Team,

Here is the news from ET 23rd Dec.

https://m.economictimes.com/news/economy/finance/glitches-in-itr-processing-lead-to-bloated-tax-liability-on-capital-gains/amp_articleshow/72931397.cms

This is the case for me too, what should be the action item from our side and also Department side.

Please share your suggestion.

Advance Thanks
Palani

One of our Client, having status of Private Limited Co., doing business of online balance transfer to the venders. The company first received Cash/Bank from their all vender party and in turn the company transfer the balance in wallet of the vender A/c.

Quary..
1.Should the Cash/Bank amount received from vender be considered as a turnover in P & L A/c?
2.or only commission received from the wallet company is to be treated as direct income and not to shown the cash turnover in p& L A/c?
3.Since company is liable to to pay GST only on commission invoice issued to wallet company, now if we show the turnover of Cash/Bank (which is not liable to GST) department may raised the quary, that your turnover is more in p&l A/c compair to 3B??

A proprietor engaged in Trading business and he receives LIC commission.LIC commission is Taxable supply or exempted supply to file GSTR-1 and GSTR-3B. Please clarify my doubt

A company is engaged in importing and exporting goods and charges commission.whether will i need to disclose total exports or export commission in GSTR-1 . Please clarify my doubt

We have purchased Two Mobile phones and one Head Phone in one Invoice in furtherance of Business ,

1) Is it composite supply or Mixed supply ?.

2) Can we claim ITC ?.

3 ) Is Section 17(5) (b) (iii) (B) of the CGST act 2017 will applicable in this case for claiming ITC .

please reply ,Thanks In Advance

Sir I took transfer in 2nd year of articleship from 2Nov 2019 ( I joined from 8 march 2018---- 1year 7month 5 days) from SSP and I applied for transfer on 9 Nov 2019. My transfer is approved on 20 Dec 2019 ,

so my query is from which date I can join other firm after 9 Nov or 20 dec.

And other one is if I join articleship from 21 December am I eligible for Nov 2020 final exam.

in nov-2018,i filed gstr 3b and made 1 mistake.
i entered gst outward supply data in inward supply(reverse charge) by mistake.
but untill gstr 1 is pending for filling.
how to correct it?? because now i have to file annual return

I purchase a machinery as on 15.04.2018 of RS 335000 + IGST 60300 and Now I sale the machinery as on 18.11.2019 of Rs 52500 + CGST 4725 + SGST 4725. I need to reversed or Paid Rs 39195. How I show This Transaction in Gstr - 3b and Gstr 1 of Nov 2019 including sale & reversed or other.

While calculating stock reserve what is logic behind the byforcation of transfer and expenses.

Dear Concern!

Our partnership firm profit 288473 & paid IT 90003/-. We are 2 partner and share is 50%.

my question is above profit share after deduction of income tax or not. normal profit share is 144237/- & after tax is 99235/-. Which method is correct and the said share is taxable or exempt in our individual ITR. If exempt so which section of ITR-3 we claim the same.

thanks