CA Queries - Ask Questions & Get Expert Answers

Ask your professional queries on Income Tax, GST, TDS, Audit, ROC/MCA compliance and accounts. Get answers from CA/CS/CMA experts and community members on CASANSAAR.

All Categories
Income Tax (1614)
Students (768)
Service Tax (497)
Corporate Law (462)
Audit (393)
Accounts (336)
VAT (277)
GST (136)
Excise (106)
Finance (104)
Banking (46)
FEMA (40)
Custom (29)
Shares & Stock (18)
IFRS (17)
Income Tax Software (4)
Cost Inflation Index (1)

Recent

Recent Questions

Question added Feb 12, 2018 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

475 views

Q. TDS on property (Form 26QB) - An assessee has paid tds on a property purchased from a builder in F.Y.2014-15. Now in F.Y 2016-17 if due to some reason he wants to cancel that property and buy another property from the same builder. Whether he will be required to deduct TDS again or we can adjust the TDS amount..how will it work??

Question added Feb 09, 2018 Income Tax By CA Gaurav Juyal , CA , Ambala

answers

347 views

Q. Deduction of 80 IB(10) - we have claimed 80IB (10) deduction for constriction of flat in A.Y 2012-13 and all the condition of 80IB has been full filed. but deputy commissioner of income tax disallowed the deduction because we have claimed the deduction on the basis of NOC issued by the local authority for electricity treat this NOC as a completion of certificate. so Please give your suggestion

Question added Feb 07, 2018 Income Tax By Naveen singh

answers

436 views

Q. TDS on EPF Wothdrawal - In case of NO pan, tds @34.6% is dedcuted in case amount is more than 50,000.
My question is Will tax be applicable on amount over & above 50k or inclusive of 50k

Question added Jan 05, 2018 Income Tax By ashish agrawal , CA , Mathura

answers

400 views

Q. u/s 44ADA - IF a professional have income from partnership professional firm (remuneration, interest, profit) and also have part time professional income other than partnership professional income and want to adopt the U/s 44ADA for part time professional income than while filling in ITR 3 it is required to fill the balance sheet and P/L portion for his income.

Question added Dec 22, 2017 Income Tax By Chandan Kr , Patna

answers

395 views

Q. Filing of ITR after receiving an intimation u/s 154 - Could 2nd rectification be filed after receiving an intimation u/s 154 in which earlier rectification has not been considered.

Question added Dec 21, 2017 Income Tax By sapna , CA , Delhi

answers

301 views

Q. CBDT Notification, rules amended to restrict depreciation rate @40% - [Notification No. 103/2016/ F.No.370142/29/2016 -TPL]

S.O. 3399(E).â€”In exercise of the powers conferred by section 32, section 115BA and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:-
(1) These rules may be called the Income-tax (29th Amendment) Rules, 2016.
(2) In the Income-tax Rules, 1962 ( here after referred to as the principal rules),-
(a) in rule 5, after sub-rule (1), the following proviso shall be inserted with effect from 1st day of April, 2016, namely:-
â€œProvided that in case of a domestic company which has exercised option under sub-section (4) of section 115BA, the allowance under clause (ii) of sub-section (1) of section 32 in respect of depreciation of any block of assets entitled to more than forty per cent. shall be restricted to forty per cent. on the written down value of such block of assets.â€
(b) in the New Appendix I, in the Table, in the second column, for the figures â€œ â€˜50â€™, â€˜60â€™, â€˜80â€™, â€˜100â€™ â€, wherever they occur, the figure â€œ40â€ shall be substituted with effect from the 1st day of April, 2017.

If we study above notification clause a will be found totally separate from clause b. Claus a will be applicable for companies who exercise option u/s 115BA but when we read clause b , it is not linked to clause a and it suggests that maximum limit of depreciation allowed will be 40% from 01.04.2017.

Kindly clarify what is the upper limit of allowable depreciation for the financial year 2017-18 and the categories of applicable assets.

Note: i also attached KPMG articles on above which suggest that upper limit will be 40%.

Question added Dec 15, 2017 Income Tax By MOHAN SAMPATH & JANARDHANA , CA , Cuddapah

answers

295 views

Q. Whether Re-imbursement of Training Expenses by the employer is Taxable to the employee - Re-imbursement of Training expenses by the employer is taxable to the employee.

Question added Oct 06, 2017 Income Tax By Ashutosh Kumar Tripathi , CMA , Bilaspur

answers

759 views

Q. Agricultural Income - If a person is engaged in the production of vegetables, herbs, grains etc. and also purchases the same from others and sales it finally to wholesalers. Whether aggregate income from these both of activities will be treated as agricultural income? or income from first activity will be treated as agri income and income from second source will be treated as income from business?

Anwered By : shankygarg

Question added Sep 28, 2017 Income Tax By Kulbhushan Annadate , CMA , Pune

answers

447 views

Q. Non Filing of Return of Income tax for AY 16-17 - My Father Is retaired Perosn which was received the notice from Income tax Reg. Non Filing of Return of Income tax for AY 16-17 His Income Was Less than 1.00 Lakhs Hence He not filed IT Return in FY 15-17

Question added Sep 25, 2017 Income Tax By Praveen Dounderiya , CA , Gwalior

answers

357 views

Q. TDS LIABILITY - Praveen Dounderiya:
Tds liability on thyro sevice provider(TSP)

Any body tell me that payment received by thyro service provider from various client under the service provided for collection of blood sample.

Thyro service provider just only collect the sample of behalf of Thyro care

They(TSP) collect the sample and forward to Thyro care for testing

Question added Sep 15, 2017 Income Tax By vandna , CA , Chandigarh

answers

310 views

Q. Regarding trust - espected Sir/Madam, Trust is registered Under Society Registration Act 1860(Haryana) IT is registered under income tax as AOP(trust) but it is not registered in 12AA Whether donation received exempt under any section. Whether trust is exempt u/s 10(23)(c)(iv). IF not U/s which section it can be claimed. And Which return is filed ITR V or ITR VII. What will be Date of filing of return

Question added Sep 13, 2017 Income Tax By Ashutosh Kumar Tripathi , CMA , Bilaspur

answers

267 views

Q. e Nivaran - Grievance lodged in e-nivaran but same is pending since last so many days. please suggest the way out to get it resolved.

Question added Sep 01, 2017 Income Tax By CA Vikas Kapoor , CA , Lucknow

answers

300 views

Q. Capital Gain Exemption - Whether investment in Flat (Allottment in 2012, Registry and possession in 2017, major portion of purchase price payment in 2013) will qualify for claiming exemption in respect of long term capital gain on sale of Plot in Sept,2017. Secondly will it make any difference if the outstanding amount of Home loan taken for purchase of flat is paid from sale consideration of plot.

Question added Aug 26, 2017 Income Tax By divya sharma , CA , Delhi

answers

297 views

Q. Direct tax - if in 2013-14 there is tds deducted u/S 194J OF 50000 I.E.RECEIPTS 500000, WHETHER while filing reurn the balance sheet and profit and loss account has to be upload??

Question added Aug 22, 2017 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

236 views

Q. INCOME TAX - One of my client received Notice from income tax department for limited scrutiny on ground of cash deposited in bank. The assessee submitted response that he was a partner in firm and cash withdraw from firm and deposited in his personal bank account. The ITO want to produced all books of account of partnership firm and impugned the books of accounts. I want to know that can ito do this.

Question added Aug 22, 2017 Income Tax By Robin Jalan , CMA

answers

208 views

Q. Capital Gain - I have Purchased Flat in Feb 2000 and take possession on the basis of contract but have not done registry of my flat at that time now in April 2016 I have registered my flat and in April 2017 i have sold that flat and in Mar 2016 and I have also purchased new Residential flat , Please guide me the tax implication how I can save my TAx

Question added Aug 21, 2017 Income Tax By Mahesh kumar kumawat , Sikar

answers

327 views

Q. TCS on deducted on which Amount - TCS deducted on Which Amount Material Vale + GST amount or Only Material Value

Question added Aug 18, 2017 Income Tax By SUNNY NARANG , CA , Gurgaon

answers

181 views

Q. i need some clarification whether Blogging Activity/income from adsence is business or profession - i need some clarification whether Blogging Activity/income from adsence is business or profession ? what will be tax audit limit- 50 L or 1 Cr.

Question added Aug 15, 2017 Income Tax By P K AGRAWAL , CA

answers

294 views

Q. IMPACT OF ICDS ON TAXABLE INCOME - X AN ASSESEE DECLARED INCOME OF RS 1.00 LACS FROM BUSINESS & PROFESSION (COVERED U/S 44AB). THERE IS IMPACT OF RS 0.50 IN CHANGE IN VALUE OF INVENTORY AS PER ICDS II, BUT WHILE FILLING IN ITR TAX IS CALUCLATED ON 1.00 ONLY, IGNORING 0.50 LACS CHANGE IN ICDS, WHILE WE SEE THE PHYSICAL FORMATE OF ITR WE FIND THE 0.50 AMOUNT DUE TO CHANGE IN IMPACT OF ICDS IS CORRECTLY SHOWN IN OTHER INFORMATION COLUMN.
MY QUERY IS WHETHER IMPACT OF ICDS IS ONLY FOR DISCLOSURES PURPOSE OR TAX IS CALCULATED ON TAKING INTO ACCOUNT OF THE ICDS IMPACT. AND WHERE TO FILL THE AMOUNT OF CHANGE IN IMPACT OF ICDS IN ITR.

Question added Aug 07, 2017 Income Tax By Awdhesh , CA , Gonda

answers

349 views

Q. ICDS - For a simple agency business how icds will apply to them

Question added Jul 25, 2017 Income Tax By aprajita , CA , Kanpur

answers

418 views

Q. tax saving - If an individual having salaried income gift some money to his parents (suppose give rs 1 lakh to his parent). Now can he claim tax exemption of rs 1 lkh in his ITR.?

Question added Jul 24, 2017 Income Tax By Ratan Kumar Banka , CA , KolkataM.C.

answers

367 views

Q. Return File for A.Y 2017-2018 - one of my client having profession income rent income and short term capital can total below 50 lacs he is not maintaing books ofacoounts which form is applical under section 44ADA of income tax act on the form no there is no col for short term profit please advice

Question added Jul 01, 2017 Income Tax By sanjay , CA , ludhiana

answers

272 views

Q. ITR-3 A.Y 2017-18 Problem - In ITR-3 while uploading message flag that audit information is not complete audit 92e flag is expected.
We filed information of auditor u/s44AB but not found 92E audit information etc

Question added Jun 24, 2017 Income Tax By Preetam Singh Shekhawat , CA

answers

271 views

Q. Section 44 AD - Dear Sir, A person is carrying the business of Bakery. His Total Sales is 60,00,000/- in the FY 2015-16. He is showing the income less than 8 % and maintaining the books of accounts and his total income is exceeds the maximum amount which is not chargeable to tax. Whether he is liable to get his accounts audited u/s 44 AB? He is not opted for section 44 AD presumptive basis.

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

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

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

4848

QUESTIONS

4692

ANSWERS

807

EXPERTS

2698

QUERIST