in Challan 281 , which section is to be selected for TCS on sale of goods wef 01.10.20.
Section 206C(1H) is not available in challan 281.

Dear Experts,
I want to know the procedure of taking over of a unit in a propreitory business by a newly formed Pvt Ltd company. The propreitor of that business is a major share holder in the newly formed Pvt Ltd company.
1. We need to understand if any Sale/Assignment deed is to be made between Propreitory and Pvt Ltd?
2. Any Capital Gains applicable on the movement of stock if they are brough at booked values ?
3. Propreitory concern is a MSME unit and taken credit facilities in a nationalized bank, how to transfer the facilities from the bank (propreitory current account) to bank (Pvt LTD current account)?
Appreciate your expert advise/suggestions.

Regards
Sudheendra.

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable?

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable

for f y 19-20 We have received bills from vendor with GST element
However these bills are not visible in our GSTR 2A and the vendor is not likely to revise GSTR 1 so that bills will be reflected in our GSTR 2A
We have not taken input credit against these invoices

In the circumstances can we book full invoice including GST to profit and loss expenditure ?

While I know that it is a capital loss under Income Tax Act 1961, how do we present it in the depreciation chart for IT returns? This is a practical query for filling in the data for returns.

One I.t. return sec 44ada professional income filed person cash
transactions different debtors in 19-20.
1.dt:20-05-2019 cash received old debtor(Mr.A) Rs:1,90,000/- through on cash mode single day
2.dt:15-08-2019 cash received from another old debtor(Mr.B) Rs:1,50,000/- through on cash mode single day
3.dt: 20-10-2019 cash loan paid to another new debtor(Mr .C) Rs:3,50,000/- through on bank mode .if same debtor same date Rs:1,50,000/- cash mode received .

.
Question:
Assess above cash transactions allowed in I.t. act sec 269 st and sec 40a(3) applicable

Hi,

My friend resides in Noida, and works from home. He is working on contractual basis as a Consultant for Credit Risk Management (Credit /Finance related for a fintech) work for a Company having HO in Bengaluru, but having branches in different cities. He works only for this Company.

His work is done using computer and phone. Some times he travels to different locations as required by the Company for meeting/training purpose. Post covid he has not travelled anywhere.

HIs Gross receipts from this Company was less than 20 lacs, so he had not registered under GST. But this year it will go above 20 lacs to 30 lacs.

Will such work come under inter-state supply?
Will he be eligible for Composition GST @ 6%?

Regards,
Krish

(1) IS IT NECCESARY TO KEEP STOCKWISE ACCOUNTING FOR RETAIL SHOPKEEPER HAVING VARIOUS SMALL CATEGORY STOCK???
(2) IS ACCOUNTING WITHOUT CREATING STOCK POSSIBLE IN THIS KIND OF BUSINESS ????
(3) HOW CAN I VALUE CLOSING STOCK AT THE YEAR END IN WITHOUT STOCK ACCOUTING???

A housing Society is getting construction work done through contractor whom they are paying GST 18% and collecting 12% GST on Advance from members for Flats, issuing receipts voucher against advances. Is this right? What will be its 6 digit HSN/SAC code and whether it is mandatory to be mention in Receipt Voucher? And if some advance received in pre GST period for which ST is paid and amount is now refunded back to customer in GST period, whether output tax liability need to be reversed and refund voucher need to be issued ? and how Refund vouchers should be treated in GSTR 1 as their is no Column for its treatment.