Sir,

My friend is running a Propreitory business and manufactures steel bench and desk, Bearau, etc. To
transport these goods to his customers' place, he has purchased a Tata Ace, commercial vehicle in Dec 2019
in the name of his Business ( Not in his personal name ).
Now, can he claim ITC on the purchase of the said vehicle and the GST paid on the insurance amount ?

Pls. advice.

X Pvt Ltd in Maharashtra is willing to takeover an existing Sole proprietorship business of Mr Y . Mr Y is already a Shareholder and Director in X Pvt Ltd .The transfer of business is via Slump Sale where X Pvt ltd will takeover all the existing movable assets ( There are no immovable assets in the books of Proprietary concern) and all liabilities of the concerned business.
An agreement is to be entered between the two parties stating the terms and amounts pertaining to the transfer.
Is this agreement of Slump Sale required to be registered? If yes, is stamp duty payable on the same in Maharashtra and at what rate ?

It says
" the remuneration payable to any One MD or WTD or manager
shall not exceed 5 percent of the net profits of the company
and
if there is more than ONE SUCH DIRECTOR remuneration shall not exceed ten percent of the net profits to all such directors and manager taken together "

My INTERPRETATION IS ----

when in the latter part of Sec it says " if there is more than one such director " -- it is referring only to MD or WTD And Not Manager .

But in all the books it says " if there is more than one MD or WTD or Manager " -- which in my opinion is NOT Correct .

And my interpretation is also supported by last few words of the Sec " ....to all Such DirectorS and Manager Taken Together "

Here SUCH DIRECTORS means MD or WTD and NOT MANAGER ,

Moreover the word Director is used in Plural tense and not Manager .

Again i am doing hair spliting But i want correct interpretation

Thanks

Dear Experts,

My client has received below SMS:
"30XXXCX0000XXK you have under reported your tax liability in GSTR 3B as compared to GSTR 1 in 092019. The tax liability on account of this under reporting in Rs.1.19 Lakh which need to be discharged/ resolved immediately to avoid any penal consequences."
I know I filed my returns correctly. Please advice.

Sir/Mam,

I have cleared both CPT and IPCC in first attempt and I am looking to opt for industrial Training in the field of Investment banking / Capital Markets. Can anyone please help me with any vacancies in the Companies/Banks which provide industrial Training. If Not vacancies then the Contact Number and Mail Ids of the Companies will be high appreciated.

Waiting for the Immediate Reply.

Dear Sir/Ma'am,
We have purchase software license for our company from Adobe.Invoice is generated in the name of Digital River Ireland Ltd having GST number 9917IRL29003OSG and IGST is charged @0% on Invoice. GST status is Active and Taxpayer Type on the site is Non Resident Online Services Provider. Wanted to know whether GST is payable on Reverse Charge Mechanism, also PAN Number is not mentioned on the Invoice then is TDS payable @20%.

Regards,
Karishma

Dear Experts!
Pls let me know the income tax slab in which section or rule is defined,

2) also let me know the section which restrict the cash deposit exceed 10 Lakh in saving account.

Thanks
Karan

Every year we are paying motor car insurance . The Gst component on insurance value we are not taking gst input credit . Bcoz ineligible. Indurance period spread some current year & some next year .Insurance exp. We devided in two partd current year exp. & Next year prepaid exp. My question is that can gst component is required to split current year exp. & Prepaid exp. Or full gst to current year exp (we are not taking gst input credit. Pl guide.

Can Someone Provide me Object Clause Format for Cab Service.

Dear Sir/ Ma'am
The query involves using of section 54F to claim exemption.

On the date of transfer of a plot, the assessee owns two residential houses. No income from house property is being earned from both the houses. As per my understanding of the section, the assessee can claim the exemption from paying LTCG by investing the same in buying a new residential house, if the assessee own more than one residential house but there is no income from the houses that can be charged under income from house property.

As per 54F, the LTCG on long term capital asset is not chargeable provided that nothing contained in this sub-section (1) of 54F shall apply where— 
(a) the assessee,— 
(i) OWNS MORE THAN ONE RESIDENTIAL HOUSE, OTHER THAN THE NEW ASSET, ON THE DATE OF TRANSFER OF THE ORIGINAL ASSET; OR
(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
(iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; AND 
(B) THE INCOME FROM SUCH RESIDENTIAL HOUSE, OTHER THAN THE ONE RESIDENTIAL HOUSE OWNED ON THE DATE OF TRANSFER OF THE ORIGINAL ASSET, IS CHARGEABLE UNDER THE HEAD "INCOME FROM HOUSE PROPERTY".

As per my understanding, both the conditions have to be satisfied for the LTCG to become chargeable. In the case discussed above, although the number of residential houses owned exceeds 1, but there is no income that can be charged under house property.

Kindly help me out with the same. 
Thanks and regardsCA Anamika