supplier charged interest for delayed payment as below
Supplier sent a DEBITNOTE
DEBITNOTE DETAILS
interest payable 4368.23
cgst on interest @14% 611.55
sgst on interest @14% 611.55
cess 218.41

total payable by the dealer to supplier is 5809.74
please tell how to account for and creation of which type of voucher in tally software

Hello experts,

I took a flight for business purpose in April. Airline invoice shows Rs.4300+5% (SGST/CGST). My April GSTR2B shows this entry under eligible ITC. I however remember someone telling me that 5% GST cannot be claimed as ITC. How true is this? Under what circumstances can I claim 5% GST as eligible ITC?

Thank you in advance.

Raj

1) When a 'Sales and Purchase' Transactions taking place and "Cr.Notes & a Debit Notes" are involved on both the aspects:- Where does this 'Both get's Impacted as Well as Appears' in our "Books of Accounts" like whether:- 'in Trial Balance (or) P & L A/c (or) Balance Sheet.........'?? What is the 'Entry' in the books of accounts ??

2) Secondly:- What will be the 'Effect and the Treatment in GST' Scenario ?? What should actually been done ??

Can "Anyone Please explain, respond on this Query as Early as Possible."

Be Safe and Take Care of You and Your Family.

Thanks and Regards

Sir ,
I am retired employee having interest income of 4 to 5 lakhs. I have recd shares of 20 to 25 L from ancestral property in HUF demat account ( self and wife )
Every year i am selling shares from HUF worth Rs. 2 to 2. 5 lakhs which is below taxable limit.
The sales proceeds i am transfeering to our indivudal joint account for our recurring expenses.
Is i am doing right ?
Is this attract any tax implication.
Is any precaution is required from tax point of view ?
It is necessary to file HUF return ?
Please guide.

What is the latest procedure for conversion of OPC to Private Ltd. Co. according to Company Amendment Rules, 2021? Also is transfer of shares concept applicable to this to fulfill the condition of minimum 2 members?

Sir, My Client is doing Civil Construction work. now he received a order to construct a hospital. my query is how to charge GST from customer ? because he(contractor) purchases all material and supply labour. does he charge GST for labour service only or for total constrution? please clarify sir. thank you

I have been remotely working from India at an intergovernmental organization in the UK. In the UK I am exempt from paying taxes to the UK government on this income due to the organisation's agreement with the UK government, but some "internal tax" is deducted by the organization. I have lived in India the entire time due to the pandemic. Is this income taxable in India? Are there any exemptions I can claim on the income considering that I pay the internal tax and the taxation is exempt in the UK?

We are having a subsidiary in US. The company wants to enter into an agreement with a company where the holding company Directors are the Directors.
Please clarify whether this agreement should be approved in the Holding company Board meeting.

Note Our turnover more than 5 crore

For the month of April,21 GSTR3B not filled till date for COVID purpose and we will hope that gstr3bfilled 10/6/21. note that not come any tax liability Apr,21 which shown below
IGST CGST SGST
Output tax 0.00 30500 30500
Input tax 62500 9500 9500
Input tax payable 0.00 0.00 0.00
Input Carry forward
Next month 1500 9500 9500

Any INTEREST and late fee will be paid in this above situation.

ONE RESIDENTIAL FLAT PURCHASED ON 1991, FOR RS.125000/-
AND SOLD IN MAY 2021 FOR RS.3800000/-
MY QUERIES ARE AS UNDER
1) HOW TO CALCULATE CAPITAL GAIN TAX
2) HOW MUCH TAX ON CAPITAL GAIN
3) SELLER PARTY HAVING NO TAXABLE INCOME.
4) IF SELLER PARTY WISH TO SAVE CAPITAL GAIN TAX
THEN WHAT REMEDIES
5) SELLER PARTY IS SENIOR CITIZEN
6) SELLER PARTY IS HAVING ANOTHER RESIDENTIAL FLAT & HE
LIVED IN THIS FLAT WITH FAMILY.THE SAID FLAT BUILDING IS
SOON DEMOLISHING & GIVE TO RE-DEVELOPMENT. THEN IN THIS CASE IF HE INCUR DEVELOPMENT EXPENDITURE. CAN HE SAVE CAPITAL GAIN TAX.

YOU ARE REQUESTED TO PLEASE GUIDE