To claim ITC, the buyer should pay the supplier for the supplies received (inclusive of tax) within 180 days from the date of issuing the invoice. If the buyer fails to do so, the amount of credit they would have availed, will be added to their output tax liability.

pl clarify above with example

Dear Sir/Madam,

I had invested with a stock broker(BMA Wealth Creators) in various shares worth INR 2,27,738.70 (cost value) between July 2017 and September 2019. The broker was announced defaulter and expelled by NSE on 31 Oct 2019. Since all my shares were in broker's pool account, I filed a claim with NSE as per NSE notification. NSE had reviewed my claim and admitted INR 2,24,574.48 (cost value of invested amount) from Investors protection fund and paid the same in Feb 2021. NSE further reviewed the claim and recalculated the claim settlement amount adjusting for the closing market value of shares on the date of default/expulsion of the broker. The revised claim amount was considered as INR 3,12,196.65( Market value as on expulsion date) and paid the difference amount of INR 87,622.17 (3,12,196.65 - 2,24,574.48) in Nov 2021.

I request your advice as to how treat the above while filing the IT return for AY 22-23.

Please let me know if you need any further details relating to this to assist me

Note : I had not shown the settlement received for INR 2,24,574.48) in tax return for AY21-22 as there was no capital gain.

I would really appreciate your help and suggestion so I am Tax compliant.

Kindest Regards,
Krishnakumar V
Mobile : 9840847698

we raised credit note in gstr 1 , so should we update HSN NO belongs to credit note too.
is there any option for hsn wise updation for credit note as credit note auto populated in gstr 1

Dear Sir,

A person invested Rs.50000/- In January 2022. But still its not updated in Ais form. So can he need to shown Interest from Jan to March 22 in ITR or shown in January 2027 ( Whole interest) when it mature. Can A person Claim 80C deduction of RS.50000/-
also Post office Saving account interest also not reflect in Ais form So please suggest

We want to distribute benefit/perquisite in the form to gold coins to our dealers/distributors in this year ie, post 1st of July 2022. This benefit is for achieving the sales for previous financial year i.e. FY 2021-22. The said scheme was very well drafted and circulated to all the concerned during the beginning of the previous FY. only distribution of the coins will take place in this financial year.

now the question is whether TDS under section 194R is applicable even if the scheme under which we are providing such benefit belong to previous year?

Sir,

I formed an HUF of my husband and me.
The capital is Rs. 10-15 lacs to be gifted by husband's mother (my mom in law)...

Is gift received in the hands HUF by relatives of the member of HUF taxable to HUF?
It is transferred by bank cheque?
What if transferred by his mother in cash?

A PIO invests in MF from his NRE account. On redemption if the redeemed amount is transferred by MF to his NRO account, will it be subject to LTCG? As far as my knowledge goes MF investments by PIO from his NRE accounts are exempt from any tax , but I want it to be confirmed. The doubt arises because MF is transferring money to his NRO account, since bank is not accepting money in his NRE account.
Are there any specific requirements for MF to transfer money in NRE account, when they have been given NRE account statements showing money was invested out of NRE funds

Dear Sir/Mam,

One of my client is into Art business in India and is registered under GST has sold his painting abroad and received the amount in India after conversion of currency in Indian rupees.

I want to know what is the impact of GST on International trade and do he has to pay GST on the amount received from abroad.

Also incase of Income tax, is there any seperate calculation he has to do or this sale will be clubbed with his domestic sales.

Please help me in this matter.

Regards,
Divyesh Jain

Dear sir,

we are paying accommodation and petrol charges for car to our employee (Car is owned by company, but used by employee) in addition to Salary(Salary includes HRA Part Too)

Please clarify weather 194R tds provison is applicable on such payments of acommodation and petrol charges ??

For clarification:
Accommodation charges we are hitting on Staff welfare expe on our P& L
Petrol charges are also we are hitting on Vehicle running exp on our P& L

Kindly clarify

Regards

Hello,
I wanted to make an partnership deed for my client who is in business of Buying, Developing and Selling of Plots.

Can you guide me in Object Clause?