Displaying all posts within 1 days
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
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
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 statementThen what is such penalty and what is time limit for filing correction statement for avoidance of additional late filing fees?
Posted On : 08 July 2025
In Reply To :
Standard deduction on pension
Yes, standard deduction is applicable, here it would be Rs. 48,000-
Posted On : 08 July 2025
In Reply To :
Income Tax Return under Old Regime for A.Y. 2025-26
You are welcome.
Posted On : 08 July 2025
In Reply To :
Income Tax Return under Old Regime for A.Y. 2025-26
Ok, thanks a lot Sir.
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.
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.
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
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?
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?
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.
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. 🙏
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.
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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- Re-imbursement of Paid Marine Insurance on behalf of client
- Regarding Confusion in ITC.
- Penalty and interest rate by gst department for delayed payments
- RENTAL INCOME-GST
- Self Occupied Residential House
- NRE bank accounts in ITR
- Reversal and Reclaim issues
- F & O TURNOVER CALCULATION FOR TAX AUDIT
- Notice for non filing Form GSTR-4 (Annual)
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