CA R SEETHARAMAN's Expert Profile

Queries Replied : 42504

I am a retired Executive Director/Finance of a Navratna PSU.

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Gopi says : NPA declared. Please help
I was one of the guarantors of a MSME for a term loan from Vijaya bank (now Bank of Baroda). I had given a residential property as a colleteral fr the loan. Unfortunately due to covid and other problems our factory incurred huge losses and couldn't afford to pay the EMIs for the loan. Now, the bank has sent letters that if we don't pay the term loan, they will take away the property and make us liable for the outstanding loan balance. Can they do this? If so what options do I have.

ketaki says : Modification not allowed itr 5
Sir I am still facing problem in uploading ITR5 Getting error as invalid hash value identified and modification not allowed outside the utility Pls help me resolve this error I am using latest utility

Vijay Koradia says : gst input credit of truck
Respected Sir/Madam We purchase sand from the register/unregister dealer and then sell it to the registered dealer @5% GST with transportation (free of cost), it is our main business. In some cases, we had also provided only transportation service from where we collected GST @12% (forward charges) In this scenario can we claim ITC on the truck purchased for the supply of sand?

venu byravarasu says : Request help
Hi Sir, As you helped several folks on this web forum, reaching out for help. While filing tax returns, I see following errors: In Trading Account - (9Aiii) - mention both Narration and Amount. Amount can not be negative. Mandatory to fill the balance sheet (i.e. the sections "1. Sources Of Funds" and "2. Applications of Funds") as Profit and Loss a/c is entered. As I used margin from stock broker, can you plz suggest under what heads that need to be captured. BR Venu

gk says : IT Penal charges for non-parmnt of the LTCG tax
Respected Sir, Pranam! What sort of Penalty or Penal charges I should face (and to be done) for the non-payment of tax on LTCG by sale of Property (sold in 2020-October). Its about an amt of 16 lakhs rupees as LTCG, and 3.2 lks as tax, I guess. Thanking you, gk