Forums
Time of supply
Indirect Taxation
answered on 23-Sep-20 22:21
Sir , in case of supply of goods under RCM , part of the payment is on june 30 and balance amount on july 20 . Receipt of goods on july 1 and date of issue of Invoice on june 29 . In this case , why date of receipt of advance is taken as time of supply for that part payment , as advance received in case of goods is not taxed at the time of receipt ? Sir
latest answer
Thank you sir .
Srini Sriram
CA Final
★ 4K+
4
710
No relief to partners for any set - off of claim in INDIAN PARTNERSHIP ACT
Corporate & Other Laws
answered on 23-Sep-20 17:05
For instance, If A and B are partners in a firm and action has been brought against the firm for â?¹100000. If partners have receivables â?¹80000. How does set - off will happen? Practically? Will the third party transact â?¹80000 first and the firm will transact â?¹100000 or the third party transact 79900 rupees and firm will transact 99900 rupees
latest answer
Ok may be my understanding of the concept â?? set - off claimâ?? wrong.
Deborah Susaiyappan
CA Inter
★ 8K+
4
894
TOS of vouchers
Indirect Taxation
answered on 23-Sep-20 17:22
If the vouchers are sold .......but not used by the recipient and same had been expired then tos for voucher shall be expiry date... Am i correct or not...
latest answer
Ok sir
abhishek kapale
CA Inter
★ 980
2
789
Composition scheme
Indirect Taxation
answered on 22-Sep-20 15:49
1.Rcm will b applicable in composition scheme? 2.Manufacturer or trader can also provide other small service and we hv limits for that right.. What if the main trading activity is oly 1.5 cr sir can he also provide other small service within the prescribed limits. That is 10% of turnover or 5 lakhs whichever is higher
latest answer
1. Even for composition registered person, RCM provisions will apply. 2. Not possible since once turnover exceeds 1.5 crore, he cannot continue under composition scheme.
Shruthi V
CA Inter
★ 0
1
840
Composition levy
Indirect Taxation
answered on 22-Sep-20 16:03
I saw the video bt i dint understand the calculation sir.. 3% on what? Registered person can opt for this notification right registered under what sir?
latest answer
Yes right ð???
Shruthi V
CA Inter
★ 0
3
786
Composition scheme
Indirect Taxation
answered on 22-Sep-20 17:00
Can u explain me the italic word sir
latest answer
It means that if we file an application in FY 18-19, effective date cannot be prior to 1.4.2018
Shruthi V
CA Inter
★ 0
5
727
Standard Costing
Costing
answered on 24-Sep-20 06:22
What should we do with standard loss while calculating standard mix in case of revised standard quantity determination?
latest answer
10% is normal loss.
Kumar Sarthak
CMA Final
★ 12K+
3
788
Composition levy
Indirect Taxation
answered on 23-Sep-20 12:19
In video class it's mentioned returns r filed quarterly bt here in icai mat. Its given yearly which is correct sir?
latest answer
Ok sir..
Shruthi V
CA Inter
★ 0
7
796
Tos of goods illustration 3
Indirect Taxation
answered on 22-Sep-20 16:17
In solution of point 4 why the date of balance payment is considered on1st july ....as in question it is mentioned on 20th july
latest answer
Since. As per Section 12(3), TOS shall be earliest of the following dates: 1. Date of payment 2. Date of receipt of goods 3. 31st day from Date of Invoice.
abhishek kapale
CA Inter
★ 980
3
756
Composition scheme
Indirect Taxation
answered on 22-Sep-20 14:15
When u cant make inter state supplies. Why is inter state suplies of goods & services included in calculation of aggregate turnover sir.. Or here oly inter state supplies mnz inward supplies.
latest answer
For calculation of aggregate turnover, generally we include everything. But in case of composition registered person he cannot engage in inter state outward supply of goods. Trust this clarifies !
Shruthi V
CA Inter
★ 0
3
737