My dealer is selling tobacco products on which GST rate is 28% plus cess @160%
Total Taxable turnover as per GST 3B return is Rs. 50,08,100.00
On which CGST @ 14% Rs. 7,01,134.00
On which SGST @ 14% Rs. 7,01,134.00
On which Cess @ 160% Rs. 80,12,960.00
Total Value including all taxes is Rs. 1,44,23,328.00
Dealer is following booking sale and purchase net of tax in his books.
Question: For the purpose of filling income tax return turnover is net of tax or not ?
Suppose a proprietor, who is liable for audit u/s 44AB, gives Rs. 50,000 to brother as interest and no TDS was deducted. And the brother’s income is less than Rs.250,000.Can his brother submit form 15g to the proprietor?
Answer nowX PURCHASED A PROPERTY AND DEDUCTED 1% TDS AND DEPOSITED THE SAME WITH INCOME TAX IN TIME. THE TRANSACTION APPEARS IN
26AS STATEMENT . OF X. NOW X HAS TO FILE ITR 3.
IT MAY BE ADVISED IN WHICH SECTION/COLUMN OF ITR 3 FOR ASSESSEMENT YEAR 2018-19, X SHOULD REFLECT THE PURCHASE OF THAT PROPERTY
An Engineer assessee for the first time to file his income tax return, received professional income (tds u/s 194J) , which is more beneficial or appropriate to file his return? ie, ITR 3 or ITR 4 ,(and can i show more than 50% of his gross receipt as profit u/s 44ADA?)
Age 62, Resident, total receipt is 590000
Dear Sir
Will GST Tax Collected on sales be included in Total Turnover or Gross Receipts u/s 44 AD ??
Please advice
Dear experts, if income below exemption limit like only 2 lakhs and i file return after due date.. will late fee u/s 234f be applicable or not??
Answer now
I have a foreign bank which I had opened when I was working abroad couple of years ago. My salary went to that account. Now I reside in India for past 3 years. I have not transferred my money in the foreign account to India. There is no income in that account other than interest, for which is taxed there.
Do I need to declare that account in ITR? If yes, do I need to mention the interest earned?
PPF RS. 1,20,000 + LIC PREMIUM RS 37,796 = TOTAL RS 1,57,796 OUT OF THIS RS 1,50,000 IS ALLOWED BUT WHILE CLAIMING RS 1,57,796 IN ITR-2 THE ALLOWED DEDUCTION IS JUST RS 1,26,501 INSTEAD OF RS 1,50,000. PLEASE SOLVE MY QUERY. AND OBLIGE.
Answer nowI have a proprietory business. I have filed since last 3 years ITR-4 (Sugam).
In Coloum E-11, regarding partners/members capital. Is it necessary to show Proprietor's Capital or not.
Can I show my LAST THREE YEAR'S PROFIT as Proprietor's capital or not?
Please give me your expert advice.
IN PARTNERSHIP FIRM, (WHERE PROPER BOOKS OF ACCOUNTS MAINTAINED) NET PROFIT CALCULATION BEFORE DEDUCTING INTEREST ON CAPITAL & REMUNERATION (i.e. 8 % PROFIT ON TOTAL TURNOVER) OR AFTER DEDUCTING INTEREST ON CAPITAL AND REMUNERATION.
FROM F.Y. 2017-18 INTEREST ON CAPITAL AND REMUNERATION IS WITHDRAWN FROM PARTNERSHIP FIRM ?
All Subjects Combo (Regular Batch) Jan & May 26
How to compute sale value