Sir,
Assess trial balance difference amount rs:4256.10 credit in books
Question:
Trial balance difference amount transferred to capital account or profit and loss account correct procedure.

No matter what format i put into the cell for date of payment it always gives 2 errors as follows:
1. Invalid Date Format
2. Date should be within the Financial Year.

Please guide me through how to remove the errors

We are having one apartment owners welfare association and having PAN also. For registering IT e-file on line platform we have to registered under which category-

Available options are -
1) AOP co-operative society
2)AOP trust
3) AOP

Also while filing IT return which form have to be selected?

In FY20, had Short term Capital LOSS of 120000. Filed return on time and showing 120k as capital loss.
In FY21, had Short term Capital GAIN of 2000 and Long term Capital GAIN of 97000.

I want to simply pay 15% on STCG of 2000 and the LTCG upto 100k is already exempt.

My Question is: Is it mandatory to disclose 120k loss in FY20 in CFL schedule for Assessment year 21-22 while filing FY21 returns. I will be losing the tax benefit of Carry forward losses to the extent of 97k+2k=99k, which I could better use next year.

In other words, can I simply skip filling CFL schedule in this year's return and use these losses in next years returns? Can I choose the year in which to claim Carry Forward Losses as they are allowed to be carry forwarded for next 8 years?

There is a 'foreign Print on Demand' ecommerce website which provides platform for artists / content creators to open their storefront(on their website) and sell their artwork to the customers who are also from outside India. The artist i.e. seller uploads his artwork on various products like tshirts, pillows ,mugs etc and creat virtual listings and sets selling price for products.
The customers visit and place order with site and then it forwards the order to the third party manufacturers (who are also located outside India). These manufacturers manufacture and deliver products to customers.
The site handles everything including getting customer traffic, receiving orders, providing customer support, instructing manufacturer to produce and deliver products, returns, receiving payment from customers etc.on behalf of the seller i.e. artist. (it acts as a agent for a seller) It is a artist who is selling the product, not platform.
After deducting base price(which includes redbubble fees, manufacturing cost) from selling price, rest amount known as 'artist margin' is paid to the artist (technically they don't call it Royalty). In sales history section of platform, details such as order no., order date and shipping date, product details, country of customer, retail price, manufacturing fees and artist margin are shown for each product every month in table form. But customers details such as name and address as well as manufacturer details are not shared with artist.
As per my understanding, there are following transactions involved from Seller's perspective
1. Seller to customer
2. Services from platform to seller
3. From manufacturer to seller

I have following queries
1. If seller is Indian resident , does he need to get gst registration ? Is there any threshold for it?
2. Whether it is export of service or goods from seller to customers?
3. As there are no invoices issued or received by seller, how to report it under GST?
(When customer places order, website sends them email confirmation of order. Invoices are issued only in case of international customers e.g. manufacturer in US and customer in EU. Seller gets only order no, doesn't get copy of invoice). Do I need to issue invoice for GST reporting only? If yes, then whose name should be as a recipient in invoice as customer details are not shared? AND whether to mention export of services or goods?
4.Does seller need to pay GST on RCM for services received from platform and manufacturers? Is service provided by platform intermediary?
5. Does seller need to pay GST on RCM for goods manufactured and delivered outside India( in both cases, there are no invoices from platform and manufacturer to seller)
6. If there is no need to pay GST on rcm basis on services received from platform and manufacturers, or if gst is not applicable on them, then do I still need to report them under GST( which GSTR form and under which heading) Do I need to generate self invoice for the same? Is it non- gst inward supply?

Hi All,

I wanted to post a query that has been niggling me after going through all the information on the internet on this and even after that I am left with more questions than answers.

Basically, I did my masters in the US and worked almost 2 years. I have saved up a good amount in my US bank account so that I can day trade US stock options from India, as I am planning to return to India soon.

I have read the LRS from the RBI website under which its prohibited to open margin accounts to trade derivatives in US stock market. But, as my brokerage will be funded from my US bank account, the amount will not fall under LRS, consequently, allowing me to trade US derivatives like Options from India. Firstly, I wanted to confirm if my assumption is correct.

If its correct, then, I wanted to know how I will be taxed on profits that I make on that. At what point should I file taxes? The income is considered taxable in a particular year only after I move the profits to an Indian account? or I should file the taxes regardless of it reaching my Indian bank account?

Apart from that, I also wanted to know if there is a way to legitimately trade foriegn derivatives from India if I choose to send money from India to may be US brokerage in the future to bypass LRS? may be through setting up an offshore company?

Thanks in advance as these will help me immensely. I am aiming to day trade US stock Options everyday as a profession. So any help will be greatly appreciated.

Thanks.

Dear Sir/Madam,

We have made application for 80-IAC after obtaining DPIIT recognition as start up company, now the application made for 80-IAC is as on 07/09/2021 and say it may get approved in October month of 20201.

my doubt is that, whether exemption shall be allowed from the beginning of the year i.e from 01/04/2020 to 31/03/2021? or from the date filing the application i.e 07/09/2021 to 31/03/2021 or from the date of approval to 31/03/2021?

please give your valuable opinion on this.

Thank you in advance.

Dear Sir,

I bought the car under lease plan on 2016 which is registered under SEZ zone, where the GST is not applied for EMI's now for the Residual Value (RV) of 25% (which is 1,15,000) for Wagnor car, the car lease team is asking to pay GST for 28% of around 35000 (including cess).

My query, Is GST applicable for RV which is under the SEZ zone as well what is the GST % (is it 28%)?

Thanks,
Suresh

Goods were supplied to a party in 2018-2019 but payment still not received. Can ITC of party be reversed by gst Department? What is the process for reversal?

We are private limited company having 1 unit in SEZ and another unit in DTA, Whether GST Need to be charged in invoice raised by SEZ unit to DTA ??