Due to some avoidable circumstances, we could not complete our Tax Audit of AY 2018-19 (Turnover exceeding 3.00 crores). What is minimum/maximum penalty for the same ? Whether penalty would have to be paid before filing ITR ? Whether we can pay the penalty in instakments also ?

SIRS
WE WISH TO INFORM YOU THAT, BY MISTAKE THE OUTWARD SUPPLY MENTIONED IN GSTR-3B AS Rs.6,68,81,162.00 INSTEAD OF Rs.66,81,162/- . BUT MENTIONED IN GSTR-1 AS Rs.66,81,162/- CORRECT TURNOVER. PLEASE LET ME KNOW HOW TO RECTIFY IN THE ERROR.

PLEASE CONSIDER AND GIVE SUGGESTIONS.

REGARDS
S. RAVICHANDRAN
9566793688

If An Assessee is liable to Deduct TDS but He does not have TAN Number & Not deducted TDS then How it Can be reported in Point No. 34 of Form 3CD of Income Tax Act without TAN number?

Please suggest.

Whether clause 40 of form 3CD is applicable in the case of Professional like a Chartered Accountant or Doctor in Practice or it is simply applicable in the case of Manufacturing & Trading concern.

ONE OF MY EXPORTER CLIENT GOODS EXPORTED IN MARCH'18 AND SHIPPING BILL DATE IS 29.03.2018,

AND GET FREIGHT BILL DATED 30.04.2018 WITH GST AGAINST ABOVE EXPORT, NOW MY QUERY IS :
1. FREIGHT TO BE BOOK IN FINANCIAL YEAR 2017-2018 OR 2018-2019
2. IF FREIGHT BOOKED IN FINANCIAL YEAR 2017-2018 THEN TDS TO BE DEDUCT OR NOT

A Trust is registered under Bombay Public Trust Act but NOT Registered U/S 12 A of Income Tax Act. Its total Revenue is 19,31,037/- and Net Surplus is Rs. 3,48,466/- for the Assessment Year 2018-19.
The Trust is getting Audit Report Under Form 10B and filling Income Tax Return. It also claimed the Deductions towards Capital Expenditure U/S. 11.
Kindly guide whether the audit without Registering U/S 12 A is correct or what should the Trust have to do.

For preparing financial statements for LLP, whether depreciation under schedule VI is mandatory or depreciation under the income tax act can be followed.

My Turn over is Rs. 1.30 Crores so which clause is application i.e.

1. Clause (a) – If total sales, turnover or gross receipt in business exceeds Rs. 1 Crore

or

4. Clause (e) – If Profit)s u/s 44AD claimed to be lower than the presumptive profits and gains.

Because in F.Y. 2017-18 turnover limit for limit for Sec. 44AD increases to Rs.2 Crores.

Clause 27(a) of form 3CD requires to give CENVAT Credit/Input credit(ITC)........

But some experts express their opinion as follows;-

1. for AY 2018-19 the details would be required for the period up to 30th June 2017 only.Details of GST is specifically not asked for,hence need not be given.
2.In the Schema available on the ITD website it also include ITC (GST), however as the same has not yet been duly notified by CBDT,hence the same not be reported.

Need a clarification from experts.
Best regards

Dear,

I have a query relating to tax audit, Whether in clause 27 GST ITC availment and utilisation is given, if yes , what is to enter in next column treatment of same to profit and loss.