One of my clients is employed at MNC shipping Company. Sometimes clients of his employer takes his personal advise on shipping matters and ready to pay him consultation fees. However as per terms of his employment he can not do private consultation. So he intends to take such commission/consultation fees in partnership firm of his family members, where in he will not be a partner. yearly such income will be to the tune of Rs 20 L (appro) and firm will disclose this as its income. However the firm will not have any partner having shipping line Business knowledge.
Advise is sought for any drawbacks of such planning. Any provisions violated of i) Income tax Act ii) Benamy properties Act? iii) Money laundering ?

Hi, I want to know why DP client transaction statement doesn't match with Capital gain tax report of DP?
What information is given in DP client transaction report ?
does it show total Quantity of shares purchased and sold?

I need to rectify return of income us 154 in response to intimation u/s 143(1) for A Y 17-18
Is this facility available on new portal ?

Hi All,

Is it correct that my dealer who incurs expenses with regard to marketing activities received from 3rd party and we reimburse the amount through credit notes and our dealer issues tax invoice for the same?

So can we claim GST ITC for that amount which we paid to our dealer as section 16 says that goods/ services to be received for claiming ITC in this case we are not the receiver of service our dealer is the receiver of service.

Please suggest whether can i take ITC or not.

Dear Sir, We are doing CA practice with two CA partners and now we are planning to take an Advocate as a partner in CA firm..

Request you to guide me the procedure and form to be filed in CA institute.. I have no where found such form to be filed in ssp portal

Does anyone know about GST liabilities of starting Print on demand business on ecommerce platform of TEESPRING. This platform allows users to create a storefront on their website. Users then can sell different products available on their platforms by using user's own original designs. Buyers can place order on TEESPRING platform. That platform then prints and ships the desired order to the buyer and give some profit to that particular platform user that designed that particular product. E.g. if a buyer buys product of $28 from that platform, then the person who designed and uploaded that product for selling on that platform gets approx. $6. This playform pays through PayPal or Payoneer.
Link for TEESPRING platform is
https://teespring.com/
Kindly, guide me about GST liabilities for this platform. Is GST applicable for income from this platform? And If GST applicable then is GST registration needed right from the begining or only after income in a year exceeds 20 lakhs?

In 2012 company made payment of full consideration amount of rupees ten lakh and got a deed of conveyance executed for a property. Deed couldn't be registered on that day and physical possession was not handed over. Seller returned the demand draft of rupees ten lakh to the company with a promise to collect payment on next day of registration and handover of physical possession. Thereafter the seller refused to get the deed registered and handover physical possession. Company approached court for specific performance of contract (registration of deed & handover of physical possession) and got injunction on sale or transfer of property by the seller. Case is in trial stage. Now in 2021 the seller has approached for compromise at a price of rupees fifteen lakhs, which is lower by almost 40% than the current circle rate/market value of rupees twenty two lakh fifty thousand as prices have increased in last 10 years. Company wants to compromise and settle the issue. What could be income tax implications in this matter ? Section 56(2) & 50C?

Dear respected sir,
Weather a person has been appointed as contract for an agreement for 5 years he salary is 20000 pm he drawn every month suddenly may21 month got sick health issue for 21days absent now my question is whether is eligible professional tax 200 pm

Mr Basak of Kolkata sent on consignment to Mr Alok of Delhi 500 cases @ £1,250 on 1st
July 2019 to be sold on his account and at his risk for 10% commission.
Mr Basak incurred £ 30,000 expenses on dispatching the goods to Alok.
On July 10, 2019 Mr Basak received a bill for £ 200,000 at 2 months from Alok.
On September 30, 2019 Alok sent on account sales disclosing that 300 cases have been sold
for £1,600/- each and the remaining cases @ £1,500/- each.
The account sales also disclose that Alok has incurred unloading expenses £ 6,000 and
selling expenses £ 9,000. He sends a draft for the net amount due.
You are required to enter the transactions in the books of Mr Basak (Consignor).

Facts of the Case:
Mr. A (HUF) was running Business with GST No....

A new Partnership Firm "ABC Co." was incorporate, in which Mr. A (HUF) has become a partner. New GST Number of Partnership firm has been taken with mentioned that "Change in Constitution of Business ".And GST Details of Mr. A (HUF) was mentioned thereunder.
Mr. A (HUF) has a GST credit lying in his Credit ledger which he wants to transfer via Form RFD-01 and ITC-02.
Previous CA Considered it as a merger from Mr.A (HUF) to partnership Firm, and he gets Bank Account closed of Mr.A (HUF), and transfer all balance sheet in Tally Via JV to consider it as a capital contribution of Mr. A (HUF) in new Partnership Firm i.e. ABC Co.

Difficulties Faced by Me:
1) Whether HUF can be merger with partnership firm?
2) Capital gain tax liability of Mr.A (HUF).
3) How all balance sheet transfer in tally specially the stock lying with Mr. (HUF)
4) There is any risk in Certifying RFD 01, ITC-02 and Tax Audit Both new and old.
5) Can we transfer ITC via sale from Mr.A (HUF) to partnership firm?