We have wrongly taken the igst input in the month of july 2017 which has been reversed on December 2017 but the full amount has been unutilised during the period. (Sales/ turnover figure has been wrongly entered in the igst input head under 3b)

Gst department has issued notice for the interest payment during the period

Please provide any solution. very high amount has been demanded as interest

Thanks in advance

Whether GST is applicable in the case of building premises let to government school children

Dear Experts,
I have a query regarding the foreign exchange transaction booking.

We pay a vendor in the US in US dollars as an advance payment (Advance for 3 months work) for the services they will provide us in the coming months.
They send us the invoice monthly and the exchange rate is different so advance cannot be fully settled with the invoice they send us.

My question is how can we settle the advance payment with the invoices they send us as they send us a monthly invoice and the advance payment is done 3 months advance.
Should we settle it at the end of the year or every month or every 3 months using foreign exchange gain/loss account?

Many thanks in advance.

Regards,
Santosh

What are the tax implications from Income Tax Point of view

We are in business of mining and quarrying. For business we are going to buy an excavator, should we claim ITC of the same? Is ITC on excavator fall under restricted credit that we can not claim and does Excavator fall under "motor vehicle" as per motor vehicle act.

Sir/Mam,

GST9C Annual Return FY 20-21 Audit is mandatory or not, if mandatory how much turnover we have to audit. what is self certification ?

Plz clarify my doubts

Whether it is mandatory to furnish HSN summary of inward and outward supplies in GSTR-9 for FY 20-21? If not please mention relevant notification number along with provision. Is there any categorywise exemption?

is the provision of section 44ad(4) i.e. declare profit for the five assessment year, also applicable on 44ADA? If one person files a return under section 44ADA for the financial year 2018-19 and opt-out from 44ADA for the financial year 2019-20 and files ITR 3 (maintenance of books of accounts.) Can he file a return again under section 44ADA for the financial year 2020-21? Kindly clarify.

An individual purchased a commercial shop under construction in 2017-18 after paying a substantial amount and executed an agreement of sale. However possession was handed over to him only in 2020-21.
1.If he sells sells the property in the current year, what will be the period of holding i.e., will it be considered as a long-term or short-term capital gain?
2. If it is a long term capital gain, will year of indexation be considered as 2017-18 or 2020-21 for cost of acquisition?
3. Are there any case laws to support the same?

This problem is in AY 2021-22. I am a Resident and do NOT have any income by way of winnings from lotteries, crossword puzzles, races, games, gambling and betting and have not filled anything in Sl. No. 2a of Schedule OS relating to income at special rates. However, during validation of ITR ( whether online or through JSON utility), I get error "In schedule OS. Sl. No. 10, the quarterly break up by way of winnings from Lotteries,...betting, (etc.),referred in Section 2(24)(ix)is not equal to Sl. No. 2a Winnings from Lotteries, etc. chargeable under 115BB-DTAA 115BB respectively. Even if the values are input as zero in both serial nos. 2a and 10, the error keeps cropping. Hence upload of return is no possible. Please advise.