Experts Query Daily Digest :06 July 2022

TDS 194 R

Dear Sir,

One Proprietor issued the Travelling Reimbursement to one pvt ltd company value of Rs.40,000/- every month for visit to Pvt Ltd Customers for marketing purposes, he is just market a Pvt Ltd Company products by visiting to various customers, in this case 194 R is applicable to Proprietor, company has to deduct the TDS to him @ 10%, pls clarify.

Rent Paid for office

Dear All,

We are an LLP organization. we have taken an office on rental basis. The rent charges is Rs. 15,000/- monthly. We make the payment of Rs. 8000/- as rent to the owner and balance of Rs.7000/- we make payment to his relative as consultation charges. How should I pass the entry for the same, should I consider Rs.7000/- paid as contract charges or consultancy charges, because my senior has advised me to consider the consultancy charges as contract charges.

Thanking you

Interest free loan ; minnimum interest to be charged on loan for my real brother or husband

I want to give my brother a loan via BANK TRANSFER ; can i give him a loan without charging any interest ; or can my brother take a loan from his wife without interest ;

Plus will i have to get a loan agreement made if the loan is given via BANK

And IF NOT ; than what is the minnimum to minnimum interest rate which should be charged from my brother for the loan me or his wife giving him...

Pls help

Thanxx

Due date of ITR filing for LLP

Hi All

What is the due date of filing of ITR for LLP to whom LLP Audit is applicable?

Thanks in advance

Why 80ccd(2) disallowed whole amount

u/s 80CCD(2) (employer Cont. Rs. 73600/-) disallowed due to 7.50 lac limit adjusted in Employer Contribution to PF / Superannuation Fund.

What's the reason behind this.

Thanks in Advance

Can I receive business payment in my Savings bank a/c

I am sole proprietor of my firm.
I don't have upi enabled in my current account .
That is why some of my customers(due to ease) directly deposit business payment into my Saving bank a/c via UPI transactions.

Is accepting such business payment in saving bank a/c legal and allowed?

If yes,is there any limit upto how much amount of such business UPI payments can I accept ?

Tax on compensation from Investor protection Fund

Dear Sir/Madam,

I had invested with a stock broker(BMA Wealth Creators) in various shares worth INR 2,27,738.70 (cost value) between July 2017 and September 2019. The broker was announced defaulter and expelled by NSE on 31 Oct 2019. Since all my shares were in broker's pool account, I filed a claim with NSE as per NSE notification. NSE had reviewed my claim and admitted INR 2,24,574.48 (cost value of invested amount) from Investors protection fund and paid the same in Feb 2021. NSE further reviewed the claim and recalculated the claim settlement amount adjusting for the closing market value of shares on the date of default/expulsion of the broker. The revised claim amount was considered as INR 3,12,196.65( Market value as on expulsion date) and paid the difference amount of INR 87,622.17 (3,12,196.65 - 2,24,574.48) in Nov 2021.

I request your advice as to how treat the above while filing the IT return for AY 22-23.

Please let me know if you need any further details relating to this to assist me

Note : I had not shown the settlement received for INR 2,24,574.48) in tax return for AY21-22 as there was no capital gain.

I would really appreciate your help and suggestion so I am Tax compliant.

Kindest Regards,
Krishnakumar V
Mobile : 9840847698

Foreign remittance to parents living in India

If the dependant parents receive foreign remittance to support the family, and medical expenses etc, should such receipts, be added to the income and tax patable, when such amount is part of the income already taxed at the foreign government.

TDS on resale flat - NRI seller

I am looking to purchase a flat in Mumbai for 1.37 Crs. The seller is an NRI. I am taking a loan of 1Cr and 37Lakhs will be my own contribution. Since I have to deduct TDS on the entire 1.37Crs, what is the percent of TDS that I will I need to deduct since he is an NRI customer and by when do I need to deposit this TDS amount...as in before registration of the flat or after? Also how much time do I have to deposit this?

Regarding tds on scrap

Mr. A sale scrap to Mr. B who use these scrap for manufacturing process and provide Form-27c to Mr. A. In these case Mr. A not liable to collect tcs under section 206CE then Mr. B (buyer) is liable to deduct tds under section 94Q if purchase from Mr. A is more than 50lakhs or not ?

Filling ITR3

in form ITR3, while filling up P&L, I enter revenue from services as 100,000

A Sales/ Gross receipts of business (net of returns and refunds and duty or tax, if any)

ii Sale of services = 100,00

C Duties, taxes and cess received or receivable in respect of goods and services sold or supplied

iv Central Goods & Service Tax (CGST) - 9,000

v State Goods & Services Tax (SGST)- 9000

and it shows revenue as 118K it includes GST ( but GST is paid back to GOI

D Total Revenue from operations (Aiv + B +Cix) 4D = 118,000

so should I enter in the GST paid as under,

I enter in debits to P & L Account the taxes which I simply collected but paid back to Govt? as under

44 Rates or taxes, paid or payable to Government or any local body (excluding taxes on income)

v Central Goods & Service Tax (CGST) - 9,000

vi State Goods & Service Tax (SGST) - 9,000


previous year I had not filled up sec.44 and the IT assessment order I received is as I filled and doesn't include the GST I paid to the GOI.. ultimately, profit is more

what is the correct procedure?.

thanks in advance..

Depreciation of laptop bought from dubai

What if I bought a mac from dubai .
Can I ask exemption through depreciation in india
It is used for business purchase

RETURN FILING USING FOREIGN ADDRESS

CAN I FILE INCOME RETURN OF A PERSON USING HIS US ADRESS IN INDIA

Is EBRC needed for software service export

We are a SaaS company and we provide software services to countries around the world. We don't export any physical goods. We only export wire-transferred software which doesn't move physically.

So do we need to go through the process outlined below for every remittance we receive from our customers:

https://www.indiafilings.com/learn/e-bank-realization-certificate/

Appointment of Nodal Officer

Dear Team,
Pls let me know whether nodal officer appointment applies to private Company..?

Awaiting form 109 approval

How much time it take to consider the form 109, its been more than 15 days. Also my attempt is due in nov 22 and articleship is completed 2years 3months 3 days(inclusive of 70 days leave) and then transfer is awaiting for competent authority approval. So, would i be eligible for nov 22 exams and if no then how many days more required inclusive or exclusive of leave?? Kindly guide into this matter

Articleship termination after 1.5 year

I am Direct entry CA student, completed 1.5 years of articleship. But I couldn't pass any attempts. Now I need to terminate my articleship and join employment since my financial background is no good. If I terminate articleship opting 'Discontinuing CA course' then can I attempt any future exams. Because it says that if I opt that way, all my articleship records will be cleared/ deleted. And I as direct entry student need 9 month articleship for attempting exams. Please help.. Guide me if there is any other way.

PENALITY NOTICE ISSED FROM ESI

The last month we got a notice from ESI for a site inspection. At the time of inspection, the inspecting officer verified our Blance sheet and Profit & Loss account.
After a few days we again got a notice from ESI and asked to pay 28318 (4% for our expense like Rent, Repairs & Maintenance, Labour Charge, Shop Expense, Service Charge, Loading Charge).

Please provide the ESI rules about shop expenses.

Problem in Uploading PTRC Return April 2022.

Error while submitting return.|Account determination not possible for key MSTD - -C1 -R000 -A17D, posting area Invoicing: Account Assignments for Genera(2610)|--> Error during processing of source document INVBI 4500073841|--> Reporting invoicing function: Invoicing of Billing Documents|Unable to process invoicing unit for contract account 27642000318|*** Documents to be processed in invoicing unit:|***** Source document category-source document number INVBI -4500073841|*******|Errors occurred when posting invoicing documents for form bundle 92224032|

Liable to pay RCM under security charges ?

Dear Sir,
My Security Guard Service provider (Radhey & Co.(Regd.) having the GST number, but he doesn't tax the bill. My question is- How to treat it? RCM will applicable or not?? What do we consider a service provider? Registered or Unregistered?? Thanks- Ikramuddin Saifi

Payment of 3B under GST

which challan is used for Payment of GST Challan 3B.

About GSTR-9 & 9C for 2021-22

When will the GSTR 9 online form appear on GST portal?

Difference between returns 9 and 9C

Difference between returns 9 and 9C under Annual returns of GST.

GST ON VEHICEL RENTAL TO PVT.LTD CO

Sir,
I am working in proprietor type of company. we are gst registered. we are manufacturer of agricultural products , our co. provide car rent service to pvt.ltd co., would like to know that weather we should raised GST Invoice to the Pvt. ltd co. ? What will be the rate of GST. ?

High Sea Sales - Gst einvoice and Tax Rates

Sir/Mam,

What is High Sea Sales how to prepare E invoice and Gst Tax Rate.

High Sea Sales with in india and out india Tax Rate Effects.

Please kindly explain High Sea Sales

Thanking you

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