Hi,
I want to start with POD business on teespring and redbubble. Both these platforms are based outside India. As a seller, I will upload my artwork on these platforms, will create a virtual listing of products & set selling price for each product. Customers(who are also from outside India) visit and place order with these platforms.These platforms manufacture and deliver orders to customers and after deducting a base price for manufacturing from selling price, the remaining amount will be paid by platform to seller i.e. me by payout through PayPal.
After a lot of hassle, I came to know that this will be the export of services( zero rated supply) and all transactions need to be shown under GST.
I am just receiving payout (showing profit earned by me) from these platforms through PayPal
I am not issuing or not receiving any invoice. Even customer details are not shared with me.
So my questions are
1.How to show this profit under gst as I have only payouts showing profit earned by me (i.e. selling price minus base price) from those platforms?
2. I don't have any invoices but in gstr1 Invoice details need to be filled. How to address this issue?
It would be of great help if you could answer query.
Thank you

Company is having PBT more than Rs 5 cr up to FY 19-20. But during 20-21 company's PBT is less than-
Rs 5cr.

Company is not qualifying for CSR under other criteria of net worth and Turn over.

Is it company have qualify for CSR applicability based on 20-21 PBT ?

I am staring out as an accountant and I have to prepare my firms books of accounts for audit purposes. Can anyone guide me through the important things that I need to consider for the procedure. This would be a great help in my career.

Sir,
A partnership firm working in two partners.purchases of agriculture land rs:10 lacs value name for 1st partner.but payment rs:8 lacs 1st partner and rs:2 lacs 2nd partner.
Question:
Purchase of agriculture land rs:10 lacs value show in partnership firm and partners individual account in it act.

Dear Sir/Madam,
We have made mistakenly payment to challan TCS 6CR intead of TDS 194Q and vice versa for the month of July 2021. What shall we do? Should we pay fresh challan along with interest or can both be setoff against liability of each other.

Please suggest the course of action.

Thanks

We have sold to a party Rs199500/ Goods in cash in aug2021. The same party again wants to purchase Goods from us in cash of Rs199000/ ? Can we sale them in cash? Can we accept cash against sales per month? Please advise?

As per new Income Tax Portal ITR 5 is not showing for filing (for Partnership Firm) .
Whether any one has filed ITR 5 on the NEW Income tax portal.
Please advise.

Who pays the amount of Insurance and freight while importing goods from outside the country?

Let us say
FOB - 10000 $
Freight - 200 $
Insurance - 112.5 $

These brings CIF - 10312.5 $

Importer is liable to pay the amount of FOB to seller but Insurance and freight are part of bill of Entry

Importer further pays to his CHA ( BCD, Surcharge and IGST) but buyer don't pay for insurance and freight.

But while maintaining books of account, seller account is credited as 10312.5 $ but he doesn't pay for it. Then how to close seller's account in importer's books of account?

Two Partner combined purchase a land in their own name,and construct a factory.
Now in partnership IT return whether the land have to be shown or not. As land is not purchase in the name of factory.

Please suggst

My daughter is an NRI, and I am a Resident in joint property. She has made definite 100% contribution through her Bank A/c and I have paid nothing. Under Income Tax law, she is the owner and I am not even a co-owner.
To avoid Income Tax complications later on:
• I feel the Buyer must pay 100% of sale proceeds to my NRI daughter in proportion to her 100% contribution towards cost.
• Moreover, being an NRI owner, under Income Tax law it is mandatory to remit the entire sale proceeds to her into her NRO A/c only.
• If 50 % payment is made to her and 50 % to me, will not the ITO issue a Notice to my NRI daughter and to me, and perhaps also to the Buyer as to why the NRI property proceeds were split and 50% paid to me into a resident a/c, which is illegal, especially since the Resident’s contribution is zero?
• The ITO may even consider any 50% payment to me as a windfall for me being without any consideration, and include it in my income for tax purposes!!

• This is all the more so, as all NRI details, including % contribution, NRI TDS % of 22.88 % (instead of 1%) etc will be mentioned in the sale agreement and sale deed.

I, the Resident so-called “co-owner” can give an NOC to the Buyer or his Bank for making 100% payment to the NRI 100 % contributor to avoid 50:50 % payment by Buyer to each of us.

I hope your expert opinion concurs with my views
Thank
D. C. Bhargava