Sir / Madam,
One of our suppliers does not file his August 2018 GSTR1 till date. Hence our 2A does not display their bills but we have claimed in our GSTR3b in Aug18 itself.
1} Can we now reverse the credit which we claimed in Aug18 in our Sep2020 GSTR 3B with 24% interest from Aug18 to Oct20 (26 months)?
2) Is it correct to reverse the ITC now? –lapse period more than 2 years.
3) Can we raise a debit note on the supplier for the tax portion and for interest for 26 months as the party did not rectify besides our series of follow ups for the last 1 year?
Kindly advise us.
Thanks in advance.
With regards,
Bazeer L

I am a seafarer. This year, I could not complete my NRI days. I have 3 NRE account and some NRE FD. I can still keep the NRE account and FD, and pay tax for interest received this year for NRE FD, since I am expecting to revert back to NRI status from next year. Also what percentage is the tax liability for NRE FD interest received.?

SIR

1) We are providing transport services. Will TCS SEC 206 (1H) be applicable?
2) We are also having trading unit in which we are buying and selling Bio-diesel / Tyres / Spares etc., Can we collect TCS?
3) This section directs to collect the TCS on the payment to be received from the buyer. TCS on Collection means the total bill value I think. So It is levied indirectly on GST also. Is it correct Sir?

Guide me Plz
Thanks in adv

Sir/Madam,
In my Form 26AS for the AY 2020-21, an SFT is shown as Time Deposits said to be having taken place during the year , Whereas the amount shown as SFT 005 pertains to the renewal of the Time Deposits made in the previous financial year which is shown wrong in my 26AS. What is the action to be taken by me in this regard?
N Eshwar.

My client is Agent provide services to Bajaj Finance and bajaj finance is paid tax under RCM and issued invoice then where to show my client in GST return 3B and GSTR 1 outward supply

Sir,
One of my friend is a partner in a firm. The Partnership firm was
begun in the FY 2018 - 19 and the turnover for that financial year
is only 2 to 3 lakhs and ended up with loss.
Due to various reasons, his firm could not continue its business and became inactive in the subsequent financial year, i.e 2019 -20. The partners have no idea of continuing the business in future.
As such, can they file ITR for FY 18-19 with a Loss and if so, is it necessary to go for Tax Audit?
Or, can they remain without filing ITR for FY 18-19.
Further, can they file a NIL return for FY 19-20 ?
How to formally close their business for Income tax purpose?

Pls. advice.

In DPT 3 we have to fill up free reserves column, is this free reserve amount should be that of previous year 2019 balance or current year 2020 balance, please tell me.

R S Sai Kumar

I had been sold Rice to registered GST delear for rs.200000.Now he has paid Only rs.195000.Due to Weight loss of Rice.So please guide me for regarding entries of accounting in my books of account.

One nursery garden supplied Mexican Grass for lan development for Rs.42000/-. whether TDS isapplicable in this case? there is no agreement or contract is entered between the vendor and our company. the nursery is belongs an Individual .

Kindly advise the TCS is applicable for the following

1. Sales made to one customer worth of Rs.40 lakhs from April-2020 to 29-09-2020 but receipt from this customer from 01-04-2020 to till date is more than Rs 50 Lakhs.

In the above case from 01-10-2020 invoices shall i Consider for TCS @ 0.075%.

or kindly explain when we have to consider for tcs