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GOLD APPRAISER IN BANK

This query is : Resolved 

DEAR SIR,

ONE OF MY CLIENT HAVING GST NO FOR JEWELLERY SHOP. AND ALSO HE IS DOING GOLD APPRAISER WORK FOR BANKS. HIS TOTAL SALES IN GST NEARLY 20 LAKHS. HE IS CREDITED MORE THAN 6 LAKHS RS. FOR HIS SERVICES PROVIDING IN THE BANK AS GOLD APPRAISER. TDS DEDUCTED U/S 194JB. BEFORE THAT I AM FILING HIS INCOME TAX RETURNS U/S 44AB PRESUMPTIVE BASIS DECLARING MORE THAN 8% INCOME. NOW U/S 194 JB TDS DEDUCTED IN ANNUAL RECEIPTS FROM HIS APPRAISER SERVICES. NEARLY 6,38,766/-. HOW TO FILE HIS INCOME TAX RETURNS. BOTH DECLARING GST U/S 44AB AND PROFESSIONAL SERVICES U/S 44ADA. BECAUSE EXPENDITURE INCURRED FOR HIS PROFESSION HE IS DAILY TRAVELLING TO THE BANKS. BECAUSE IF DECLARED HIS PROFESSIONAL SERVICES INCOME AS A OTHER INCOME HE HAS LIABLE TO PAY INCOME TAXES HIS TOTAL TURNOVER FROM GST RETURNS NEARLY 2000000/- DECLARING 15% OF PROFIT U/S 44AB. CONSIDERING THE THIS SECTION AND INCOME FROM OTHER SOURCES. NEARLY MORE THAN 900000/- WILL COME. HE HAS PAY HUGE TAXES. NOW CAN I DECLARE APPRAISER INCOME U/S 44ADA 50% AND U/S 44AB 8%. THEN HE WILL GET REFUND AMOUNT.

CAN WE FILE INCOME TAX RETURNS IN THIS WAY PLEASE CLARIFY ME

NEED URGENCY

REGARDS THANKING YOU

RESPECTED EXPERTS

If your client is not qualified as specified professional, as mentioned in sec. 44AA(1), he is not entitled to declare his income u/s. 44ADA. In that case, he can file his return u/s. 44AD for the business income; while declare his service income under regular assessment.

THANK YOU FOR YOUR REPLY SIR,

CAN WE DECLARE HIS INCOME AS BUSINESS INCOME WITH THE TURNOVER OF HIS GST RETURNED FILED.

REGARDS

Professional income may not be added to business income for sec. 44AD. But both together will match the turnover declared in GST return.

THANK YOU SIR,

BUT THE APPRAISER SERVICES CHARGES NOT DECLARED IN THE GST RETURN SO IN THIS CASE WHAT TO DO. HOW TO SHOW HIS SERVICES CHARGES INCOME. IF HE DECLARED INCOME FROM OTHERSOURCES HUGE TAXES WILL BE PAYABLE.

REGARDS

You must revise the GST return, The TDS deducted u/s. 194Jb for professional service, being a 'supply' under GST; cannot be declared under IFOS in ITR..

THANK YOU SIR,

BUT CAN NOT BE REVISED SIR, BECAUSE OF FROM APRIL TO MARCH THE SERVICES CHARGES CHARGED IN THE BANK. BUT ONLY SMALL AMOUNTS MEANS 300/250/400/ LIKE THIS WHEN THE BANK CUSTOMER WILL APPLY FOR GOLD LOAN. SO HE CAN NOT ISSUE A BILL FOR BANK BECAUSE AMOUNTS CREDITED HIS FROM CUSTOMER SB ACCOUNT. SO IN THIS CASE HOW CAN WE DECLARE IN THE GST RETURNS.

THANK YOU SIR

REGARDS

He is registered dealer under GST, liable to pay GST over all his outward supplies.........

THANK YOU SIR,

BUT NOW WHAT TO DO FROM APRIL 2020 TO MARCH 2021, EVEN NOT DECLARED IN THE GST RETURNS BUT IN THE FORM 26AS SHOWING TOTAL 657913/- NOW HOW TO PAY GST AMOUNT. BECAUSE GST RETUNS ALL THE MONTHS WERE SUBMITTED. HOW TO DECLARE THIS SERVICE CHARGES IN THE GST RETURN SIMULTANEOUSLY IN THE INCOME TAX RETURNS. CAN WE SHOW IN THE TURN OVER U/S 44 AB AND FILE INCOME TAX RETURNS. THE SERVICES CHARGES CAN WE DECLARE IN THE MONTH OF SEPTEMBER 2021 AND PAY GST AS PER THE ACT.

REGARDS

You can pay GST in the month of Sep-21 with interest.

DEAR SIR,

HE IS COMPOSITION DEALER NOW HE PAYING COMPOSITION TAX @ 1% ON HIS SALES. BUT HIS APPRAISER CHARGES ATTRACT GST @ 18%. HOW PAY GST BECAUSE HE NOT ELIGIBLE TO COLLECT GST ON HIS SUPPLY AND SERVICES. BUT HE DID NOT TAKE REGISTION AS A RETAILER AND SERVICE RENDERER. NOW HOW TO PAY GST ON THIS SERVICES. WHETHER HE WILL PAY GST ON THAT TOTAL SERVICE CHARGES RECEIVED INCLUDING GST.

PLEASE GUIDE ME

REGARDS

You may file the ITR by declaring the income under IFOS; but be ready for any query from GST authority. ..

THANK YOU SIR,

CAN WE DECLARED TOTAL APPRAISAL CHARGES IN THE PRECEDING YEARS IN THE MONTH SEPTEMBER 2021. AND CAN WE PAY GST ON TOTAL SERVICES CHARGES @ 1% OR 18%. NOW HE IS PAYING COMPOSITION TAX @ 1% ON SALES COMP-08 CHALLAN. THEN HOW WE CAN DECLARE SALES AND SERVICES IN SEPERATE TAX RATES. HE HAS PAY 19% GST ON BOTH.

CLARIFY ME

REGARDS

For composition dealer with service component, GST rates are 6% & not 1%. For that you need to first modify your registration. Secondly you are not eligible for that. So, Check all these first, and decide.

DEAR SIR,

HE HAS TAKEN REGISTRATION AS COMPOSITION DEALER AS A TRADER. AFTER THAT HE IS DOING AS A GOLD APPRAISER IN THE BANK NOW MY PROBLEM IS HE DOING SALES AND SUPPLY SERVICES IN THE BANK. HE IS PAYING 1% ON HIS SALES ON JEWELS.

NOW WE HAVE TO ADD SERVICES SAC CODE IN THE GST PUT AMENDMENTS AND PAY GST @ 6% ON HIS TOTAL TURNOVER ON SERVICE CHARGES.

REGARDS

You need to choose normal scheme and not composition. So, decide accordingly.

DEAR SIR,

IS THAT RIGHT AS PER THE GST AMENDMENT ACT 2018, A COMPOSITION DEALER CAN ALSO SUPPLY SERVICES TO AN EXTENT OF 10% OF HIS TOTAL TURNOVER OR RS 5LAKHS WHICHEVER IS HIGHER TURNOVER OF ALL BUSINESS REGISTERED WITH SAME PAN CAN PAY AT 1% GST

REGARDS

Yes. that's right.

THANK YOU SIR,

HIS TOTAL TURNOVER IS 27,79,300 PUT 10% ON HIS TOTAL TURNOVER 277930/- HE IS NOT ELIGIBLE TO PAY @ 1% OF GST. HIS TOTAL APPRAISAL TUROVER MEANS DISPLAYED IN THE FORM 26 AS 6,57,193/- IT IS MORE THAN THAT.

SO HE HAS TO PAY 1% ON SALES @ 6% ON SERVICES IN THE COMP-08 CHALLAN

IS THE RIGHT WAY TO PAY

THANK YOU SIR

In that case he cannot supply more than 10% of services, otherwise he has to opt out of composition scheme, So, he has to first amend his registration for such 'supply'.

THANK YOU SIR,

YOUR VALUABLE REPLIES

REGARDS

My Pleasure...
& Good Luck ....



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