Is it Compulsory for filing GSTR-7 Nil Return and what are the late fees after due date.

Query:
One of my client has taken a mortgage loan against his property of Rs 1 crore for purchasing other property so my question is as now after taking loan he has decided to not invest in property and he wants to invest in mutual fund.

So my query is can he do so

A Partnership Firm has claimed deduction u/s 80-IBA in Year 1 and has accordingly paid Alternate Minimum Tax @ 18.5% amounting to Rs. 3.5 Lakhs. Accordingly Rs. 3.5 Lakhs is the AMT Credit carried forward by the Firm.

In year 2, there are no deductions to be claimed. Firm had a normal business income of say 10 Lakhs on which Tax is payable Rs 3 Lakhs.

Can the Partnership Firm utilize entire AMT Credit b/f (i.e. 3.5 Lakhs) against tax liability of 3 Lakhs in Year 2 and pay 0 tax in Year 2 OR is the Firm required to pay AMT (i.e. 18.5% on 10 Lakhs) in year 2 also?

Hello could anyone please help me with the below query?

We collaborated with a subcontractor for a job, and on their behalf, we directly paid wages to their workers. Now, in light of this advance payment, we're considering issuing a debit note to the subcontractor. They will eventually invoice us for the full job work including GST. As of now, they've only invoiced us partially, with the rest to follow upon completion of the job. When preparing the debit note, should we include GST or not?

Sir/Madam

I have completed my Video of SET A for SPOM and continuing seeing Video of SET B. Can i appear in SET A exxam online??

After seeing all Video of SET B, I will appear in SET B!!! it is possible??

Please clarify

Dear Experts,
I have imported 4 items from China and availed GST Credit on Custom. Now, I have to replace one item. Here, Can I use LUT for Nil Rate of GST at the time of Export ?
Please guide...

I received money along with my bothers sisters and uncles when property inherited by us from my paternal grandfather, was sold ten years before. my 1/12th share. (2 uncles and 2 siblings and mother). Rs.10 Lac was not given by the builder then and held back as security until premises made vacant by tenants. But builder lapsed on the agreement for ten years for lack of money . Now after raising a legal notice by us, he has agreed to restart the project and pay Rs. 10 lac withheld. I had disclosed the full amount before ten years in my IT return as Capital Gains. I had put the indexed amount under NHAI bonds for 5 years. This amount then included the INR Ten lac receivable now. So Should I now re-disclose this INR 10 Lac amount in FY 24-25 ?. Is it necessary?
In the meantime I lost my mother 2 years back. so her share of INR 10 Lac will be divided among her 3 children. So I will receive INR 10 lac/ 3 from my mothers bank account ,which is operable by my sister. how to treat this money in my return next year?
The builder will enter into a agreement now to give interest on INR 10 Lac for ten years (as per previous agreement) in the form of space of 100 sft. but again convert this 100 sft x Rate per square foot to INR and pay at the time of plinth may be 1.5 to 2 years hence to me (and all others as well) . How to treat this substantial money to tax then?

A trader in the market yard, dealing in cotton. He regularly pays GST under the Reverse Charge Mechanism (RCM) at the time of purchase in cash. However, for the financial year 2019-20, he did not report these transactions in GSTR-3B, specifically in sections 3.1(d) (as RCM outward supply) and 4(3) (as eligible ITC of RCM).

When filing GSTR-9, he discovered this error and consequently reported the transactions correctly in both the outward supply and ITC columns. He has now received a notice regarding the discrepancies between the
1 output liability declared in GSTR-9
2 GSTR-3B, the RCM liability on inward supply as per GSTR-9 and GSTR-3B,
3. And excess ITC availed as per GSTR-3B and GSTR-9.
The RCM tax amount has been counted three times and assessed as tax due.

This situation arose solely due to the non-reporting in GSTR-3B. Is there any remedy available according to the GST Act, or any relevant rulings or judgments that can support his position? Please suggest.

Hi there,
Can a partner retire and a new partner be added simultaneously in a registered partnership firm having 2 partners. If so, what is the procedure?

One person import second hand goods from outside India for business and paid IGST amount at time of clearance in India, can he claim import IGST amount?