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Sir, TDS is to be deducted for freight paid exceeding Rs. 1.00 lac to any single party. If upto Dec.2023, paid only 80,000/-(all payments below 30,000/-) but in March,2024 paid 40,000/-. Whether TDS to be deducted on cumulative total of 1,20,000/- during 4th qtr. If yes, then what about late fine and Interest payable on previous payment ?

Background:-
Society is going to replace 9 lifts which cost is approx. 4 Cr plus 18% GST. We will collecting contribution from 312 society flat owners toward through the maintenance bill of May 2024, we are attaching without GST maintenance bill month of April 2024 and with GST maintenance bill month of May 202. Collection period (Upfront Rs.50000/- From Maintenance Bill Month of May-2024 and Amount 9500/- (from June 2024 to May2025). We can call this fund as sinking fund or major development fund or corpus fund or any other name.
Beside that society also collecting transfer charges of INR 3 lakh from new incoming member. We also have some approx.
INR 2 cr Fixed deposit under major development fund which was created before 2017.
Need some point wise clarification from your side?
1. Weather society need to collect GST on this additional collection for lift which will be raised from May 2024 to May 2025 under head of corpus, sinking or any other head. In case it’s applicable than is there any other head or way out which can avoid GST on collection.
2. Can we take GST credit on new Lift which we are buying?
3. Whether property tax or water charges which we are collecting on behalf of BMC are exempt from GST.
4. in case not exempt, last year we have raised invoice without charging GST on entire amount as our bill was below 7500 limit after removing property tax and water charges so do we need pay now or need to wait.
5. In case water charges and property tax are exempt from GST but collection for lift is not exempt, may we raised two separate invoice one regular monthly invoice without GST and other collection with GST.
6. Once we started charging GST on entire amount and once collection done for special project like lift etc., can we start again raise monthly invoice without GST.
7. Whether GST applicable on delay interest where members not paid their bill ion time.
8. Whether GST is applicable on transfer charges which is collected and credit to Balance sheet under major development fund.
9. Weather GST will be applicable on transfer charges if we collect the same as non-refundable deposit for club membership from incoming members.
10. Weather GST will be applicable if we utilised fixed deposit which was created before 2017.

Sir,
A Doctor maintained a private hospital tax audit itr filed fees income rs:2 crores above.
Question:
Hospital registration mandatory udyam (msme)

Dear Expert,

The assessee has filed his returns all these years up till A.Y. 2023-24 under the old regime. He has income from other sources and small profit from Futures and Options which he declares under business income. From A.Y. 2024-25, default regime is New Regime. However, he wants to continue to file his return under old regime as that is more beneficial to him for A.Y. 2024-25.

I suppose he is required to file Form 10IE before uploading his income tax return. Am I right in this case? Or as he filed all his previous returns under Old Regime so he does not have to file form 10IE?

Please advise.

Sir/Madam

Is any capital gain tax payable by me if i transferred some share to my wife account in fy 2023-24??

Date of Sale is transfer of share to my wife's demate account??

Please guide me.

error: deductions us 54F claimed here should match with total of deductions claimed in respective assets. i have ltcg in mutual funds which i invested in my first residential property whose cost is more than total sale value of mf . i get this error whether i fill total sale consideration or ltcg. please help

Suppose
I have imported goods on 1.10.2023 by giving advance of 10000 $ @ Rs.50 per $ i.e Rs. 500000 and we received a goods worth 9000 $ @ Rs.45 per $ i.e Rs.405000 ( this entry was made by considering the Exchange rate mentioned in Bill of entry ) on 23.11.2023 we have booked a profit of Rs. 45000 i.e ( 9000 x 5 ) on 23.11.2023. But what about aur extra payment of 1000 $ to our supplier. At 31.3.24 closing rate is say Rs. 51 per $

What is the treatment of the advance in our balance sheet BS and how it affect our PL

As per AS-11 ???

Old age home Trust is receiving a consideration from guardians (of that old age people). Is that consideration treated as Donation? If yes what if that donation returned to donee.

Dear Sir/Madam
I have following questions of non-resident individual.

1) He has house and other property in India and want to sell all property and he want to transfer all fund received ag. Sell of property in his NRO Bank account then he want to file his tax return in india and tax payable at which rate?
2) He has balance in saving bank account in India and he want to transfer his fund in his NRO account then is any tax payable by NRI?