Deduction under income tax
This query is : Resolved
28 February 2021
Dear Sir
1. My brother having Two Children , can he claim deduction U/S 10- Education allowance Rs.100/- per month per child and also deduction u/s 80C- Education Expenses toward Tution Fees paid for per child.
2. he is having mediclaim policy and claiming deduction u/s. 80D actual premium paid. Can he get Addtional deduction u/s.80D amt of Rs.5000/- toward his medical expenses incccured in cash.
3. My Father is now above 60 years old he has closed his PPF Account. Can he get deduction under chapter 80c if he has investment in his children PPF Account and Wife PPF Account from His own bank account.
Please help me to solve my query
1. My brother having Two Children , can he claim deduction U/S 10- Education allowance Rs.100/- per month per child and also deduction u/s 80C- Education Expenses toward Tution Fees paid for per child.
2. he is having mediclaim policy and claiming deduction u/s. 80D actual premium paid. Can he get Addtional deduction u/s.80D amt of Rs.5000/- toward his medical expenses incccured in cash.
3. My Father is now above 60 years old he has closed his PPF Account. Can he get deduction under chapter 80c if he has investment in his children PPF Account and Wife PPF Account from His own bank account.
Please help me to solve my query
28 February 2021
1 yes, both benefits of allowance and 80c deduction allowed.
2 Yes, for any expenses incurred for preventive health check-ups. You can avail Rs. 5,000 for the cost incurred for preventive health check-ups for self, spouse, children or parents.
3 Minor children and wife deduction allowed.
2 Yes, for any expenses incurred for preventive health check-ups. You can avail Rs. 5,000 for the cost incurred for preventive health check-ups for self, spouse, children or parents.
3 Minor children and wife deduction allowed.
03 March 2021
Dear Sir,
One of our company employee get measure operation and he is not able to bear the total cost of Hospital Expenses /Operation.
1.My Query is whether company can bear part of his Hospital Expenses and pay directly to Hospital Approx. say Rs.100000/-
2.Whether company can claim expenses for the same. if yes then under which head of Expenses.
Sir, Please revert on the same
One of our company employee get measure operation and he is not able to bear the total cost of Hospital Expenses /Operation.
1.My Query is whether company can bear part of his Hospital Expenses and pay directly to Hospital Approx. say Rs.100000/-
2.Whether company can claim expenses for the same. if yes then under which head of Expenses.
Sir, Please revert on the same
03 March 2021
One of our company employee get major operation and he is not able to bear the total cost of Hospital Expenses /Operation.
1. Whether company can bear part of his Hospital Expenses and pay directly to Hospital Approx. say Rs.100000/-
2.Company can claim expenses for the same. if yes then under which head of Expenses.
Sir, Please revert on the same
1. Whether company can bear part of his Hospital Expenses and pay directly to Hospital Approx. say Rs.100000/-
2.Company can claim expenses for the same. if yes then under which head of Expenses.
Sir, Please revert on the same
03 March 2021
Yes, company can pay directly to the hospital and bear the expenses under employees welfare expenses.
12 March 2021
Dear Sir,
Our Company is manufacturing Company,
While preparing Invoice if our Invoice contain two difference type of Product item with difference HSN Code and after that there is Transport Charges.
In such case which HSN/SAC code will be use for Transport Charges
Basically transport charges is reimbursement from Debtor for supply material.
Our Company is manufacturing Company,
While preparing Invoice if our Invoice contain two difference type of Product item with difference HSN Code and after that there is Transport Charges.
In such case which HSN/SAC code will be use for Transport Charges
Basically transport charges is reimbursement from Debtor for supply material.
15 March 2021
Dear Sir, Our Company is manufacturing Company, While preparing Invoice if our Invoice contain two difference type of Product item with difference HSN Code and after that there is Transport Charges. In such case which HSN/SAC code will be use for Transport Charges Basically transport charges is reimbursement from Debtor for supply material.
16 March 2021
Same GST and same HSN code applicable for transport.
31 March 2021
Dear Sir
We have received two invoices with same invoice date from our sale tax consultant Invoice Rs.30000 DT 25.03.2021 and Invoice Rs.100000 DT 25.03.2021 We have to deduct TDS or not.
If yes then during year he also raised on invoice amount of Rs.20000/- and we have paid wihtout TDS deduction. now we have to deduct TDS on the same also or not Please revert on the same
We have received two invoices with same invoice date from our sale tax consultant Invoice Rs.30000 DT 25.03.2021 and Invoice Rs.100000 DT 25.03.2021 We have to deduct TDS or not.
If yes then during year he also raised on invoice amount of Rs.20000/- and we have paid wihtout TDS deduction. now we have to deduct TDS on the same also or not Please revert on the same
31 March 2021
Dear Sir We have received two invoices with same invoice date from our sale tax consultant Invoice Rs.30000 DT 25.03.2021 and Invoice Rs.100000 DT 25.03.2021 We have to deduct TDS or not. If yes then during year he also raised on invoice amount of Rs.20000/- and we have paid wihtout TDS deduction. now we have to deduct TDS on the same also or not Please revert on the same
31 March 2021
Dear Sir
We have received two invoices with same invoice date from our sale tax consultant Invoice Rs.30000 DT 25.03.2021 and Invoice Rs.10000 DT 25.03.2021 We have to deduct TDS or not. If yes then during year he also raised on invoice amount of Rs.20000/- and we have paid wihtout TDS deduction. now we have to deduct TDS on the same also or not Please revert on the same
We have received two invoices with same invoice date from our sale tax consultant Invoice Rs.30000 DT 25.03.2021 and Invoice Rs.10000 DT 25.03.2021 We have to deduct TDS or not. If yes then during year he also raised on invoice amount of Rs.20000/- and we have paid wihtout TDS deduction. now we have to deduct TDS on the same also or not Please revert on the same
31 March 2021
Deduct 10% TDS on 60,000 including 20,000 paid earlier.
24 April 2021
Dear Sir 1. Our Sale department raised GST Tax invoice with eway bill and material was already move toward party destination. but after two days party said they don't want material and return the same. In such situation how to cancelled eway bill as 24 hours and 72 hours also completed. 2. As the material was not accepted by party. our sales department as raised the same invoice no to different party and supply the material and delivery also completed. could you please confirm the above process is correct or wrong under GST law Otherwise please tell us how to handle the such matter.
24 April 2021
The above process is not right. Fresh invoice should have been raised for the different party. Credit note should have been issued for the first party(in view of E way bill already issued against this invoice).
In general, invoices should not be deleted. In the event that they need to be rescinded or amended, a credit note will usually suffice. A credit note allows you to effectively and legally cancel an invoice..
In general, invoices should not be deleted. In the event that they need to be rescinded or amended, a credit note will usually suffice. A credit note allows you to effectively and legally cancel an invoice..
30 April 2021
Dear Sir,
Thanks for your reply
Can i upload Invoice details and credit note both in the same month
Example - Invoice date 15.04.21 and credit note issue if the in same month ie 25.04.21 is it ok or I have to upload the invoice details first without credit note and file credit note in the month of May,21 for (April 21 Invoice)
Please revert on the same.
Thanks for your reply
Can i upload Invoice details and credit note both in the same month
Example - Invoice date 15.04.21 and credit note issue if the in same month ie 25.04.21 is it ok or I have to upload the invoice details first without credit note and file credit note in the month of May,21 for (April 21 Invoice)
Please revert on the same.
01 May 2021
Dear Sir, Thanks for your reply Can i upload Invoice details and credit note both in the same month Example - Invoice date 15.04.21 and credit note issue if the in same month ie 25.04.21 is it ok or I have to upload the invoice details first without credit note and file credit note in the month of May,21 for (April 21 Invoice) Please revert on the same.
01 May 2021
Yes, you can upload invoice and credit note in the same month
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25 May 2021
Dear Sir,
We have supply material to SEZ unit with gst tax during the for F.Y. 19-20 in the month of April 2019 and we have also filed our GST Annual return for F.Y. 19-20.
1. Can we apply for GST tax refund now and which form need to fill.
2. Or just transferred GST tax amount in profit and loss account and claim as expenses.
Please help me.
We have supply material to SEZ unit with gst tax during the for F.Y. 19-20 in the month of April 2019 and we have also filed our GST Annual return for F.Y. 19-20.
1. Can we apply for GST tax refund now and which form need to fill.
2. Or just transferred GST tax amount in profit and loss account and claim as expenses.
Please help me.
25 May 2021
Dear Sir, We have supply material to SEZ unit with gst tax during the for F.Y. 19-20 in the month of April 2019 and we have also filed our GST Annual return for F.Y. 19-20.
1. Can we apply for GST tax refund now and which form need to fill.
2. Or just transferred GST tax amount in profit and loss account and claim as expenses.
Please help me.
1. Can we apply for GST tax refund now and which form need to fill.
2. Or just transferred GST tax amount in profit and loss account and claim as expenses.
Please help me.
08 June 2021
Dear Sir,
We have supply material to SEZ unit with gst tax during the for F.Y. 19-20 in the month of April 2019 and we have also filed our GST Annual return for F.Y. 19-20.
1. Can we apply for GST tax refund now and which form need to fill.
2. Or just transferred GST tax amount in profit and loss account and claim as expenses.
Please help me.
We have supply material to SEZ unit with gst tax during the for F.Y. 19-20 in the month of April 2019 and we have also filed our GST Annual return for F.Y. 19-20.
1. Can we apply for GST tax refund now and which form need to fill.
2. Or just transferred GST tax amount in profit and loss account and claim as expenses.
Please help me.
08 June 2021
Two years time limit is there for refund.
14 June 2021
Sir
Thanks for your reply, can we transferred refund amount of GST tax paid (On SEZ Supply) directly to expenses account as GST Paid tax and claim expenses , Can Income tax department allow as Expenses or not.
Thanks for your reply, can we transferred refund amount of GST tax paid (On SEZ Supply) directly to expenses account as GST Paid tax and claim expenses , Can Income tax department allow as Expenses or not.
14 June 2021
In case of non receipt of refund it can be treated as expenses and income tax allowes it.
15 June 2021
Dear Sir
Thanks for your reply,
1. Means we have to first file refund application with department
2. Can we transferred it for Expenses without making a application for refund. I know when we apply for Refund amount Rs.60000/- department will ask to produce books of account and allow GST challans, it will headache.
Pls revert
Thanks for your reply,
1. Means we have to first file refund application with department
2. Can we transferred it for Expenses without making a application for refund. I know when we apply for Refund amount Rs.60000/- department will ask to produce books of account and allow GST challans, it will headache.
Pls revert
15 June 2021
1 yes.
2 yes, transfer it to expenses.
2 yes, transfer it to expenses.
16 June 2021
Sir
Thanks for your email,
Sir,
We are manufacturing company.
One of our customer sent their material to our factory with Eway bill- putting reason for transportation-Job work (we have not purchase from them) from that material we have take some of the material and produce new product which is less value than value mentioned in the Eway bill.
1. is there any GST Law complications as they mentioned in eway as Job Work.
2. We have raised our manufacturing invoice which less value then value mentioned in the eway bill by them. So we are not going to issue eway bill as value less then Rs.50000/-
3. how we will return balance material which they sent for processing.
Please help
Thanks for your email,
Sir,
We are manufacturing company.
One of our customer sent their material to our factory with Eway bill- putting reason for transportation-Job work (we have not purchase from them) from that material we have take some of the material and produce new product which is less value than value mentioned in the Eway bill.
1. is there any GST Law complications as they mentioned in eway as Job Work.
2. We have raised our manufacturing invoice which less value then value mentioned in the eway bill by them. So we are not going to issue eway bill as value less then Rs.50000/-
3. how we will return balance material which they sent for processing.
Please help
16 June 2021
1 No problem they sent the material and you are manufacturing it's job work only.
2 Send the material through challan indicating value including material value. Indicate material return after job work.
3 Return the material under challan. Excess material for job work sent back. Indicate material value in the challan.
2 Send the material through challan indicating value including material value. Indicate material return after job work.
3 Return the material under challan. Excess material for job work sent back. Indicate material value in the challan.
24 June 2021
Sir,
We have transport some goods to V Trans transport company, Last year we have deduct the tds as the total annual payment cross the limited of Rs.100000/-. but this year the total payment will not cross the threshold limited of Rs.100000/-(PA)
1. Whether we have deduct TDS this year also or not.
2. Is there any income tax law regarding if we deduct TDS from the party in one years as they cross the threshold limit and in next year even if the party payment not cross the threshold limit we have to deduct the TDS
Please help me
We have transport some goods to V Trans transport company, Last year we have deduct the tds as the total annual payment cross the limited of Rs.100000/-. but this year the total payment will not cross the threshold limited of Rs.100000/-(PA)
1. Whether we have deduct TDS this year also or not.
2. Is there any income tax law regarding if we deduct TDS from the party in one years as they cross the threshold limit and in next year even if the party payment not cross the threshold limit we have to deduct the TDS
Please help me
24 June 2021
Sir,
We are registered under GST, and we take legal service/advices from Advocates firm,
Whether we have to pay GST under RCM and what rate
Whether ITC available or not
We are registered under GST, and we take legal service/advices from Advocates firm,
Whether we have to pay GST under RCM and what rate
Whether ITC available or not
24 June 2021
No need to deduct TDS in such a case.
No such condition in income tax act.
No such condition in income tax act.
24 June 2021
Yes, RCM applicable, the rate is 18%, ITC available.
26 June 2021
Sir,
1. How to Identity, expenses will go in which head, specifically Fixed Assets.
2. if some spare part purchase of machine which is used for processing material, whether this expenses will go to Fixed assets or we can show as repairs & maintenance.
3. if we change our company window, it will go for repairs expenses or we have to add furniture and fixtures (Fixed assets)
Please help me understand the same.
1. How to Identity, expenses will go in which head, specifically Fixed Assets.
2. if some spare part purchase of machine which is used for processing material, whether this expenses will go to Fixed assets or we can show as repairs & maintenance.
3. if we change our company window, it will go for repairs expenses or we have to add furniture and fixtures (Fixed assets)
Please help me understand the same.
29 June 2021
Sir, 1. How to Identity, expenses will go in which head, specifically Fixed Assets. 2. if some spare part purchase of machine which is used for processing material, whether this expenses will go to Fixed assets or we can show as repairs & maintenance. 3. if we change our company window, it will go for repairs expenses or we have to add furniture and fixtures (Fixed assets) Please help me understand the same.
01 July 2021
1 Any capital expenditure are the benefits acrue more than one year.
2 It can be capitalised if the benefit of such replacement is more than one year and it's costly spare.
3 Such replacement can be charged to repairs and maintenance.
2 It can be capitalised if the benefit of such replacement is more than one year and it's costly spare.
3 Such replacement can be charged to repairs and maintenance.
01 July 2021
Sir,
I am confuse regarding new section of TDS wef from 01.07.2021
My Query
1. we manufacturing company and our turnover during the FY 2020-21 is less then Rs.10 crore
which section applicable to us.
2. if supplier not file their income tax return for last two year ie fy 2018-19 & fy 2019-20 but before this section we deduct TDS as applicable tds rate -ie contractor (2% & 1%). now which section applicable and what rate we have to deduct TDS rate
3. if supplier file one year return ie fy 2018-19 but not file FY.2019-20 then what to do?
Please help me to understand the section.
I am confuse regarding new section of TDS wef from 01.07.2021
My Query
1. we manufacturing company and our turnover during the FY 2020-21 is less then Rs.10 crore
which section applicable to us.
2. if supplier not file their income tax return for last two year ie fy 2018-19 & fy 2019-20 but before this section we deduct TDS as applicable tds rate -ie contractor (2% & 1%). now which section applicable and what rate we have to deduct TDS rate
3. if supplier file one year return ie fy 2018-19 but not file FY.2019-20 then what to do?
Please help me to understand the section.
02 July 2021
Your turnover is less than 10 crore TDS not applicable to you from 1/7/2021.
06 July 2021
Sir,
Our company manufacturing Industrial LPG gases we purchase Cylinders and gases separately and sold gas with cylinders.
1. Cylinders on deposit with customer as end of the year should be added to closing stock purpose or not.
2. Cylinders deposit with customer , how to show in accounts if we maintenance closing stock in systems.
3. How to pass entry if material given on replacement against earlier material sold to them.
4. Whether GST ITC available on purchase of material through with Amazon portal.
Please help me
Our company manufacturing Industrial LPG gases we purchase Cylinders and gases separately and sold gas with cylinders.
1. Cylinders on deposit with customer as end of the year should be added to closing stock purpose or not.
2. Cylinders deposit with customer , how to show in accounts if we maintenance closing stock in systems.
3. How to pass entry if material given on replacement against earlier material sold to them.
4. Whether GST ITC available on purchase of material through with Amazon portal.
Please help me
06 July 2021
1 Cylinders are fixed assets capitalise and depreciate based on useful life permitted.
2 Show it under liability.
3 Charge it to replacement expenses.
4 Available if ITC eligible.
2 Show it under liability.
3 Charge it to replacement expenses.
4 Available if ITC eligible.
07 July 2021
Sir,
Thanks for your email,
With reference to my Q.1.
Cylinders are our raw material we can not sold gases separately, we fill the gas in cylinder and sold (gas with cylinder)
Thanks for your email,
With reference to my Q.1.
Cylinders are our raw material we can not sold gases separately, we fill the gas in cylinder and sold (gas with cylinder)
12 July 2021
ir, Thanks for your email, With reference to my Q.1. Cylinders are our raw material we can not sold gases separately, we fill the gas in cylinder and sold (gas with cylinder
13 July 2021
Raise fresh query I will answer, not here anymore.
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