The assessee has received advance towards sale of property and TDS of 1% has been deducted during previous assessment years. Now the sale deal is to be cancelled and final sale is not to take place. How to claim back the TDS deducted since no income will be offered in this case now?

Sir,
My client has sold out a residential house property for 50 lacs in 2018 which was purchased by him in 2011 for Rs. 35 Lacs and then he purchased another house after sale of existing house for Rs. 55 lacs but taken a house loan from bank for purchase of this new house for Rs. 50 lacs.

Please suggest whether exemption u/s 54 can be availed for sale of this house and then purchase a new house

Sir
It the turn over as per gst and as per incometax are different.
Then what was the case.
That means is there any problem

I am running a Proprietory Business. In column E-18 of ITR-4 (Sugam) of Fixed Assets, what types of fixed assets will be shown in this column? Can I show in my ITR-4, E-18 Column, my Saving Bank fixed deposits/post office Fixed deposit/ MIS of my name ? Can Fixed Deposit can be shown in other assets column E-24 ? Give me your expert advice.

Read more at: https://www.caclubindia.com/experts/column-e-18-of-itr-4-sugam-of-fixed-assets-2676404.asp

One of my client is carrying on Hostel business, Rent per room per day is less than Rs.1000/-.So AS per the Exemption list of GST, this particular business is exempted. But the turnover is Rs. 60,00,000/- PEr Annum. Whether the client has to register for GST or not? But while filing Income tax return, it is asking if turnover is above 20 lakhs then GST is necessary otherwise you may get notification.

Provision from GST Act
"Exemptions from GST relating to Renting of Immovable Property
Services by way of renting of residential dwelling for use as residence.
Services by way of a Hotel, inn, guest house, club or campsite by whatever name called for residential or loding purposes, having declared tariff of a unit of accommodation below Rs 1000/- per day or equivalent."

Dear All,

As per Form 16 issued by employer to me there is difference of Rs.9532.00 in TDS with Form 26AS. Kindly advice should I claim TDS as per Form 16 or Form 26AS.

Regards

Shoeb

Hello,
In year 2017-2018, I worked for a company for around 45 days (June-July) but left without taking any salary (they delay salaries). I did not serve notice period and in return asked to not credit any salary. The account also shows no credit. However, form 26AS shows some entries on their behalf which are like follows :
Txn Dt Status Dt o/Booking Remarks Amt Credited Tax Deducted TDS Deposited
20-Jul-2017 O 02-Dec-2017 70463.00 934.00 934.00
20-Jul-2017 F 02-Dec-2017 0.00 0.00 0.00
20-Jul-2017 O 02-Dec-2017 B -70463.00 -934.00 -934.00
20-Jul-2017 F 12-Jun-2018 70463.00 934.00 934.00
Plz make me understand what does O & F mean corresponding to 70k? What does the B remark mean? Should I include it in ITR inspite of the fact that I have gotten no such money. Why the amounts are in + & -?

Our company is providing electrical projects under govt. of Karnataka.

Scope of work-

1.Supply and installation of transformer, poles, wires etc.

Billing will depending on project clause-

1) Supply invoice and erection invoice (after installation of supply item) seperately.

2) Supply and erection together.

Please advise me rate of GST to be charageable.

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 ?