Regarding Reverse charge

This query is : Resolved

Hemant Dosi (Querist)
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08 February 2023 Is there is RCM Applicable for a firm not registered under GST
as the firm are running their clinic in rental buiding
Pls reply

Regards
Hemant

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 February 2023 RCM not applicable in such a case

Hemant Dosi

Hemant Dosi (Querist)
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11 February 2023 How much cash in hand keep in our books if there is any limit pls revert

Regards

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 February 2023 No limit, it should be commensurate with the daily cash sales and cash expenses.
Excess cash will be problem during raids.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 February 2023 No limit, it should be commensurate with the daily cash sales and cash expenses.
Excess cash will be problem during raids.

Hemant Dosi

Hemant Dosi (Querist)
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11 February 2023 Sir we have an eye clinic in rajasthan and we are in receipt of cash or upi payment as a consultancy fees on daily basis in the end of the day all cash received by us deposited in bank next day in our current a/c pls revert are we correct or we shall adopt another method

Hemant Dosi

Hemant Dosi (Querist)
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14 February 2023 WE ARE RUNNING A PHARMA BUSINESS ON RENTAL PREMISES AND WE ARE REGISTERED UNDER GST COMPOSITION SCHEME CAN RCM APPLICABLE ON RENT

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 February 2023 You are such eye clinic cash receipts can be deposited to the bank next day no problem.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 February 2023 RCM applicable in case of residential rental premises used for commercial.
No RCM applicable on commercial property.

Hemant Dosi

Hemant Dosi (Querist)
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17 February 2023 Sir we have to procure medicines from market for our clinic lets me inform that we have to enter
under which head as we are maintaining income and expenditure a/c

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 February 2023 Purchase of medicine head is the right one.

Hemant Dosi

Hemant Dosi (Querist)
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21 February 2023 we are running our business under composition scheme and we have to pay rent for our premises to landlord and now we have to pay RCM on rent then how can we take credit of reverse charge

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 February 2023 No credit can be taken in such a case.
In case of commercial premises RCM not applicable.

Hemant Dosi

Hemant Dosi (Querist)
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02 March 2023 purchase of gold ornaments and paid thru bank and also under Invoice paid gst pls explain we can show these ornaments in our books pls explain Journal entry and how we can show in balance sheet

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 March 2023 Yes, show it under investment.

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Hemant Dosi

Hemant Dosi (Querist)
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16 March 2023 BY MISTAKE WE HAVE NOT SHOWN LOAN HOUSING IN LIABILITIES IN PREVIOUS YEAR CAN WE SHOW NOW IN CURRENT YEAR BALANCE SHEET

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 March 2023 Yes, no problem.
...

Hemant Dosi

Hemant Dosi (Querist)
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17 March 2023 cash in hand in books can we transfer the same in capital a/c or there is another alternate to minimise

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 March 2023 Yes transfer to capital account no alternative.

Hemant Dosi

Hemant Dosi (Querist)
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21 March 2023 CAPITAL A/C HAVING DEBIT BALANCE USUALLY CREDIT WHATS HAPPENED WHEN DEBIT
BALANCE NOT SHOWN IN BALANCE SHEET

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 March 2023 Credit balance should be shown.
Debit balance show it in current account.

Hemant Dosi

Hemant Dosi (Querist)
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22 April 2023 In balance sheet advance Income tax balance shown in assets side of fy 2021-22 can we transfer in capital a/c

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 April 2023 Yes, on case of individual and firm

Hemant Dosi

Hemant Dosi (Querist)
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28 April 2023 Last year we have an balance of capital a/c was 65 lacs now this year we have an balance of around 40 lacs it seems drawings increased this year can there is any mistake done by us

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 April 2023 No mistake it's due to drawings.

Hemant Dosi

Hemant Dosi (Querist)
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09 May 2023 In a proprietory firm we have a cash balance in our books can we transfer the same in capital a/c if yes how much cash should be transferred in capital a/c

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 May 2023 Keep it transfer it only it's withdrawn.

Hemant Dosi

Hemant Dosi (Querist)
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25 June 2023 Sir we are registered as a regulat under GST By mistake we have made sale invoice under gst 12%
instead of 5% now can we send credit not to party

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 June 2023 Yes, you can send credit note.

Hemant Dosi

Hemant Dosi (Querist)
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05 July 2023 Today my son has clear CA Inter both group aggregate 54 % pls suggest me from where
we will start his articleship
Regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 July 2023 Congratulations. Where are you now.

Hemant Dosi

Hemant Dosi (Querist)
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05 July 2023 At present we are living at Beawar Dist Ajmer Rajasthan and my son is also with us and start his
articleship at Beawar Now i wish to get them transferred under good ca company pls assist me
where to go now

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 July 2023 I am now in Pondicherry
No idea about your place.
Enquire some business people they will guide you.

Hemant Dosi

Hemant Dosi (Querist)
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13 August 2023 If a firm wind up in that case what should we do with there balances such like a cash in hand and stock or capital in the books

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 August 2023 Distribute the assets to the partners and close the books.

Hemant Dosi

Hemant Dosi (Querist)
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26 August 2023 In a sole proprietory firm how much cash balance can transfer by the owner in his own ITR return
if he has a negative balance in individual books

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 August 2023 To the extent of negative balance.

Hemant Dosi

Hemant Dosi (Querist)
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10 November 2023 I am going to sell my ancestors' property. Whatever rate I get for selling it will be paid directly to my account according to DLC Rate but actually I will receive more in cash
Now, up to what limit can I deposit the cash received in my account

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2023 Less than 10 lacs you can deposit.

Hemant Dosi

Hemant Dosi (Querist)
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23 December 2023 I am going to purchase a new house in the name of my wife but some payment given in advance made by cheque from my personal saving bank Its wright or not

Hemant Dosi

Hemant Dosi (Querist)
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23 December 2023 I am going to purchase a new house in the name of my wife but some payment given in advance made by cheque from my personal saving bank Its wright or not

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 December 2023 It's right you can make payment on behalf of wife through cheque.

Hemant Dosi

Hemant Dosi (Querist)
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06 February 2024 Sir
Can I gift my Ancestor property ie immovable property to my wife? If yes, are there any charges to be paid or any legal fees?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 February 2024 Yes, no legal fees only registration fees payable.
Income if any from the property has to be clubbed with your income.

Hemant Dosi

Hemant Dosi (Querist)
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06 March 2024 We are running a eye hospital now we are going to expansion in existing and we have taken loan from bank for new building and medical equipment all the expenses regarding construction like building etc should be capitalised till the completion of work all expenses regarding construction are cover under which head