Sir/Madam

If a GST registered person has ITC showing in his GSTR 2B and this figure is getting auto populated in GSTR 3B Part 4 (Eligible ITC) .
But this ITC is not to be taken in accounts neither claimed in GSTR-3B as it does not pertain to the business of Taxpayer.
How to depict this amount in 3B.
Should ITC available (whether in full or part) figure in Part 4. Eligible ITC be reduced by the amount not to be claimed or do we show it in some other part of Return 3B

Please Guide
Thanks in Advance

43B DISALLOWANCE FOR PARTY REGISTERED UNDER MSME ACT,2006 WOULD APPLICABLE FROM WHICH DATE?

Client has been served a show cause notice u/s 148A (b). Upon checking on the portal it was noticed that the return for AY 2020-21 was not filed.
Kindly let me know how to proceed in answering this notice. Also let me know the penalty that would be charged

As per section 285BA of the Income Tax Act 1961 & under rule 114E of the Income Tax Rule, 1962. It is mentioned under SFT 005 that "One or more time deposits ( other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person" shall be reported to Income Tax Department.

Does it also apply to transactions on NRE accounts as these are non-taxable? I understand @CA R SEETHARAMAN had mentioned that there are circulars from IT department to confirm these don't have to be included for reporting by the bank but haven't found them myself.

Anyone can point me to the circular?

Sir,
Demand raised for inoperative PAN (Pan not linked with Aadhaar on the date of filing TDS return). Now PAN is linked to Aadhar and status of Pan is operative.
Do we need to pay total tds @ 20%. Or since PAN is operative now, can we file correction statement without paying 20% tds. Plz guide. This is for 26Q for Q2 of FY 203-24.

Dear Sir/Madam,

My query is as follows:

Mr A & Mr B, Father & Son, purchased a property jointly in Panvel, Maharashtra in 2007 for Rs. 10 Lakhs. Due to old age, Mr A gifted his 50% share in property to Mr B in 2016. Mr B paid Rs. 30000/- as stamp duty & registration charges of Gift deed.

Now, in Jan 2024, Mr B wants to sell this property.
Can he claim this Rs. 30000/- towards registration of gift deed as cost in capital gain calculation?

Kindly guide.
Thanks & Regards,
Suraj

TDS and TCS will be applicable for a newly partnership firm going to open from 1st april 2024?

B ltd (aluminium manufacturer) is going to erect a plant. It is planning to outsource entire erection and commissioning work to ABC pvt ltd with following terms & conditions

1. entire expenses of erection and commissioning to be borne by ABC pvt ltd
2. B ltd will not pay any amount untill plant is ready for operation
3. After plant is ready for operation B ltd will pay ABC Pvt ltd 20 lacs every month for 12 month
4. After 12 months entire rights pertaining to assets to be transferred to B Ltd

My Query ?
1. what will be the accounting treatment of erection and commissioning expenses in the books of ABC pvt ltd - i.e Fixed assets or stock ?
2. How revenue 20 lacs every month will be booked after plant is ready for operation ?
3. when and how assets should be transferred by ABC pvt ltd to B ltd.
4. At what price asset will be recorded in the books and From which date B ltd will be able to claim depreciation ?

One developer company pays staff salaries without deducting the EPF contribution from employees. The company pays both employer & employee contributions from their bank account & shows employees' contributions which are actually paid by the employer as staff welfare in books of accounts. If this method is correct? please clarify urgently.

Chosen new tax regime by filling the form 10IEA in ay 21-22 and filed, then ay 22-23 filed by choosing old regime ( by mistake and no withdrawal form filed).
Now, can I change the tax regime from old to new ( ie. By selecting 'yes' for the new regime in the ITR 4 under general information ) through rectification sec 154, by return data correction in response to notice sec 143?