sir
one of my relative redeem mutual fund . He is NRI Status in record at the time of redeem.
He retried from muscut and now resident in India. Tds 20 % is deducted while redeem the mutual fund.
He has no furture income during this year.
Can get refund while filing ITR Retrun.
let's me know one more that ,what is rate of income tax on such income.Can he get standard deduction .
Please advise
Binu

XYZ is a legal entity, is registered under Societies Registration Act 1860 and under sec 12A
Of in-Come Tax Act1961.

The present concern is to identify to determine whether Sec 40A (3) regarding limitation for
Cash payment is applicable to M/S XYZ or not.

Sec 40A (3) links with the term “Expenditure” so cash payment limitation
Is applicable only for the cash payment transactions, booked under the head of any
Expenditure
Let us take a situation as under

1) M/S XYZ pays INR 15000 as ADVANCE to an employee (Mr. RAHUL)
For running the Canteen.


2) Out of the above-paid amount, Rahul pays INR 7000 to grocery supplier,5000 to
Vegetable vendor, and INR 3000 to milk supplier

Then Rahul submits the above payment voucher to Accounts Dept. for adjustment
And the settlement of his advance account

Here a question arises, whether the above payment in cash as per Sl No 01
Is permissible as per 40A (3)

If an assessee have loss from future & options trading, then what will be the nature of that loss either it is Capital loss or business loss. If it is business loss and assessee have an income from Salary, Capital gains then which ITR an assessee should file ??
Kindly response at the earliest.

We are in a situation that we have paid the GST liability on time but not filed the GST returns. Do I need to pay interest for non filing of returns? or is it ok to pay late fees?

F.Y.2020-21 in EPF (PMGKY) scheme purpose Employer not deducted any PF to Mr. Shyam Ghuha from( April,20 to Aug,20)
how Mr. Shyam pass this entry in tally in his personal A/c & Can Mr, Shyam get 80C benefit in above PF (from(April,20 to Aug,20) ?

our manufacturing plant financed by Asset reconstruction company 15 year back and input of vat not taken by us now due to loan unpaid till date,ARC sold assets through public bid under sarfaesi act 20002
and not informed buyer detail to us / consideration of asset sale only agree to givan NOC of Loan value
now kindly guide us
1. whether GST applicable to co or not
2. in books we have adjust loan value to wdv of assets

Hi all

One of my clients is dealing in software related services and providing education training as well in software languages. They have started their branch office in Kerala and Delhi. Their they have entered in rent agreement as well. They are providing online training from Mumbai office to Kerala and Delhi. Their billing system is centralised from Mumbai. Whether GST registration is required for Kerala and Delhi?

Thanks in advance.

Respected Sir,

We have contract employees working under NACO through SACS registered under society act 1860 with consolidate honororium .Some of employees has completed more than 18 years of service under the same organization without any break of service.

Query is that:-

1- Are such employee are entitled to get Gratuity ?

2- If yes, then then the same is payable by the concerned society ?

3.An society registered under society act 1860. Whether Payment of gratuity act applicable on this yes or no.

Send also notification for the same.

With regards

-Venu Sudarthi

ABC Pvt Ltd and XYZ Pvt Ltd both are sister concern each other. Abc Pvt ltd has given long terms loan to xyz pvt ltd but in her balance sheet xyz Pvt Ltd has shown the said loan as advance received from related party instead of showing as loan. ABC Pvt Ltd requires loan confirmation from XYZ Pvt Ltd for income tax scrutiny. Can XYZ Ltd give loan confirmation to ABC Ltd despite of showing advance received

Respected sir,
Please guide me and oblige.

Query - "A" (Registered in GST) who is into business of Health Care and making exempt supply. A Co. has machinery on which they didn't claim the ITC at the time of buying machine.
Now Co. A has there branch in Bihar having the different GSTIN "B" (registered in GST) wants to transfer the machinery to "B". What would be the implications of GST on this transaction? Wheatear "A" has to charge the GST from "B" or not?