I have a shop and to the left right of it are shops which are qwned by a single owner.

I entered into a deal with that owner to exchange the shops with him and i agreed to exchange mine with that falling left to my shop.

Now I file return under section 44AD presumptive scheme, so just want to know that can apply Section 50 of Income Tax Act to save capital gain on depreciable assets.

Kindly advise.

Thanks

Chirag Dayani.

A company got communication for proposed adjustment u/s 143(1)(a) that says errors/incorrect claims/inconsistencies in the return u/s 143(1)(a)(i), - "The claim of set off current year loss shown in part -BTI is not consistent with the loss computed in the schedules of the corresponding heads of income or the priority of set off the current year loss is not consistent with the provisions of the Act."

Actually the Business Loss is set off with income from Other Sources as per law. Checked and found correct.

How to respond to this. Kindly suggest.

Sir,i had made payment for intermediate exam fees but the payment gets failed and amount debited from my account and no pdf for the same is generated.After 2 days i made a payment from another account it was successful.So how can i get refund for the first payment which gets failed .Contacted with the icai but no reply .so please help on this for the procedure to ask for refund with the correct mailing site where i can mail again .please help me sir its very urgent.

Hi,

we have received a GST demand of interests for delayed payment, in this notice they are demanding to pay interest on gross value as per section 50 of CGST act, 2017 within 15 days of receipt of this notice.

as per new amendment of Interest on delayed payment , whether we have to pay gross value or net value, please suggest.

FY 18-19 at the time of audit we have find wrong tax paid by client under GST Actual Liability is CGST +SGST but he paid IGST & the effect is not correct because Sep 2019 return is already file.
1. In that case how we correct the detail ????
2. In Annual return i have show correct tax & Paid ???
3.How to get Refund for Wrong Tax ???
4. the Option for refund is available but in the utility error show due to Order number filed is mandatory filed.

Kindly Guide.

Hi,

We are a equipment manufacturer located in Bangalore, one of our dealer located in Bihar, this dealer GST has been cancelled, now we want bring back our stock to Bangalore from dealer location. can we raise a self invoice with IGST & bring back these material to Bangalore ?.


Please examine any one.

How to file TDS return for Government employees (24Q) they are not paying tax through bank and its book adjustment.

I understand that filing of GSTReturns is optional once application of cancellation of registration has been filed. Hence I have not filed any Return subsequently. Application for cancellation of registration due to reason that my gross receipts were below the threshold limit, is pending as "under Process" for more than a year. Initially I was filing NIL returns but later I stopped filing. Now I have received SMS that my GSTR2A shows some input bills. These are from my bank for bank charges. Hence they want me to file GSTR3B from back period and pay late fee, even though it will be NIL returns. Kindly advise how should I respond to SMS, or just ignore it? SMS is not a notice and hence need not be responded?

Read more at: https://www.caclubindia.com/experts/ask_query.asp

Compensation amount of Rs.16441000+(interest of Rs.14152365) received for cancellation of property due to litigation whether taxable as capital gain, if it is taxable as capital gain under which section it is taxable, since agreement of sale entered and in Financial statement it is shown as capital work in progress . My client receives amount of Rs.16441000 which he paid intially through cheque above to that he is getting interest of Rs.14152365 which excluding TDS @11.96% whether this interest is taxable, if it is taxable under which section taxable . Kindly guide us

Sir / Madam,
Pls. let know whether discount offered by one trader to other trader in the course of business will be defined as "TRADE DISCOUNT" and will not have any impact into books of accounts " Discount given and/or received" ledger.
For ex: "X" Trader having GST no. issued tax invoice offering discount on bill of Rs.10,000 to Buyer "Y":

Gross amt : 10,000=00 qty: 1000 units per unit:10/Unit (10,000/1000 units)
Discount : 1,000=00
CGST/SGST(As applicable) (will be computer after discount from gross value which comes to Rs.9000).

So while booking this purchase bill recd from "X" my purchase value would be 9,000=00 (Rs.10,000-1,000) like wise my per unit cost would be 9.00 (9000/1000 unit). In short there will be no effect of discount of Rs.1,000=00 offered in bill by "X" a trader Seller) in his sale bill to "Y' (a buyer.)as it comes under "Trade discount" and and accounting rules does not allow effect of "Trade discount" into books of ac/s of "Y" a buyer.

However, in case of giving a effect of discount offer by seller as per his bill above is also a trade discount and hence no effect will be given also in books of seller offering a discount offered into bill raised to buyer.