If a hospital having turnover less than 1 crore would be eligible exemption under section 10(23C(iiiae) in case it runs a medical stores which has seperate books of accounts and turnover of the said medical stores if added to gross receipts of the hospital, the amount exceeds 1 crore

My daughter is 9 years old. May i apply PAN for my daughter. My daughter has a ADDHAR NO.

May i purchase a car ( Loan taken from Bank) in the of my daughter.

By mistake One purchase bill not shown for the month of Feb 2020, so no input tax taken on that purchase bill for the month of Feb 2020, but now For the Month of May 20 that purchase is taken into consideration for claiming input tax credit.
1) Should i avail input tax credit for the month of May 20 ?
2) What is the maximum time limit for utilization of Input Tax Credit for the FY 2019-2020 ?


Regards.

SIR
Please give me a brief explanation on the forward charge mechanism.

Thanks in advance

I am a Manufacturer of MS Patti (HSN 72111910). I have an order for Galvanised MS Patti (HSN 73089090) but this HSN is not registered in my GST Registration. May I supply this product? what formalities to be done before that in GST Registration as well as between me & Galavanising unit?

Please suggest

SIR
Please explain RCM under Transport Company.

SIR
Is the Balance sheet compulsory and to be audited for all of small business?
......... AND........

A Truck Company which has own trucks is doing its business in the name of "Adithya Roadlines" in the first two years. Then, it has registered its business under the Companies Act
After Two years in the name of " Adithya Roadlines P Ltd".

It took one year after renamed as "Pvt Ltd".
Still it has not filed any balance sheet.

Whether we should prepare balance sheet for last three years or One year?

Thanks in advance

Recently when I logged into e-filing site, I noticed that there is a e-campaign entry in compliance portal regarding "Significant Transactions". These transactions are nothing but the commission as received by me from various insurance companies which has been taken from TDS certificates I suppose. It did not include the last quarter income too.

Should I submit the response to this in the portal? If YES, should I say that the amount is incorrect as it does not include last quarter income.

I didn't receive any mail / SMS intimation on the same - neither there is any "Pending" in "for your action" tab in the portal.

Dear All,

Could you please let me know how much % of the commission can be claimed as expenses & also if we need to maintain the bills as proof for all the expenses incurred. Practically it is not possible to maintain receipts for every thing. Also are cash expenses allowed as in many cases we will have to pay by cash only...

There is an error in the closing stock value for the IT return filed during the financial year 2017-18.


This error found in the FY 2018-19 audit only.

Is it possible to rectify this error.?