Hi,
Sir we are running the construction business without ITC and 5% 0r 1% GST payable for non affordable.
Sir at the time of 3B filing and payment i have put the ITC into the in eligible table.Even after this ITC was not nullified. Due to this my cash credit was not deducted and the Electronic Credit ITC was got adjusted for Q1(April'22 -June'22). Kindly guide me can I reverse the utilized ITC and can adjust through Cash Ledger in Q2(July'22-Sept'22) without any penalty and interest.

1) Reversed ITC which is said above is CGST-Rs.3,37,032/-, SGST-Rs.3,37,032/-, and IGST-Rs.38,921/-.
2) Out Put payable is CGST-Rs.23,886/-, SGST-Rs.23,886/- .

Thanking You.

Dear Sir,
My CA terminated my articleship but at the time of uploading form 109 he uploaded wrong document which is not form 109.
Now I want to know till when my termination will be rejected.
Will it get approved or not....?
Please let me know because it's too urgent and I don't know anything about it.

Thank in advance

I intend to purchase a flat in a high rise building. The building construction is expected to take 5 years. 30% of amount is payable upfront. 70% of amount is payable after 5 years at the time of taking possession. I will be raising funds for initial 30% by selling equity shares and equity mutual funds on which I will be accruing LTCG. I will investing total consideration from sale of equity shares and equity mutual funds for initial 30% payment towards the said flat within a period of 2 months of accruing LTCG and intend to claim capital gains tax exemption under section 54F in the current FY. After 5 years, for the payment of balance 70% of amount at the time of taking possession, I will be selling my current residential flat after 5 years and invest the total consideration for purchase of the new flat within 3 or 6 months of sale of current residential flat. I will be accruing LTCG on sale of current residential flat after 5 years. In the 5 year hence FY, I intend to claim capital gains tax exemption under section 54. My question is arising from the fact that, since the building will take 5 years to construct and then become ready for possession, can I claim capital gains tax exemption under section 54F in current FY for initial 30% payment and also for the balance 70% payment under section 54 in five years hence FY?

AY 2022-23 DEMAND NOTICE RAISED BY DEPTT. BUT DEMAND PAID AGAINST SELF ASSESMENT TAX HEAD (300)
WHAT TO DO ? PLEASE SUGGEST

Hello Sir/Madam,
My father-in-law had constructed house property in 1990, which my husband received through WILL this year (2022) after his sad demise.
My husband gifted this property to me, if I SELL this property within a year; what will be considered as Acquisition Date (1990 or 2022) for capital gain calculation? Will it be LONG TERM CAPITAL GAIN or SHORT TERM CAPITAL GAIN ?

Dear Sir/Madam,

1. To Whom the Marginal relief is applicable?
2. Is it applicable to senior citizen and non resident person?

Please, reply.

Thank you.

Dear Sir/Madam,

We started a new private limited company. We also transfer few employees from partnership company to new private Ltd co. But both are different entities. May I know the legal compliance of  both GST and Income Tax issues regarding this transfer.


Thanks & regards

CMA.Sarath Kurian

Hello everyone
I want to know that whether TDS is deductible for an amount paid to a Examination Conducting Agency (i.e. Private Agency conducting exams in Schools and declares ranking of the student / Science Olympiad Exam) The amount paid on the basis per student @125/- and total amount is more than 2.0 lacs.

The agency will provide OMR Sheets and question papers and will declare result and issue certificates.

As per my knowledge TDS u/s 194J should be deducted.

Please advise.

Respected Sir,

For Assessment Year I am having Business Profit of Rs.20,21,14,080/- and I have in my books of accounts Unabsorbed Business Loss of Rs.19,62,42,006/- for the A.Y.2014-15 TO A.Y.2021-22 and Unabsorbed Depreciation of Rs.1,97,35,816/- for A.Y.2012-13 To 2021-22. Under this Situation shall I opt for Concessional rate of Tax u/s 115BAA i.e.@ 22% plus 10% SC plus 4% HEC or go for MAT u/s 115JB.

Please Advise !

Dear All

Can anyone please share new format for company audit?

There are many changes in financial statement disclosure and audit reporting for FY 2021-22 like ageing of trade payable, ratio analysis etc...

Can anyone have format that includes all such disclosures and reporting requirement then please share the same on nndave17@gmail.com

Thanks
Nirmal