Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 20227 |
Apr. 13 2020 |
CHANGE OF NAME OF EXISTING CA FIRM –
(MISC.)
I am partner of ca firm and want to change the firm name. All partners are agreed for change of name. my firm has 15 years of standing. please let me know, whether there is effect in standing and bank empanelment. Regards BY: UMA SHANKAR JHA No answers yet View Answers | Post Answers |
| 20226 |
Apr. 10 2020 |
TDS on sale and distribution of films –
(TDS/TCS)
Sale and distribution of films now included under royalty and hence TDS would be applicable. But the rate( 2% or 10%) is not clear after the amendment to Finance act 2020. Please refer below As per the Finanace Act 2020, In section 194J of the Income-tax Act, in sub-section (1),–– (a) in the long line, for the words “ten per cent. of such sum”, the words and brackets “two per cent. of such sum in case of fees for technical services (not being a professional services, or royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of cinematographic films and ten per cent. of such sum in other cases,” shall be substituted; So TDS for sale and distribution of films is now 2% or 10%. Please clarify BY: T.R.S. PATHY SENTHIL No answers yet View Answers | Post Answers |
| 20224 |
Apr. 03 2020 |
CREDIT NOTES –
(GST)
Mr. A is dealer in electronic goods.He receives credit notes towards certain discounts from his supplier which are predetermined at the time of supply and GST is charges on them. Mr. A has accordingly reversed the input credit towards the credit notes reversed. There are also amounts credited to his account by the supplier towards incentives for achieving higher turnover and no GST is charged on the credit notes. Is Mr. A liable to pay GST on the credit notes? Are the receipts exempt in the hands of Mr. A under GST? BY: SANTOSH JAGANNATH PAI No answers yet View Answers | Post Answers |
| 20225 |
Apr. 03 2020 |
CAN CA Become Partner and Proprietor on Foreign Firm at same time ? –
(MISC.)
can a CA become a partner in audit firm in India and at the same time can hold the proprietorship of Audit Firm in Nepal Under ICAN ACT (Nepal). Any obligation for continuing as member of ICAI & ICAN at same time , whether possible or not ? How will the CPE obligation be fulfilled in such case ? BY: RAJU GUPTA No answers yet View Answers | Post Answers |
| 20223 |
Apr. 03 2020 |
TRANSPORTATION SERVICE –
(GST)
Mr. A is a cement dealer and registered to GST. The supplier bills him for door delivery of cement at his premises. Mr. A also owns transport vehicle and collects the loads of cement in his own vehicle from local depot and is paid the transportation charges by the person entrusted with the transportation. Are the transportation charges exempt under GST? Is the person entrusted with transportation liable to pay GST under reverse charge? Does the transportation receipt forms part of his turnover? Whether Mr. A will be treated as GTA under GST? BY: SANTOSH JAGANNATH PAI No answers yet View Answers | Post Answers |
| 20221 |
Apr. 01 2020 |
Online filing of Fom 15H –
(DIRECT TAXES)
A Taxdeductor has received Form 15H for nondeductionof TDS on Interest income of Rs 496000- for Fin Year 2019-20 on 25-3-20 . Interest is credited on 31-3-20. By which date Form 15H can be Efiled on Portal Isthere any relaxation in current Scenerioas DSC is required for same BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20222 |
Apr. 01 2020 |
CONVERSION OF CA PARTNERSHIP TO CA PROPRIETOR –
(MISC.)
A FIRM ESTB.1962 HAVING CURRENTLY 2 PARTNERS. SENIOR PARTNER PASSED AWAY RECENTLY. NOW LEFT WITH JUNIOR PARTNER HE WANTS TO CONTINUE THE FIRM AS PROPRIETOR...WHAT IMPLICATIONS ON, NAME, ESTB DATE. SENIORITY OF FIRM BEING CARRIED FORWARD FOR BANK AUDIT CAG EMPANELMENT ETC AND ICAI RECORDS? JUNIOR PARTNER EXPERIENCE IS 12 YEARS. SENIOR PARTNER QUALIFIED MORE THAN 50 YEARS BACK. OR IS IT BETTER TO ADD ANOTHER PARTNER AND CONTINUE TO FIRM PARTNERSHIP CONSTITUTION? MY PHONE NO. IS 9970088669 ANY FEEDBACK WOULD BE GRATEFUL. BY: Kalyan Chakravarthy Vennety No answers yet View Answers | Post Answers |
| 20220 |
Mar. 29 2020 |
vivid se viswas –
(DIRECT TAXES)
The payment under the vivad se viswas act has been been extended unto 30th June. Has the filing of forms under the Act been extended or not?. Please given relevant link BY: t sankar No answers yet View Answers | Post Answers |
| 20219 |
Mar. 27 2020 |
079710 –
(DIRECT TAXES)
My Individual (Non -business Income) Client has sold his residential house for Rs. 3 cr (SDV also 3 cr) . in FY 11-12 During assessment proceedings AO refer the valuer for Fair Market value to Departments valuer u/s. 142 A. and since the report was not got till 31st Dec. 2019 he made assessment subject to valuer's report . but Now the dept. valuer valued the same as 3.5 cr. and now AO issued notice u/s. 154 for enhance our income by Rs. 50 lacs. Can he do so ? whereas our sells consideration is actually Rs. 3.5 cr. as well as our banking tr. are also same AO has not found any other material evedince for disbeliving the consideration . what are the other factors and grounds which we should rely on for further appeal . Thanks in Advance BY: SANDEEP KAPOOR No answers yet View Answers | Post Answers |
| 20217 |
Mar. 22 2020 |
NBFC –
(MISC.)
Whether a Finance Company be formed (Without deposits from Public) without permission from RBI BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20216 |
Mar. 19 2020 |
Taxability of interest on NRE deposit –
(DIRECT TAXES)
An individual who was an NRI has permanently shifted back to India. There are certain NRE deposits in his name. The query is can that individual take shelter under section 115H i.e. benefits available in certain cases even if after the assessee becomes resident and pay tax at the rate of 20% with regards to interest on NRE deposit as per section 115E. BY: SHRADDHA S KAMATH No answers yet View Answers | Post Answers |
| 20213 |
Mar. 18 2020 |
Section 206C(1H)-TCS on sale of Goods –
(DIRECT TAXES)
Hello Everyone! Finance Act 2020 has introduced sub section (1H) of Section 206C WEF 01.04.2020 wherein it is inserted liability on seller (specified) to collect TCS from buyer (Buyer) @ 0.1%/1% . Here, TCS is required to be collected at the time of receipt of the collection from buyer. Now my query is whether collection received on or after 01.04.2020 for sales of Feb/March 2020, then whether TCS is required to be collected on such consideration received in April 2020 towards Feb/March 2020 sale or TCS is required to be collected on consideration received for Sale made on or after 01.04.2020. BY: Manisha No answers yet View Answers | Post Answers |
| 20214 |
Mar. 18 2020 |
Treatment of Life Membership Fees –
(AUDIT)
A club received life membership fee. Should the amount be capitalized or taken to income? If income, can it be spread over number of years as decided by the management? Please share if there are any expert opinion or case studies. Thanks. BY: balasubramanian No answers yet View Answers | Post Answers |
| 20215 |
Mar. 18 2020 |
Purchase from unregistered dealer –
(GST)
A supplier of building materials [not a promoter] purchases sand and stone chips from unregistered suppliers.What will be GST implications in case of unregistered purchase ?? BY: SUDIP KUMAR MUKHOPADHYAY No answers yet View Answers | Post Answers |
| 20212 |
Mar. 17 2020 |
Tax Treatment of immovable property held as stock in trade by a company and later contributed as cap –
(DIRECT TAXES)
What will be the tax treatment of immovable property held as stock in trade by a company and later contributed as capital into a partnership firm and will continue to be the stock in trade by the partnership firm ? BY: Gaurav Kumar Baranwal No answers yet View Answers | Post Answers |
| 20209 |
Mar. 14 2020 |
GSTR 9C –
(GST)
While uploading Json file of GSTR 9C Error message comes but no Error report is generated for Fin Year 2018-19 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 20210 |
Mar. 14 2020 |
Proposal for Conversion of Proprietorship into Partnership –
(OTHER BODIES)
Dear Sir, Now my firm constitution is proprietor and file MEF Form for 2018-19. Now i decided to convert my proprietary concern into partnership firm after 15th April 2020. when i file my MEF for 2019-20 i fill the details in MOC regarding any changes made then in next year when bank statutory audit allotted to me then is it allotted in the name of partnership firm or proprietary firm, please advise. or if it is alloted in the name of proprietorship concern then how i sign the audit report in the capacity of propretor as i am a partner in firm at that time. Thanks in advance. BY: BHARAT AGARAWAL No answers yet View Answers | Post Answers |
| 20211 |
Mar. 14 2020 |
PRESENTATION AND TREATMENT OF OTS AS PER IND-AS –
(AUDIT)
Wanted to check presentation and accounting in books for Loan settlement as per Ind-AS. BY: PARAS GUPTA No answers yet View Answers | Post Answers |
| 20207 |
Mar. 13 2020 |
Reversal of ITC with regards to supply of MEIS scripts –
(GST)
My client is engaged in export of cashew kernels which is a zero rated supply. In relation to said export, the client is in receipt of MEIS scripts from the Government which is linked to the exports made. The further supply of MEIS scripts is exempted from GST. The query is whether input tax credit has to be reversed with regards to supply of MEIS scripts BY: SHRADDHA S KAMATH No answers yet View Answers | Post Answers |
| 20208 |
Mar. 13 2020 |
Taxation of interest income earned on NRE deposit on change of residential status to Resident –
(DIRECT TAXES)
A Individual has who was an NRI has permanently shifted back to India. There are NRE deposits in his name. What will the tax treatment of interest earned from NRE deposit post change of residential status from NRI to resident. BY: SHRADDHA S KAMATH No answers yet View Answers | Post Answers |
