I have a question for my study purpose.

What are the tax implications of gifting 50 lakhs to spouse? If the husband is retired with no pension, and only has a savings of 1 cr. If he gifts 50 lacs to his wife and they both open FD.

My client has turnover of 1.55 Crore (business of furniture retail). Out of this, commission is 15 lakh (TDS deduction on it u/s 194H). This commission was for orders procured to OEM from the market. Out of total turnover 1.45 crore receipts through banking system and 10 lakh through cash. Purchase & Sale record available, GST returns filed. No record of banking transaction. Questions are:

1. Is audit compulsory?
2. Can I file ITR under section 44AD (considering commission component in turnover)?
3. How can I save maximum income tax?
4. Which form should be used to file ITR?

One of my clients is a Bank Manager. He has received arrears of salary on an ad-hoc basis related to past years. The full amount is yet to be calculated by Bank which they will credit in the coming year only. Now the bank has not mentioned the AY/PY related to which the ad-hoc amount has been paid. In Form 16, the amount is shown as Other Income.
Kindly guide how can I claim sec 89 relief in the above scenario?

We're getting the below message while filing GSTR 4, even though we have filed all the CMP08 for 2019-20 and first quarter of 2020-21 (Apr-Jun'20), What could be the issue?

"you are not eligible for saving/filing gstr 4 since you have not filed cmp08 for the last quarter"

Please suggest.

A newly incorporated LLP is required to deduct TDS even if it is expected to have Turnover below Tax Audit Limit. Please explain TDS applicability provision in details.

Hi,

In Year 2018-19 we just had input credit of Rs.12000 for purchase of mobile phone for partner in Feb'19 and no other sale and purchase. I had not taken the same into consideration and had filed both GSTR-3B and GSTR-1 as Nil return. However it was reflecting in GSTR-2A in Feb'19.

In April'19 (year 2019-20) I took that ITC in GSTR-3B. My query is now that I have to file Annual GSTR-9 for 2018-19, whether I should include ITC of Rs.12000 in Annual Return GSTR-4 of year 2018-19 or 2019-20 ?

Thanks in Advance
Monika

TDS deposited online for AY 2020-21 but wrongly selected payment AY 2021-22 at the time of deposited at bank site. May I match the TDS payment while filing TDS return for AY 2020-21. IT is not possible to deposit further same amount for AY 2020-21. Will it be considerable or have some issues relating to demand or so. Please advice. Thanks in advance.

My company namely Pancham Jewellers Private Limited was searched u/s 132 of Income Tax Act on 12/04/2017 and concluded on 31.12.2019 with 11 crore penalty inclusive of penalty imposed on family members on their individual assessment.
It is informed that the company did not pay taxes even the penalty imposed on family members during proceeding could not be paid.
The directors and family members are also not willing to pay taxes and company has become NPA.
There is no immovable property in the name of company and on the name of directors. The property in the name of other members is mortgaged with bank and shall be auctioned.
Now question is:- How income tax can make recovery from company, directors and family members, if they have no immovable and movable property and also have no capacity to pay taxes.

Hi all,

I have 2 queries

1) I forgot to disclose PPF accrued interest as exempt income in earlier years. Now the PPF is matured. Does it make sense to disclose the cumulative interest in the current year returns as exempt income?

2) One more thing is - no need to disclose PPF principal amount anywhere in IT returns correct?

Sir / Madam,
Restaurant services is notified services as per section 9(5) ?
ECO deduct TCS @ 1% can we pay GST on supply through E-commerce ?

Please solve my query