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CA. Naveen Jain

I have a proprietorship firm registered under GST and having the DSA of banks.
Please suggest for my services as DSA for the bank, the Invoicing done by me for the loan source for the bank, Can I charge the GST on the billing amount OR will it attrach RCM as per Notification No. 16/2018-Integrated Tax (Rate), Dated: 26th July 2018 which states "Services supplied by individual Direct Selling Agents (DSAs) other than a body corporate, partnership or limited liability partnership firm to the bank or non-banking financial company"
Will the Sole proprietorship firm be treated as Individual OR can I charge the GST in the Invoicing


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kollipara sundaraiah

Assessess cash loans different creditors each one rs:19,000/- * 5 different members total value rs:95,000/- cash loan to debtor rs:1 lacs show in ledger balance in books.
Creditors 5 members total value rs:95,000/- tranfer to cash loan debtor account account entry passed in books.
Above mentioned cr vs Dr balance write off account entry transaction allowed in it act.

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Deepak Rawat

Dear Experts,
In a case, a daughter received some amount of death claim of her father from Insurance Company. She received the amount after wining case from the Insurance company. And Insurance company paid the amount after deducting TDS U/s 194A @ 10%.
One more point is, when the case was filed the daughter was minor, now at the time of receipt of she is married.
What is the taxability of this amount ? Is it exempt U/s 10(10)D ?

Please guide with your valuable reply.

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Rachana Gokhale

Dear Sir/ Madam,

We have GST registration in one state & have applied for GST registration in other state which is still under process.

Can I still transfer/ transit inventory to the Warehouse in that other state (where registration yet to receive) on Delivery Challan & Eway Bill ?

How should the Sale out of such transferred Inventory be Invoiced/accounted ?

Best Regards,

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kollipara sundaraiah

It assessess one immovable property at present time before sales of immovable property construction demolished and sales land only.
Assessess capital gain tax applicable on land only or land and construction both .

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22 April 2024 at 12:01

Calculation of CSR Funds

Dear Sirs : One of my clients is a Private Limited Company which has net profit of RS.5.50 crores before tax for year ending 31-03-2024 with turnover of 38.87 crores, whereas in previous years the profit was below Rs.Five crores. Kindly guide me, how to calculate CSR fund for period ending 31-03-2024 . Do the company has to open a new Trust for CSR funds spending or can donate outside as well. Please also guide me for Debit / Credit accounting entry for same. Kind Regards

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Jay Chitroda

One of our clients erroneously added an extra '0' in the taxable amount when filing the GSTR-3B for February 2024 using ClearTax software. The actual turnover (T.O) reported under GSTR-1 was 22.00 lakh, but it was incorrectly filed as 220.00 lakh in GSTR-3B (table 3.1)

Although they can adjust the excess turnover under Mar,2024 GSTR3B by (-) excess T.O which is erroneously filed under Feb, 2024 GSTR3B but the T.O for the Mar, 2024 month is 13.00 Lakh, here they are not able to adjust the difference amount and also Table 3.1 is not taking (-) figures.

What we can do in this case ?

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Kantu Sharma
21 April 2024 at 14:53

Applicability of GST in fortitude

Dear members,
I have 2 queries please provide your valuable advice.

We are in the business of renting commercial spaces. Our contact requires the licensee to submit performance security in the form of Bank guarantee equal to a 6 month license fee. As per contact, If the licensee defaults in payment of the licensee fee for a continuous period of 2 months, we have a right to terminate the contract and invoke the Bank guarantee.
1. My question is whether GST is applicable or not on the amount of miscellaneous income (Rs 800000)? Miscellaneous income= Bank guarantee (Rs.1200000) - 2 months dues (Rs 400000).
2. Is GST applicable or not on the interest charged by us on delayed payments made by the licensee?

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I have given my godown for 11 months leave and license agreement. I want that on agreement it is written that after expiry of 11 months this agreement will be renewed for another 11 months and after expiry of every 11 months this agreement will be renewed automatically if both licensor and licensee agree .Is this type of agreement valid in law? Please clarify?

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Abhay Kamath
21 April 2024 at 12:01

26QB for 2 buyers and 1 seller

Can someone help with below query?

Property 1 (Flat):
Sale value = Rs. 1.7 crore
Buyer = 2 people (equally split)
Seller = 1 person

While filling out 26QB for each buyer, what is to be filled for:
1. Total Value of Consideration (Property Value) = Rs. 1.7 crore or 85 lakhs or some other value?
2. Amount paid/credited currently = Rs. 1.7 crore or 85 lakhs or some other value?
3. Total stamp duty value of the property = Rs. 1.7 crore or 85 lakhs or some other value?

All property amount has been paid to seller. For TDS part, we 2 buyers have already paid Rs. 85,000 each from our own 26QB PANs to sellers. But we both have received notice of "short deduction". Can someone please help with correct values for 1, 2 and 3?

Thanks in advance

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