Experts Query Daily Digest :25 April 2017

25 April 2017 at 08:06

Forward exchange contract under IND AS 109

Dear Sir, Can you please tell me what is the accounting treatment of forward contract of buying and selling foreign currency with bank in order to hedge the risk of exchange fluctuation while making or receiving payment of import or export as per IND AS 109. Will it be treated as cash flow hedge or fair value hedge and if so then how to apply it practically?

25 April 2017 at 16:02

Medical expenses

I am hospitalised due to heart attack and incurred Rs. 5 lacs (approx.) towards medical treatment expenses. Can i claim such expenses in my Income tax return and under which section ?

25 April 2017 at 15:55

Society registration in delhi

Dear Sir

we are looking for society registration in shahdra (New Delhi), but we are little confused in selection of Jurisdiction of registrar of societies.
Kindly help me out to select right jurisdictional registrar.

25 April 2017 at 15:36

How to response to notice u/s 148?

TDS received for compensation on Land acquisition by the Bihar government in AY 2010-11 was not claimed also the money received was not shown in the return due to mistake of return preparer. But the money received as compensation is not under capital gains since it was invested in building house within 3 yrs. For claiming that TDS the Assessee filed an application to CIT in March 2017. But got notice u/s 148 instead. What to do in this case?

25 April 2017 at 15:11

Conversion of Private company to LLP

A Pvt. Ltd. company is getting converted into an LLP and the conditions as laid down in Section 47(xiiib) are violated and hence the capital gains would be attracted to the company I want to know whether there is any tax implication for the shareholders of the company on transfer of their shares?

25 April 2017 at 13:43

Interest on TDS and Indirect Tax

With reference to law or pronouncements, please clarify whether Interest on late payment of TDS and ANY Indirect tax, covered under disallowance under 40(a)(ii)

25 April 2017 at 13:39

Itr 3 ot itr 4 (sugam)

Dear Sir,
An Assessee who is in Profession and showing net income Rs. 35.00 Lacs and net profit after deducting all expenses is 60%. So he has the option to file ITR 4 (Sugam) but if he wants to file ITR 3 can he file that Return for A.Y. 2017-18 because he maintains books of accounts.


25 April 2017 at 13:38

Itr 3 ot itr 4 (sugam)

Dear Sir,
An Assessee who is in Profession and showing net income Rs. 35.00 Lacs and net profit after deducting all expenses is 60%. So he has the option to file ITR 4 (Sugam) but if he wants to file ITR 3 can he file that Return for A.Y. 2017-18 because he maintains books of accounts.


25 April 2017 at 13:37

Itr 3 ot itr 4 (sugam)

Dear Sir,
An Assessee who is in Profession and showing net income Rs. 35.00 Lacs and net profit after deducting all expenses is 60%. So he has the option to file ITR 4 (Sugam) but if he wants to file ITR 3 can he file that Return for A.Y. 2017-18 because he maintains books of accounts.


25 April 2017 at 13:19

Section 44aa - maintenance of books of accounts.

A male assessee who is aged about 77 years and he is Advocate by profession and doing only Chamber works. His annual income by way of Advocate Profession is less than Rs.80,000/= - It is not the constant income which will be earned every year. He has income by way of pension which is constant to an extent of Rs.1,45,000/= per annum.

In this situation, Whether Section 44AA will apply to him? If so, what are all the books of accounts should be maintained by him?

Clarify that whether Advocate profession is a proprietary profession or specified profession or any other?

Which ITR form should be used by him for the Assessment Year 2017 - 2018?

25 April 2017 at 13:16

196 applicability

A society is established under the Ministry of Environment & Forests, Government of India & also registered u/s 12AA of Income Tax Act for sustainable coastal management. In course of its research activities, it has also various receipts from Private organisations for undertaking projects w.r.t. coastal management. The Query is :1) Whether the society can ask the Private organisation to not deduct TDS while making payment for research activity? 2) or it has to go under the normal route of obtaining certificate u/s 197 for non-deduction/lower deduction of TDS.?
Doubt has arised coz the society " whether it will be treated as Government body and all payments to it will not be subject to TDS as per u/s-196" or not?

25 April 2017 at 11:38

Very very imp-tds on 1% property

if individual person has bought flat Rs. 78 lacs . there two seller (brother-sister) and two buyer (husband-wife) as per sales agreement . sales agreement made on 2.03.2017. first payment made on 8th march and second payment made on 2 Apr and remaining two installmentl wil be made (including housing loan amount) in month of may . but seller want TDS certificate form 16B at the time of last payment which will be done in may 2017.

please confirm my understanding

each buyer should deduct 19500 in favour of each seller
there wlll be 4 challan and 4 certificate
FY will be considered 2017-18 .

25 April 2017 at 10:22

How much amount pay in cash to wholeseller


25 April 2017 at 11:12

How to get subsidy on export sale of mango

one of my friend business is export sale of mango and now he is not exporting but he want subsidy on those export sold mango ..can anyone tell me whats the procedure for return to get subsidy for him ...with full details..

25 April 2017 at 13:24






25 April 2017 at 12:02

Advance payment

please solve my query for service tax advance deposit for the month of march 2017 but i have confused advance tax deposit amount Carried forward Rules 6(1A), 6(3), 6(4A) or 6(4C) please suggestion me which section are applicable in my case and next return adjustment section.

25 April 2017 at 11:37

For input credit

Sir i starting a new tour & travel work, than I received 9% ST from parties and reff. them to hotels, camps, transports, etc.
so, how i take input credit and 9% st is liable or not for this work

25 April 2017 at 09:39

Service tax payment issue

I need clarification on these two Points also ::

1) First can I file return of service tax without payment of service tax related with that H.Y. ??
2) If I pay service tax under RCM after due date but before filing the return related assume 24th April related with H2 Liability. Should I include this challan in H2 return or Next H1 return ??

Please help ..

25 April 2017 at 08:07

Uunblocking of user id and pw

Dear sir,

I was trying to login under {aces} service tax, but it's unable to open and it's showing account blocked.
I tried hint question and answer but we doesn't no the right question and ans.
Can anybody knows how to write a letter for unblocking of user id and PW..

Pls send a format or body of the letter..

Kindly do the needful ASAP.


25 April 2017 at 14:31

Incorporation of a finance company

Dear Sir/Madam,
I want to incorporate a finance company for doing business of asset loan or loan providing services. what is the procedure regards this. help me.

Thank you

25 April 2017 at 10:26

Dep. as per ca act. 2013

Dear Experts, on construction of factory we have incurred 2065790/- the factory was put to use from 11/3/2017 however as per schedule II depreciation rate is specified SLM 3.17%, WDV 9.50% & useful life is 30 years. pls clarify :- which method we have to opt to charge dep. weather 3.17% SLM or 9.50% WDV also let me know in the period of 2016-17 the factory was used only 21 days. will dep. be calculate only for 21 days if yes pls let me know the formula of that, and requested to all members to explain the same with an example if possible? Regds Anshul

25 April 2017 at 08:53

Sec 185

in what cases sec 185 is not applicable so that Pvt Ltd Company can give loans to its directors or a person in whom directors are interested.

25 April 2017 at 08:51

Sec 185

please share the details about exception to sec 185 in case of private limited company. when a pvt ltd company can give loan to its director or a person in which director is interested.

25 April 2017 at 00:02

Nominee shareholder u/s 187

As per provisio to sec 187 of Companies Act, 2013 , a company may have nominee shareholder for meeting the requirement of minimum number of members, does this imply that the corporate shareholder and the nominee shareholder will be counted as two for calculating the number of members.

25 April 2017 at 15:45

Cs executive books

I didn't receive cs executive books I've registered 2 months ago. What to do??

25 April 2017 at 09:15

registration of articles under transfer

Can you please tell me what is the minimum and maximum time limit for an articled assistant to get registered under his new principal after taking transfer? does it effects the attempt if it is not registered within 30 days?

25 April 2017 at 08:40

Notes of Drafting for CS Professional

Is anybody having notes of CS professional Drafting, Appearances and Pleadings?

25 April 2017 at 15:58

What taxes should i register for a publishing house?

I have formed partnership deed (unregistered). Applied for PAN card.
My business would be books publishing and selling of books online and offline.
Should I apply for TAN? (I think yes, because I would be hiring artists, writers and will deduct TDS on their invoices.)
What other taxes should I register for?
VAT (I have heard books are vat free). GST (Books may be ordered by an overseas customer). TIN???
I am confused. Please guide.

25 April 2017 at 14:21

Hr policy & leave policy

Plz provide me the text or link of the HR policy and Leave policy as per Govt Rules for office staff. Rules about casual leave, sick leave, PL. earned leave as per related acts.

25 April 2017 at 10:28

Tax rate when issuing c-form

Dear sir.,
when we purchase goods as interstate if issuing C-Form then we get discounting rate of tax other wise we have to pay as per KVAT act rate we have to pay Ex: CST @2% OR
VAT @ 14.5%
Whichever is lower
Is it correct or not ?
Please Confirm because we read one article in your blog so i confuseing that fact.

25 April 2017 at 15:47

First stage dealer return

Please suggest me returns to be filled and due date for the same.
And is NIl return required to be filed as dealer of excise.
if yes do excel utility have option to file nil return ?
please help

25 April 2017 at 12:35

First Stage Dealer

Sir main ek excisable good purchase krta hun seedha manufacturer se jis pe main excise duty deta hun manufacturer ko and then wo goods main second stage dealer ko sell kr deta hun... now my problem is main invoice kaise issue krun I mean kya kya mention krun? and jo excise maine manufacturer ko di hai wo aage second stage dealer se kaise recover krun and us excise ko kya mujhe govt ko pay krna hota hai? And return kaise jayenge? it would be very helpful if someone clears it through an example? Plz help..

25 April 2017 at 15:11

Articleship decision

Jassal Ranganathan Associates or Ved Jain Associates for articleship?

25 April 2017 at 09:30

Remuneration and profit sharing for director

Dear Sir

I am a management professional. After working for about 20 years lastly as Vice President in a multinational company at a package of Rs. 40 L p.a. now I wish to start a private limited company but don't have enough funds to start of my own.

Recently, one party has approached me and agreed to form a new private limited company in which they have offered to invest the required capital and considering my expertise and experience they have offered me a position of director and shareholding in the new company. I will be solely responsible to establish the company and for its day to day operations and success.

My question is how to decide on a decent remuneration for myself (meeting my current requirements) and protect my long term interests for my expertise and hard work (in terms of ownership/ shareholding & profit sharing) ?

25 April 2017 at 08:29

Eligibility of FCA

Dear Sir, I am having 4 years 6 months experience in CA Firm worked as a paid assistant. After dat 1 year Industry Experience in Automobile Industry in Accounting and Finance Area. Am i eligible for FCA?

25 April 2017 at 13:43

Open a tax consultancy firm

Respected sir
I am commerce graduate. can I open a tax consultancy firm with a advocate as partner? we want open in a principal place and a additional place? please advice its important. thanks....... if yes then kindly provide format of partnership deed. thanks again...........

25 April 2017 at 13:34

Mines & minerals act


25 April 2017 at 13:09

Require format of affidavit

Can anybody please provide me format of affidavit regarding conversion of partnership firm to proprietorship firm. Thanks in advance

25 April 2017 at 13:05


Sir, there was a mistake in the TDS Return filed. We have wrongly mentioned the name of a person instead of another in the tds return. so what should we do to correct the mistake so that the right person will get the tax credit instead of the one who has been mentioned in the return? Should we revise the return or file online correction statement?

25 April 2017 at 11:07

Itr form

Dear Expert,
Have taken an employment with a U.S company. It is currently not registered in India. However I work from India and my employer pays my salary in Indian currency into my Indian account thru their Consultant's bank account.
Given that my income is in the tax bracket, wanted to know on the tax implications.
1. How to pay my taxes and file returns in India. (can it be done thru payment of self assessment or advance taxes as the case may be) & which ITR form is applicable for me. It will be treated as foreign salary or Indian Salary.
ITR-1 : Salary - Company TAN details are mandatory. In such case how to declare Indian salary.
& if it is treated as Foreign salary which ITR form is applicale.
2. Is my employer liable to deduct taxes at source on my salary income even if they do not have a branch/registered office in India.
3. If TDS have to be deducted on salary paid in India by the employer what is the procedure they need to follow.
4. Thank you.

25 April 2017 at 16:04

Composition - 2 queries

Dear Experts

First Query

If my on say 21-Feb-19, my aggregate turnover for FY 18-19 exceeds rs. 50 lak when I issue bill of supply at 10:00 AM, then do I have to issue for the next supply I make Tax Invoice and charge GST and collect it from customer?


can I for the day of 21-Feb-19 continue to issue bill of supply and come within preview of normal GST scheme from next day.

I am asking coz the word used in section 10(3) is with effect from day and not w.e.f. moment.

Second Query
under section 10(5) it says that if someone wrongly avails of composition scheme than he has to pay GST as would have been applicable had he not applied for the scheme. my question is will the composition tax be adjusted against his GST liability or what he has paid is gone and will not be adjusted?


25 April 2017 at 15:58

Error message while uploading gst application

Following error message displayed on GST portal while uploading GST application-

"Unable to connect to the installed EMSigner. Please close any other application running on following ports 8080, 1645, 1812, 2083 and restart your system, and try again."

Please guide me practically what to do

25 April 2017 at 12:15

Input gst on restaurant, telephone and other bills


I was wondering that after the introduction of GST, will we be able to claim GST as a company if we have:

1. Restaurant bills
2. Telephone bills
3. GST paid under car purchase (under company name)

25 April 2017 at 11:08

Best book on gst till date


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