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Experts Query Daily Digest :24 October 2016

24 October 2016 at 22:10

cash received from son will it be taxable

please advice as per indian income tax section 56 (2) which said gifted income more than 50000 or property is taxable in the hand of receiver but that clause shall not apply to any sum of money received from any relative...again that section specified "relative means": a. spouse of the individual b. brother or sister of the spouse of the individual c. brother or sister of either of the parents of the individual d. brother or sister of the spouse of the individual e. any lineal ascendant or descendant of the individual f. any lineal ascendant or descendant of spouse of the individual so need yur advice will that money which i have received from son is treated as gifted money and sure receiver have not to pay any tax on that money... second thing what is clubbing provision ..will it be applicable in my case because i will invest it fixed deposit

24 October 2016 at 19:14

Examption of 54 for sale of plot

assessee sale of plot at 31.08.2014 land and builsding used for business - and purchases of new plot 30.09.2014 for use of self business purposes and construcation of 2 rooms only - Assessing officer say claim of section 54 of income tax of capital gain not applicable and liable for tax

how to aviod the capital gain tax and give me a case law for this problem

24 October 2016 at 19:03


hello experts, one of my friend want an itr for loan from bank since he had no income how should I file itr for that what income should I show in return for loan purpose.

24 October 2016 at 16:48

27Q Return

what details should we mention in 27q return, trc no. or deductee (france) TIN?. Service receiced is IT support & ecb loan interest. Also confirm tds%.

24 October 2016 at 16:44


Kindly guide me how I can Write off the short deduction & Interest on short deduction with a challan showing amt available balance(online) in my account on traces.
Kindly help me with your expert suggestions.

24 October 2016 at 15:51

Books of account

In A.Y. 2009-10 i am running business of PAN (pan house : cold drink and all)
I have deposited cash of rupees 12 lakh during that year and have not filed income tax return.
I received notice to file return for that year and i have filed return u/s 44AD declaring turnover of rs.16 lakh.
Today I received another notice for production of cash book , bank books
And balance sheet and p&l
So my question is that inspite of i have filed return under section 44AD, I required to maintain that books?

24 October 2016 at 15:41

Limited scrutiny

respected sir ,

i have received a notice for limited scrutiny. what is limited scrutiny.please discuss

24 October 2016 at 12:15

Tds on sale of property

The agreement for sale of a property was executed in 2011 and advance consideration of 40 lakhs was paid.For some reasons the transaction was held up till Jan 2016 and a balance of 20 lakhs was paid in Jan 2016.Is TDS on sale of immovable property applicable in this case?If yes,on which amount?

24 October 2016 at 12:23

For engineering co.vat refund can claim or disallow

For Engineering service provider co. Purchase as per vat & provide only service (labour charges as per service tax) . Input Credit on purchase can be availed as refund or disallowed.

24 October 2016 at 12:22

remedy for non billed purchases frnd wants to set an online grocery business...but there are so many vendors who don't give bills to save tax on that items...but he wants to do business with a proper he wants bill...& if d vendors give him bill..the rate of products when it comes to customer they prefer to buy non billed one as it z what z d treatment for ds...I mean how my frnd get both bills & customers in most cost effective way...pls reply sir

24 October 2016 at 22:06


Under Rcm Whether cenvat credit is available?

24 October 2016 at 20:18

Partial Reverse Charge Inclusive method

In case of partial Reverse charge mechanism, can inclusive method be adopted? Suppose for renting of motor vehicle, amount paid is R's.1000 to the service provider. No abatement is availed. Hence partial RCM of 50:50 is applicable. If the amount of R's 1000 is treated as inclusive of service tax, how to determine Service receiver's liability? Actually, a company considered this 1000 as inclusive of the entire ST of 15% and grossed up the amount to R's 870 and calculated ST as 870*50%*15%- R's.65. Is this practice right? Please advice.

24 October 2016 at 14:52

Re-submission of inc-7

I have submitted INC-7. Now RoC, Pune marked as Sent for re-submission

My query is RoC marked INC-9 for sending details of the stamp vendor

As it is adhesive stamp which was cancelled by putting initials on it and duly notarized. Now also details of the vendor required

Please Guide

24 October 2016 at 23:35

Regarding final registration

Dear sir, I am going to write my c.a final exams in november 2017 and i am yet to register for final..currently i am in a big confusion that if i get the registration right now i.e.. On nov i eligible to write new syllabus or old syllabus? If it is the old syllabus.. Then how many grace attempts that i can attend? Kindly help me regarding this confusion as i have to start the coaching right now.

24 October 2016 at 19:33

Ipcc tax nov 16

Hello everyone. I am an IPCC student appearing in nov16 examination. I have one doubt regarding taxation. Is it enough if i Prepare IDT fully perfect And SETOFF , BASICS ,filing , pgbp. Salary (ok ok)I have prepared the above mentioned chapters perfectly but not others like capital gains and TDS advance tax . Is it enough to score more than 50 OR exemption Please answer my queryThanking in advance

24 October 2016 at 18:37

Gift transaction



24 October 2016 at 16:50

fund flow statement

How to prepare fund flow statement with example.

24 October 2016 at 16:11

Income tax & roc filling date


24 October 2016 at 12:34

Need any registration to start auditor and tax consultant

Hi expwrts,

We are going to start one partnership firm of practicing auditor and tax consultants.
For that we need any registration or membership from any institute to start the practice because we are non-CA's.

So help me out this issue..

Vishwanath reddy k

24 October 2016 at 12:17

Form 8 of LLP

What are attachment in form 8 of llp ??no charge created or modified.

24 October 2016 at 00:07

Foreign branch

How to intimate ICAI for opening branch of our office overseas? What formalities are to be done and in which form details are to be filled? Please suggest.

24 October 2016 at 13:08

Export under rebate

Dear Sir,

We have to export goods to USA from India..but our letter of undertaking has been expired.
so we will have to charge excise and than claim for a rebate.
is there any rule that we can only charge rebate if we have balance in our PLA??
Please guide and help us

24 October 2016 at 23:33

Ca final

Dear sir,

I am going to write my c.a final exams in november 2017 and i am yet to register for final..currently i am in a big confusion that if i get the registration right now i.e.. On nov i eligible to write new syllabus or old syllabus? If it is the old syllabus.. Then how many grace attempts that i can attend?
Kindly help me regarding this confusion as i have to start the coaching right now.

24 October 2016 at 13:56

Ca final paper 1 financial reporting

Whether IND AS 16 on Property plant and equipment is applicable for Nov 16 instead or existing AS 6 and AS 10 or exisiting AS 6 and AS 10 are applicable.Please help

24 October 2016 at 12:31

using pen in exam

whether i can use ink pen in exam

24 October 2016 at 21:03


hey, how to correct mistake in filed AOC 4 , how it can be revised or how to approach mca

24 October 2016 at 15:19


pls share with me business purchase agreement format urget

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