Sir, Our plastic goods manufacturing company purchased goods from Inter state and Intra state . Due to GST new setoff rules, Why doing GST liability setoff, 1st IGST is adjusted. Due to this , CGST Input remains in hand. Sir , what is the procedure to claim CGST refund ,for unutised input.

SIR MY QUERY DISALLOWED EXPENSES DEBITED TO P/L A/C LIKE LATE FEE ON GST HOW CAN I SHOW IN SCHEDULE BP IN ITR 5

Dear Experts,

40(a)(ii) any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise on the basis of, any such profits or gains;

43B(a) any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force, or

Income tax expenses is disallowed under section 40(a)(ii), can it be allowed under section 43B(a) at the time of making payment?

My IT return for FY 2017 - '18 included the following house properties:

House A - Self-occupied, purchased with housing loan,
House B - Deemed Let-out, purchased with housing loan

The scenario during FY 2018 - '19 is:

House A - sold in Jun '18, resulted in Long Term Capital Gain of Rs. 15 lakh,
House C - purchased in Aug '18 for Rs. 30 lakh with own contribution of 3 lakh and housing loan of Rs. 27 lakh,
House B - remains Deemed Let-out.

In view of the above, can you please let me know the following information?

1. Cost of C was higher than Capital Gain from A, and C was purchased soon after sale of A. Although C was purchased with housing loan, hope I can avail the capital gain exemption under Section 54 (as per many judgments of tribunals/courts). Can you please confirm the same?

2. Agreement date for House C (ready-to-move) was 10/07/2018, major/full payment date 25/07/2018 and possession date 04/08/2018. Registration not yet done due to some issues at developer's end. Which date should be considered as date of purchase/construction? Is it possession date or some other date? Can section 54 exemption be availed even if registration not yet done?

3. House A was self-occupied for 3 months before its sale and House C self-occupied for 8 months during the FY.
I am not sure if I need to show both House A & C in 'Income from House Property' head for IT return FY 2018 - '19 i.e. AY 2019 - '20. Shall I consider House A as self-occupied and House C deemed let-out? Or, can House A be deemed let-out and House C self-occupied, as Gross Annual Value is much higher for House C (and hence more deduction if it's self-occupied)? House B is deemed let-out as before.

Hello dear Expert We got DIC and CLCSS subsidy that amount is taxable or exempt if not then that amount invest in any government bond scheme for deductions under income tax

How a individual can change address in pan card? Which supporting documents required?

Dear experts

Very good evening !
Kindly share your experts views regarding "taxation in case of 44AE"

Case Facts:
(1) The assessee is individual transporter and having 10 vehicles during the fy 2018-19
(2) Some of which vehicle is having light goods vehicle and some are heavy goods vehicle (As per RC Book)

Queries:
(1) As per 44AE as per my understanding for taxation under sec 44AE first we have to decide whether the vehicle is heavy goods vehicle or not. If it is heavy good vehicle then the taxation will be @ Rs 1000 per MT of gross weight vehicle (GVW )or unladen weight as the case may be.

Heavy Goods Vehcile, GVW, Unladen weight are defined as in Motor Vehicle Act, Sec 2

AS Per Sec 2 of Motor Vehicle Act:
heavy goods vehicle” means any goods carriage the gross vehicle weight of which, or a tractor or a road-roller the unladen weight of either of which, exceeds 12,000 kilograms;

gross vehicle weight” means in respect of any vehicle the total weight of the vehicle and load certified and registered by the registering authority as permissible for that vehicle;

“unladen weight” means the weight of a vehicle or trailer including all equipment ordinarily used with the vehicle or trailer when working, but excluding the weight of a driver or attendant; and where alternative parts or bodies are used the unladen weight of the vehicle means the weight of the vehicle with the heaviest such alternative part or body;

So in case -1 of vehicle with :
- Unladen Weight : 9000 Kg
- Passing Capacity : 19000 Kg (Excluding Truck Weight)
- Total GVW : 28000 Kg

So in case -2 of vehicle with :
- Unladen Weight : 5000 Kg
- Passing Capacity : 8000 Kg (Excluding Truck Weight)
- Total GVW : 13000 Kg

How we decide Whether:
(1) The vehicle is Heavy goods Vehicle ?
(2) How much income will be offered for taxation in case 1 & case 2 above?

Kindly guide....
Thanks in advance for your valuable time and suggestion please.

If partners of a Firm want to create another firm with the same set of partners and same percentage of share of profits for convenience purpose, is it allowable? Will the income of both the firms be merged in the hands of AO??

It is said that in case of F & O transactions, the turnover for Income tax purpose, in such types of transactions is to be determined as follows:

(1) The total of favourable and unfavourable differences shall be taken as turnover.
(2) Premium received on sale of options is also to be included in turnover.

My query is that is there anywhere written in the Act that the - "total of favourable and unfavourable differences shall be taken as turnover" or is it as per the guidance note issued by ICAI. If it is as per the guidance note, is it accepted by the Income tax Department?

Please suggest.

Hi
My clients' Section 24(b) claim for interest on home loan has been restricted for FY 2016-17 by the department to Rs 2 lakhs , However the restriction has been imposed from FY 2017-18. Despite so many grievences and letters CPC is not responding and concerned ward is also not answering .
Please guide me.