Hello Sir,

our company is Indian Subsidiary of Foreign Company. Our Indian Company facilitated to parent company in logistic of goods and for which air/sea freight bill received by Indian Company on his own name. we reimburse the same from parent Company on monthly basis.

What is the implication in GST ? it is require to pay GST by classify Indian company as Intermediary under Section 13 (8), or it is transportation of goods under section 13 (9) and classified as trading of services i.e. Purchase of Service by Indian Company and sell to parent Company.

Pure Agent is not applicable as all the condition is not satisfied regarding Pure Agent.

Regards

In a partnership firm, one partner is reducing its share by 8% from 33% to 25% & other partners are acquiring the same.
Total Capital of Firm as on date of transfer - 170000/-
Capital of partner with 33% as on date - 114000/-

Will there be an internal entry to be passed for the said exchange of shares (If yes, then at what value ?
Is there will be any tax to the partner or Firm ?

Sir,
i have filed return in FY 1920 is ITR 4 and return filed in FY 2021 ITR- 1, then can i file in Fy 2122 ITR 4 again ?

During working of sec 89 relief can we consider deduction under Sec 80 which is not claim in income tax return previously due to no Tax lability .
Tax payer not claim Sec 80 DD deduction of Rs 1.25 Lakh in previous 3 years , working of 89 relief for average tax rate can we reduced taxable income .

We sold some goods to one of our parties and went ahead, its weight increased. We had cut the weight of the lower bill. Now how do we adjust the material that has grown in our hearts?

Dear Experts,

our company is a proprietorship. last year we stared the business our owner introduce 1,00,000/- as capital in this company.
after some time he deposit 10,00,000/- and 8,00,000/- (Total amount Rs.18,00,000/-) in current account for purchase material.
after that he sale material in 25,00,000/- and he withdrawal 18,00,000/- back in his personal account.

now at the end of the year company profit is 7,50,000/- and he want to withdrawal his capital amount of Rs.-1,00,000/- and profit amount also.

my question is :-
1- Is this possible to withdrawal capital and all profit from company or we treated this as drawing from company
2.- on Which amount we calculate the income tax.

Sir/Madam
I have foll. doubt about LTA deduction taken while calculating tax liability-
> LTA bills must have been submit to the employer for getting deductions??
> LTA given by employer and considered taxable, can i will get deduction without submitting bills ?

LTA clause is there in Offer letter of employee.

Can einvoice be issued from back date? Will it be valid as per gst law? Please clarify?

MY EX OFFICE COLLEGUE LEFT ABROAD FOR JOB IN SEPT 21 AND AGAIN RETURNED TO INDIA IN JAN2022. HE IS STAYING IN INDIA FROM JAN 2022 ONWARDS.

MY EX OFFICE COLLEGUE HAS THE FOLLOWING INCOME FOR LAST FY 2021-22



SALARY FROM INDIAN EMPLOYER 3,75,000
SALARY RECEIVED FROM FOREIGN CO 11,30,000
INTEREST ON SB ACC 29,000
INTEREST ON FIXED DEPOSIT 67,000

INVESTMENT -80 C 1,50,000
INVESTMENT -80D MEDICAL 25,000
INVESTMENT -80 TTA 10,000

WHAT WILL BE THE TAX LIABILITY FOR AY 2021-22.
WHAT ARE THE LIKELY DEDUCTION AVAILABLE.

PLS ADVICE

Please confirm these computations and interpretations.

Overview- Buyer had entered into the agreement with the builder in Nov 2013 for purchasing of Under Construction Property.The same was supposed to be completed in Nov 2017.

But the builder in Nov 2017 had failed to complete the construction of the same.In pursuance of the same, Buyer had approached the builder to refund the amount so paid where the builder completely disagreed to pay the amount so paid.

After having been rejected by the builder, the buyer had approached the National Consumer Court.

NCC was delivered the case and ordered to the builder to pay the buyer in Dec 2021 the amount so paid also including interest @ 8%.

Question 1- Computation of Capital Gain/Loss-

Answer 1-

As per Section 2(14)(a) ,capital asset means a right to obtain conveyance of immovable property, was clearly “property” as contemplated.


Further as per section 2(47)(ii) read with section 45, extinguishment of any right in a capital asset shall be regarded as transfer and liable to capital gain tax.

Moreover, as per discussed case laws of Richa Bagrodia Vs. Dy. CIT [2019] (Mum), Holding period for the purpose of capital gains is thus to be considered from the date of allotment of flat and not from the date of possession of flat.

Therefore the date on which allotment letter was issued and the date on which award is given by court shall be the period of holding.

Computation of Capital Gains/Loss-

Amount Awarded by Court- Rs 75,00,000(excluding interest@8%)

Less- Indexed Cost of Acquisition- Rs 1,07,72,545

FY 12-13 Rs 18,50,000*272(331)/200= Rs 30,61,750
FY 13-14 Rs 37,50,000*272(331)/220= Rs 56,42,045
FY 14-15 Rs 15,00,000*272(331/240= Rs 20,68,750

Capital Loss - Rs 32,72,545

Clarification 1- Whether these computations and interpretations are correct ?

Question 1- Treatment of Interest received as in pursuance of COURT AWARD in the hands of BUYER and whether TDS was supposed to be deducted by builder?

Answer 1-

As per section 2(28A) “interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised.

Therefore The relevant provisions of laws that deal with the particular case are Section 14(1)(d) and 39(1)(d) of the Consumer Act, 1986 and 2019, respectively, and Section 2(28A), Section 56 and Section 194A of the Income-tax Act, 1961, the compensation granted under the Consumer Protection Act, 1986/2019 does not qualify as income under the Income-tax Act, even though the same is computed by way of ‘interest’. Therefore, there is no requirement to pay tax on the amount of compensation received under the Consumer Protection Act. The amount received as a refund by you from the builder along with interest @ 8% per annum should not be treated as taxable income.

Clarification 2-Whether these interpretations are correct ?


Please have a look and confirm whether any interpretations/computations are incorrect.