Clause 44 of Form-3CD | CA. Pramod Jain
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- เผยแพร่เมื่อ 3 ต.ค. 2024
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With Clause 44 of Form 3CD being made reportable from AY 2022-23 itself, there are various matters which requires clarity for assesses and auditors. This small video contains such matters.
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CA. Pramod Jain
Very useful information, thank u sir.
On Import Of goods and Services IGST is to be paid on RCM basis. Under which head such expenditure are to be reported
Thanks as always
Very helpful. Thank u Sir
Very learned man.... Thanks
1). .Sir , i am a partner in a partnership firm , will the interest paid on partner capital and remuneration paid to partner whoch is debited in profit and loss account will be taken while calculating expenses for reporting under clause 44 ,
2). and we have unsecured loan from our own family members then will that amount be taken ???
Whether GST paid by a composition dealer and debited to Profit and loss account to be reported? What about trade license fee etc?
Respected Sir, Some of them are of opinion that, Clause 44 should include all sorts of expenses including purchases, Purchases means to say Goods Purchases. Please throw some light on this
Yes.. purchases are expenditure please... to be included
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Sir how should we show travelling expenditure as it includes both petrol/fuel (out of ambit of gst) and train and air tickets which are chargeable to gst.
Bifurcate... petrol diesel in col. 3 and train air in col. 5
Respected Sir
Kindly clarify whether overseas freight and freight on which RCM has been paid by the Assesse are part of this clause or not? If yes then need to mention under which head?
7
Sir Bank Interest, Unsecured Loan Interest, Salary, Wages, Depreciation, Pre-Operative Exp. etc. is reporting or Not
Sir what about import? we have to show it expense under unregistered entity?
Thankyou sir
wonderful video sir. Sir in reporting under clause 14 can be avoided as it requires a deviation to be mentioned, whereas we cannot escape in clause 13(reg inclusive method) am I correct sir?
Better to cross refer
@@CAPramodJain thank you sir
Thanks
what about second-hand goods dealer how purchases will be shown
If purchased from unregistered... then column no. 7
Sir my client has a Proprietorship business of retail sale of alcohol , which is not covered under GST so do we have to give the said details under clause 44. Similarly is this clause applicable on Petrol pumps.?
Sir STT on F&O NSE Derivatives & CTT on MCX Commodity Derivatives are allowed as deduction under Income Tax Computation??
Yes.. as these are business exp.
If interest on unsecured loans/ shop rent is paid to an individual , I am of the view that it need not be reported under this clause as it is not paid to an entity
Please give your view Sir
Agreed
Sir If assessee has 2 businesses. one is 12 crore and the other is 89 lacs. Audit of Accounts shall be done for both businesses?
Hello Sir. My question is whether Opening Stock comes under the gambit of Clause 44?
No plZ
Wow ! A bunch of qualifications
Sir A company has Paid Rs 105000 (1 Lakh + 5000 GST) for Catering Services. The company booked Rs 105000 as a business promotion expense. Now, what amount will be reported in clause 44 Rs 1 Lakh or Rs 1.05 Lakh?
Good one.. should be 105000
@@CAPramodJain Thank you sir for your reply. But I have other questions also whether these will be reported in Clause 44 or not:-
1. Provision made for known expenses like Audit fees
2. Expenses incurred by the company in cash
3. Any Govt fees like ROC fees paid to MCA
L
@@SudhirKumar-qt5um Roc .. not to be reported... others to be reported
Sir i think it should be Rs. 100000 coz only is 100000 is debited in P&L and Gst amount in shown in liability as it is liability to be paid and words of clause is expenditure. Correct me if i m wrong sir.
Sir, will staff insurance will fall under clause 44?
Sir, in clause 44(1): Total expenditure incurred is asked which would include salaries as well whereas it would not be part of 44(2) as salary is
Neither exempt, Composition dealer and normal dealer
Nor employees are entities, so not included in 44(3) also.
But, what if company is paying salary to a director who is registered under GST ?
Then acc to me, salary and other payments to such directors would get covered in 44(2) and in respect of sitting fees and other related payments which are not in nature of salary to Unregistered director, should be covered in 44(3) as "Expenditure relating to unregistered entities" as directors should be treated as business entity for other than salary payments.
Please read full line it talks about expenditure of entities... salaried person is not an entity
@@CAPramodJain
Right sir, I accept your valuable opinion but I am of the view that business entity has not been defined anywhere in GST. SO, every person who are carrying business should be treated as business entities. As per sec 2(17)(g), business includes holding of office by any person in the course or furtherance of trade, profession or vocation. So, other than WTD/MD, salaries to part time directors is treated as supply under gst and as business income under income tax act. So, that's why I thought their salaries should be included in clause 44 under expenditure relating to unregistered entities if they are unregistered.
@@caanshugupta469 I stand by my view... they are not entities plz
@@CAPramodJain what about RCM on payment to director
Interest on loan amount to be included in clause 44 or not??
If to am entity then yes... otherwise no
@@CAPramodJain Thank u sir
Sir raw material purchased but not issued for consumption and kept in stock, whether it is a expenditure for the purpose of clause 44?
Yes.. it is
Sir supplier is composition or normal.. We have to check one by one from portal?
It can be verified from bill .. or where input too not taken
Rebate and discount and gst disallowed
treated in which column in 44 Clause
My view rebate discounts are not expenditure
Resp Sir,
In column no 6 total payment to reg entities will include advance payment made to registered suppliers..if yes then what if col 6 total is more than col 3,4,5 respectively.
No.. column no 6 is total of 3, 4 and 5
Whether credit note or debit considered in purchase for clause no. 44
Net purchase
Whether EPF or ESIC to be reported in clause 44 ?
I think no coz its part of employee benefits expenses it might be part of Sch III of Gst Act. Salary wala clause
Sir, I want to know one point about clause no 44
If assessee deal in 60℅ of exempt item and 40% of taxable item then how could be disclosed taxable expenditure in clause no 44 and also confirm about petrol disel exp.
If they are not registered in gst.. then column no. 7 otherwise in 3
But sir, client deal exempted or taxable from registered entity and 40℅ taxable item and 60% exempted item then how could be shown 100% expenditure in point no 3?
Someone is saying that it should be proportion in ratio of 60:40 and mentioned in 3 & 5 colum according to the ratio, like bank charges, bank interest or even capital expenditure.
And please also confirm about petrol disel exp, so is it under exempted or not registered under gst.
@@raushanjha7844 it's expenditure to be disclosed ... its not based on Income taxability
@@CAPramodJain Thanku so much Sir.
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