Our company has incurred expenses before commencement of business. and our consultant has posted that expenses in all fixed assets proportionately. is this right accounting treatment? if not than what is the right accounting treatment of Pre-operative expenditure? Please Guide on this.

Dear Sir

We have executed LUT in GST and exporting services without payment of tax. We are facing lots of challenge in getting the Input refund from GST department due to various impractical grounds.Want to know your opinion can we export the services with payment of tax by utilising input tax credit as this seems to be less complicated model. Will there be any legal challenge in exporting the services with payment of GST even though LUT is present. We will be doing this for three months and for future months we will be exporting without payment of tax.

Regards
Pardeep

Request you to pls confirm the Applicability of Tax on Gift given by Daughter to Father. Daughter is giving CAR in a Gift. Whether it is taxable if yes than in whose hands & how much.

If an individual say Mr.X transfers a house property to his wife Mrs.X for an inadequate consideration then Mr.X is considered to be the deemed owner. In the above case If Mrs X, sells the house property and gets capital gains then it should be clubbed in the hands of of Mr X. My query is that to avail any eligible capital gain exemptions, who has to make investment? Is it Mr X or Mrs X?

I have received Medical Reimbursement of 18000/- , Leave Travel Allowance of 25000/-, Leave Encashment of Rs 15000/-.

You are requested to inform me , whether the above mentioned income is taxable for the FY 2019-2020.

I HAVE APPLIED FOR REFUND OF EXCESS CASH BALANCE BUT THE DEPARTMENT HAS ISSUED THE DEFICIENCY MEMO THAT THE UNDERTAKING UNDER CIRCULAR NO 125/44/2019-GST HAS TO BE ATTACHED IN THE SUPPORTING DOCUMENTS..... CAN ANYONE GIVE THE FORMAT OF THE UNDERTAKING WHICH HAS TO BE GIVEN... PLZZ GIVE SOON AS SOON AS POOSIBLE

One I.t. assess source income of below taxable limit for the f.y.2018-2019.A person previous savings cash amount Rs.5,00,000/-(five lacs) cash deposit in bank sb account for the f.y.2018-2019.
My question:
If a person I.t. return for f.y.2018-2019 before March ,2020 filed compulsory or no.

As per section 37 GST late fee is allowable as an expense under IT Act but this amount has been mentioned in tax audit report under clause 21(a) in expenditure by way of penalty or fine for violation of any law for the time being in force.Now what to do in that case.

DEAR SIR,


ACCOUNTING CHARITABLE TRUST BORE WELL REPAIRS COST IS CAPITALIZED AS PART AND PARTIAL OF THE BUILDING OR TRANSFERRED TO INCOME AND EXPENDITURE ACCOUNT, BECAUSE ENTIRE YEAR MORE THAN RS 25000/- INCURRED COST OF EXPENDITURE OF THE BORE WELL REPAIR.

PLEASE CLARIFY ME

REGARDS

I filed my income tax return in dec-2019, I have got a mail from the department for Disallowances/Defects identified in the Income Tax Return. as below.

Your Income Tax return ITR-3 uploaded for AYHPG1419J and AY 2019-20 has the following defect(s)

S.No. Defect Impact Suggested Resolution
1 Income from "Profits and Gains from Business or Profession" is greater than 2.5 lakhs but particulars as in "Balance sheet/Profit and Loss Account" are not filled Income Tax Return may be treated as defective if particulars in "Balance sheet/Profit & Loss Account" are not filled Please fill Balance sheet/Profit & Loss Account


Please ensure that the above suggested resolution(s) are followed for a defect free and faster processing of your income tax return.


Now suggest me, how to respond against this query, because of notice not received u/s 139(9),
Can I file a revised return or give it to response.