Dear Sir/ Madam,
My Client has received a LIP Maturity Amount from LIC. LIC has deducted TDS on the maturity amount. Please tell me whether Maturity amount received from LIC is Taxable or Taxfree. Please also tell me the reason for the answer. if It is Taxable then under which section & Which head, and if it is Taxfree then under which section.

My dealer is selling tobacco products on which GST rate is 28% plus cess @160%

Total Taxable turnover as per GST 3B return is Rs. 50,08,100.00
On which CGST @ 14% Rs. 7,01,134.00
On which SGST @ 14% Rs. 7,01,134.00
On which Cess @ 160% Rs. 80,12,960.00

Total Value including all taxes is Rs. 1,44,23,328.00

Dealer is following booking sale and purchase net of tax in his books.

Question: For the purpose of filling income tax return turnover is net of tax or not ?

Suppose a proprietor, who is liable for audit u/s 44AB, gives Rs. 50,000 to brother as interest and no TDS was deducted. And the brother’s income is less than Rs.250,000.Can his brother submit form 15g to the proprietor?

X PURCHASED A PROPERTY AND DEDUCTED 1% TDS AND DEPOSITED THE SAME WITH INCOME TAX IN TIME. THE TRANSACTION APPEARS IN
26AS STATEMENT . OF X. NOW X HAS TO FILE ITR 3.

IT MAY BE ADVISED IN WHICH SECTION/COLUMN OF ITR 3 FOR ASSESSEMENT YEAR 2018-19, X SHOULD REFLECT THE PURCHASE OF THAT PROPERTY

An Engineer assessee for the first time to file his income tax return, received professional income (tds u/s 194J) , which is more beneficial or appropriate to file his return? ie, ITR 3 or ITR 4 ,(and can i show more than 50% of his gross receipt as profit u/s 44ADA?)
Age 62, Resident, total receipt is 590000

We do Purchase Fabric @ 5 % GST as a Raw Material, then our workforce work on it to make it complete Saree. The prices of Finished Saree are in between Rs. 500/- to Rs. 3000/-

In our GST Return we claims ITC of GST paid on Fabric Purchase

We did study that what would be the tax rate on our finished output i.e. Saree.

In one article it was written that GST @ 5% shall be charged on Saree price below Rs. 1000/- and GST @ 12% shall be charged on Saree price on or above Rs. 1,000/-.

In another article it was written that if GST @ 5% is charged on Saree then the Seller can not claim ITC of GST paid on raw material (Fabrics).

In another article it was written that Saree is considered as Fabrics only and hence, all sarees shall be levied GST @ 5% only.

We are very confused. Hence, We request the Experts to put some light on above issue and please clarify the GST Rate.

We asked the above query at CBIC Helpline number, but they didn't respond.

Dear Sir

Will GST Tax Collected on sales be included in Total Turnover or Gross Receipts u/s 44 AD ??

Please advice

Dear experts, if income below exemption limit like only 2 lakhs and i file return after due date.. will late fee u/s 234f be applicable or not??

what is this ....
In case of Foreign Nationals, documents need to be attested by authority prescribed.
what excctly we have to do in case director who is a foreign Nationality............??????


Thanks and Regards...!!!

I have a foreign bank which I had opened when I was working abroad couple of years ago. My salary went to that account. Now I reside in India for past 3 years. I have not transferred my money in the foreign account to India. There is no income in that account other than interest, for which is taxed there.
Do I need to declare that account in ITR? If yes, do I need to mention the interest earned?