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Time of supply
Indirect Taxation
answered on 06-Apr-22 10:54
In the attached example 7, invoice is issued on 5th October and the date of provision of service is on 15th September ( invoice is issued within the time limit). But it is mentioned that the invoice is not issued within the prescribed time.
latest answer
Provision of service is 1st September
Nivedha Balaji
CA Final
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2
585
ITC - Blocked credits - S. 17 (5) (b) - (Doubt in example explained in 25th video of ITC chapter)
Indirect Taxation
answered on 06-Apr-22 15:42
Renting, leasing or hiring of a motor vehicle on which credit is blocked. Sir.... For this concept, you have given an example that a business person is hiring Uber car for business purpose and he cannot claim ITC on it. The reason being that the ITC on such motor vehicle is blocked as per S. 17 (5) (a). Doubt:- Sir..... my doubt is..... in S.17 (5) (b)......... as you said, uber car is meant for taxable supply of transportation of passengers and ITC on such car is not blocked....... then how in the above example given by you for clause (b), the credit for uber car is said as blocked? Please explain..... sir?
latest answer
You have to see from receiver point of view. If receiver would have purchased the car then credit would have been blocked. In the same way, even if car is taken on rent then also credit is blocked.
Girinath A
CA Inter
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3
662
Insurance claim illustration related
Accountancy
answered on 30-Apr-23 21:34
Chapter: Insurance claims on loss of stock In the attached illustration, the question gives 33.33% on cost as rate of gross profit but in the working note 1 given in next lage it is taken as 25% on sales. Could anyone please explain the logic or formula behind it?
latest answer
Thank you
Prasad Ramasamy
CA Final
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9K+
Esop
Accountancy
answered on 06-Apr-22 21:03
Sir what is graded vesting sir
latest answer
Ok sir thank you sir
Pandusml V
CA Final
★ 4K+
2
670
Conversion of endorsement in blank into full
Corporate & Other Laws
answered on 06-Apr-22 14:46
In example 26, it is mentioned that B endorses it in full to C or order, thus it becomes order instrument. Then how can C transfer it to D without endorsement?
latest answer
Generally, this is not possible. This example operates only in case a blank endorsement is converted to a full endorsement (section 55). This instrument is initially bearer instrument (blank endorsement from A to B) & later it's converted to an order instrument (full endorsement from B to C).
Nivedha Balaji
CA Final
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1
798
Returns
Indirect Taxation
answered on 05-Apr-22 12:43
Sir is QRMP scheme replaced quarterly filing gstr-1 whose TO exceeds 1.5 cr. In short my question is For now both scheme are available or only QRMP is available ?
latest answer
Both
Balaji R
CA Final
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4
520
Banking company
Accountancy
answered on 06-Apr-22 21:02
In this he first included in deposits and also in advances
latest answer
Oh ok sir
Pandusml V
CA Final
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4
465
House property letout part of the year and self occupied part of the year.
Direct Taxation
answered on 05-Apr-22 16:59
In this type , problems are made only in the aspect let out part only ,ignores the self occupied part- the interest portion. If it includes interest portion it will reduce the Ifhp. I will attach the problem for the reference.
latest answer
Welcome
Aswin Subramanian
CA Inter
★ 510
10
572
IFOS illustration
Direct Taxation
answered on 05-Apr-22 10:42
sir in illustration 5 of IFOS in first point >the point > Interest on listed debenture of A Ltd. RS.16,200 in the solution to the illustration a TDS of 7.5% is taken and gross interest taken in computation of IFOS is RS. 17,514, is the section 193 is the relevant section for this TDS ? TDS of 10% OR 7.5% is relevant for MAY 2022 ?
latest answer
For PY 2020-21, there is a reduction in rate of TDS under section 193 due to covid which was 7.5% For PY 2021-22 onwards, the rate of TDS is 10% and must gross it up by 10% The rate applicable for May 22 is 10% under section 193
Muhammed Salih
CA Inter
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1
458
Bank deposits disclosure
Accountancy
answered on 06-Apr-22 16:19
Why bank deposits for 9 months are disclosed separately in the question below while schedule III requires separate disclosure of only such bank deposits that have more than 12 months maturity?
latest answer
Ok sir
Sibi Srinivasan
CA Final
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6
564