DEAR SIR,

ONE OF MY CLIENT IS SALARIES EMPLOYEE IN POST OFFICE, AND ALSO DOING POSTAL LIFE INSURANCE AGENT HIS SALARY INCOME IS MORE THAN 500000/- HIS RECEIPTS FROM INSURANCE AGENT MORE THAN 425630/-.

SO IN THIS CASE WHICH ITR IS SUITABLE FOR FILING IT RETURNS WHETHER IT MAY BE ITR 3 OR ITR 4. ITR 1 IS NOT APPLICABLE FOR HIM BECAUSE TDS DEDUCTED U/S 194H.

SOME TIME POSTAL DEPARTMENT ASSAIGN TO EMPLOYEES BY INDIVIDUAL INTEREST THEY CAN DO WORK AS INSURANCE AGENT NOT COMPULSORILY.


PLEASE CLAFIFY ME

YOUR GUIDENCE MUCH APPRECIABLE

REGARDS

Dear Experts,

My Stock trading turnover is > 1Cr. but < 10 Cr. and no expenses in cash.

Now, while filing ITR, some of the questions like a2ii below seem confusing. Will appreciate expert opinions to confirm if the answer to a2ii below should be YES/ NO.

- a2i: Whether during the year Total sales/turnover/gross receipts of business exceeds Rs. 1 crores but does not exceed Rs. 10 crores? - YES (No confusion here)

- a2ii: If Yes is selected at a2i, whether aggregate of all amounts received including amount received for sales, turnover or gross receipts or on capital account like capital contributions, loans etc. during the previous year, in cash, does not exceed five per cent of said
amount? - YES/ NO
(Here is the confusion.. Whether Yes means - Yes, the statement is correct and cash transactions does not exceed 5%? or YES would mean it exceeds 5% and then NO should be the option.

Thanks in advance

I Had sent one export docs under letter of credit and i sent my export docs as per lc , after reach of docs my buyer (consignee ) suggested to change terms of payment . For change in payment my buyer issue MT 799 .so my question is raise that , is it fine if applicant bank issue issue MT799 in place of MT707

sir i have a query that i want to add clauses in my trust deed for fulfilling the requirement for Section 80G and Section 12AA of Income Tax
so can you please send me the resolution format for adding clauses in Trust Deed

Sir,

I would like to clarify the following doubt on CSR
1.Whether section 8 Company voluntarily can file CSR 1 even though it has not fulfilled the condition mentioned in Section 135?
2.Whether Section 8 Company can get money from any eligible company for CSR activities and spend the amount on behalf of the company ? or
The company (Which one has Rs.1000 Crore T.O/Rs.500 Cr Net Worth or 5 Cr. Net Profit ) only can form the committee and spend the amount for the specified activities

3.What are the forms has to be filed for CSR Compliance & what are the documents have to attached with those forms?

I have received a Demand Order based on 143 reason - Exempt Allowance Sec 10(13A) is more than minimum of :a) 50% of (Basic + DA) orb) HRA .Hence amount exempt u/s 10(13A) is recomputed accordingly. Form 16 has the correct HRA and I filed the same on my ITR2 for Ay 20-2021 . Also its claims of unmatched credits as challan not valuable in AY. Both HRA and Challan is same as what I filled in my return. What should I do next . File a rectification as Reprocess the return . Do I need to ask my company anything regarding HRA calculation . for the said year I claimed HRA for only for 8 months , due to change in employment I missed submitting rent receipts to old company and same for not on their Form 16 . Could this cause a problem.

Company give Rs.1,40,000, after deducted Rs.60,000 as TDS, to employee on condition that not to leave company in next 2 years.

What will the tax treatment of Rs.60,000 when employee leave job & give back to Rs.2,00,000 to company?

For the year for the period Apr-Sep i have not shown gst reversed under the head reversal instead net amount shown under ALL OTHER ITC.
From nov onwards i have shown gross amount of GST in All other ITC and GST reversed under the head REVERSAL OF ITC.

Now what to do in Annual return? Correct this classification or not?
Ultimately i have availed the ITC what was supposed to be availed just there was difference in classification..
The reversal was on the Discount received from supplier per month..Please suggest..

FOR ANNUAL RETURN FY 2020-21
QUES 1- TOTAL INPUT CREDIT AVAIL IN COLUM 6A OF GSTR 9 FY 20-21 AMT 100000/- ( FOR FY 20-21 AMT 80000 FY 19-20 AMT 20000)
A - WHICH AMOUNT SHOULD BE IN COLUM 6B - 80,000/- OR 1,00,000/- ?
B - IF 80,000/- WHERE WE SHOW 20,000/- ?
C - IF 100000/- WHERE WE SHOW 20,000/- IN COLUM 8

QUES 2- TOTAL INPUT CREDIT AVAIL IN COLUM 8B AMT 100000/-
RECO OF 1 LAKS-------
CURRENT YEAR ITC 70000/- IN WHICH COLUM SHOWN 6 & 8
PREVIOUS YEAR ITC 20000/- IN WHICH COLUM SHOWN 6 & 8
EXCESS CR TAKEN 10000/- IN WHICH COLUM SHOWN 6 & 8 ( WE HAVE BILL OF PURCHASE BUT PARTY NOT FILE HIS RETURN GSTR 1 )
ITC OF C.YEAR BUT AVAIL NEXT YEAR 10000/- IN WHICH COLUM SHOW

SIR,
IN CASE OF OUR CLIENT, HE IS TRADING IN DERIVATIVES . SALES -1900000 PURCHASE - 1800000 PROFIT MADE-100000 . TOTAL OF FAVOURABLE ANF UNFAVOURABLE DIFFERENCE IS 130000. HOWSHOW DETAILS IN ITR? AS PER ICAI GUIDANCE TURNOVER IS THE TOTAL OF FAVOURABLE AND UNFAVOURABLE DIFFERENCE . BUT THIS CALCULATION IS APPLICABLE ONLY IN CASE OF DETERMINING TURNOVER FOR THE PURPOSE OF APPLICABLITY OF TAX AUDIT LIMIT. HOW FILL ITR? SALE - 1900000 TO BE SHOWN IN SALES AND PURCHASE -1800000 AGIANST PURCHASE COLUMN IN ITR. OR 130000 TO BE SHOWN AS SALES AND PURCHASE COLUMN NIL. PLEASE CLARIFY?