CCI Online Coaching    |    x

Experts Query Daily Digest :29 September 2016



29 September 2016 at 22:12

can cst take input or not???

we can take input CST or not...????


29 September 2016 at 20:43

Input Credit Service Tax

Dear Sir, My CA is showing input credit service tax under head revenue from operation. How can be possible . Kindly explain.


29 September 2016 at 10:36

Which entries are correct

Kindly tell me which of the following method of passing journal entry is correct and also tell the reason. 1st method) at the time of due Dr Commission on sales A/c 1000 Cr. A's Commission A/c. 950 Cr. Tds A/c. 50 at the time of payment Dr. A's commission a/c. 950 Dr. Tds a/c. 50 Cr. Bank A/c. 1000 2nd Method at the time of due Dr commission a/c. 1000 cr. A's commission a/c. 1000 at payment time Dr A's commission a/c. 1000 cr cash. A/c. 950 cr. Tds A/c. 50


29 September 2016 at 09:45

Form c

Dear sir, good morning!!. sir what is form c and how can one obtain it. pls advise . thank you.


29 September 2016 at 19:02

Company audit

Is chapter co audit in audit nd audit nd auditors in law are same ??!!
I saw practise manual of audit there questions related to AS was presented.


29 September 2016 at 15:29

Caro 2016

as per guidance note on fixed assets register if the company has not maintained fixed asset register what will be its effect on auditors opinion?
do we need to qualify ?
or unfavourable opinion is alright?


29 September 2016 at 14:42

Audit Of E-business

How to start audit of flipkart? What we need to handy with?


29 September 2016 at 12:09

envorment audit

what is complete chek list


29 September 2016 at 11:16

Reporting under 269ss & 269tt

An Assessee has taken an unsecured loan from Individual amount to Rs. 600000 on september. Interest on Such loan is Due on Oct. 18000 & the same Interst is paid by the Assessee. Again Interst due on Such loan is 25000 & the same Interst is paid by the Assessee. My Query is How the Above Transactions is to be reported under 269SS & 269TT. please reply..




29 September 2016 at 22:18

Sec 10 (32)

As per section 10 (32), The income of a minor child upto Rs1500 in respect of each minor child whose income is includible under sec 64 (1A) My question: Is this exemption available on the total income per child that is if A a minor has 3 source of income then can he avail individual exemption on each source of income or he has to sum all the source of income and then avail exemption of Rs1500 Is this exemption available for individual source or on lumpsum basis Thank You


Anonymous
29 September 2016 at 20:52

Tds return rpu urgent

How to show lower rate deduction of TDS in RPU due to excess deducted in earlier quarter and Earlier qtr return has filed with excess tds amount ? for e.g. u/s 194H tds was deducted @10% in June-16 but applicable rate is 5% and we have filed TDS return with showing TDS rate 10%. Now we have adjusted excess 5% in the period of July to Sept for that effective rate on gross amount came down to around 3% from 5% however cumulative for both quarter tds rate is ok.

Please guide . thanks .


Anonymous
29 September 2016 at 19:06

Proof for lta reimbursment & exemtion propcess

Dear All,
1)one of my Employee is calming LTA for 2016-17 and he is traveling by his won can what will be the proof for LTA Reimbursement and Exemption?
2) As per the LTA rule he can claimed LTA every year but he can avail the exemption once in two year means if he 2015-16 & 2016-17
so 2015-16 will be taxable and 2016-17 will be exempted because we pay the LTA amount every year.

please guide on this, and provide detail on LTA rule.

Thanks in advance for your help.

Harshal Konde


29 September 2016 at 18:54

STCLoss disallowed; appeal in which section

STCG on shares is disallowed. which section should I mention while filing Appeal


Anonymous
29 September 2016 at 17:51

Tds on tracker system device

please give the advice 194 c / 194 j


29 September 2016 at 17:50

Treatment of principal amount of house loan

How do we treat the principal amount repaid during the construction period of the property?


29 September 2016 at 17:38

Penalty u/s 271 c

What is the time limit to appeal against penalty order issued u/s 271


29 September 2016 at 16:19

Deduction

Is there any deduction for intrest paid on gold loan to a bank


29 September 2016 at 15:01

New jeevan dhara annuity policy of lic

I have received the subject policy proceeds after 15 years as I opted for one time notional payment and did not go for monthly or quarterly pension. My question is the amount of Rs. 2 lacs received now (out of Rs. 41K payment some 15 years back) will be considered as taxable and if so , at what rate and whether it can be adjusted against current year taxable income income (to what extent). Further also let me know whether indexation benefit can be available if it is to be treated as taxable LTCG. I am NRI. Please advise.


29 September 2016 at 14:26

New jeevan dhara annuity policy of lic

I have received the subject policy proceeds after 15 years as I opted for one time payment and did not go for monthly or quarterly pension. My question is the amount of Rs. 2 lacs received (out of Rs. 41K payment some 15 years back) will be considered as taxable and if so , at what rate and whether it can be adjusted against current year taxable income income (to what extent). Further also let me know whether indexation benefit can be available if it is to be treated as LTCG. I am NRI. Please advise.


29 September 2016 at 14:25

intimation

I have submitted ITR with form 16 today department send me intimation what does it means


29 September 2016 at 14:20

Choose wrong section filing itr-4

DEAR SIR / MADAM

I am filed itr 4 but selecting wrong section. i am selection 142 (1). and after e verifying itr i am received letter from cpc banglore office that your itr is forward to income tax officer. But i am not received any notice form income tax dept. please suggest me what happend in this case it is a big mistake if there is any penalty because i am filling income tax return for AY 2014-15


29 September 2016 at 13:48

I.d.s.

The party has purchased and sold the property during F.Y. 2012-13. Nothing has disclosed in the books of accounts. Now how to disclose the amount in I.D.S. Shell he pay 45% on total amount recd and closed the matter. Please advise.
Thanking in advance.

K.B.Nagesha Rao.
9448826793


29 September 2016 at 13:41

Income is exempt under which section

For army disability pension it is fully exempt. but the bank has deducted tds. now pension received is to be shown under which section while filing itr??


Anonymous
29 September 2016 at 13:14

Section 40a(2)(b)

Sir,
In ITR-5 balance sheet of unsecured loans consists "from persons specified in section 40A(2)(B) of IT Act" and in 3CD column no.23 consists "particulars of payments made to persons specified under section 40A(2)(B)".
what is the difference between these items.
if we enter the details in balance sheet can we entered the same details in 3CD.
Thank in advance plz reply ASAP


Anonymous
29 September 2016 at 12:20

Tds u/s 194h

commission & brokerage add in to basic price of product can we deducted tds. not mention separately in Invoice.
E.g:- Rice Paddy Purchase of Rs:-20.45 including 1% brokerage.


29 September 2016 at 09:09

Gift from employer

If gift by employer is given in kind than it is exempt upto ₹5000.If amount say ₹10000 gift in kind than taxable perquisite is ₹10000 or 10000-5000


29 September 2016 at 01:34

Last date of filing Tds return

kindly tell me what is the last date to file this quarterly TDS return


29 September 2016 at 08:14

Epcg-ffe

what is free foreign exchange?

Present scenario how many currencies treated as FFE. Explain me brief


29 September 2016 at 21:52

Nil cst return is mandatory or not

R/ Members
If a registered dealer from Maharashtra unable to file nil CST return, then is he need to file nil CST return for any period after 2008.


29 September 2016 at 18:13

Calculation of entry tax

Good Evening Experts,

I want to know about entry tax calculation regarding Chhattisgarh VAT Law. for example:

PARTICULARS AMOUNT

Purchase Cost before vat (A) 100000
VAT paid by Purchaser@ 14.50 (B) 14500
Landing cost (C=A+B) 114500

here, my question is what will the amount of entry tax out of the below two options:

1) Entry Tax @ 1% on Landing cost on C 1145
2) Entry Tax @ 1% on purchase Cost on A 1000

Please resolve.

Thanks with Regards

Santosh Achary


29 September 2016 at 14:31

Mvat refund

How to file Mvat Refund Application. i have prepare 501 but haven't find any option to upload Form 501 on Mahavat website.

Please reply me at the earliest.

Thank You.




Anonymous
29 September 2016 at 21:24

Service tax under receipt basis ( llpindividualpartnership )

CAN SOMEONE PLEASE EXPLAIN THE PROCESS OF CALCULATING THE LIMIT OF AMOUNT ON WHICH THE TAX COULD BE PAID UNDER PAYMENT BASIS. LIKE THE 50 LAKS VALUE IS THE TOTAL LIMIT OF PAYING SERVICE TAX ON PAYMENT BASIS BUT IS THAT LIMIT OF THE INVOICES OR IS THAT LIMIT OF 50 LAKHS OF TOTAL PAYMENTS RECEIVED?
50 LAKHS LIMIT IS OF THE INVOICES OR PAYMENT?
FOR EXAMPLE
PAYMENT RECEIVED 40 LAC ON INVOICE OF 50 LAKHS
NOW THE LIMIT UPTO WHICH WE CAN PAY ON RECEIPT BASIS
IS 50 LAKH OF INVOICES OR 40 LACKS OF PAYMENT AND IN THIS CASE 10 LAC STILL REMAINS WHICH MEANS OTHER 10 LAKHS OF PAYMENT WILL BE USED FOR RECEIPT BASIS?
CAN U EXPLAIN IT WITH A EXAMPLE?


Anonymous
29 September 2016 at 20:38

Service tax refund

I am providing software services to an foreign company since October 2015 and have been paying 15% service tax every month. I just now came to know that if the service is provided to outside of India then we need not pay any service tax.

Is this true? If yes, then is their any way I can get refund of the service tax amount which I have paid from October 2015?

I want to know how money can be refunded.

Regards,
Sree


29 September 2016 at 17:31

Service tax on partial amt recd after completion certificate

service tax is not levied if entire consideration is received after completion certificate but what if partial consideration is received before completion and partial after completion certificate in case builders


Anonymous
29 September 2016 at 20:44

Registered office of the company

if name of the person change with different from shrinivas panwar to nivas panwar in electricity bill than can i file inc 22 with attached elc bill bz i have no any proof for registered office pls suggest me


29 September 2016 at 19:51

pan card surrender

suggest me pan card surrender procedure. thankx in advance


29 September 2016 at 17:55

Pan surrender

how to surrender PAN of an unlisted company in case of its winding up...??? Whether original PAN is required to sent along with the PAN surrender application...??


29 September 2016 at 12:20

Annual general meeting

Hi All,
A company wants to conduct Annual General Meeting for the FY 2015-16 on September 30, 2016 but there is a problem.... the company has already filed form INC 28 regarding sifting of registered office from the state of Maharashtra to the state of Karnataka and form is approved by roc. after that on Last week of September the company has filed form INC 22 but the Form is still under the process of approval.
please let me know where the Annual General Meeting will be held?


29 September 2016 at 11:48

Related party transactions

A private ltd is giving Rent to Directors' wife, if the same is related party and if the company has passed resolution in the EGM held after exemption notification for private limited, is it necessary to file MGT-14 with ROC as this was not " SPECIAL " but " ORDINARY " resolution as per Companies Amendment Act, 29.05.2015


Anonymous
29 September 2016 at 09:58

Stamp duty on transfer of shares

sir,
can one pay stamp duty on share transfer by affixing revenue stamp on instrument of transfer


29 September 2016 at 19:59

Articleship termination in second year

is termination in second year of articleship on the basis of "misconduct and moral turpitute" be in same city is considered by icai or not?


29 September 2016 at 18:17

ASA and associates related query

Can anyone tell me how is ASA and associates as an articleship firm? pros and cons?


29 September 2016 at 17:14

Clear my query

Hello.
GOOD EVENING.SIR,
what is the entry to be passed for digital signature apllication?


29 September 2016 at 11:48

Revalidation of ipcc

i have registered for ipcc on 26th feb 2013 after that i have attempted for 3 times for the exam and failed
when can i revalidate my ipcc registration
i want to write ipcc exam in may 2017


29 September 2016 at 18:10

Tax on transfer of immovable property

Please resolve my query.. Proprietor business taken over by a private limited company and all assets are carried forward. Is there any stamp duty applicable on this transaction? it is under bombay stamp act. If yes, How much percentage?

Read more at: http://www.caclubindia.com/experts/modify_message.asp?entry_id=1103797


Anonymous
29 September 2016 at 12:08

Prior permission from share holders to take a loan in bank

Sir/madam


A Private Limited company to borrow loan from bank.(Loan Value Appor.Rs45 Crore) whether any prior permission or approval from their share holder's?
Is the board passed any special resolution under company act 2013 ?
Kindly guide my above quary
Thanking You
Mani A Kandan





29 September 2016 at 08:16

paridhi sinha notes

anyone have CA paridhi sinha's notes for IPCC November 2016 please email to madanlal170987@gmail.com.


29 September 2016 at 15:16

Rebate

Dear Sir,
Can we rebate claim under ct-1 goods exported.


29 September 2016 at 07:48

Balrampur chini v/s jai bhgwan oil mills

Let me clear that what is the difference between the case laws of Jai Bhgwan oil and floor Mills and Balrampur Pur chini.

Why oil cake is chargeable to excise duty in case of Jai Bhgwan oil even oil cake is a waste and also commercially marketable.

Why baggase is not chargeable to excise duty in case of Balrampur chini even baggase is a waste and also commercially marketable.

Please help me to clear

Piyush Jain


29 September 2016 at 15:35

Comes under fdi or not?????

Hi Expert,

I have a query regarding the FDI compliance. My Company is a Subsidiary of US Company. The director of Indian Company transferred their holding to the US company( Parent Company). Parent Company transferred the amount of the shares in director's Saving account.

Is Company comes under FDI.

Thanks


29 September 2016 at 11:34

partly paid up shares

Dear experts, one of the pvt co. has partly paid up shares since 2000. now as per new co. act is it required to make them fully paid up? No bonus issue or right issue is planned by the co.




close x