if a stock purchased in January 2025 and sold in April 2025, then profit from the said transaction will be treated in which FY 2024-25 or 2025-26?

Dear Experts,
A customer buys 12% and then sells after 22 September at 5%,
so what should be done with balance ITC 7% ? Can carry forward ?

Sir,

Our LLP has a turnover of 46 lakh so pls share due date and whether audit required

A taxpayer has been issued a Show Cause Notice on the following grounds:

Wrongful availment of Input Tax Credit of ₹10,00,000/- in contravention of Section 16 of the CGST Act, 2017, proposed to be disallowed, demanded, and recovered under Section 74(1) of the CGST/GGST Act, 2017 read with Section 20 of the IGST Act, 2017.

Recovery of interest at the applicable rate under Section 50 of the CGST/GGST Act, 2017 read with Section 20 of the IGST Act, 2017.

Imposition of penalty under Section 74(1) of the CGST/GGST Act, 2017 read with Sections 122(1)(vii), 122(1)(x), and 122(2)(b) of the CGST/GGST Act, 2017 read with Section 20 of the IGST Act, 2017.

Imposition of separate penalty under Section 122(1)(xvi) of the CGST/GGST Act, 2017 for failure to maintain prescribed records at the principal place of business declared in GST registration.

Findings (charges proved):

Demand of ineligible ITC of ₹10,00,000/- confirmed.

Interest on the above demand confirmed under Section 50.

Penalty of ₹10,00,000/- imposed under Section 74(1).

Issue for Determination:

What should be the separate penalty under Section 122(1)(xvi)? Should it be ₹20,000/- (fixed penalty for non-maintenance of records) or ₹10,00,000/- (linked with tax evasion amount)?

If the penalty is quantified as ₹10,00,000/-, why should it not be restricted in terms of Section 75(13) of the CGST Act, 2017?

Alternatively, can the penalty under Section 122(1)(xvi) be limited to ₹20,000/- considering that the offence of non-maintenance of records is of a non-quantifiable nature?

Thank you in advance.

Sir,
one of my friend has income during 25-26 is below
from rent 8,00,000
bank interest 12,00,000
partner salary 5,00,000
he is above 60 but below 80, and select new tax slab.
my doubt is
1. while compute income tax all income is effected tax slab .is there is any separate tax for bank interest
2. can get standard deduction 75,000 for partner salary
please advise

Resturrnt has made supply through e commerce operator on which e commerce operator is liable to pay tax under 9(5). We have reported such sales in table 14 of our gstr1in addition to this whether we must report such sales in Table no 12 HSN summary in BTOB supply?

If, mr.x purchased property before 2001 and now he sale property in the f.y. 2024-25. mr. X has made property valuation as on 1.4.2001 (which was purchased before 2001) is more than stamp duty value as on 1.4.2001. therefore, Mr. X consider valuation as on 1.4.2001 which is higher than stamp duty value as on 1.4.2001 in their income tax return?

Dear Sir,

We are transporter, if any transportation services provided to foreign client from any particular place in India to Nhava Sheva Port or any other port in India. Billing will raised in dollars to foreign client.

1) Any other registration documents is required by us other than than IEC
2) Is GST is exempt or not.

Please guide me

Thanks & Regards
Lingam

Dear Sir
Our earlier employee left service in FY 2023-24 & received his EPF balance in FY 2024-25
he left his service after 10 continuous employment years
TDS was also deducted

During FY 2024-25 he only have interest income from sb account and this EPF receipt
How to show the same in ITR

Please reply

Regards

Tribhuvan

Isd located in Maharashtra
Regular gstn located in Maharashtra
Regular gstn located in Gujrat
Regular gstn located in Karnatak
Regular gstn located orissa
If common service sgst + cgst input received to isd in Maharashtra & attributable to all gstn including regular Maharashtra - can sgst & cgst converted into igst for distributing itc to other than Maharashtra.

If common service igst input received to isd in Maharashtra & attributable to all unit including Maharashtra - can igst distributable to Maharashtra regular gstn as sgst + cgst & other regular gstn as igst.

Transporter send our goods from our gujrat purchasing party to all above unit. But raise his
invoice / bill of supply to only our Gujrat unit.
Our Gujrat unit pay Rcm on GTA service & whole rcm itc consumed by our Gujrat unit.
In this case can RCM distributable vis isd. If yes
Pl mention any specific section / rule / notification.