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Taxchopal Latest Questions

Advocate Dr Amit Dua
Explainer
Asked: In:

  1. CA Sanjiv Kumar Enlightened Chartered Accountant

    Yes,  An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity. Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securitiesRead more

    Yes,

     An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity.

    Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securities.

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    • 0
Anonymous
Anonymous
Asked: In:

  1. Ramesh Sharma Enlightened

    GST (Goods and Services Tax) is an Indirect tax and applied on the sale of goods and services. Earlier, there were lots of other Indirect taxes such as VAT, service tax, purchase tax, excise duty, etc, GST replaced all of these taxes. GST is applicable all over India and has similar rate of taxes (5Read more

    GST (Goods and Services Tax) is an Indirect tax and applied on the sale of goods and services. Earlier, there were lots of other Indirect taxes such as VAT, service tax, purchase tax, excise duty, etc, GST replaced all of these taxes.

    GST is applicable all over India and has similar rate of taxes (5%,  12% , 18% , & 28%.) on all services and products all over India. it is a multi-stage tax system that aims to curb the cascading effect of other Indirect taxes.

     

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    • 0
Ramesh Sharma
Enlightened
Asked: In:

  1. CA Vishnu Ram Enlightened

    Following are the differences between advances and loans. A Loan is a financial assistance given with an absolute promise to repay, whereas an advance is given against the supply of goods and services. Generally, Loan carries a rate of Interest against the financial assistance whereas an Advance doeRead more

    Following are the differences between advances and loans.

    A Loan is a financial assistance given with an absolute promise to repay, whereas an advance is given against the supply of goods and services.

    Generally, Loan carries a rate of Interest against the financial assistance whereas an Advance does not carry such a rate of interest.

    A loan can be for a long-term period whereas an advance is given for a short-term period and against work or project.

    A loan is always repaid, whereas an advance is adjusted with the outstanding bill amount.

    Example-Advance given to employees against the current month’s salary. A loan is given to employee for buying a Car.

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    • 0
girishgadiya108@gmail.com
Beginner
Asked: In:

  1. CA Manish Kumar Gupta Enlightened

    Hi, An elevator is treated as a part of the building. An elevator is an integral part of the building and doesn't have a separate identity i.e it cannot be sold as individual peace. It is designed and assembled as per the requirement of a building which makes it an integral part of the building. WeRead more

    Hi,

    An elevator is treated as a part of the building.

    An elevator is an integral part of the building and doesn’t have a separate identity i.e it cannot be sold as individual peace. It is designed and assembled as per the requirement of a building which makes it an integral part of the building.

    We can refer to the explanation of section 17 (5) of the CGST Act as  the expression “plant and machinery” means apparatus, equipment, and machinery fixed to earth by foundation or structural support that are used for making outward supply of goods or services or both and includes such foundation and structural supports but excludes-

    (i) land, building or any other civil structures;

    (ii) telecommunication towers; and

    (iii) pipelines laid outside the factory premises.

    Section 17(5)(d) does not allow to take ITC on goods or services or both received by a taxable person for the construction of an immovable property.

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    • 0
CA Vishnu Ram
Enlightened
Asked: In:

  1. CA Manish Kumar Gupta Enlightened

    Hi, The answer is a big No. If you are paying rent but not receiving house rent allowance then you are allowed to claim deduction under section 80GG subject to your spouse or children are not owning a house property in the place of employment. And, in case you are paying rent and receiving HRA, thenRead more

    Hi,

    The answer is a big No.

    If you are paying rent but not receiving house rent allowance then you are allowed to claim deduction under section 80GG subject to your spouse or children are not owning a house property in the place of employment.

    And, in case you are paying rent and receiving HRA, then you can claim a deduction of such HRA as per section 10(13A).

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    • 3
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