Hello everyone,

Mr. A is contractor having annual turnover of 15 lacs and other income as below
Interest on loan given to friends and relatives - 6 lacs
Interest from partnership firm on capital - 2 lakh

My query ?
Is he liable to register under GST ? whether 6 lacs & 2 lacs would be covered in determining threshold limit of 20 lacs for registration under GST ?

I used to stay with my father last year and paid him 20K as rent every month.Also had rent agreement. I used to claim HRA earlier but this year I have not claim HRA deduction. Also I moved to USA in January 2024 but kept paying him some money for maintenance.
I filed his ITR and showed the amount that I paid him when I was with him as rent and the rest 3 months I considered it as gift and didn't include it in his income. Is this correct or should I rectify his ITR and don't show this money as rent and consider all the money as gift? This ITR has been processed already.

If I rent my Indian property to NRI for 3 months and he pays using wise, Is it considered foreign source income?

sir;

Does foreign assets include NRE & FCNR deposits maintained in India ? These details are required to be disclosed in schedule FA ( foreign assets) in case of resident assessee?

please reply. Thanks in advance.

IF I FILED INCOME TAX RETURN FOR A.Y 2024-25 UNDER NEW TAX REGIME ON 10TH JULY,2024 AND THEREAFTER FILED FORM 10-IEA ON 31ST JULY,2024 AND DEPARTMENT PROCCESSED AND RAISED THE DEMAND UNDER OLD TAX REGIME FOR THE SAME AND NOT REVISED TILL DATE THEN WHAT TO DO IN THAT CASE?

Client-A is a Resident Peerson (individual)
Client-B is an NRI (individual)
Client-A wants to receive amount Rs.50 crores from Client-B. Client-B is aiso ready to give amount to Client-A. But there is no relationship. They are only Friends. In this siituation Please give proper advise to the below Questions

1) Whether Client-A can accept that amount without any limit?. If yes, In what Currency either in indian currency or in foreign currency

2)Is there any Procedural Requirements? Plese give the complete Procedure ( RBI permissions, Any FORMs Filing, etc)

3) Tax ipmplications regarding this matter

4) If there is any additional Suggestions , Please Suggest me

Respected Colleagues,
One of my known NRI , now UK citizen having property in india earned rental and filing ITR under income from house property under NRI Status,
Now my first ques is, if same person sold residential property and then reinvest in residential property as per sec 54 of IT act is eligible to claim benefit of sec 54 to exempt capital gains?
Second ques is, if same person without reinvest in property repatriate funds to foreign after payment capital gain tax, then how much % of tax on cap gains with surcharge & HEC?
Third ques is, if person earned income from rental and gains from property sale in india (Already disclose in Indian ITR), then Is he also liable to add income in UK ITR to compute taxes and treat his income from india as per treaty between the countries?

Regards

A Trader who is dealing in cooking masala powder paying tax under compounding system and paying1%. During 2020-21 his turnover exceeeded the basic limit of Rs. 1.50 crore to Rs. 1.53 crore. Enforcement wing officials visited the place of business and collected 5% GST on the excess turnover of Rs. 3 lakhs. But now the assessing officer issued notice in DRC01A proposing to levy tax at 18% GST on the entire turnover of Rs. 1.53 crore. Can the experts throw some light how to respond to this Notice.....

Since which date Late fee u/s 234E for late filing of etds returns is applicable ?
Is there any circular to that effect ?

Sir,
We booked invoice on 20/03/2023(F Y 22 23), ITC Credit was taken in same month. In October 23 we reversed the ITC due to non payment to vendor.

we have paid the vendor in March 24. we forgot the take recredit of itc reversed.

can we take the recredit today in the month of December 2024.