Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20248 |
May. 07 2020 |
PENSION –
(DIRECT TAXES)
A retire from govt. job and he was entitled for pension. How ever due to some disputes pension was not released to him and meanwhile he expired. After two year from his death wife of A received pension from the date of retirement upto date of death of A apart from this arrear of pension was also received. Query here is whether pension received by wife is taxable in her hands of. if yes whether she can claim relief u/s 89. Or it is exempt in her hand. Thanks BY: SUNIL KUMAR AGARWAL No answers yet View Answers | Post Answers |
| 20246 |
May. 06 2020 |
15 CB –
(DIRECT TAXES)
Dear All What are the main points which needs to be checked/clarified before issuing 15 CB Form? Kindly Advice. BY: SIVAPRASAD MUTHUKARUPPAN No answers yet View Answers | Post Answers |
| 20244 |
May. 05 2020 |
Payment under DRC 03 –
(GST)
The taxable turnover as per final accounts for the year 2017-18 is Rs. 2.10 crores and GST payable is Rs. 58.8 lakhs. The taxable turnover as per GSTR 3B is Rs. Rs. 2 crores and GST amount is Rs. 56 lakhs. There is sufficient credit in the credit ledger. Whether the shortfall of Rs. 2.8 lakhs can be paid through GSTR 03 by adjustment through credit ledger before filing the annual return? BY: SANTOSH JAGANNATH PAI No answers yet View Answers | Post Answers |
| 20245 |
May. 05 2020 |
GSTR-9C (Query on Duty drawback) –
(GST)
Dear all, Whether Duty drawback received on export of goods is required to be shown in GST or not? If yes then this is fall under which of following: 1. Exempt Supply 2. Nil Rated 3. Non-GST Turnover 4. No Supply Turnover and while filiing the GSTR-9C, we have to include duty drawback in Turnover as per audited financial statement or not? BY: CA Neha Gupta No answers yet View Answers | Post Answers |
| 20243 |
Apr. 30 2020 |
GST-RENT COLLECTED FROM CLINIC –
(INDIRECT TAXES)
Sir, A person is collecting rent and GST from various shops in his commercial complex. One of the place being let out to a doctor for running his clinic. The Doctor says since he is doing exempted Health car service, GST should not be collected from him. Is it correct ? BY: N.NAGARAJAN No answers yet View Answers | Post Answers |
| 20241 |
Apr. 27 2020 |
Incorporation of a Producer Company –
(CORPORATE & OTHER LAWS)
One NGO has promoted 4 Producer company for villagers in different areas of a district and the same NGO now wants to form a Producer Company with those 4 producer company as its members/shareholders at the district level for the reason below 1)The Grants given to the different Producer Company can be monitored well. 2)The procurement and sales of all the 4 Producer Companies can be negotiated well. 3)The Management of the companies can be monitored well. Overall it will be easier for the NGO to keep an eye on the working of the company. But as per the provisions of Producer Companies Act a Producer Company can be formed by 1)Ten or more producers (individuals); or 2)Two or more producer institutions; or 3)Combination of the above two (10+2). My question is whether 2 or more Producer companies as stated above can be considered as a producer institutions and whether they can form a Producer Company. I have one more question on same lines. Whether Producer Institutions which does not have PAN Card can become a member/shareholder of a Producer Company? Please reply my above query. Thanks in advance BY: AMIT GUPTA No answers yet View Answers | Post Answers |
| 20242 |
Apr. 27 2020 |
GST- RCM -DIRECTOR –
(INDIRECT TAXES)
Sir, I had posted query as to whether RCM is applicable for payments made for attending patients by a Private Ltd. Hospital to a Director who is also a director of that Company. For this I received a reply in our forum that it is applicable. But GST practitioners in other forums say that the service being Health service provided by the said doctor RCM is not applicable. Kindly explain as many hospitals would be impacted if the RCM is applicable. BY: N.NAGARAJAN No answers yet View Answers | Post Answers |
| 20240 |
Apr. 26 2020 |
DIgital modes –
(DIRECT TAXES)
Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ? As these modes of payment can be provided. Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019 In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) hasbeen inserted in the Income-tax Rules, 1962. Rule119AA provides that the speci?ed person shallprovide facility for accepting payment throughfollowing electronic modes, in addition to thefacility for other electronic modes of payment, ifany, being provided by such person, namely (i) Debit Card powered by RuPay (ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and (iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code. BY: DINESH KHURANA No answers yet View Answers | Post Answers |
| 20238 |
Apr. 25 2020 |
Fees for Technical Services –
(DIRECT TAXES)
Dear Colleagues, How to identify the key difference between Fees for Technical service, technical consultancy, and fees for professional services so as to apply the TDS rate of 2% u/s 194J w.e.f 01.04.2020. As provided in section 194J definition of professional service includes the word technical consultancy and as per the definition of Fees for technical services provided in section 9 also includes the word consultancy in such circumstances how to decide the exact nomenclature of the service and TDS rate thereon whether 2% or 10%? BY: Manisha No answers yet View Answers | Post Answers |
| 20239 |
Apr. 25 2020 |
Concurrent Audit –
(MISC.)
Dear Sir Do we have any sample paper/MCQ questionnaire for concurrent audit exam by ICAI? BY: SIVAPRASAD MUTHUKARUPPAN No answers yet View Answers | Post Answers |
| 20237 |
Apr. 24 2020 |
accounting for excess provision made on 31.3.2020 –
(MISC.)
Dear sir/Madam One of the client has made provision for interest receivable for the financial year 19-20 as on 31.03.2020 (for eg.100000) . However during the first week of April 2020 the client has premature FD for salary paid to employee, so the Bank has reduced interest rate for the period 19-20 (for eg.only 90000) but tds has deducted as on 31.03.2020 for rs.100000. In this circumstances what are the entries to be made in the books of accounts as on 31.3.2020. Kindly suggest me, thanks in advance BY: KANAGARAJ No answers yet View Answers | Post Answers |
| 20235 |
Apr. 23 2020 |
Asset Classification –
(IFRS)
Dear All, Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap BY: KOSAL AGARWAL No answers yet View Answers | Post Answers |
| 20236 |
Apr. 23 2020 |
Asset Classification –
(IFRS)
Dear All, Please suggest whether Civil Structure which is an integral part of Plant & machinery Should be classified as plant & machinery or under factory Building . Please reply asap BY: KOSAL AGARWAL No answers yet View Answers | Post Answers |
| 20234 |
Apr. 22 2020 |
GST- RCM –
(INDIRECT TAXES)
GST- Whether RCM applicable for fees paid by PVt.Ltd. Hospital to Doctor - Director for attending patients ? BY: N.NAGARAJAN No answers yet View Answers | Post Answers |
| 20233 |
Apr. 20 2020 |
CONVERSION FROM PROPRIETORSHIP FIRM TO PARTNERSHIP FIRM –
(MISC.)
Dear Professionals, I started my Practice In 1989 as a Proprietorship Concern under ICAI with GST as per trade name . In a case of addition of a new CA , the firm is to be converted into a partnership firm requiring new PAN and new GST registration . With the above backdrop , my queries are : 1.Whether Proprietorship Experience Is Continued In the Partnership Firm as per ICAI records? 2. Whether the experience Will Count For Bank Audit Empanelment Under Partnership Firm ? 3. Also as a process , first conversion step to be taken from my Member SSP portal and later then the new partner should join ? 4. Whether my trade name "Palamalai & Co" can be changed as "Palamalai & Associates" or like including new partner initial as "RP & Associates" without any compromise in year of experience ? Kindly suggest clear opinions point wise . Thanks in advance . BY: CA. PALAMALAI R No answers yet View Answers | Post Answers |
| 20232 |
Apr. 19 2020 |
GSTR 9 –
(GST)
IN GSTR 9 OF FY 2018-19 ,TABLE 8 C ,WHETHER SUM OF ITC AVAILED OF YEAR 2017-18 BUT CLAIMED IN YEAR 2018-19 AS WELL AS ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME OR ONLY AMOUNT OF ITC AVAILED OF YEAR 2018-19 BUT CLAIMED IN YEAR 2019-20 UPTO 30.09.2020 WOULD COME ? PLEASE CLARIFY BY ANY ONE. BY: SANJIV MEHROTRA No answers yet View Answers | Post Answers |
| 20231 |
Apr. 18 2020 |
Professional Services by NRI –
(GST)
IF professional services are provided by NRI to Indian domestic company on a regular basis, then whether that NRI needs to take GST Registration ? If yes then whether with threshold or without threshold ? If not then whether company needs to pay GST on RCM ? BY: Amol Prakash Kasat No answers yet View Answers | Post Answers |
| 20230 |
Apr. 16 2020 |
GST Rate & HSN for Hand Sanitizer –
(GST)
M/s ABC Ltd is a Sugar Factory and also have Distillery unit. Food & Drug Authority (FDA) Maharashtra had issued Drug Licence for Manufacturing Hand Sanitizer. Composition for Each 100 Ml Hand Sanitizer contains - Ethly Alcohol IP - 80% V/V Hydrogen Peroxide IP - 0.125% V/V Glycerol IP - 1.45 % V/V Purified Water - QS Colour - Brilliant Blue & Pink Request you to guide us GST Rate & HSN for Hand Sanitizer BY: Pravin Taparia No answers yet View Answers | Post Answers |
| 20228 |
Apr. 15 2020 |
Reconversion of CA Partnership into CA Proprietory Firm –
(MISC.)
I started my CA Practice in the year 2002 as a proprietor of a CA Firm and in the year 2013 I converted my Proprietory Firm into Partnership by adding my cousin brother as partner, as due to ours is Joint family we dont have any problems till April, 2018. From April, 2018 our HUF is divided and living separately. Now I dont want to continue this partnership with my cousin brother and want to convert this partnership into Proprietory Firm. Meanwhile i have intimated my changes in the status of the Firm to ICAI Regional office but my details are not yet changed in the Institute records. I tried to update in the SSP Portal but of no use at all. In SSP Portal a head office incharge partner only can move all the applications and Head Office incharge is my another partner, he is not allowing me to change the details in firm details and creating problems since from 1 year. I have also communicated on email to the concerned officials in the SIRC as well as ICAI-New Delhi and they just intimated to the other partner, SSP Portal procedure to update the changes. But still that other partner has not done nothing and just ignore their directives. Can anybody guide me to how to go along with effectively to reconvert CA Partnership Firm to CA Proprietory Firm without loosing my old firm name. Thanks in advance for all your answers. My communication on mail is happened on the below email ids: h.vanitha@icai.in, padmabalaji@icai.in, mss@icai.in, leena.khanvilkar@icai.in, josphine@icai.in, Secretary@icai.in, Secretary@icai.in, president@icai.in and vicepresident@icai.in BY: VENKATESH S BAKALE No answers yet View Answers | Post Answers |
| 20229 |
Apr. 15 2020 |
Examination Patteren Of CA –
(MISC.)
Around 6 months back, A Committee was formed to recommend Change in Exam System following reports of CA Exam Papers being outsourced to Non professionals by Empaneled Examiner following protests by students. A Large number of Students/Professionals are of the View that Entry to CA Course should be made Difficult and Once a Person Joins CA Course, He should be assured of Completion of CA degree Tests should be conducted online and Paperwise results should be declared so that same Question paper is not required to be written after passing that paper on the lines of ACCA and CPA.In the prevailing atmosphere it becomes more relevent that Only Online Exam is conducted . This will also be of help to those students who have developed Problems like Writer Cramps and can not get Proper Writers BY: Mahesh Kumar No answers yet View Answers | Post Answers |
