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27 May 2020 at 21:20

NRI TDS rate

Dear Sir/ Madam,

Requesting you to let us know the TDS rate for foreign payment (Sec - 195 , Royalties ) as he /she has the Indian PAN , kindly guide me the exact TDS rate to calculate TDS amount and to remit the same.
Please do the needfull...


CPC sent intimation 143 (1)(a)(iv) showing variance on the declared amount on Schedule OS. after noticing the issue, the deductor revise the 26AS. Demand was raises base in 194J
from the rent, and added to the declared OS income shown in 26AS. The entire rent was declared correctly.
In short it amounted to being tax twice. Have requested to reprocess the return base on the revise 26AS by the deductor. This is for AY 2017. Now I receive 245 notice of demand to be deducted from my ITR 2019. No professional fee income is derived by the assessee. Mainly rental income & F.D. interest inc. only. How to end this matter.


18 May 2020 at 16:27

Opening balance

Sir,
Assess small businesses person.
Sales turnover finicial year : 2018-2019 rs.69 lacs
Sales turnover finicial year:2019-2020.
Assess I.t. returns filed two years for the purposes of bank loan.
Question:
Assess How much amount capital account and cash on hand opening balance introduced as on 01.04.2018
Shown in balance sheet under I.t.act


18 May 2020 at 12:35

TDS Latest

Dear Expert,

Please advise we have cold storage bill for april month,storage we have to deduct 1 % tds as per the IT Act
but recently Finance minister change the slab rate due to COVID 19.

Kindly advise which we has to follow for april month bill date ?


I have a private limited company, wherein there are 2 directors who are even shareholders for the same. They are not receiving any remuneration by way salary for the year. At the end of financial year, they are willing to charge consultancy fee for the period.
share capital being 1 lakh and consultancy fee being 10lk
Can you help me out if any restrictions are there on payment of consultancy charges.
Is any resolution required to be passed for the same.?
If yes, under which section it is applicable?


Dear Sir(s),

I want to invest in PPF for the next FY 2020 - 2021. If I invest in the month of April 2020, will I get Tax exemption benefit under 80C for the FY 2020 - 2021 or I should invest after June 2020?

Secondly, If I want to donate an amount to a Trust and want to get Tax benefit, when should I donate - Before April 2020 or after June 2020?

Seek your valuable advice please.

Regards,

Vijay


16 March 2020 at 04:35

Income tax

Please refer ITR 6 for A.Y. 2019-20 net profit included income from interest In BP part we have shown interest income as income considered under other heads and accounted the same as income from other sources resulting BP has shown business loss and bank interest is shown under income from other sources. Cpc disallowed this business loss stating PL account not showing loss. How to file rectification under section 154 and how to explain this details while filing


10 March 2020 at 12:22

TDS

I am a staff of a financial company working in TDS department. We had a TDS demand for 4 Financial years. We paid some challans in different dates towards different Financial years. Now I am not able to trace out how much amount was paid towards each Financial years. Can any help to find out it from Income Tax website or Traces website


Dear sir,

Good evening

Today, we have done tds payment by online but we have shown the tds amount in surcharge column instead of tax column , How can i rectify the oltas challan sir, Can i rectify the tds challan in online sir or submit letter to assessing officer.

Please give your valuable reply sir,


06 March 2020 at 00:19

FAQ _ regarding GST

MR. X Register in Gujarat. MR. X develop platform to services provider & received (like Amazon). On that web portal supplier & receiver both are take registration for services receive & provide. Like. Technical services, consultancy services, manpower services, machine repairing services (web portal _only for service providers not for good supply)

Question:
1. Is that cover under E-commerce transaction or not???
1. If yes, Can MR. X required deducting TCS???
2. MR. X required taking TCS registration in every state???

How to my Transaction work:
1. Mr. Y register's office in Maharashtra. And his plant located in Rajasthan. He wants to required services of machine repairing. He goes to the Mr. X web portal and fill his requirement.
Now Mr. issue order to Mr.Z who register in Karnataka. Mr. Z Provide technician services of Mr.Y whose plant located in Rajasthan for machine repairing now my question is
1. How to do billing??? Is Mr.Z issue bill to Mr.X & than Mr.X issue bill to Mr.Y???
2. Which tax is applicable??? CGST+SGST or IGST??? As per section-12 _ POS
3 if any other services like consultancy services, training services, than how to work transition or which tax is applicable???
2. Mr. Y register's office in Maharashtra. He wants to arrange tanning for his employee in Gujarat. He goes to the Mr. X web portal and fill his requirement. Mr. x hire trainer for Mr. y’s employee. the trainer register in Gujarat now my question is

1. How to do billing??? Is Mr.Z issue bill to Mr.X & than Mr.X issue bill to Mr.Y???
2. Which tax is applicable??? CGST+SGST or IGST??? As per section-12_POS

Kindly guide




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