Case study:
A: Non resident, citizen of India. Settled in UK for past 8 years and resident of UK(but not citizen of UK). 34 years old
B: Resident and citizen of India. 36 years old
If A wins 100 crores in UK lottery and pays mandatory tax of 40%, and shares his 50% income with his Indian friend B (i.e., 50% of 60 crores after UK tax deduction)= 30 crores. The transfer of money is made from UK account of A to Indian bank account of B.
Query:
1) Now does B has to pay 30% slab rate on 30 crores again, though it has already suffered tax in UK?
2) If B is subject to tax again, what are the possible deductions and exemption he can claim.
3) If A brings money to India and deposits in his Indian bank account and transfers to B, can the case bring any change and possible deductions in B's 30 crores.
Dear Expert
We are going to bill certain goods as a lot in single invoice and now there is some short falls. The short falls will be supplied to the customer after one month. Now we are raising the invoice for full value (including short supply) and going to pay the GST. Kindly suggest while supplying the short supplied items what are the documents required. Movement is interstate . Kindly suggest
With Regards,
R.Krishnakumar
Hello Team CA Club,
My query is regarding RCM in case of rent paid.
I am registered dealer and paying rent of Rs. 1200/- per month for commercial use, to an URD. As RCM is suspended from 13th Oct till 31st March 2018, Do I need to pay GST on behalf of owner (as he is URD) from July 17 to 12th Oct 2017. As, I have not paid tax for the said period, what should I do?
one of client has notary public person nd earn income form his profession. he has also earn income form agriculture now which itr should i filed or what will be nature of business code ??
Dear Experts,
In a Public Limited Company, one of the director have given funds from his personal account and some fund from his OPC.
1. What will be the procedure to cope up with these transaction?
2. Will it be taken as a Loan from Director? and what effect will be there on OPC, as the amount has been transfer from that account.
Sir, Registered NGO receiving grant under CSR to construct class room and toilets at Government School. This NGO is registered under Income Tax section 12A and GST. My query is- 1. Is this NGo is liable for service tax on grant? (which amount on total grant or excluding construction cost.) 2. NGO should claim input tax (revers charge) on material purchased for that activities? 3. If no any tax liability than which section is applied for exemption?
As per section 44AD an assesse opting for presumptive income cannot claim depreciation and has to reflect fixed assets at WDV , that is after deducting depreciation but what will be the accounting effect of depreciation while writing books of account?
Dear Sirs,
Please Suggest for accounting entry for the following details in compliance with applicable (AS and laws)
Ex showroom price of Car 13,80,967 (After TCS Deduction @ 1% Rs. 13672.94)
Life tax 1,42,000
Insurance charges 44885
Processing fee and stamp duty for obtaining car loan from bank 3221
Accessories 15000
Other handling charges 1000
If an assesse has no other bank account other than a joint account with her spouse... Now my question is whether is it require to mention details of that bank account while filling income tax return..
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