respected sir,
there is no VAT on cloth in andrhra pradesh in pre-GST regime. so no question of transitional credit relates to state tax (VAT). dealers dealing in textiles (not ready mades or made ups) purchased cloth from companies directly from states like gujarat or maharastra with purchases coverd by invoices. now the cloth is taxable under GST from 01-07-2017. can these taxable persons claim central taxes or duties paid on those goods as transitional credit which are held in stock as on 01-07-2017.please discuss
thanking you

Sir,
A Gst registered jewellery business Regular scheme dealer sales of jewellery value rs:1 lacs and hallmark charges collection from customers rs:1000/-
Question:
Dealer sales of jewellery value includes or exclude hallmark charges and tax applicable rate in gst act(3or 18) percentage.

I am Naynesh from Ahmedabad.

I am a professional. Since 4 years I have filed my tax returns under section 44ADA. Now in P. Y 2021-2022 , I have incurred Speculative Loss (intraday) approx 20 Lakhs as well as have professional income of 10 Lakhs. Turnover from Speculative business is more then 1 crore(Aggregate of Positive and Negetive difference).

Now my questions are:-
1) Tax Audit mandatory for speculative?Can we look into the 10 crore limit of tax audit?
2) If audit is mandatory then what is the tax treatment of professional incomes in tax audit and tax return.
3) Can I continue my professional incomes under section 44ADA by showing 50 percentage profits.
4) Is there any mandatory requirements of to include professional incomes in my tax audit turnover.

Please all people guide me on this.

Dear Sir,
I request you to kindly clarify below points. I have income from house rent and interest from FDs. My interest income may exceed 20 lakhs and house rent may be around 5 lakhs. I would like to know is there any other tax rules I should follow if my income from interest is more than 20 lakhs. Please clarify.

Regards,
Rajanna

I HAVE RECEIVED FOLLOWING MAIL FROM MCA REGARING INCORPORATION OF PRIVATE LIMITED COMPANY his is to inform you that in terms of Rule 10 of the Companies (Registration Offices and Fees) Rules, 2014, the Form SPICe(INC-32), Form SPICe MOA(INC-33), Form SPICe AOA(INC-34) dated 05/08/2022 filed by you has been examined and marked as Sent for resubmission with the following remarks-

1. Provide the significance for the proposed name "MRS".
2. The address mentioned in the SPICE+ is incomplete viz.
not having vital details like House no. / Flat no. / Plot no. / Road / Khasra / Khatauni etc. Provide precise
location details to enable service of documents at the mentioned address. Attach another documentary proof with
complete address along with NOC. In case of rural areas not having exact / precise location in the utility bill,
start with C/o (owner of the premises) in the registered office address details.
Please share how to resubmit the form again and how to mention name significance.?

Respected Readers
Partnership Firms books of account getting audited from AY 2017-18 to AY 2021-22 for continuously 5 years. For FY 2021-22 firm turnover is 16 lakh, whether Tax audit will be applicable or Can file complete ITR with profit less than 8% .

Please Guide Friends

Dear Sir,

Financial Year 2019-20 We have filed ITR under section 44AD declare profit 8%. In Financial year 2020-21 Turnover is Rs.45 Lacs and profit is 4.6% Filed the ITR after audit under section 44AB. Financial year 2021-22 Turnover is Rs.73 Lacs Profit is 8.34% Can we go for 44AD or need to audit please suggest.

Sir,
I would like to clarify some doubt regarding RCM
1.Whether all kinds of goods purchased from Unregistered dealer will come under RCM or only Specific goods such as Beedi Wrapper, Cashew nut only will come under RCM ?
2.Whether Rs.5000/- per day limit will restrict the purchase from unregistered dealer?
3.Where RCM should be declared in GSTR 1 ? Because there is no provision available to declare the Purchase or availed service from Unregistered dealer ?
4.How to tally the sales declared in GSTR 3B & GSTR 1 in case Sales along with RCM transaction has been declared in GSTR 3B S No.3.1(d) whereas Only the Sales have been declared (Excluding RCM Supplies)?
5.Even though RCM transaction will not come under sales of the purchaser since it is purchase to him then why do GSTN treat them as Turnover as per GSTR 3B ? is it correct one ?

Me and cousin have 50% partnership in LLP with 50000 capital each.
We ran the business for 3 years. LLP now has around 1Cr assets in balance sheet.
We are planning to sell the company. The 2 new partners will be putting 1Cr into company. We are planning to take that money and exit.
Can someone advice on how to go about doing this. What will be the tax implication for exiting partners?

Sir,
A Gst registered regular scheme dealer
Opening stock as on dt:01-07-22 nil
Purchase for July -22 rs:1 lacs
Sales for July -22 through on online UPI mode rs:3 lacs
Question:
Dealer ( difference sales turnover rs:3 lacs -rs:1 lacs )rs:2 lacs transaction show procedure in gst return and books for July -22 month.