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Mahesh S M online
21 June 2024 at 15:49

GST Reclaim

I have reversed the 2023-24 ITC under 17(5) in this month 3B can i reclaim that ITC if i receive Invoice from supplier?

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Gaurav
21 June 2024 at 15:42

Updated return for AY 2021-22

Hello Members,

The client had filed the return as per timelines for AY 21-22. The Return was directly filed by Client at that time via using some online website services. Apparently, Income from Salary was missed while filing the ITR, subsequently the entire amount of TDS deducted on Salary was also refunded by the department.
Now there has been a notice issued with respect of mismatch between the AI and the ITR filed. Post this notice client realized the above error. Need suggestion:

1. Since time limit for filing the updated return for AY 21-22 has already passed, is there any way we can file the updated return?
2. What will be the maximum penalty that will be applicable in this case?
3. Since client had accidentally missed out on this, any other recourse available to get this corrected with minimal penalty applicablity.

Regards

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k chakraborty
21 June 2024 at 13:17

RCM on related party transaction.

1.If partner transfer asset purchased under his name to the partnership firm, will RCM be applicable to that transaction?
note that the partner is not registered under GST but the firm is.
2.Does the partner need to issue bill of supply for this transaction? ( as related party transaction is considered supply under GST.)

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Ajay Shirke

Dear Sir,

We have received corpus fund from builder & come to know that buider had not discharged any GST Liability on said fund. Will it be taxable in the hand of society?

Futher, corpus fund handed over after completion of Occupation certificate than what would be treatement?

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Vaibhav Kumar Agrawal

Suppose ABC Limited has taken a service from XYZ Limited and this service is qualified under Reverse Charge. XYZ Limited has not provided any tax invoice to ABC Limited. Now the issue is:

i) ABC Limited has to discharge tax liability under RCM but it cannot taken ITC since tax invoice has not been issued by M/s XYZ Limited. This is a loss to M/s ABC since they might not be able to avail ITC even if they have discharged GST liability under RCM

ii) If M/s ABC opts not to discharge liability under RCM then will it be a non compliance for them

I request all experts to provide their valuable opinion in this matter

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Badsha Rahaman online
20 June 2024 at 18:15

Naam update

mera orginal pan card mai naam hai sk yearof badsha lakin ITD main automaticlly update ho gaya shekh yearof badsha mere digi locker mai sk yearof badsha hain or e pan mai v sk yearof badsha hain mai reprint ka apply kiya toh bol raha income tax department main shekh yearof badsha update hai mera baki sb id mai sk yearof badsha likha agar main naam change kar k shekh update karunga toh baki sab id main v update krna padega ? ya sk or shekh same hai ?

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Mahboob Alam
20 June 2024 at 17:07

TDS Demand against non Operative PAN

I filled TDS return on 10th June, in which 2 employees' PAN was not operative and therefore received demand for 20% tax deduction...
If i linked both employee's PAN & Adhar and after that file revised return then it will reduced the demand? or I must have to pay the demand.
Is there any alternate solution without paying demand. kindly answer

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NARENDRA KUMAR VERMA

How to best handle after receiving 143(2) in case of excess deductions claimed to avoid penalty. Please let me know. Thanks.

Do I need to submit an affidavit accepting the error..

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SANDEEEP SINGH

Can someone suggest how to correct spelling mistake in ROC for newly incorporated company.
Like Reality to Realty. Is there any Form to be filed.

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B. vignesh
20 June 2024 at 14:56

Fund of Fund Investment audit

Please any one clarify that as per US GAAP we have to disclose the investments details if the value of the investment is 5% more than net worth or partners capital in the financial statement. My doubt is In case the organization is investment company or firm engaged in fund of fund, whether it is enough to show the fund in which such company have invested and the value is more than 5% of the net worth or partners capital or is it necessary to show the investment in which fund that we have invested, if it's so how to calculate the 5%,

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