LIC maturity proceeds received on 2017 is 23 lakhs single premium is Rs. 5 lakh paid on 2001 pls tell me whether maturity amt is taxable or exempt & under which section?

In an Accountancy Book by T.S. Grewal, in the chapter of Journal, there is a question: "Insurance premium amounting to ₹50,000 was paid by cheque for all the machines. Out of the premium, ₹5,000 was towards insurance of new machinery." The solution given is:
Insurance Premium A/c Dr. 45,000
Machinery A/c Dr. 5,000
To Bank A/c 50,000
Since the premium of ₹5,000 is for the new machinery, it is debited to the Machinery A/c.

So, this means it is capitalized, right!?

Now, in the same book, in the chapter of Final Accounts, there is a question asking us to differentiate certain items of expenditure on the basis of Capital & Revenue. The questions are:

1. Second-hand car was purchased for a sum of ₹50,000. A sum of ₹10,000 was spent on its overhauling.
Answer (given in the book): Both the expenditures are capital expenditures. (I don't have any issues in this).
2. Cost of annual taxes paid and the annual insurance premium paid on the car mentioned above.
Answer (given in the book): This is a Revenue Expenditure!

Aren't these views conflicting!? Please explain!

Dear sir,

Can anybody help me on ITR-1 e-filing for F.Y. 2015-16 and F.Y. 2016-17. What is the last dates.

Best regards,
Sanjay Sharma
9896103637

1) What is the GST rate on job work of embroidary work
2) and it is under which HSN code??
3) What are the documents required to be maintained every month??
4) Is it beneficial to opt composition scheme?? (turnover less than 50Lakhs)

Dear sir

Please advise about unregistered person under gst reverse charge??

Suppose we take a loan to construct a building on 01.04.2017. Annual Interest is say ₹5,00,000. The term of the loan is 5 years. The building gets constructed by 31.03.2019. Then, Interest paid on the loan for the pre-construction period, i.e. 2 years, is capitalized. Why?

What is the impact of GST on Goods sent on Approval Basis ? Whether challan has to be issued for goods sent for approval basis ?

One of my client is involved in Information Technology consulting, it involves providing IT services outside India too leading to export of services, I would like to know if we can claim any benefits under Income Tax Act, for export of services?

Dear Sir,

Can we get the GST credit input on mobile & internet bill, if the service provider Ex, Airtel, Vodaphone, Idea etc filling their return on retail basis due to having thousand of customer ( Means not filling GST return against vendor GSTIN no) in that case , Can vendor avail credit input ??

Thanks
Prashant

Sir,

Please let me know about RCM 5% on GTA services with no ITC that mean RCM paid in cash on monthly basis and no ITC shall be refund in next month.

Ex- I buy transport services more than Rs.750/- single bill by transporter during the month of July'17 a sum of 10,000/- then I have to pay RCM @5% as output RCM Rs.500/- upto 20th Aug.17. my doubt is that paid ITC shall be refunded in month of September'17 as reverse of ITC as input RCM or not.

and the 2nd question about RCM on goods when a registered person buy goods to any unregistered person more than 5000/- in a single day then registered person liable to pay Reverse charge in GST regime on product tax rate wise on monthly basis. as I paid sum as output RCM it shall be refunded in next month as input RCM or not.

Please guide me I very confuse about refund of RCM paid in next month, someone told me It shall not be refundable as input after paid.