Respected Sir
please clarify
1.Can a practicing CA apply for LEI code on behalf of clients ?
2.If so what is the procedure
Thanks in advance

Dear Experts,

We have received a notice due to clerical error - In 3CD we have mentioned the GST late fee and interest payment disallowance under clause Expenditure by way of penalty or fine for violation of any law, but in ITR we disallowed it under 40 section.

So now we received a notice saying that there is an inconsistency in expenditure shown in 3cd and ITR, saying we have amount entered in Expenditure by way of penalty or fine for violation of any law but it is not disallowed in ITR.

What should be better to do now? Can we just give a response that its clerical mistake

1.We are exporting services to U.S and raising the invoice in usd...kindly tell from where to take foreign exchange rate in case of export of service.

2. We are importing services from European country. Recieving invoice in Euros. Kindly tell from which site or place to see forex. Inr

Hi, We are a Trust running School, we not have GST i want to know how i verify that our vendor paid B2C Invoice GST amount to Govt.
I GOT ANSWER:=
You can't verify it. Only GST official can verify it based on the record. Check it's a tax invoice having serial number and GST registration number.

the vendor given any proof that he paid gst amt ?

An assesee having business income filed Income tax Return Opting new sec.115 BAC of Income Tax act, 1961 for the F.Y.2020-2021. But in F.Y.2021-2022 Income tax return was not filled with in the due date for the same assessee but filed after due date. In this case can we opt New sec.115 BAC or opt out from new sec.115BAC. In summary, in one F.Y.2020-2021 filed income tax return by opting new sec.115BAC with in the due date after next F.Y.2021-2022 return filed after due date. In this case new sec.115BAC can opt or not. Thanks in Advance.

Dear Sir/Mam,

I have salary greater than 5 lakhs rupees per year and apart from this salary I am earning 20000 rupees per year by Google admob which is paid by Google through wire transfer in USD and I earn around 10000 rupees per year by in-app purchases which is paid by Google by bank transfer in INR after deducting TDS. Now I am having very difficult time understanding how to fill tax return and what to do. The extra earning is not that big but still I do this as part time activity, I do not want to take any risk please help, any help is appreciated.

personal expenses and withdrawal while preparing books of accounts of individual, should be made under DRAWING.
Please reply

I have joined with an infrastructure company recently. This company is engaged in developing of land after development of basic facilities like installation of Water Tank, Sewerage, making roads and parks etc.
My queries are as follows: -
1. Our final product Land Sale are leviable of GST or not?
2. For development works we are procuring materials like – Sand, Bajri, Stones, Cement, Saria, Paints etc by payment of GST.
3. These above materials input can be claimed or not (i.e., GST Refund can be claimed)?
4. Sometimes, we are procuring materials from unregistered dealers- Reverse Charge to be paid or not. (Presently Reverse Charge are payable on Freight & Professional Charges).

Please settle the above queries’ as soon as possible.
Regards,
M.K.Mandal

Dear Team,

I enjoyed browsing through the website and reading through the responses to the questions asked. - Thank you for this great initiative for 'amateur' tax payers.

Salaried (Income Under 20lacs)

Question:
1. Previously completed and submitted Income Tax Filings can be subject / liable to an audit by Income Tax Department.? If yes, what is the ageing of the returns that can be selected for audit. (example : IT Filings older than 02 years OR >5years)
2. Please help / guide with an effective way to save taxes. If there is an article please share the URL.

" If a HUF contributes to one of the minor’s PPF account, does the contribution amount gets added to the guardian’s PPF contribution whose PAN is present in the minor’s PPF account?

HUF is not allowed to open a PPF account under its name. But, it is allowed to contribute to the PPF account for any of its members and claim the deduction under section 80C of the income tax law.

If the contribution is made towards a minor member, it will be considered as the contribution of the parent who is the guardian in the minor’s PPF account."

The above point was found on internet. I wanted to open a PPF A/c of my minor kids and the contribution amount to be made by my HUF account . If suppose I invested Rs:-150000 in my personal PPF account from my personal SB A/c & Rs:- 150000 from HUF account to minor kids PPF a/c of whom I am the guardian ( Since HUF cannot be a guardian) and my PAN number is mentioned in minor A/c. In the above case can HUF claim deduction u/s 80C of Rs:-150000 and myself claim deduction of Rs:- 150000 Totally Rs:- 300000 ? or I can totally claim and get interest for only Rs:-150000 in both accounts. Kindly guide