Sir, for AY 2020-21, my client did trading in Options. ICAI suggests calculation of turnover as follows:
1. The total of favourable and unfavourable differences shall be taken as turnover.
2. Premium received on sale of options is also to be included in turnover.
3. In respect of any reverse trades entered, the difference thereon, should also form part of the turnover.
This turnover can be used for checking applicability of Tax audits, but what should be taken as turnover to be filled in ITR. (Since turnover is less than 50 lakhs, I intend ti file ITR U/s 44AD)
Eg. of a Transaction:
Suppose an option was sold 1 lot (1 lot = 100 Shares) a Rs. 50 and this option expired on expiry day. Now, as per ICAI suggestion, turnover will be sum of below:
1. Favourable difference Rs. 5000 (since option expired there will be no buy value, hence buy value shall be zero)
2. Premium received on sale of option which is Rs. 5000 (50*100)
Hence total turnover comes to 10000 (5000+5000), which is double of what I Traded. This turnover seems to be wrong.
Can anyone help me out as to how the Turnover should be shown in books of accounts.

Hi All,

If there is export of services to Germany from Indian Company, what percentage of with- holding tax is applicable while transferring the amount from Germany to India?

Thanks in advance.

We have an agreement with a Government institute and as per the agreement we are suppose to pay 4% royalty on our sales to the institute.
Will the institute raise a royalty bill based on our Sales figure and charge GST on that amount.
Or
We will directly pay Royalty on our sales to the institute without paying the GST on the royalty amount.

In f Y 19-20 assessee was having business of trading in shares and also in Futures & Options. Combined profit and loss account has been prepared for both activities
In futures and options assessee has suffered loss and hence audit report u/s 44AB needs to be submitted
In tax audit report in form 3CD item no 40 - turnover and profit figures do i need to state figures of both activities or only F & O activity ?

Sir,
One of my friend is doing money lending business ( Private finance ). He prefers to file IT return for the AY 2020 - 21 under Section 44AD ( ITR 4 ).
If we assume that, the total collections for the year is Rs.25 lakhs, out of which, Rs. 4 lakhs is the interest and the remaining is repayment of principal by the borrowers, can he show Rs. 25 lakhs as gross receipts and Rs. 4 lakhs as earnings ( Profit ) ?
Is it correct to show the total collection, including principal and interest, in the Gross Receipts ?

Pls. Advice.

Dear sir,
my 6% turnover other than cash gst business = Rs. 25,00,000
8% turnover cash non gst business = Rs.8,00,000
hence total turnover = Rs. 33,00,000
but gst turnover in gstr-3b = Rs. 25,00,000.
In itr-4 i have files Gst turnover Rs. 25,00,000 alongwith gst number column.
Kya is case m koi mismatch notice aa sakta hai gst ya income tax department se.

Respected Members
for FY 2018-19, I forgot to show certain outward supplies (sales) which although I have shown in September 19 Gstr 1 but in Jan 20 gstr 3b. Further, sales that left to be shown are just half of the sales that are shown in GSTR 3B upto Sept 19
Now in Annual return for 18-19 can I show such sales in table 10?

In a balance sheet of prop firm ,the housing loan taken by prop is shown as capital while house is not reflecting in fixed assets side. The balance sheet is duly signed by CA.I think it's invorrect. What does he law says ?Kindly guide?
Regards.

Dear Sir,

I am having 2 types of Income i.e. Contract Income of Rs. 15 lacs on which TDS is deducted @ 1% and Professional Income of Rs. 3 lacs which I receive for providing various taxation and other consultancy services. On this professional income no tds gets deducted but I have to show in Balance sheet as my income.

I wanted to know will there be any query raised by Income tax department in future if I show 2 types of Income in my file and whether it is now right if I file the return U/s. 44AD as I used to do it previously when I was having only Contract income.

My total turnover doesn't exceed Rs. 20 lacs in the entire financial year.

Please suggest me in this matter as I have to still file my return for F.Y. 2019-20.

Regards,
Divyesh Jain

A trust is running school and It has some idle land and its earning rental income of 1500000.p.a.It doesn't have GST registration.

Is trust is liable for GST for the rental income?? & Liable to take GST registration??

If yes please send me relevant notification/circular/rules/

Please help me to resolve this issue