In general we harvest cotton in January and the same got sold before march but due to corona and other reason for this year we were not able to sold the same and stock of cotton lying with us. For past year we followed cash system for booking agriculture income.

- Now my question is Can we book Agricultural Income on accrual basis? If yes at which price ( we sold cotton in the month of May - 2020)?
- If yes what effect needs to be given in Income Tax return?

Hi,
My friend working in school and he received salary by cash of Rs 28000. He want to file ITR.
which ITR to be filled ?
Please guide.

SIR
We are running GTA Private Limited Company (On Reverse Charge Mechanism). We are not eligible for availing ITC on tyres,spares etc., So we suffer lot by paying GST on purchases.

In case if we start an additional business for ex. A steel trading business along with GTA in the same GST number, Can we become eligible for availing ITC on both the Purchase on GTA business as well as the Purchase in trading business?
If it is possible, Can it be utilized towards the sales in trading business?
Plz guide me sir
thanks in adv

ONE OF MY CLIENT(PARTNERSHIT FIRM) HAVING GROSS RECEIPTS 18,00,000,AS IT IS LOWER THAN PRESCIBED LIMIT U/S 44AB WE CAN OFFER 8% AS INCOME U/S 44AD.IF WE OFFER INCOME U/S44AD PROFIT COMES TO 1,44,000 .
IF WE MAINTAIN BOOKS OF ACCOUNTS PROFIT COMES TO 20,000.
NOW I HAVE A DOUBT THAT,CAN WE OFFER PROFIT LESS THAN 8% BY MAINTAINING BOOKS OF ACCOUNTS ?

SIR
Can GTA do its business simultaneously in forwarding as well as reverse charges basis?

thanks in adv

I want to sell our agricultural land for 1 crore which is above the guidance value of 25 lacks. Do i need to pay any tax? If yes, how much tax i need to pay? My buyer wants pay entire 1 crore as bank transfer.

Hi,

I am going to purchase a plot and then construct house using my Capital Gain Account.

The owner of the plot is asking to mention the total value in "SALE AGREEMENT" and "SALE DEED" to be different.

SALE AGREEMENT (AOS) will mention the Total Sale Value (e.g. Rs.70 lakhs)

ABSOLUTE SALE DEED (ASD) will mention the Guidance/Market Value (e.g. Rs.50 lakhs)

Is the above allowed and legal ?

Let me know by doing the above whether I can withdraw the total amount of Rs.70 lakhs and registration fee of Rs.3.25 lakhs from my CGA using FORM C & D ?

NOTE: ALL TRANSACTION THROUGH BANK ONLY (INCLUDING THE DIFFERENCE AMOUNT)

We are courier agency.
We provide courier service to companies, normal people and 4 banks in our area. we issue invoices to every one and also 4 banks monthly, but payment not received from 4 banks on monthly basis, they paid every 6 months once.
Problem with Only these banks. Remaining every one paid monthly.

My query is,
GST paid monthly or 6 months particularly these Banks?.
Tell me Any solution for payment of 6 months only otherwise i pay personally my own money.


I file gst every month and paid gst@18%. Problem with this Banks only.

is there any taxability, if an individual can gift an immovable property to a trust ?

One of my Clients is Resident for F.Y. 2019-20. He went to Afghanistan and earned an income and tax was deducted at source at Afghanistan. As he is Resident his global income is taxable but how can I claim the Refund of that TDS amount ? plz assist me