ONE OF INDIVIDUAL SOLD ASSEST IN MARCH 2017 , OUT OF ITS LTCG HE PURCHASES NHAI BOUND OF RS 50 LAKH ON 30 MAY 2017 AND CLAIM EXEPMTION U/S 50 EC IN AY 17-18, THERE AFTER IN NOV 2017 HE SOLD ANOTHER ASSEST NOW IF HE PURCHASES NHAI BOUND IN APRIL 2018 OF RS 50 LAKH ALSO , THEN WEATHER HE CAN CLAIM EXEMPTION U/S 50EC IN AY 18-19

Dear Sir,
I am running a business of Cloths. There is no VAT on my items previously but GST is imposed now. In my stock there are more than 60 items. The rates on all item is 5%. My Query is
1) Which books of account are maintained by me, I am opting for regular scheme under GST?
2) Is item wise accounting by maintaining quantitative details is mandatory for me or i just do accounting by ignoring item and quantity details and creating only one ledger as "Fabrics"
3) I am taking the benefit of section 44AD. Even than books of account is maintained by me.

Dear sir,

We are an exporter, as the financial year 2017-18, we have raised the export invoices from 28-03.2018 to 31.03.2018 and the goods are ready to dispatch to the port. Now the next financial year starts (2018-19). The goods being dispatched in this financial year. But invoices raised in the last year. How to be accounted for. The Invoices raised in the last year can be accounted in the last year or the current year. Please let me know.

Thanks

N K Prakash

whether CA final Exam will be postponed in a particular state if it clashes with assembly elections ?

Dear Expert,
I am registered under composition scheme under gst but now i want to opt out from composition scheme, so please tell the the procedure and form which is required to submit. and also tell me how to deal with stock held as on date,
can i claim itc on stock held as on date of opt out from composition scheme.

please guide me.

Hi
Assessee couldnt file the returns for Financial year 2016-17 within 31st March 2018. Total tax payable including interest comes to Rs 20,000. Assessee will pay the taxes amount today. Any possibility to file the returns now? Is it better to pay the taxes now or to wait till any notice comes?

Please Reply

Dear Experts, First of all Wish you all Happy Accounting Year 2018-19- My Query is Can we e-file The Non-filing Return Notice Cases for AY 2016-17 and AY 2017-18 through Section 142(1) from today. Is it advisable? Please clarify this. This may give great relief to All of the needed persons.Thanks.

I am purchasing property from NRI in financial year 2018-19 in 72 lakh , property purchased by seller in year 09-07-2009 at rs 3512000, seller hold PAN card of india, now i wanna know my tax liability being a buyer wheather i ll
go for section 195 and certifiacate from assessing officer required, or He had hold PAn card of india so tax liability will cover only 1% TDS
kindly rply
thanx regards

My total turnover of the business is Rs. 70 lacs and my net profit is around 5% to 6%.so whether i require to get my books of accounts audited?

How to treat self - invoice in GST