For AY 2023-24 would a trust be able to get exemption under sec 11 if the Auditor has filed form 10BB report on 30th Oct 2023 and the client e-verified the same on 8th Nov 2023. If not please provide information as to get exemption thereon.
Thank you.

I have reversed the 2023-24 ITC under 17(5) in this month 3B can i reclaim that ITC if i receive Invoice from supplier?

Hello Members,

The client had filed the return as per timelines for AY 21-22. The Return was directly filed by Client at that time via using some online website services. Apparently, Income from Salary was missed while filing the ITR, subsequently the entire amount of TDS deducted on Salary was also refunded by the department.
Now there has been a notice issued with respect of mismatch between the AI and the ITR filed. Post this notice client realized the above error. Need suggestion:

1. Since time limit for filing the updated return for AY 21-22 has already passed, is there any way we can file the updated return?
2. What will be the maximum penalty that will be applicable in this case?
3. Since client had accidentally missed out on this, any other recourse available to get this corrected with minimal penalty applicablity.

Regards

1.If partner transfer asset purchased under his name to the partnership firm, will RCM be applicable to that transaction?
note that the partner is not registered under GST but the firm is.
2.Does the partner need to issue bill of supply for this transaction? ( as related party transaction is considered supply under GST.)

Dear Sir,

We have received corpus fund from builder & come to know that buider had not discharged any GST Liability on said fund. Will it be taxable in the hand of society?

Futher, corpus fund handed over after completion of Occupation certificate than what would be treatement?

Suppose ABC Limited has taken a service from XYZ Limited and this service is qualified under Reverse Charge. XYZ Limited has not provided any tax invoice to ABC Limited. Now the issue is:

i) ABC Limited has to discharge tax liability under RCM but it cannot taken ITC since tax invoice has not been issued by M/s XYZ Limited. This is a loss to M/s ABC since they might not be able to avail ITC even if they have discharged GST liability under RCM

ii) If M/s ABC opts not to discharge liability under RCM then will it be a non compliance for them

I request all experts to provide their valuable opinion in this matter

As per Sec 44AB, limit of 1 crore has increased to 10 crores if cash receipts/ payments do not exceed 5% of turnover. Does this apply to a Partnership Firm ?
Suppose a partnership firm is having a turnover of 5 crores and cash receipts/ payments are below 5% of turnover. Thus, this partnership firm will not be liable to Tax Audit for AY 24-25, correct ?

Can I reclaim permanently reversed ITC in 3B?

mera orginal pan card mai naam hai sk yearof badsha lakin ITD main automaticlly update ho gaya shekh yearof badsha mere digi locker mai sk yearof badsha hain or e pan mai v sk yearof badsha hain mai reprint ka apply kiya toh bol raha income tax department main shekh yearof badsha update hai mera baki sb id mai sk yearof badsha likha agar main naam change kar k shekh update karunga toh baki sab id main v update krna padega ? ya sk or shekh same hai ?

Hello,

My client of Land Owner.

Under JDA, if land owner received refundable lumpsum security deposit from land developer, which is to returned back to land developer upon possession of the constructed premises (his share), then what would be sale consideration in the hands of land owner and at what time.

For eg. land owner gets 1 crore at the time time of handing over the premises/land to land developer, and it is agreed upon that, out of 1 crore, 50 lacs to be returned back to land developer upon completion of structure and 50 Lacs to be returned back upon possession of his 60% share in the property.

So how and when capital gains is to calculated from the perspective of LAND OWNER.

Thanks in Advance.