what is Annual Returns of GST for Companies and Firms/LLP.

Hi,

We have received the order against our SCN and in the same, the officer has denied our input tax credit as it was not recorded in service tax returns. The input tax credit invoices are of December 2016 and January 2017.
My question is, from when do we calculate the interest on the denied ITC and at what rate? I believe there's two rates for paying service tax interest. (24% if service tax is collected and not paid and 15% if service tax not collected and not paid). In which situation do we exactly fall?

IF CORPUS FUNDS ARE PUT IN FD, CAN TRUST TAKE AN OVERDRAFT ON THAT ?

A. Background: -

i. We have two buyers and one seller combination for filling form 26QB for the purchase of under construction Immovable property worth more than 50 Lakhs.

In the cost sheet provided by the builder there are two parts as follows-
a. Property Value including Car Parking amounting to 52 Lakh
b. Extra Charges including Club membership Charges, Maintenance charges etc. amounting to 3 Lakh

ii. 1st buyer had made the initial booking with the initial token application money (1 Lakh) and have provided form 16B to the deductee for the tax deducted u/s 194IA, however the property value reported in filling form 26QB is 52 Lakhs and enabling the option 'YES' for Whether more than one Transferee/Buyer and Payment Type as 'Installment'.

iii. Payment towards next installments will be made partly from own bank account (as down payments) and partly from bank (as loans) by both the buyers according to their individual ability to make payment.

iv. TDS will be deducted on each payment by the person making payment towards the installment and form 26QB shall be filled accordingly.

B. Query: -

1. What will be the property value in 26QB? (52Lakh or 55Lakh)
2. What would be the amount on which TDS would be deductible? (52Lakh or 55Lakh)
3. Whether the property value reported (52Lakh) while filling form 26QB (as discussed above in point A.ii) for the initial tax deducted on application money by the 1st buyer was correct or it needed to be shown proportionately between the two buyers?
4. What will the 2nd buyer show as property value while filling form 26QB when he will make subsequent payment towards the installment? - (52Lakh or 55Lakh / proportionately)

Dear Sir,

during purchase sale of shares we have losses of Rs.157/- so can we adjust with Capital account or transfer loss of Rs.157/- to profit loss account. please note that purchase sale of shares is not a main business.

I am a Truck owner my running in sand mine and I selling sand and generate Tax invoice @5% GST. And paying GST on Sand Goods. The question is Transportation also will Taxable ?

Dear Sir,
I would like to have clarification about Rent payable for the use of premises by husband. The premises which is in the name of mother & wife was used by husband and has been paying Rent in proportion of share of property to both wife and mother

Now in last year wife expired and the share of wife in property was transferred to husband by virtue of probate obtained in the month of March 2022

In every year March, Husband pays rent to both wife and mother for the entire year but considering the above scenario, whether the rent is payable?

I have doubt because probate order came in the month of March 2022 wherein wife was expired in the month April 2021.

Do entries to be passed in accordance with probate and No Income Tax return be filed in case of wife ?
or Income Tax return be filed for last time wherein husband will be representative Assessee ?

Please help

Regards

Tribhuvan

A Company is engaged in trading of exempted goods and also providing services(Cold Store). The service component includes both taxable and exempted supply.

Now company is having single registration and the company is not availing any input credit at all.

Exempted Sales. - Rs.75
Services:
Taxable Service. - Rs.15
Exempted Service - Rs.10
--------- Rs.25
Total Turnover Rs.100


Input credit on common expenses like Bank charges, Audit fees will be allowed in the proportion of Taxable supply to total turnover i.e., 15/100

There are certain input credits on expenses exclusively used for provision of services. My query is:

1. Whether eligible input credit on Services can be calculated in the proportion of Taxable Service to Total service value i.e., 15/25?

2. Or this also has to be calculated in the same manner like input credit on common expenses i.e., 15/100?

IN THE MONTH OF APRIL 2021 WORNGLY ISSUED DEBIT NOTE (E-INVOICED) INSTEAD OF GOODS RETURN VOUCHER. PRACTICALLY TAX LIABILITY SHOULD HAVE BEEN INCREASED BY REDUCING ITC BUT HERE IT IS SHOWING IN OUTPUT TAX LIABILITY DUE TO DEBIT NOTE. HOW CAN WE CORRECT IT TO MATCH OUR SALE WITH BOOKS AND GSTR. PLEASE GUIDE.....

In FY 21-22 Credit Note issued against e invoices(sales related to FY 21-22) but due to human error this credit note generated without IRN and not included in gst returns till feb 2022 then how we can show this in March gst return and decrease our sales for FY 21-22