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Experts Query Daily Digest : 06 October 2015
Posted by : thotasrinivas
Posted On : 10/6/2015 3:58:16 PM
Club subscriptions
We are paying Club Mahindra Subscriptions every month in fixed installments.. how to treat in accounting ???

Is it treat as deposit/advance/any other

Posted by : thotasrinivas
Posted On : 10/6/2015 3:55:47 PM
Joint loan account
Query: 4 members joint purchased an Building they have taken Loan From Bank.
How to post entries related bank transaction under Four members Joint Bank Accounts?

If cash given Two members deposited at bank by the name of person how to treat in bank account also...

How to treat in accounting please suggest me..
Posted by : rajkumar gutti
Posted On : 10/6/2015 1:06:53 PM
Service tax in insurance charges accounting

We are paying Insurance charges on motor vehicle, Fire Insurance, transit Insurance,etc.Insurance payment consist insurance charges + service tax. Insurance

coverage period is not exactly as per financial year ( April To March ) period is different.

In above case after, March Insurance charges portion & service tax portion both amount debited to prepaid expenses or only insurance charges debited to prepaid exp.& service tax portion debited to current year.

Pl.guide correct method of accounting.

Thanking You,


Rajkumar Gutti
Posted by : harjaspreet kaur
Posted On : 10/6/2015 9:47:01 AM
please explain the Rule 4(6) and Rule 7 of the Companies corporate Social Responsibility rules ,2014 regarding the expenditure on CSR please.
Posted by : subramani
Posted On : 10/6/2015 9:43:10 AM
Job description for cs
require JD for asst CS in public/ private sector to enhance my skill set to get new assignment. thanks

Posted by : Anonymous
Posted On : 10/6/2015 9:04:18 AM
Consolidation of accounts
A Company acquired 100% shareholding in B. Company on 13 th August 2015 by virtue of it B company became wholly owned subsidiary of Company A .

Please clarify the following.

A) for quarter ended 30 th Sep 2015, is it mandatory for company A to report a consolidated financial statements in compliance with SEBI guidelines?If so from which period to 30 th sep 2015?

B) is it mandatory for company A to consolidate the previous year figures for comparison purpose ?


Posted by : Salahu Pulikkal
Posted On : 10/6/2015 6:26:41 AM
Issue of convertible debt instruments
Is there any guidelines of SEBI regarding issue of convertible debt instruments. ...?
Posted by : dnyaneshwar
Posted On : 10/6/2015 1:59:14 PM
What is best
Dear sir what is the best statutary audit or internal audit.as per as future scope is concern.is there industry wide specilisation in case of internal audit like internal audit of manufacturing company of internal audit of construction compnay
Posted by : SHAMEEM
Posted On : 10/6/2015 1:42:19 PM
Is there requirement of filing of ADT-1 EACH YEAR RATIFIACATION ?
Income Tax
Posted by : nur
Posted On : 10/6/2015 6:30:30 PM
Tds return
Commission Income Rs.619911 & Deduct TDS Rs.61994 i am not maintain book we want return back TDS what is process

Posted by : Rajeshree
Posted On : 10/6/2015 6:26:43 PM
Ctc structure to save tax with reasons & legal wordings
ctc structure to save tax with reasons & legal wordings

Posted by : Anonymous
Posted On : 10/6/2015 5:39:44 PM
As per amendment applicable from 01-06-2015, the transporters are required to furnish a declaration along with PAN if they own less then 10 Vehicles at any time during the Financial Year, otherwise TDS will be deducted.What should be the process an auditor shall follow after obtaining such declaration? Whether it should be filed along with the return? Further, please elaborate the applicability of this provision and help me with the points which I have left or misinterpreted. Please reply as soon as possible.
Posted by : ANKIT SINGLA
Posted On : 10/6/2015 4:38:56 PM
Dear Sir I have an income from Tuition Fees and also income from part time job work Under which head of income I should disclose?

Posted by : Anonymous
Posted On : 10/6/2015 4:21:53 PM
Tds return
Dear Sir, I need to file tds return for the 1st quarter of fy 2015-16.

In this regard I have following queries -

1. Whether it can be file at TIN centres with the hard copy of of Form 27A
I have to upload it at the trace site.

2. In this return admitted TDS is only RS. 3400/-. Whether the late fee would be only Rs. 3400/- or it would be calculated @ 200/- per day.

Please clarify.

Posted by : Anonymous
Posted On : 10/6/2015 4:16:59 PM
Non filling of return by the private comapny for the ay13-14
Sir one of my client (private company) does not filled ITR for the A.Y. 2013-14 and does not get its accounts audited u/s 44AB.

After login to the income tax site, sites shows that return for the A.Y. 2013-14 not received. and asking that return is filed or not, if not filled what was the reason of non filling of ITR.

Please help me what will be the proper reason for the query, so that it seams to be appropriate and justifiable.

Posted by : Shejal Jain
Posted On : 10/6/2015 2:06:14 PM
Sec 31 of profit & gains from business/profession
I am not understanding section 32 depreciation allowance. Please explain me in an easy way the whole section.
Posted by : Hiral N Mehta
Posted On : 10/6/2015 1:36:46 PM
Professional tax slab applicable ? urgent
Our company has now opted for payment of salary from head office and thus making it centralized. Now the question here is whether the professional tax slab as per the state in which company is situated or tax slab in which the employees is working, is applicable. e.g. head office is in Gujarat, and branch offices at Tamilnadu, Madhya Pradesh etc.

There is conflict in opinion kindly experts if you can advise as soon as possible.
Posted by : surendar
Posted On : 10/6/2015 1:24:34 PM
Reg: roi
For assessement year 2014-15 i have filed my ITR4 only on june 2015 through efiling.

From cpc(sec 139(9)) they sent back it to me and mention it as a defective return through pending action in my efiling account.

But i did'nt received any notification manually.

How can i complete that pending action. .

Is it possible to file the return and get get back my refund. .

Please help me. . .

Posted by : vigneshiyer
Posted On : 10/6/2015 11:56:04 AM
Regarding surcharge
What is the surcharge rate for A.Y. 2016-2017

Posted by : Anonymous
Posted On : 10/6/2015 11:33:35 AM
Tds on payment to non-residents- foreign sportsperson
Hello Experts
We need to may payment to a foreign sports person to endorse our brand outside India (on her clothes, she will be sporting our logo). Will TDS be applicable ?
Posted by : godachappa.i angadi
Posted On : 10/6/2015 2:04:24 AM
Taxabilityor ep of income u/s 80p(2)ai of the income tax act
Ours is a Co Op Society Regd.under co op.sy Act Govt of Karnataka.A co op society is having a total members of 750 in total for Taluka level Primary school Teachers co op Society.
Its main objectives and activites are lending Loans to members and accepting deposts from its members only restricted, and no outsiders are allowed ,its area of operation is restricted to Taluka only.But for the Financial year 2015-16 it earned a net profit of Rs 5255000/-(82500 from Savings Bank Interest from S B I and the rest is from money lending/financing to its members.Its whole transactions are roughted through SBI savings Bank account, as such it earned Rs.82500/-as Bank Interest from SBI.Please enlighten the focus on
1-Whether the whole net profit of Rs. 5255000/-is exempt U/S 80P(2)ai,and or
2-Savings Bank account Interest earned in SBI of Rs.82500/-is only Taxable in the hands of co op society

Posted by : SUMIT
Posted On : 10/6/2015 12:09:17 AM
Additional deduction of ₹5000 under section 80d
Dear AllMy wife bought a medical insurance policy in the name of my family. Now She wants to pay for my parents I.e. this year premium Medical insurance policy which is already bought by my father. Can she able to get additional deduction of ₹ 5000/- under Sec 80D.for renewal of policy this year.

Posted by : samstyle
Posted On : 10/6/2015 12:06:57 AM
Problem in recognising notification circulars and finance act
Actually i purchased singhania for nov 2014 exam of ca ipcc this book was amended upto may 26,2014. Now i m going for nov exam 2015. I took print out from icai website of finance act 2014. But finance act 2014 and other notification circulars issued between 1 may 2013 and 30 april 2014 is given. Now the question is that singhania for 2014 nov exam was updated upto 26 may 2014 so all amendments by finance act 2014 is included in it and other problem is if it is included finance act 2014 for nov exam 2014 how? Whereas for nov 2015 exam finance act 2014 should have been applicable.
Posted by : CA Shahid Chhowala
Posted On : 10/6/2015 7:19:40 PM
Documents required for an export of banana
Dear Colleague,

One of my client want to start by packing a Banana and export it to Middle East country, so let me know the procedure and documents required for an export.
Posted by : VINOD SUTHAR
Posted On : 10/6/2015 7:03:09 PM
Mvat rate for nylon reprocess garnulate
How much mvat rate of nylon reprocess garnulate
Posted by : thotasrinivas
Posted On : 10/6/2015 6:38:22 PM
Vat returns for branches
We have More than 5 Branches every branch having sales which are exempted Goods.. is it need to VAT Return file every Branch or Enough to Filing Head office.??

All are purchases max 90% at Main Branch
Stock transfer from Main Branch to Sub-Branches..

please provide the info..
Posted by : Amit Sharma
Posted On : 10/6/2015 5:37:33 PM
Vat on fabric in haryana

we have import fabric coat from china & we have to sale them in Haryana.

so please let me know the rate of tax that we have to levied on sale
Posted by : shailesh khandelwal
Posted On : 10/6/2015 4:53:09 PM
Oms sales & purchase
Our company is registered in Maharashtra only for VAt & CST. The company has purchased material in Raipur Chattisgad and sold the material out & out in Chattisgad state only. What will be tax laibility in Maharashtra & what will be in chattisgad.


Posted by : Jyoti Desai
Posted On : 10/6/2015 3:41:43 PM
Set off
Our company purchase laptop for office use and vat charge on laptop. can i get 3% reduction OR no set off claim?

Posted by : Anonymous
Posted On : 10/6/2015 3:40:56 PM



Posted by : Anonymous
Posted On : 10/6/2015 2:22:15 PM
In the first composition is a firm head and then he made reg
In the first composition is a firm head and then he made registration of VAT 06/12/2015 06/05/2015 What to 14-15 and 15-16 in the Purchase Please Tell Me What did get his input Sir

Posted by : Anonymous
Posted On : 10/6/2015 2:02:12 PM
Gujarat vat
Is there any composition scheme for Restaurants in the state of Gujarat.

Also explain the procedure to avail such scheme.
Posted by : Shah Devang S.
Posted On : 10/6/2015 1:29:18 PM
Gujarat vat rate applicable
we are mfg. of plane or printed label. we are purchase raw material paper roll form which made plane/printed paper label and another raw material purchase of polyester paper roll form which made polyester label in Gujarat state my query which vat rate are applicable both type sales of label in Gujarat ?(both paper Label or Polyester paper label)

N.T. for Referance raw Polyester roll form Excise Tariff head 39199090) (we have sale under Excise Tariff Head 48 as a label form).

Posted by : vinay jain
Posted On : 10/6/2015 12:22:40 PM
Annual return for f.y. 2014-15 of raj. vat
I have problem in filling vat annual return that if the party have only carry forward amount of previous year and no sales or purchases in current year then pls tell me how to show carry forward amount in updated vat annual return because there is no column in return to show carry forward amount.
Posted by : Ninad
Posted On : 10/6/2015 10:30:11 AM
Ac installation accessories
assessee has business of trading in Ac, also provide installation of Ac at client place and doing work of repairing, the accessories used in repairing and installation work, whether vat charged or not..or what percentage
Service Tax

Posted by : Anonymous
Posted On : 10/6/2015 6:45:14 PM
Xerox charges received and tds deducted @ 2% 194c
Our Client is in receiving xerox charges exceeding more than Ten Lakhs Peranum. Whether Service tax will be levied? If it is leviable on what portion the service tax is leviable and at what rate? Because our client receives consolidated rate for xerox charges inclusive of cost of material i.e., paper, tonner,electricity charges, man power charges, packing charges, transportation charges and telephone charges etc.,? Also note our client doesn't maintain details of inputs used and neither he has charged any service tax from his customers. We shall be thankful to ca club India If you could give us the exact taxability of service tax in this Issue.

Posted by : Anonymous
Posted On : 10/6/2015 6:08:41 PM
Service tax on mrp items sold through ac restauarants
whether service tax(5.6%) applicable to MRP items (Like Packed Water, Ice creams and soft drinks ) sold through AC restaurants?
Posted by : Linto
Posted On : 10/6/2015 5:03:47 PM
Service return utility
Please guide me how to fill ACES - efiling ST3 V1.4 version utility
Posted by : Amit Jha
Posted On : 10/6/2015 4:52:25 PM
Return file
What is last date service tax e return file of proprioter ship firm and Pvt limited
Posted by : RANJEET
Posted On : 10/6/2015 12:37:02 PM
Forms required to claim exemption for mining services
Dear Expert,

Is there any exemption available to a Co engaged in Mining and extracting oil and selling like ONGC? If yes, what is the procedure to claim such exemption?
Posted by : MANOHARAN
Posted On : 10/6/2015 9:11:05 AM
Utilization of cenvat credit from difference category

I would like to know that , shall we avail CENVAT credit from different category

eX .: i billed to customer in BAS in the same job supplier billed to me for different category - BSS, BAX ,SWS

Please give with tax provission
Corporate Law
Posted On : 10/6/2015 6:08:32 PM
Schedule iii + new independent audit report
Please provide me new independent audit report and schedule III for a private limited company.

Posted by : Anonymous
Posted On : 10/6/2015 5:40:38 PM
Sebi icdr
Hello. Is there any short notes available for SEBI ICDR? If yes kindly share it. I did search on many sites for the notes but failed. Thanks!!
Posted by : kamesh
Posted On : 10/6/2015 4:47:08 PM
Applicability of section 131 of company act 2013
sir, i found its very difficult to understand that the section 131 of companies act 2013, has enforced till date or not , if yes then please provide the copy of notification in which said provision .

Posted by : Anonymous
Posted On : 10/6/2015 3:34:21 PM
Holding and subsidary
Company registered in India and having foreign subsidary shou[ld either accept monthly royalty from it's foreign subsidary or sell it's brand under Intellectual Property Rights Act to foreign subsidary? Which one is "COMMERCIALLY" viable from Income point of view? Tax implications need not to be discussed.

Posted by : Anonymous
Posted On : 10/6/2015 3:26:38 PM
Auditor appointment
The auditor was appointed in a company for 1 year for 2014-15. Now the company wants to appoint other auditor. My query is:
1.How can we appoint the other auditor by -ordinary or special resolution?
2. Does in this case the retiring auditor is required to file Adt3.
3. Does it require Central gov approval or member can appoint by special notice.

Please suggest on above matter.
Posted by : Gaurav Srivastava
Posted On : 10/6/2015 2:26:58 PM
Nri to be a promoter of the company


Posted by : Urvi Chothani
Posted On : 10/6/2015 2:02:21 PM
Appointment of audit committee u/s 177
Please provide me the procedure to appoint Audit Committee and resolutions related to it.
Posted by : Manmohan
Posted On : 10/6/2015 12:54:18 PM
Whether ADT-1 is required to be filed again in case auditor is already appointed for 5 years in last AGM held on 30/09/2014?

Posted by : Anonymous
Posted On : 10/6/2015 12:44:00 PM
Procedure for incorporation or nbfc and its registration
Can anybody help me out with the checklist for NBFC incorporation and regulations there of
Posted On : 10/6/2015 12:38:04 PM
Whether is a small company as per companies act, 2013 ?
Turnover - Rs. 2,05,00,000/-
Paid Up Share Capital - Rs. 49,00,000/-

Please decided that this situation covered in Small Companies as per Companies Act, 2013 or not???
Posted by : irfan
Posted On : 10/6/2015 12:25:42 PM
Mgt-14 and adt-1 filling
Dear Expert, We have incorporated private limited company recently and wants to know about filling of MGT -14 and ADT-1 to ROC as our CA told me that the above forms are not required and it's exempted by ROC currently for newly incorporated private limited company. Kindly advise us what to do as we don't want to face any problems from ROC.

Posted by : Anonymous
Posted On : 10/6/2015 11:40:15 AM
Xbrl filing
We have a listed company which has been now delisted with effect from 20 sep, 2015.company had its AGM on 25/09/2015.now my query is whether company has to file its annual filing in XBRL form or in normal form?

Posted by : Anonymous
Posted On : 10/6/2015 11:05:19 AM
Appintment of first auditor
in case of first auditor it is not required to file ADT-1,

but while filing AOC-4, form Ask for ADT-1 SRN no.

Please sugest
Posted by : manju
Posted On : 10/6/2015 4:04:01 PM
Hi, i took transfer in my second year of aticleship on medical grounds Basis.i gt permission from icai on 04.07.2015 and i got terminated on 20.07.2015.when i can register under another auditor.

Posted by : Anonymous
Posted On : 10/6/2015 7:10:42 AM
Articleship completion
sir, i have completed articleship on 31-08-2015. With a total leave of 117 days.
principal didnt pay me regular stipend.during the first year he issued 2 Cheques .second year nothing.and third year they deposited 4 cheques in my bank account.
when ever i asked for stipend he was repeating that he will settle the stipend amount very soon.
After completion of articleship i submittd form 119,to institute and principal Stating that no monthly stipend.
Now principal is compelling me to sign a letter stating that i have received the entire stipend amount,other wise they wont send form 108.
please guide me what should i do ,and is the principal statement valid?
Info Technology
Posted by : chahan vora
Posted On : 10/6/2015 4:29:33 PM
how to score good marks in isca...m really very tensed for this subject s i have not done any classes also n appearing for nov15 exams...pls help...thanks in anticipation...

Posted by : Anonymous
Posted On : 10/6/2015 6:29:38 PM
Taxes on a petrol pump
what all taxes are applicable on a petrol pump ? can u please brief me regarding it

Posted by : Anonymous
Posted On : 10/6/2015 5:43:09 PM
Issue of e 1 form in course of sale in transit
What is the procedure to issue E 1 form and E 2 form in course of sale in transit?

Posted On : 10/6/2015 4:13:03 PM
Introduction of non movable assest in partnership
Is there any stamp duty liablity or any other liablity in introduction of non movable property in partnership firm
Posted by : ankit
Posted On : 10/6/2015 2:45:02 PM
How to do financial planning & analysis?
Dear Sir/Madam,

I want to learn Financial Planning & Analysis. How to do that? Do you have any related files? or could you suggest me any good book which can give me whole knowledge about FP & A.

Posted by : Vikas Shenoy
Posted On : 10/6/2015 5:47:38 PM
Dta clearances by eous - exemption method.
This is regarding calculation of exemption for DTA clearances by EOUs. In the study material provided by institue the exemption is calculated at 50% of basic customs duty(BCD). Whereas in the statutory illustration provided in said notification, the exemption is calculated at 50% of duties of customs (BCD+CVD+SplCVD). Please clarify which of these is the correct method.
Posted by : Urja
Posted On : 10/6/2015 12:17:20 PM
Rate of excise duty increased from 12 to 12.5
Excise duty increased from 12 to 12.5 ( education cess and secondary cess withdrawn) on 1.03.2015Is that amendment applicable for nov 2015 attempt as the same is not given in RTP and is given supplementary of may 2016I
Posted On : 10/6/2015 11:58:34 AM
how to qualify cpt

Posted by : Anonymous
Posted On : 10/6/2015 12:02:16 AM
IS KPMG offshore GDC bangalore a better option for fresher career???
Posted by : sapthagiri
Posted On : 10/6/2015 11:03:36 AM
Non receipt of certified photocopies of ca final may 2015
Dear friends, I had applied for certified copies of my papers in the month of July only, but till now I have not received any information or the result of the same, when enquired with institute I'm getting unsatisfactory replies like they will tell wait you will receive, I even mailed the query to bos and exams helpline also . friends I need your help to get the information regarding this

Posted by : Anonymous
Posted On : 10/6/2015 12:52:14 PM
Deposits by a company
Dear sir,
ours is a pvt ltd co having paid up capital and free reserves of Rs 64 lakhs as on 31.03.15 and old loans from members since prior 01.04.2014 were Rs 1.91 crores now

1.Can this company take more loans from the
relatives of directors if yes then
-how much
-can it be from HUF of Directors?
-where the HUF of Directors is placed
2. is the company supposed to file some documents with ROC in current scenario for continuation of the old loans.
Posted by : Yojal Agarwal
Posted On : 10/6/2015 8:48:50 AM
Amount of fees to increase authorized share capital
I've recently registered a private limited company with Rs.10 lakhs as authorized capital. I want to increase my authorised capital to Rs. 1 crore. How much fees do I have to submit to ROC for such increase?

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