Purchase bill dated in March,2024 and bill is reflected in GSTR-2A of April,2024.
Shall we claim such ITC after November,2024?

1. Can a LLP registered with nature of business of 'Retail Grocery Store' engage in online commodity trading with the funds contributed by its silent partners ?
2. With the profits from online trading the LLP will provide free grocery items to the contributing partners, in proportion to their share of contributions. So can the costs of this procurement of grocery items be taken as expenses of the LLP, for income tax purposes & P&L?
3. Can we change the nature of business of the LLP completely to 'Trading in online Commodities' & trade with the silent partners funds and share the profits in proportion to their contributions? Does any law such as RBI, SEBI, INCOME TAX or any others, restrict this?
4. If the answer to the 3rd is 'YES, then under what NIC code, would 'Online Trading in Commodities' come under?
5. Would this change in activity, effect the Shops & Establishment license & the Trade license in any way? Would we have to rea-apply freshly or just an amendment would do, what is the process for this?
6. Any other mandatory requirements, which would be required to be fulfilled, if any?
Thanks in advance, to all, who may respond.

A Person who wants to file his return under 44AD but also has income from online gaming, which I T R form should he file?

Dear Sir,

I have been seeking guidance through this forum on my issues related to Finance, Tax etc.,
I am extremely contended with the response and the clarity I am provided.

Sir, I need clarification on the following queries/subjects/points:

My son is NRI and purchased a flat from the reputed Corporate builder in India. Further details/inputs are furnished hereunder to enable you to guide me.

1]Date of purchase(Sale agreement) of Flat in October 2021.
2]Total cost of the Flat including Stamp duty towards registration:Rs.198 lacs
3]Loan sanctioned by the BanK based on his income abroad:Rs.132 lacs(present outstanding)
4]Equity Rs.66 lacs
5]He doesn’t have any income in India

Now he wants to sell the flat and the Sale price is Rs.228 lacs

Prospective buyer is also taking a loan from a bank for the amount. Buyer’s bank will release Rs.132.00 lacs directly to the my son’s loan account and the balance amount Rs.96.00 lacs for the credit of my son’s account.
Seeking Guidance on the following points:
1]Applicable LTCG is @12.5% on Rs.30.00 lacs i.e. Rs.375000.00 + Cess+Surcharge if any. No indexation option since he is NRI.

Please confirm whether the above is correct?

2] Is the TDS @20% is to be deducted by the buyer, is it on Rs.228.00 lacs(being sale consideration) or on Rs.96.00 lacs(being the amount credited to my son’s account).
Alternatively deduct only the amount equal to Tax on LTCG i.e.(capital gain portion i.e.Rs.30.00 lacs) that is Rs.375000.00 lacs. He has no income in India and not paid any taxes.

My son wishes to get the amount repatriated to his country[USA].

3]Is there any way to exempt/reduce the TDS within the frame work of law as the TDS on Rs.228.00 lacs will be a huge sum and to close the loan, he has to pay out of the difference amount he gets i.e.Rs.96 lacs?

Kindly guide.
Regards,

M A Rasheed

TAN rectification has been done and reflect in TRACES but not reflect in ITD portal what is remedy

Transporter having gst registration & opt rcm method taxation.

From above transporter's we received tax Inv.
In this invoice together with transport charges, there is container washing charges.

Can we are liable to pay rcm including washing charges. Please guide

Sir.
Our company installed pest control system in office. We get Gst invoice against this.
Can we get input on this transaction.
Please advise.
With regards
Binu

Input reversal in 4b (2) of 3b for f y 2022-23. Later reclaim in 23-24 3b . Where to disclose in gstr9 and 9c

Can Rectification return for A.Y. 2023-24 can be filed as updated return because assesses has not see 26AS deduction u/s 194C.
Now assesses can filed return for AY 2023-24 as updated return or not ?

A trading concern is registered under GST. They receive rent for a commercial property by an unregistered tenant every month. They also pay rent for their commercial property to an unregistered landlord.
Now the query is
1. For rent received from an unregistered tenant do i need to show it as B2C Sale of service along with my sale of products and pay tax in Gstr 3B?. Is ITC available to me of i pay this tax in RCM or how to pay tax as an FCM because portal shows FCM for GTA service provider.
2. For rent paid to unregistered landlord we are currently paying tax under RCM and claiming ITC .
Please Assist.