20 October 2019 at 14:54


I Filed a IT return of a client (He gets commission as his income from LIC) by ITR 1 form, before 6 month. Then he got a notice on u/s 139(9).
Then I revised his return by ITR 3 form.But i didn't any responsed of the notice.
Then after 2 month , the revised return has not proceed and status was as e-verification accepted.
So, today i response of the notice u/s 139(9) by itr 3 form .After submit XML file u/s 139(9) , I got Acknowledgement Number and ITR Form. But I didn't got any Acknowledgement Copy (As ITR V).
But when i check ITR status by the acknowledgement copy, the status are showing return submitted but not verified.
So, My question is,
1) How to do verify of the return u/s 139(9) ,When i didn't got any acknowledgement copy for send CPCBengaluru/ there are not any e-verify option, which has submitted by ITR 3 as response?

3) Can Create any problem My previous revised return , which has submitted before response of the notice u/s 139(9)?

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20 October 2019 at 14:03


A person is a partner in a firm and from that he gets interest on his capital.
If he also pays interest on other loan, can he claim that interest.

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20 October 2019 at 13:41

Application u/s 154

hello , for a y 2011-12 rectification u/s 154 to be filed because the deductor changed the TDS Amount. Now want to rectify the TDS details only. Rest particulars of Return will be unchanged. Opinions are required with any case law. Thanks in advance

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20 October 2019 at 11:17

Tax rate

Sir, What is the sac code & Gst rate for car painting works .

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Greetings all,

My father (age 65 years) sold a house property last month for Rs. 16,00,000 /- It was registered in his father's name (d. 2004), the ownership of which was granted to my father by a competent court in 2012.

We understand that the amount received through sale of the said property is taxable as Long Term Capital Gains. We intend to save the amount in its entirety from tax liability.

For this, we intend to construct a house by utilizing the entire sum received. There is a plot of land in the name of my mother (d. 2013). We plan to construct the house on that plot.

Queries for your kind consideration:

1. The construction of the said house will be started sometime in March 2020, and it's expected to get completed in December 2020, tentatively. Can we claim exemption for the amount in the IT return of my father in AY 2020-21? Will it become ineligible for claiming exemption owing to non-completion of house, and obviously due to non-utilization of the Capital Gain amount, as on the date of filing of the IT return?

2. We’ve been told we’d need to furnish proof of construction of house by utilizing the entire sale proceeds. What documents or papers would amount to proper proof of construction of a house? In this regard, is an approved building plan absolutely necessary as proof of construction? Is there any alternative proof one could provide?

3. We understand that there is a need to obtain a building plan and get that plan approved by the local civic authority. If we don't get the plan approved by the authorities, but still construct the house as per the plan, what other document can be obtained to vouch for proof of construction of house? Will the Architect’s plan and estimate be entertained by IT authorities in this respect?

4. Refer to above point, will a property tax receipt issued by the municipality be enough to serve as proof of construction? How about an application for electricity connection or electricity/utility bill in the name of my father?

5. To compute the amount of Capital Gain, we'll need the property's value as at 01-04-2001. Which authority will provide the value? Can a value certificate as at 01-04-2001 issued by the Sub-Registrar of the place where the property existed be sufficient in this matter?

Thanks in advance.

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19 October 2019 at 21:22

Matter refer to RD

I have filed the Form DIR-12 (for Removal of director U/s 169) of One Private Limited Company. Now from showing status in MCA matter reffered to the RD . Please guide me to sort out this issue.

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19 October 2019 at 20:07

MOA Objects

I have applied for a franchise company with the following RUN Object:
Franchise of Restaurant and Chain business
Please help with MOA Object 3(A) and 3(B)

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Sub: Public Fund as per RBI Circular dated 01.09.2016
Respected Sir,

You are requested to give guidelines/clarification/ interpretation on following points regarding Public Fund if you can guide:
1. Will ‘loan from own shareholders taken by a private limited nbfc’ come under the definition of Public Fund as per RBI Circular dated 01.09.2016 vide chapter II point 3 (xxv), though deposit/loan from own shareholders is not regarded “Public Deposit” and there is no outside fund, loan belongs to shareholders of company themselves.

2. Will ‘Overdraft against own Bank FDR taken by a private limited nbfc’ come under the definition of Public Fund/Bank finance as per RBI Circular dated 01.09.2016, whereas Bank FDR is not considered even as Financial Assets as per Rbi circular RBI/2011-12/446 DNBS (PD)CC.No.259 /03.02.59/2011-12 dated March 15, 2012 , since this Overdraft is only against NBFC’s own fund deposit as FDR to save interest, and there is no real Bank Finance, means any body can take Overdraft against FDR without going through any process as in other bank Finance, where one has to be understood of having character of three C’s i.e. Capability, Capacity and Character. In another words, If there is no FDR, there will be no overdraft, means no real Bank Finance.

In addition to this, even bond or debenture issued against any other asset is not regarded as Public Deposit, thus Overdraft against FDR should not be regarded as Bank Finance/Public Fund since there is no real Bank Finance or outside Public Fund. AS PER Master Direction - Non-Banking Financial Companies Acceptance of PublicDeposits (Reserve Bank) Directions, 2016. Dated August 25, 2016 under head of Definitions : 3. For the purpose of these Directions, unless the context otherwise requires:
(xv) “public deposit” means a deposit as defined under section 45-I(bb) of the Reserve Bank of India Act, 1934 (2 of 1934), excluding the following:
f) any amount raised by the issue of bonds or debentures secured by the mortgage of any immovable property of the company; or by any other asset or which would be compulsorily convertible into equity in the company provided that in the case of such bonds or debentures secured by the mortgage of any immovable property or secured by other assets, the amount of such bonds or debentures shall not exceed the market value of such immovable property/other assets;

In addition to above in following RBI circular, overdraft against Fdr was not included in the definition of Loans and Advances
RBI/2015-16 /95
DBR.No.Dir.BC.10/13.03.00/2015-16 July 1, 015
All Scheduled Commercial Banks
(Excluding RRBs)
Master Circular- Loans and Advances – Statutory and Other Restrictions
2.1 Statutory Restrictions
2.1.2 Advances to bank's Directors Section 20(1) of the Banking Regulation Act, 1949 also lays down the restrictions on loans and advances to the directors and the firms in which they hold substantial interest. Purchase of or discount of bills from directors and their concerns, which is in the nature of clean accommodation, is reckoned as ‘loans and advances’ for the purpose of Section 20 of the Banking Regulation Act, 1949.FAQs regarding applicability of Section 20 of BR Act, 1949 is given in ‘Annex 2’. Banks are prohibited from entering into any commitment for granting any loans or advances to or on behalf of any of its directors, or any firm in which any of its directors is interested as partner, manager, employee or guarantor, or any company [not being a subsidiary of the banking company or a company registered under Section 8 of the Companies Act, 2013, or a Government company] of which, or the subsidiary or the holding company of which any of the directors of the bank is a director, managing agent, manager, employee or guarantor or in which he holds substantial interest, or any individual in respect of whom any of its directors is a partner or guarantor. For the above purpose, the term 'loans and advances' shall not include the For the above purpose, the term 'loans and advances' shall not include the following:
(a) loans or advances against Government securities, life insurance policies or fixed deposit; ….

Thus can it be inferred from the above that overdraft against FDR be not include in Bank Finance.

3. Will loan from ‘Holding private limited NBFC’ to its ‘associate private limited NBFC’ and vice versa or ‘loan within group entities to one another’ come under ‘inter corporate deposit’ under Public Fund as per RBI Circular dated 01.09.2016, since in real sense there is no outside Public Fund is involved. Even as per RBI at following sight https://www.rbi.org.in/scripts/FS_FAQs.aspx?Id=92&fn=14 under the head of
All you wanted to know about NBFCs point 16. It is guided that
Further, indirect receipt of public funds means funds received not directly but through associates and group entities which have access to public funds.
From this it can be deduced that as far as Public funds is concerned, Holding, Associates and group entities are regarded one, thus loan within themselves can also not be regarded as inter corporate deposit as per RBI Circular dated 01.09.2016 under Public Fund as there is no outside sources/fund is involved.
Hoping early guidance/interpretation,
Your few words a lot for me,
Thanks with Regards,
I sought same guidelines at below thread, about one year ago, but no response till date:

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19 October 2019 at 19:31


Total Amount of Tax Deposited validation failed (Sum of Tax + Interest + Surcharge + Others + Fee should be equal to Total Challan Amount) , after filing the correction return of TDS , this is the reason for the non processing of correction return . Please guide me how can this query be resolved.

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19 October 2019 at 19:17

Reverse charge on Freight


What will be the rate of GST to be payable by a registered receiver under reverse charge on freight?

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