IF WE RECEIVED AUDIT SERVICE FROM CHARTERED ACCOUNTANT FROM MUMBAI (URD). HE
GIVE BILL OF RS. 45000/-. THEN WHICH RCM TAX APPLICABLE FOR ME IGST OR S-CGST ?

Hello,

Supposing i have an unpaid bonus worth Rs. 100 for FY 2016-2017 and while filing return for FY 2016-2017, have disallowed it and paid the required tax i.e. 30 (excl. surcharge & cess).
In the Next year i.e. F.Y. 2017-18 have paid unpaid bonus of F.Y. 2016-2017 Rs. 100.
Consequently, have paid tax worth Rs. 30 on unpaid bonus FY 2016-17 and benefit reaped worth 25 only; since tax rate for FY 2017-2018 is 25% and not 30%.
Is there a way out to mitigate or save the tax loss of Rs. 5

Would really appreciate all your answers!!
Cheers :)

As per Section 135 (1) of Companies Act, 2013

Every company having net worth of rupees five hundred crore or more, or turnover of rupees one
thousand crore or more or a net profit of rupees five crore or more during any financial year
shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or
more directors, out of which at least one director shall be an independent director.

Question- whether the net profit which is mentioned above under section 135(1) is Net Profit
after tax or Net Profit Before tax?
Because Nowhere in Companies act, 2013 it is defined whether it is Net Profit Before Tax or Net
profit After Tax.

Once ministry came out with
General Circular No. 01/2016 No. 05/19/2015-CSR

And in the circular, it is defined in reference to
Question-Whether the “average net profit” criteria for section 135(5) is Net Profit Before tax or
Net Profit After Tax
Answer- computation of net profit for section 135 is as per section 198 of the companies Act,
2013 which is primarily Profit Before tax.



SO I WANT TO KNOW FOR CSR APPLICABILITY UNDER SECTION 135(1) WE HAVE TO CONSIDER NET PROFIT AFTER TAX OR NET PROFIT BEFORE TAX?

As per Section 135 (1) of Companies Act, 2013 Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director. Question- whether the net profit which is mentioned above under section 135(1) is Net Profit after tax or Net Profit Before tax? Because Nowhere in Companies act, 2013 it is defined whether it is Net Profit Before Tax or Net profit After Tax. Once ministry came out with General Circular No. 01/2016 No. 05/19/2015-CSR And in the circular, it is defined in reference to Question-Whether the “average net profit” criteria for section 135(5) is Net Profit Before tax or Net Profit After Tax Answer- computation of net profit for section 135 is as per section 198 of the companies Act, 2013 which is primarily Profit Before tax. SO I WANT TO KNOW FOR CSR APPLICABILITY UNDER SECTION 135(1) WE HAVE TO CONSIDER NET PROFIT AFTER TAX OR NET PROFIT BEFORE TAX?

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

As per Section 135 (1) of Companies Act, 2013
Every company having net worth of rupees five hundred crore or more, or turnover of rupees one
thousand crore or more or a net profit of rupees five crore or more during any financial year
shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or
more directors, out of which at least one director shall be an independent director.

Question- whether the net profit which is mentioned above under section 135(1) is Net Profit
after tax or Net Profit Before tax?
Because Nowhere in Companies act, 2013 it is defined whether it is Net Profit Before Tax or Net
profit After Tax.

Once ministry came out with
General Circular No. 01/2016 No. 05/19/2015-CSR

And in the circular, it is defined in reference to
Question-Whether the “average net profit” criteria for section 135(5) is Net Profit Before tax or
Net Profit After Tax
Answer- computation of net profit for section 135 is as per section 198 of the companies Act,
2013 which is primarily Profit Before tax.



SO I WANT TO KNOW FOR CSR APPLICABILITY UNDER SECTION 135(1) WE HAVE TO CONSIDER NET PROFIT AFTER TAX OR NET PROFIT BEFORE TAX?

Hi CA club india team,

This is P.V.Bala Krishna i am an Sr.Accounts Executive at Apple Spire India LLP which is constructing residential apartments at Bangalore.

I have a query about gst rate , rules, & calculations for advance receipts against construction services. Can i get the solution for the above query please.

Sir,

My one client turnover below rs. 1 Crore and also declare income more than 8% of turnover. but he still wants to audit his account. can we do so? if yes, then under which section it would be audited? please reply fast?

Can we take Transitional tax credit of excise duty paid capital goods Machinery purchased in april17 and excise duty paid, however assessee is not earlier registered under excise Act/Service Tax But assessee is registered under GST

Hello Sir/madam,
Whether Tools and Equipment's having purchase value of less than 1000 should be capitalized or expense out.
what should be the criteria for capitalizing such asset.
thanks in advance!!!

Can service tax liability be adjusted against GST payable? Since the assessee has not rendered the service and made refund of advances received before June, 2017.