In case of Non resident, wants to buy property in India, while making the payment for the same can he directly pay from his NRE Account or he Should transfer the fund from NRE to NRO Account & then make the payment from NRO Account ? He may sell the property in near future & consideration will come in NRO Account.

From which Account payment should be made for purchase to avoid much tax & any other implication in the year of sale of the same ?

Mr. A, aged 59 years, won 9 lakh and Mr. B, aged 50 years, won
8 lakh from lotteries. Tax deductible at source under section 194B
was duly deducted. Assuming that this is the only source of income of
Mr. A and Mr. B for A.Y.2021-22, are Mr. A and Mr. B liable to pay
advance tax for that year?

(a) No, Mr. A and Mr. B are not liable to pay advance tax as tax
deductible at source under section 194B has been fully
deducted

(b) Yes, Mr. A and Mr. B are liable to pay advance tax

(c) Mr. A is liable to pay advance tax but Mr. B is not liable to pay
advance tax

(d) Mr. B is liable to pay advance tax but Mr. A is not liable to pay
advance tax

Please anyone give answer with reason

If an Institute recruits adjunct faculty/teacher on the following terms:
1. Consolidated salary
2. Work days are lesser than usual 5 days a week. it can be 4 days a week or 3 days a week.
3.These faculty /teacher are on 3years' contract. Contract gets renewed just after completion of one contract period.
4. A few faculty/teacher have completed 10 years on the job as adjunct teacher/ faculty.
As they are not working for all working days in a week, they do not fulfill the requirement of 240 days working in a year for gratuity payment.
My query is, are such employees eligible for gratuity payment under Gratuity Act?

I want to file a return of MLA. Allowances are exempt as per Sec 10(17), but under exemptions there no option for selecting sec 10(17). And whether we have to show these allowances as income from salary?? How to file this return??

Kindly resolve the query.

Thanking You.

IGST CGST SGST
OUTWARD TAX 3300000 600000 600000
INWARD 1000000 1400000 1400000

HOW SET WILL BE DONE IN THIS CASE?

Please guide me on following point.
Trust has taken loan for one of the objects of trust. Now trust repaying the loan .how to show repayment of priciple amount of loan as application of income?(Sec 11(1)).Income & expenditure account showing surplus by amount of principle repayment of loan.

Dear Sir/Madam,

1) Our Turnover for Previous F.Y. (i.e. 2020-21) was more than Rs. 10 Crores.
2) We have a supplier who has charged TCS u/s 206C (1H) on the applicable Transactions since April 2021 to till date and will continue the same till 30.06.2021.
3) Now as per Rule u/s 194Q Buyer is liable to deduct TDS on Purchases exceeding Rs. 50 Lakhs. This rule will be applicable from 01.07.2021.

So, please help me understand few point with view to TDS on Purchase of Goods Rule u/s 194Q -

1) Will I have to deduct TDS on Purchases taken from this Supplier from 01.07.2021, as Purchases have already exceeded Rs.50 Lakhs as of date
OR
the threshold of Rs. 50 Lakhs be counted from transaction on and after 01.07.2021 to abide with TDS on Purchase of Goods Rule.

2) Will I have to deduct TDS while making payment of Invoice pertaining to April - June 2021 in which TCS was charged
OR
TDS be deducted on Transactions/Invoices on and after 01.07.2021 at the time of booking.

3) Is TDS to be deducted on NET Value excluding GST or on Gross Invoice Value.

4) Can my supplier continue to charge TCS instead of I deducting TDS.

Looking forward to your expert advise and guidance !

Thanks & Regards,
Rachana

Hi,
I am Proprietor of a firm and director of Pvt Ltd company. Proprietor firm have work experience in specific field and Pvt. Ltd is just few years old company and have less experience. How can i use work experience of proprietorship firm's in Pvt ltd for govt. tenders.

Thanks in Advance

DEAR SIR,
what is the procedures to be followed to takeover father business by son (father death) in gst and income tax?

Dear Experts,
Was there any extension in TDS deposit for March 2021 of section 194A I.e. interest other than security & deposit.

Pls clarify....

Thanks & Regards
Nikhil shakya