CA R SEETHARAMAN's Expert Profile

Queries Replied : 42506

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

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Hari Haran says : interest income is exempt if utilised for charitab
sir, i have entered details in ITR-7 and its counting Tax on Interest Income. Can you guide me sir where to show it in ITR-7 ?

CA. Ajeet Patel says : Gst
In sep 2017 igst wrongly claimed rs 4600456/- by mistake and used against cgst and sgst. Is interest is payble? Although Sufficient cgst and sgst is already accumulated in credit ledger. As per gstin site in 2017 libilities was first adjusted with igst. Cgst and sgst is accumulatimg in continue in credit ledger and libilities is adjusted with wrong igst taken. At the year end 2300228/- cgst and same sgst accumulated in credit ledger. Please clarify..

binayak goswami says : LTCG exemption u.s. 54
i Bought a residential plot on May 2016 worth Rs 375000, sold it on July 2018 Rs.8,00,000, Ltcg arises after indextation Rs 402273. exemption u/s 54 claimed as a new residential property purchased on Mar 2019 worth Rs. 30,00,000. Now letter received u/s 143(1)(a) and it says schedule CG - There is inconsistency in the LTCG amount or tax payer is claiming deductions u/s 54 which are more than the amounts allowable under the respective section. can u sir plz help me to get out of this. tnx.

jaigurudev says : input wrong claimed
dear sir, i have claimed wrong igst in 2017-2018 and reverse 50% in 2018-2019 in gstr-3b and 50% in drc-03 in 2019-2020 please advice me where to show reverse itc in 2018-2019 of gstr-9 with thanks