In Reply To :

TDS - Form 26QB - Installment - Final payment

1. Correct.
2. Total stamp duty declared in all the installments should be actual to actual as per governmental declared value.

In Reply To :

TDS U/S.194C Carriage Inward

Deduct tax on cumulative total and there will be no interest or fine.

In Reply To :

TDS - Form 26QB - Installment - Final payment

So suppose for Mr A, if the final instalment is 5 lakhs, so he will enter that amount in both 'Amount paid currently' as well as 'Stamp Duty ' (equal to or less).
And then the system automatically calculate TDS as 1% of 5 lakhs. Is my understanding Correct?
Anything else to consider while paying final installment. TDS.

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TDS U/S.194C Carriage Inward

Sir, TDS is to be deducted for freight paid exceeding Rs. 1.00 lac to any single party. If upto Dec.2023, paid only 80,000/-(all payments below 30,000/-) but in March,2024 paid 40,000/-. Whether TDS to be deducted on cumulative total of 1,20,000/- during 4th qtr. If yes, then what about late fine and Interest payable on previous payment ?

Legal opinion for GST

Background:-
Society is going to replace 9 lifts which cost is approx. 4 Cr plus 18% GST. We will collecting contribution from 312 society flat owners toward through the maintenance bill of May 2024, we are attaching without GST maintenance bill month of April 2024 and with GST maintenance bill month of May 202. Collection period (Upfront Rs.50000/- From Maintenance Bill Month of May-2024 and Amount 9500/- (from June 2024 to May2025). We can call this fund as sinking fund or major development fund or corpus fund or any other name.
Beside that society also collecting transfer charges of INR 3 lakh from new incoming member. We also have some approx.
INR 2 cr Fixed deposit under major development fund which was created before 2017.
Need some point wise clarification from your side?
1. Weather society need to collect GST on this additional collection for lift which will be raised from May 2024 to May 2025 under head of corpus, sinking or any other head. In case it’s applicable than is there any other head or way out which can avoid GST on collection.
2. Can we take GST credit on new Lift which we are buying?
3. Whether property tax or water charges which we are collecting on behalf of BMC are exempt from GST.
4. in case not exempt, last year we have raised invoice without charging GST on entire amount as our bill was below 7500 limit after removing property tax and water charges so do we need pay now or need to wait.
5. In case water charges and property tax are exempt from GST but collection for lift is not exempt, may we raised two separate invoice one regular monthly invoice without GST and other collection with GST.
6. Once we started charging GST on entire amount and once collection done for special project like lift etc., can we start again raise monthly invoice without GST.
7. Whether GST applicable on delay interest where members not paid their bill ion time.
8. Whether GST is applicable on transfer charges which is collected and credit to Balance sheet under major development fund.
9. Weather GST will be applicable on transfer charges if we collect the same as non-refundable deposit for club membership from incoming members.
10. Weather GST will be applicable if we utilised fixed deposit which was created before 2017.

In Reply To :

Udyam(msme) registered mandatory for hospital

Not mandatory, but it is always helpful.

In Reply To :

Composite scheme dealer for commercial rent receivable account

rental income receivable treatment in itr return.doubt: rental income f.y.22-23 or f.y.23-24 show in gst returns

Udyam(msme) registered mandatory for hospital

Sir,
A Doctor maintained a private hospital tax audit itr filed fees income rs:2 crores above.
Question:
Hospital registration mandatory udyam (msme)

In Reply To :

Composite scheme dealer for commercial rent receivable account

As per the CGST (Amendment) Act, 2018, a manufacturer or trader can now also supply services to an extent of ten percent of turnover, or Rs.5 lakhs, whichever is higher. This amendment will be applicable from the 1st of Feb, 2019


if it croses the limit then you wont be eligible for 1% composition scheme

In Reply To :

Capital Gain Tax on transfer of share to spouse

No. Generally it is not considered as sale.

In Reply To :

Capital Gain Tax on transfer of share to spouse

thanks for prompt reply sir

My question is that if i transfer share to my wife account then capital gain tax payable to me on transfer of share to my wife account??

It is a Sales ??

In Reply To :

I am getting error while filling table D of capital gains in itr to get deduction in 54F.

It seems to be a technical glitch. File complaint under grievance with screenshot.

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