Experts Query Daily Digest :28 February 2017



28 February 2017 at 21:49

As applicability to llp

Please solve my query regarding to that whether the Accounting Standards are apply as per specific rules ? or apply as per Companies (Accounts) Rules, 2006 with a reason that as Corporate Identity ? or as per General Instructions issued by the ICAI for the applicability of the Accounting Standards to SMEs ?


28 February 2017 at 16:30

Time limit for credit note

Please suggest me time limit for service tax credit note..


28 February 2017 at 16:10

Tcs journal entry

plz tell me tcs journal entry


28 February 2017 at 14:52

Ind as

PRESENTATION OF MAT CREDIT ENTITLEMENT IN THE BALANCE SHEET PREPARED AS PER IND-AS. WHETHER IT SHOULD COME UNDER THE HEAD OF DEFERRED TAX ASSET OR OTHER NON CURRENT ASSETS??


28 February 2017 at 14:36

sale entry

I am working in partnership firm dealing in trading in timber and plywood. mostly our clients are individuals who have not TIN no. and give cheque same day or after some day. mostly on same day. on the above transaction I do the following entry. debtor a/c dr. To sale To sale tax is it right???


28 February 2017 at 12:27

taxation knowledge

how to get the full taxation knowledge online


28 February 2017 at 11:31

Partial disposal of subsidiary

If a holding CO. Acquires 80% of shares of its subsy and sells 20% later during the same year, what will be the accounting treatment in the consolidated financial statements? Please give the adjustment for goodwill arising on acquisition also.


Anonymous
28 February 2017 at 07:44

Societies registration act 1860

A Trust registered under the above Act (Central Act, I believe).

Is it covered under the RTI Act 1950 and can members ask for Information from the Trustees/ Managers/ Elected officials mainly pertaining to the Annual Budget & the huge outlays made outside the budget.

Reason is the Budget is kept under wraps or not filed at all. And those in Management are just spending left, right and centre without any checks & balances.

They bypass a Section in the Rules that say max amount of expenditure under any heading is 1 lakh so they divide the expenditure under 5/6 headings of 20 K each.
They also point out a Section in the Rules that says "they have the power to frame bye-laws not inconsistent with the rules for efficient working. And interpretation of the Rules shall rest with the management".


28 February 2017 at 09:30

cost audit

what is the condition to be satisfied for applicability of cost audit?


28 February 2017 at 21:52

rectification after 4 years

can anyone change/ rectify the total income provided by him in ay 2009-10 ITR now?? how..old ITP by mistake put a zero extra in total income figure ..resulting in demand..


28 February 2017 at 20:39

Demanding scrtiny

Can I demand to Income Tax authorities for opening assessment against specific person?
If yes, then what are the basic criteria for the same and what procedure should be followed?
If possible also give section detail


28 February 2017 at 20:22

Capital Gain on commercial property

what are the ways to invest the money received by selling commercial property


28 February 2017 at 20:21

HUF for agriculture income

if i am a working professional and have agriculture income,should i go for HUF account?


28 February 2017 at 18:07

TDS under section 195

Whether TDS u/s 195 attracts on payment of life insurance proceedings to non resident on death of life assured,


28 February 2017 at 17:42

Is a partnership firm eligible to claim the benefit se 80ia

Is a partnership firm eligible to claim the benefit under Section 80IA(4)(iv),


Anonymous
28 February 2017 at 17:39

Interest on lap loan and depreciation on office

I want to clarify whether

a) Interest paid as EMI on loan against loan against commercial office is allowable under income tax ? If yes under which section of Income tax ?

b) If office is acquired and given on lease rent than whether Depreciation can be claimed on Office Investment Value ? If yes Under which section of Income tax ?

c) If maintenance paid to builder for monthly up keeping of building is allowable as expenses to the owner if office is given on rent.?


28 February 2017 at 17:36

Migration of firm into ccompanies

Respected Members,

As per the Budget 2017, the hon'ble Finance Minister provided an incentive to Firms for migration into company format for availing reduced tax rate benefit of 25% for AY 2018-19.

Please help me to find out whether we should convert the firm before 01/04/2017 or even after 01/04/2017?

So that we can avail the reduced rate benefit.


Thanks In Advance.


28 February 2017 at 17:15

Depreciation rate

CAN SOMEONE PLZ TELL ME RATE OF DEPRECIATION AS PER INCOME TAX ACT ON:

1. R.O. WATER COOLER SYSTEM
2. WATER TANK
3. WATER FILTER SYSTEM


Anonymous
28 February 2017 at 16:51

Salary income tax calculation excel sheet fy-16-17 link

Dear Sir,

Please send me the Salary Income tax calculation excel file/download link.

Please help me.

Thanks & Regards

Sayantan


Anonymous
28 February 2017 at 16:04

E-verification pending

Dear Sirs,
We filed itr for fy 2014-15 and 2015-16. But due to negligence not e-verified the same.

Now can we again re-file the same or how it will be e-verified.

Rgds


Anonymous
28 February 2017 at 15:27

Hra exemption

DEAR SIRS,

GOVT. HAS TO GIVE ACCOMMODATION TO DDO BUT THERE IS NO FACILTY GOVT. HAVE SO GOVT. RENT A BANGLOW BY CONTRACT FOR DDO AND GIVE THEM RENT AMOUNT IN SALARY AND DDO WILL PAY THAT AMOUNT AS RENT EVERY MONTH.

SO MY QUERY IS WHETHER DDO CAN TAKE THAT RENT AMOUNT AS DIRECT EXEMPTION OR NEED TO FOLLOW HRA EXEMPTION RULES U/S 10(13A)

THANKS


28 February 2017 at 14:18

Section 10A

Is section 10A of income tax on income from export oriented undertakings not to be included still applicable?


Anonymous
28 February 2017 at 14:00

Interest rebate on loan

I have availed housing loan for construction of house and was completed in 2013, thereafter I took loan from Staff Credit society and withdrawal from PF for enlargement of house by building first floor. I was told that I will not be eligible for interest benefit derived from loan of Staff credit society with reason that it is not a financial institution. Kindly guide me in this matter whether i can benefit of the society loan


28 February 2017 at 13:47

TCS Enquiry

Hello everyone, please explain about TCS. TCS is added in purchase bills of my firm. can I get input of it. if yes, than what's the process


28 February 2017 at 13:33

Taxability of maturity amount received from life insurance

One of our client has taken insurance policy from kotak life insurance ON 24.08.2010.The name of the plan taken is kotak capital multiplier plan.The sum assured was 231000/- and the yearly premium was Rs.49837 p.a.It was a 5 year plan.The assessee received 267000 on maturity in the F.Y 2015-16.The insurance company has deducted TDS @2% on the maturity proceedings u/s 194DA.Now the question are as follows
1.What will be the taxability in the hands of assessee.
2.Whether it will be taxable as income from other sources or capital gain.
3.Section 10(10D) says that any sum received under insurance policy issued before 01.04.2012 will not be exempt if premium paid is more than 20% of the sum assured.But in which section that proceeds will be taxable
4.As the assessee has paid the premium for the full term of the policy ,then whether section 80C(5) will be invoked
5.Whether capital gain index will be applicable .
6.Whether full proceeds will be taxable or diffrence of investment and maturity proceeds.

Thanks in advance





28 February 2017 at 11:55

Gratuity to LIC Agent

Sir One of My Client had received gratuity from LIC of Rs 1, 40, 000. whether it is taxable or not if taxable what is the formula for this Kindly suggest


28 February 2017 at 10:18

Need an example for section 10(6)(vi)

Could anyone give me an example for 10(6)(vi) satisfying all the conditions laid in the section. I would like to know why a foreign enterprise would send their employees to India for rendering services in India while they are not engaged in any business in India. because even outsourcing employees for a work is a business. And when there is no business activity in India why would the enterprise have income taxable in India?

Thanks


28 February 2017 at 09:55

Ancestral property - clarification

Whether ancestral property in the name of ancestors who are dead need to be discosed in the individual return as his property ..... if not disclosed ( for more than ten years ) can i bring it into books through HUF.......

Kindly address ...thanks in advance


28 February 2017 at 09:43

TDS interest challan

For 2009-10 FY , interest challan is paid.While trying to put request for correction,we are getting message online correction is not enabled for this statement.Now how to show interest challan?Even for FY 2013-14 we submitted correction statement by adding challan online,for that also we again got correction with defaults.Suggest any advice pls? thanks in advance


Anonymous
28 February 2017 at 04:46

Taxable and non taxable allowances

Sir,

It will be helpful if you kindly answer which of the following allowances are taxable and which are not. I am mentioning exactly the names as appear in salary slip.

1. composite allowance
2. LTA
3. North East allowance (during the period of stay in North East)
4. Metro Allowance (during the period of stay in Metro city)
5. Notice period buyout
6. Night shift allowance
7. Joining bonus/ special allowance
8. Extra working day allowance

Thanks in advance.




Anonymous
28 February 2017 at 16:58

Excise and customs

sir,

My name is sonu kumar, i working as a Accounts Manager in Faridabad, i know that import process with excise unit ,but, i want to know that, what is the advance licence for export and import , and who is applicable for advance licence,,and what is export process for excise-able goods.,what is the use of duty drawback how can i get it. please suggest me asap, we will highly appreciated. 9212930197.


28 February 2017 at 07:23

vat

can I claim input tax credit on wheat cleaning machinery purchase under vat act in Gujarat


28 February 2017 at 18:38

Registration under mahavat

I have started a business of medical and general stores From 2012. and my medical drugs licenses from 2012
1. April 2016 to till date my purchase exceeds the limit of registration of Rs. 10,00,000/- and April to till date Sales of Rs.22,25,885/-. If i will make a registration under MAHAVAT act and i will show sales of Rs.10,00,000/- and Registration certificate is received. Then when the Income tax return i will prepare then which sales amount i will show in I,T Return.


Anonymous
28 February 2017 at 16:59

C forms- in maharashtra

Dear All,
Please let me know any provision or case law in which Sale Tax Assessing Officer accepted the Duplicate part of C forms as equal to the Original Part of C forms if lost by Seller in Maharashtra



28 February 2017 at 13:14

Advance tax at check post in tamilnadu

Advance tax is being levied at Tamilnadu Checkpost for specified goods like ceramic tiles & sanitaryware items. Can any body provide such notification of Tamilnadu for levy of advance tax.


28 February 2017 at 10:39

Want to start online home decor item business

I want to start homedecor items business.i will buy final products from wholesale market online and sell them on Amazon,ebay and other online sites.what kind of tax I have to pay vat or cot.KTEG tax would also applicable in this case when I would buy products from other state and country rather than karnataka


28 February 2017 at 18:27

Service tax on commission

Kindly help me with the below query

My client (Mr.X) are booking hotel for there customer (Mr.Y) in Hongkong.
For Ex. Agent in Hongkong is charging to Mr. X $950 per person . (Mr.X) charging to Mr. Y $980 here. There is income of $30.00 in that income services tax is applicable.

Mr.Y is based in Mumbai.


28 February 2017 at 16:44

Service tax and TDS

SERVICE TAX AND TDS calculation in case of works contract where vat also included in the bill I.e whether service tax to be calculated including vat and TDS to be deducted including VAT. Clarify with any case laws or circular or notification.


Anonymous
28 February 2017 at 16:09

Hire vehicle service tax rate

Dear Sir/Mam,

How to calculate service tax on hire charges on vehicle as road construction company.

Thanks & Regards

Sayantan


28 February 2017 at 18:32

Conversion of private limited company into section 8 company

How to change the status of company from PTC to NLP? what is this PTC and NLP and where to find these and how to change the status.


Anonymous
28 February 2017 at 15:03

Proxy

FACTS:
A, B and C are shareholders of the company XYZ Private Limited. A holds 80% of shares of the company, B holds 0.3% shares of the company and C holds 0.5% shares of the company.
XYZ Private Limited holds Annual General Meeting in year 2016.
Query:
1. Can “A “ be appointed as Proxy on behalf of B and C in annual general meeting of XYZ Private Limited,
2. If yes, then Shareholding of A will also be counted for appointing proxy on behalf of A and C or only hat of B and C will be counted. (A person can act as proxy on behalf of members not holding in aggregate not more than 10% of share capital in relation to section 105 read with Management and Administration Rules 2014).


28 February 2017 at 12:25

Transfer of shares

In case entire shares are transferred relating to a share certificate then the Transferee will be issued new Share Certificate. Yes or No?


28 February 2017 at 22:07

COSTING PREPARATION

Sir, I am in trouble regarding CA final costing preparation.. I am doing my costing syllabus from practice Manual.. But I am facing problem in relevant costing chapter.. Because the chapter contains huge number of sums.. Kindly help me out.. How to manage..


28 February 2017 at 16:57

Form 112

I am doing Bcom from IGNOU with articleship. I did my admission on jan-2016 but havent submitted form 112. Now I am submitting form 112 to ICAI so do I have to pay Rs. 5000?


28 February 2017 at 16:41

Ignou a&f bcom solved assignments - 2016-2017

I require ignou solved assignments for the yr 2016-2017.. Please help me


28 February 2017 at 15:05

Have not got my registration number

Ihav e registered for CS executive December 2017.I have made the payment also.But I have not received my Registration Number yet.What should I do to get my Registration Number?


28 February 2017 at 12:50

letter to icai format

can u please provide letter format for icai for transfer after 1 yr ....as soon as possible


28 February 2017 at 12:35

Incometax

Can anybody help me by telling is the Newly notified ICDS (forIPCC)are only for the knowledge purpose for the student or will form part in the intitute forth coming exam questions what will be the nature of questions the institute may going to be ask from the Newly notified ICDS (IPCC)
For the coming exams


28 February 2017 at 10:46

operation management

q firn's total cost function is c=1/3q^3-7q2+111q+50 and the demand function is q=100-p [c=total cost, q= level of output and P = price] .determine the profit maximising level of output and the amount of maximum profit? please someone help me


28 February 2017 at 07:32

GMCS-1 applicability related

Hello, I have started my articleship training in August 2016 and have already completed 5 days orientation programme in 2014.please tell me do i need to attend GMCS-1 or not?


28 February 2017 at 15:01

Itt training

Can I regester for ca itt training if ca registration validity(years) is completed. Or should I regester for itt after the revalidation. Thank you experts.


28 February 2017 at 21:42

provided fund

wether pf deduction of employee is compulsory ? employee can say not to deduct pf & not participant in pf?


28 February 2017 at 20:24

Warehouse lending facility

CAN ANYONE PLEASE HELP ME WITH THE REQUIREMENT FOR AVAILING WAREHOUSE LENDING FACILITY.

THANKS IN ADVANCE


28 February 2017 at 14:35

Procedure to handle notice from income tax dept.

MT CLEINT HAS RECIEVED A NOTICE FROM IT DEPT..I HAVE TO SOLVE THAT .PLZ TELL ME THE FULL PROCEDURE HOW TO DEAL WITH IT.THE NOTICE IS RELATED TO HGH DEPOSIT IN THE NAME OF WIFE..PLZ GUIDE ME


28 February 2017 at 13:15

Finance

Dear Friends & Respected Sir, I want to know about QPR(Quarterly Performance Report) & what should be care when preparing this Report. Thanking Your.


Anonymous
28 February 2017 at 12:18

Partition of huf property

B.F.Chordia have no son and having four daughters have formed HUF out of funds received from his fathers HUF . This HUF is having 2 immovable properties, Jewellery, Receivables and cash and bank balances can all The assets can be divided disproportionately between Karta and four daughters if other members have no objection.


28 February 2017 at 10:37

Sales tax applicability

Respected sir,
whether we have to pay any sales tax for the re-sale of a old vehicle????? But re-sale of vehicles is not our business.
(Thanks in advance)


28 February 2017 at 16:15

Entry tax

Sir i am an C & F agent company transfer stock to me in Madhya Pradesh from other state and i will forward to super stockist and franchise in this case should i pay Entry tax on goods and besides it when i will forward to super stockist or franchise should i charges vat in that case


28 February 2017 at 11:21

4(5)b format for dies send by job worker for production

please provide 4(5)b challan format for jigs, fixtures, moulds and dies sent by a manufacturer of final products to a job worker for the production of goods in excise act.


Anonymous
28 February 2017 at 10:54

Rate of excise duty

IF I WANT TO FREE MYSELF WITH NON MAINTAINENCE OF DOCUMENTS, REGISTERS AND OTHER COMPLIANCE FOR AVAILING CENVAT CREDIT.

ALSO WILL NOT BE AVAILING CENVAT CREDIT.

WHAT WILL BE THE RATE OF EXCISE DUTY PAYABLE ?


28 February 2017 at 21:52

ARTICLESHIP WORKING

Sir, I have completed my articleship. I have done different types of audit ie., Pvt companies audit, vat audit, tax audit, concurrent audit, revenue audit, bank audit, internal audit, NBC audit. But I haven't done any type of filing in my articleship career (like ROCK, ITR, ST VAT, etc). I am very tensed about this.. Kindly help.. What yo do..


28 February 2017 at 14:39

Shares at discount

Ø If a person A buys shares at a discounted price in a private ltd company BUT an agreement is to be created with person B now/simultaneously that a part of share holding will be transferred to person B by person A at same discounted price in future say after 3 years.
Ø Meanwhile in 3 years the company becomes profitable THEN is there any implication of profitability in company which has binding bearing on the share price for future transfer of agreed shares.
Ø Will the original MOU of transferring shares in future at current discounted price hold good after 3 years.
Ø What reasons can be put in current MOU for transferring shares at lower discounted price in future?
Ø Does any law have any bearing on this MOU, considering it is a private ltd company?


28 February 2017 at 03:50

How to write in case laws of cs executive exam?

Can anyone suggest me how to write answer in case laws in cs executive exam?


Anonymous
28 February 2017 at 16:35

Remuneration to directors



Dear Members


Please let me know about the maximum remuneration to be paid to managing director & director



Regards



28 February 2017 at 10:23

Partneship between ca in practice and ca in service-urgent

why Partnership between CA in practice and CA in service is prohibited as per CA act ? what is the logic behind it?


28 February 2017 at 08:05

amendments

amendments in CA Final law for may 2017


Anonymous
28 February 2017 at 03:45

Part time job along with psu

Can a bank PO also do part time job?




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