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Sir,
Individual is registered under GST and trading for building material (bricks, sand, bajari, ms bar, cement etc.) my query is
can he TRADE LPG and OXYGEN gas also to industries under same GSTIN
OR need to go for another GSTIN????
regards
Vikas


Sandeep Jain
13 March 2025 at 14:22

Unsecured Loan amount

Sir,
We have received Rs.298000/- from a single person by Cheque of HDFC bank. We have return Rs.300000/- to him by internet Banking now can we receive Rs.2000/- by Cash from


SRINIVASA RAO P
13 March 2025 at 18:04

Passing of Accounting Entries

'X' and 'Y' are two Real Estate Companies.

Both of them have entered into an MOU for purchase of open plots by 'X' from 'Y'.
Later 'X' sells these plots to its prospective customers.

Now a prospective customer 'Z' approaches 'X' and agrees to purchase a plot for a total consideration amount of Rs. 12 lacs and pays an advance amount of Rs. 5 lacs to 'X'.

Later 'Z' pays the balance amount of Rs. 7 lacs (which is the consideration value mentioned in the Sale Deed ) directly to 'Y' at the advice of 'X' to avoid double stamp duty (i.e., from 'Y' to 'X' and again 'X' to 'Z') and the Sale Deed is executed by 'Y' in favour of 'Z'.
Also the consideration amount payable by 'X' to 'Y' for purchase of plot from 'Y' by 'X' is also 7 lacs.

Now how to pass the journal accounting entries in the Books of 'X' and 'Y' for closing the total amount of Rs. 12 lacs received from 'Z' for declaring it as income.

Kindly guide.

Thank You.


Sandeep Jain
13 March 2025 at 12:04

Bank Charges Refund

Sir,
FY 2023-24 bank deducted Rs, 20000/- Renewal CC Limit Charges. we can show under Profit & Loss account ( Bank Charges) Now FY 2024-25 March month bank reimbursement some amount Rs.14320/- how we can adjust in books of accounts. Can we create new ledger Reimbursement exp by bank under Indirect income or any other way
Please guide


Apeksha Jain

I followed the below process for claiming TDS refund on cancelled property deal:
In case of refund of TDS for Form 26QB, the buyer/deductor has to log-in to TRACES portal as a ‘Taxpayer’.
Step 1: Log in to TRACES – Enter User Id, Password, PAN and captcha
Step 2: Navigate to Statements / Forms > Request for Refund.
Step 3: Read the Refund Checklist and click on Proceed
Step 4: Select one of the reasons and click on ‘Add Challan‘
Step 5: Mention the reason for raising the refund request in the space provided.
Step 6: Enter the challan details. Click on ‘View Challan Details’
Step 7: Click the Challan Consumption Details
Step 8: Tick the appropriate checkbox and click on ‘I Agree‘
On the landing page, One can Add Challan or Remove the Added Challan.
Step 9: Click on 'Proceed' to continue.
Step 10: Enter the Communication Address and Bank Address
Step 11: Verify the details of Authorised Person. Click on 'Proceed' to continue.
Step 12: On next page, Click on ‘Submit Refund Request‘
Step 13: Validate 26QB Refund Request with DSC. Click on 'Proceed' to continue.
Success message will be displayed on the screen. One can Preview and Print Form 26B Acknowledgment.

HOWEVER,
On entering challan details, when I click 'View Challan details', challan details are not displayed. Instead there is a remark in red "Refund request can be submitted for OLTAS challan (s) where available amount in challan is equal to or greater than ₹1." Please guide. Do I need to revise my 26QB first, If yes, what changes should be made in that


prasad Nilugal online

My query is , what will be implication of Income tax Payable by employee working in SEZ units ?, any exemption , under which Section of the Income tax act . ( I think section 10AA of the Income tax Act ) please guide .


Anand Prakash Garg

Dear Sir

If any particular script is sold at loss and the same day you buy lateron same script.
Is capital loss can be adjusted against capital gain. In short, we want to reduce capital gain tax.


alok mukherjee

Mr X purchased a residential house property at Rs 100000 in 1980. Mr X has two sons A and B. Mr X died in 2012 and on his demise, his Son B gifted his 50℅ share to his brother A in 2013. In 2013 the total value of the property as per gift deed was Rs 2400000. So A actually got Rs 1200000 worth of gift mentioned in gift deed. A sold the house at Rs 5000000 to a third party Z in January 2025. What is the capital gain tax Mr A will be paying as per Indian Income Tax Law


SUBHANKAR MULLICK
12 March 2025 at 23:19

20 deposits for CIT appeal

Respected sir.

I got a demand notice For FY 2019-20 u/s 144 on 12/03/2025 , i could not submitted all documents due to my medical issue , now can i file appeal u/s 250 if yes then 20 % deposit is mandatory for CIT appeal.

Pls guide.


nirmal
12 March 2025 at 18:20

Loan from family sources

I am receiving a loan of thirty lakh rupees, all in white through bank transaction, from family resources for buying a property. What documents shall be needed for income tax authorities in case a query is raised in future.





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