Our factory is located at Andhra pradesh on a land that is taken on 99 years lease. The lease contains an upfront premium and also a rental charge to be paid on monthly basis for the entire duration of 99 years (rent- INR 40 lac/annum)
The initial non-cancellable period is for 33 years and the agreement provides for further 2 extensions of 33 years in the option of lessee (our company) and the possibility of extension is certain at this point as well.
Does this transaction gets covered under IND AS 116? If yes, how to go about arriving at the Lease liability and ROU as per IND AS 116?

One building was taken on lease for 30years which was expired on 21/11/2010 and as per our request, lessor renewed for another 15 years from 21.11.2010 to 20.11.2025 . The entire lease payment for 15 years has been paid on 08.05.2018 amounting to Rs 2.5 crores and legal formalities of lease completed.
This lease payment is single time and no future lease payment for coming years and therefore,capitalised entire Rs2.5 crores during 2018-19


Now,whether IND AS 116 is applicable from FY 2019-20 or to be treated as per IND AS 16

Dear sir,

If amend the sale invoice in GSTR-1, shall we show the only amendment amount in GSTR 3B, kindly clarify.

for example

Sale Invoice basic amount GST@18% Total amount Remarks
100,000.00 18,000.00 118,000.00 Uploaded in May-20
150,000.00 27,000.00 177,000.00 Amended in Jun-20
50,000.00 9,000.00 59,000.00 Balance amount shall we show the Jun-20 3B filing

one more doubt GST payble link between GSTR 1 - GSTR 3B Input = GST Payable amount
is it right or not.

Sir. I have a consultancy income for 7 month and there they were deducting the tds and for rest 5 month I was a employee with the other company. I means to I have a business income and salaries income in f. Y 19-20 and i want to know which itr form would be applicable for me to claim tds amount. And my income is below 5 lakh .. Pls suggest with your valuable answer.


Thanks & regards

We have changed the constitution from LLP to Private Limited Company w.e.f. 01.01.2020
in the LLP, we were following the depreciation rate as per income tax act.

In the Private Limited, we have to follow the companies act compulsorily.
How to adjust the difference in values of fixed assets due to change in the depreciation rate?

A partner of a LLP is receiving remuneration from LLP which is more than Rs.20 lakhs and he is also receiving rent from that LLP of Rs.60000 per month. Whether the partner is liable to take registration under GST or not??

Sir,

What is the Time limit for GST ITC Refund claim, Exports without payment of Tax under LUT, any extension given for refunds for covid-19 reasons

Please clarify above

Thanking you,

In a hospital one of the director is doctor. One resolution is passed that doctor - director will not be involved in any of the management decision. He is providing his service as a doctor and fees is paid to him as sharing basis from fees received from patients.

Whether this payment to doctor - director will be liable to RCM under GST..?

We are filing returns on qtly basis as the T/o of the same is less than 1.5 cr. All the sales are made from this concern in the name of our another mfg concern in the month of Jan20 and there was no sale in feb&mar20. we filed all the GSTR3B returns in time and paid GST accordingly. But wrongly we filed "NIL" GSTR-1 for march20 (Q4) instead of GSTR3B. Can we show the sales in 1st Qtr. of 2020-21 and ammend B2B (dates of the bills) to cliam GST input in our purchasing concern. Please guide.

I have filed my 3b return for the month of March 2018, but i have declared less sale hence paid less amount of Tax. Now I have to file the annual return for the financial year 2017-18 and I want to rectify the same in it. How can I calculate the interest for my late payment of Tax.