plzz suggest
what will be entry If one person receive immovable property let say building from another person having stamp duty value 15,00,000 and consideration paid 9,00,000 Rs,. and impact on tax and how it is shown in our B/S & P&L???

One of my friend purchased lucky drawn ticket in sharing with other friend and both are working in Qatar. Now they got money from lucky drawn and sharing the price money equally between them.

They are maintaining NRE account in India and they wants to send this money that NRE account. One person have proper documents for source of money as he is purchase that ticket in his name. Please explain is any problem will come from India if that second person transfer the money to his NRE account in India.

Since he doesn't have any valid documents for this source of money.

Sir
As per the amendment in Finance act 2017 w.e.f 1/4/2018 income form business & profession should 250000/- (two lac fifty thousand ) or total sale should be 2500000/- (twenty five lacs ) in any one of the three years immediately preceding the previous year for maintenance of books of accounts and other documents as per section 44AA of the income tax act .
IS this correct ?.

A PERSON (NRI STATUS) IS HAVING BUSINESS INCOME IN INDIA FOR RS.25,00,000/- DURING THE FINANCIAL YEAR 2017-18 AND INCOME OF 42000 AUSTRALIAN DOLLARS IN THE SAME YEAR AND PAID TAX ON THIS INCOME IN AUSTRALIA. WHAT IS THE TAX POSITION IN INDIA ON BOTH INCOMES.

Sir,

Societies accounts are audited. Inadvertently Out standing Interest of Last quarter of the financial year (Jan-March) was not included in the closing balance of Out standing Dues in Balance sheet.

Bills for current financial year are issued with correct out standing balances.

Now while preparing Balance sheet there is difference of amount equal to the interest for the period Jan- March of previous year.

In such situation how to correct the mistake?

Regards
ANGS

Hi Experts,

I have Incorporated an LLP in 2012. Till now I have done all the annual filling for that LLP. but due to some reasons We have decided to close the LLP.
Now, we got to know that CA who has Incorporated our LLP has not filed Form 4 at the time of incorporation.

I really tensed situation, can any one help me to get a way out of it?

Sir

WE ARE REGISTERED DEALER UNDER GST ACT.WE FILED OUR MONTHLY RETURN 3B AND GSTR1 TILL MARCH REGUARLY..WE RECEIVED TURNOVER DISCOUNT CREDIT NOTE AGAINST PURCHASE GOODS FROM REGISTERED DEALER ANNUAL BASIS.WE RECEIVED CREDIT NOTE FROM DEALER HAVING DT:31/03/2018 BUT IN CREDIT NOTE THERE IS NO ANY SERIAL NUMBER AND DATE OF THE CORRESPONDING TAX INVOICE AND ALSO THERE IS NO ANY AMOUNT OF SGST AND CGST TAX MENTIONED SEPRATELY IN CREDIT NOTE. THERE IS ONLY AMOUNT MENTIONED IN CREDIT NOTE.WE TALK TO FOUR TO FIVE DEALER ABOUT THIS MATTER THAT AS PER OUR KNOWLEDGE THERE IS CORRESPONDING INVOICE NUMBER,AMOUNT OF SGST,CGST,VALUE OF TAXABLE GOODS IS COMPULSORY IN CREDIT NOTE.BUT THEY ALL REPLIED THAT THEY CONSULTANT HIS LEGAL ADVICOR THEIR LEGAL ADVISOR AND AS PER LEGAL ADVISOR OPINION THEIR IS NO NEED TO MENTIONED CORRESPONDING INVOICE NUMBER,VALUE OF GOODS, SGST CSGT TAX IN CREDIT NOTE..
SO WE WANT TO KNOW THAT AS PER GST ACT IT IS CORRECT TO ISSUE CREDIT NOTE WITHOUT ANY CORRESPONDING INVOICE NUMBER, VALUE OF GOODS, SGST,CGST TAX MENTIONED SEPARETALY.
AWAITING VALUEABLE OPINION AND SUGGESION...
THANKS...

1.recovery agent registered with gst.(as every registered person has to file gst retuns).
then how to file gstr 3b ,gstr1 in case of recovery agent services as the tax is paid by banks(recepients), in which table should the taxable services provided by the recovery agent should be shown in the return filed by the service provider.
2. what is the tax liability of a person providing finance against motor vehicles and personal loans?what amount should be included in turnover ( pricipal,interest, other charges).? what is the tax rate? hsn code? under which category the services are to be shown( b2b/b2c).tax liability should be computed on which amount?

Dear Experts,
Can you please help me decide on the following matter.
Facts of the case:
• A hostel service agreement has been signed between a Private Hostel (Hostel Owner) and a Skill Development training Company (Training Company).
• Training Company is running a Govt Funded Skill Development training program wherein the company need to provide Boarding & Lodging facility to students undergoing training.
• Training company has signed an agreement with Hostel owner wherein hostel owner will provide Boarding & Lodging services to the Students of Training Company.
• Hostel Owner will charge Rs. 6000 Per Month per student to Training Company which is equivalent Rs. 200 per Day
• Hostel Owner will raise invoice on monthly basis to training company on the basis of number of students stayed in the particular month and the company will make payment to Hostel Owner.

Now taking into consideration the below lines from GST ACT and the above points, Should the Hostel Owner charge GST to the Training Company.

Under the GST Law, "services by a hotel, inn, guest house, club or campsite, by whatever name called, for residential or lodging purposes, having declared tariff of a unit of accommodation below 1000 rupees per day or equivalent is exempted from GST.

Hello members,

I want to know the accounting treatment of Transitional Credit. As we procured the Excise paid goods but we were not registered under Excise law but We are registered under GST so we have to take the ITC of Excise on stock as on 30.06.2017 as CGST Credit.

Please Suggest the solution.

Regards,
CA Antriksh Mishra