As per provisio to 140(3) a trader can claim the credit at the rate of 40%/60% of the CGST paid on the stock lying on the appointed day subject to that it was not unconditionally exempt under Excise.
A trader who deals in various goods of which few were exempt under excise and few were taxable.
Now can the trader opt for the 40%/60% scheme in respect of goods which were not exempt under excise or does the rule means all the goods which the trader deals should satisfy the condition of not being unconditionally exempt.

SIR,

Suppose,
a woman has received and saved with herself around Rs. 48,000 cash during last 15 years, from some small home based works.
And this amount also includes the amounts received by her from her parents and other elder family members as a small gift amounts (-like shagun and neg, etc.) on festivals and other social occassions .

This amount was saved with herself, in old 500 and 1000 denomination notes in CASH.

But, due to demonetization in November-2016, she had to deposit this savings amount in bank account, because if she would have not deposited in bank, then her money would have been invalid and of no any use.

Now, when she has deposited this cash amount in her bank account, during NOV. to DEC.-2016,

Que.1: Will this amount be treated as her INCOME , of FY 2016-17 ?
- If Yes, then - which type of Income is this?

Que.2: Will she have to show this amount, in her Income Tax Return of F.Y. 2016-17, as income ?
- If Yes, then where to show it in Return ? - Under which head ?
- And what to mention, with this amount ?

Que.3: What , if she does not show this amount in her I.Tax Return ?
Will she have to face any problem due to this ?

Because, as per her own opinion,
This amount is not received in FY 2016-17. It is received during last 15 years, before FY 2016-17.
The amount which she deposited in bank in FY 2016-17, is not income of FY 2016-17, but it is her savings of last 15 years.
And her income has never gone beyond the exemption limit in any of the past years.
She is a house wife always and she has no any other income except this.



PLEASE, SHARE YOUR EXPERT OPINIONS.
Thanks.

is it necessary to write hsn code on sale bill provided by restauraunt to his customer

can itc is avail on goods purchased before 01.07.17 for 1 year

Dear Expert,

We are a Manufacturer in Maharashtra Receives Order From Buyer Located In Gujarat (Bill To/Who is paying to us a consideration for supply) and Consignee is located in Maharashtra (Ship To/Recipient) who is receiving goods. In the above case which GST tax has to be Charged CGST+SGST or IGST ? Why ?
and HOW ITC Mechanism works in GST. In the above Case who is eligible to get ITC against our invoice. Please

Read more at: https://www.caclubindia.com/experts/ask_query.asp

the 8% profit is to be considered before interest on partners capital and partners remuneration or after deducting it for determining audit applicability, because in our client case profit is 13% before interest and remuneration but after remuneration and interest it is 5% . Whether audit is applicable to this firm for F. Y. 2016-17.

ca club india
i want to convert to new ca final syllabus manually withu out being converted by icai.

as i interested to write my ca final exam in new syllabus

explain procedure

A dealer on the appointed date having stock of goods purchased inter state, now he want to opt composition scheme, whether its claim may be rejected on the basis of opening stock consisted goods purchased inter state.

SIR,
Please, guide into following :

An individual has received maturity amount of his LIC life insurance policy, in FY 2016-17.
Policy started in October 1996 and matured in October 2016.
Policy Sum assured = Rs. 1,00,000.
Total premium paid by him during the policy period = Rs. 1,20,000.

Total Maturity Amount received in October-2016 = Rs. 2,15,000.
No any other amount is received during policy period, except this maturity amount.

QUE.1: Is this LIC Policy's maturity amount, taxable income ?
Is any tax to be paid on it ?
QUE.2: Will he have to show this Policy's maturity amount, in his Income tax Return of F.Y. 2016-17 ?
If yes, then :
- Where to show this amount ? - Under which head ?
QUE.3 : How much amount to show in the Return as income ?
- Full Maturity amount Rs. 2,15,000 ?
OR
- Maturity Amount - Total Premiums Paid ?
[ Rs. 2,15,000 - Rs. 1,20,000 = Rs. 95,000 ] ?

Please, guide.
Thanks in advance .

is it mandatory for a manufacturer or seller whose turnover is below 20 lakh to register in GST?