Hi
Every One

our ultimate final product is tax free goods, first we have show ITC on purchased in GSTR 3RB, and then reverse same in said GSTR-B for the financial year 2017-18

My questioned is that whether we need to show ITC on Purchas in Table No. 06 of GSTR 09 and then reversed In Tabale.no. 07

DEAR SIR KINDLY HELP ON THIS MY CLIENT INCOME FROM 1.SALARY IS 1200000. 2.CAPITAL GAIN FROM STOCK MARKET. SPECULATIVE EQUITY GAIN = 40220 SHORT TERM EQUITY LOSS = -290280 LONG TERM EQUITY GAIN = 110552 SO TOTAL LOSS IN STOCK EXCHANGE IS 139508.. ON THE OTHER HAND HE RECEIVED DIVIDEN FROM EQUITY TRADING AS ABOVE IS 110520 AND FROM MUTUAL FUND IS 296600. NOW QUESTION IS 1. AS PER READING SPECULATIVE GAIN ON INTRA DAY WILL BE REPORTING IN BUSINESS INCOME AFTER DEDUCTING EXPENSES RELATED TO.ITS BUSINESS INCOME? 2.SHORT TERM AND LONG TERM GAIN LOSS IS EQUAL TO -179728..(-290280+110552).. UNDER CAPITAL GAINS. 3.AND DIVIDEND FROM TRADING OF SHARES AND MUTUAL FUND IS 407120.IS EXEMPT FROM TAX?

Read more at: https://www.caclubindia.com/experts/income-from-shares-2758414.asp

The buyer was expected to deduct 20.8 percent TDS from the seller an NRI. He omitted or ignorant to deduct the same. The transaction was completed without TDS on 8th July 2019 However the discrepancy was noticed by the seller and immedietly tried to set things right but could not do. However the seller remitted the TDS amount as ADVANCE TAX 17th July 2019 to Income Tax authorities in order to comply with the norm.of IT authorities.

Please guide as to the implications on the above.

What are the possible solutions while filing GSTR9 for the following scenarios:

1. Amount disclosed in books as purchases : NIL
but availed Input tax credit of Rs 45000 each for CGST and SGST in GSTR3B.

2.Amount auto populated in GSTR2A is lesser than the amount in GSR3B.(All the purchases were eligble for ITC)

3.Amount of purchases are different in books, GSTR3B and GSTR2A.

Dear Sir,

I have question regarding Income tax, One of my client (Nilesh) inform me that he has one joint account with their another two friends. for example, Joint account consist of Amit, Suresh and Nilesh. My client inform me that all the payment deposited in Joint account was in the name of Amit and suresh. There is no direct involvement of my client. He inform me during the F.Y 2018-19, The total receipt was 480000/- ( In the name of Amit-240000/- and suresh 240000/- against salary received from any other private limited company.) My client inform me that he has withdrawal authority provided by bank and he has withdraw Rs. 480000/- during the F.Y 2018-19 which is not belong to him. My client has a pan no. and other two member not have a pan number. So my question is that who will be liable to pay income tax on the income of Rs. 480000/- which is not belong to him but he only withdraw and utilized it. Whether it is compulsory to show income by amit & suresh by his friend but they have not pan number. So my question is that whole income of Rs. 480000/- which is not belong to my client , it is compulsory to show income by my client and pay income on that amount. So please advise me.
Thanks & Regards
Vicky Narad
9271388736

Dear All,

One of my client has file Income tax return in below mentioned ITR
AY 2014-15 ITR4
AY 2015-16 ITR4
AY 2016-17 ITR4
AY 2017-18 ITR3 (Profit shows more than 8 %)
AY 2018-19 IRT3 (Profit shows more than 8 %)

Now Can in file IRT 4 for AY 2019-20?
Is there any restriction of 5 Year Section 44AD of Income Tax Act, 1961?

Case: A Firm cannot claim TRAN 1 Credit, now the time limit is expired. How to claim balance credit of Excise on Inputs,Capital Goods? How to Approach? What are the procedures and supporting documents need for claim the refund? Thanks in advance.

My partnership firm turnover is 6 lakhs and want to show 0 net profit so as to avoid tax audit. Can I do so .. please help me with any law reference..

A father opened a savings account in his son's name and deposited some money. (Rs.1300000) The father later died. There was also a RD of five years in the post office in the name of the father, whose money (Rs.1100000/-) came to the son's account as a nominee. The father never filed the return, if his son file the return, then what is the income tax calculation? Will be done in the which head and how will it happen?

DEAR SIR,

ONE OF MY CLIENT PURCHASED 500 SHARES ON 1995 FACE VALUE OF THE PER SHARES 10/-. HE SOLD THE SHARES IN FINANCIAL YEAR 2018-19 WORTH OF RS 216000/- AND 206781/- RS 196065/- AND 210724/- AND 211451/- TOTAL VALUE OF SALE CONSIDERATION IS RS. 10,41021/-.

NOW MY QUESTION IS LTCG IS NOW TAXABLE @ 10%. WE CAN DEDUCT THE FMV AMOUNT AS ON 31/01/2018, U/S 55(2)AC, REMAINING AMOUNT WILL TAXABLE UNDER U/S 112A.

PURCHASE FACE VALUE OF PER SHARE AS ON YEAR 1995 IS RS 10/- SALE VALUE IS RS 2160/- IF FAIR MARKET VALUE OF THE SHARE AS ON 31/01/2018 IS RS. 1900/- DIFFERENCE AMOUNT RS. 260/- TAXABLE UNDER SECTION 112A.

PLEASE CLARIFY ME

REGARDS AND THANKS IN ADVANCE WAITING FOR YOUR REPLIES SIR