RCM APPLICABLE
This query is : Resolved
Quick Summary
05 February 2021
DEAR SIR,
ONE OF MY CLIENT TRADING ONLY GOODS(BANANA) EXEMPTED UNDER GST. MY QUERY IS HIS MOTHER OWNED STORAGE WARE HOUSE BOTH ARE NOT ENTERED RENTAL AGREEMENT IN THE FINANCIAL YEAR 2019-20. NOW HIS TURNOVER IS 98,00,000/- DECLARED IN GST RETURNS. NOW FOR INCOME TAX PURPOSE HIS MOTHER GOING TO FILE INCOME TAX RETURNS RENTAL INCOME FROM HIS SON AND AGRICULTURAL INCOME. MY DOUBT IS HE HAS TO PAY GST ON RENT UNDER RCM HE WILL DECLARE RENT EXPENSES FOR HIS BUSINESS MONTHLY 15000/- WHETHER BOTH GST ON RENT 18% AND TDS APPLICABLE FOR THESE. PLEASE CLARIFY ME PREVIOUS YEAR RENTAL AGREEMENT NOT DONE.
REGARDS
ONE OF MY CLIENT TRADING ONLY GOODS(BANANA) EXEMPTED UNDER GST. MY QUERY IS HIS MOTHER OWNED STORAGE WARE HOUSE BOTH ARE NOT ENTERED RENTAL AGREEMENT IN THE FINANCIAL YEAR 2019-20. NOW HIS TURNOVER IS 98,00,000/- DECLARED IN GST RETURNS. NOW FOR INCOME TAX PURPOSE HIS MOTHER GOING TO FILE INCOME TAX RETURNS RENTAL INCOME FROM HIS SON AND AGRICULTURAL INCOME. MY DOUBT IS HE HAS TO PAY GST ON RENT UNDER RCM HE WILL DECLARE RENT EXPENSES FOR HIS BUSINESS MONTHLY 15000/- WHETHER BOTH GST ON RENT 18% AND TDS APPLICABLE FOR THESE. PLEASE CLARIFY ME PREVIOUS YEAR RENTAL AGREEMENT NOT DONE.
REGARDS
06 February 2021
RCM not applicable on such rental income. TDS also not applicable as turnover below one crore.
06 February 2021
thank you sir,
regards
regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Non filing of I T Returns
- UDIN ISSUE
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
