A B & C all are partners in construction firm ABC DEVELOPERS. land are in name of all partners. GST number & exp. credit was taken in FIrm's name(ABC DEVELOPERS). now problem is that, at the time of sale Office, in sale deed saller name will be all partner names Individually. the firms' name not come in any deed or agreement except partnership deed. what should be advice for GST & Income Tax related?

While preparing a Trading, profit and loss account, will sales and purchases include GST or not? Can we claim GST in income tax returns as an expense?

A.Y:2017-18:INCOME TAX ASSESSED:200000
TDS CLAIMED :300000
REFUND :100000
IN THE BOOKS NOT INCOME TAX ACCOUNT OR PROVISIONS FOR THE SAME AND SHOWN IN THE BALANCE SHEET TDS AMOUNT OF Rs.300000/-
A.Y:18-19:
TDS AMOUNT IN ASSETS OF BALANCE SHEET:300000(LAST YEAR)
250000(CURRENT YEAR
NO INCOME TAX ACCOUNT OR PROVISION FOR INCOME TAX IN THIS YEAR ALSO
A.Y:2019-20:REFUND RELATING TO A.Y:2017-18 HAS BEEN RECEIVED OF RS.110000(10000 INTEREST ON REFUND OF INCOME TAX)
IN BALANCE TDS:A.Y:2017-18:0=300000-200000=100000(TRANSFERED TO PROFIT AND LOSS ACCOUNT)
A.Y:2018-19:250000
A.Y:2019-20:400000
AND INTEREST ON REFUND OF INCOME TAX RS.10000 HAS BEEN CREDITED TO P&LA/C
IS THE ACCOUNTING TREATMENT DONE IN A.Y:19-20 RELATING TO REFUND OF A.Y:2017-18 IS CORRECT?

One flat was purchased in 2006. Second flat was purchased in 2009. The second flat was sold in 2014 and the amount re-invested in one housing property. In this transaction, the benefit of section 54 was availed.
Now, the first property purchased in 2006 are being sold and the amount will be re-invested in one housing property.
Whether the benefit of section 54 available for the transaction or not

i am director in a company with turnover of Rs22.00 lacs and net profit of Rs12000.00.
please clarify the following
1.is it required to get audited under income tax act.
2.if yes which tax audit form is applicable form 3CA/3CB.
3.also clarify if it is being audited under companies act is audit under income tax also compulsory.

Revised rules effective from 01 April 2016 make it clear that there is no requirement of submission of Form 15CA and 15 CB when nature/purpose of remittance is one of the 33 provided under exception List .Transfer/Remittance of funds from NRO Account to his own NRE Account in the same Bank are covered under Nature of Payment/Purpose code S-1301. Such transfer/remittance is not taxable as such submission of Form 15CA and or Form 15 CB are not required. Perusal and review of information required under 15CA and 15CB forms indicate that these forms are not required for transfer of own funds from NRO account to NRI account by NRI.
This position is very clear CBDT Notification no 93/2015 dated 16th December 2015 and also from Rule 37BB for such transfer .
In spite of this Branch level Bank invariably ask for 15CA /15CB . In my view main and sole reason for insisting for unnecessary and irrelevant 15CA and 15CB forms is not to any possible audit risk. What is correct position?

We have a partnership firm and I am one of the partner. I want to pay the company invoices by my personal credit card as no credit card is issues to a partnership firm. So what is the problem paying by my personal credit card and what entries we need to do in tally to reimburse the partner for the same

The present case relates to a senior citizen earning pension income and Income from Other Sources.
However, due to inconvenience of his lack of finger prints, he has failed in generating his AADHAAR card multiple number of times.
Since income tax filing mandates the necessity of AADHAAR number of the assessee, how can the above mentioned senior citizen file his ITR?
Looking forward to a response at the earliest.

Thank you.

For AY 2019-20 : Assessee has business loss amounting to Rs.525000/- other than salary income and capital gain. Assessee has interest on saving bank a/c amounting to Rs.15000/- which has also been disclosed in income from other sources. Interest income has been set off with business loss and business loss has been carried forward. In this way, deduction of 80-TTA amounting to Rs.10000/- will be admissible or not. Please advice.

We have received payment of Rs. 11200000/- in F.Y. 2018-19 from PWD after deducting VAT 4% TDS 2% and Security Deposit. Actually this payment has to receive in F.Y. 2016-17 (Prior to GST implementation) which was hold by department due to some disputes. After clarification department released. Our query is whether we have to borne the GST liability on above Bill amount or not.