Sir

One of my friend was running a Propreitary business and a few months ago, he decided to close his business and applied for voluntary cancellation of his RC. The GST council has subsequently cancelled his RC. But, he was not aware of filing Form 10 final return. Only a few days ago, he came to know about this.
When he tried to file form 10, the system did not allow, stating that there is a Cash balance of Rs. 520/- ( CGST - 260 and SGST - 260 ) to his credit in the cash ledger.
He has no tax liabilities and hence, he applied for refund. Now, the status of the refund is that
his account details has been sent to PFMS for validation. The last date to file Form 10 is 12.01.2024. If the refund application does not get processed on or before 12.01.24, is there any
other way to file Form 10.

Pls. advice.

hi
flat booking dt -28/2/20
gst collected but this year party cancelled 2023 the flat
what amount we refund
we refund only flat cost
flat cost + gst
what we do

Dear Expert,
Need to understand capital gain implication on following.

We have ancestral/inherited flat (purchased approx 50 years ago) which we have agreed to given to developer, and against the same developer had given us new flat for Rs20 Lacs (20 lacs as a construction cost of new flat). We have registered new flat 5 years back. Now we are selling this flat for Rs50L. We need to understand how much capital gain need to pay and when to pay.

In Sep 2017 due to typo error a wrong figure was entered in IGST Output tax in GSTR3B. Since there was no procedure this was informed to the AO at that time and AO assured the necessary things would be done. This was not rectified by assessee as well as AO resulting into a huge tax demand notice. Please guide me on how this can be rectifed or solved

The Case of Mr. A and the Redevelopment:

In the case at hand, Mr. A owns two residential flats in XYZ society, which underwent redevelopment through an agreement with Mr. B (Builder). In exchange for his two residential flats, Mr. A is set to receive two residential flats in the newly constructed building. Mr. A has diligently fulfilled all legal compliance and GST liabilities. Notably, during the redevelopment phase, Mr. A found a buyer for one of his residential flats, resulting in a sale agreement with Mr. C (purchaser).


Key Questions:

1. Is Mr. A liable to pay any GST on the sale of the redeveloped flat to Mr. C?
2. Is Mr. C required to pay any GST on the purchase of the flat from Mr. A?

one client Paid 100EUR out of india, for publication of his article in the magzine .
what purposed code and RBI code have to file in 15CA. and 15Cb is require for this due to amout not more than Rs. 5 Lakhs .

Hi
Anybody has a project cost and financial projections workings to make a decision on Takeover of another university and construction of Building.

Client has been served a show cause notice u/s 148A (b). Upon checking on the portal it was noticed that the return for AY 2020-21 was not filed.
Kindly let me know how to proceed in answering this notice. Also let me know the penalty that would be charged

Hello Friends,

I am 38 years old and the father of two young loving daughters.
Apart from the regular investments, I also invest in unlisted equities and startup seed funding.
To date, I have made these investments in my name. Off lately I had a thought to set up an LLP with my wife and do these investments (unlisted equities and startup seed funding) through this LLP entity instead of an individual name.
A few of the raw benefits that I can see of channelizing them through LLP are,
1. Easy management of these assets (since the returns are received after a longer tenure)
2. Easy transfer to kids
3. Arm length distance from these investments
4. In case any unforeseen event happens to me, the family knows the holding entity and it will be easy to get control. (That's why I mentioned the father of two daughters in the beginning)
These thoughts might be incorrect or incomplete as well.

From the vast experience of esteemed members of this group, I would like to understand if I should continue making investments through a personal route or should I create an LLP or should I opt for any other mode?

Thanks.

As per section 285BA of the Income Tax Act 1961 & under rule 114E of the Income Tax Rule, 1962. It is mentioned under SFT 005 that "One or more time deposits ( other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person" shall be reported to Income Tax Department.

Does it also apply to transactions on NRE accounts as these are non-taxable? I understand @CA R SEETHARAMAN had mentioned that there are circulars from IT department to confirm these don't have to be included for reporting by the bank but haven't found them myself.

Anyone can point me to the circular?