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Recent Questions

Question added Mar 07, 2025 Accounts By Akhilesh , Ghaziabad

answers

3500 views

Q. Accounting Treatment of Mutual Fund under IndAS - Can you pls share the Accounting Treatment of Investment (such as Mutual Funds, property and other Financial Instruments) under IndAS

Anwered By : kavya

Question added Feb 22, 2025 GST By Vivaan Read more at: https:// , East Delhi

answers

4004 views

Q. ITC Availed & Utilized on Supply from Non-Existent Firms - Query: ITC Availed & Utilized on Supply from Non-Existent Firms
We had availed and utilized Input Tax Credit (ITC) on supplies made by non-existent firms. Before the issuance of the Show Cause Notice (SCN) under Section 74 of the Act, we voluntarily paid the full tax liability, partial interest, and a penalty at the rate of 15%. Subsequently, the SCN was issued, to which we duly furnished our reply.
Following this, a DRC-07 order has been issued, demanding interest under Section 50 and imposing a penalty equal to 100% of the tax amount. However, if the penalty is paid within 30 days of receiving the order, it is reduced to 50% of the tax amount.
Our query:
1. Penalty Liability: Since we had already made a voluntary payment of penalty at 15% before the issuance of the SCN, are we still liable to pay an additional penalty of 50% of the tax amount as per the DRC-07 order? Or is our earlier payment sufficient to discharge the penalty liability?
Kindly provide clarification on the above aspects.
Query: ITC Availed & Utilized on Supply from Non-Existent Firms
We had availed and utilized Input Tax Credit (ITC) on supplies made by non-existent firms. Before the issuance of the Show Cause Notice (SCN) under Section 74 of the Act, we voluntarily paid the full tax liability, partial interest, and a penalty at the rate of 15%. Subsequently, the SCN was issued, to which we duly furnished our reply.
Following this, a DRC-07 order has been issued, demanding interest under Section 50 and imposing a penalty equal to 100% of the tax amount. However, if the penalty is paid within 30 days of receiving the order, it is reduced to 50% of the tax amount.
Our query:
1. Penalty Liability: Since we had already made a voluntary payment of penalty at 15% before the issuance of the SCN, are we still liable to pay an additional penalty of 50% of the tax amount as per the DRC-07 order? Or is our earlier payment sufficient to discharge the penalty liability?
Kindly provide clarification on the above aspects.

Anwered By : kavya

Question added Feb 21, 2025 GST By HK Jain & Co , CA , Jaipur

answers

3415 views

Q. GST Liability of Award received by a Company - A manufacturing Company won and received an award after a long legal battel about the breach of a Contract for cancellation of a supply contract. No supply took place but supplier company suffered losses due to specifically designed machinery which was finally scrapped due to cancellation of the order. Will the award amount fall within the preview of GST ? Please advise.

Anwered By : kavya

Question added Feb 21, 2025 Income Tax By HK Jain & Co , CA , Jaipur

answers

3617 views

Q. Reund of TDS Excess Deposited - A pvt Ltd company after settleing all dues of Old TDS Demands found a number of unconsumed Challans (Partly) majorly for FY 2017-18. Now it intends to get refund of the same. Please advise in the matter.

Anwered By : kavya

Question added Jan 26, 2025 Income Tax By Athappan A , CA , Chennai

answers

3898 views

Q. Income Tax TDS - Hello. Filed 27Q as tax payer with TAN since one off transaction applicable for form 27Q only - form TDS 27Q for tds from NRI seller was duly filed by TAN holder as tax payer [not as deductor].
The lower tax deduction certificate of ITO Trivandrum was reissued but buyer not informed. So number wrongly quoted in 27Q. Now short deduction notice received.
How to file rectified return. But......
1) Login as TAN tax payer has Correction selections only for 26Q series. 27Q not mentioned.
2) FVU file request not available under TAN login as tax payer.
3). Several trial and error searches under TAN login as tax payer yielded no break through.
Any one has come across such a situation and solved. Please suggest /guide
Thanks.

Question added Dec 10, 2024 GST By vineet gupta , CA , Noida

answers

11485 views

Q. gst - how to determine turnover for the purpose of annual return of GST, PAN base or State base

Question added Nov 28, 2024 Income Tax By shubham jindal

answers

5803 views

Q. Reconstitution of partnership firm in case of death of partner and introduction of new partner - please provide me with format for "Reconstitution of partnership firm in case of death of partner and introduction of new partner"

Question added Nov 19, 2024 IFRS By Rajib Kumar Mohanty , CA , Cuttack

answers

3613 views

Q. Consolidattion of financial statemement - Dear Sir
We are Private Limited company( Say X Pvt Ltd) and we have 6 no Joint Ventures where Xltd is having in 5 no Joint venture 49 % share and 1no Joint venture 51 % share.
We have already prepared Balance sheet of X Pvt Ltd for FY 2023-24 Standalone financial statement as per INDAS 28 with Joint venture accounting using Equity method of accounting. (JV share of profit shown in income and investment in JV is adjusted to that extent)

SO Standalone Balance sheet is already circulated and Tax audit and ITR is prepared for FY 2023-24.

As per Secretarial department we have to File AOC 4 so as per him we have to 2 no balance sheet one is standalone and another one is consolidated otherwise penalty is applicable

Query
• Whether consolidated balance sheet for Joint venture is compulsory?
• If yes what we can do now for FY 2023-24 since Balance sheet is circulated?
• If we have not done what is the consequences and penalty to be given?
• If we have to do consolidation whether only Equity method of accounting for JV is sufficient or full consolidation to be done by adding all assets and liability of JVs ?

Question added Nov 06, 2024 Income Tax By Saurabh Bhatia , CMA , Delhi

answers

3665 views

Q. PAYMENT TO OPEN AI AND ENVATO ELEMENT - Our company is using the service from Open AI and Envato (Both are NR and issuing bills in foreign currency), should we need to deduct TDS?
Payment made via credit card 15CA and CB is required?
This will also be covered under Appeal No: IT No. 3234/Bang/2018.

Question added Nov 06, 2024 GST By Saurabh Bhatia , CMA , Delhi

answers

3389 views

Q. NR GST NUMBER - Our company receives bills from outside India in foreign currency where NR mentions their GSTN No. 9924USA29014OSF/9920AUS29601OSG, GST portal showing status active but vendors not charging any GST amount.
Is this as per the GST act? Should we need to charge RCM for these services?
Does this vendor have Indian subsidy or registration in India?
if TDS needs to deduct on them how we collect their PAN number.

Question added Oct 24, 2024 Income Tax By CA Ashit N Desai , CA , Vadodara

answers

5757 views

Q. Presumptive Income - If A CA firm doing activities of Foreign Accounting what should be the profit percentage under presumptive income?

Question added Oct 07, 2024 Income Tax By Kollipara sundaraiah

answers

4611 views

Q. tax audit late filing penality provision applicable f.y.23-24 - A taxpayer tax audit itr filed every year f.y. 23-24 business sale turnover rs:3 crores above account records maintained computer system tally software used and some tally data corrupted account records rewritten delay of tax audit 31 st ocotber ,24
Question:
Assesee tax audit delayed filed penality provision applicable in it act.

Question added Sep 07, 2024 Income Tax By Joravar Singh , CA

answers

5650 views

Q. Interest in outstanding demand - One of my Client paid SA tax one day after submission of the ITR. It is reflecting in 26AS. There is a tax demand which includes Interest till date. Please confirm if interest is payable and under which section.

Question added Aug 09, 2024 Income Tax By Kollipara sundaraiah

answers

4513 views

Q. sale turnover declared as per books or AIS show in itr f.y.23-24 - A person sale turnover rs:50 lacs gst registrations before turnover
sale turnover rs:60 lacs gst registeration after turnover .sale turnover rs:110 lacs as per books sale turnover rs:60 lacs as per AIS in income tax portal f.y.23-24
Question:
A person sal eturnover declared show in as per books or as per ais f.y. 23-24

Question added Aug 08, 2024 GST By Shrikant Bapat , CA , Miraj

answers

3470 views

Q. GST - ABC PVT LTD Registered under GST in Maharashtra state is now going to operate in Gujrat through warehouse. My query is whether goods to be sent to branch/WH will be at cost or cost + margin? I have read somewhere that "goods are intended for further supply as such by the recipient, the value shall, at the option of the supplier, be an amount equivalent to ninety percent of the price charged for the supply of goods of like kind and quality by the recipient to his customer not being a related person" Please provide relevant rules / section.

Question added Aug 08, 2024 Income Tax By Kollipara sundaraiah

answers

3944 views

Q. tax audit or normal itr filed f.y. 23-24 - A Doctor running a nursing home in individual status. Gross rectipts rs:51 lacs profit declares rs:7,65,000/- precentage of profti rs:15%
Question:
Assessee normal itr or tax audit it returns filed f.y. 23-24

Question added Jul 29, 2024 Income Tax By Joravar Singh , CA

answers

3245 views

Q. PF Withdrawal and ITR - One of my client, withdraw Provident Fund. It is reflected in 26AS under section 192A in TDS-Non Salary. I will show the whole receipt under section 10(12)-Recognize Provident Fund Received. Please confirm if I am right.

Question added Jun 26, 2024 Income Tax By JIGNA SHAH , CA , Mumbai

answers

4002 views

Q. FUTURE AND OPTION PROFIT- INCOME TAX - HI, anyone can guide for future and option transaction- having profit- then tax audit criteria

Question added Jun 23, 2024 Income Tax By Takshil Niburani , CA , Navsari

answers

3724 views

Q. ITR FORM - If I have freelance income on which TDS us 194O has been deducted but income is only 1633 rs( in AIS it shows business receipt) do I still have to file ITR 4 or I can file ITR 1 and show it in other income.

Question added Jun 17, 2024 Income Tax By Nirmala G.

answers

3679 views

Q. Long term capital gains on selling share in a flat - 1) My mother owned a flat in Mumbai. After her death, it was transferred to the names of my siblings and myself in August 2010 via proper mutation at the back of the share certificate as usual.

2) A couple of years ago (in 2022), the housing society approved RE-DEVELOPMENT which is expected to be completed later this year (2024). Builder will be giving a new flat to us siblings.

3) On my elder sister’s request, I have decided to sell to her, my share in the NEW FLAT for a total consideration of 70 lakhs, after re-development is complete.

4) We have NOT yet made any formal agreement / MOU / sale deed etc.

5) My elder sister made me a payment of Rs. 5 Lakhs as EARNEST MONEY (token money) in January 2024. She plans to pay the remainder after the flat is completed.

i) Can I carry forward this Rs. 5 lakhs token money to be accounted for tax purpose, in a future FY (most likely FY 2024-25)? (after the sale is made and formalized vide a conveyance deed).

ii) Otherwise what would be the appropriate calculation of (deemed?) Long Term Capital Gains on the related to EARNEST MONEY of Rs. 5 Lakhs received in FY2023-24, although formal sale of asset has not yet occurred?

Question added Jun 14, 2024 Corporate Law By SUBRATA BANERJEE , CA , Bidhannagar

answers

2829 views

Q. MCA registration - How to update e mail, mobile no and Hint question and its answer in MCA v3 portal

Question added May 30, 2024 Corporate Law By Ram Snehi kumar , CA , Delhi

answers

2293 views

Q. Roc - Sirnhow can I convert a sole proprietorship into an existing company in which the sole proprietor is already a director holding 50% shares

Question added May 20, 2024 Audit By Rahul Prakash Patil , CA , Kolhapur

answers

2477 views

Q. Bank Of Maharashtra Concurrent Audit - Useful commands of BaNCS software for concurrent Audit

Question added May 09, 2024 Corporate Law By Ranu Jain , CA , East Delhi

answers

2856 views

Q. Queries regarding Creation MSOP/ESOP Trust - “Queries regarding Creation MSOP/ESOP Trust”
Major Underline Objective of Trust
Action-1: Promoter Shares to be transferred to the Trust.
Action-2: These shares, later, will be transferred to the Employees of the company.
Queries
Query-1: How will the Trust settle the consideration for shares received from promoters?
Query-2: Whether the trust is eligible to take the share without consideration?
Query-3: Who can be the trustees? Where employees of the company will be beneficiaries, whether can the Directors or Promoters of the be Trustees?

Experts Panelist

Rambabu Senkarasetti

Accounts, Audit, Corporate Law, Finance, Income Tax, Service Tax, Students, VAT

Answers Posted : 409

CA Satuti Mahajan

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 291

Vikash Kumar Jha

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Answers Posted : 270

Rishabh Upadhyay

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 257

Ashish Karundia

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, Income Tax, Service Tax, Students, VAT

Answers Posted : 257

Mrattunjay

Accounts, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 220

PRIYANKA

Accounts, Audit, Corporate Law, Excise, Finance, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 136

CA. SURESH Kr. AGARWAL

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 131

Vaneet Gupta

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 120

Ketan Samdani

Accounts, Audit, Corporate Law, Excise, Finance, GST, Income Tax, Service Tax, Students, VAT

Answers Posted : 117

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