Dear Sir,

I am a 40 year old salaried employee under the 30% tax slab. My father had originally purchased a land which he transferred to me vide a settlement deed. I have subsequently availed a housing loan & constructed a house in the land in 2007. With the loan being repaid in full, I have now decided to sell the property (Approx Sale value Rs. 50 lakhs)

As the land was purchased by my father from his own funds, he wants to give 50% share of the sale proceeds to my sister who is married. Please let me know on the following:

1. Can I transfer / gift Rs. 25.00 lakhs through Banking channel to my sister. Are there any restrictions on upper limit for gifting in a FY? What will be tax issues arising to me / to my sister on the transfer?

2. Will clubbing provisions arise for the above transfer as she is my blood relative.

3. I also intend to transfer a portion of the funds to my parents to avail higher interest in FD's (being super senior citizens) and also to take advantage of the income tax slabs applicable to them.

Please advice on the taxation issues especially w.r.t clubbing provisions under the above scenario.

Regards.

ABC Ltd, acting as travel agent, buys hotel rooms from various hotels and sells it to other registered agents located in other states. ABC Ltd will claim CGST and SGST charged by hotels. When ABC Ltd sells hotel rooms to other inter-state agents, whether it should charge CGST+SGST OR IGST? Where will be the place of supply in this case?

Self Assessment Tax not considered while processing ITR.

While processing my ITR, they didn't take into account my claim of payment of self assessment tax and have sent intimation under section 143(1) to pay that amount plus interest whereas I am supposed to get a refund! My self assessment tax is appearing in form 26AS as well.

I tried to do Rectification logging in to the site but there it is showing my processed data is not available for the AY when my ITR status is showing it is processed!

I filed a e-grievance. Do I need to do anything more? Please advise.

SIRS
WE WISH TO INFORM YOU THAT, BY MISTAKE THE OUTWARD SUPPLY MENTIONED IN GSTR-3B AS Rs.6,68,81,162.00 INSTEAD OF Rs.66,81,162/- . BUT MENTIONED IN GSTR-1 AS Rs.66,81,162/- CORRECT TURNOVER. PLEASE LET ME KNOW HOW TO RECTIFY IN THE ERROR.

PLEASE CONSIDER AND GIVE SUGGESTIONS.

REGARDS
S. RAVICHANDRAN
9566793688

If assesee is following Exclusive method for sales & Puchases

Examples :
net sales is 10 (shown in sales), Rs 2 (GST on sales) shown in duties & Taxes
net Purcahse is 9 (shown in purachses, GST credit on it of Rs 1.5 shown in Duties & Taxes

so net payable is 0.5 not paid till Tax Audit date

will Rs 0.5 disallow U/s 43B ??

A partnership firm incorporated during FY 2017-18 and having turnover of Rs.60,00,000/-

The net profit is Rs.-250,000/-

My Queries are:
1. Whether ITR 5 can be filed with loss without any audit or 44 AD?

2. Whether 44AD Audit is compulsory to declare the loss ?

3. If no audit is done, whether ITR can be filed u/s 44AD and declare the net loss ?

TIA.

Sir,

Can u pls guide me for tally entry on car loan through Bank, Includes car purchase and insurance

WHAT IS THE VALIDITY FOR AN I.T.C INVOICE?

what would be the difference between purchase and direct expenses for a hotel or restaurant ?

An Indian company has entered into Service Contract with an Associate Company in USA to provide online support and software support services to its onshore work in USA inorder to execute the offshore work.

Here service provided by Associate company is USA. End user of services is also in USA. Please advise in such case whether the Indian company need to pay service tax under reverse charge.

The Associate company is a registered company under usa laws and a independent entity. Only directors are common.

Thanks
Narendra