HELLO SIR,
This is my query regarding input tax credit on gym machinery and other items. We are running a fitness club or Gym. We have taken tax invoice GST paid on machinery and other items and we have taken GST number regular scheme. GST return filing monthly basis.

I'm a trader and I have to transfer big amount from my broking account to savings account and now with increasing earning the amount is getting bigger.

So I have "10 lacs" fund and I need it that full amount for 2 days only so transfer it from my savings account to my broking account and other 5 days of week I don't need it so want to transfer back to savings account to earn intrest on that sum.


So basically I have to move it from my "one income source" to "second income source" Evey week.

10 lac ×52 week = 5.20 crores transection would be yearly in my accounts.


So "what should I do to avoid income tax department notice or any doubts on me?"

As I'm doing it only in my account (or sometime my family members account) and it's my only income source.

Should I clarify them in advance and how?

Or what should I change to look it 100% legit

Or it is okay and legally correct what I'm doing?

Query : (i) Issue of debit note without issue of Original invoice / bill (ii) Non Issue of Receipt Voucher for payment (iii) Whether it attract Anti profiteering by LG Electronics India Pvt Ltd?
I have a small query on subject matter above.

Details : I purchased the LG refrigerator (420 ltrs)costing Rs.43200/- from local dealer M/s Safezone Electronics, Gandhinagar on 2.2.2019. It failed 3 times after warranty period soon. Since LG was not listening to complaint of local dealer, I intervened and chased the issue directly with LG Electronics India pvt Ltd to end the sufferings of my 14-member family. LG didn’t hear me also but I continued my efforts upto CEO and finally made them agree for replacement which took place on 8.7.21 after my NEFT payment of Rs. 9631.50 on 25.06.21 towards difference in cost of old fridge (depreciated value of Rs.34560/-) and cost of new fridge Rs.44192/-.

I asked 4 documents viz, invoice/ bill, money receipt, receipt of returned defective fridge & proper warranty card from (i) LG Electronics India Pvt Ltd

LG didn't give me invoice/bill or money receipt etc and instead LG forcefully gave me (i) Debit Note No. : DNAHMATK2100019 : dated 26.6.21without supply order no, customer PO no., original invoice no., original invoice date ; (ii) packing list page & (iii) defective Delivery Challan ( Not For Sale ) dated. 8.7.21 mentioning total price of Rs.18070.90 and leaving total price of new fridge as blank.
I think LG have to issue Original invoice/bill for Rs.44192/- and receipt voucher for (advance) payment of Rs.9631.50 which is mandatory as per GST Act,2017 (Section 31 to 34). Am I correct in my demand of those 4 documents?
OR
Is action of LG to issue Debit note without issue of Original invoice valid & lawful and whether said Debit note can take place of Original Invoice/bill? Whether LG is bound to issue a receipt voucher for Rs.9631.50?

When I am struggling with LG since last 8 months to get 4 lawful documents and LG is not ready to issue invoice or money receipt (receipt voucher) etc as per GST Act (section 31 to 34) and in violation of Consumer Protection (General) Rules 2020 ( effective from 20.7.20) following unfair trade practice in terms of section 2(47)(vii) of Consumer Protection Act,2019 , whether it will attract and tantamount to anti profiteering or violation of GST Act,2017 & CP Act,2019 ?

I also attach a copy of debit note & delivery challan for kind perusal.

Yours sincerely,

D. B. Vaghela,

Retired DGM (Finance) BSNL & Ex Assistant Director General, DOT HQ, New Delhi

Residence: Plot No. 29 / 2, Sector- 4 - A, 'G' Road, Gandhinagar -382006.

Residential landline No: 079 - 23241441, Mobile No. 7984087184 & 9426631300

One of our Client received notice from CGST Authorities regarding refund claimed on exports without payment of IGSt for the period 2018-19 called Annexure B alongwith original invoices. The original invoices already submitted and verified by the proper officer and sanctioned the eligible refund. Now the CGST authority again called the Original Invoices. Please let me know how reply for this Notice.
Please clarify
S. Ravichandran

My question in regard of Refund of Un-Utilized Input tax credit in case of inverted tax structure are:
1) What is the time limit of filing refund application ?
2) Is Refund of ITC on Supply of Services can claim ?
3) Is Refund of ITC on Capital goods can claim ?

Please advice with respect of Rule.

Thanks in advance

Sir/Madam
I have availed Housing loan from SBI. I know that I could claim deducted yearly interest as well principal amount at the time of Income tax return. But, other charges like Documentation charges, Legal fee, Valuation fee, Insurance fee, stamps charges and other miscellaneous expenses which were deducted/paid towards this housing loan will be whether eligible to claim Income tax deduction along with the accrued housing loan interest at the time of filing income tax return.

Kindly advise me, Sir. Awaiting your valuable reply.

Thanking you.

Raman Kumaran

Sir,
AS per the notification EPF contribution payment by govt was deferred upto August 2020,under PMGKY scheme how to pass journal entry for the payment .

If a business enterprise spends 10 lacs on capital expenditure (capex) and receives 5 lacs (non refundable) as contribution/share towards the same from a third party for certain share in profit, what will be the accounting treatment in the books for capex and the amount received?

Sir,

Transportation RCM 5% paying every month, Showing IT 3B RCM column and ITC Column.

Now my doubt is RCM ITC 5% , can we use Output Payment from ITC Credit Ledger.

Some one informed This RCM 5% ITC cannot take only 12% RCM will ITC Available, plz clarify my doubt.

Thanking you,

There is long term capital gain on sale of land and building in private limited company. How to post journal entry for indexation? If I won't consider indexation in accounting, then tax under MAT provisions applies which is very high. So how to proceed?
Kindly reply this is little urgent. Thanks