raidharmender1988@gmail.com
07 July 2025 at 16:29

SALARY OF SEAFARER OR MERCHANT NAVY

WHICH SECTION OF INCOME TAX EXEMPT SALARY OF MERCHANT NAVY OR SEAFARERS.


naresh

As Per ICAI GN the derivative turnover is
(i) The total of favourable and unfavourable differences in case of squared off transactions shall be taken as turnover.
(ii)Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, then such net profit should not be separately included.

Please confirm whether we have to take the premium on sale of options in turnover calculation and if the the transaction in profit then leave profit part as it is already in sale premium. for example : one buy 100 qty @ 100 and sale it as 120/-. then the profit is 2000/-.,
Now please clarify what will be the turnover. Either the turnover should be 2000/-( only profit) or sale premium value of 12000/-. and we ignore profit of 2000/- to remove double counting. ( which is complaint with the GN)


Arun Rajbhoj

Dear Sir/Madam,

Please assist under business auxiliary services.

We have taken the consolidated marine insurance policy in our name "to cover the risk of loss of cargo/high value shipments" of our clients (consignee/importer).

e.g.
Premium paid to Insurance Company by us on behalf of 'actual clients'.
If any claim during the shipment imports from place of outside of India, it will be settled to beneficiary/clients account directly.
We are providing the additional service to our client to secure the import of goods in Transit.

After successful delivery of the goods, we raise our bill to recipient as Re-imbursement of marine insurance premium paid without addition of margin.

In this matter is there any GST or RCM applicable or not?

Waiting for your reply.


jignesh sitapara
07 July 2025 at 13:27

Regarding Confusion in ITC.

Dear Experts
My client has only RENT INCOME under GST. Now, They are taken some ITC against stationery expenses and BSNL telephone expense. It's correct ??


Kaushik Roy
07 July 2025 at 11:54

Exchange rate for export of goods

Where from exchange rate should taken against USD for export of goods for the purpose of GST in voice & shipping bill? Please share relevant circular and also link to exchange rate


Shantanu Bose

Sir,
I had purchased 9 lakh Axis overnight mutual fund on 12/11/24 which I redeemed on 25/11/24. Again bought 9 lakh Axis overnight mutual fund on 03/01/25 with same corpus which I redeemed on 25/03/25. So total money involved is 9 lakh only. But in AIS for AY 25-26, AMC has reported this as purchase of 18 lakh in 1 count cumulatively instead of 2 counts as if I have purchased high value 18 lakh at one shot which may be counted as high value transaction in AO's eye and I may be served notice or scrutiny may come.

My question:
How ro response and explain to AO if 143(2) or 148A or 69 notice is sent to me ?

Thanks


Santosh Dandekar

I had cancel my clients GST registration in June 2022. But now my client received notice for non filing Form GSTR-4 (Annual).

Is there any penalty / late fees for failure to file Annual return.


Ramit
06 July 2025 at 18:45

INELIGIBLE ITC

ITC which we are not claiming in GSTR3B i.e ineligible ITC, is it neccessary to show seperate in GSTR3B and GSTR9 because some figures auto populate from GTSTR2B in ineligible ITC Coloumn and some are not.

For Example-ITC on insurance of personal vehicle which is registered in company name is ineligible and that ITC which auto populate from GSTR2B comes in "others'' coloumn not in ineligible ITC coloumn.

So if we neither show this ITC in ''others'' coloumn nor in ''ineligible itc'' coloumn, will it make any difference?


labhu vegad

Sir I am freelancer and doing grafic design work . Under which business code I have to file ITR.


MALAY DAS
06 July 2025 at 10:01

ITR 3 FORM NOT COME

RESPECTED SIR
ITR 3 EXCEL UTILITY 2025 KAB TAK AYAGA ? THANKS...





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