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Experts Query Daily Digest : 30 July 2015
Accounts
Posted by : PULKIT JAIN
Posted On : 7/30/2015 1:14:31 PM
Depreciation in case of conversion of entity.
There is a Partnership firm which get converted into Sole Proprietorship. Partnership Firm Exist only for 135 days and Proprietorship For 230 days during F.Y. 2014-15.
I am facing problem about recognizing the Depreciation as per Income tax act.

For the purpose of 3CD, Software is not taking input on days basis.How can I input depreciation separately on day basis in 3CD.
 


Posted by : Anonymous
Posted On : 7/30/2015 12:33:09 PM
Fdr
principle amount 500000 on 9-12-2011 for 36 months and maturity value 657831.05
intt. rate 9.25%
in bank amount credited 649064.9
intt in 14-15 39225.84 tds 3922.58


matured on 9-12-2014


tally entry and heads to be created ?
 
Posted by : Manjiree Sawant
Posted On : 7/30/2015 12:30:02 PM
Tds
Hi

One of our owner has sent us below mentioned message. Considering his point do we have to deduct the TDS on below ?

We would like to inform you that as per amendment of section 67 in service tax act “on all reimbursable expenditure or cost incurred and charged by the service provider” treated as taxable service.

As electricity is our part of service which is being reimbursed to DLF, sevice tax is applicable on it with effect from 1st June 2015.

Please advice
 
Posted by : Poojan Mehta
Posted On : 7/30/2015 11:49:40 AM
Amalgamation
can anyone tell what will be the write off effect on reserves created on amalgamtion of companies. with respect to companies act 2013 and its treatment.
 


Posted by : Anonymous
Posted On : 7/30/2015 11:42:55 AM
Treatment of depreciation on addition of rental property
Dear sir,

My question is if i have taken 1 property on lease for 5 year terms and as a tenent i hav incurred expeniture on flooring ,lighting, interior work to make this property of car showroom ,should i need to capitalise all expenses incurred or Charged to the p&l A/c...??? please suggest me with reference to the provision of the act

Thanks&Regards,
Prashant Gupta
75036421
 

Posted by : Debleen Majumdar
Posted On : 7/30/2015 8:47:55 AM
Deduction
What is the difference between 80ccc and 80dccd(1) and 80ccd(1b)
 
Audit

Posted by : lakshmi narayana
Posted On : 7/30/2015 12:44:49 PM
What is meant by control returns in banking industry?
CAN ANY ONE TELL ME WHAT IS MEANT BY CONTROL RETURNS WHICH ARE SENT BY BRANCH TO HEAD OFFICE IN BANKING INDUSTRY. THANKS IN ADVANCE.
 

Posted by : Rajagopalakrishnan R
Posted On : 7/30/2015 11:16:56 AM
Statement of changes in equity
Section 2(40) “financial statement” in relation to a company, includes—
(i) a balance sheet as at the end of the financial year;
(ii) a profit and loss account, or in the case of a company carrying on any
activity not for profit, an income and expenditure account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable; and
(v) any explanatory note annexed to, or forming part of, any document
referred to in sub-clause (i) to sub-clause (iv):
The above definition of Financial statements as per companies act 2013 includes a statement of changes in Equity SOCE as one of the FS. But no listed or other company who have published their balance sheets for 31/3/2015 have included this Any ide why??
 

Posted by : sneha israni
Posted On : 7/30/2015 11:07:37 AM
Internal audit | nbfc
is there any circular for NBFC ND SI regarding right issue of shares?? if yes please forward any and list documents which are required to be filed with RBI for the same.
 

Posted by : lakshmi narayana
Posted On : 7/30/2015 10:47:59 AM
What are control returns in bank 's concurrent audit?
plz tell me what are the control returns, which are sent by branch to head office in banking sector
 
Income Tax

Posted by : Mohit Singla
Posted On : 7/30/2015 1:36:18 PM
Tax on income earned in india and in foreign
Dear Experts,

One of my client has worked in india for less then 182 days during last year. And he earned salary income in india and TDS was also deducted on this salary of india.

After that he go to abroad and earn income their.
1. Now how his income will get taxed in india?
2. Is he liable to pay tax on foreign earned income in case he reside in india for more than 182 days?
3. Requirement of ITR in both case ?
4. Is he need to disclose his foreign income in the ITR in case his residential status is R& NOR?
 
Posted by : Sunil CA
Posted On : 7/30/2015 1:12:25 PM
Capital gain taxation
Computer, IS This a Capital Asset Or Not?
Is this Classified as a Personal Effect or not?

Is Capital Gain Taxation Applicable on Computer?

Please do Clarify As Soon as Possible....
 


Posted by : Anonymous
Posted On : 7/30/2015 1:01:35 PM
Can we claim tds deposited under sec 194da
Hi,

I had LIC's Bima plus which matured,
during payment LIC deducted 2% and paid
TDS under section 194DA. My question is
1. When I file IT returns can I claim
the 2% paid by LIC as refund. (or)
2. Should I pay more tax on the maturity
amount?

Can you please clarify?

Regards,
Shankar
 

Posted by : Ramkrishna
Posted On : 7/30/2015 1:00:52 PM
Gift of shares (investment) from firm to its partner
A PARTNERSHIP FIRM HAS INVESTED IN SHARES OF PVT LTD COMPANY.

1.CAN THE FIRM TRANSFERS ITS SHARES VIA GIFT DEED TO ONE OF ITS PARTNER.

2. IF THE SHARE APPLICATION IS SIGNED BY A PARTNER THR. POA , NOW CAN HE HIMSELF TRANSFERS THOSE SHARES IN HIS OWN NAME BY POA.

3. THE GIFT IS TAXABLE OR EXEMPTED.

WITH REGARDS
 


Posted by : Anonymous
Posted On : 7/30/2015 12:50:13 PM
Form 10fa u/s 90 & 90a of income tax
Dear sir/Mam,

1) I want to know about filling procedure of form 10FA with Assessing officer i.e whether we can filing online or how we can filling.

2) What documents required for attached with Form 10FA.

Please any Expert advice me.

Thanks in advance
 


Posted by : Anonymous
Posted On : 7/30/2015 12:38:48 PM
clarification to sec139(9)
Sir

my client has received 139(9) notice as Error code 3( not filling of P&l , B/s, actually we fill the balance sheet but not p & l as there is no transactions this year so we filled we all data as zero only my question is that we should fill compulsory the schedule of P&l a/c
 

Posted by : imran dafedar
Posted On : 7/30/2015 12:38:21 PM
Section 80ddb
Deear sir, Please help to know that , my client got treatment of byepass (heart) surgery. wheather this exp qualify for this section. Further, now we are filing online. then how to submit medical certificate.
 


Posted by : Anonymous
Posted On : 7/30/2015 12:37:08 PM
15ca/cb
I have made two payments for june and july of $52, can i file 15CA now???Will there be any penltay??
 
Posted by : sandeep chhajer
Posted On : 7/30/2015 12:14:10 PM
Required challan number of income tax payment
dear all,
I have made payment of income tax of one of my client by debit card.
but when payment becomes successful the server got know and i m not able to print the challan.
now while filling the I.T. Return of the client it required to fill challan number and i have not the challan number.
i concerned with I.T.department cus. care they told me to go to branch,and when i go through the bank branch they are also not able to help me...

please help me in this regard.
 
Posted by : Dhokane Ravindra
Posted On : 7/30/2015 11:49:30 AM
P f calculation
Dear Sir/Mam,

My Basic salary for Fy 2013-14 & Fy 2014-15 is Rs.11580 & Rs.16220 respectively. How much PF amount i can deduct from sec 80C for such financial years.

Please give brife calculation
 
Posted by : ranjitha
Posted On : 7/30/2015 11:28:26 AM
Sham transaction
what is the meaning of sham transaction???
 
Posted by : RAJ
Posted On : 7/30/2015 11:23:08 AM
Tds refund
Dear Sir,
My client is govt employee.He recently Transferred from one place to another . He filed return containing old tan. But old tan not working .he deducted rs 29000 in the name of old tan but amt not refund .please suggest how can my client get his refund amount
 
Posted by : Joydeep Ghosh
Posted On : 7/30/2015 10:47:48 AM
Section 269ab and form 37ee
My society is insisting on filling up form 37EE vide section 269AB of the act. Do I need to do the same? What circular/ notification can I provide to my society in support of the same?
 

Posted by : Bhumika bharwani
Posted On : 7/30/2015 9:10:04 AM
Additinal deprivation
any ready available to the assessed who claim the additional deprication engaged in trading activity and consequently as dement made hence disallowed
 
Custom


Posted by : Anonymous
Posted On : 7/30/2015 10:35:57 AM
Accounting procedure for purchase of export licence
A bill is issued under Kerala VAT rules for the purchase of export licence and how to account said purchase. for sett off the customs duty and the tax amount paid along with the bill?
 
Posted by : IRFAN
Posted On : 7/30/2015 4:49:03 AM
Not allow to clear bill of entry
HELLO TO EXPERTS

MY BILL OF ENTRY IS STOP FOR CLEARANCE, AND I AM GETTING WAREHOUSE DAMAGES.

THEY SAID YOU ARE DUE TO PAY THE " THE SHORT COLLECTION AMOUNT OF XXXXX RS. WITH INTEREST " SO IMPORTER IS NOT ALLOWED TO CLEAR THE SHIPMENT. THIS THE ACTIVE ALERT.

AS I HAVE NO IDEA WHAT THIS AMOUNT FOR AND I NOT GET ANY NOTICE FROM THEM EARLIER.

PLEASE ADVICE ME AS SOON AS POSSIBLE..

THANKS IN ADVANCE.

REGARDS

SUBSCRIBER IRFAN

 
VAT


Posted by : Anonymous
Posted On : 7/30/2015 1:09:00 PM
Lbt
In tally how to do entry a bill in LBT in Maharashtra how the create a gorp what is under LBT have say me ....
 


Posted by : Anonymous
Posted On : 7/30/2015 12:03:07 PM
Works contract tax
WHEN WCT IS APPLICABLE?
 

Posted by : Mohammed
Posted On : 7/30/2015 11:55:44 AM
Hydro mechanical supply part for power projects
Is VAT and Service Tax applicable for Supply of Hydro Mechanical work for Power projects
 
Posted by : Anand K
Posted On : 7/30/2015 10:54:18 AM
Registration of vat in karnataka.
Kindly provide me the list of documents to be required for vat registration to submit the application through online with the security deposit slabs...

Regards,
AK
 

Posted by : Yatender Singh Rawat
Posted On : 7/30/2015 8:18:01 AM
Process to take a registration in gujarat vat composition scheme
I just want to know that what's the process to take a registration in Gujarat vat composition scheme.
 
Service Tax

Posted by : Aastha
Posted On : 7/30/2015 1:18:08 PM
What rate of st to be applicable in november 2015 exams
My question is in regard to rate of service tax ..is anybody sure of what rate is applicable in upcoming CA final exams ..is it 12.36 % or 14 % ??
 


Posted by : Anonymous
Posted On : 7/30/2015 11:34:33 AM
Air ambulance services
Respected Sir

Please let us know that whether air ambulance services are exempt from service tax? If yes, please let us know that what documents we would required from patient.
 


Posted by : Anonymous
Posted On : 7/30/2015 11:03:47 AM
Service tax reverse machanism
Dear Expert,
After Notification No. 7/2015 Dated 01.03.2015 in Service Tax, Service Recipient paid 100% Service Tax than what is entry made for Service tax Reverse Machanism, Please Please explain, its urgent.
Thanks & Regards

 
Posted by : Patel
Posted On : 7/30/2015 9:57:22 AM
Gta setoff in bss
Dear Expert,

we are paying gta liability of June 15 in July 15.

so in which month we can take GTA setoff in BSS ? ( if possbile please attach servicet tax rule referance )

 


Posted by : Anonymous
Posted On : 7/30/2015 2:46:16 AM
Procedure of online modification in existing registration
I need to know how to make some changes in the name of Assessee (full form to short form) and address of Assessee in existing service tax registration of the company online. Since i have no idea what the user ID and password is there.

Please suggest what to do
 
Corporate Law

Posted by : Roshini Arya
Posted On : 7/30/2015 1:19:37 PM
Change of address of resigned director of absconding company
Dear Experts
I need you help on the following scenario.

1)My client had resigned as a Director from XYZ pvt ltd company in Aug 2009 through a written communication on mail to the other director.

2) XYZ pvt ltd however never updated the records in ROC and never filed Form 32 for my client.

3)My client complained of the same to ROC and in cognizance of his complaint ROC started their own investigation.

4)However the XYZ Pvt Ltd company has disappeared and so has its directors.

5)Now my client had registered with ROC with a particular address and now wants to change his address in ROC records so that he can receive all further communication on this address.

My question is how can he update his DIN-4 form to ROC.
Please advice if there is any other procedure also possible.

Regards

Roshini
 


Posted by : Anonymous
Posted On : 7/30/2015 1:16:53 PM
,..
If a company becomes partner in a Partnership firm whose directors and partners are same,are there any points of conflict in Company act and Partnership act....regarding investment being made by them...
 

Posted by : SREENATH.P
Posted On : 7/30/2015 12:23:38 PM
Right issue- sec.62
Sir,

A Company Proposes to go for right issue, and given offer letter for 15 days. If all the Right holders including Renouncees subscribed by paying full amount/Rejected within shorter time (eg.3 days), Can the Company allot the right share immediately without waiting for 15 days.
 


Posted by : Anonymous
Posted On : 7/30/2015 12:23:23 PM
Issue of preferance shares for considertion other than cash
please let us know what is the procedure to be followed and kindly provide the formats relating to issue of shares for preference shares for consideration other than cash
 
Posted by : NEHA RAWAT
Posted On : 7/30/2015 11:35:59 AM
Aoa of opc
Can anyone give me the format of OPC Company????
 
Posted by : gyanesh
Posted On : 7/30/2015 11:14:35 AM
Can two same director open new vo.
here i want to knw abt related to company law .my question is if a pvt co. hav 2 director and share holding ratio in 80 20 .they want to open two more pvt co. with the same director and same share holding ratio.so can they do so ...
 

Posted by : Saurabh Garg
Posted On : 7/30/2015 10:39:26 AM
Roc annual efiling
Are any new forms for filing Balance sheet and P & l are to be notified...?

Or filing can be done in old E forms viz 23 AC & 23 ACA...
Is ROC accepting the forms now for FY 2014-2015.
 


Posted by : Anonymous
Posted On : 7/30/2015 4:25:30 AM
Audit committee-can md be member
Hi,

Can Chairman and Managing Director be a member of audit committee of a listed co?
 
Students
Posted by : dinesh vanka
Posted On : 7/30/2015 12:11:43 PM
Red ink interest
if a peson has accepted a bill for 3 mnths then vil he pay the amount b4 d due date.. if no then how did the red ink concept works here... and if the answer is yes then my doubt is why vil he pay before the maturity date?
 
Posted by : avinashphani
Posted On : 7/30/2015 10:52:18 AM
Icwa and cs final attempt after completing ipcc
Hello experts.my friend had passed IPCC, ICWA inter, CS executive in December2014 attempt. He had not yet started his article ship of CA IPCC. He is going to start his article ship in this August 2015. His doubt is whether he can attempt both ICWAfinal, CS professional exams in December 2015 or he can give attempt any one of them.he already got registered for ICWA final and CS professional and still hasn't applied for CA articleship
 
Posted by : Gopal
Posted On : 7/30/2015 10:47:21 AM
Not understanding demutalisation or corporisation from chapter capital gain
Hello sir i am a CA IPC student prepering for nov 2015 Exam.please elaborate me in simple language.Equity share in a company/trading or clearing right of a recognised stock exchange alloted persuant to demutalisation or corporisation of a recognised stock exchange in india.
 
Others


Posted by : Anonymous
Posted On : 7/30/2015 1:36:07 PM
Conversion of partnership firm into proprietor
Dear expert
plz let me know can a partnership firm may be convert into proprietor ship firm.


plz reply.
 
Posted by : Nithya V
Posted On : 7/30/2015 1:34:43 PM
Sebi
what are all the eligible shares to paticipate in IPO under SME listing? can a preference share participate?
 

Posted by : Kumar Nayudu
Posted On : 7/30/2015 11:58:09 AM
Company profile format for scrap trading
It's a proprietary firm established in 2011. Mainly into scrap trading like purchasing scrap from small vendors and selling to other big vendors/companies for recycling.
Initially started with paper scrap like waste papers and cartons but later they extended it to plastic scrap, glass bottles and iron wastage also.please provide company profile and industry profile format
 

Posted by : Yatender Singh Rawat
Posted On : 7/30/2015 8:20:33 AM
How to take trade mark registration
What is the whole process to take a trade mark registration? And what is the applicable fees for trade mark?
 
Posted by : yogendra
Posted On : 7/30/2015 3:52:40 AM
Revalidation of cc certificate of cwa inter
whether online test is compulsory for validation of CC certificate for CWA inter, syllabus 2008...? is there any provision for offline test...?

Read more at: http://www.caclubindia.com/experts/ask_query.asp
 
Excise

Posted by : Vineeth PN
Posted On : 7/30/2015 1:14:39 PM
Warehouse
One manufacturing company need to open a warehouse and sale goods from warehouse.
I have Some Doubts..

1. Excise registration is mandatory for ware house to move goods?

2. when I am moving goods from manufacturing unit to warehouse separate Excise Invoice with duty is required?

3. when i pay the Excise Duty(moving from manufacturing unit or Moving From ware house?)

Pleas give me a Brief note about this.

Thanks..
 
Exams
Posted by : shiv
Posted On : 7/30/2015 8:52:29 AM
Cpt registration
Can a student who isstudying in class 12th commerce presently in 2015 can sit for CPT in 2016.Can a student fill online form and payment ; can it be online too?
 


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