Anonymous

I submitted ITR 2 showing incomes including capital gains from investments in equity shares/ MF units after deducting loss incurred on F&O trade therefrom for the Asstt. Year 2017-18 and got an intimation under Section 143(1).

Later on I realised that profit/loss from F&O trade need to be shown as income from business and I revised and submitted ITR 3 showing loss of about Rs.1.24 lacs under the Head 'Income from Business' resulting into refund of income tax due to appropriation of loss against income under other heads.
Being there was no business and was not maintaining any accounts I did not fill in any details in Profit & Loss Account and Balance Sheet in the Return form while submitting online.
Now I have been served notice under Section 139(9) for rectifying the return that has been treated as defective.
Summing up all negative and positive figures of net results of all transactions it comes to around less than 2 lacs.

I seek guidance as to the following points:

1. What will be gross turnover needed to be be filled in the profit and loss account. Will it be total sum of net results or sum total of full value of all transactions that took place.

2. Do I need to maintain accounts and get them audited under Section 44 AB.

3. As no audit has taken place, what will be the impact and how the income tax authorities will treat this. Will there be any further scrutiny and implications.

4. What further action be there in case I do not respond to the notice at all and not rectify the revised return submitted by me though intimation has already been received for the original return in Form ITR 2.

Kindly guide.



Anonymous

My client is a private limited company, it has registered GST number, however the turnover last year did not cross Rs.20 lacs, so they did not raise bills with GST. Are they required to raise bills with GST and deposit GST.


Sankar Chakraborty
21 May 2018 at 17:06

Tds

Dear Sir

We had paid salary to an employee Rs 1.00 lakh p.m after deducting TDS (tds deducted on estimated yearly salary Rs 12.00 lakh )

P.M. SALARY PAID

Salary 100000.00

P tax -200.00

Tds -14745.00

Net pay: 85055.00

After paying apr +may+june (85055x3) said employee left the company

Now while we generating TDS return on gross PAID salary RS 3.00 lakh how we show tds total 14745x3 = 44235.00 IN Q4 SALARY DETAILS (FORM24)

PLEASE HELP



Anonymous

My client has registered GST, for a private limited company, however the turnover of the company has not crossed Rs.20 lacs. My query is whether the client has to raise a bill with GST or without GST.
Pl reply at the earliest.


Rizina

What shall be the accounting for dividend paid in excess of that proposed for the last year?

Can it be shown as exceptional item?? or under reserves ?



Anonymous
21 May 2018 at 16:13

Sez to sales

Sir,

we have supplied material to a buyer one is SEZ and the same person delivery to non SEZ.
we have billed it on the name of SEZ BUYER and material sent to non SEZ by tax LOCAL csgt and sgst.
My question is whether it is correct


RAHUL
21 May 2018 at 16:06

Gstr 1 frequency

Dear Experts,

If someone has
A) two distinct GST Numbers for two different businesses but under single proprietorship and
B) 1st business has turnover of 4 to 5 lakh annually and
C) 2nd business has turnover Appx. 2.5 to 3 Crore.

Can he select GSRT 1 frequency Quarterly for 1st business & monthly for 2nd business.



Anonymous
21 May 2018 at 15:45

Debit note

Dear Sir
one of my client is saling his finished goods to his customer,and after 9 months he was called and asked to give Rs 5/- per kg rebate and a debit note is handed over to him. now my question is how would this debit note will be treated or adjusted pls explain. it is urgent



Anonymous

Hi All,

Is it mandatory to mention GST number on the letterhead of the company ?

If so could you pls share the relevant section/notification

Thanks in advance


ranjit shitole
21 May 2018 at 13:35

Taxation of partnership firm

If partner purchase property in their individual name by paying advance from withdrawal out of firm and balance by mortgage of said property can firm claim interest on such loan if such property is purchased for business of firm but in the individual name of partner and firm is not a party to loan.





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