A company has provided certain facilities and amenities to all the
employees such as free ( food + accommodation + other amenities ) and
in such case the company has to purchase ration, tea leaves, toilet
items ( soap , tooth paste, oil etc etc ).

Whether in such case ITC on such purchases shall be allowed ?

Hi,
I'm Arunoday, after quitting my job, i started my distribution business in November 2019.
I want to ask if i have to pay tax for FY 2019-20 based on below transaction:

Sales: 2,25,00,000/- (Payment received 50,00,000, balance payment will come in next FY)
Purchases: 2,00,00,000/- (Payment made 70,00,000, balance payment will be done in next FY)
Other Expenses: 7,00,000/- (Warehouse rent, transport, salary, misc.)
Gross profit 18,00,000/-

Can you please guide if i have to pay tax on accrued income? most of the payments i will receive in next FY.

Warm Regards,
Arunoday Singh
Apache Agencies

Mr. A runs proprietorship business of cloths and due to death of Mr. A his legal heirs decides to run the proprietorship business in partnership in equal profit sharing ratio.
Last Balance Sheet of Proprietorship Firm is as follows:

CAPITAL AND LIABILITES ASSETS
Proprietors Capital 11,55,244 Fixed Assets 2,55,900
Other Liabilities 4,55,620 Stock 10,39,770
Cash and Bank 3,15,194
TOTAL 16,10,864 TOTAL 16,10,864

Doubt: Whether proprietor’s Capital account can be distributed among the legal heirs in equal proportion and taken as partner’s capital as follows:

CAPITAL AND LIABILITES ASSETS
Legal Heir 1 Capital 2,88,811 Fixed Assets 2,55,900
Legal Heir 2 Capital 2,88,811
Legal Heir 3 Capital 2,88,811 Stock 10,39,770
Legal Heir 4 Capital 2,88,811
Other Liabilities 4,55,620 Cash and Bank 3,15,196

TOTAL 16,10,864 TOTAL 16,10,864

my client received notice under 143(1)(a) for in Schedule part B-TI , assessee is carry forwarded current year loss but the return was filed after due date under 139(1), So to solve this where do I put Current Year loss to not carry to the next year (i.e. in which table and which column number).

Dear Sir,

My wife has no income source as of now. She wants to do do share trading and earn money. I need advice on how should I go about it. With my limited knowledge, I can think of two options. Pl suggest if there is a better way to do it.

Option 1:
I gift her INR 1 lakh. She trades in shares, mutual funds etc. and makes profit/loss.
1. The profit or loss she makes will be added to my taxable income and I will be taxed for that. Is it correct?
2. If she reinvests the profits made and again makes profit/loss on that, it is completely her income and will not be clubbed with my taxable income? is it correct.
3. Any specific documents to be maintained for tax purposes?

Option 2:
I give a loan of INR 1 lakh to her. She trades in shares, mutual funds etc. and makes profit/loss.
1. What will be a reasonable rate of interest and tenure?
2. The profit or loss she makes will NOT be added to my taxable income. However, the interest I receive from the repayment of loan will be added to my taxable income. Is it correct?
3. Any specific documents to be maintained for tax purposes?

Common:
1. We have a joint account which is connected to her share trading site. Is it ok?

regards,
Sanjib

Hello sir, Thank you so much in advance for the solution, my Query is that one of my client running tile trading business in Maharashtra. purchase tiles from Gujrat with IGST and sells in maharashtra SGST & CGST. But the problem is that my client in maha. paid FREIGHT charges on receiving goods to third party it means TRANSPORT AGENCIES which is also registered on the portal and filing GST Return.
its a brief summary of my query.
Now my que. is that Could i claim ITC on Freight or not...?

During year ending 31.03.19, My taxable was nil and accordingly Nil GSTR 3B were filed by me. But I had also supply of green tea leaves during the year which was not reflected in GSTR 3B being exempted sale. Whether showing exempted sale in GSTR 3B is compulsorily. As I had to file my IT return for AY 2019-20, in which I will have to show my income from Sale of green tea leaves, but GST turnver wiil be nil. Hence, there will be mismatch of turnover as per IT Return and GSTR 3B. In Income tax income tax from sale of green tea leaves is not exempted. Please guide me.

Respected all Experts,

This is Jay Ranpura - Inter C.A Ma'am,

Mr. A having a Gold Business from 1985 and in 2017 he give gift of his some gold stock (500 gms) to his son Mr. B cost value Rs. 545(1 gram) (stock as on 2001-02) now his son want to sales this stock @ Rs. 4006/- (Consideration value)(Index Cost: 289).

Issue under consideration : - Can Mr. B get benefit of Indexation under this transaction with previous owner cost & index value (Means Value : Rs. 545 & Index Cost: 100)?

hello, For the Feb 2020 sales is Rs. 45000 and a dr note received for Oct 2019 bill Rs.55000/. What is the sales for Feb 2020 for 3B purpose.











B

Hello sir,
We are converting one proprietary business into Partnership firm.
Kindly request you to update us on below mentioned dilemma.
a. Can eligible ITC as per Electronic Credit Ledger will be transferable from proprietary business
to Partnership Firm.
b. If answer is affirmative, than please inform the procedure.
c. And if the same is not allowed than please inform the section.