Dear All Friends,

Any one please clarify the RCM is applicable for Factory act running license renewal fees. some of the experts opinion is is "If registration charges are exempted, renewal charges will be also exempted" and "Renewal charges are not independent of original registration fee. These are integrally attached with original registration fee. Renewal is an extension of original registration. Hence we can say that there is no difference between both." If RCM not applicable please provide the Authority of the same.

Sir,
A Doctor Advance from patients rs:10 lacs show in accounting records and house construction interest prepaid rs:2 lacs showing f.y. 22-23.
Doubt:
1.Advance from patients rs:10 lacs showing allowed and accounting treated in balance sheet correct procedure.
2.Prepaid house loan interest rs:2 lacs show debited to capital account or balance sheet correct procedure.

How profit transfer among partner
Profit after tax or Profit before tax.

I had purchased Yen from Forex company and Give it to our director for visit to Japan. Now he will return me Balance Yen with his expenses details. Please guide for the accounting entries for all the steps as mentioned above.

Non controllable interest as per balance sheet will consider for net worth calculations?

Sir / Madam,

Yesterday I tried to file ITC04 form by downloading latest excel utility file from site and prepared for the period Apr - Sep 2023. As there was no transaction in that period, we just made the json file without entering any value in the table 4A, 5A,5B and 5C. The json file was created smoothly without any mistakes but while uploading the same through offline option the error message as “Error in json structure validation in GST ITC04 Return. Please download the latest offline tool from portal and try again”. I have downloaded the utility file yesterday and created the json for the period.

Our doubt is whether we could not file ITC04 Form as NIL return (we searched for any option prevail to file the form as NIL in the site nowhere we found in the pages of the site)

or
Could we skip the period to file ITC04 Form as there was no transaction and there will not be any transactions in the forthcoming period also?

or

the utility file will be upgraded and will be released soon?

As the last date will be 25th day next to the period closure we are panic kindly advise us how will handle this issue?

Thanks in advance,

With Warm Regards,
Bazeer L

While calculating Total Debt to Total Net Worth ratio how to arrive Total debt.

A trust is given registration u/s 12AB by CPC for registration in Form 10AC for a period of 5years from AY 2022-23 to 2026-27. Can the trust file its income tax returns after filing audit report? Any other forms to be filed? Can the experts give the details please...

Hi, ITR has been filed and its pending for credit on the account refund is more than 50k. But bank account is validated and restricted refund status and there is no remark updated as well.
As per PAN data base name is Subramanya shastry sumukhi (last name/ middle name/first name) and in bank records the name is Sumukhi shastry S ( first / middle/last or initial name) should I get it changed as per pan or can I get my initial updated with full eg Subramanya instead of S?
Once the name correction is completed in bank . Should only revalidate and again reissue the refund ? Or only revalidate will suffice.
Please advice

Hi, Please tell me:
A Ltd is the holding company and B ltd is subsidiary company
A ltd is holding 90% shares in B ltd.
B ltd has no members who have more than 10%. But A ltd, who is the holding company of B ltd has 3 members who has shares more than 10%.

Is there a need to file ben-2 with respect to below explanation as per section 90 CA, 2013?


*Non-Applicability
The above rules shall not apply to such shares of the reporting entity as held by the following entities:
Holding company of the reporting entity. However, the details of the holding company shall be reported in Form No. BEN-2*

Explanation III - For the purpose of this clause, an individual shall be considered to hold a right or entitlement indirectly in the reporting company, if he satisfies any of the following criteria, in respect of a member of the reporting company, namely: -

(i) where the member of the reporting company is a body corporate (whether incorporated or registered in India or abroad), other than a limited liability partnership, and the individual,

(a) holds majority stake in that member; or

(b) holds majority stake in the ultimate holding company (whether incorporated or registered in India or abroad) of that member;