In accounts on our tally GST output ,Input and GST paid entry entered balance amount is payable or receivable .so I entered entry on march
Dr.GST paid
To GST payable ( is paid on April)
all the above is cleaar
Output
Input
GST paid and balance GST payable and yet some amount is shown in duties and tax side on balacesheet how to find it or rectify it
Please let me know, Do we get ITC on marine insurance.?
DEAR SIR / MADAM
MY CLIENT IS RUNNING A MANUFACTURING UNIT [ JELLY CRUSHER MACHINE ] HE PURCHASED SOLLING AND PRODUCED JELLY AND SOLD IT. AND HE IS CONSTRUCTING A RESIDENTIAL HOUSE FOR HIS OWN. HE USED SOME QTY OF JELLY FOR PERSONAL USE [ FOR HIS HOUSE CONSTRUCTION ] HOW TO ACCOUNT IT AND HOW TO SHOW IN GST RETURN CAN I RISE SALE BILL FOR MATERIAL USED FOR PERSONAL PURPOSE OR NOT WHERE TO SHOW IN GST RETURN AND HOW TO ACCOUNT FOR INCOME TAX PURPOSE
PL SUGGEST ME
Hello all,
I am working as a contractor in a factory from last 10 years and now the factory is sold to another company due to no work and our services has been terminated from immediate effect. So we plead to the old management about the problems we will face & hence the management decided to reimburse the retrenchment compensation payable for the employees employed by us for execution of contract service. The management is asking us to give a bill of supply or anything but not a tax invoice under GST, as according to them GST is not chargeable on the reimbursement of retrenchment compensation on closure of work. (reimbursement will be as per actuals). However the company has deducted TDS u/s. 194C on such reimbursements.
My query is: -
1) Whether the management is correct and should i raise a voucher or any other document in lieu of payment receiveable?
2) Whether this amount will form part of my GSTR3B & GSTR1?
a) if yes then where to show it? or
b) If no then there will be mismatch between my GSTR & Form 26AS & ITR?
Please reply at an earliest.
Thanks & Regards.
Dear Experts,
During the billing....there has been two mistake as follows,
1) same Invoice number'invoices has been issued to two dealers,
2) invoice has been issued on incorrect GSTIN of dealer,
Pls clarify...how to rectify these above mistakes
Thanks
Nikhil
Dear All
Can an employer reduce Gross salary by Rs 2,000/- to accommodate PF part of employee( Rs 1,500) from employee's hands itself? Example, if a person Gross is Rs 25,000/-, for which employee contributes 1500/- his part PF and employer another 1,500/- for June month salary. Where in July, his Gross is reduced to Rs 22,000/- so that Employer's share also is paid from employee.
If the same cannot be done through any section/law or by any legal case verdict, please mention the same.
Please feel to revert for further clarifications.
Dear Sir,
I have booked an Invoice and booked GST in our books in the month of September 2019. But I had not taken Input Credit in GSTR 3B as the same was not reflecting in 2A. Even it is not reflecting till today.
So Please confirm within how many months I can claim Input Credit ? Is it 6 Month from date of Booking in Books or from date of Input reflecting in GSTR2A ?
Hi. I am aware of the recent extension of due date under various sections of the Income-Tax Act, 1961 but it does not mention anything about the extension of the due date of SFT. Can you please let me know whether the due date for filing of SFT is June 30, 2020, or has been further extended? If yes, then what is the due date?
Thanking you in advance!
HI,
My brother is a doctor and he is filling ITR 4 since last year as his income was less than 50 lakh and he is availing benefit of section 44ADA.
However, in the FY 2019-20, his organisation has deducted tds u/s 194J for the income for amount of Rs.40 lakh which has not been received till date.
If his total income considered received in bank as well as amount credited the total amount become 70 lakh and tax audit is required under section 44AB. However, he is not maintaining any books of accounts because he was not aware about income credited to him. it is come into notice after verifying form no 26AS.
my question is whether we can carry forward this income in FY 20-21 when this income actually realized. there is an option in ITR 4 for claiming Tds for corresponding income.
Please suggest your expert views.
Hello Sir,
I sold my residential plot in F.Y.2019-2020. It was open land and no construction was done by me.
It was held by me more than 03 years.
To save long term capital gain can I invest whole sale amount in new house property flat and bond ?
Can I invest in both ? i.e.New house property flat and bond both?
Or can I invest in only 01 item.
Can I invest in both items at a same time ?
Duties and taxes on balancesheet