Sebi offers a way over FPI tax rule hurdle
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| Que. Id | Date | Description |
|---|---|---|
| 19409 |
Sep. 24 2018 |
Availability of ITC –
(GST)
The dealer has paid RCM u/s 9(4) for inward supplies received from URD even after the section is kept in abeyance till March 2018 and claimed ITC. Whether the dealer can avail ITC of the amount paid. Thank You. BY: Manasa N M Bhat No answers yet View Answers | Post Answers |
| 19408 |
Sep. 22 2018 |
gst on discount –
(GST)
IF THERE IS NO AGREEMENT FOR ANY DISCOUNT ON SALE AT THE TIME OF SUPPLY BUT AT YEAR END SUPPLIER GIVE DISCOUNT ON WHOLE YEAR SALE TO BUYER WHETHER GST TAX BE REVERSEDON DISCOUNT BY SUPPLER AND ITC BE REVERSED BY BUYER BY: SHYAM SUNDER No answers yet View Answers | Post Answers |
| 19406 |
Sep. 21 2018 |
2 Partners in Firm and LLP –
(CORPORATE & OTHER LAWS)
There is a firm with 2 partners A and B. Can these same two partners form an LLP? 2 partners of a firm cannot create another firm. What about LLP? BY: Sivaraman A.R. No answers yet View Answers | Post Answers |
| 19405 |
Sep. 19 2018 |
ICDS –
(DIRECT TAXES)
As per ICDS –II the Inventory value should include taxes. There is a purchase of Rs.1,18,000/- which includes GST of Rs.18000/- which is accounted in Input GST account and carried to Balance Sheet if not utilised on the date of Balance sheet. In the above situation purchases debit will be only Rs.100000/. But closing stock valuation will be.1,18,000/- including taxes. As per ICDS the party’s income is artificially booked at Rs.18000/- for purpose of income tax levy. Is my understanding corect. If.Yes, how to address this problems BY: Ethirajan No answers yet View Answers | Post Answers |
| 19403 |
Sep. 17 2018 |
Is Audit of society not registered U/s 12AA, compulsory ? –
(DIRECT TAXES)
Sir, an educational society (not registered U/s 12AA of IT Act,) is having gross receipts of Rs. 170 Lacs and excess of income over exp. is Rs. 1.50 lacs only. Is its audit mandatory ? if yes, under which section and report in which form to be submitted? please advice. BY: RAM KUMAR SARASWAT No answers yet View Answers | Post Answers |
| 19402 |
Sep. 16 2018 |
GST audit –
(GST)
a firm has 3 separate registrations. case 1. cummulative TO exceeds Rs. 2C but individual TO is less than Rs,2C. Is GST audit applicable case 2. TO of one registered address exceeds Rs.2C and TO of others is less than Rs.2C. Should those having less than 2C get GST audit done BY: t sankar No answers yet View Answers | Post Answers |
| 19401 |
Sep. 14 2018 |
TDS on Capital Expenditure –
(DIRECT TAXES)
A professional has made furniture and plumbing work for his rented premises on labour charges basis in FY 2017-18. He is under tax audit vide sec 44DA and has not deducted TDS . He was under tax audit during AY 2017-18 since he crossed the threshhold then. However in AY 2018-19 his gross receipts are below 50 lakhs but he has opted tax audit under sec 44 ADA. How has he to proceed now? How will it be shown inthe Tax Audit report? There is no question of disallowance ( since expenditure is of Capital nature )but only non deduction of TDS. Please help friends BY: Pradnya M Oak No answers yet View Answers | Post Answers |
| 19397 |
Sep. 13 2018 |
GST APPILCABILITY ON RENT –
(INDIRECT TAXES)
Dealer is registered for trading in building material his turnover for that business is 62 lakh . he is also earning income from house property by way of renting of immovable property of rs. 5 lak per year. wheather gst is applicable on renting of iimovable property to bank income of which is considered in income from house property BY: NADIR D SHAIKH No answers yet View Answers | Post Answers |
| 19398 |
Sep. 13 2018 |
Applicability of CARO in FY 2017-18 –
(Companies Act, 2013)
Whether CARO is applicable to following Co.? 1. Turnover: Rs 28.08 Crore 2. Paid up share plus Reserve: Rs 23.03 crore 3. Borrowing: NIL BY: CA. GHOSH SAMRAT No answers yet View Answers | Post Answers |
| 19399 |
Sep. 13 2018 |
Digital Signature –
(Companies Act, 2013)
I am trying to register a DSC in MCA portal as 'authorised representative'. I need this registration to incorporate a Pvt Ltd company wherein the two subscribers to the MOA/AOA have no DIN. But the registration failed and an error message appeared as 'Instance belonging to object type Business Partner PS could not be created'. Please help. BY: B.CHACKRAPANI WARRIER No answers yet View Answers | Post Answers |
| 19396 |
Sep. 12 2018 |
Sec.145A and GST –
(DIRECT TAXES)
As per earlier sec.145A, grossing up of purchases, sales and inventory was done to include excise, VAT, service tax paid thereon to establish that inclusive method is on par with exclusive method profit. After introduction of GST and new. sec.145A, is it necessary to gross up purchase, sale and inventory by GST? BY: balasubramanian No answers yet View Answers | Post Answers |
| 19395 |
Sep. 09 2018 |
Refund of GST –
(GST)
A dealer selling Goods on E Commerce sites is having GST Balance in his credit ledgers as companies like Flipcart,Amajon etc are charging GST on commission and courrier@18% While Outpur liability remains less. However GST Official is saying GST paid on Services can not be claimed as refund Whether he is right? BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 19392 |
Sep. 08 2018 |
FUTURE & OPTION LOSS –
(DIRECT TAXES)
As we know that future & option are no more speculative business.Now it is treated as normal business. Many salried person having future & option transaction & they have suffered losses.. One of my client is incurred net losses 8Lakh comprise of Total 14 lakh and 6 lakh profit.. In case of future and option TURNOVER= 20 LAKH (14 lakh +6 lakh).. Now my question is how will book expenses of 12 lakh,to show losses of 8 lakh , also while claiming loss do we need to do audit u/s44AD & if not how to show this in P & L of ITR return. Please guide me in details how to show this loss in ITR return. BY: NADIR D SHAIKH No answers yet View Answers | Post Answers |
| 19393 |
Sep. 08 2018 |
GST on Prepaid expenses –
(GST)
We claim input GST on all insurance expenses and long term expenses. As these expenses are paid for long period, we recognize them as prepaid expense.Is there any need to reverse GST on these prepaid expenses? BY: Harsh Jain No answers yet View Answers | Post Answers |
| 19390 |
Sep. 07 2018 |
GST ON COMMERCIAL RENT –
(INDIRECT TAXES)
A Company has business income of Rs.45.00lakh and GST registered ,it has given its own building on rent to a bank for Rs.6.00 lakh per year. will it collect GST on rent received from bank ? Please provide a suitable answer. With thanks Pksahoo BY: Prasanna Kumar Sahoo No answers yet View Answers | Post Answers |
| 19382 |
Aug. 31 2018 |
Inter branch GST input tax credit can be utilised? –
(INDIRECT TAXES)
Dear All, I have been facing this issue that we have an unclaimed ITC available from imports at Delhi branch while all the sale is directed from Bangalore branch so we are not able to claim ITC available in Delhi branch although for future I have already change GST number to Bangalore branch for imports. But I have last 6 months GST credit available. We have all sales from Bangalore branch only. Inter branch GST input tax credit can be utilised? Thanks Abha Sood BY: Abha Sood No answers yet View Answers | Post Answers |
| 19381 |
Aug. 30 2018 |
RCM on services supplied by a person located in non taxable territory –
(GST)
RCM Table Sl No 10 -- Service supplied by a person located in Non-Taxable territory by way of transportation of goods by a vessal from place outside india upto the customs stations of clearance in india where Receipent is liable to pay tax under RCM under the above lines please clarify the below query Goods imported from outside india under CIF inco terms. Amount paid to supplier for the goods (There is no specific mention about basic value of goods, freight & insurance by the supplier) under these conditions whether receipient is liable to pay tax under RCM on transportation charges paid by Supplier ? BY: CA. BALASUBRAMANIAM P No answers yet View Answers | Post Answers |
| 19376 |
Aug. 28 2018 |
TDS –
(DIRECT TAXES)
An assesee has not paid TDS on Payment of 35000- single bill to contractor.Whether not claiming 35000- as deduction is sufficient.Or any other penality is also thee in this case. BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 19377 |
Aug. 28 2018 |
Reversal of Input credit –
(GST)
A firm has not made payment to creditor within 6 months of purchase bill in one case and made partial payment in another instance as on 31-3-18. Whether both these GST inputs will have to be reversed during Aug GSTR3B filing And If payment is made now whether it will be eligible fot input credit during month of Payment BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 19374 |
Aug. 26 2018 |
Regarding IGST on Goods Re-Imported after repair. –
(GST)
Sir, When Goods are exported for Repair outside india and re-import after such repair then by virtue of Notification No. 94/96-customs dated 16.12.1996 custom duty is leviable only on fair cost of repair +freight (both side) + insurance & not on value of goods. But after levy of custom duty whether it is further liable for IGST on such cost of repair+freight+insurance because under IGST exemption only value of goods exempted not cost of repair? If IGST leviable on cost of repair then it will conflict the section 13 (3)(a) of IGST Act as per which Place of supply is outside india & once POS is outside india then why such cost of repair is subject to IGST on Re-import. Please guide. BY: Shyamprakash Nagarmal Agarwal No answers yet View Answers | Post Answers |
