Experts Query Daily Digest :26 May 2017

Difference between general reserve and profit and loss cr.

Dear Sir

Difference between General reserve and profit and loss cr.

Regarding shifting expenses

Dear Experts,
If a trader of readymade clothes leaves his old rented shop and shifts to a new rented shop then please tell under what head his labour charges for shifting his stock to new rented shop booked and which name this account head should open and if possible also pass journal entries

IndAs

Can anyone please explain about Regulatory Deferral Account?

Income tax

Last year one of my client(individual assessee) had turnover of Rs.1.25.00 cr but since the profit was less than 8% hence audit was conducted(due to section 44AD) Now this year he has paid job work to some party of Rs.180000/-(Turnover is still less than 2 Cr) Please guide me in this regard Thanks

Late filing fee for non submission of form 26qb

Hello all. I have a query regarding Non deduction of TDS for sale of immovable property.. If someone purchase property in installments and pay first installment in march without deduction of tds and now wants to pay tds on their own pocket, so my ques is interest @1%p.m for non deduction of tds is definitely leviable but is penalty for late filing of form 26QB is also leviable?? Due date of filinf form 26QB is within 30days from the end of the month in which tds is deducted.. So i pay tds on my own pocket in may, so i think there is no penalty for late filing. is my contention is correct?

How to find jurisdictional ito for v v mohalla of mysore

can the experts tell me how to find the jurisdictional income tax officer for v.v.mohalla of Mysuru?

Disability pension

Disability pension granted to military personnel are exempted from income tax . Sd far as I know it is not under section of chapter 10 but through an exsecutieve order from CBDT. How to show it as non taxable income in IT return?

AO Jurisdiction

How to find AO jurisdiction if only PAN is available?

Income from ola taxi can covered under section 44ad ?

1.INCOME FROM OLA TAXI CAN COVERED UNDER SECTION 44AD ?
2. AND THE ASSESSEE CAN FILE A ITR 4S?
3 IF HE HAS FILED LAST YEAR ITR 4 , SO WHETHER HE CAN FILE ITR 4S FOR THIS F.Y. 2016-17 ?

PLEASE GUIDE US

Sources to be transferred to building fund

Sir,

Is only capital donations are transferred to Building fund ?
If any other income sources which are collected for other reasons and which are revenue in nature can we transfer this to Building fund?

Thank you.

24 q

24 Q TDS on salary
Deductee sheet 320
first to 3rd quarter- paid /credited ( means what amount)
4th quarter -paid /credited (means what amount)

24 q tds return

24 Q TDS return on salary
whether for salary/paid credited shown in 1-3 quarter show gross salary only

Sec 80 g

Which form is to be filed for registration under section 80 G for University . University has to taken registration with DIT(Exemption) as per Rule 18 AAA of the Income Tax Act,1961. Can Form 10 G be file for the same or not??

Sft response in income tax site

WHETHER I HAD TO SUBMIT SFT RESPONSE IN INCOME TAX SITE BY GIVING ALL THE CASES AS NOT APPLICABLE OR NOT For an NGO to whom tax audit is not applicable

Partnership firm

INDIVIDUAL PERSON HOLDS LAND RS.5 CRORE(STAMP DUTY VALUE)

NOW HE BECOME A PARTNER IN PARTNERSHIP FIRM WITH CAPITAL INTRODUCTION AS A LAND BY RS. 5 CRORE.

SECTION 56(2)(10) APPLICABLE ??

Tds interest calculation

Dear Sir/mam

One ABC LMT company i payment 7,63,324 this company in the month of April 25th 2017 tds cut 10% on this amount is 76,332 so now my query is what is interest count on this amount if i payment tds on the date of 31-5-2017 and if i payment on or after 1-6-17. tell me the interest amount

Thanks

Short term capital gain

A company has shown loss during a. Y. 14_15. During the assessment an addition was made on the account of short term capital gains.
Then at what rate the penalty u/s 271(1)(c) will be levied?

142(1) notice for ay 2010-11

Dear Experts ,

I have received notice u/s 142(1) for AY 2010-11. I think it is void ab-initio . It is received after 6 years from the end of assessment year.

Procedure to issue c form

Is the c form to be issue before purchase transaction is done or after transaction is done

Form 704 (j1)

sir, i returned 2013-14 vat audit. but wrongly one patries vat tin number not mentioned in j1 and his vat figure displayed in cash sales figure ...so how can solve my problem?

Vat query

My client is engaged in service sector. They are planning to closed some branches and therefore they want to sale old equipment and furniture having worth approx. Rs 50 lacs. My query is whether my client is liable for vat tax.

As he is in service industry, he has service tax number but he is not registered under VAT. Kindly reply

St rcm on late filling fees u/s234e

we are pvt ltd company. we have paid late filling fees u/s234E for Q3 of FY 14-15 in the yera 16-17 and also in current year. whether we are liable to make payment of Service Tax under reverse charge mechanism on late filling fees.

Reappointment of managing director

In ABC Ltd., a public company , Managing Director's Term of appointment expires on 12 May 2017.
Managing Director has attained age of 70 years and special resolution for the same has been passed in 2012.

Kindly state the procedure and form to be filed with ROC for his reappointment?

Reappointment of managing director

In ABC Ltd., a public company , Managing Director's Term of appointment expires on 12 May 2017.
Managing Director has attained age of 70 years and special resolution for the same has been passed in 2012.

Kindly state the procedure and form to be filed with ROC for his reappointment?

Format of noc

Please tell me what is the format of Noc for articleship transfer in second year by ca?

Accounts

Sir,
What is the treatment for provision for doubtful debt at the time of admission of a new partner if nothing is mention in the question about debtors and provision for doubtful debt ??????

Offline / Online video lecture for SFM-study from Home

Hi friend , can any one suggest Best online/offline video lecture for CA Final SFM which I can view from Home.If you have any idea the provide me complete detail

Registraion letter of IT

Hello, I have submitted Form 104 for Industrial Training and the words on letter i recd is " this refers to your form 103" which is for articleship registration. so is this ok? Or is there any issue?

Cons and prons

Do independent director is really independent?

Cuttack ca students

This is for the Cuttack CA students who want Star Gate coaching to start in Cuttack. The faculties are (both Ipcc and Final) Law-Munish Bhandari, Audit- Surbhi Bansal, Costing-Sanjay Agarwal ISCA/ITSM- Pavan Gahukar. We will start the classes asap if we get a positive reply from you all.

Eligibility

Dear sir,
I have completed my articleship in 1990 and also completed CA (INTER). I have also attempted C A FINAL exam but I could not get through.
Now,due to personal reason I have not appeared C A Final since 10-15 years.Hence my question is what procedure I have to follow to appear the C A Final examination.
Please guide me.

Sox /ifc testing work

Hello all,

I am a Chartered Accountant with CISA. I want to work on assignment basis. I have an experience of 1.6 years in sox/ifc testing

CMA DATA

Dear all experts please tell me aboutCMA DATA how can i prepare it

Form 61a

Is it mandate for trust to file Form 61A of statement of financial transactions?

Startup loan scheme

Please suggest Startup loan Scheme from Government without any security

Change pvt ltd company to mnc company

PRESENTLY I HAVE WORKED IN PRIVATE LIMITED COMPANY. NOW MNC COMAPANY TAKEOVER THIS COMAPANY. SO WHAT IS PROCESS RELATED EXCISE AND CUSTOM IN DEPTH.

Questions as under,
1, what is the procedure for obtaining registrartion.
2.what is the procedure of rebate claim of old company name export.
3 full procedure of Stock and cenvat balance transfer in new comapany,

Registered importer definition & procedure of registration.

Hi I have obtained IEC code, Shall I be considered as Register Importer or do I need to take any other registration to be considered as registered Importer within meaning of Rule 9(1) of Central Excise Rules, 2002 . Please suggest.

Share valuation of a p ltd company

Hello ,
I am considering buying the shares of another director , he has proposed the value be calculated in the following method .
Initial Paid up capital + current book value + plant and machinery + land and building + general reserves and surplus + current year profit == company value x % of shares held by him .

can some one pls guide me as to how this is normally done .thanks

Bonus in payment of bonus act

Hi, I was employed with a MNC co with employees around 700. I left the same in 3rd week of April'17. In F&F, they didn't mention about Bonus, but upon asking they told me that payout will be November and subject to eligibility. I was employed there from last 2 years ( basically completed the FY 2016-17) My query is : 1) Am I eligible for Bonus Payment and what will be the amount. ( My Basic is below 20K) 2) will there be any change if I am eligible for any variable component. -

Gst rate on hosiery

Respected members, Can anyone tell me the rate applicable under gst on hosiery items.

Registration

A is a registered service provider under existing Service tax. His gross earning is between 10- 20 lakhs and he does not expect it to go to 20 lakhs with in next 2 years. Hence he does not want to migrate to GST. and he is not taking any steps for provisional registration in GST.
Please advise whether he will be automatically migrated to GST (or compulsorily he has to apply for provisional registration?) and he will be required to apply for cancellation by submitting form 28 of GST REG? Or he is not required to take any action from his side until his gross earnings reach 20 lakhs?

Rate of gst

Please let me know the GST rate for the following items:
1. Wafter Biscuits
2. Tomato souce
3. Banana/Potato chips

Thanking you,

Refund process

As exporter can claim refund taxable amount monthly ,yearly or quarterly. kindly discuss easily with example.

Gst invoicing of restaurant

I have my restaurant and i have clients who pay advance to me at the start of the month and they eat food daily. Do i need to issue invoice to them daily for daily consumption under GST or i can issue consolidated invoice at the end of the month ????