A party dealing in minerals and liable to pay royalty for conducting their operations did not pay the GST liability on this royalty in the past year. They have now received a notice requiring them to pay the GST along with interest. The concern is whether they are liable to pay the interest since the royalty falls under the Reverse Charge Mechanism (RCM) and no input credit has been claimed. Are they still required to pay the interest on the overdue GST?

Furthermore, the party's concern is whether they can claim ITC for the past years, i.e., 2019-20 and 2020-21, for which they are liable to pay tax now.

Any insights would be greatly appreciated."

Respected Experts, I had filed a case before the Central Administrative Tribunal for the payment of loss of interest and cost towards the belated sanction of my pension. The Tribunal has allowed and I had been paid with Rs.3 lakhs towards the loss of interest and cost Rs.10000/- Whether I had to pay the income tax for this amount as it is an award granted by the Tribunal after a case being filed before it? Kindly oblige. Advance thanks to the Experts in anticipation.

I have speculation income from (intraday share trade )of 5 Lac and T/o 568000 and business loss (F&O) of 7500 and T/o of 11658. How I show profits in ITR 3?
Under P&L a/c in 65 & 66 column of ITR 3 it says
1 Presumptive income which has only business income and no speculation colourblind
2. No account case where both business and speculation can be shown.
Have STT of 185000 and GST/CST of 25000 not allowable for deduction under short term gains.

Cases:
1. If whole speculation income shown then tax liability will be high and if apply 6% formulae or show higher say @25% then can reduce. But if income from business and speculation crosses 250000 message shows that balance sheet need to be submitted along with filing.
Advice what income ideally to be shown and how in ITR to avoid future tax disputes and clarify.
Thanks

We are manufacturing unit , now we want to give whole plant on rent to another manufacturing unit and we will receive fixed monthly rent. In this regard my question is that under which head rent income to be shown ?? under the head PGBP and claim depreciation on plant and machinery or under the head CG and write off depreciation to capital account ?

Sir/Madam

I have little bit confusion that is any requirement of CA Certificate in case of any assessee made F&O on daily basis for filing of income tax return??

Is any statutory limit of profit and loss for getting ca certificate??

please share me any link for detail reading.

thanks in advance

I moved to Middle East last year where I started a company and was an employee of that company.

Number of days in India in FY 2023-24: 180
(Indian) business loss brought forward from FY 2022-23 to FY 2023-24: -20L
Profit from (Indian) business for FY 2023-24: 30L

My understanding of NRI status:
- Gone outside India for purpose of employment
- In India for less 182 days
- Total income from India less than 15L

My understanding of RNOR status:
- Gone outside India for purpose of employment
- In India for less 182 days
- Total income from India more than or equal to 15L

Is my understanding of NRI and RNOR status current?
Will my "Total Income" be 30L or 10L (30L - 20L offset from last years loss)?

Sir,
Sales Invoice to a Particular buyer in one State is prepared but goods send to different state of same buyer,
Whether Sales invoices can be amended at present.

HSN code is 998315 is liable for TDS in india and what is rate of TDS and section ,is it fall under 194J @2%

Dear Sir/Madam,
I'm register in Gujarat and my supplier is from Delhi, he gave instruction to deliver goods in Gujarat

1. in this scenario first come to my mind is interstate supply (3rd party location is Delhi)
2. But here he just gave instruction to deliver in Gujarat so it comes intrastate transection (same state)

I go with first one and take igst and udate my einvoice and ewaybill whether I'm wrong?
If yes then how I can correct myself?

Can I pay Brokerage Rs.1,50,000/- for sale of property by cash ?