Company A has to pay 1cr to B for their services..
A fails to pay his dues in same financial year.. and B comes to loss in thatt year due to non release of payment.
Now after few months A pays all his dues after deducting tds(@10%).. and files tds return showing transaction date 31st March..
So B is in loss for that year but but have 10lacs as tds in his 26as...

Now to do in such situations?

My cousin filed composite GST till Mar 2019 for annual turnover around 13 lac. Since then he have not file GST return after hearing news that No GST required for turnover below 40 lac. Now when checked his GST account, its seen that 12 GST invoices in his firm name for FY 2019-20 (amount around 8 lac) and one invoice (50 thousand) for FY 2020-21. What should he do now ?

Kindly suggest : Can be claim ITC on vehicle insurance

Hello sir,
I am currently n my articleship second year I want to take termination on parents medical ground. Am i allowed to do so and what are the requirements.

Dear Sir,

I want to know that weather the below mentioned tax calculation is correct or not for partnership firm.

Turnover Rs. 10,00,000
Expenditure with proper bills (Salary, fuel and Hospitality) Rs. 5,00,000
Car Depriciation (Car in the name of firm) Rs. 2,30,000
Intrest on car loan Rs. 73,000
Partner's salary Rs. 1,50,000
Profit Rs. 47,000

Can anyone advise me weather this calculation is correct or not.

Thanking you in Advance.

Regards,

Ravindran S

My Father-in-Law had filed erroneous ITR (shown higher income when compared to Form 16) offline for AY 2011-12 and AY 2012-13. Outstanding Demand Notice was received then but not answered. Outstanding demand under 143(1)(a) was adjusted against refund for ITR filed for AY 2019-20. On 13 Sep 2019 again Outstanding Demand Notice under 220(2) recd and was not responded yet. Refund against ITR for AY 2020-21 stuck. Though, we will be paying penal interest under 220(2) but one year delay payment since Sep 2019 will result in another penal interest outstanding notice under 220(2). For erroneous ITR for AY 2011 and 2012, how to submit correct ITR and get refund ?

Dear Expert
An insurance agent receives commission from the insurance company under the section 194J. Should it not be under section 194H commission.
Would he be liable for 44ADA or tax audit as his TDS is deducted under section 194J or can he show it as commission income itself.

Hello .I had already filed 704 Vat report for last quarter 17-18,but certain invoices were recieved late but i missed out taking the credit .Can i revise my j2 annexure now and if yes what and how much will be the penalty for such revision.

Dear sir, In one of our Case our client has incurred a loss of Rs 9.5 Lacs in future and Rs 1.8 Lacs in Day Trading, I have following Quaries. Our Turnover is less than 1 Crores adding all the positive and negative signs.
1. Can we claim loss without audit.
2. Can we file our return without declairing future and day trading loss.
3. Can we file Return U/s 44AD declaring 6% profit as all the transactions are by cheque.

Hello experts. I am currently living in my own flat. I also booked new under construction flat in 2015 for which I am going to get possession in 2022. I plan to sell existing property in 2022 and move to new property.

Query - Can I claim capital gain exemption under section 54 on my old Property sale as I am selling old flat and taking possession/registering new flat in same year (although I have booked it in 2015)?

Query- Which date is considered for capital gain exemption under section 54 allotment date or registry date? There is lot of confusion on this.