Please advise :

1. In case assessee issues sales invoices below two lacs in a day and various transactions in a year to single buyer.

2. In second case Some of the sales invoices are above two lacs out of which he received cash below Rs.2 lacs per sales invoice in a single day/ transaction and the difference amount (invoice amount less cash received) is received through banking channel.

3. Overall Limit of Cash receipt as Unsecured from a person is Rs.20000/- or 10000/- .

Is there any restriction to receive cash in the above circumstances under the provisions of Income Tax.

If NRI opts u/s 115I ( Chapter not to apply if assess so choses ) in Chapeter XIIA ( Special Provisions relating to certain income of NRI. and is to file return u/s 139(1) but has got interest income in NRO Bank a/c and is classified u/s 195 of ITax Act FOR TDS , then in such situations will he be still required to be charged tax @20% on interest income OR it can be treated as normal interest income under head ' Income from Other Sources ' ( as he opts section 115I ) and tax be calculated as per normal applicable slab rates.

In such cases where TDS is u/s 195 on interest of NRO a/c but assessee opts normal slab rates u/s 115 I , and file return u/s 139(1), will it be correct as per law

Please give your valuable suggestion that is GST applicable on Discount

Hello sir/madam, During my articleship re-registration, In form 102, I have given my first articleship registration date instead of current re-registration date. And I have submit both form 102 and 103, RO resent my form for correction stating “Upload executed copy of form 102 deed should be within 30days from start date of articleship” how should I correct my form and submit??

Dear Experts, we are footwear manufacturer and we having additional place of business about 500 Mtr. from Main Unit.
We purchase some goods in terms of bill to main Unit & ship to Additional place. And after completion of process we dispatch the product (Footwear Upper) from Additional place to Main unit through Delivery challan by rickshaw.
Is the above practice correct or need to some change, pls advise.

Also advise, how will we sale footwear raw material scrap from Additional Place.

Kindly advise.

A new hotelier is willing to obtain overdraft of 10 lakh for managing his working capital requirements, but hotel business will have less stock as they are perishable in nature, also the debtors and creditors will also be less, bt they require huge sum for managing their operating activities. Can u please guide me to prepare a project report for this

Hi,

can we withdraw the full amount including Pension after the retirement from the service?

can anyone please guide me?
already withdrawn the advance amount. The Balance needs it urgently.

Thanks in advance.

Sowmya Santhosh

I HAVE PAID PTEC TAX ON 21/06/2022 BUT CHALLAN NOT GENERATED. HOW TO GENERATE IT??

Dear Experts, as you know that last year income tax site was not working properly, hence we had submitted Form 15CA Part-D manually in the bank.
Now I am trying to file online Form 15CA Part-D for the previous dates but after filing its shows "The proposed date of remittance cannot be before the date of submission of this Form".
How to submit old Forms online as the status has shown "Failure" and showing the above reason.
Income Tax helpline numbers are not responding.
Thanks in advance

In case of property sold by joint owners (brother & sister) - in the deed of sale which was registered a sum of Rs 21 lacs was paid to the sister and a sum of Rs 69 lacs was paid to the brother as per their understanding. The total sale value being Rs 90 lacs. The details of payment to each one of them by the buyer has been clearly stated in the deed as above. Banks records also show the same.
1) Will LTCG be calculated proportionately ?
2) In 26AS under details of SFT transactions (SFT-012 - sale of Immovale Property) the
amount shown is Rs 45 lacs - it is being shown 50% of total sale value for each. But this is not
true - do I still calculate the LTCG proportionately as actually received amounts of Rs 21 lacs and Rs 69 lacs?