Sir, I have a Client who have income from Sale and Also Having Income from Heavy Vehicles & Equipment Hire Charges. Now i need to know that can I show the Hire Charges Income with the Sale in Profit and Loss A/c?? and How to show the Hire Charges income in ITR - 3?? One more thing - Can i Calculate More than 8 % profit on Sale + Hire Charges Income??

Dear Sir, one of my client is providing delivery service for E Commerce operator (Amazon) and Collecting Cash from Customer as transaction type is COD, Then depositing cash into his Current account and later transferring to e commerce operator, Now my query is how to treat that Cash Deposit and Transferring the amount to e commerce operator in accounting and GST.

Hope somebody will help regards my query.

Dear All,

We want to know whether the premium paid on the term insurance of the Directors can be booked as expenses.

The assessee sold residential flat in FY 2018-19 which was bought in 2000-2001 for Rs. 1000000/-. Cost of the Flat say Rs. 200000/- Indexed cost is Rs. 560000/-.
Here actual capital gain is Rs. 1000000-Rs. 200000= Rs. 800000/-
Taxable Capital Gain is Rs. 1000000-Rs. 560000= Rs. 440000/-.

Which amount to be invested in Capital Gains Account Scheme 1988 to avail benefit of Section 54? Actual Gain of Rs. 800000/- or Taxable gain of Rs. 440000/-? Or entire sale proceeds of Rs. 1000000/-?

Can assessee voluntarily invest more amount in the scheme than the capital gain? i.e. If he invests entire sale proceeds of Rs. 1000000/- as the cost of new flat will be much higher than the sale proceeds, is it allowed?

Please guide explaining meaning of 'Capital Gain' as mentioned in CGAS Scheme 1988.

Thanks and best regards.

Dear Learned experts,

St. Francis Trust is a mutli-organizational dedicated to equip and empower the lives of people with disabilities, leprosy & HIV through physical intervention, educational assistance, socio-economic interventions for wholistic transformation towards. Our objective is to bring hope and support to children, families and communities struggling with disabilities in the northern part of Karnataka state, India.
We are registered
• Under section 12A of the Income-tax Act 1961
• Registered with the Director General Foreign Trade (DGFT) and having the certificate of Importer-Exporter Code governed by the Foreign Trade Policy.
• Registered with Women and Child Development Department, etc.

We provide charitable services to the persons with disabilities, leprosy and HIV/AIDS and also export handicraft products made by persons with disabilities directly to the customers in the USA by POST without engaging any Customs House Agents and the proceeds realized are utilized for the upliftment and advancement of persons with disabilities.
We export the handicraft products through the POST as it is permitted under the provisions of Foreign Trade Policy, and Customs Act, 1962. The provisions are mentioned here below for your kind perusal.

1. Clause 6.23 “Export/Import by Post/Courier” under chapter 6 of the Foreign Trade Policy 1st April 2015 to 31st March 2020. The said clause is reproduced here-below for your kind reference.

“Goods including free samples, may be exported/imported by air freight or through foreign post office or through courier, as per Customs procedure.”

2. Clause no 9.1 under chapter 17 “Legal provisions and exemptions in case of postal exports” of the Central Board of Excise & Customs Manual 2015. The clause is reproduced here-below for your reference.

“Goods which are not prohibited or restricted for export as per FTP can be exported by post through specified Foreign Post Offices or Sub-Foreign Post Offices or Export Extension Counters.

We exported the handicraft products to our customer in United States of America (USA) by post after filling the custom declaration form. Our customer from USA has now transferred the funds on 16-05-2019 to our Axis Bank Ltd, and an intimation towards the inward remittance has been received by us from our banker requesting us to produce the shipping bill no/custom clearance/entry in the customs for the above exports to ensure and confirm that the goods have moved out of India so that they can credit the funds to our account.

Is shipping bill required to submit to the bank as we have not exported the goods through CHA (Customs House Agent).

Under what clause and law can we ask the bank to credit the funds to our account. Appreciate your guidance in this matter.

Sir,
I got Rs 1,86,91,575/- in sub contractor income. now want to know its income are audit compulsory. And In which ITR (3 or 4) i have to file?

Hi, In case of F&O, if there is 15 lakh profit and 20 lakh loss, I understand the total turnover is taken 35 lakhs. This as per my understanding will be considered non speculative business income. How do I show this in the P&L schedule of ITR 3 while filing the income tax return. Kindly suggest. Thanks

RESPECTED SIRS
THANKFULLY WE ACKNOWLEDGE THE REPLY OF MY QUERRY WHICH IS NOT AS PER MY QUERRY RAISED IN MY MAIL UNDER REFERENCE NOW GIVE POINT TO POINT REPLY FOR MY QUERRIES WITHOUT SKIPPING OBJECT OF THE PROBLEM. PLEASE READ AND GO THROUGH THE CONTENT OF MY QUESTIONS.

1. WE ARE THE MANUFACTURERS OF UNMANUFACTURED TOBACCO FALLING UNDER CH. 24011090 ALSO IN FOURTH SCHEDULE, SO THEREFORE WE HAVE TO FILE ER1 RETURN AS PER THE ALERT AND GUIDELINES GIVEN BY YOUR ALERTS AFTER THE INCEPTION OF THE GST. AS THIS PRODUCT ALSO ATTRACTS 14% +14% GST PLUS 71 % COMPENSATION CESS. NOW CLARIFY HOW AND WHERE TO FILE RETURNS BY KEEPING IN MIND OF PUTTING ALERT ON ACES PORTAL AFTER GST. THESE PRODUCTS STILL COVERED UNDER CENTRAL EXCISE ?

PLEASE ALSO FIND SCREENSHORTS OF YOUR CRYSTAL CLEAR ALERT AND OTHER ALERTS?

AS SUCH WE HAVE FILED ER1 RETURNS W.E.F 01/07/2017 TO 31/03/2019 ON YOUR ACES MODULES JUST TO OBEY YOUR ALERTS AND GUIDELINES AND MAKING PAYMENT OF 71 % CESS ON EASIET EXCISE MODULES ON ACES PORTAL TILL DATE,

NOW WHAT WE HAVE TO DO ? TO CONTINUE TO FILE OR MAKE PAYMENTS ON EXCISE PORTAL ON CBIEC.GST OR GST SEPARATELY AND REFLECTING BOTH IN EXCISE AS WELL AS GST PORTAL ?
PLEASE LOOK INTO THIS MATTER AND ADVISE US ACCORDINGLY AND CLARIFY THE ABOVE QUERRIES.
YOURS FAITHFULLY

My late father had purchased 6000Sq.ft land in the year 1940 at Rs. 2,000/- and a built a house for which he spent around Rs. 10,000/-. After he passed away I became entitled to 1/4 share. The property was handed over to a developer and he has built 6 flats. He has retained 2 flats and out of the remaining 4 flats, I get one flat. The remaining 3 flats are for my sister and brother. The developer has sold one of the two flats for a sum of Rs. 2.5 crores. If I sell my flat immediately at the same price, what will be the short term capital gains tax I will have to pay? If I sell it after 2 years, what will be the long term capital gains tax I will have to pay? I shall occupy the flat for 2 years or rent it out if I sell it after 2 years. I do not have any other flat or house at present.
K.A.N. Iyer

Dear Personnel,

I want to inquire about the checklist one should examine while doing a statutory audit. Can someone please highlight the broad areas in respect of which one should be performed their activities.

Thanks in advance.