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Leasehold RCM
if a leaseholder(mining) is not individually registered .he is running partnership firm and lease is on personal allotment on partner individuals name ,how RCM will be paid on royalty?
Replies (2)
Quick Summary
| This is a duplicate of Q96 in your list (same URL). Please refer to the answer provided in Q96 above on 'Leasehold RCM — GST on lease of immovable property under Reverse Charge Mechanism.' The key points are: (1) RCM applies when the Government is the lessor and the recipient is a GST-registered person, at 18% GST. (2) Private landlord rent is under forward charge, not RCM. (3) ITC of RCM paid is claimable by the registered recipient. |
| Here is a comprehensive list of situations where a CA is mandatory under Indian law: 1. Tax Audit (Section 44AB): Mandatory if: - Business turnover exceeds Rs. 1 crore (or Rs. 10 crore if cash transactions are below 5%) - Profession receipts exceed Rs. 50 lakh - Presumptive income declared below the prescribed rate under Sections 44AD/44ADA/44AE and income is above the basic exemption limit 2. Statutory Audit (Companies Act): Every company (including Pvt Ltd, Public Ltd, OPC) must have its annual accounts audited by a CA. 3. GST Audit/Reconciliation (GSTR-9C): Required for taxpayers with annual turnover above Rs. 5 crore — CA or CMA must certify the reconciliation statement. 4. Certificates Requiring CA: - Form 15CB: TDS certificate for foreign remittances (before Form 15CA filing) - Form 3CEB: Transfer pricing audit report - Net worth certificates for loans, tenders, immigration purposes - Project report/CMA data for bank loans - Form 29B: MAT audit report - Form 10B/10BB: Audit report for charitable trusts - Form 3CA-3CD / 3CB-3CD: Tax audit reports 5. Stock Audit / Special Purpose Audits: Banks require CA-certified stock audit reports for working capital borrowers above certain limits. 6. FEMA Certificates: Form 15CB for overseas remittances, FC-GPR certification, APR signing. 7. MSME / Other Registrations: Udyam registration self-declaration does not need CA, but for government tenders requiring audited accounts or networth certification, CA involvement is standard. |
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