AY 2018-19 & AY 2019-20 for a partnership firm income tax return filed u/s 44AD READ WITH 44AB. Audited u/s 44AB Form 3CB & Form 3CD filed . Current year turnover is less whether it is file return 4S without compulsory audit offering 8% of Turnover as income.

A gst registered dealer monthly returns gstr3b and gstr1 filed up to date.
Input credit balance as per electronic credit ledger as on date:01-11-2020Rs:cgst 5678/- sgst 5678/-
But present date as on 30-11-2020 cgst rs'65600/- sgst Rs:65600/-
Question:
Dealer increase itc credit claim used eligible as per electronic credit ledger.

Sir,

As per 2A the amount of itc claim is more than 3b and books. How to deal with the excess purchases and tax. whether we can take up the amount of purchase plus tax as total purchase for these unclaimed itc in profit and loss account when invoices are available? Whether need to show the same in 3CB CD audit report? whether we need to pay tax on unclaimed itc of 2A? The turnover for the particular client is below 2/5 crore.

CAN HUF [KARTA] PURCHASE LAND/BUILDING AND HAVE REGISTRY IN THE NAME OF KARTA.

N purchased the property consisting of land and residential house in South Chennai measuring about 2600 sft in 1974 and 50 % share of the property was settled in favour of his wife L in 2015. N expired in 2019 leaving behind his wife L (77) and two sons K & P as legal heirs.
As the building is very old, L, K & P want to demolish the building and construct an apartment building with 3-4 flats. But they are not in a position to construct with own funds and are also not interested in a Joint Venture scheme of any builder due to variety of reasons.

R (73) – Brother of N has a vacant plot in West Chennai purchased in 1975. L and her two sons have approached R for funding the construction of the flats in their land with an offer to allot one flat with uds of land in return proportionate to the amount to be invested by R for the development & construction of flats.
It is assumed that - Since R will be utilizing the sale proceeds of the vacant land against the value of the flat to be allotted to him, there will be no capital gain tax for him. Similarly, since L and sons will be utilizing the sale proceeds of uds of land to R, by constructing flats for them, they also will be exempted from capital gain tax.
Now, with regard to execution of documents to complete the transactions one option is - L and sons have to execute a sale deed for the sale of uds of land to R and subsequently all the four have to enter into construction agreement with the builder for development & construction of flats to them.
Supposing if L and sons request for the money (sale value of R’s land)) to be paid directly to them in advance without involving the builder on the understanding that they will transfer one flat with uds for the value of investment after completion of the flats - will it be risky or alright to concede to the request.
What will be the implications of capital gain tax and the consequences if the flat is not completed by the builder as per the requirements?
Any other alternate and viable documentation to take care of Capital Gain Tax, Stamp Duty and other statutory requirement.

i have 100 share of wipro ltd - long term -- pls guide if i give for buy back to company -- what will be the tax effect. thanks sec 115 QA if applicable also then that effect also thanks

Good Afternoon Respected all,

I have a query for making journal entry of GST as below.

feb-19
OUTPUT CGST 9344.68, INPUT CGST 19686.67= ITC 10342
OUTPUT SGST 9344.68, INPUT SGST 19686.67= ITC 10342


If i have ledger of CGST Payable & SGST Payable & Output CGST & Output SGST & Input CGST & Input SGST then how should i make the entries. how many entry will be done????

Please reply .

What is the tds rate on film distribution shares as per applicable from April 2020.

sir,
if a person(individual) registered under gst but billing very less in previous year and now wish to show OTHER SOURCE INCOME head (other Misc. income, not billed in gst)
Example:- PY GST Sale Rs 66500 net profit US 44AD Rs 6000
others Misc. income Rs 3,00,000 + 419 (saving interest)
ANY TECHNICAL ISSUES? PLEASE SUGGEST
regards

SIR
I am the manufacturer of TMT steel in Madurai and I have decided to open a shop for selling the product in Salem in future for which now I send the product to my rental place in Salem.
Here, there is no sales. No registration is taken under GST still now for my rental office. The product value is Rs.7,00,000?
So,
1) Can I send the material by invoice only with the product value without GST?
2) E-way bill is necessary?

Guide me plz
thanks in adv