Sir,
A partnership firm purchase of new car .but car purchase value show name of one of a partner name car
partnership firm used purpose.
Question:
Above transactions purchase of car show in firm account or partner individual account books in it act.

With reference to Section 206AB of the Income Tax Act, 1961 (Special provision for deduction of tax at source for non-filers of income-tax return) applicable from 1 July, 2021, what are the documents which the deductor of T.D.S. / payer of the party should ask from the party to whom he will make the payment to ensure that T.D.S. for each of the 2 preceding previous years is below Rs. 50,000/- or how else will the deductor satisfy himself about the fulfilment of the provision of Sec. 206 AB ?

Is the threshold amount of Rs. 50,000/- applicable only to the payments made by a deductor (For example if X pays to Y Rs. 7,20,000/- per annum and deducts tax u/s. 194J @ 10%; the T.D.S. per annum will be Rs. 72,000/-) to the party receiving payment or is it applicable for the total TDS claim made by the deductee as a whole in his return of income (For example, X deducts only Rs. 5,000/- as T.D.S. per annum from Y but Y claims Rs. 70,000/- as T.D.S. in his ROI in view of T.D.S. effected by other parties) ?

Is there any specific declaration form to be obtained from the deductee to this effect ?

Thank you and regards.

Dear sir : One of my dealer purchased material for Rs.3,00,000 in January 20. Material was rejected due to bad quality. Seller was informed accordingly. He did not remove the material and it became weathered and ultimately became non usable. Can I issue a debit note in current date by reversing GST ... kindly advise.... Regards.. Pardeep kapil

I have heard that if a person files income tax returns regularly and he passes away, then IT department gives his nominee claim of average income of diceased person. Is it true? If yes, then how can it be claimed?

Sir,
It assess source of income details mentioned below
1.salary income from private institute rs:1,20,000/- yearly
2.rental income from residential property rs:60,000/- yearly
3 rental income from commercial property rs:1,20,000/- yearly
Question:
Assess commercial rental income transferred and show in it returns to wife or huf allowed in it act.

Kindly clarify the following:

Case 1. Sales consideration received from 01-04-2020 to 30-09-2020 : INR 1 Crores
Sales consideration received from 01-10-2020 to 31-03-2021 : Nil
Amount of TCS?

Case 2. Sales consideration received from 01-04-2020 to 30-09-2020 : INR 45 Lakhs
Sales consideration received from 01-10-2020 to 31-03-2021 : INR 1 Crores
Amount of TCS?

Is it advisable to take all the receipts from 01-04-20 to 31-03-2021 for calculating the threshold for section 206C(1H)?

Is it advisable to show TCS on invoice or issue a debit note whenever threshold limit crosses?

How foreign payments are made in india under transfer pricing from tax point of view

I have four bank accounts. Only one is associated with the broker. I transfer money in and out from this account for FnO trading. So will my balance sheet reflect the cash position of this account only? Or does it have to show cash in hand for all other accounts that are not related to trading? Similarly will my current assets be only positions and money related to FnO trading in this account and with broker? Or will it be all my investments in FDs, stocks, mutual funds, bonds etc? The reason being only FnO trading is considered as business income, not bonds, FDs etc. So can I separate the FnO trading part from all other personal incomes and file them under interest income, dividend income, capital gains etc?

Sir,
Sec 44ada it returns filed professional income person gross receipts rs:10 lacs 50% income declared rs:5 lacs show in it returns and house expenses rs:1,50,000/-
Question:
Assess rs:10 lacs income -expenses rs:5 lacs -1,50,000/- house expenses remaining balance amount Rs:3,50,000/- cash deposit in bank account correct procedure.

Dear Sir/ Madam,

We are following E-invoicing Rule from April 2021for supply of Goods.

As of today while dispatching Goods we issue two copies of Invoice to our Customer -
1) The Esign copy printed from the E-invoice Portal &
2) Our System/ Software generated (and then manually signed) copy of Invoice.

As our System/ Software is linked to the E-invoice portal, the Invoice has IRN & QR code printed on it.

My query is -

Is it Okay if we issue only our System/ Software generated copy of Invoice (having IRN & QR code printed) to Customer and do not give a Esign copy from E-invoice portal ?

Looking forward to your advise.

Thanks & Regards,
Rachana