I have agreed to purchase a commercial office space for total value amounting to 30L. In which we both party verbally decided that the agreement should be done of 20L and 10L should be given in cash.

The seller told that the first cash transaction should be completed and then remaining 20L by cheque.

So I gave the seller 50K cash and he gave his office documents xerox copy so that I can get them verified with lawyer. But due to some work pressure I delayed that process and before getting verified the documents I gave another 4.5L in cash. So total 5L.

I have written proof that he has received 5L in cash.

But now when we get the documents verified with 2-3 lawyers and also in one bank, we came to know that the title is not proper and the property if some kind of not legal or not have the actual permission for commercial space or like that and even if we purchase now then in future it can not be sold out and the loan can also be not given on that property.

So we cancelled the deal and now seller is paying only 2.5L cash and saying that other 2.5L will not give.

So sir I want to know that is there any kind of provision or legality that in case of cancellation of deal by buyer due to legality of the property seller can not forfiet any amount or something like that?

Hoping for your advice ASAP.

Thanking You!

Actually i raised e-way bill 7 days ago now i want to cancle the way bill through portal it's not possible can u suggest the way how to cancle

WE HAVE WORNGLY TAKEN IGST CREDIT INSTEAD OF CGST AND SGST IN THE FINANCIAL YEAR 2017-18. THERE AFTER TILL DATENO ACTION TAKEN AS WE CAME TO KNOW JUST NOW DURING THE GST AUDIT. NOW HOW TO REPORT THESE ISSUE IN THE GSTR 9 / 9C OF 2017-18?

An assessee had residential cum commercial property. One Residential house and shops in the same building. During FY 2019-20, he sold the property and bought 2 residential flats at different locations. can he take the benefit of Sec 54 and 54 F for the above capital gain ? Benefit under Sec 54 for capital gain arising out of sale of residential house and benefit under section 54 F for capital gain arising out of sale of commercial property ( shops ) ? what additional information needs to be shown in Income Tax Return ?

I have a confusion in relation to "Stock-in-trade" in Form 3CD. I have 2 figures relating to Finished Goods and Traded Goods. So shud i just add these two and report there, since my client is engaged in Manufacturing and Trading activities or shud i only report the stock of Traded Goods?? i am confused...

thanks and regards

Sir, we are planning to purchase some goods and transporting the same
through E-rickshaw. Value of goods is around 72,000/-

Should we make E-way bill. Also we will pay freight Rs. 1,600/-. Is there any liability of RCM.

Kindly advise me.

Regards,

Rakesh Sharma

Dear Experts, we are collecting Tax at source on Tax Invoice.
Which figure we have to show either Tax Invoice Value or Value before TCS?

A lots of confusion on this matter, everyone has different view.

Request to all the experts, please clarify which value we have to show in GSTR-1, although
there will be no impact on Taxable Value & GST. But confusion on Tax Invoice total Value.

Regards,

Rakesh Sharma

Dear Experts, we are giving blanket to employees as Diwali gift and value
of blanket is around 1.5 Lacs. What is treatment of ITC in this case?

Should we reversed the ITC or make self invoice (in which name).

Kindly guide what to do in the above case.

Regards,

Rakesh Sharma

Dear Experts, we have taken below :-
Month GSTR-2A ITC Claimed 10% Diff.
Feb-20 1,20,000 1,55,000 12,000 (23,000)
Mar-20 1,65,000 1,75,000 16,500 6,500
Apr-20 85,000 1,02,000 8,500 (8500)
May-20 1,11,200 1,35,200 11,120 (12880)
June-20 1,58,100 1,98,200 15,810 (24290)
July-20 2,03,500 2,06,600 20,350 17250
Aug-20 1,85,700 1,76,500 18,570 27770
Total 10,28,500 11,48,500 1,02,850 (17150)

Sir in the above table, can we deposit interest on excess claimed ITC i.e. 17150 @24% p.a.?

Moreover, below are the details of Sep-20 & Oct-20 :-

Month GSTR-2A ITC Claimed 10% Diff.
Sep-20 2,13,500 2,47,450 21,350 (12600)
Oct-20 2,67,100 2,98,110 26,710 (4300)

Is there any liability of interest in above months, if yes, then on which amount we have to pay? i.e. diff. of ITC Claimed - ITC Shown in 2A or ITC Claimed - ITC Shown in 2A - 10% shown ITC in 2A.

I humble request to all the experts, please help me, on what basis we have to go ahead.

Regards,

Rakesh Sharma

If an assessee engaged in business filed has turnover of rs.62 lacs ,he files his return under 44AD for AY 17-18.In AY 18-19, he filed his return under section 44AB(Tax Audit) with turnover of 80lacs.
In AY 19-20, his turnover crossed rs.1.02 crores,but he filed ITR 3 without tax audit.He received notice from IT Dept asking for tax audit.
What should the assessee do in this scenario.
Can he choose to go for Section 44AD for AY 18-19 and revise his return.???
Can he choose to be under Section 44AD for AY19-20, 20-21,21-22,22-23 as per conditions laid down in section 44AD ( 5 Years restriction).
Kindly guide me.