A private limited company ( small company ) accepting loans from directors from his own source is treated as exempted deposit. The provisions of Section 117 of the Act state filing requirements of particular resolutions and agreements with the ROC in MGT 14.1.In case of private company – clause (g) of Sub-section 3 of Section 117 shall not apply Notification No. GSR 464(E) dated June 5, 2015.,ie, resolutions passed in pursuance of sub-section (3) of section 179. Borrowing monies are included in the same. So my query is whether MGT 14 is required to be filed if the loan amount exceeds the limit (paid up capital + free reserves).

Please provide a reply .

SIR, I WANT TO ASK WHETHER KARTA FATHER CAN GIVE GIFT LIKE CASH, SHARES, & OTHER ASSETS TO HIS SON HUF, AND WILL IT BE EXEMPTED IN THE HANDS OF FATHER & SONS HUF BOTH OR IS IT TAXABLE.

PLZ GUIDE

what is the business code for saree charak work

Sir/
Outward foreign remittance/purchase of foreign currency from NRO a/c by any NRI and sending to his "own" bank a/c abroad and
out of source which is in the nature of "exempted amount " ( not chargeable under ITax Act in India ). Hence following queries :-

- Is it required to be reported anywhere while filing ITR 2.
- Does it make any difference for compliance or reporting when source of remitted amount is an " exempted receipt " in hands of NRI in India , but amount is more than 10 Lakhs
- Does it need any specific compliance or any tax implication when authorized dealer categorize the transaction under ' Purpose Group -Capital Account- Repatriation of Non-Resident Deposits. as amount is sent by authorized dealer from NRO a/c only.

Pls guide.

Dear Expert,
My client has not filed GSTR-9 of F.Y. 2021-2022. Now please advice me how much maximum late fees ?

Dear Sir,

An Asessee does not file his Income Tax Return for F.Y. 2020-21 i.e. A.Y. 2021-22 as he is not having any Taxable Income for that particular year after that he is regularly Filing his Income Tax Return. Now, on Compliance Portal query is arising as Non-Filing of Income Tax Return for A.Y. 2021-22 also I'm not having anything in support of his Income as shown in AIS/TIS how shall I proceed ahead to compliance portal. An Individual is a Retired Employee, his income from other sources is within Income Limit but he purchased time deposits from State Bank of India, kindly advice.

DEAR SIR,

ONE OF MY CLIENT HAS GST REGISTRATION FOR TRADING BUSINESS. HE PURCHASED AN AGRICULTURAL LAND 10 YEARS BACK NOW HE WANT'S TO DEVELOP THE LAND SELL PLOTS TO PEOPLE. HE RECEIVED SALE AMOUNT IN CASH. NOW MY QUERY IS
1. WHAT ARE THE EXPENSES MIGHT BE INCURRED TO DEDUCTING BY CAPITAL GAIN
2. IF HE DOES MADE CASH EXPENDITURE WHILE DEVELOPING THE LAND WILL BE OR WILL NOT BE ELIGIBLE FOR DEDUTIONS.
3. DOES HE NEEDS TO OBTAIN GST REGISTRATION FOR SALE PLOTS.
4. JUST HE HAS TO PAY CAPITAL GAIN ON PLOTS.
5. HOW TO DETERMINE EXPENSES FOR EACH PLOTS BECAUSE MORE THAN 50 PLOTS WILL BE DEVELOPED AND THIS CURRENT FINANCIAL YEAR MIGHT BE SOLD 10 TO 15 PLOTS.
6. REMAINING WILL BE SOLD NEXT FINANCIAL YEAR.

NOW HOW TO CALCULATE CAPITAL GAIN AFTER DETERMING EXPENSES INCURRED.

REGARDS YOURS SUGGESTIONS MUCH NEEDED

THANK YOU

Mr X and Mrs X wants to set up Wealth Solutions LLP. Description of services of LLP include
a) Investment Advisory (Financial Planning, Portfolio Management)
b) Mutual Fund Distribution (Mutual Fund Selection and Advice)

Mr X is non-CA and Mrs X is CA "not holding COP".

a) Can Mrs X, CA not holding "certificate of practice" become a partner in Wealth Solutions LLP where the other partner is non - CA

b) Can Mrs X chartered accountant not holding "Certificate of Practice" provide Investment / Wealth Advisory Services to the clients or Mr X can provide it.

c) Whether code of conduct of ICAI allows it or not

d) Whether any permission should be obtained by Mrs X from ICAI for becoming an Certified Investment Advisor

Dear Experts,

If cash deposits is more than 10 Lakhs in savings account in a FY , then is it compulsory to file ITR for that year?

This has been captured in AIS and feedback is expected for the same for Non filing.

Please advice.

Regards,

RECIEVED A DEMAND ORDER ASKING TO PAY PENALTY OF Rs 40000/- IGST-20000/- CGST-10000/- SGST-10000/- WE HAVE REVERSED THE ITC AND PAID THE INTEREST TOO THROUGH DRC 03 ON 5.12.23 BUT WE HAVE RECIVED THE SCN ON 29.9.23

NOW THE OFFICER IS SAYING TO PAY PENALTY AS ABOVE THE TAX AMOUNT WAS AROUND 5000/- AND INTEREST WAS AROUND 4000/- I AM NOT IN POSITION TO PAY THE PENALTY WHAT SHOULD I DO