Hi

I am registered dealer under GST. I had paid Truck Freight as under.

A.Rs.700 to a unregistered goods transport agency on 7th July,2017.

B.Rs.4500 to a unregistered goods transport agency on 10th July,2017.

C.Rs.40500 to a registered goods transport agency on 15th July,2017.

All the above goods transport agency not charged any GST on the truck freight.Now on which of the above transactions;Should I Charge RCM(Reverse charge mechanism)
and how the accounting entries will be passed.Also whether can I claim Input credit of the above RCM;If yes how the accounting entries will be passed ?

What if, the turnover of business of Transporter exceeds Rs 1crore in FY (15-16)? Can we still adopt 44AE in such case and disclose income of Rs.7500per month per vehicle? Is there any requirement of audit in such case?

Dear Experts, I am a house wife with out any income as such,except some FDs out of accumulated savings. I never used to file any IT return,because my income used to be much below 2.5 Lacs. Recently I started small time trading in shares,but even with this my income never approaches 2.5 Lacs. Under the circumstances,do I have to file IT Return, only because I trade is shares ? Thanks

Pitaji se24 lac ka ghar gift me mila, To taxable rahega ki taxfree

Dear Experts, Good evening, Sir, My wife got gifted amount Rs. 350,000/- and that amount transferred to our joint A/c due to insufficient funds to show in my A/c for Europe visa purpose, please let me know how I have to show the amount in my ITR and also let me know whether it is not taxable income or taxable income... Thanks in advance

How many Assessment Year IT return can be filed at present by one of my friend whose TDS has been deducted for last four assessment years but his total income is below taxable limit. please suggest as per present income tax rule.

Can anyone solve the below problem? Two NRI people jointly bought a house property on 02/01/2007 for Rs. 10,51,000. They sold the same on 12/04/2016 at for sale consideration of Rs. 35,00,000. Compute the Amount of tax liability of each person for A.Y 2017-18 assuming there is no other income.

DEAR EXPERTS,

IF THE NOTICE OF THE DEFECT IS RECEIVED FOR ONE BELATED RETURN AND THAN RESPONSE WAS PROVIDED BUT SAME IS LATER ON BECAME INVALID DUE TO IMPROPER RESPONSE THAN IS THERE ANY WAY OUT FOR FILING INCOME TAX RETURN. IT PERTAINS TO A.Y.2016-17 AND THERE IS REFUND OF THE TDS.

HOW TO CLAIM THE REFUND OF TDS ? THE MAIN PROBLEM IS REFUND.
KINDLY ADVISE

THANKS IN ADVANCE

The same query replied on your website by CA Siddhartha Bhardwaj.

The query was Dear Sir, I would like to know whether DA on Transport Allowance is Taxable or exempted. Non Taxable of Transport Allowance at Rs. 800/- Per month increased upto Rs. 1600/- Per month (from FY: 2015-16), a person gets Tr. Allow @ Rs. 800/- and DA on Tr. Allow is Rs. 952/- (Total: Rs. 1752/-). So, in this case, can he avail benefit of Rs. 1600/- per month or Rs. 800/- per month ? Plz suggest asap, as I have not got clear picture of this issue from the Government Notification.

Read more at: https://www.caclubindia.com/experts/da-on-transport-allowance-2265299.asp

Reply was: Only transport allowance is exempt. Other allowances which are calculated as a percentage of transport allowance is NOT exempt. Accordingly DA, which is calculated as a percentage of transport allowance is NOT exempt.

I want to invite your kind attention on Income Tax TDS Circular 01/2017, you are requested to study the last illustration No. 10 annexed with this circular. In which ITD has clearly calculated the DA on Transport allowance under the head "Transport Allowance" and thereafter the deduction of Rs.800/- p.m.(Which was applicable for that period) has been calculated. It is also mentioned that ITD has repeated this example from last 3 years.

From this it is confirm that DA on Transport Allowance is part of Transport Allowance.

Please also calculate the tax deduction of in view of Example 10 of TDS circular in view of the person who was in receipt of Rs.600/-+DA as transport allowance.

Your expert are earnestly requested to give a meaningful article on that.

I am joint owner in two properties. One property where I am joint owner with my brother and in another I am joint owner with my wife. In the second case, we bought the under construction property and we got the possession in Feb 17. I have a preconstruction period interest for FY 14-15 and FY 15-16. In the 2017 budget, the interest on loan is restricted to 2 lakhs. I want to know whether I can claim preconstruction period interest over and above 2 Lakhs. I can show the second house as deemed to be let out