Experts Query Daily Digest :23 November 2017



Anonymous
23 November 2017 at 15:26

Car service bill payment by credit card

SIR

EK CAR KI SERVICE KA BILL HAI JOKI COMPANY PARTNER KI HAI USKI VALUE 4576/- WITH GST 9%+9%

TAB ISKI ENTRY KESE HOGI PLEASE SHARE THE ENTRY DETAIL.

1- USH BILL KI ENTRY KESE HOGI
2-PAYMENT KI ENTRY KESE HOGI


Anonymous
23 November 2017 at 16:45

Property tax

Dear Experts,
Greetings!!

I would require your help in understanding property tax. I wanted to know it's calculation and the percentage at which it is calculated.

The property is commercial based in Mumbai. Hence your kind opinions would be appreciated.
Thanks!!


23 November 2017 at 16:24

Addition on the basis of circle rate value to the purchaser

If a partnership firm purchased land in 2001 by way of agreement to purchase on 100 Rs. Stamp Paper and whole consideration was paid in cash and the possession was handed over in 2001,but the Purchase Deed in respect of the same was registered in 2009, Can the A.O. makes addition in the income of Purchaser on the basis that the Stamp Duty Valuation in 2009 as the deed is registered in that year.
Plz share your views with Section under which it can be made or can not be made.



23 November 2017 at 16:09

Itat ordered to ao to reconsider the facts

If ITAT by its order refer the case to AO and directed as to examine such details and then decide the issue afresh and allowed the ground for statistical purpose only???

Then what is the time limit for AO to decide the case??? Which section will apply - section 153(3) or 153(5) or 153(6)(i)???

And if AO does not dceide the case within this time limit what remedy is avilable to assessee???

Please Clarify...


Anonymous
23 November 2017 at 15:43

Error code 181

I got a notice with Error code 181 , though I filled ITR3 as follows under Profit and loss account sr no 53(ii)(a) for profession (medical) for No account case under presumptive scheme under section 44ADA: Gross receipts say = Rs.30,33,149/-, Gross profit - Rs.15,16,575/- Expenses = 0 Net profit = 15,16,575/- ie., 50% of the gross receipt in P & L A/c . Also shown income from house property (2 properties) of Rs.5,72,694/- and IOS for Rs. 58,493/-.
and Short term capital gain of Rs.15,439/. Now I received a defective notice U/s.139(9) with an error code: 181:
Now I need suggestion as to how to rectify the defective return. Unable to understand as Error Code had probable Solution: a.) Gross receipts to be entered in the Profit & Loss A/c.[Whereas I mentioned in Profit and Loss account sr .no.53(ii)(a). b.) Declaring profit of 50% or more of gross receipts as per Section 44ADA { whereas in my case profit shown @ 50%}. c.) Filling the part A of Schedule Balance Sheet, part A of Schedule Profit & Loss and details of audit report in Schedule Part-A General if your total income exceeds the maximum amount not chargeable to Income Tax. {what is this solution means i could not able to understand as no audit as per law and new insertion of This 44ADA section. Please Someone provide solution as I already faces 139(9) in case Tax audit now Department sending mails of withdrawal of such notice which are send by them even when Tax Audit report successfully approved by Clients.

Read more at: https://www.caclubindia.com/experts/experts_display_list_by_category.asp?offset=12&cat_id=3&mode=open


23 November 2017 at 15:42

Demand u/s 143(1)

Sir/Ma'am,

I have received intimation u/s 143(1) for tax payment and as per that TDS Deducted is shown less. I have filed my ITR as per Form 16 which was received from my Employer which says full tax payment has been made. Kindly guide me on this as to how should I respond to this demand and in how many days can it be resolved. Please note that my Form 26AS also says that TDS deducted is less.

Regards,
Harshad Kanekar


Anonymous
23 November 2017 at 15:27

It applicability

Is Income Tax applicable on Installation charges included in VAT/ GST purchase bill? If so what is rate of Tax to be deducted on payment to supplier and on what value the tax should be deducted?
Eg: Total Bill Value = Rs.81425/- & Installation charges = Rs. 19180/-
Please advice


23 November 2017 at 13:59

Receipt of forex payments

Dear Sir,

1. I am salaried person. I am working on overseas project for 3 months. I am receiving 3000 AED per month for F.Y.2017-18.
- How do I show this Income under income Tax ?

2. Company has also credited the Hotel payments in my Forex Travel card and i have made payment s to hotel from my card.
- Will it affect to my income Tax?
- How and under which head i have to show this as Income
- Will i have to pay any tax?
- Which ITR i have to file?

3. I am getting Salary payment in india 6 Lacs and 2Lacs from Overseas Project then,
How to save my taxes including this Overseas Income.


23 November 2017 at 13:37

Receipt of forex payments

Dear Sir,

I am working on Overseas Project. I get 3000 AED per month in my forex travel card. I am salaried person. So which Return i have to show and which section is applicable for that?

Que:2: Company also credited the hotel payment in AED in my forex Travel card so
- How can i show this income tax? which section is applicable? which ITR file?
- Do I need to show this amount in other income?
- How do I get deduction on this amount?

Please suggest ASAP



23 November 2017 at 13:34

Notice u/s 143 1 (a)

Hi, i have received intimation u/s 143 (1) (a), I'm a salaried person & i have filed ITR 1 this year &i have purchased a motor car last year in july 2015 as per intimation order they are saying that there will be proposed addition of income appering in form 26 AS or form 16 A or form which has not been included in computing the total income in the return 143 (1) (a) (vi) . how should i resolve this matter?


23 November 2017 at 13:32

Capital gain

My mumy wants to sell a plot of land of rs 10 lakh and do reconstruction by building upper floor of house which we live.she owes one Single residential house .The plot to be sold comes under long term capital gain.do my mom can get 54F exemption or not if yes do we have to keep that money of sale in saving or new account of capital gain must be opened.To build upper floor and reconstruting 10 lakh rupees are required plz answer my query


Anonymous
23 November 2017 at 13:10

15 ca and cb required for payment made to aws

We are a company in education sector and uses some online platform like AWS - Amazon web services. Payments would be made automatically by company Debit card. Invoice shows the figures in dollars as well as in Indian rupees. The Indian rupees are automatically deduct from the debit card.

My question is whether here any requirement for 15CA or CB in this case. If Yes then legal ground please discuss or share.


23 November 2017 at 13:08

Gross Receipts plz help

For ITR 4S -In 26AS gross receipts is only 3 lacs but as per contractor it is 8 lac .because of cash transaction. Can I put real figures in ITR form. ITR 4 & ITR 4S return is under 44AD .plz help


23 November 2017 at 12:43

About itr 4s

Dear Sir/Madem

I have business loan can i file ITR 4s


Regards
S.K.Saxena


23 November 2017 at 12:41

Treatment of land & building in balance sheet

Dear Sir,
One of my client had purchased an agricultural land amounting Rs 10 lakhs, 3 years back in his village, but had not disclosed yet in his Income Tax Returns, and as of now he has constructed 3 floor building costing Rs. 25 lakhs on that land, and now he had disclosed this fact to us , so my question is that, how i can show this land and building in the Balance sheet and at what cost?? Whether i can show it at Rs. 35 Lakhs ??


23 November 2017 at 12:35

Gain from crypto currency transactions

Sir

Kindly advice how income from crypto currency will be taxed.
Some are of the opinion that it will be income from other source , some says it will be treated as income from gambling.

Pl Advice . Thanks in Advance

PS - Is dealings in crypto currencies legal in India. Any circular/clarification from GOVT / RBI.


23 November 2017 at 12:31

Can this notice be considered invalid ?

Client filed income tax return and on he same day he filed revised return (AY 2013-14). Lateron in 2014-15 Income tax notice was received under section 143(2) on original return instead of revised return. How can it be responded ?


23 November 2017 at 11:19

Assessment of income tax return

one of my client facing the assessment relating to fy 13-14 , he is works contractor he file the income tax return for the above said period. he show gross receipt of Rs 5,50,000/- and file u/s 44 AD . the same amount is reflected in 26AS. but in bank statement he received 12,45,000/-

My Question is whether the difference amount 6,95,000(12,45,000-5,50,000) is treated as Gross receipt missued while filing the return. or it treated as income .

if it is treated as gross receipt total receipt of our client 12.45,000 and same file under 44 ad ie 8% there is no tax laiblity

if it is treated as income plz tell me % of tax calculation on ecapaed income .


23 November 2017 at 10:53

Salary not paid to employee invesed his salary

Dear Sir/Madam

i am working an accountant in firm. partner son works as a employee in a firm. monthly salary Rs.30000. we deducted TDS on salary Rs.3000. but not paid salary .that amount treated as investment or loan what ever may be .at the year end paid to interest to that person. it's correct or not. whether not correct what remedies


23 November 2017 at 08:21

Update on Direct Tax Code Law

#What_is_Direct_Tax_Code(DTC)? The Direct Taxes Code (DTC) is an attempt by the Government of India (GOI) to simplify the direct tax laws in India. DTC will revise, consolidate and simplify the structure of direct tax laws in India into a single legislation. The DTC, when implemented will replace the Income-tax Act, 1961 (ITA), and other direct tax legislations like the Wealth Tax Act, 1957. #The_Regime_so_far: 2009 - 2014 The first draft bill of DTC was released by GOI for public comments along with a discussion paper on 12 August 2009 (DTC 2009) and based on the feedback from various stakeholders, a Revised Discussion Paper (RDP) was released in 2010. DTC 2010 was introduced in the Indian Parliament in August 2010 and a Standing Committee on Finance (SCF) was specifically formed for the purpose which, after having a broad-based consultation with various stakeholders, submitted its report to the Indian Parliament on 9 March 2012. As a follow-up on this initiative and as stated by the Finance Minister (FM) in his Interim Budget Speech in February 2014, after taking into account the recommendations of the SCF, a “revised” version of DTC (DTC 2013) has been released on 31 March 2014. #22nd_Nov_2017 The government has formed a task force to draft a new direct tax legislation. The task force will submit its report in six months. #Thanks & #Regards Vinay Reddy


23 November 2017 at 01:11

Domestic transfer pricing

A company has two units namely power division (eligible for tax holiday) and ferro division. The company commenced its commercial operations in financial year 2013-14 and earned profits but not claimed 80IA deduction till financial year 2016-17. The power division will transfer power to ferro division around Rs 100 crores every year.

Whether the company is covered under specified domestic transactions and required to file form 3CEB, though it has not claimed 80IA deduction for the financial year 2016-17?


23 November 2017 at 13:18

Taxation

Can we send Form WW Vat audit report in Excel or Word.


23 November 2017 at 15:17

Roc return due date 28th november 2017

The due date is 28th Nov 2017. Will it be further extended ? What will be the ROC penalty if it is filed in December 2017 as our CA has not yet given to us company audit report because of workload of gst and tax audit. I think the CA community should request ROC to extended for a month or so because of workload of GST. Just because of GST the whole CA community has been put in inconvenience. Simultaneously ROC penalty should also be reduced as I have heard it is too much. Minimum possible penalty should be levied.


23 November 2017 at 14:31

Difference partnership, pvt ltd company and proprietorship

Dear Sir,

Anybody can tell me that which is the best for for starting a business. also tell the difference between them.

Thanks


23 November 2017 at 11:49

Moa & aoa-opc

Can any one please provide the format of MOA & AOA of Architect OPC co.


23 November 2017 at 16:09

address for submitting the form 103

sir i am Bangalore student i don't know the address for submitting the article registration letter

please tell me


23 November 2017 at 15:53

Recent changes in articleship rules.

Recently there was a notification that students clearing either groups of intermediate(IPC) course can pursue articleship, is this scheme applicable only for CA-Intermediate or for IPCC also.


23 November 2017 at 14:59

Articleship transfer after one year

I wants to take termination from my principal
He agreed upon my decision to take termination. Reason, why i wants to take termination is, some family problem. So i want to take a transfer from gurgaon to shimla. I have completed my one and half year articleship. Can i take a transfer please someone else tell me procedure.


Anonymous
23 November 2017 at 11:34

Urget help for articleship training

Sir, My articleship period started from 08-09-2014 to be completed on 07-09-2017. I took transfer on 26-05-2015 and got

myself registered back in another office on 16-06-2015, resulting to get my articleship to be completed on 28-09-2017(after

taking into account the gap of 20days between termination & re-registration). When I took transfer, I got a re-registration

letter from ICAI saying I have excess leaves of 28days upto 26-05-2015.
under new principle i have taken leave of 29days i.e NO EXCESS LEAVE
now i am filling form 108 for completion of articleship
what will be my date of completion of service
and will my excess leave under my previous principle will be get set-off from new priciple as total leaves in 3yrs training

is (98+29=127) 127days only
please reply as soon as possible
thanking you


23 November 2017 at 02:42

About ca direct route

Hie m a student of bcom final year also I am registered in ca cpt but now I want to opt the direct route of ipcc is it possible? Please give me the details
Thanks


Anonymous
23 November 2017 at 14:25

How can a startup provide detailed cma report

How can a startup provide detailed CMA Report since there are no actuals to be compared with and the company has been incorporated only on the 10th of October, 2017. It has been asked for as a part of the documents to be submitted for availing the bank loan. Please help.



Anonymous
23 November 2017 at 14:09

Epfo pension

please give EPFO pension calculation Formula


23 November 2017 at 13:27

Is permit required for goods transport in vehicle

Is the government Withdraw The Duck Permit Or It will Remain In force for transport of goods in vehicle


23 November 2017 at 12:14

Dollar in words

Dear All,

We want to know how to write 95.60 dollars in words?

Is it ninety-five dollars and sixty cents?


Anonymous
23 November 2017 at 11:55

Llp deed

Dear sir,

Please provide me a sample format of LLP agreement which is to be filed with Form 3 with MCA after incorporation of a LLP.

Thanking you,


23 November 2017 at 15:13

Cs company law & practice

I am a student of CS Final.My one exam is pending from long time.The subject name is CS Company Law & Practice.Please suggest how can i prepare for such subject.The date of exam is 20-12-2017.Please suggest as early as possible


Anonymous
23 November 2017 at 16:48

Sac for annual maintenance of software

Dear Sir/Madam

We are running Web designing company and also we are developing software, While we preparing bill to client we are mentioning SAC Code is 998314.

Sir my question is .....we have to put annual maintenance charges for software,

Which code has to mention in Bill ?


Anonymous
23 November 2017 at 16:47

Cash sale in gst

Dear Sir,
In course of sale in cash. Can we write only cash instead of party name even No address of buyer in tax invoice is it allowable in GST,

Thanks
Rohit


23 November 2017 at 16:03

Regarding tran 1

How to file GST TRAN in the case of pharmaceutical dealers. Plz provide process for filling TRAN


23 November 2017 at 15:39

ITC on gst

will ITC be available if a GTA purchase tyres for the truck and paid gst on that purchase to the supplier


23 November 2017 at 15:28

Composition Return

Under GSTR4 is there mandatory to show registered purchase (Not attracting Reverse Charge) from Dealer ?????? because in GSTR4 there is particular column give purchase other than reverse charge...


23 November 2017 at 15:22

gst on interest on late payment to supplier

Our company late payment to supplier. Supplier has raised a debit note to us for INTEREST AGAINST LATE PAYMENT along with GST @ 18% a. GST Applicabe this transcation ??? if yes . which rate ?? then this amount under which HSN code.




Anonymous
23 November 2017 at 15:22

Gst on payment made after getting completion certificate

If anyone purchase an apartment with a builder and already made more than 50% payment against the said flat. In between, the builder got the Completion Certificate. Now, he is making the balance payment. Is GST applicable on balance payment, however the builder has already received the Completion Certificate.


23 November 2017 at 15:06

Gst on resale property with only fit out possession

Dear,

Please advise if GST is applicable to a resale property where fit out possession have been given. The seller has bought the property 7 years back. There is no oc or completion certificate yet.
Iam looking to buy this property.


23 November 2017 at 13:29

Input tax credit on capital goods reg

dear sir kindly tell us can we avail ITC on capital goods purchases if yes any conditions are applicable for the same


23 November 2017 at 13:00

Itc of excise duty by a trader registred in vat on e.invoice

Dear Sir/Mam,
Can a trader/dealer registered in VAT only can take credit of excise duty paid on the basis of excise invoice issued to him by a manufacturer against his CGST liability under GST. If yes, how and in what column of TRAN-1 Form under GST, credit can be availed by this dealer. Please clear this situation for dealer for both his products and capital goods. Thank you.


23 November 2017 at 12:55

Gst return quarterly

Dear Sir Greetings of the Day As per GST council meet we can file GSTR 1 quarterly, if Turn Over is below 1.5 Crore for the period July -September the due date is 31st December,2017. But I have already filed the July month GSTR1 what to do now please clarify me thanks in advance.


23 November 2017 at 12:35

Gst reverse charge mechanism

Dear sir/ madam

Please any one help me how to RCM journal entry pass .normally we are monthly GST paid to working contract labour charges and unregistered supplier , Rent also paid to monthly basis but we are not tally entry yet to pass how to RCM JV Entry pass any one help me


23 November 2017 at 11:56

Maximum gst rate on medicines

Dear sir,

what is the maximum GST rate for medicines?
whether GST @28% applicable on any of the medicine during July to September?

Thnx in advance


23 November 2017 at 11:35

Rg invoice

Sir

We are registered in Gst for Rajasthan but now we sell our product in Exhibition at Delhi.

There was need of separate registration for delhi and deposit of Advance tax as per GST Circular

We taken the registration in gst for delhi and it was issued only for period of exhibition 14 days. Second we have deposited the Advance IGST for Delhi for new registered nos of gst.


Now please suggest us how can we make the transaction and sale for this total activity and how can we file the return for double registration of same company.

thanks

Thanks & Rgds.



23 November 2017 at 11:24

Gst liabilities

I have GST registration for Business of Packing material but when I provide service as accountant or consultant than i will liable to collect and pay GST tax



23 November 2017 at 11:08

Compliant

Any One suggest, How to file a complaint in GST against anti-profiteering?


23 November 2017 at 10:04

Machinery transfer

WE ARE A CONSTRUTION COMPANY REGISTER IN GURGAON HARYANA. WE HAVE BEEN ALLOTED A CONSTRUCTION WORK IN JHARKHAND IN 2016 AND AT THAT TIME WE HAVE SHIFTED OUR MACHINERY AND OTHER CONSTRUION EQUIPMENST TO COMPLETE THE SITE WORK from our GURGAON OFFICE TO JHARKHAND. THIS MATERIAL WAS SHIFTED ON NOT FOR SALE CHALAN.
NOW SOME OF OUR MACHINERY ARE FREE AND WE HAVE TO MOVE BACK TO THOSE ITEMS TO OUR GURGAON OFFICE/ ANOTHER SITE .
WE ARE REGISTED UNDER GST IN BOTH STATES HARYANA AND JHARKHAND.
I WANT TO KNOW THE PROCEDURE FOR SHIFTING OUR MACHINE FROM JHARKHAND TO HARYANA.
IS WE HAVE TO CHARGE TAX ON THE MACHINERY .OR THERE IS ANOTHER WAY TO SHIFT THE MACHINERY FROM JHARKHAND TO GURGAON..


23 November 2017 at 00:11

Opting for composition scheme

I was registered as normal taxpayer.but I opted for composition scheme in October. Do I need to file GSTR 3 B of October?




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