Displaying all posts within 1 days


Ishan Bansal
08 July 2025 at 13:28
Posted On : 08 July 2025

Data Error in Offline Utility of GSTR1

Dear All,
I am getting below error in Offline GSTR1 Utility

Following documents contain invalid inputs:Possible Reasons:•Invalid date format provided for the inputs
•Did not provided the values for required fields
•Given 0 value for invoice number.
•Given 0 value for gross advance received(Gross Advance Received can be saved as 0 only in tool).
•Given 0 value for taxable value(Taxable value can be saved as 0 only in tool).
•Given negative value for invoice/note value or taxable value or tax amounts.
•The HSN code mentioned is not present in GST HSN master.
Please Check For Mandatory Fields,Validations,DateFormats(dd-mmm-yyyy) And invoice/note number


B2B,SEZ,DE - Row: 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30

Shantanu Bose
08 July 2025 at 13:27
Posted On : 08 July 2025

Strange tax problem

Respected Sir,
I'd 15 lakh in my account till April 2022 accumulated through bank fd, savings interest, trading and investment in stock markets and 5 lakh given by mother since 2002. From April 2022,I started applying IPOs in my mother, brother and maternal uncle's account taken on sharing basis,I allocated 4 lakh, 5 lakh, 4 lakh, 2 lakh to myself, mother's, brother's and maternal uncle's account respectively which grew to 6 lakh, 9 lakh, 9 lakh and 3 lakh respectively including savings interest on allocated capital till November 24. In December I took back grown capital from those accounts into mine. So my 15 lakh became 27 lakh now. I purchased 22 lakh liquid mutual fund in December 24 which I redeemed in March 25. All fund transfer was done (forward and reverse) through net banking only.

My question:
If AO asks me ever source of this 22 lakh in any scrutiny or notice or assesment in future,then how to explain and represent this case to ITD to pacify them ? My money is legitimate and I didn't cause any revenue loss to government.
Please help me I'm in dire straits and quite scared,
Thanks sir

Suresh S. Tejwani
08 July 2025 at 13:12
Posted On : 08 July 2025

Regarding additional late filing fees under TDS return intimation

Late filing fees for latest correction has been received after filling correction statement
Then what is such penalty and what is time limit for filing correction statement for avoidance of additional late filing fees?

Dhirajlal Rambhia
08 July 2025 at 12:32
Posted On : 08 July 2025
In Reply To :

Standard deduction on pension

Yes, standard deduction is applicable, here it would be Rs. 48,000-

Dhirajlal Rambhia
08 July 2025 at 12:28
Posted On : 08 July 2025
In Reply To :

Income Tax Return under Old Regime for A.Y. 2025-26

You are welcome.


 
 

Aditya Ghatge
08 July 2025 at 12:21
Posted On : 08 July 2025
In Reply To :

Income Tax Return under Old Regime for A.Y. 2025-26

Ok, thanks a lot Sir.

ARUN GUPTA
08 July 2025 at 12:06
Posted On : 08 July 2025

Penalty and interest rate by gst department for delayed payments

I am writing to seek clarification on the penalty and interest rate applicable in case a party fails to make GST payments within the due date. Specifically, I would like to know:

1. If a party fails to pay GST within 180 days, what is the penalty that will be levied by the GST department?
2. If the payment is delayed for more than 2 years, what is the interest rate and penalty rate that will be applicable?

I would appreciate it if you could provide me with a detailed response at the earliest.

Please clarify the relevant sections of the GST Act and rules that apply to this scenario.

Dhirajlal Rambhia
08 July 2025 at 12:01
Posted On : 08 July 2025
In Reply To :

Income Tax Return under Old Regime for A.Y. 2025-26

Just select old regime in the ITR form itself, no separate filing necessary.

Rajkumar Gutti
08 July 2025 at 11:56
Posted On : 08 July 2025

Standard deduction on pension

I have prof. Income for f. Y. 24-25 yearly 7 lac. & provident fund ( EPF pension ) pension monthly Rs. 4000/- ( Fy. 24-25 = 48000/- )
Total income Prof. Charges & PF pension is yearly
748000/-.
Can I gate standard deduction on EPF pension. If yes, then what amount or proportion.
Pl guide


Shalini RN
08 July 2025 at 11:44
Posted On : 08 July 2025

RENTAL INCOME-GST

We have rented out a portion to commercial activity who was registered under GST and we used to raise tax invoice for the rental income which was uploaded every month in our GSTR1. But now his GST Number is cancelled (tenant is not telling the reason for the same) When we are trying to upload our rental invoice in GSTR1, Error is showing. Can we show that invoice under B2C/ how can we show that invoice in our GSTR1?

HIMANSHU
08 July 2025 at 11:16
Posted On : 08 July 2025

Self Occupied Residential House

Sir,
Since FY 2019-20 / AY 2020-21, you can treat up to 2 residential houses as self-occupied.
Can a commercial property can treat 2 commercial property as self occupied.
If Yes any notification or circular?
If No any notification or circular?

Aditya Ghatge
08 July 2025 at 11:06
Posted On : 08 July 2025
In Reply To :

Income Tax Return under Old Regime for A.Y. 2025-26

I have to file ITR-1 for an Assessee.

Madhavi Ochani
08 July 2025 at 10:06
Posted On : 08 July 2025

NRE bank accounts in ITR

Hello,
Do we need to declare NRE bank accounts in ITR2? If so, where?
Also, for NRE FDs, should we declare in Exempt income after maturity or every year while it accrues?
Please advise. 🙏

Dhirajlal Rambhia
08 July 2025 at 09:57
Posted On : 08 July 2025
In Reply To :

ONLINE TDS CHALLAN CORRECTION.

Here's the general information regarding the deadline for correcting the assessment year online:

Through the bank: You can approach the concerned bank branch for correction of the Assessment Year within 7 days from the challan deposit date. This is typically for physical challans.

Through the e-filing portal/TRACES: For online challans you can correct the Assessment Year through the e-filing portal (which links to TRACES functionalities) within 7 days of the challan deposit date.

If the 7-day window to correct through the bank or e-filing portal has expired, you can still make a request for correction to the concerned Jurisdictional Assessing Officer (AO). The AO is authorized under the OLTAS application to make such corrections in bona fide cases. There isn't a strict online deadline for approaching the AO, but it's advisable to do so as soon as possible.

Dhirajlal Rambhia
08 July 2025 at 09:53
Posted On : 08 July 2025
In Reply To :

Exchange rate for export of goods

Rule 34(1) of the CGST Rules, 2017 specifically states that "The rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act."

Therefore, you need to refer to the latest Customs (N.T.) Notification issued by CBIC for exchange rates. These notifications are generally issued every fortnight.

To find the exchange rates:

CBIC Website: You can usually find the latest notifications under the "Notifications" or "Customs" section of the CBIC website.

"Tax Information" portal on the CBIC website: https://taxinformation.cbic.gov.in/

You can often find them under "Notifications" -> "Customs (N.T.)".

Other reliable sources: For example:

Press Information Bureau (PIB): https://www.pib.gov.in/ (Search for "Exchange Rate Notification Customs N.T.")

EximGuru: https://www.eximguru.com/notifications/ (Look for "Exchange Rate Notification - Customs (N.T.)")

ICEGATE: https://www.icegate.gov.in/guidelines/exchange-automation-module (This page provides general information about the exchange rate automation module but may link to the notifications.)






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