What is meaning of Credit and Paid in furnishing income Tax returns.
Paid meaning Paid to Party + TDS amount
Credited meaning Total Invoice Value.

Hi everyone

I want to ask will late payment of Provident Fund in April and May - 2020 be disallowed in Income Tax ?

I think there was notification from government for late deposit of Provident fund

Please answer asap

Dear Sir/Madam,
We have the business of Rice mill, in this business we are used do milling process of paddy which is taxable @ 5%  but my query is for doing Milling process we charged Loading Unloading Hamali for which shall we collect GST @ same rate or is it exempted as per notification no 09/2017 of IGST

For Milling of Paddy @ 5%
Loading Unloading Hamali----???? (GST applicable or not)
Please if possible attach the notification regarding the same.
Thanking you

What is the cash limit for advance to employees as per the income tax

Sir,
A partner ship firm purchase of property registered name in partner and property value payment through on partner ship firm.
Question:
1.Above transaction treatment firm and partner account (both persons) show in books in it act
2.capital gains applicable.

Dear Sir / Madam,

My query is related to Long term capital gain on sale of property.

1) Mr A has purchased 2 adjacent flats in March 2021 in joint ownership with his wife. He combined two flats and made as one flat with one kitchen. The society issues two separate maintenance bills for each flat.

He has sold his 1 flat, which was in joint ownership with his Mother Mrs B, in
December 2021. Thus, he is eligible for claiming capital gain tax exemption u/s 54 as the 2 flats were purchased by him 1 year before this sale.

In old property, which was sold, The mother's name was added to take the benefit of lower interest housing loan which was given to woman borrower. But the housing loan repayment was made by Mr A only.

So my questions here are that:
1) Can we show 2 adjacent flats as one home purchased against sale of the property for Mr.A??

2) Can we consider share of Mrs B in flat as 5% only while calculating the capital gain, as she was joint owner for namesake??

3) or its okay if we show entire transaction in Mr. A's return only, without showing anything in the return of Mrs B, though her name was there in both the purchase & sale agreement of old property.


The same Mr A is selling his ancenstral property now and investing in another new house.
Can he claim capital gain tax exemption on this sale also, being a separate trasanction??

Kindly guide.

Thank & Regards,
Suraj

We are Pvt Ltd company.
our director transferred some funds from company bank account to his personnel account and balance is not getting Tally with his expenses voucher. Debit balance still remains in to his account.
Can we adjust this balance with Cash expenses vouchers. if yes, which cash expenses we can book against this advance.

Our company turnover above 10 crore. last year so we are liable to collect tcs @ 0.1% from our customer whose turnover is below 10 crore & transaction limit above Rs. 50 lacs. We already started collecting tcs on every bill from 1st April 21. Please suggest me whether it is wrong or right. Do we need to wait to cross the limit?

Hello, A composition Dealer did not file the Annual Returns from 2017-18 to 2020-21. All Quarters Tax deposited on declared Turnover. What will be the consequences as 2017-18 and 2018-19 was voluntary. whereas, 2019-20 and 2020-21 was mandatory.What amount of late fees, and Interest applicable for later years. and ,mode of deposite, Under DRC or regular challan. Kindly share valuable opinions. With warm regards.

Dear sir,
An amount showing wrongly in exampted income but it is taxable as per IT ACT FOR F. Y. 2019-20, we have received intimation 143(1)
For demand, by taking tax on said examted income so what we can do revise, rectify, or any other way