How do i reverse the ITC taken for capital goods, please help in this regard

Respected Sir,

What is the difference between salary to director and remuneration to directors and what is the role of TDS on both such cases. Ours is a pvt ltd company. Directors are always drawing on account only at any time. We are providing salary at the end of the month against the on account payment made to the directors. I request you all please to give me the best advise on this issue and how to locate TDS on such transactions.

1. Is GST and Income Tax is Interrelated?
2. ABC is a composite dealer in GST and havn't submitted his return till now, but in IT return he have showed a turnover of 17 Lacs. So should he submit his GST Return based on IT or He can file as per books?

Thanks in advance

Hello there,

We are importing machined and we have total duty saved amount of 4.30 Cr.

From that arround 3.60 Cr is IGST amount and other is basic duty + cess.

Now i have 2 questions in mind.

1:- As our product is not export much and we can get more value of product in india. So if we want to surrender licence after 2 years with 30% of completed export of EO amount as we know that we are not able to export.

---> Is that possible?
---> What amount of duty and interest + penalty at time of surrender?

2:- If question 1 is possible then can we get set-off of IGST amount that we pay after surrender of licence?

If all question a accepted can you please give me link of government notification link.



Thanks waiting for reply.

I migrated to Australia in April 2018.
For the AY 2019-20 , I am confused on whether I am a "Resident" or "Non-Resident" for tax.

My details:

i.) I have lived in India for less than 182 days in the Financial Year 2018-19.
ii.) I have always lived in India before migrating in April 2018 i.e more than 365 days in the preceding 4 years.
iii.)I went on my own to Australia and found a job here, i.e I was not send by an Indian company to work on an Australian project

Can you advise on what would be my Residence status when filing the tax return for AY 2019-20.

Hello,
I am a merchant exporter I purchased goods @ 0.1 % from my supplier. However i could not export the same myself and sold the same to a domestic party who exported the goods .The sale rate was 0.1 % GST. Is it correct that even though i am not directly exportinh the goods but someone else is i can avail the benfits of 0.1 % tax rate.

We are paying the amount for online advertisement to facebook which is non resident company. we have to deduct TDS under equalisation levy. Can you please explain the procedure for the Computation of TDS under equalisation levy?

I want to use the Amount Received from old house sale for repayment of loan taken for new house purchse.
I want to know that can I avail exemption U/S 54 of IT act.for Capital Gain arise from sale of old house. All Transaction are done with in time limit of Sec 54.

dear professionals, i want to know how to file IT Nil retun fo AY 18-19 for bank purpuse.

A company registered on 17 January 2018, Started its business and opened Bank Accounts from 19 March 2018...do they required to get their Annual Accounts submitted to ROC. Thanks in advance