Hi
GSTR9 & 9C FY 2023-24
GSTR1 - IGST payable 100 ( CDNR 2 Rs. taken fy 2022-23) shown excess liability last yeast
GTR3b - IGST Payable - 98 ( March 2023 CDNR taken in April 23) less liability this year

in GSTR9 - Table 9 - Tax payable should be 100 or 98 - as payable is 100 (4N) and paid is 98 (Table 9)
in GSTR 9C - Pt III(9) - which amount to put in P and Q

Auto-populated GSTR9 shows - 98
where to show this 2rs difference in GSTR9 and GSTR9 C

Thank You

If a company purchases a battery and an inverter is it considered a fixed asset?
If yes then what is its useful life as per Companies act 2013?
And both battery and inverter liable to depreciation?

Hi team ca club India,
We are from KNM India. I’m reaching out to check if you are accepting content from guest contributors on your website.
We are trying to establish ourselves as a helpful, trustworthy brand, and we think the best way to do that is through quality content.
If you do publish content from guest authors, I would love an opportunity to be one of them.
I don’t mind discussing topics that are good fit for your audience.
Looking forward to your thoughts,
KNM India

Purchase bill dated in March,2024 and bill is reflected in GSTR-2A of April,2024.
Shall we claim such ITC after November,2024?

1. Can a LLP registered with nature of business of 'Retail Grocery Store' engage in online commodity trading with the funds contributed by its silent partners ?
2. With the profits from online trading the LLP will provide free grocery items to the contributing partners, in proportion to their share of contributions. So can the costs of this procurement of grocery items be taken as expenses of the LLP, for income tax purposes & P&L?
3. Can we change the nature of business of the LLP completely to 'Trading in online Commodities' & trade with the silent partners funds and share the profits in proportion to their contributions? Does any law such as RBI, SEBI, INCOME TAX or any others, restrict this?
4. If the answer to the 3rd is 'YES, then under what NIC code, would 'Online Trading in Commodities' come under?
5. Would this change in activity, effect the Shops & Establishment license & the Trade license in any way? Would we have to rea-apply freshly or just an amendment would do, what is the process for this?
6. Any other mandatory requirements, which would be required to be fulfilled, if any?
Thanks in advance, to all, who may respond.

A Person who wants to file his return under 44AD but also has income from online gaming, which I T R form should he file?

Dear Sir,

I have been seeking guidance through this forum on my issues related to Finance, Tax etc.,
I am extremely contended with the response and the clarity I am provided.

Sir, I need clarification on the following queries/subjects/points:

My son is NRI and purchased a flat from the reputed Corporate builder in India. Further details/inputs are furnished hereunder to enable you to guide me.

1]Date of purchase(Sale agreement) of Flat in October 2021.
2]Total cost of the Flat including Stamp duty towards registration:Rs.198 lacs
3]Loan sanctioned by the BanK based on his income abroad:Rs.132 lacs(present outstanding)
4]Equity Rs.66 lacs
5]He doesn’t have any income in India

Now he wants to sell the flat and the Sale price is Rs.228 lacs

Prospective buyer is also taking a loan from a bank for the amount. Buyer’s bank will release Rs.132.00 lacs directly to the my son’s loan account and the balance amount Rs.96.00 lacs for the credit of my son’s account.
Seeking Guidance on the following points:
1]Applicable LTCG is @12.5% on Rs.30.00 lacs i.e. Rs.375000.00 + Cess+Surcharge if any. No indexation option since he is NRI.

Please confirm whether the above is correct?

2] Is the TDS @20% is to be deducted by the buyer, is it on Rs.228.00 lacs(being sale consideration) or on Rs.96.00 lacs(being the amount credited to my son’s account).
Alternatively deduct only the amount equal to Tax on LTCG i.e.(capital gain portion i.e.Rs.30.00 lacs) that is Rs.375000.00 lacs. He has no income in India and not paid any taxes.

My son wishes to get the amount repatriated to his country[USA].

3]Is there any way to exempt/reduce the TDS within the frame work of law as the TDS on Rs.228.00 lacs will be a huge sum and to close the loan, he has to pay out of the difference amount he gets i.e.Rs.96 lacs?

Kindly guide.
Regards,

M A Rasheed

TAN rectification has been done and reflect in TRACES but not reflect in ITD portal what is remedy

Transporter having gst registration & opt rcm method taxation.

From above transporter's we received tax Inv.
In this invoice together with transport charges, there is container washing charges.

Can we are liable to pay rcm including washing charges. Please guide

Sir.
Our company installed pest control system in office. We get Gst invoice against this.
Can we get input on this transaction.
Please advise.
With regards
Binu