Rajendra Kumar Sankhla
25 July 2018 at 12:47

How to compute sale value

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 ?

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CA Ankith Jain
24 July 2018 at 23:00

Form 15g

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?

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abhimanyu
24 July 2018 at 21:35

Filling itr

X 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

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RAHUL.K.RAJ

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

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Tapash Kumar Biswas
23 July 2018 at 12:26

Gross reeipts u/s 44ad

Dear Sir

Will GST Tax Collected on sales be included in Total Turnover or Gross Receipts u/s 44 AD ??

Please advice

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Dev
21 July 2018 at 20:11

Section 234F late fee

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??

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Anonymous
21 July 2018 at 18:39

Disclosure of foreign bank account

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?

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TARIQUE RIZVI
19 July 2018 at 17:07

80c : deduction

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.

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Prem Moolwani

I 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.

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Anonymous

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 ?

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