AviGan
18 November 2020 at 17:10

GST on Directors Sitting Fees

Sir/Madam
Please clarify the following doubts:
Private Limited Company Incorporated in Lucknow Uttar Pradesh
Has Board Meeting at Lucknow.
Director residing in Delhi attends meeting virtually
Directors Sitting fees is paid to director
Does Company have to pay CGST &SGST under reverse charge
or does Company pay IGST under reverse charge

Can ITC of tax paid under reverse charge on directors sitting fees be taken after discharge of tax liability.

Thanks in Advance.


sankar ponnan
18 November 2020 at 15:58

Consignment Note in Practical

SIR
As we are GTA ,we have to issue consignment note. Guide me how to issue the manual consignment if our office is one place and the loading point is in another place. Can we do it through whats app / e-mail after the filling the same to driver for reference?

thanks in adv


DIVYESH JAIN
18 November 2020 at 15:09

Income tax on Lottery Income from Abroad

Dear Sir,

One of my client has earned lottery income in dollars of Rs. 1 lac from Singapore in FY. 2019-20 and has converted that amount into Indian rupees and deposited into bank.

Can I show this amount as Other Income under the head Income from Other Sources instead of showing as Winning from Lottery ticket as his Total Income is more than 40 lacs and he will be paying 30% tax on his entire income.

Please help me in this regard.

Regards,
Divyesh Jain


JIGNESH
18 November 2020 at 14:08

Regarding Registration

Sir, I wish to international business (only services), than any exemption under this business of GST registration ?


VIPIN GUPTA
18 November 2020 at 12:40

New Sec 15BAA for Companies

Sir, one of our client is a company it has not started its business since inception. in there only land and building and no depreciation is charged since inception its book value is Rs 3.75 Cr. Now we are selling that land for Rs 12.50 Cr. I want to Ask
1. Do we have to exercise to option of Sec 115 BAA this year itself i.e while filing ITR of A/y 2020-21 as in next year this window will be closed. or can be apply next year also.
2. Will MAT be applicable on this capital gain if we remain in old regime.
3. Will Capital gain be taxed at normal 20% slab whether we are in old provision or Sec 115 BAA.
4. Whether indexation be allowed to us as no depreciation is claimed.
5. If we go for new scheme we are having brought forward loss of Rs 26.50 Lacs can we setoff it under new Sec 115BAA As the Sec Blocks Sec 72A losses and not Sec 72


TARIQUE RIZVI
18 November 2020 at 12:10

2-A & Books of accounts

Respected Sir,
As per books of accounts OCT 20 ITC is as of Rs 62,620

but

as per 2-A OCT 20 ITC is as of Rs 15,402

Some of the customers may be filing quarterly R-1

In such situation should I consider 2-A
or
should I consider ITC as per books of accounts

Heavy Difference has been found between both the ITC

Please guide me and oblige.



swetha
18 November 2020 at 12:06

LIC paid to grandchildren

A Senior citizen pays lic premium of B & C grand childrens as B & C has lost their father. A has a daughter in law who is a income tax assessee. Can we claim deduction for Mr A when he pay LIC Premium of B & C treating the income of his daughter in law is not sufficient to bring up the childrens. or one child premium can be claimed by grand father and one child premium for her daughter in law if she pays
suggest how we can claim benefit under incometax for grand father and daughter in law


TARIQUE RIZVI
18 November 2020 at 12:01

2-A & Books of accounts

Respected Sir,
As per books of accounts OCT 20 ITC is as of Rs 62,620

but

as per 2-A OCT 20 ITC is as of Rs 15,402

Some of the customers may be filing quarterly R-1

In such situation should I consider 2-A
or
should I consider ITC as per books of accounts

Heavy Difference has been found between both the ITC

Please guide me and oblige.



Devraj Dhwiti
18 November 2020 at 11:43

RCM on Works Contract

Hi Sir / Mam,

Good Morning!!

We have RCM on Builders/ Developers i.e. If promoter (Builder/developer) fails to purchase at least 80% of the value of input and input services, from registered suppliers, he is required to pay GST under RCM.

I wanted to know whether EPC (Engineering, procurement & Construction) Company will also be covered under Builders/Developers to calculate the limit of 80% and apply RCM under GST law.

Please help me with the reference of section or rules under GST law.

Thanks and regards,
Devraj Dhwiti


Sharad Bhansali
18 November 2020 at 11:34

Allotment of DIN

I have applied for DIN and the application has been accepted. On checking with the SRN No., it says "pending for payment". It also says "Please note if the amount is debited from your account do not Cancel the SRN".
My payment has been debited from my account but I am yet to get the SRN. Please suggest what should I do?





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