Flat bought in Yr. 2003 = Purchase Value 375,000 Rupees.
Flat Sales in Yr. 2020 = Sale Value 22,500,000 Rupees.
Agency commission - 2%
Society transfer charges shared by but=yer and seller in 2003 purchase = 12,500 INR
Society transfer charges shared by but=yer and seller in 2020 sales = 12,500 INR

Yearly Society maintenance Charges - last 17 years 825 INR per month * 204 Months =168,300 INR
Electricity and Water charges - 200 INR per month * 204 months = 40,800 INR
Renovation expenses - 200,000 INR
Inter State travelling expenses to check the flat condition yearly = 5,000 INR x 17 years = 85,000 INR.
Seller is residing and working abroad last 17 years since it was bought in 2003 and the flat was never occupied.

What would be the tax implications on the seller on the sale of this flat and what process need to be done?

SIR
We are GTA. We do all the expenses on behalf of sub-contractors and periodically, we set off them against their bills. How ever, the fastag expenses remains unadjusted at the end of year. So, Can we account the fastag charges as PREPAID EXPENSES IN ASSET SIDE - because the remaining expenses to be carried forwarded to the next year for the purpose of set off.

Plz clear my doubt
thanks in adv

A GST Reg. taxpayer imported goods worth $15000 from China. He cleared the goods from the customs. Now the client receives Discount of $5000 against the invoice.

1. Whether the assessee should account for only the net $10000 as exp.?
2. The assessee took ITC of IGST paid at the time of import. Whether he have to reverse any ITC because of this discount on imports?
3. Whether any communication have to be made to customs or any other Govt department or RBI regarding discount received from China?

Dear Sir

Award of Shares to Indian Resident Employee by Employer based in United States.
Income Tax Withheld by Head office US $ 829/- Indian Office Deduct TDS Under Perquisites.
To Claim while Filing ITR-2 which schedule and line to be filled up.

Dear Sir,

Please clarify what documents needed for Discount received from supplier of goods for release payments before due date along with credit note.

We are taking discount letter from them. Is there any requirement of letter from Supplier for post sale discount?

As per my understanding there is no GST in Post sale discount if i m wrong please let me know?

SIR
We are doing GTA business. We are supplying trucks to our Party (Supplier of the goods) and after the delivery, we will the receive the consignment copy with sign and seal (Received Copy) from buyer (receiver of goods). We will issue sale bills based on the received copies periodically to the Party (Supplier of goods).
In this case, it is essential to keep the Received Copies (consignment copy) in file? or enough to maintain the sale invoices only?

Plz clear my doubts
thanks in adv

One of our client is liable for GST Audit for FY 2018-19...We filed GSTR-9 with incorrect turnover as compared to Income Tax Return. Now, when we came to file GSTR-9C, we noticed the above mentioned issue of turnover. So, shall we correct the turnover in GSTR-9C, and if yes then what reason we will give for the un-reconciled turnover...???

please advice which input should be claimed as per 2a or 2b or books?
with thanks

Hi,
I am a salaried person and have total income above 5 lac.
I did some intraday trading and had
Intraday Profit - Rs.11
Intraday Turnover - Rs. 3010

As per some articles that I read on cleartax, quicko etc.,
It seems like I should file ITR 3 and since, my Intraday profit is less than 6% of turnover - I am liable for tax audit.

I wanted to confirm regarding the same.
Is it fine to consider it as SCTG and file ITR 2/3 so that I don't have to get tax audit done?

Hey,
I've recently received an intimation u/s 143(1) wherein the issue is :-
I've filed my return stating my income in which I have received 7th pay commission arrears in the FY 2019 -2020 and the intimation that I have received has processed it without giving me the benefit of relief under section 89. So, shall I file a rectification request under section 154 or should I ask my employer to correct the details under part B of Form 16 and file a revised return for that purpose subsequently. Also, if I shall file a rectification U/s 154 it isn't available for the AY 2020-2021 until now ?