new era nirman
08 June 2024 at 09:22

ABOUT INCOME TAX TREATMENT

My income comes from tuition is rs 3lac annually. I have invested 15 lakh in shares. I want to invest 40 lakh. How do I show it in income tax?


Deepak Rawat

Dear Experts,
I am selling some goods to a Customer A having GSTIN of Karnataka. Here, I am raising Tax Invoice at his Karnataka GSTIN but supply is being made to another person B at SEZ, Noida Uttar Pradesh on the instruction of Customer A.
In GSTR 1, Will it be shown in 4A (B2B Regular) or 6(B) supplies made to SEZ Unit ?
Please guide.


Brijesh Sharma
07 June 2024 at 22:27

Gst on hotel bills

if some one have turnover less than 20 lakhs , is running hotel will per day bill 2200 ,will leiable for GST payemnt ??


Narendra JR

As per Income Tax Act Section 56(2)(X), Gift Received from Relatives Exempt from Tax. Relative Definition expressively include "Aunty" as Relative.
So, the Gift from "Father's Brother's Wife i.e. My Aunty" to "me" is Exempt but Whether Gift from "Grand-Father's Brother's Son's Wife i.e. My Father's cousin Brother's Wife i.e. My Cousin Aunty" to "me" also Exempt?

Is "Linear Ascendant" include "Cousin Brother and his Wife" as Relative of "me"?

Can Anyone give me exact meaning of "Linear Ascendant"


tarun singh

Will HUF pay any consideration if it acquires a sole properitership business and properiter is co parcener in HUF? Is there any tax benefit of doing it?


Rakesh Mishra
07 June 2024 at 15:25

TDS u/s 192 B

As an employer, I want to deduct TDS u/s 192 B from employees from 1 st October. Any issue as consequences??? Will it violet any ruling ?


AGRAWAL VIKAS & CO LLP GST TEA

A party dealing in minerals and liable to pay royalty for conducting their operations did not pay the GST liability on this royalty in the past year. They have now received a notice requiring them to pay the GST along with interest. The concern is whether they are liable to pay the interest since the royalty falls under the Reverse Charge Mechanism (RCM) and no input credit has been claimed. Are they still required to pay the interest on the overdue GST?

Furthermore, the party's concern is whether they can claim ITC for the past years, i.e., 2019-20 and 2020-21, for which they are liable to pay tax now.

Any insights would be greatly appreciated."


Smrity pro badge
07 August 2024 at 16:10

Billing address not registered

Hello All,

One of our new customer has given the address for billing that is not registered. We checked the address of the customer on the GST portal

Just want to know whether the billing address can be other than the registered one


vasudevan v
07 June 2024 at 11:21

Income Tax concession if any

Respected Experts, I had filed a case before the Central Administrative Tribunal for the payment of loss of interest and cost towards the belated sanction of my pension. The Tribunal has allowed and I had been paid with Rs.3 lakhs towards the loss of interest and cost Rs.10000/- Whether I had to pay the income tax for this amount as it is an award granted by the Tribunal after a case being filed before it? Kindly oblige. Advance thanks to the Experts in anticipation.


ARVIND JAIN

I have speculation income from (intraday share trade )of 5 Lac and T/o 568000 and business loss (F&O) of 7500 and T/o of 11658. How I show profits in ITR 3?
Under P&L a/c in 65 & 66 column of ITR 3 it says
1 Presumptive income which has only business income and no speculation colourblind
2. No account case where both business and speculation can be shown.
Have STT of 185000 and GST/CST of 25000 not allowable for deduction under short term gains.

Cases:
1. If whole speculation income shown then tax liability will be high and if apply 6% formulae or show higher say @25% then can reduce. But if income from business and speculation crosses 250000 message shows that balance sheet need to be submitted along with filing.
Advice what income ideally to be shown and how in ITR to avoid future tax disputes and clarify.
Thanks






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