possibilites of claiming deduction and options available. Please share the relevant case laws available BY: Gogisetti Sivaji Ganesh No answers yet View Answers | Post Answers |
| 20252 |
May. 12 2020 |
TDS on Payment to Private Drug Rehab –
(TDS/TCS)
Hi, My question is as follows: Is TDS required to be deducted on Payment made by a company to a Drug Rehab Centre? Drug Rehab Centre is a society registered under Manipur Society Registration Act, 1989. It is not formed by Government. The payment is not for employees and also not donation. It is for the welfare. Please reply. Warm regards. BY: Kamlesh Mehra No answers yet View Answers | Post Answers |
| 20251 |
May. 11 2020 |
239879 –
(OTHER BODIES)
My querry is Regarding RERA Certifications, While providing RERA Quarterly certificates to the clients, the RERA act defines the method of calculation of "the amount that can be withdrawn from RERA Account" i.e "% completion method". I am not able to understand clearly, about this method of calculation. I would request members to help me in this case, with a small illustration for better understanding. BY: Akash Gilda No answers yet View Answers | Post Answers |
| 20249 |
May. 08 2020 |
558351 –
(AUDIT)
I have started practice in april 2020, can i sign the balance sheet of proprietor who is not required to audit under any law, for financial year 2017-18. Thanks in advance BY: CA SACHIN SETIA No answers yet View Answers | Post Answers |
| 20250 |
May. 08 2020 |
CLAIMING DEDUCTION IN REVISED RETURN –
(DIRECT TAXES)
ABC is a cooperative society which is subject to audit under Cooperative Societies Act, 1964. It has filed NIL IT Return for FY 2018-19 on 04/10/2019 and later filed the revised return on 1/12/2019 with all the income details and claimed deduction u/s 80P. Please let me know the validity of above practice & can the society claim deduction ? As for the purpose of claiming deduction, IT return has to be filed with in the due date. Please let me know at the earliest... BY: Gogisetti Sivaji Ganesh No answers yet View Answers | Post Answers |
| 20247 |
May. 07 2020 |
Applicability of GST –
(GST)
M/s ABC is a Petroleum Dealer. Dealer receives transport charges from HPCL/BPCL/ IOC. Where to be shown in GSTR -3B , the outward supplies which are subject to RCM ? Dealer also receives Variable dealer Margin from HPCL/BPCL/ IOC. Is GST applicable on Variable dealer margin ? if Yes, at what rate ? BY: Pravin Taparia No answers yet View Answers | Post Answers |
