Hi Sir/mam.

Please clarify on surrender of shares
If debentures of 1 lakh and debentures interest of 20k are existing in balance sheet
And total claim of debentures reduced to 50k,
how would i know which part is reduced to which extent.

Sir, for the Asstt.Year 2011-2012, one of the advance tax payment was not given credit while processing the ROI under 143(1), hence, there was a demand to that extent. We have raised the Grievance to the extent and in the resolution we are informed that “ you are requested to file the rectification application along with supporting documents for taking necessary action” is what the massage received. When we check the same in the income tax portal, no such enabling option is made, so, now what to do ? or do we have to make an application in manual to the Jurisdictional Officer or how to proceed sir.

in feb gst1, i wrote 100000 instead of 10000 as net sales in gst 1 so corresponding tax @5% 5000 instead of 500.
i know i have to amend gst1 of march gst 1 month, but , my q is

in feb 3b due now before 20th march 2024, sales comes prefilled. but here in 3b, do i write manually corrected 10k net sales and press confirm?

my view--> yes i have to write corrected figure in feb 3b.

Stamp duty paid on delivery of import goods comes under which head direct or indirect ?

Hi Expert
I have one case where purchase consideration is being paid in installments, First Installments was made on 15 Nov 23 and buyer is forgot to deduct TDS,

Although he deducted the total TDS on 2nd installments on 15 Feb 24 (including previous TDS amt).

My question is , whether Buyer has to file 2 form 26QB like first is of Nov 23 and 2nd is of Feb 24 or
Buyer can report in single form 26QB.

if buyer goes with first option then he also have to pay interest + penalty of Rs 200 per day from 30 Dec to till date max up to TDS amt.

In my opinion we can pay interest of TDS that was not deducted in first installments and file single form 26QB , Please correct me if i am wrong.

Please advise

Regards
Deepak

what are the consequence if we forget to show gift received from relative at the time of ITR Filing ?
and also it is mandatory to prepare GIFT Deed on stamp paper ???

Hi Sir,

Does dental check-up come under preventive health check-up, and can it be claimed under Section 80D?

Thank in Advance

Please let me know whether TAX on RCM paid is expense or Asset. Please me know how to pass the entry in books of account.

Prakash Menon
Accountant

Our company is into providing transportation services and we are registered under GTA service (FCM),for providing such services to customer.

Fleet (Commercial Vehicle) are being purchased on regular basis to provide services to customer.

We provide both Taxable as well as Exempt Services to Customers, input credit on Capital, Operational and Overhead Purchases is being claimed on the basis of Revenue Ratio which is result of both Taxable and Exempt Services.

In case of Operational and Overhead Purchases we reverse input credit in the same month on the basis of Ratio.

However, In the case of Capital Purchases we follow the 60 months rules provided in the GST for input credit.

We have taken 100% input credit on the purchases of commercial vehicles ,since we are providing both taxable and exempt services the input credit availed on these purchases is being reversed in 60 months as per the rules laid in GST for availing input credit on capital purchases

Now our company is providing 100% Taxable Services which means we no longer providing any Exempt services.

Here my question is that till date we were reversing the Input credit availed on capex purchase on the basis of 60 month rules, going forward do we need to reverse balance input credit availed on capex purchase without waiting for 60 months ? Note still we are using these vehicles for commercial purpose.

For Example- we have purchased Vehicle in Sept-2018 (FY 2018-2019) 100% ITC availed and follow process of Reversed Credit as per revenue ration in next 60 Month . Now Current year FY 2023-2024 is 100% taxable services. can we need to reserved ITC on the same pls advice on the same .

Assessee has sold residential property during FY 23-24.
From the sale proceeds, he has purchased a new residential property during FY 23-24, but the property is purchased in the name of his son, (son is non-resident).

Is the assessee eligible to claim Capital Gain Exemption? If not, what are the options available to claim the exemption?

Please clarify with applicable section.

Thank you