ONE OF MY CLIENT RUNNING PETROL PUMP. HIS TURNOVER IS ABOVE 5 CR. HE IS SELLING ONLY PETROL AND DIESEL AND NOT SELLING AND TAXABLE ITEM. WHILE FILING GSTR9 IT GIVES ERROR THAT HSN WISE SUMMARY IS MANDATORY FOR BUSINESSES HAVING TURNOVER MORE THAN 5CR.
1. IS THERE ANY HSN CODE FOR PETROL AND DIESEL
2. IF I FILL ANY HSN FROM CHAPTER 27 THERE IS NO HSN HAVING 0% TAX RATE
PLEASE PROVIDE SOLUTION .
THANK YOU

REGARDING GSTR9

DEAR EXPERT
MY T.O. IN FY 2022-2023 IS 30 LAC AROUND
ITS MANDOTORY TO FILE GSTR9 OR NOT

THANKS IN ADVANCE ??

Dear Sir
How much is the tax relief in the case of the following scenario ?

Fy 23-24
Gross income-10 lakhs
Deductions-pf 1.5 lakhs and housing loan 1.5 lakhs and standard deduction 50000
Gross total of arrears of fy 22-23 received in fy 23-24-4 lakhs
Deduction of pf from arrears-1 lakh


Fy 22-23
Gross income-7 lakhs
Deductions-1 lakh pf and 50000 standard deduction


Old regime is opted in both the years

Dear Sir/ Madam,

We have received FCRA funds parked in the FD and taken the Overdraft facility against the FD. Below are my questions.
1. Is this allowed as per the FCRA Act?
2. Will the OD amount be considered domestic or FC funds? if it is a FC funds -
3. Can we re-pay the OD from domestic funds?

Thank You
Vijay

Sec 78 and Sec 79 speaks about Set off and Carry forward of Loss in case of
i) change in constitution (Retirement/Death of Partner) and
ii) Closely Held company
The above sections talks about Business Loss ( I checked in bare act too)
My query :- Does speculative loss also included in above Business loss meaning? Do we need to calculate share of retired partner in speculative loss and carry forward remaining partners share in loss.
Or Do we need to ignore speculative loss in total and Firm cannot carry forward as Business loss in bare act means only normal business loss.

Under which head should the maturity gains be shown- capital gain or other sources. specifically under 56(xiii), ulips are excluded for determining income from other sources so it should be treated as capital gains only, but definition of capital asset does not explicitly cover these kind of ULIPs. They only cover ULIPs not exempt under 10(10D) because of fourth and fifth proviso.

One entity having turn over as cleaning charges from school rs.7.0 lakh per month, not registered in GST. saying that the Cleaning service to school is exempted therefore they not register in GST. is it correct?

Dear Sir

I am appearing for CA Inter exams in May 2024. Please suggest me any good book which should be practised for upcoming exams in Cost Accounting.

Regards

Dipak

As part of business group consolidation process, the investors are decided to form a holding company and transfer their shares to the holding company. The transferred number of shares includes shares acquired by them via bonus allotment, in this case as part of share transfer to holding company is there any capital gain impact for investors

A Non-Resident Indian (NRI) and a person residing in India form a private company in India. The NRI pays the subscription money in INR in India. Is this considered as Foreign Direct Investment (FDI), and is the transaction legal?