Kollipara Sundaraiah
30 March 2021 at 15:34

Composite dealer Question

Any gst registered composite scheme dealer sales and purchase transactions intra state and inter state both eligible or not.


Manoj Chauhan

Dear Sir/Madam,
My friend has received a mail from income tax department. The subject line is as above. Other contents of the mail are as follows:

We appreciate that you have filed your Income Tax Return and contributed towards the progress of Nation. However, the Income Tax Department has received information on high value transactions relating to (PAN NUMBER) for Financial Year 2019-20. On the basis of data analysis, the Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20):

Total interest payable by a banking company (SPP)-105340
Interest other than 'Interest on Securities' received (TDS Form 26Q, Section 194A)-47023

Please suggest what should be the ideal compliance for this. Moreover, if the amount of Rs.1,07,190/- is tax free and therefore he did not mention that in his income tax return, will it create any problem?

Thanks and regards.


GM Paramount
30 March 2021 at 14:45

PURCHASE RETURN

Sir,

Is it possible to return goods to company through Sale bill instead of Purchase Return. All the Companies are insisting for sale bill. If sale bill can be issued , then how to bill expired/damaged good in Sale bill. Is this possible? Please help.


VARSHA GURAV

Hello,
Buyer of Property has the option to pay TDS on Installment paid basis. Since the agreement of Sale was made in AY 2019-20 Capital Gains are declared in AY 2019-20. But the Buyer has not deducted 100% TDS in AY 2019-20, since balance payment was done in AY 2020-21 so part of TDS is shown in AY 2020-21. How to claim this in Current year return as corresponding Income of Capital Gains is shown in AY 2019-20.
Pls Help on Issue if any one has idea of this.

Regards,
Varsha


sankar ponnan
30 March 2021 at 13:19

TDS

SIR- I am an individual transporter and have 77 trucks. Due to depreciation loss, net loss have been accounted in P& L Account. Due to the capital loss, My capital balance is also in Loss. Besides,
I delayed in filing of ITR for 19-20. I have filed ITR only on 31-03-2021.
My doubts are,
1- Can I carry forward the depreciation loss to the next year?
2- Can I adjust the capital loss with the future profits?


Plz guide us sir
thanks in adv


Darshana Naik
30 March 2021 at 13:10

Stpi registration & license procedure

Hi, can anyone tell me where will I find these Other supporting documents which we need to attach while STP registration:
 Form 32
 Form 18

And can I submit previous year Signed Financial statements or Estimated Financial statements instead of Projected one?

Thanks in Advance.

(This is the checklist which they provided us.
Supporting documents to be uploaded online along with application:
1. Memorandum and Article of Association
2. Board Resolution for setting up the STP/EHTP Unit and persons authorized to sign.
3. Promotor / Director Profile
4. IEC copy
5. PAN copy

6. Project report / Company profile
7. Copy of Lease / Rental Agreement
8. Financial statement like:
 Cost or Project & Means of finance
 Projected P&L A/c.
 Projected balance sheet
 Projected cash flow / fund flow statement
 Export working – (As per Transfer Pricing guidelines in the case of subsidiaries)
9. Other documents like:
 Copy of Master / Service agreement signed with parent company / clients.
 Form 32
 Form 18
 Bank Certificate copy with AD code
10. Floor plan.
11. A letter stating Investment (plants & machinery) for Next 5 Yrs)


ARUN GUPTA
30 March 2021 at 00:12

Physical shares of private limited

I have shares of a private ltd company in physical form. Can i sale the shares in physical form. I have shares of non listed public company in physical form. Cani sale the shares in physical form. Please advise urgently ?


Kollipara Sundaraiah
29 March 2021 at 20:33

It query for high value transactions

Sir
It Assess itr (it ) return filed in time in f y.19-20. recently mobile sms received from it department of high value transactions in f.y.19-20.
1.sb interest from three banks Rs:35,000/-
2.interest from debtor Rs:1,00,000/-
Total rs:1,35,000/- in f.y.19-20.
If Assess interest income rs:1,35,000/- already show in itr under other sources of income head.
Question:
Assess notice reply compulsory or not


Ritesh
29 March 2021 at 17:49

Revised ITR

Can we revised ITR even if ITR processed successfully ?

I want to revised ITR for AY 2020-21 (which was processed successfully) because interest on saving account was not declared in Original ITR, Due to that I got High Value Transactions notification from income tax department .


Rachana Gokhale
29 March 2021 at 15:21

PTRC Return Filing under GST

Dear Sir/ Madam,

Please let me know how I can file PTRC return ?
Our's is LLP. form of organisation formed under GST Rule.

Also we did not had any staff for last 2 years and so PTRC return was not filed but PTEC return for LLP was timely filed.

Kindly advise.

Thanks & Regards,
Rachana





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