Sir,

we are in a company selling 4 products out which three products are exempted and one is taxable

proportion on an average = 98 % exempted and 2% taxable

We are going to sell an asset ( Specialised Computerised device purchased two years back , No ITC being availed then ) now we are going to sell this equipment , GST needs to be charged on the transaction value . I have following questions o this

1 . Shall we utilise the Credit of proportionate ITC of the same asset when purchased ( on after deducting the 5% per quarter )

2. If not shall we use the ITC of other assets which are currently purchased with out proportionation- ( assets used commonly for all products )

3 . If we are purchasing same kind of machinery/equipment from another company - shall we use the ITC of the same for discharging this without proportionation ?

4. or should we pay this in cash ?

Hello All,
I have filed all the TDS and TCS Credit Return under GST of on of my clients till March 2020.
However the same amount of TDS/TCS Credit is not added to their Cash Ledger in GST.
Why so?? What shall I do as next step?? Please Guide..

MY CLIENT IS AN ENGINEER BY PROFESSION AND HIS TOTAL TURN OVER IS LESS THAN 1.50 CRORE IN THE FINANCIAL YEAR 2019-20 UP TO MARCH 2020.
MY CLIENT HAS GST LIABILITY FOR THE OUTWARD SUPPLIES DONE IN THE MONTH OF MARCH 2020.
THE CLIENT HAS GOT ELIGIBLE ITC FOR THE INWARD SUPPLIES IN THE MONTH OF APRIL AND MAY 2020. CAN HE CLAIM THE ITC OF THE APRIL AND MAY 2020 FOR THE GST LIABILITY OF MARCH 2020. HE SAYS THAT SINCE NOW GSTR3B CAN BE FILED TILL 30 JUNE 2020 AND HE THE AMOUNT OF ITC IN THE MONTH OF APRIL AND MAY 2020, HE CAN VERY WELL ADJUST THE SAME IN GSTR 3B TO BE FILED FOR THE MONTH OF MARCH 2020. PLEASE ADVISE
CA HS RAMGOPAL

Hello Experts,

We are a Manufacture of Electric Vehicle. For getting approval of the vehicles for manufacturing we are required to get the model approved from various organizations like ARAI, ICAT, etc. Only after the approval of such organizations, we can start manufacturing the vehicles. My question is whether such fees paid can we capitalized or are these required to be shown as expenses. Also, we have paid land booking amount for the land allotted by Rajasthan govt. Whether such land booking amount is capitalized or not???

I am person having only business income. But in my Form 26AS, TDS on salary is being reflected from an uknown third party, most probably due to some error by the deductor in quoting the pan in the tds return.

How o file my return.My return will get rejected if the income as per from 26as does not match with the ITR. Please guide

Dear Sir / Madam Unsecured loans from relative of director of pvt ltd is allowed....however it will not be treated as deposits under deposits definition Sec 2 (1)(C) ? So for filling Annual Return of deposites it will be considered under Third part of DPT -3 e form " purpose of form " ?

there is vendor AB making a tool for company XY and keep in his own location also whatever things he will manufacture from that tool , he will supply to XY only

My query is
1. weather bill be raised as bill to -ship to to XY or bill to XY and ship to AB.?
2. what documents need to prepare to avoid the GST litigation?
2. do XY need to declare AB as its additional place of business in his GST ?

please guide

Actual Return of a Individual under ITR IV was on actual due date. But later after due date it was found that one amount that was to be credited being missed . So by editing / correcting such return attracts late fee under 239(F) or not ? Sec 239 F is saying that
Provisions of section 234F get attracted if the following conditions are satisfied –
1. The assessee is mandatorily required to file the income tax return as per the provision of section 139; and
2. The assessee has either not filed or has delayed in the filing of the said income tax return.

So whether in this case such late fee will attract or not ? If not what is the relevant section ?

I am a self employed consultant having professional income and registered under GST. For March’ 20 I raised an invoice of Rs 1.2 L and received payment in April’20. I included this invoice while filing GSTR 1 and 3 B for Mar’ 20 and hence included in the turn-over for FY 2019-20.. My client have not booked this invoice in Mar’ 20 and hence while issuing TDS they have not considered this in FY 2019-20. They will include it in FY 2020-21. Now while filing IT return if I don’t include this in FY 2019-20 there will be mismatch with GST turn-over. If I include, there will be mismatch next year since the client will show it next year in TDS.
So how do I go about it ?

Today, in year 2020, I am 37. I started my epf contribution at the age of 31. My queries are below:

1. If I am still working in 2021 and contributing my epf (including employee contribution, employer contribution and VPF), can I withdraw all of my corpus from epf, including the one I contributed in 2020 while I am still working with the same organization, and all of that is tax free?
2. Let's say in year 2022, at age of 39, I stop working and I do not join any other organisation. If I do not want to withdraw my whole epf balance till the age of 58, can I continue earning interest on all of corpus (including epf and VPF) when I am not working (which means I am not contributing to EPF from year 2022)? Is that interest accrual tax free? In my opinion, interest accrual is not tax free after one stops working and stops contributing to EPF
3. Let's say in year 2022, I go abroad and become nri. This means, my epf contributions have stopped. Assuming the interest accrued is taxable after the contributions stop (even if one is nri and working abroad), would it be fine if I become an employee (on papers) of any company in India at very little basic salary of 10000 per month (against say 3 lakh basic per month in my previous job in India) and they keep contributing to my epf. The aim is just to keep earning tax free interest accrual on the existing epf corpus if I choose not to withdraw EPF corpus when I quit my job in India and shift abroad and become nri. Can the income tax department question it that how come i am an nri and stil employed in some company in India at such low salary?
4. Let's say in year 2022, I quit my job and shifted abroad (stopped epf contributions). I didn't withdraw my accumulated corpus. Now, assuming my accumulated corpus is earning interest but taxable. In year 2024, I again came back to India and started working and started contributing to EPF on the same UAN. Now, will the interest earned on the total corpus, assuming that was taxable between year 2022 and 2024 because I was not working in India and not contributing to EPF, will the interest accrued will now become tax free on the total accumulated corpus till 2024 with effect from my job joining date in 2024?