Dear Team, If we purchase an Assets in Mumbai under merchant export to Bhutan under GST rate @.1% and transport the goods at our cost to Guwahati and further to Thimpu in Bhutan. Then how to capitalise cost of transport upto Guwahati on Assets at Thimpu, Bhutan.
Thanks
Dilip Baranwal

Respected sir/s,
new accountant of the firm filing Gst returns for November-2025 and while offsetting the payable gst she only utilized the credit balance of IGST & CGST only by leaving SGST Credit, now there is a very huge balance kept in SGST, but now i.e., for the month of May-2026 client has to pay in CGST, thought there is huge credit balance in SGST ledger,

could you please give any suggestion in this regard, to prevent from paying ..

5 Year rent lease agreement made for business purpose warehouse.
Can this agreement total amount shown in balance - sheet as a liability to show as payable & same amount shown in asset side as fixed asset is essential as per accounting standard.

Is depreciation permissiable.
Or
Directly rent debited to P& L account, without showing effect in balance sheet.
Which is authentic method
Is accounting standard applicable, if yes, which No.

Dear Expert,

I seek clarification regarding the applicability of Section 43B(h) of the Income Tax Act.

Facts:

I am a proprietor carrying on business under the name Lotus Fibre.
Purchases were made from suppliers registered as Micro/Small Enterprises (MSEs) under the MSMED Act.
Certain invoices were raised during April 2026.
The payments were not made within the MSMED prescribed period of 45 days.
However, the payments were actually made during December 2026, i.e., before 31 March 2027 and within the same financial year.
My Chartered Accountant has disallowed these expenses under Section 43B(h) and added them back to taxable income.

My query is:

Where an MSME invoice is paid after the prescribed MSMED period but before the end of the same financial year, is the expenditure allowable as deduction in that financial year or is it required to be disallowed under Section 43B(h)?

I would appreciate guidance on:

The correct interpretation of Section 43B(h).
Whether payment before 31 March allows deduction.
Relevant CBDT Circulars, judicial precedents, tribunal rulings, or professional guidance supporting the view.
Whether there are divergent views being followed in practice.

Thank you for your guidance.

Regards
Suresh Gupta
Proprietor – Lotus Fibre

If Assessee is having 9 Trucks & gross receipts is more than 2 crore.
can we file return ITR-4 under section 44AE or required tax audit??

Dear Sir

In an E-Way Bill, the Vehicle Number has been updated and is available in Part-B; however, the Transporter ID (TRANSIN) has not been mentioned. In such a case, will the E-Way Bill be considered valid under GST provisions? Please share the relevant GST Rule/Notification supporting the view.

Hi,

I have few queries regarding reporting of house property in ITR :

1. If I have 1 or 2 self occupied house property, where do i report them in ITR? (Considering net income for both as zero).

2. Is a commercial property also part of house property?

3. I have bought a residential plot for investment. Will it also form a part of house property?

Thanks in Advance.

Sir, my son has income of Rs. 10 lacs from aboard as a freelance job on contract basis plus 7 lacs income from salary earned in India.
He is providing service as a healthcare and setting their client health claim. Whether all the amount is taxable of freelancer or 50 percent will be counted for tax purpose. No books maintain.

Dear Sir,

We have made a new TDS payment using Challan Code 1026 for Professional Fees deducted at 2%.

However, the current payment pertains to Royalty under Section 194J, where TDS has been deducted at 10%. We noticed that the challan is showing Code 1027.

Kindly confirm whether Challan Code 1027 is correct for this payment or if any correction is required.

Thank you

Where the lease agreement is in the name of a partner and the partnership firm conducts business from the premises and pays GST on its sales, whether such an arrangement is legally valid and acceptable under GST and other applicable laws?