One of my client in India is having one office in partnership in Hong kong .
he has earned commission Income for selling goods to Columbia which he has purchased from china.
Income accrued and received in hong kong only.
now he wants to remit the forein earned income in india.
what will be the Tax implications as per Income Tax Act and as per GST act ????

In FY 2019-20 wrongly I had paid CGST/SGST (using input credit available) in GSTR3B instead of IGST. But while filling the GSTR1 I had shown the liability as actual that is IGST.
How can I correct this issue?

As the Annual return for 2019-20 is due, my turnover is below 2Cr, and it is not mandatory to file GSTR9. but to correct my returns kindly advise how could I proceed.

I have a proprietorship business and i missed IT file AY 2019-20.
Can i file AY 2019-20 income tax return & can i claim TDS amount in current AY 2020-21 ?

Kindly advise me.

What is tax implication on capital gain arrised on shares tendered in buy back ?
Whether it is exempt for AY2021-22 u/s 10(34) ?

I am currently living in a self owned flat. I also booked new under construction flat in 2016 for which I am going to get possession in 2022. My plan is to sell existing property in 2022 and move to new property.
Query1 - Can I claim capital gain exemption under section 54 on my old Property sale as I am selling old flat and taking possession/registering new flat in same year (although I have booked it in 2016)?
Query2 - Can I claim pre construction interest rebate on new flat?

We are maintaining HUF A/C assessed in IT till date.All cash balance of Huf deposited in FD with bank getting interest from it.
Now we are deciding to make partition among family members of cash balance.
What is the procedure to close this a/c and to surrender our PAN of Huf to IT department

Professional fees includes travelling charges say Rs.1000/- professional fees , travelling charges Rs.200/- Total Rs.1200/- and requested to Banker . the Banker credited to my Account . Now my question is shall i pay Service tax for RS.1200/- OR i shall pay service tax for Rs.1000/- .
Request is made in one letter and separately mentioned .
Please answer and to E Mail.jayaramrajurs@gmail.com

In the A/y 2017-18 We have filed the Return U/s 44 AD and in F/y 2018-19 we have been audited U/s 44AB (a) in the current A/y 2020-21 out turnover is 46 lacs can be file the return by just filing the balance sheet and profit and loss account and declaring profit @ 10%. uder normal provisions. Or Audit is Compulsory

Sec 44ada professional income I.t return filer download 26as in f.y 19-20
Sec 194da
Amount rs:104250/-
Income from lic of India
Tds deducted Rs:1043/-
Question:
Above sec 194da amount lic of India Rs:104250/- treatment taxable(other sources of income)or exempted in I.t. act.

I am a senior citizen having pension and other income OF RS 3.20 lakhs( after availing tax rebate under 80 C, 80D, TTB etc)during durrent FY 2020-2021 . I have done share trading transactions ( delivery and intra day) with a turnover of Rs 76 lakhs from 1st april 2020 till 31st december 2020 earning a business income of Rs 1.35 lakhs. This will offset a carried forward loss of 65000/- from last financial year.
my query is : SINCE THE SHARE TURNOVER IS LESS THAN 1 CRORE AM I LIABLE TO HAVE MY SHARE ACCOUNTS AUDITED BEFORE FILING ITR 3 FOR FY 2020-2021, despite my other income exceeding tax exemption levels ???
I am getting confusing answers from my CA qualified friends. Please quote the rule and kindly help me with a correct clarification. Please reply to : rvrv002@gmail.com
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