Easy Office


RS Wall Infra online
30 May 2024 at 14:52

GSTR-7 Return Quaries

Is it Compulsory for filing GSTR-7 Nil Return and what are the late fees after due date.


vikash kumar
30 May 2024 at 14:17

REVOCATION OF GSTN

Dear sir one of gstn has been cancelled on june 2023 under suo moto cancellation procedure due to non filling, Now i am going to revoke it ,it shows that you have crossed 270 days so u cannot get revoke ,,what can i do can i go for aapeal or not?


deepak
30 May 2024 at 13:30

Mutual fund investments query

Query:
One of my client has taken a mortgage loan against his property of Rs 1 crore for purchasing other property so my question is as now after taking loan he has decided to not invest in property and he wants to invest in mutual fund.

So my query is can he do so


keyur

Sir/Madam

In my case company deduct tds on salary on Rs. 4,50,000/- due to my pan card is in operative then after i linked my aadhar card with pan card. Can i will get tds deducted as refund after submitting my tax return for the fy-2023-24??

please suggest to me best idea so i can get refund fully.

thanks.


Karan Changlani

A Partnership Firm has claimed deduction u/s 80-IBA in Year 1 and has accordingly paid Alternate Minimum Tax @ 18.5% amounting to Rs. 3.5 Lakhs. Accordingly Rs. 3.5 Lakhs is the AMT Credit carried forward by the Firm.

In year 2, there are no deductions to be claimed. Firm had a normal business income of say 10 Lakhs on which Tax is payable Rs 3 Lakhs.

Can the Partnership Firm utilize entire AMT Credit b/f (i.e. 3.5 Lakhs) against tax liability of 3 Lakhs in Year 2 and pay 0 tax in Year 2 OR is the Firm required to pay AMT (i.e. 18.5% on 10 Lakhs) in year 2 also?


keyur
30 May 2024 at 11:17

In Operative PAN

Sir,

Can you guide me that suppose my pan card is in operative and my salary is more than 3 lacs then company can deducted tds on Salary @ 20% or not to deduct tds??

If company not deduct tds on my salary and my pan card is in operative and i also not file i. tax return then i. tax department can take against on me??


Francis George

Hello could anyone please help me with the below query?

We collaborated with a subcontractor for a job, and on their behalf, we directly paid wages to their workers. Now, in light of this advance payment, we're considering issuing a debit note to the subcontractor. They will eventually invoice us for the full job work including GST. As of now, they've only invoiced us partially, with the rest to follow upon completion of the job. When preparing the debit note, should we include GST or not?


keyur
30 May 2024 at 10:47

SPOM -SET A & B

Sir/Madam

I have completed my Video of SET A for SPOM and continuing seeing Video of SET B. Can i appear in SET A exxam online??

After seeing all Video of SET B, I will appear in SET B!!! it is possible??

Please clarify


Vaishali Tillu
29 May 2024 at 22:03

Capital Gain on Sale of NA Plot

Sir,
I have sold a Non-agricultural plot in November 2023 and purchased an under construction flat in February 2024. The said flat was registered in February 2024 for full value of consideration. However, since the flat is under construction, payment schedule is divided in to 3 parts – 30%-30%-40%.
1. First installment was paid at the time of flat registration from the long-term capital gain earned on sale of plot.
2. Second installment is likely to be due in August 2024 depending on progress of the building project and will also be paid from the long-term capital gain earned on sale of plot. The entire capital gain earned on sale of plot will be exhausted at this stage.
3. Third installment will be paid out of personal savings.

Request your guidance on below,
I have paid only part of the long-term Capital gain in first installment before July 31, 2024, that is before filling of income tax return, then do I need to transfer the balance long-term capital gain in capital gain scheme account or I can keep on holding these sums in existing bank account till demand is made by the builder, since the purchase transaction at full value of consideration was completed in February 2024 only.


Johnabh26
29 May 2024 at 21:09

Fake Challan in ITR by Loan Agents

Respected Experts,

One Client approached me with a Intimation Notice of 143(1) with a Demand Raised for 88K pertaining to AY 2023-24.

Actually, the Client has filed an Original Return with 490K as Net Income and NIL Tax

Whereas while applying loan, the bank agents filed an Revised ITR with Tax Liability of 88K and Filed with Dummy Challan.


Now the Demand Raised for the 88K Tax Liability,

The Client doesnt aware of this and asked me to resolve the same.


I try to file an Updated Return U/s 139(8A) by reducing the Liability as Zero.

But the ITR Filing is not allowing me to file since the liability is less when compared to previous return.

My Question is;

Since the Client doesnt aware of this issue, kindly suggest how to resolve this.


Request your valuable advise

if necessary will provide the file and pay necessary fee.

thank you !