We request expert opinion on restriction on GST ITC Credit with reference to notification no 49 dated 09.10.2019 and circular dated 11.11.2019.

We are asking query with example to understand the point.
Total GST Credit as per GSTR 2A - Rs.100/-
GST Credit as per GTSR 2 - Purchase register - Rs.110

In the above case the assessee is eligible for Rs.100 + 20% on 100 = 20 = Rs.120 As per GSTR 2 credit taken is 110.- Hence the asseses is eligible for Rs.110.

or
We have to work out the exact matching of GSTR 2A and GSTR 2 - Supplier wise and 20% is to be considered for matched amount.

Please also advise whether the assessee can consider the credit reflected in GSTR 2A in previous month and a accounted in the current month.

Pl clarify that late fee (not called penalty u/s 37 of I T Act, 1961 ) for GST and TDS retrun filled is a allowable expenditure under I T Act,1961

I filed revised returns for 2017-18_Q4, before filing revised returns in original TDS returns challan amount excess, at the time filing some of the deductee does not have valid PAN, at the time of revised returns I adjusted excess amount to remaining deductees who does not have pan at the time original returns, after filing the revised returns, the returns rejected and reason is as follows:-Validate for total amount of tax deposited,

Note:- Above returns both original and revised returns filed in income tax efiling website. Give me valid suggestion for acceptance of revised returns.

Is solar power installation come under work contract. If yes, How to make invoice for same as 70% of taxable value deemed as supply of goods rated 5% and 30% deemed as supply of service rated 18%

In 2A credit of Rs.40000 appearing but comparison summary of GST portal it is not reflecting. What to do whether to consider this input or not?

Dear Sir,

It sale a tour inclusive of hotel transportation & self cookked food on tour, comes under

998559 Other travel arrangement and related services with 18% rate.
Then we can claim Input Credit.

Regards
Pradip

ITR-1 For Salary Income Only Was Filed By The Assessee On 1st Sept 2019 For F.Y. 2018-19.

As of today, ITR Is Not Processed Yet. Can Now Tax Audit Report For F&O Business And Revised Return Including The Same Be Filed?

SIR,
I SOLD GOODS TO PARTY ON TO PAY BASIS.
THEY RETURNED SOME AND SENT ME A DEBIT NOTE
AND NOW THEY ARE HOLDING ON THE FRIEGHT AMOUNT
AND I WAS ASKED TO MAKE A CREDIT NOTE FOR FRIEGHT
WHAT SHOULD BE THE ENTRY IN TALLY

One of my client who is Charitable Trust which is not registered u/s 12A/12AA from 2014 to till date and in this period this trust received donation of Rs. 88,00,000/- from public in the name of land & building acquisition fund (Like Corpus Donation) which is wholly for the benefit of charitable activity. Now I am applying for 12A/12AA registration, now my question is that is this corpus donation is taxable under Income Tax Act ????

Dear Expert,

I work in a small PVT LTD company. I have finalized the accounts of the company for A.Y. 2019-20. There is a net profit (after depreciation) around Rs.7,00,000/- and TDS amount around Rs. 5,00,000/-. Do I need to make any provision for income tax for A.Y. 2019-20 ??

Please guide me.