Sir,
One of my friend is doing money lending business ( Private finance ). He prefers to file IT return for the AY 2020 - 21 under Section 44AD ( ITR 4 ).
If we assume that, the total collections for the year is Rs.25 lakhs, out of which, Rs. 4 lakhs is the interest and the remaining is repayment of principal by the borrowers, can he show Rs. 25 lakhs as gross receipts and Rs. 4 lakhs as earnings ( Profit ) ?
Is it correct to show the total collection, including principal and interest, in the Gross Receipts ?

Pls. Advice.

In the month of may, I have filed GSTR 1 in the name other firm for whom the invoice was not issued.Actually name has been changed.Now can we amend this one in the month of November?If Yes,please tell me how it is possible..
Please guide me...

Dear sir,
my 6% turnover other than cash gst business = Rs. 25,00,000
8% turnover cash non gst business = Rs.8,00,000
hence total turnover = Rs. 33,00,000
but gst turnover in gstr-3b = Rs. 25,00,000.
In itr-4 i have files Gst turnover Rs. 25,00,000 alongwith gst number column.
Kya is case m koi mismatch notice aa sakta hai gst ya income tax department se.

Respected Members
for FY 2018-19, I forgot to show certain outward supplies (sales) which although I have shown in September 19 Gstr 1 but in Jan 20 gstr 3b. Further, sales that left to be shown are just half of the sales that are shown in GSTR 3B upto Sept 19
Now in Annual return for 18-19 can I show such sales in table 10?

In a balance sheet of prop firm ,the housing loan taken by prop is shown as capital while house is not reflecting in fixed assets side. The balance sheet is duly signed by CA.I think it's invorrect. What does he law says ?Kindly guide?
Regards.

Dear Sir,

I am having 2 types of Income i.e. Contract Income of Rs. 15 lacs on which TDS is deducted @ 1% and Professional Income of Rs. 3 lacs which I receive for providing various taxation and other consultancy services. On this professional income no tds gets deducted but I have to show in Balance sheet as my income.

I wanted to know will there be any query raised by Income tax department in future if I show 2 types of Income in my file and whether it is now right if I file the return U/s. 44AD as I used to do it previously when I was having only Contract income.

My total turnover doesn't exceed Rs. 20 lacs in the entire financial year.

Please suggest me in this matter as I have to still file my return for F.Y. 2019-20.

Regards,
Divyesh Jain

A gst registered regular scheme dealer input credit claim consider as per form gstr2a or gstr2b.calculation 10%excess input credit claim as per form gstr2a or gstr2b

A trust is running school and It has some idle land and its earning rental income of 1500000.p.a.It doesn't have GST registration.

Is trust is liable for GST for the rental income?? & Liable to take GST registration??

If yes please send me relevant notification/circular/rules/

Please help me to resolve this issue

Is compensation received from government against compulsory acquisition of land for road development is taxable?
1) If land is agricultural-
2) If land is non agricultural

Which form is used for filing ITR?

Please clarify

I.t.assess cash gift from brothers wife (vadina) Rs:13 lacs through on bank mode .
Question:
Above gift transaction taxable or exempted in I.t. act.