Queries under IT Act and GST Act.

Mohan Kale (273 Points)

27 July 2022  
I have 2 following queries.
1. An assessee (individual) has taken residential premises for his dwelling on rent for very heavy security deposit which means there is no regular rent payment. In the same premises he is running a pre-primary school under trust and taking certain monthly rent. Whether the assessee can claim rent expense against such rent income? Under which head? How to calculate rent expense when there is no regular outgoing towards rent but a very heavy deposit?
2. A GST registered company has to export software for which software GST purchase bill will be received in it's name but payment for thus purchase can be made only through director's credit card. Do you see any problem in this sale - purchase transaction under GST Act?