We had provided an expenses invoice with GST in FY 20-21. But due to some disputes we didn't paid him for the charges nor taken GST credit. Even he also didn't accounted that invoice. Further disputes were settled & he issued same invoice in FY 21-22 but in mean while we missed to remove entries in FY 20-21 & filed ITR. Now what we must do to settle his account as we are considering invoice in FY 20-21 & he is considering in FY 21-22 (as per IT angle as well as GST angle)
Please suggest
Regards.

In case Transfer of articleship form 109 is send back for correction to RO, and if I request for the cancellation of my transfer, do I will have to fill form 102&103 again for re-continuation of my articleship, as my transfer form has not been approved.As I am into 3rd year of my articleship.

Sir
I have taxable income below 5 lakh but during the year have earned short term capital gain from sale of shares rs 200000
How to calculate income tax

Hi Friends,

A is service provider and B is service recipient. Both are registered in Delhi.
A gets a contract from B to organize/manage a model’s shoot for his products in a location situated in Uttar Pradesh for a fee of Rs 5 lacs plus 18% GST.

A hire the following services at his end to perform the services for the shoot and makes the payments to the service providers directly who have billed to A as under.

i. Model’s fee Rs 1 lacs plus IGST@18%
ii. Make-up artist Rs 20,000 plus IGST@18%
iii. Photographer Rs 50000/- plus IGST @18%
iv. Hotel at the location of shoot Rs 17000 for two rooms @ 8500/- plus GST % 18% (CGST+SGST)

Neither A nor B is registered in U.P. for GST.

Please help me with the following queries.


1. Is it ok if A in his invoice to B charge 9%CGST+9% SGST%9% on his fee of Rs 5lacs
2. Can A claim ITC on the services hired by him i.e. of Model, Make-up artist, Photographers hired in UP for performing the shoot for B and hotel hired by him
.
. Thanks
Prakash

Respected Sir,
We are a Private Trust registered under Societies Act. No GST registration. Are we liable to pay Professional Tax (Odisha).

Dear All,

A widower received family pension of Rs. 360000/- in FY 2021-22 which includes arrears of Rs. 120000/- pertaining to FY 2020-21.

For the purpose of computing relief u/s 89(1), can the assessee claim standard deduction u/s 57 of Rs. 15,000/- while computing the additional tax for AY 2021-22?

If yes, where / how to show the aforesaid deduction in the Table A of Annexure 1 to Form 10E?

Thanks
Niki

Hi friends,
Is there any penalty if I have mentioned a wrong Service description and/or SAC code on my tax invoice in the FY just competed.

1. is there any problem for the receipient to claim the GST.
2. is there any remedy to rectify it. of course, now it has been detected and I can correct it for
future.
However, there is no change in the rate of GST. both the services are taxable with 18%. And tax has been collected and duty paid/adjusted from ITC.

An expert view on this will be a great help.
Thanks

Prakash

Sir;
Assessee deposited cash of old notes during demonetisation period of around 35 lacs. Closing balance of cash on 8 nov 16 Say Rs. 24 lacs. Assessee is engaged in the business of liquor sales. AO adds Rs. 11 lacs under section 68 as unexplained income & charged tax us 115BBE @60% Plus surcharge @ 25%. However this 11 lacs assessee has showns as business income. Since assessee is a liquor dealer he cannot accept cash during demonetisation period. Is there any other way to defend ???

A partnership firm with five partners having equal profit sharing ratio, of which one partner is a Private Limited Company and two directors of the company are also partners of the firm which owns immovable properties some of which are stock-in-trade and some are held as capital assets is going to be dissolved as four  individual partners are retiring from the firm, and they will get the capital balance in the firm from firm on retirement and all the assets and outside liabilities shall remain with the only continuing partner i.e. the company.




My queries are as follows:

Whether  there will be any tax liability upon the retiring partners, erstwhile firm or the sole proprietor i.e. the company ?
How will the company get legal title of the immovable properties ?
What accounting entries will be passed in the books of account of the company ?

Dear Sir,

We are dealing in trading of imported Non-coking coal. Due to nature of Item we have difference in physical and actual stock of goods. Now we want to write off differential stock in books.

In non-coking coal GST charge @ 5 % and Compensation cess 400/- per MT.

My query is we need to reverse ITC and Cess in case of normal loss ?

The loss of goods is not in our control.