Mr. X is a farmer.  Apart from his own produce, he also purchases from other farmers.  After keeping for certain period, say a year, he sells the same to a miller. Will the profit earned on sale of the produce (own and purchased) be taxable ? Or that will be exempt. Request for an Expert opinion.  Thanks & Regards.

Hello All,

I want to calculate the dep on Projector as per companies Act.

So need a estimated life of projector.

Can I consider Projector in Plant & machinery by assuming the life of 10 years ?

Sir,

Here is specific and pin pointed queries of Option Intraday Trades & related issues.
In fact Institute guidelines issued in
Aug 2022 details method of calculating turnover in Future & Option trade. and states that it needs to be treated under head " Income from Business & Profession ". But could not find clarification on following points pinpointedly. In guidelines only reference is of " Future & Option " but not of Intraday trade within "
future & Options which is extended up to expiry date of contract where as Intraday trade of " Options (Equity & Currency ) is squared off on that day itself. Hence following queries :-

1 Is Intraday Trade in OPTIONS (Equity or Currency ), is also to be treaded under same head of " Business & Profession " and is required to be reported in ITR 3. ?
OR
2. Intraday trade of OPTIONS ( Equity or Currency derivatives ) is to be treated as " "Speculative " business as nature of trade is to close the trade in short time and close it by expiry time of only that day itself as it is " Intraday Trade only ".?

3. In currency trade , how is turnover to be calculated. Is it total of Buy & Sell absolute values ( i.e of total transaction amount as it is currency trade ) OR is it total of absolute figures of only Profit & Loss figures ( i.e. Profit & Loss figures only ). ?

4 Does treatment in case of Option (Equity derivatives ) trade differs from that of Currency Option trade ?

Pls guide on above points .

We sold goods to a party by e-way bill but lorry no in the bill was given of a motorcycle by us.3 such sales were made by us 5 days ago by e-way bill.how can we now change the vehicle no in e-way bill?

DEAR SIR,

IN THE YEAR OF 2018-19, GSTR 1 FILED AS NIL RETURN BUT SALES DECLARED IN 3B AND PAID IGST NOW THE RECEIVER NOW DEMANDING FILE GSTR 1. SO IN THIS CASE HOW TO FILE GSTR 1.

REGARDS

THANK YOU

One client import of goods from outside country and paid IGST to the custom department. so can we take IGST input credit against local liability SGST and SGST on basis of GSTR2B OR need to go for IGST refund?

Dear Expert

Kindly advise GST is applicable or not on Purchase of Piped Natural Gas and if applicable what is rate on what basis.

Post submission of application for Name for LLP on MCA portal, I have received the following:

Resubmission/Rejection Comments - "1. Provide Detailed significance of word "PDX" used in proposed names of the LLP along with Documentary evidence."

Can someone kindly guide me as to what should be the appropriate documents to submit and information to be provided to respond to resolve this remark.

Dear GST Experts,
The Schools are not required to register under GST. But, my question is; In every school they are purchasing Note Books Incl GST & Text Books Excl GST and same they're distributing to the Students and collecting the fee under the head of Book Fee. In this transactions any trade is involving and It impacts the GST?... How do the schools will comply this as per GST law?...

Dear Experts ,
As per rule , ESIC new joining should register within 10 days if exceeds immediately show cause notice comes from the department. one employee who was not registered but ESIC was deducted but due to non registration within time amount did not paid and stands in ledger. Can we pay along with current month amount is for 6 days only,kindly advise.
regards
shailesh