Dear Sir,
Charitable Trust having donation income (15,00,000) & also having Fixed Deposit interest(RS55,000) income. but I want to know whether FD interest is taxable and if it is taxable what is the tax rate applicable under new section 115 bbi & under existing one also.

Thanks in Advance,

We have filed the TDS return for Q2 fy 2023-24 with fulfill proper contents i.e. valid Pan data/Name of deductee/date of payment/date of deduction and challan details as per tds compliances. But income tax deptt. sent us a default intimation along with details for default PAN number by referring higher rate of tds deduction / short deduction along with interest of short deductions demanding for the PAN numbers are valid but inoperative for the quarter.
We advised to our deductee to link the PAN-Aadhar on income tax portal as per justification report downloaded from traces site.
My query is that if the deductee will update the PAN and linked with Aadhar and there after can we file the correction statement for the quarter with updating PAN status and without paying short deduction.
How can we resolve this, please advise
Thanks
Vijay

Hi All CAs,

We, Southern Railway have received notice from GST Authorities regarding mismatch in RCM Liability. Notice is mentioned below:

Mismatch in liability - RCM
On verification of GSTR-3B returns filed by the tax payer for the year 2022-
23, the following differences are noticed:
Tax Type As per 3.1(d) As per 4A(3) Difference
IGST 1654556.13 8468228.53 6813672.40
CGST 0 108847.33 108847.33
SGST 0 108847.33 108847.33
CESS 0 0 0.00
Total 1654556.13 8685923.19 7031367.06

In this regard, the tax payers have not filed any reply, The tax
payers are requested to pay the above difference amount immediately.
Notice in DRC-01A is issued.

Please it is requested to provide a suitable reply for this.

Dear Experts,

Where to show inward supply of taxable product (Like Castor, Fennel, Mustard, Cumin) from un-registered person (Farmer) in GSTR-3B?

Need it to be shown under table No. 5 of GSTR-3B?

Thanking You
Nirmal Dave

Hello sir
i have one question for you
if Pvt Ltd Company Manage Pre School than Received Fees Under GST Exempt or Taxable ?
Note : Company's Business is Educational Book Publishing

Dear Sir,

Plz inform us, what is the time limit for making einvoice for turn over 5 to 20 crore

1. same day?
2. within a week
3. within a month

AFTER SUBMITED 26Q2,2023 RETURN , IT DEPARTMNENT ISSUE A DEMAND NOTICE FOR SHORT DEDUCTION RS. 6400.00 For Defaults and/ or PAN Errors have been identified in the Regular statement filed by you for Q2 of FY 2023-24 for Form 26Q and processed by ITD u/s 200A/ 206CB

THEN WE HAVE CHECKING OUR RETURN THOROLY AND NOT FIND ANY MISTAKE DONE FROM OUR SIDE . EXCEPT ONE PARTY HAS PAN NUMBER IS OK BUT HE DOES NOT SUBMITTED HIS INCOME TAX RETURN LAST 5 YEAR AND WE HOPE THAT IT DEPARTMENT CHERGE 20% TDS AGAINST INVOICE VALUE RS. 32000.00(U/S 94C)

HOW TO SOLVE THIS PROBLEM.

We are tax deductor and Some of the Vendor not linked their pan card and Aadhar Card that's why income tax department raised the demand to us.
Now We have approach the vendor to link their pan card and Aadhar card and now vendors link their pan card and Aadhar Card
after that We revised our TDS return for Q2 FY 2023-24 and even after that Demand is still payable.
We contact with the income tax CPC department on their Telephone number they said that on the date of the transcation if pan number is not linked than demand is still payable.
please guide us.

Hi Sir,
A trust want to change their salaried staff (like teachers, admin staff) etc., to contractual staff (i.e., individual contracts between each of them) In this case, TDS needs to be deducted under sec.194C or sec.194J. Please explain.

Thanks in Advance

We have few questions of the Documentarty Credit and UCP guidelines

1. Can we challenge the discrepancies raised by issuing bank under Letter of Credit, especially related to invoice descriptions, if yes, how to challenge and how to prove that discrepancy raised is wrong.

2. WHen we submitted the documents to our bank and our bank shared the POD of documents sent to issuing bank, but our customer is saying that the issuing bank has not received the documents. Is there any way we can prove the claim of non receipt of documents

3.When the seller receives the discrepancy / refusal advice is it mandatory to respond to the refusal advice? If he does nothing or does not act upon the refusal intimation, then what issuing bank will do? If seller has to respond, what should he respond.

4.In case of discrepancy, if the buyer does not respond to issuing bank about what to do about the discrepant document, what issuing bank will do? Will they keep the documents in their custody, if yes, for how many days they can do so, if not, do they have to return the documents to negotiating bank or the seller directly.