Dear All,

Someone is dealer in Motor Vehicle whose value is more than 10 lakh. He needs to charge Compensation cess @ 22% on the value of said car along with CGST and SGST and also to collect TCS @1 % under Income Tax Act.


My Question is that
1. whether the cess will be charged on the only on the value of Car
or
2. On the value of Car+ 1% TCS

Schedule -1 of GST (Compensation to State) Act, 2017 says that cess will be charged ad valorem. Please clear the meaning of it.

party has raised following our purchase invoice ( EXAMPLE)
BELOW WHICH IS THE CORRECT ENTRY
MATERIAL COST 1000
FREIGHT 300
INVOICE AMT. 1300

1) PURCHASE A/C DR.1300
TO PARTY A/C CR 1300

2) PURCHASE A/C DR. 1000
FREIGHT A/C 300
TO PARTY A/C CR 1300

WHICH IS CORRECT & AUTHENTIC METHOD

What is the last date for dematerialisation of shares of Unlisted Public Companies and Listed Public Companies

A client of mine is a civil contractor. He is a partner in a partnership firm. All contract works, receipts , payments etc are carried out in the firms name and the TDS on contract receipts also deducted from the partnership firm.

The issue is that after the introduction of GST, registration was taken in the name of my client as a proprietor. So as per the GSTN , the registration is for a sole proprietorship, but the income tax is paid by the partnership firm.

Please advice me if this would pose an issue in the future? Should my client apply for another GST registration in the name of the partnership firm?

Dear All,

one of my private companies Loans and Investment made are exceeding the prescribed limit as specified in sec 186(2) i.e. higher of 60% of paid up share capital, security premium and free reserve or 100% of free reserve and security premium. Where the giving of any loan, investments made exceeds the above limit then prior approval by means of special resolution in general meeting is necessary and MGT-14 needs to be filed to ROC. so whether i need to file form MGT-14 for the same or Private company is exempted from it.? please help. do we need to file the same. we have already filed the Annual forms for the financial year 2017-18

Hi everyone actually i need your feedback can we cancelled a bill in GST.
if yes than how we will treat in GSTR1. Is need there any letter sent to GST department.

Sir,

In FY 2012-13, TDS deducted and deposited against wrong PAN, hence TDS credit is not showing in correct PAN number i.e. in 26 AS.

Now counter party demands to correct this issue.

Please help, what can we do now...?....Can it be rectify now ?.. so that TDS credit will show in correct PAN ( 26 AS).


Thanks in Advance.

PROPERTY-bought in 1969.sold in 2015. indexation benefit for 1981availing. In cost of improvement ,claims made for 1985-86 for improving stairs. 1996-97 for additions when husband retired & vacated govt. accomodation,in 2007-2008 when property letted out to multinational & lift (structure only)&7 toilets provided. EXPENDITURE OF COST OF IMPROVEMENT BY WITHDRAWALSIN BANK ACCOUNT.NO OTHER DOCUMENTS AVAILABLE AS DURING SHIFTINGS NOT PRESERVED ,as it was never presumed that property will be sold sometimes in future May I HAVE CITATIONS/YOUR VALUED VIEW FOR ACCEPTING BANK WITHDRAWALS FOR COST OF IMPROVEMENT. undertaking for this can be given sushila p nawalkha

Background: I had withdrawn cash for renovation of my new flat (purchased in Jan'2015 for 1.25Cr) to the tune of ~19L-20L in FY2014-15, and FY2015-16 and gave to my cousin sister for spending on renovation, decoration, repair, furniture,labor etc. as I would be away on tours. It was our family matter and internal arrangement. I have paid taxes in the same FYs as well.
In year 2015 in August, ACB raided house of my cousin and confiscated my 19L from her house. I claimed the same in the court and demonstrated how money was withdrawn. I was NRI for 18+year since 1992 until 2010 and had substantial savings. And was earnig ~4-5L/pm on return to India as Consultant. Court passed order in my favor, and ACB had to reluctantly return my 19L with interest thereon.
Now after four month of order, ACB issuing letter asking me to furnish details of Tax filed with balance sheet to reflect if I had informed ITD about 19L given to my cousin sister for renovation works. For this draw-out of 19L, (actually more cash been drawn for various spending), it is taken in account by my CA already, but not specifically mentioning this aspect that such and such amount is meant for renovations works. I earn ~60L/pa in India.
My Query: Am I under any legal obligation to inform anybody as to how I am spending my cash, whom I have given for what purpose etc. since I am paying taxes on that cash amount as well, that is to say, also paying on my whole year salary TDS/Service taxes etc. as well.
Thankx in advance.
Regards,

Respected Expert,
Please, Advice on following issues,
As I asked a question on this nice platform before regarding transfer of 10 Lacks to my house loan account from my father.
Regarding to above transfer, My Lender Bank provides me provisional interest certificate with the amount that I deposited through of my EMI (2,52,000/-) only. Now my query is that 1) Is it okay to show the only amount deposited through EMI, OR, TO show the whole amount i.e. 2,52,000+10,00,000=12,52,000/-, that is not shown by my bank; while filling online return.