Respected Sir,

What is the difference between salary to director and remuneration to directors and what is the role of TDS on both such cases. Ours is a pvt ltd company. Directors are always drawing on account only at any time. We are providing salary at the end of the month against the on account payment made to the directors. I request you all please to give me the best advise on this issue and how to locate TDS on such transactions.

1. Is GST and Income Tax is Interrelated?
2. ABC is a composite dealer in GST and havn't submitted his return till now, but in IT return he have showed a turnover of 17 Lacs. So should he submit his GST Return based on IT or He can file as per books?

Thanks in advance

Hello there,

We are importing machined and we have total duty saved amount of 4.30 Cr.

From that arround 3.60 Cr is IGST amount and other is basic duty + cess.

Now i have 2 questions in mind.

1:- As our product is not export much and we can get more value of product in india. So if we want to surrender licence after 2 years with 30% of completed export of EO amount as we know that we are not able to export.

---> Is that possible?
---> What amount of duty and interest + penalty at time of surrender?

2:- If question 1 is possible then can we get set-off of IGST amount that we pay after surrender of licence?

If all question a accepted can you please give me link of government notification link.



Thanks waiting for reply.

I migrated to Australia in April 2018.
For the AY 2019-20 , I am confused on whether I am a "Resident" or "Non-Resident" for tax.

My details:

i.) I have lived in India for less than 182 days in the Financial Year 2018-19.
ii.) I have always lived in India before migrating in April 2018 i.e more than 365 days in the preceding 4 years.
iii.)I went on my own to Australia and found a job here, i.e I was not send by an Indian company to work on an Australian project

Can you advise on what would be my Residence status when filing the tax return for AY 2019-20.

Hello,
I am a merchant exporter I purchased goods @ 0.1 % from my supplier. However i could not export the same myself and sold the same to a domestic party who exported the goods .The sale rate was 0.1 % GST. Is it correct that even though i am not directly exportinh the goods but someone else is i can avail the benfits of 0.1 % tax rate.

We are paying the amount for online advertisement to facebook which is non resident company. we have to deduct TDS under equalisation levy. Can you please explain the procedure for the Computation of TDS under equalisation levy?

I want to use the Amount Received from old house sale for repayment of loan taken for new house purchse.
I want to know that can I avail exemption U/S 54 of IT act.for Capital Gain arise from sale of old house. All Transaction are done with in time limit of Sec 54.

dear professionals, i want to know how to file IT Nil retun fo AY 18-19 for bank purpuse.

A company registered on 17 January 2018, Started its business and opened Bank Accounts from 19 March 2018...do they required to get their Annual Accounts submitted to ROC. Thanks in advance

In November 2018 exam there was one question as under :
Mr. Ramesh promised to pay Rs. 50,000 to his wife Mrs. Lali so that she can spend the sum on her birthday. Mrs. Lali insisted her husband to make a written agreement if he really loved her. Mr. Ramesh made a written agreement and registered the agreement under the law.
Mr. Ramesh failed to pay the specified amount to his wife Mrs. Lali.
Now Mrs. Lali wants to file a suit against Mr. Ramesh and recover the promised amount. Referring to the applicable provisions of the Contract Act 1872, advise whether Mrs. Lali will succeed?

The suggested answer as posted on ICAI site shown the answer as under :
To create a valid contract, there must be an intention on the part of the parties to create legal relationship between them. In social agreements it is presumed that there is no intention to create legal relationship. So social or domestic types of agreements are not enforceable in court of law and hence they do not result into contracts.
In the given circumstances wife will not be able to recover the amount as it was a social agreement and the parties did not intend to create any legal relations.

Is this answer correct? Is there any relevance of section 25 of ICA which provides for exception to consideration - Out of natural love and affection, written registered agreement and close relation between the parties.

Please give answer with reason