I gave some lacs of rupees to my son through bank transfer for purchase of a residential flat some years ago with the condition that he will return money in instalments without interest. He is not returning money but now ready to transfer that flat to me as a gift deed. Whether this transfer of flat as gift from son to father will be taxable under income tax act in the hands of father.

Hi, My transaction is of double seller and double buyer. I am making the last installment of payment and have deposited tds of previous installment and during last installment I am getting following error.

Total of ‘Total amount paid/ credited in previous installments, if any (A)’ + ‘Amount paid/credited currently (B)’ cannot be greater than value present under field ‘Total Value of Consideration’

Pls help to resolve and understand. Thanks

One person import of goods and paid igst to custom department and Igst amount reflected under GSTR-2B. So can he take IGST amount credited against local CGST and SGST liability setoff?

Sir,
If we Ltd company and we take vehile on rent monthly basis the how may RCM we have to pay on it and can we clam the RCM same month?

Hi all,
Can someone share a template for various compliances to be ensured while carrying out First Audit of Private Limited Company with respect to Companies Act 2013 etc.
Thanks in Advance

For the mobile shop dealer

Discount received from supplier by credit note (not included GST) are taxable under GST?

Means, dealer receives discount from supplier for target fulfilment, timely payment etc. supplier issues credit note to recipient but not calculated GST (flat discount SCN issued).

Is this type of discount are taxable under GST?

How much limit of cash transactions to SUNDRY CREDITORS & Debtors ? under IT.

A taxpayer has paid 100% of his assessed tax as advance tax on 15th march. But he has not paid any advance tax in QTR-1, QTR-2 & QTR-3.
Is he liable to pay interest u/s 234C for QTR-1, QTR-2 & QTR-3 in this case scenario?

Dear Sir / Madam,

I would like to draw your kind attention that, I have submitted Online PF transfer Form 13. The said form is reflecting under inactionable tab of Previous Employer. I have a following query:
1. Whether Form 13 is required to be Digitally signed by Previous Employer? If yes then what is path for that after Login to employer portal.
2. Whether I have to submit Form 13 Physically to Previous Employer as well as to EPFO Office?
3. How Much time it takes to get the transferred done.

Refer to the below article on clubbing of spouse's income

https://economictimes.indiatimes.com/wealth/tax/income-from-asset-transferred-to-even-your-daughter-in-law-will-be-clubbed-to-your-income-and-will-be-taxable-in-your-hand-in-this-case-says-income-tax-dept/articleshow/118685554.cms

Can colleagues help explain that if gift to spouse (monetary or otherwise) is not taxable, then how can return from such gift in the form of income be clubbed with the giver's income.