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Priyanka Agarwal

18 December 2025 at 17:08

Posted On : 18 December 2025

REGARDING STATUTORY AUDIT of a private company

if a company has appointed in its 1st agm held on 9.12.2024 auditor (sole proprietorship firm) for a period of 5 years till 2029 agm . further the auditor so appointed has merged with a partnership firm loses his former existence and emerge in the new name in the fy 2024-25 then who will audit the accounts of fy 2024-25 of the company and the whole process which a company needs to undergo

Sunil Patnaik

18 December 2025 at 17:08

Posted On : 18 December 2025

In Reply To :

GST ASMT - 13

Respected Sir,
The department had issued the notice for non filling GST ASMT - 13 on 19/05/2025 and then i have filled the GSTR 3B on 02/06/2025 and paid the respective tax, Interest and late fees. now i have seen that order has not deemed to be withdrawn automatically and the demand is still appearing. please guide how to resolve the issue ?

Dhirajlal Rambhia

18 December 2025 at 14:53

Posted On : 18 December 2025

In Reply To :

ENTRY OF CIVIL MATERIAL AT TIME OF RENOVATE THE FACTORY BUILDING

Expense vs. Capitalization
- Capitalize (Add to Asset Value) when:
- Bricks are used for structural renovation, extension, or improvement of the building.
- The renovation increases the future economic benefits (e.g., longer useful life, increased capacity, or efficiency).
- Example: Constructing a new wall, strengthening foundations, extending the building.
- Expense (Charge to P&L) when:
- Bricks are used for routine repairs or maintenance.
- The work only restores the building to its original condition without enhancing its future benefits.
- Example: Replacing a few damaged bricks in existing walls.

Dhirajlal Rambhia

18 December 2025 at 14:51

Posted On : 18 December 2025

In Reply To :

ENTRY OF CIVIL MATERIAL AT TIME OF RENOVATE THE FACTORY BUILDING

- If used for renovation/extension/improvement of factory building:
- Record under Fixed Assets → Factory Building (or "Building Renovation/Improvement" sub-head).
- It is not treated as raw material or consumable expense, because it directly relates to the structure of the building.
- If used for minor repairs/maintenance (not increasing life or capacity):
- Record under Repairs & Maintenance Expense → Factory Building Repairs.

Dhirajlal Rambhia

18 December 2025 at 14:49

Posted On : 18 December 2025

In Reply To :

Capital Gain on Sale of Private company's shares

Your profit of Rs. 15 lakhs from the sale of unlisted shares is considered a Long-Term Capital Gain (LTCG) and is taxable at 12.5% without indexation.
Yes, you are eligible to claim an exemption under Section 54F if you reinvest the sale proceeds into a residential property.

Dhirajlal Rambhia

18 December 2025 at 14:46

Posted On : 18 December 2025

In Reply To :

Tax liability after the GSTIN cancelled.

Cancellation of GSTIN (suo moto):
When GST registration is cancelled by the department, the taxpayer is technically not permitted to make taxable supplies. However, if business continues, liability to pay GST does not vanish. The law (CGST Act, Sec. 29 & 30) allows the department to recover tax dues even for the cancelled period if taxable supplies were made.
• Fresh Registration on Same PAN:
While applying for new registration, the department often scrutinizes past compliance. That’s why they are asking for bank statements — to check if business was carried on despite cancellation.
• Demand Notice Possibility:
Yes, the department can issue demand notice under Section 73/74 of CGST Act for recovery of tax, interest, and penalty for the period during which business was conducted without valid GST registration.
• Section 73 → for non-fraudulent cases (tax not paid/short paid).
• Section 74 → for fraudulent suppression/misstatement.

Dhirajlal Rambhia

18 December 2025 at 14:43

Posted On : 18 December 2025

In Reply To :

LTCG on property sale with more than 1 property

Yes, eligible.

Dhirajlal Rambhia

18 December 2025 at 14:42

Posted On : 18 December 2025

In Reply To :

ITC ON ACCIDENTAL INSURANCE

Yes, if it was mandatory for employee to take the policy under any act.

urvashi kareliya

18 December 2025 at 13:43

Posted On : 18 December 2025

ITC ON ACCIDENTAL INSURANCE

HII!!! employer took accidental insurance policy for employee, ITC available on such insurance policy?

Proloy Samaradivakera

18 December 2025 at 13:35

Posted On : 18 December 2025

LTCG on property sale with more than 1 property

Currently I have two properties (flats) - one inherited from my mother and another flat (B) which I bought in 2018. I am planning to buy another flat (C) currently and planning to sell the one I bought (B) in 2018. However the sequence will be - I buy the new flat (C) now and then sell the bought (B) 2018 flat within the next 6 months of buying the new flat (C).

Can I offset the LTCG of selling the flat (B) with the buy value of the new flat (C) , so that my LTCG tax is minimized or nil depending upon the gains and buy price of new 2nd hand flat.

Shiva Enterprise

18 December 2025 at 11:06

Posted On : 18 December 2025

In Reply To :

EXCESS CREDIT REALTED GST REVERSAL

SIR I HAVE ALSO ONE QUERY
IN FY 24-25 EXCESS ITC AVAIL IN IGST AND NEXT MONTH REVERSE IN GSTR 3B IGST COLUMN BUT MENTION IN 4(B)(2) (REVERSAL - OTHERS) .OFFICER ACCEPTED THIS REVERSAL . SHOULD I HAVE MENTION IT UNDER 4(D)(1) AS WELL?

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