Dear All,
Please help with the following question quoting the relevant sections and provisions:-
A Ltd. imported a capital asset into India on 24th February, 2020 for 10000 USD when the exchange rate was Rs. 70/USD. The company made the payment on 25th May, 2020 when the exchange rate was Rs. 72/USD. Compute the depreciation under IT Act for A.Y 2020-21 & A.Y 2021-22 assuming the rate of depreciation as per Rule 5 is 15%. The exchange rate as on 31st March, 2020 is Rs. 68/INR.
Will the answer change:
a) if the payment was made on 25th November, 2020?
b) if the rate of exchange as on date of payment was Rs. 65/USD & as on 31st March, 2020 was Rs. 73/USD?

Please help me to generate form 16.

The taxpayer company is registered under GST in Punjab having turnover of Rs. 10 Cr. It has set up a wind power plant in Himachal Pradesh from where electricity so generated shall be sold to the local company in the Himachal Pradesh. As the wind power being 'electrical energy' is exempt from GST, therefore, the taxpayer shall be exclusively engaged in effecting exempt supply in Himachal Pradesh state. In this background, do the taxpayer company need to get registration under GST in Himachal Pradesh?

 One of My Clients Received Tax Demand Notice under 143(1)A. for A.Y : 2013-14 = Rs..17090 and A.Y : 2014-15 = Rs.82480.

But he has a Refundable TDS of Rs. 72310. in the A.Y of 2019-20. Can he Adjust the Tax Demand against the Current TDS?. If yes How can I file this Return.Please Guide Me.

Being Supplier i have not generated e way bill at the time of movement of goods, now after one year, weather question would arise why you have generated e way bill at the time of movement of goods.truth is that I was not aware that in intra-state & within 50 km i will have to generate e-way bill.. pls advice what to do know ?..

whether in case of companies depriciation charged amount of an assest willl be same or decreased every year

Can i availed the Input Tax Credit of petrol tank (new purchase ) for petrol pump business?
Can i availed ITC on ups ,stabilizers
Can i aviled the ITC on purchase of cement and steel for construction of petrol pump building under gst law?

A person is registered in GST, His work is to sale of residential house/shops after self construced on purchase of land in various seprate areas not a complex area.He take full payment of sale a house at the time of registry.In regisrty he opens covered area, Rooms, Lobbby,bathroom etc. with private proprety
He does not take payment in easy instalment.he is not Builder. he works only sale of house/shop after self construction.
Pl. tell me Is he liable to pay GST on the sale of residential house/shop or not.
In GST the sale of residential house/ shops are exempts if not pl. tell me what should I do on this case
The monthly GST returns filling NIL

I have a shop and to the left right of it are shops which are qwned by a single owner.

I entered into a deal with that owner to exchange the shops with him and i agreed to exchange mine with that falling left to my shop.

Now I file return under section 44AD presumptive scheme, so just want to know that can apply Section 50 of Income Tax Act to save capital gain on depreciable assets.

Kindly advise.

Thanks

Chirag Dayani.

A company got communication for proposed adjustment u/s 143(1)(a) that says errors/incorrect claims/inconsistencies in the return u/s 143(1)(a)(i), - "The claim of set off current year loss shown in part -BTI is not consistent with the loss computed in the schedules of the corresponding heads of income or the priority of set off the current year loss is not consistent with the provisions of the Act."

Actually the Business Loss is set off with income from Other Sources as per law. Checked and found correct.

How to respond to this. Kindly suggest.