Dear Sir/Madam, One of my client paid commission to foreign national company in INR Rs. 24,000/- In 3cd Tax Audit reporting of payment without TDS to Non Resident, whereas Company is Sri lankan amd establishment in India. Is it necessary to report in payment to Non Resident col.? as I understand Non Resident means Indian Origin not Resident in India, is it correct.

SIR,
1.Any composite scheme dealer annual return filed GSTR4 OR GSTR9A applicable in f.y.20-21.
2.composite dealer purchases invoices(4a) uploaded compulsory or not.

Sir
I have purchase agri land of Rs 13 lakhs/- . Govt Market Value of such land is Rs 83 Lakhs. So i have to paid stamp duty on Rs 83 lakhs.
I have to ask you :

1 )In such case difference between Rs 70 lakhs ( Govt Market Value 83 lakh - purchased cost Rs 13 lakh ) will be considered other income in the my hand ?

2) I have purchased such agri land to build building for sale. So that i have submitted my file to govt department to convert such land into non agri land. But till it is agri land. Sir if I show such agri land as trading purpose & show as stock in hand in trading A/c then in such case difference between Rs 70 lakhs ( Govt Market Value 83 lakh - purchased cost Rs 13 lakh ) will be considered other income in the my hand ?
Sir please reply

Hi Sir,

We are been paying rent after deducting TDS (194I) and TDS is been depositing with Govt every month bill to bill. And the transaction or the rent paid is crossed 50,00,000(Fifty Lakhs), as per the Income Tax new rule we need to deduct TDS under sec 194Q once the purchase crosses threshold limit.

As we are already deducting TDS u/s 194I and making the payment, do we need to deduct TDS u/s 194Q as well for rent.

Regards,
Santosh

Please help to solve this error.

File could not be uploaded! Download the latest version of Offline tool to generate the JSON file or ensure to validate your uploaded file against the template published at Specification Portal.

Sir
I have one pokland machine. My main business is to give such machine on hire or rent. but in F Y 20-21 nothing any receipts was received from rent of such machine. During the F Y 20-21 such machine was not used. So T O is zero.
So I have to ask you , can i claimed depreciation on such machine in F Y 20-21. & What is rate of depreciation ?

Hi all

My company has incurred a loss of 35000( 1st year of company) in the last year and of Rs. 5000 in the current year. Its bse of incorporation expenses of Rs. 150000.
Do I need to provide for deferred tax? How to calculate the same?

Thanks in advance.

Sir,

I want to know in case of a supplier who was already covered applicability of TDS under section 194Q during the financial year 2021-22, whether TDS was applicable in case when as asset was purchase from the same party.

It is to intimate that data has been received in this office from higher formation regarding high utilization of Input Tax Credit by you for payment of GST duty during the Financial Year 2018-19 & 2019-20 which is to the extent of 100% of total duty payment.

It is therefore requested to explain the reasons of such high availment of ITC -

how to reply to department please guide sir

I had purchased 100 shares of a company on 10th January 2020 for Rs 50. I purchased 200 shares again of the same company  on 1st Feb 2020 for Rs120. I sold 100 shares on 2nd Feb 2020 for Rs 140. What will be the cost of 100 shares sold on 2nd Feb 2020, will it be 120 Rs or 50 Rs?