During the FY 23-24 the party has availed ITC in GSTR 3B which were actually needed to be reversed as per rule 42. The FY is already over, only 9&9c is pending. My question is:

1- Can i reverse this ineligible ITC taken in the table 7 of GSTR 9
2- If not, what we can do
3- if yes, will I be required to pay the reversed ITC in cash or can reverse it from the credit ledger as there is enough balance in credit ledger. Also is interest applicable on the same?

I AM GETTING ERROR- "INVALID PAN. PAN format should be First 5 alphabets, then 4 digits, then ALPHABET WHILE GENERATING .XML FILE FOR ITR OF AY 2018-19. HOW TO SOLVE THIS PLEASE ADVISE.

THANKS,

Open plot is purchased in the year 1986 for Rs. 20,000/- and house is constructed on it spending Rs. 20.00 lakh. Thus total acquisition cost is Rs. 20.20 lakh. Now this property is to be sold for Rs. 201.00 lakh. Whether it will be beneficial to opt for indexation benefit or to opt without indexation benefit. If Indexation benefit is opted how to arrive at cost after indexation. Present index is 363 considering the base year as 2001, but the property is purchased prior to 2001 i.e. in the year 1986

Hi
Direct Income 100 + Indirect Income (non GST - Interest on FD etc.) 20 total income is 120
while filing GSTR 9 C - in Pt II(5) A what should be the Turnover - 100 or 120?
as per my audited Financial Statement, my total turnover is 120 whereas as per GST Pt II (5) Q is 100 .
where to show the difference amount 20

Is it necessary to put 120 in GSTR9C Pt II (5)A or can I put 100 bcoz 100 is only my taxable outward supply as per GSTR1

Thank you for your quick response

CAN WE TAKE ITC ON COURIER CHARGES OR IS IT ATTRACT RCM.. PLEASE SUGGEST

Will the losses incurred on money invested in gambling apps be treated as capital gains? If yes, which ITR Form should be filed? Plus it also has business income

Hi
Other Income such as Interest on Income Tax and Savings account - No GST is applicable - where is it reported in GSTR1 , 3b, GSTR9 and 9C

sir ,
an assessee s assessment was carried out us 144 for AY 2017 18. Assessee now intends to go in scheme. Now assessee is required to pay only tax amount & no interest us 234A B & C is it correct ? second question is penalty notice us 271AAC is issued for income assessing us 69 i.e. unexplained money, however penalty order is not issued. If now assessee opts for scheme then penalty proceedings initiated us 271AAC will automatically dropped ?
please reply thanks in advance

One of unregistered Entity has received services liable under RCM ( which is greater than threshold limit of GST registration) , does unregistered vendor has to pay the RCM and take the registration?

facts :- asst. 24-25. assessee is firm. turnover 7 crore, profit only 2 lakhs. no cash receipt/payment
i filed without audit but with bal sheet/prof loss stating 44ad is not applicable & 44aa (books) as applicable.
strangely, just got 143(1) intimation stating

"Tax Payer has offered income under section 44AD, and the gross receipt or income under the head “Profits and gains of Business or Profession” is more than 2 Crores; however, he has not filled Balance Sheet and Profit and Loss Account and has not got the books of account audited."

probable resolution ->
The taxpayer has offered gross receipt or income under the head “Profits and gains of Business or Profession” more than 3 crore. Hence, the taxpayer has to file the audit report as per section 44AB

my view--> i have not filed u/s. 44ad, i have said 44ab is not applicable. i have filed bal.sheet/prof loss. Hence, i feel intimation is grossly wrong. There is no need of audit as turnover less than 10 crore (its 7 crore), although margin is less than 6%

is audit required? what am i missing?