Experts Query Daily Digest :06 December 2016

06 December 2016 at 13:22

Exchange rate

I know that at the time of export sale we take the exchange rate as determined by RBI , now my question is from where i got that rates.

06 December 2016 at 11:23

payments through credit card

what will be the journal entry for payment through credit cards and under what head credit card account will come.

06 December 2016 at 10:45

journal entry

Hand watch purchased by director for his own use for RS .10000/- what will be the journal entry

06 December 2016 at 11:36

How to audit csr expenses?

How to audit CSR EXpenses?

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06 December 2016 at 18:29

Section 44ad and cash profit

Mr "A" is a whole sale dealer. His turnover during the year is 50 lakhs. He Would declare 8% profit on turnover U/s 44 AD and his profit would be 400000/-. However his actual profit is 30% i.e. 15 Lakhs which are accumulated in this bank account. What would be the consequences of this. Can Mr. "A" Invest this 15 lakhs in purchasing an Asset. let us take there is no depreciation. On what profit should he pay tax. on 400000 or 15 lakhs.

06 December 2016 at 18:26

Trust registered under 12a but net profit ratio is above 15%

Dear Sir/Mam,

My Question
Trust is Registered under 12A but net profit of trust is 25% Whether the trust use limit of 15% exemption and balance amount is applicable slab rate of income tax or not?

06 December 2016 at 17:31

Regarding tan

I want to know:-
Is there any way or method to change TAN NO. Of filled tds quarterly.
Who is is authorised for this.
Jaspal Singh

06 December 2016 at 17:12

IT return

Can a educational institution filed the ITR-4S

06 December 2016 at 17:09

advances from third party

advances received from third party for securing debtors what is accounting as well as tax treatment. it is treated as loan or advances.

06 December 2016 at 16:40

chapter via deduction to u/s44ad assessee

Under presumptive basis of taxation u/s44ad whether chapter via deduction allowable

06 December 2016 at 16:08

Advance tax

I comes under super senior citizen income tax slab rate. I am partner in a LLP Firm. & i am investing In shares & Mutual Funds.I am Liable to pay advance tax or Exempted From Advance tax.

06 December 2016 at 16:05

property gifted to wife and minor children

a person who gifted a immovable property to his wife and minor children how he declared in his itr. and how wife and children (who received gift from his husbend/father) declared their gift in income tac return. assets like building and land.building amount is 1140000. and stamp duty is 76650. in the name of children a land./site which have total value of 60000 only

06 December 2016 at 14:28

Income Tax Appeal

Assessee is Non resident, not having PAN, order under 144 made by AO, Is he can submit form 35 for appeal offline and how to pay the appeal fees?

06 December 2016 at 11:45

Substantial cash deposit in bank account

We are HUF and have pan card in name of HUF and current account in the name of HUF.
Banks have taken my pancard and my sons pan card for purpose of Authorized Signatory/karta and mapped to the HUF current account.
Now if i login to my and my sons income tax online its showing

"with Substantial Cash Transaction" in individual accounts as it was mapped to HUF current account.
Plz help me what to reply for this response.
Can i reply that Transaction in the account are considered in return of other account ?

Plz tell me the exact words to reply as i am poor in english

06 December 2016 at 11:36

Income tax

One of my friend was asked by his client about transfer of property:
The question is: A person and his brother got a small flat after death of their mother in 2009 through nomination. But 2nd brother is mentally retarded by the age of 7 years. Now the 1st person wants to sell the flat how can he do so since other person is insane and he can put thumb impresion. Can it be valid to take thumb impression and sell the flat?
That mentally retarded person doesn't have any family of his own, he's dependent on his brother.

How can he sell the property?

06 December 2016 at 10:06

Penalty for 271c or 30% disallowance

Dear Experts
Pls clarify weather penalty for non deduction of TDS shall attract u/s 271C or only 30% shall be disallowed?


06 December 2016 at 19:48

sale invoice format under west bengal VAT under composition scheme

my client is a furniture trader and having turner under prescribed VAT composition scheme. kindly make me understand format of sle invoice. regards

06 December 2016 at 18:39

Mvat form 233 builder, which type of code of select in sales

MVAT we use sales figure in form 233 in case of Builder - Composition 1% vat on sale,
in filing of Sales Annexure which type of code select? Please suggest me ,
400 or 450 or 460?

06 December 2016 at 18:07

For input credit on purchase

A company is registered under delhi vat, up vat, punjab vat, haryana vat,
it is purchasing taxable goods against tax invoice from all the state and company is registered and situated in delhi,,,
my question is can company claim input credit on purchase from up,haryana, punjab as it is registered under these state vat???

what to show the vat paid on purchase in books ???

06 December 2016 at 10:41

C form

Unable to issue C form after revising of DVAT return and following message is being displayed:

"The 2A2B data was revised after initiating this request therefore the request can not be processed further"

Please tell me how to issue C form now?

06 December 2016 at 20:48

Reg registration

A person started A/C restaurant in the month of june 2016 and his turnover crossed the basic exemption limit,whether he is required to take TIN no and ST no (or) ST reg no itself is enough and what is the procedure for billing.

06 December 2016 at 20:01

Appointment of auditor

company not appointed auditor within period of 2 year now i want to appoint as a auditor pls send me concent letter, board resolution format and appointment of auditor letter

06 December 2016 at 15:56

duties of compliance officer

please share duties of compliance officer.

06 December 2016 at 15:31

Company incorporation


06 December 2016 at 13:41

Related party transactions

Dear Sir
Whether loan taken/given by company to/from directors are to be recorded in register u/s 189 and whether it will be disclosed in notes to accounts as per As-18.

06 December 2016 at 13:14

Journal entry of dividend declaration and its payment

Dear Experts,
Pls tell me the journal entry of dividend declaration and dividend payment?


06 December 2016 at 11:45

Closure of company

how to close pvt ltd co.

06 December 2016 at 10:25

Director remuneration

Dear All
As per schedule v a director cannot draw the agregate remuneration Rs. XXXXXX from all companies. Pls let me know the same with an example,

Thanks & Regards
Arun Bhargave

06 December 2016 at 11:33

articleship termination after 1 year

I am an article assistant of 3rd, I had applied for articleship transfer on the medical grounds. ICAI has given me consent for the same. Now my query is after getting the approval from ICAI, can my ca deny to sign form no 109 on the grounds that he dont have article assistant? and also tell me what should I do in this case?

06 December 2016 at 00:29

Residential Programme

Is it worthwile to go for residential programme in Hyderabad or to do gmcs ?

06 December 2016 at 18:49

Loan from a non resident relative by an indian company

I have registered a company in odisha, of which one of the directors is an NRI. Authorised and paid up capital of the company is 20 Lakhs. Company want to buy a readymade mineral water project @ Rs. 49 Lakhs there. Rest of the money will be provided by the NRI Director Or her husband. So could you please guide me regarding this situation. What are the compliances regarding Companies Act, FEMA or RBI ? Loan from director or relative which would be the best way to proceed ? Procedure ?

06 December 2016 at 17:43

Incorporation certificate

we have lost the Company Incorporation Certificate. the company is old (1997) how we will get Incorporation certificate and what is the procedure for getting the Certificate. please reply to us.

06 December 2016 at 16:47

Pvt ltd com registration documents cheek lust

what is doc required for Pvt Ltd company registration .

06 December 2016 at 15:25


in case of transfer of articleship within one year wether remaining period of articleship should have been completed with new principle or the training start fresh cos I received letter from icai on transfer of articleship in which it is written that I have to complete 3 yrs of articleship period with new principal and before transfer I had already done 11 months of training. is it all in vain. plus help me out in this anyone very eagerly waiting for help guys please

06 December 2016 at 13:57

Overbook challan

my challan status is showing as OVERBOOK and under the list of MATCHED CHALLAN

06 December 2016 at 13:50

How to clear demand against tds overbook challan

how to clear demand against tds overbook challan

Please solve my problem Vaibhav Sir,

06 December 2016 at 12:34

Company law

There stand share application money in Balance Sheet from 31.03.2011.Whether there stand any provision to cancel the same or not to show the same.

06 December 2016 at 12:11

mca-llp incorporation form error

While prescurity the llp form getting error 'person who has digitally signed the e form does not correspond to the din. Plz help for resolve the issue

06 December 2016 at 11:58

Registration under money lending act, karnataka

Kindly let me know that what is the procedure to get registered under the above act,the documents submitted in connection with such registration and the fees involved in the registration process.

06 December 2016 at 17:41

Excise Duty on Moong Dal

Whether Moong Dal is Excitable? In industries, moongs are processed and after that Moong Pulses (Dal) and Moong Pieces (Fala/tukda) are being made. Can this process is considered as excisable?

06 December 2016 at 14:16

Query about late fee in case of late filing of er-3 return.

Dear Experts, I am working in a company which are required to file excise return quarterly i.e. ER-3 . for 2nd qtr we were required to file return upto 10th oct.16 but due to some reason i could not file it timely. I filed the return 0n 1st Dec. 16 with late fee of Rs 100 per day subject to maximum of Rs. 20000 i.e for delay of 52 days i.e Rs 5200/- I got a call from excise department that in case of ER-3 return penalty is 10000/- should be paid in case of late filing of ER-3 return instead of late fee of 100/- per day which is applicable in case of ER-1 return according to Excise officer. Please give your best suggestion with law provision are there seperate fees for late filing of ER-1 and Er-3 returns?

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06 December 2016 at 09:49

rg 23a entry

dear sir rg23a me invoice ka kaun sa matter entry karege thanx

06 December 2016 at 19:28


Sir, I am presently pursuing CWA course . Is there a need for an add on professional course as per the time, if yes then which course is advisable with it CA , CS or any other ?

06 December 2016 at 11:58


Dear Sir/Mam, I gave my IPCC this November but I am not sure whether I am going to clear it or not. Also I am not quite synchronising with the profession. I had tough time convincing myself to study during those 9 months of IPCC. Also I lack passion in it. So i was wondering whether I should opt for some other career such as CFA and MBA. I really am confused and it would be better for me to take a decision now as I dont want to waste time in trial and errors. Please suggest for the same.

06 December 2016 at 20:35

Ipcc Taxation

Dear Sir/Madam, I need Neeraj Arora Taxation Classes Video Lecture. Kindly, let me know... Thanks

06 December 2016 at 20:51

documents required

what documents are to be submitted for filling a complaint in a consumer forum

06 December 2016 at 20:12

Minutes template

can anybody help me with board meeting minutes template of an trust registered under trust act of india

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