Experts Query Daily Digest :22 May 2019

Fs signed by auditor other than statutory auditor.

Dear Expert,

Facts:-

1) There is ABC & Associates Auditor of 123 Pvt Ltd and 123 & Co in FY 15-16. (FS in FY 15-16 are signed by ABC & Co)
2) 123 Pvt Ltd and 123 & Co changed the Auditor.
3) The newly appointed auditor (000 & Associates), asked NOC from ABC & Associates, but there was an objection to NOC by ABC & Co.
4) In the FY 16-17 & 17-18 FS are signed by 000 & Co without getting proper NOC from ABC & Co.
5) In ROC data base ABC & Co is an Auditor of the company
6) Now 000 & Co are requesting the NOC from ABC & Co.

By referring the above can you tell the consequences.....
A) Giving NOC now to 000 & Co by ABC & Co.
B) Condition/Liability of 000 & Co.

Can you suggest what decision should be taken in case of both CA Firms & Company.

Thank you :)

Tds on rent paid

If I pay a rent of more than RS 50,000 per month to a landlord who is a 'resident', I am required to deduct and deposit TDS @ 5%. I believe this is under section 194. But if the landlord is a non-resident, the TDS deducted and deposited is under section 195. If this understanding is right, I want to know what is the rate of tax deduction. Also is the limit of Rs 50000 is still applicable or is there any limit at all and I must deduct TDS even at lower rent.

Section 194 - c

Respected Sir/Madam,
An Assessee has made a contract with contractor (Called ABC Ltd) for Construction Work. Now an assessee is making payment to third party on behalf of ABC Ltd for material purchase than TDS U/s 194 - C is applicable. Also Bill for the material is to the name of ABC Ltd. Only an assessee is making payment on behalf of ABC Ltd nothing else. So Suggest me about the applicability of TDS.

Thanks & Regards
Jignesh Selarka

Salary from foreign employer in india

Hello,

One of my friend (Indian Resident) is employed with a Singapore based company and works out of India. He however receives salary in USD into his Indian bank account. His salary is divided into 1. Basic and 2. Other allowances. His income falls in tax bracket, he need advice on Tax implication

1. Tax is being deducted by Company as per Singapore law. Do the company still liable to deduct TDS u/s 192 as per India Income tax act?
2. How does employee gets the benefit of TDS deducted as per Singapore law? what document he will require from his employer for the tax deducted.
3. Under other allowances can he ask his employer to include tax exempted allowances like LTA etc.
4. Like Indian company give form 16 based on which return is filed by a salaried employee. Is there any form or certificate required from foreign company for filing the income tax return?

Thank you

Unclaimed tds

Happy day everybody!!
If a person files his return of income and he misses to mention TDS in ITR and pays the full amount..
Can he claim TDS in his next year ITR AY 2019-20 as he has not been claiming for past four years..
Please help me..

Outstanding demand for a.y 1997-98 & 1998-99

DEAR ALL ,
WE HAVE REFLECT OUT STANDING DEMAND FOR A.Y 1997-98 AND 1998-99 U/S 143 (1) FOR LAST COUPLE OF YEARS AND WHICH RECTIFICATION RIGHTS TRANSFERRED TO A.O. AND WE HAD NOT RECEIVED INTIMATION OF THAT DEMAND. NOW WE RECEIVED INTIMATION U/S 245 UNDER INCOME TAX ACT 1961 WHERE INCOME TAX DEPARTMENT SAY THAT THEY WILL PAY REFUND AFTER ADJUSTED OUTSTANDING DEMAND. SO PLEASE HELP ME HOW CAN I RECTIFIED OUT STANDING DEMAND FOR THE PERIOD A.Y 1997-98 AND 1998-99 . PLEASE HELP
THANKS AND REGARDS,
HARISH

Regarding income tax calculation on commercial property

Firm is registered under LLP for real estate business. The LLP has purchased commercial office and taken loan in the property. details with queries are given below.

Sr.No. Particulars Amounts
1 Purchase Property Cost 6 Crore
2 Taken Loan 3 Crore
3 Own Investment 3 Crore

Annually Income & Expenses
A Above Property Given on rent 5 Lakhs – Annually Rs. 60 Lakhs
B Interest on property loan 4 Lakhs and will be reduce monthly by reducing method

Assumption on annual basis for income tax
A Rent Income 60 Lakhs
B Interest 42 Lakhs
C Profit 18 Lakhs

Questions
1. Can company claim interest amount from Income Tax?
2. How many years company get benefits?
3. If next year company will purchase 2nd property on loan then can they claim interest of 2nd property from income from 1st property?

Sft

If sale was made in June 2016 of Rs.30000 and payment against sale is received during 2018-19 in cash then is it required to be reported under SFT for the financial year 2018-19.?

Gift deed

SIR CAI I RECEIVED CASH GIFT RS 2000000. FROM RELATIVE .IF YES PLEASE SUGGESTS.

Tds return error

T-FV-4010 No. value should be provided I am getting this error while filling the TDS return. Kindly help to under stand the correction. I have checked not found such details for correction.

Tds

tds applicable on AMC but not on insurance premium why? kindly ref sec please.

Form 16 new format

rebate has been provide after Tax+surcharge + health and education cess u/s 87A while it is supposed to be income tax- rebate
please clarify

Consultancy charges received by the doctor from hospitals

Consultancy Charges received by the doctor from hospitals exceeding Rs. 10 Lakh during the FY 2015-16 - whether Service tax applicable. If yes can please give section reference.

Guidance related to education

I have completed LLB and ca ipcc. Not able to clear ca final instead of giving it for 8 times. I am having a good taxation base and also working in cafirm. Now I want guidance that what should I do now? n where to apply for jobs in government sector or private sector.Should I go with Law or continue with ca field?

Please guide me on this

Tds

if taken service from different services provider in within tds limit than tds will be deducting or not Please Ans....

Gfr2017

Dear Sir

Can Indian vendor submit quote in 2 currencies for example in INR and JapaneseYen FOR THE SAME ITEM in a GTE tender mode? If so, what should be the correct decision as per GFR 2017and CVC guidelines 2019. Soliciting your expert opinion on this
Regards S.F.Francis
Mobile 8667382636
Email francisssf@yahoo.co.in

Read more at: https://www.caclubindia.com/experts/experts_display_list_unresolved.asp?offset=5&mode=unattended

Can i adjust wrong itc against right itc ?

For the FY 2017-18, Excess ITC already claimed of Rs 16000/= ( approx ) by mistake OF DOUBLE ENTRY OF PURCHASE BILLS considered in GSTR 3B.
But now at present as on 22/05/2019, Input Tax credit as per GST PORTAL is Rs 17000/= approx .
my question ?
1) What is the remedy to reverse the Input Tax credit already claimed by mistake of Rs 16000/= during FY 2017-2018 ?
2) Is there any time limit present for reverse the wrong ITC claimed during FY 2017-2018 ?
3) Can i adjust wrong ITC claimed For FY 2017-2018 against Correct ITC as on 22/05/2019 ? If yes , then how is it possible ?

Regards

Rcm on advocate services is applicable on trust

Hello,

There was a liason office, now it is converted to branch office and status of branch as per PAN is trust. It receives the grant from outside india and spend such grants for seeds research and it doesn't earn any income in india. My qustion whether trust is liable to RCM if it received services specified in 9(3).

Gst rate to sub contractor - exempted service

Sir / Madam,

My query is relating to GST rate to Sub contractor where the GST rate is "Nil / Exempted" to Main Contractor.

The Main contractor is providing service to Local Authority (Municipality), which is exempted under GST.

The Main contractor is asking sub contractor to invoice without GST, stating it is exempted service (to govt). Further main contractors finance staff is explaining that, the rate to sub contractor will be same as rate to Main contractor.

Requesting kind opinion.

Gst interest

Sir, My tax practioner filled GSTR3B of my firm from July 17 to Nov 17, at the time of filling of return he entered Interest for delay payment of GST in the month of Aug 17 & Sep17, amount of which i think wrong. But when i chased him for his mistrake , he says that the Interest for late payment of GST for the month of July was automatically calculated at the time of filling of GSTR3B for the month of Aug & for Aug at the time of Sep.by the GST portal.My question is it actually possible that Interest was automatically calcuate at the time of filling GSTR3B of current month for previous month.by the portal, kindly explain, Also he does not mention any exempt sale, non gst item &Hsn code in anywhare of the returns.

Read more at: https://www.caclubindia.com/experts/interest-calculation-automatically-under-gst-2737724.asp

Gst on exports

We have received order from UAE base customer for supply of material and asked to ship the materials directly to their client in India.

Kindly explain the GST provisions in this case. Is it Export supply or not.

We are getting payments in India Currency.

We are registered in Maharashtra and material need to supply in kerala.

Gst tax invoice

dear sir,
as we have mistakenly issued a tax invoice to a party on local sales instead of interstate sale in the month of March 2019 , now customer is demanding for interstate tax invoice ,though we have submitted the GSTR-3B of March 2019,
so, please suggest , as how can we solve the problem ? as we have submitted the return of march 2019.

Non payment by recipent under gst

sir, one of client(gst registered) was doing job work for a registered firm. april 2019 that firm wind up their business in our state (surrender gst) and move to another state. our march and april 2019 invoice payment is pending. (8 other job worker has same senario)
how can we get our payment legal way under gst?
waiting for your valuable advise
regards
Vikas

Gst on mortgage loan settlement amount

dear Sir ,
GST Will applicable on mortgage loan settlement amount ,

What is the percentage ....

Kindly confirm
Thanking you
Shanmukha nagaraju