naveen online
29 May 2023 at 14:22

Capital Gain NRE

Whether NRE Capital gain is taxable?

Bapun Dasgupta

Our organisation is not for profit organisation. The income of our organisation is exempted u/s. 10(23C) of the Income Tax Act, 1961 ('Act"). However, the organisation has guest houses in various parts of India and has been charging GST on the lodging charges from the guests who book the guest houses. The guest houses are booked and used by the employees of the organisation as well as by outsiders. People are employed, mostly on contractual basis, for running and maintenance of these guest houses.

The above activity of running and maintaining guest houses is not incidental to the objects of the organisation under any circumstances and in all likelihood be interpreted as "Business Income" by the Income Tax Authorities. This may also lead to violation of the provisions of Sec 10(23C) and may lead to the cancellation of registration obtained under that section.

The Question :
Is there any way that the income from guest houses be continued to be maintained / earned as is of now (charging GST thereon) along with maintaining the exemption certificate u/s. 10(23C) of the Act ?

Thank you.

Nisha Kathuria online

Dear Sir,

Some goods break on the way and its Value Rs.19400/- supplier credit Rs.19400/- to our account but no GST and no show same in GSTR-1 even no document send to us.Breakage Goods available in our store supplier have not pick up till date so in this case i have to reduce my purchase. Please suggest below entry in books of account is correct or wrong
Dr. ABC Supplier Rs.19400/-
Cr. Purchase account Rs.19400/- ( entry pass through Journal entry)

sachin Alwadhi

Kindly guide one of client turnover above 5cr(covered under tax audit) and dealing in service business and all the payment received in online mode means no cash transaction involved whether it is compulsory to file sft 61a or not?
in second case client turnover less than 2cr(but need to file audit report on voluntary basis and all the payment received in online mode means no cash transaction involved whether it is compulsory to file sft 61a or not?

Gaurav Sinha Roy

My mother had received an advance money of around Rs 15,50,000/- from promoter against agreement for sale of her ancestral property by the end of March 2023 and then from it she also had paid a sum of Rs 5,00,000/- as advance against purchase of residential flat. Both the transactions took place in March 2023 i.e. FY 2022-23 & AY 2023-24. While paying Rs 15,50,000/- the promoter deducted TDS u/s 194 IA @ 1% of Rs 15,500. But the actual sale & purchase of flat took place in April 2023 and the remaining consideration received and paid also in April 2023 i.e. FY 2023-24 & AY 2024-25. The remaining consideration received is Rs 30,00,000/- for sale and paid for purchase of the flat is Rs 8,50,000/- in April 2023.
So even though my mother received only Rs 15,50,000/- as advance against sale in FY 20222-23 AY 2023-24 and out of which also paid a sum of Rs 5,00,000/- as advance against purchase of residential flat, how to show them in filing Return of Income for AY 2023-24?
The total value of consideration received is Rs 45,50,000/- for sale and consideration paid in total is Rs 13,50,000/-

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kollipara sundaraiah

It assessess rs:2000/- notes cash deposit in bank sb account rs:10 lacs.
Assessess sec 68 and sec 115 bbe both provision applicable in it act

Jagadeesh Pilla
27 May 2023 at 22:51

Tax related to Company/LLP

I want to understand Taxation for company. Let say I started an IT service company (LLP) with initial investment (capital) of 1,00,000 Rupees. I got a service contract for 1,00,000. I paid 50,000 in Salaries and used another 50,000 to buy Laptop for the employees, so 0 money left in company account, then at the end of Financial year how am I suppose to pay tax 30% as no money left in account and Laptop is considered as Asset and not Expense and Capital should not be touched?

27 May 2023 at 17:50

ITR-3 of AY 23-24

When I filled ITR-3 of ay-23-24 by excell utility, when calculate button press allert message show i.e DPM45:CAPITAL GAIN/LOSS UNDER SECTION CANNOT BLANCK what is meaning of it. when I have none done any property trade nor any depriciation. please help me.

binu sukumaran

For business promotion company purchase uniform and given to clients for abroad job purposes .
This amount comes around 1.75 lakhs. purchase this IGST bill
is this affected effect TDS.

Nisha Kathuria online
27 May 2023 at 13:04

Raw Material Sale

Dear Sir,

We have Purchase some raw material for Finished Goods but due to shortage of some other material we cannot convert to finished goods. So can we sale raw material as its any complication by IT or GST department please advise

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