sachin Alwadhi
This Query has 1 replies

This Query has 1 replies

26 February 2024 at 13:18

ITC REVERSAL IN GST

Hi

My client providing cab services to another cab service provider and pvt limited companies.They are charging 12% for another cab service provider and for pvt limited companies charging 0% as pvt limited companies pay itself under reverse charge .Our client covered under forward charge.So now we received notice u/s 150 for reversal of input credit due to mixture of 0% under reverse charge and 12% under forward charges..So department is treating our 0% services under exempted services but in reality its not under exempted services.and asked us to reverse itc for common services but we are not providing common services.So question is when pvt limited companies paying tax under reverse charge then how can we pay tax again under forward charge again for same transaction. it will lead to cascading effect of taxes.Kindly guide me what to do in this case need to go for reversal or simply pay tax under forward charge or ask pvt limited companies to pay tax @ 12% or 0%.


naveen jain
This Query has 1 replies

This Query has 1 replies

25 February 2024 at 16:31

Updated ITR

F/Y 2022-23. Interest income was shown in ITR 2 under 2 heads - Interest from bank deposits and under Interest -others which included interest from deposit with a Pvt Ltd company. Tax was deducted on all u/s 194A. The compliance portal has shown a mismatch as it has considered only the portion of interest shown in ITR under interest from bank deposits. Can an updated ITR be filed now showing total interest under one head of Interest on deposits from banks etc. There will be no change in total or taxable income or in tax liability/ refund.


rakesh
This Query has 1 replies

This Query has 1 replies

25 February 2024 at 14:43

Last year TDS can pay ?

Sir, on last F.Y. we foregate to pay TDS of of one party, now this transection can disallowed, so we should pay this this TDS amount now.
Thanks,


kollipara sundaraiah
This Query has 1 replies

This Query has 1 replies

25 February 2024 at 12:39

SMS NOTICE IT DEPARTMENT

SIR,
Attention (XXXXXXX) it departmentidentified certain information f.y.22-23 avaloable on ais.mismatch compliance portal under pending actions tab and e-verficiations mobile sms received.
Doubt:
Sms received after procedure.


mohan sehgal
This Query has 1 replies

This Query has 1 replies

24 February 2024 at 13:25

GST IMPLICATION ON DISCOUNT

INVOICE SAMPLE
Seller.....A
Buyer ...B TAX INVOICE


I. ITEM RMCTH......3nos. Rate 500 each 1500.00

Add.. GST 18% 270.00
Total
1770.00

Special Discount.................. 270.00

Amount Payble.................... 1500.00

Amount paid by B to A............Rs.1500.00

Query.....Whether the Buyer B has to reduce ITC of GST 18% on on Discount Rs.270.00 ??;
Here the seller A has not reduce any Gst liability of his own and deposited the full GST charged of Rs. 270.00 to the Revenue...
Please Resolve and Clarify....>THANKS


Ajit Kumar Singh
This Query has 3 replies

This Query has 3 replies

24 February 2024 at 10:56

COMPOSITION DEALER/ COMPOSITION SCHEME

I have two queries related to the composition scheme as below:
1. Is one composition dealer allowed to purchase goods from another composition dealer?
2. Are there any adverse consequences on purchase by one composition dealer from another composition dealer?


indian
This Query has 1 replies

This Query has 1 replies

24 February 2024 at 10:14

Gain or loss on sale of property

Sir/Madam,
I had bought a flat for Rs 2000000 (all incl) in feb-19 & sold the same for Rs. 2100000 (flat cost) in feb-24. Kindly help me in calculating the capital gain in this transaction. There is some calculation of Indexed cost of property & cost of inflation index for the respective years which i am not aware of. kindly guide in calculation capital gain / loss in this transaction.


satish kumar Chauhan
This Query has 1 replies

This Query has 1 replies

23 February 2024 at 15:35

GRANT FROM GOVERMANT OF PUNJAB

R/Experts

We have received a grant of incentive from Government of Punjab under Fiscal incentive scheme on the basis of Investment in Plant & Machinery of New Unit. Unit in production since 2017. Incentive received for the period 2018-2021 in FY 2023-24.

Query is the incentive should be credited to Plant & Machinery A/c or Credit to Incentive A/c ( as a income)

Thanks



Amandeep Singh
This Query has 5 replies

This Query has 5 replies

23 February 2024 at 15:27

Income Tax Retun Share Market Transcation

Sir

Please educate to me i have purchase some stocks from Share market through delivery.
I have hold it and sale after 3 Days and some time i have hold it One month. My profit and loss statement from Grow app show many transactions where i have done one Interaday Transaction . So please suggest One interadaay transaction can i show in Capital gain. As information available Interaday transaction is the part of business income. Earlier years i have filed ITR-1 income from Salary and interest from Bank.


Guruprasad
This Query has 5 replies

This Query has 5 replies

I am working in only one company as director and getting paid fee of more than 20 lakh per annum as director remuneration since I am not covered under salary. Do I need to get registered under GST ? Is it necessary to register since I am working full time only in one company.

Experts please help.