This might sound very stupid question to ask but it underlines two primary concerns:
1. GST Department never waives tax liability once instated, sooner or later, they are to be paid
2. When such liabilities are recovered, does govt allow the related ITC to be claimed by the customers of the defaulting suppliers.
3. ABC Co bought goods from XYZ Co vide invoice dated 30.03.2022. As the later did not file its returns and did not pay the taxes, ABC Co couldn't claim ITC by 30.09.2022 for the said invoice. However, in July 2024 XYZ Co has paid all its taxes and filed the returns, will ABC Co be albe to claim ITC now? May be not. But CAN ABC Co, on the basis of the fact that XYZ Co is a defaulter, claim the GST Back from XYZ Co in a legal manner backed by GST Act.
4. Is there any measure in GST Act to safeguard the interests of the buyers so that they do not suffer from such ITC Losses

Please help

स्वयं, पत्नी और बच्चे के लिए पति द्वारा भुगतान किए गए स्वास्थ्य बीमा पर पत्नी छूट का दावा कर सकती है The main policy holder is husband , amt paid by husband . Self , wife and children covered the same policy.

1) Father holding commercial property earning rental income paying higher tax due to huge rent
no he is planning to gift some portion of property among family member and want to distribute rental income among family member is that possible then how??

2) which document we need to prepare ??

Land owner is "A", construction on it is done by "B".After the completion of construction, A's share is purchased by "B" & payment of same is below 50lakhs.

Does it attracts any TDS deduction liability on part of "B"?

Does the basic tax exemption limits (slabs) cover taxes under special rate ? Do you have to pay tax if your basic income is 50000 and LTCG income is 120000 , wherein the LTCG taxable is Rs 20000/- @ 10% (Rs 2000 tax).

A partnership firm having two business. One is travel agency & 2nd is sale of paddy, including its seeds, and other agricultural products like wheat, jowar, maize, bajra, etc. which are non GST. One GST Registration done for these two business activities. GST invoice raised from Income from Travel Agency Business. & Other Business i.e.Sale of Paddy, seeds Non GST Sale shown in GSTR-1 as nil rated. But this paddy, seeds 1stly purchase & then sales. So my question is where I show the purchase entry in GST Return for 2nd business ?

GST rate & SAC code for Sandstone carving (Jali, Jharodha, piller), designing job work

Dear Experts,

The assessee has derived long term Capital Gain u/s. 112A on listed equity shares on different dates during the FY 2023-24 and reinvested in residential house eligible for section 54F. In the return of income, while claiming the deduction, date of transfer of original assets is to be filled in. Here, there are 8-10 scrips sold on different dates. Which date is to be put in the column? Or each and every scrip is to be put in the column calculating gain on each scrip?

Please advise.

Thanks and regards,

I wish to show Equity and ETF Short Term Delivery based Trading as Business Income as client is doing Stock Market Trading Buisiness in All Intraday, Delivery, F&O & ETF Trading. As his Turnover of exceed above 1Cr but lower than 2 cr, I need to show his Turnover & Purchase Cost of Short Term Delivery Trading & ETF in proper column as this turnover is reflected in AIS & need to matched with ITR Figures (For Intraday there is specific column in PART A-Trading Ac point 12 & for options Turnover need to be reported & only profit/loss shall be reported as per my analysis). Also in last year I filled his ITR US 44AD with Professional Medical Buisiness & not shown his trading income/loss anywhere. His this yr income is below 2.5 (it is in loss) from all above activities hence I think Audit is not mandatory. Kindly Suggest is I m correct on my view and how to show this.

Dear Sir,

He has only salary income and trading income of ₹14,000 from the Indian stock market in FY 2023-24. Which form should he use to file the income tax return? He filed ITR-1, but received a defective return intimation under section 139(9). Should he have used a different form?"