Dear Team,

My father and mother had not submitted their respective pan card details with the company and hence 20% tax was deducted from dividend directly by company in August 2020.
Now I understand that they can still claim an appropriate refund of tax deducted at higher rate from the department by filing revised return.
Can this be done by 31 May 2021.

Regards
Zubin

XYZ(India) supplied goods for export and taken advance payment against it. The foreign customer at the last minute cancelled the order and therefore XYZ had not returned back the advance to the customer. 1) If the foreign customer is a related party / parent company, is XYZ liable to pay GST on the advance forfeited? 2) If the foreign customer is an independent buyer and not related, is XYZ liable to pay GST on the advance forfeited?

Hi,

Is anyone using open source ERP software - ERPNext?
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hi sir, in contract which consist of single promise and simulatenous performance,for eg... "A" offers reward for anyone who finds his watch he will give 500rupees. "B" comes to know about this and finds the lost watch and return it to "A". in this case "A" is promisor and "B" is promisee. so according to definition of consideration as per 2(d) "when at the desire of promisor, the promisee or any other person has done or abstained from, or does or abstains from or promises to do to to abstain from doing something, such an act, absitenance or promise, is known as consideration for the promise",... so if we look at the last word consideration is for promise.. so in the above example it is "A" who gives promise to "B" so what "A"(promisor) would be receiving would be consideration as per 2(d).. but since "B" has given performance and not any promise so what "B: would be getting i.e.500 would not be consideration as "B: is promisee and not promisor and has not made any promise and hence as per 2(D) what he receives is not consideration.... but if we understand in layman terms about contract, both the parties should receive consideration in return . but "B:" is not receiving any consideration as per 2(D).. so plz could you explain that is money received by "B" is consideration or not and if it is plz expalin

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Sir,
It assess maximum amount limit personal drawings one finicial year any limit prescribed as per it act.

If a company sells goods to a party inclusive of GST on credit and after sometime buyer refused to pay money for the goods purchased, how can a company record such entry in books and what are the implication of GST on this transaction.

Thanks in Advance.