Respected Sir,

As I have to file 3-B, should I take the data as per 2-B or as per books of accounts. I have found a big difference between 2-B and books of accounts. What to do in such case ? Whether a penalty shall be levied if by the way if some difference is found between 2-B & books of accounts.

Does i applicable for paid vat tax

My friend has started the new start up and he has purchased the machinery, He has paid 20,00,000 + GST 18% 3,60,000 = 23,60,000- purchases on 01-11-2020. Sales started from 05-11-2020. Total sales is 8,00,000 + 5% 40,000.00 = 8,40,000. ITC purchase is 4,00,000 + 5% 20,000.00. He has registed for GST on 01-9-2020. He has fillied NIL return for the month of Sep and Oct. 

1. Can he claim the ITC of Rs 3,60,000 at the first month of the filing the GSTR 3B?

Outward GST : 40,000.00

Inward GST : 20,000.00

Net Payable : 20,000.00

Less : ITC on Cpiatl goods : 3,60,000.00

ITC c/f : 3,40,000.00 

2. Can he capitalize the asset and claim depreciation on the same?

3. Is there any other restrction on the claiming the ITC on capital asset?

Hi All,
I have 2 house properties. I wish to sell one of that and purchase a new one . Can I claim deduction u/s.54 ? Like sec 54F , section 54 has any condition for claiming deduction.

Thanks in advance

Sir Last fy 2018-19 my turnover 87 lakh and filed tax audit return and shows @5% profit, but this fy 2019-20 is turnover decreased to 61 lakh and slab is also 5 lakh nil can file presumptive us 44ad @ 8% profit. is it mandatory to file five year tax audit. Can i file with out tax audit
Sir Which Form Itr3 Or Itr4
Last Year I filled with tax audit itr 3

A person have two proprietorship business.He already have a TAN no. Do he have to apply for another TAN No. for second proprietary business? As Tax Audit applicable for both the business and expenses attract TDS. Kindly guide on that..

Kindly help me to know the tax implication on transfer of WIP from Firm to Partner. One of my client(FMCG Firm) is constructing office building but the land on which building is constructed is on the name of partner. Now firm has decided to transfer all WIP related to office building on the name of Partner. All bills of WIP are on the name of firm.Its the second year of construction My query is whether it will be chargeable to capital gain, WCT, Service Tax, VAT. I have transferred the WIP Balance to partners balance in their profit sharing ration ,I am in opinion that there will be no tax implication as WIP is not a fixed asset so no question of Capital Gain but whether it will come under coverage of any other tax. Kindly let me know if you know regarding it. Thank you in advance.

can i avail GST credit on group gratuity scheme in case of a company. scheme covers risk for life cover and gratuity?

Hi All,
My company is importing goods from a country with whom there is a provision of DTAA. Importer has granted trade credit of 5 years. Goods are in non capital goods category. I have an agreement with the overseas supplier for the same. Is there any FEMA guidelines for such a long credit period? Whether ECB guidelines get applicable? What will be reporting requirements and interest implications for the same? I am not paying any interest for the same.

Dear Sir,

One of my client has come with his Form 16 to file his return for FY 2018-19. I saw his Form 16 and in that TDS is deducted on his income.

My client says that he was an NRI in that year.

Will this Salary income is taxable in India since TDS is deducted on his salary in India and reflecting in his 26AS.

Please help me on this issue.

Regards,
Divyesh Jain