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Experts Query Daily Digest :22 June 2021

22 June 2021 at 11:51

 Posted On : 22 June 2021

Data migration Audit of RRB

Please provide a check list and sample audit report

22 June 2021 at 18:46

 Posted On : 22 June 2021

Allowance/disallowance under Section 43B

For AY 2019-20, tax auditor in his report dated 28.09.2019 had considered for disallowance unpaid provision for bonus of Rs.33 lacs in books of the assessee company as on 31.03.2019. ITR for AY 2019-20 was filed on 23.10.2019. Between date of tax audit report and date of ITR, the assessee company had paid bonus of Rs.32 lacs out of the provision of Rs.33.lacs. However, this was not considered while filing the ITR. Subsequently, in the ITR for AY 2020-21 also such paid amount was not claimed. What are options available to the assessee company in this regard? Please help.

22 June 2021 at 17:03

 Posted On : 22 June 2021

DTAA with Singapore query

We have taken a consultancy service from Singapore. The Service value is more than 10 Lac. Can we not deduct TDS as if there is any Treaty between INDIA and Singapore for not to Deduct TDS.
Please Guide

22 June 2021 at 16:38

 Posted On : 22 June 2021

Cash deposited in PPF Account

A women received payment in cash Rs. 50,000 for religious teachings which she directly deposited cash in PPF Account instead of depositing first in her savings account. Does she need to show in her Income while filing the returns? Thanks 🙏🏻

22 June 2021 at 12:38

 Posted On : 22 June 2021

Late Fee u/s 234E for TDS on Property

I purchased a property in Mumbai on 31 Dec 2020, with an agreement value of 1.7 cr, I paid approxamately 43 lakhs til February 2021. TDS @0.75% amounts to approx 33000. There was a delay in payment of TDS amount, which I paid only in May 2021. I got a notification from the Income Tax Department u/d 200A for interest on late payment and late filing fee u/s 234E which is approximately 10,000. My Question

1. Is there a way I can get a waiver of the late fee?
2. Was TDS applicable to me in the first place in FY 2020-21 (as TDS is applicable u/s 194-IA only if payment exceeds 50 lakhs in a financial year?
3. What are my options to reverse or save on the late fee notice?

22 June 2021 at 18:28

 Posted On : 22 June 2021

Issue of diesel to sub-contractors

If we issue diesel to sub-contractors, the amount of which will be recovered from vendor including GST against bills submitted by him. Below are the questions:
1) Can I raise debit note for the same to vendor
2) Would GST be applicable on that debit note? If yes, at what percentage
3) Can vendor claim ITC on the basis of debit note?
4) Is GST mandatory on issue of diesel, can I issue diesel without charging GST?

22 June 2021 at 16:30

 Posted On : 22 June 2021

GST Exemption on equipment used for covid treatment

Dear sir,
I need suggestion based on recent changes in GST rate for covid support related product.
Kindly advise if ICU/Mobile unit mfg for covid treatment is having any exemption or lower rate of gst.
if yes, provide me details.

22 June 2021 at 14:15

 Posted On : 22 June 2021

Accounting treatment for penalty paid under sec 129 (3)

I want to state that my client has sold goods without invoice and goods was intercepted during transit. A.O. imposed penalty as 100 % of due tax and 100 % equal to tax as penalty under sec 129(3).
Now, i want to know, whether i can issue taxable sales invoice after releasing goods from officer and pass on credit to the buyer or not?
Whether buyer is eligible to take ITC of such goods?

If i can not issue taxable sales invoice, then what accounting entry we can pass for such type of sale?