Turnover of the firm for FY 2018-19 and 2019-20 was Rs. 50 crores and Rs. 70 Cores respectively.

TCS on sale of goods made applicable from 01.10.2020.

The firm received sales consideration of Rs. 75 Lacs in Dec 2020 pertaining to sales made in FY 2019-20. Whether TCS have to be collected on this sale amount?

Please guide

I HAVE APPLIED REGISTRATION FOR E COMMERCE COMMISSION AGENT. SO PLZ TELL ME HSN CODE OF E COMMERCE COMMISSION AGENT

Hi,

Brief on our current structure :

Indian entity registered as subsidary of U.S registered company.
3 employees resident of india are on payroll of Indian Entity working remotely.

Now from April they shutting down indian entity and making all 3 indian resident employees as direct employee of U.S registered company, working remotely from India.

For employees what will be benefits and issues.

One thing they communicated is we will have to handle Taxation of India at
individual level...Just wanted to understand new process...Currently we give investment proofs to indian employer and they deduct tax and file that to govt...Then using that form16 we file our income tax returns .

How all this will change in new employment model in which we are employee of U.S entity ?

Please guide further on this. Right now we have option to object on this proposal if many issues.

Thanks,
NYadav

SIR

PLEASE LET ME KNOW IF WE ARE CONSTRUCTING NEW BUILDING IN THE NAME OF COMPANY AND ITS PRIVATE LIMITED COMPANY CAN WE TAKE INPUT OF GST OR NOT , WHAT WOULD BE TREATMENT OF SUCH PURCHASE LIKE BRICKS, IRON , CEMENT ETC

Dear Expert
I have received a bill from Company for the following charges.
Participation Fees for
Training Conference - Rs. 100000/-

Add : Goods & Service Tax @18.% - Rs. 18000/-

Total - Rs. 118000/-

I want to know that under what section Tds has to be deducted on this bill.


Regards,

I have a Building Construction Company and i give construction for contractors who will recruit the daily wage workers and the daily wage workers are not constant throughout year .
Is ESI & PF is applicable ? if Yes ,
Who is liable to Deduct "Building Construction Company" Or "Contractors"

Thanks in Advance.

DEAR SIR,

ONE OF MY CLIENT TRADING ONLY GOODS(BANANA) EXEMPTED UNDER GST. MY QUERY IS HIS MOTHER OWNED STORAGE WARE HOUSE BOTH ARE NOT ENTERED RENTAL AGREEMENT IN THE FINANCIAL YEAR 2019-20. NOW HIS TURNOVER IS 98,00,000/- DECLARED IN GST RETURNS. NOW FOR INCOME TAX PURPOSE HIS MOTHER GOING TO FILE INCOME TAX RETURNS RENTAL INCOME FROM HIS SON AND AGRICULTURAL INCOME. MY DOUBT IS HE HAS TO PAY GST ON RENT UNDER RCM HE WILL DECLARE RENT EXPENSES FOR HIS BUSINESS MONTHLY 15000/- WHETHER BOTH GST ON RENT 18% AND TDS APPLICABLE FOR THESE. PLEASE CLARIFY ME PREVIOUS YEAR RENTAL AGREEMENT NOT DONE.

REGARDS

sales value is Rs. 5 lacs and sales return of goods sold in last month is Rs. 15 Lacs , who to show in GST R3B due to Net sales of this month Comes Rs. -10 Lacs.

please suggest.

-Contract contains rate escalation Clause which is calculated and paid in next reporting period.
- historically rate escalation is recognized when paid
-policy changed from current reporting period and income is accrued based on robust estimation
-this results in income recognition of previous period and current period in same year
- auditor is challenging this and insist on resatatement of previous period
-we argue that this is change in estimates and no need to restate previous year account
Pls. advise

If a manufacturer purchases finished goods for trading purposes...ITC can t be claimed for refund purposes!!!
For caluculation of Rule 89(5)
Please tell me the working of pirchases fo finished goods and sale of finished goods
In my case purchases on finiahed goods in 2019-20
And sale in 2020-21