Considering that next financial year, all dividends will be included under taxable income, for the financial year 2019-20 (AY 2020-21), whether all equity dividends, mutual fund dividends declared with ex-date till 31.03.2020 can be added as current year income? ( on accrual basis) or to be accounted only on receipt?

Thanks

Hello
My client is a company engaged in the business of plotted development. Means It will purchase a piece of land, develop roads, parks and other amenities and will sell the plots. Can you please help me as to which accounting standard is to be applied for revenue recognition. AS-9 or AS-7 i.e POCM as it is not a construction contract but guidance note on real estate transactions provides for use of POCM where economic substance of transaction relates to construction contract. Please revert asap.

Sir / Madam,

Pls. elaborate what would be GST burden in case of freight income invoice raised by transporter. Whether transporter has to collect GST and paid it to govt. or it comes under purview of RCM.

Looking to hear you soon

Jignesh Kapadia

Particulars IGST CGST SGST
Opening Input 100 0 0
During the month 150 50 50

Output during the month 100 25 25

(i) How to set off
(ii) How much ITC balance carry forward for net month

Mr. A had sold a property to Mr. X. Later daughter of Mr. A files a case on Mr. X that even she was entitled for a share in father's property. Then Mr. X pays certain amount to daughter of Mr.A to take back the case ( off the court settlement ). ( Note : daughter is not party in the sale deed )

what will be the tax treatment for the amount received by daughter of Mr. A. Whether it is taxable under the capital gain or income from other sources ?

If a person have business and also have GST number. but person have other income source not related to Business. In this condition GST will apply on other source.
For this person will share invoice with his Name not business name.

TREATMENT OF CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PROPRIETORSHIP UNDER TWO DIFFERENT SITUATIONS :

1. WHEN THERE IS EXCESS ITC .

2. WHEN IS THERE NO EXCESS ITC .

ALSO WHETHER PARTNERSHIP FIRM SHOULD CLEAR CLOSING STOCK BY MAKING A SALES BILL TO SOLE PROPRIETORSHIP OR IT CAN TRANSFER IT TO THE SOLE PROPRIETOR ( ONE OF THE PARTNER ) WITHOUT MAKING SALES BILL

EARLIER REVERSE CHARGE MECHANISM WAS SUSPENDED TILL SEPTEMBER 2019 LATER , FEW SERVICES WERE LISTED UNDER REVERSE CHARGE MECHANISM. HOWEVER, IN CASE OF GOODS RCM APPLICABILITY IS NOT CLEAR. ADVICE WHETHER RCM IS APPLICABLE OR NOT IN THE FOLLOWING CASES :-

1. WHEN SILK SAREES ARE PURCHASED FROM UNREGISTERED DEALER ?

2. WHEN JOBWORK SUCH AS PROCEESING OF SILK SAREES LIKE DYEING COLOURS TO SILK SAREES, WATER PROOFING THE SAREES FROM UNREGISTERED DEALER?

Dear Experts,

Tds is applicable on reimbursement Charges, hence Clearing charges third Party Bills are submitting in the Name of Our Company, same that party we don't Know and they are Paying on Behalf of us and taking reimbursement.

the above scenario we are deduct Tds or what Please suggest us.

Regards
Udaykumar
9742416512

which tax rate applicable on sweet shop which is 1 % or 5%?