Dear Sir/Madam,

A profitable mining proprietorship (FIRM) business with long lease on the firm wants to be a listed company through reverse merging with a listing company against stock swap model. The present proprietor wants to take a major stake in an existing listed company by transferring (subject to approval of concern authority) its lease hold assets by triggering open offer and takeover the management control from the existing promoters of the listed company and to run by proprietor only.
With the above background i need the following clarifications:

1. Is it possible to transfer the assets and liabilities of the proprietorship firm after taken the valuation report as per law to an existing stock exchange listing company with different objects clause (not as proprietorship firm) against taking stake in such listed company? if yes what are the statutory compliances to be fulfilled?
2. The existing proprietorship firm is highly profitable company and the majority of the assets are government leased out mines. In such case what are the income tax obligations will arise while transferring the leasehold assets?
3. Any GST and stamp duty will be paid on this transfer of assets.
Hope the given information is sufficient to give an advise.
Thanks and best regards

While making a tds payment on sale of immovable property, I made a single payment for 2 co-owners (husband and wife sellers), hence entire sale and TDS amount is seen under one owner's name. Now Income tax has rejected the TDS return of the seller as he had stated only 50% of sales amount whereas 26AS is showing entire 100% of sale consideration. What needs to be done now in this case?

Dear Experts
As we are constructing hospital building in this regard we would like to go for Environment Clearance Certificate through a private concern. now the concern informed that we to pay scrutiny fee to government now my question is whether the payment has to done by deducting TDS are not. Experts Kindly Advise me

Hello Sir,
Kindly inform that I(First holder) and my wife(second holder) hold joint savings acct. If I give gift from this joint account to my real sister then any tax implications on my sister as it is joint account with my wife. Can I execute gift deed and state that this gift exclusively made from my fund. Please guide. Thanks in advance.

Dear Sir

We have purchased Ebike for business purpose. Can we Claim ITC on ebike
Please suggest

Hello Experts, I am facing an issue, while replying to a notice on Compliance Insight Portal, i have filled all the mandatory fields like Response/Remarks, uploaded needed documents, when i click on Submit button, I get a pop-up window says Info "undefined", only button available in this window is "Ok" button, as soon as we click on ok, we are back to Response Submission page. Apart from not able to submit response , nothing happens. Already opened Grievances & tickets on Compliance & Income tax portals but nothing helped till date. Its already couple of days gone with same error msg.

After clicking on generate jason file , the ITR4 UTILITY for fy 2021-22 is showing that the file is saved in a folder , but the filder is not showing that file.
Please guide

Notification No. 78/2020 – Central Tax dated 15th October 2020 introduced new HSN disclosure norms with effect from 01st April 2021 as follows—

Aggregate Turnover in the preceding Financial Year

No of Digits of HSN Code

Below Rs 5 crores 4 (Not required for B2C invoices)

Above Rs 5 crores 6

Taxpayers whose turnover is less than Rs. 1.5 crore are also required to mention HSN code in invoice issued w.e.f. 01.04.2021. However as per proviso of notification No.12/2017–Central Tax] Dated: June 28, 2017 quoting of HSN code is not required in case of B2C invoice.

HSN requirement is applicable on issuance of Tax invoice only. Therefore, in case of composition dealers and sale of exempted goods, there is no requirement of mentioning HSN code as bill of supply is issued in these cases instead of Tax invoice.

1. We have generated Tax Invoice last month
for Renting of Machinery i.e Oct
2022. However our main business is Sale of
Bolt, nuts, belt, and wallet etc. In this case
do we need to generate E-Invoice for 'rent of
Machinery' too.
2. In case of yes, we have already filed
GSTR-1 returns for Month of Oct 2022 in
Before due date only, by adding those 2
invoices related to Rent of machinery by
manually in returs.

what are the options I have in 2nd case, kindly guide me.

Dear Sir,

With respect to above mentioned subject line request you to kindly let me know whether to which kind of Income Tax & GST returns shall an Accountant needs to be filled for an entity on regular basis. Also, request you to kindly let me know the difference between E-Way Bill and E-Invoicing are both mandatory for GSTN holders.

Warm Regards