How to show Speculative Loss (Intra Day stock) in Income Tax Return in Following Scenario
for eg Total of Sale Values say more than 1 Cr. and say Total Purchase values 1.02 Cr and NET Loss 2 Lakh
how to prepare Profit & loss Account in these Scenario. which Amount on Credit side & Debit side ?

Assess source of income details mentioned below.
1.income from home tutions estimated rs:15,000/- per month
2.interest from bank fd and sb rs:45,000/- year
3.cash gift from relatives rs:70,000/-
Question:
Assess I.t. return filed compulsory in f.y.19-20.

Please inform what is the GST rate on tea stall having turnover of 75 Lacs?

GST was paid on reverse charge basis on long term lease of land from a Government agency. However, after payment of GST, the lease was cancelled. Can refund application be filed for the amount of GST paid under RCM earlier in this case? If so, what is the procedure.

My client have business of making an utensils. He purchased Raw material of SS PATTA & SS CIRCLE at 18% and after processing sold utensils at 12%. My question is that he can apply for Refund of ITC ?

Dear Sir,

I am salary earning person annual salary 400000/ and also i earned LIC commission around INR 5000/ and FD interest around 10000./


Kindly advise me which it return form applicable for me

Dear Experts, we have taken ITC in Dec-2019 GSTR 3B as per below :-
Output : IGST @18% = 285260/-
Less : Input : CGST@18% = 113126/-
SGST@18% = 113126/-
And we have paid balance payment through cash ledger.
Now due to Covid-19 & crisis of funds, we have not made the payment to this dealer
till today. And we have to reversed GST with interest in Aug-20 GSTR-3B.

1) Kindly suggest us which GST we have to reversed either IGST or CGST + SGST.
2) Interest Rate? Is the interest period start after 180 days. i.e. if we delay by 195 days.
we have to pay interest for 15 days.

I am not clear & confused about the above facts. Kindly suggest me what will the remedy.

Regards,

Rakesh Sharma

Sir,

We are yet to file GSTR 3B rtn. for June and July 2020. While the last date for filing is 23rd Sep and 27th Sep respectively, shall we file 3B rtn. for Aug now ( before filing 3B rtn. for Jun and Jul ) as the last date for Aug 20 is 20th Sep 2020.

Pls. advice.

Hello All,

We are a premier institute of Technology of National importance. we developed an online course that will be offered by a Research associate from Auckland university, Newzealand. In addition to course, the research associate shall also develop experiments in embedded systems and work on joint research with our institute. The research associate was engaged for 6 months period. The term of Payment was that amount will be paid to the University of Auckland.
we have now received an invoice in NZ dollar for 28,700 raised by the University of Auckland. Please guide us w.r.t to remittance to a Non-resident university in compliance with section 195, DTAA and rule 37BB.
Queries:
1. Whether amount is chargeable to tax under provisions of the Act?
2. In whose hands is it taxable? The University or Research Associate?
3. If the amount is deductible then at what rate?
4. If amount is chargeable under the provisions of the act but DTAA exempts such payment from Tax in India, then which part of form 15CA is required to be filed?whether (part B or Part D).

Whether the maturity amount received for a life insurance policy (policy term 7 years; sum assured Rs.2.5 lakhs; premium paid Rs.4.2 lakhs @ Rs.60000/- p.a.; maturity amount Rs.4.36 lakhs)qualifies for exemption under Sec. 10(d) of IT Act? If NOT, what is the tax payable on the maturity amount, whether any concessional rate or at normal rate? Pl clarify. Thanks.

D V SEETHARAMAN