Respected DA,

I had received an advance for inter-state services in Fy 2019-20 in the March 2020 and according to GST rules we had paid the IGST on Advance so received and file the GST returns 3B & 1accordingly.
Now till that time, the service of Job Work is not provided by us due to some reasons and for this my Query is : -
1. Is there have any time period restriction to adjust the said advance IGST paid in the Fy 2019-20 or we can adjust the same in any subsequent year.
2. We can adjust the said advance IGST against any other inter-state company in the same state or note?

Kindly reply for the said 2 query's of mine.
Thanks
JSINGH

Seetharaman Sir,
In Fixed Sum method, will it consider itc for calculation or only 35% of previous quarter for first and second month.
In self Assessment method, I have to pay actual calculated tax or 35% of self assessed tax, with ITC considered for first and second method.
Is FSM method more beneficial or SAM method?
Will appreciate your guidance.

I.t.assess un secured loans and Sundry debtors outstanding balance as per books mentioned below.
Un secured loan(Mr.A) rs: 4 lacs
Cash loan to debtor(Mr.B) balance rs:10 lacs.
Assess unsecured loan balance amount transferred to cash loan to debtor account allowed adjustment entries in I.t. act.

courier charges included in sales invoice and gst charged on both then how to pass entry in tally

Dear sir/madam,

we are the Fabric manufacturing company. we have given Chemical to our party on loan basis. in return of such loan instead of receiving Chemical party is asking us to issue sale invoice against the same. can we able to issue sale invoice of chemical, is it fair transaction. or is there any other way of booking this transaction

Do let me know ASAP.

regards,
Gaurav Patil

Sir, for AY 2020-21, my client did trading in Options. ICAI suggests calculation of turnover as follows:
1. The total of favourable and unfavourable differences shall be taken as turnover.
2. Premium received on sale of options is also to be included in turnover.
3. In respect of any reverse trades entered, the difference thereon, should also form part of the turnover.
This turnover can be used for checking applicability of Tax audits, but what should be taken as turnover to be filled in ITR. (Since turnover is less than 50 lakhs, I intend ti file ITR U/s 44AD)
Eg. of a Transaction:
Suppose an option was sold 1 lot (1 lot = 100 Shares) a Rs. 50 and this option expired on expiry day. Now, as per ICAI suggestion, turnover will be sum of below:
1. Favourable difference Rs. 5000 (since option expired there will be no buy value, hence buy value shall be zero)
2. Premium received on sale of option which is Rs. 5000 (50*100)
Hence total turnover comes to 10000 (5000+5000), which is double of what I Traded. This turnover seems to be wrong.
Can anyone help me out as to how the Turnover should be shown in books of accounts.

Hi All,

If there is export of services to Germany from Indian Company, what percentage of with- holding tax is applicable while transferring the amount from Germany to India?

Thanks in advance.

We have an agreement with a Government institute and as per the agreement we are suppose to pay 4% royalty on our sales to the institute.
Will the institute raise a royalty bill based on our Sales figure and charge GST on that amount.
Or
We will directly pay Royalty on our sales to the institute without paying the GST on the royalty amount.

In f Y 19-20 assessee was having business of trading in shares and also in Futures & Options. Combined profit and loss account has been prepared for both activities
In futures and options assessee has suffered loss and hence audit report u/s 44AB needs to be submitted
In tax audit report in form 3CD item no 40 - turnover and profit figures do i need to state figures of both activities or only F & O activity ?

Sir,
One of my friend is doing money lending business ( Private finance ). He prefers to file IT return for the AY 2020 - 21 under Section 44AD ( ITR 4 ).
If we assume that, the total collections for the year is Rs.25 lakhs, out of which, Rs. 4 lakhs is the interest and the remaining is repayment of principal by the borrowers, can he show Rs. 25 lakhs as gross receipts and Rs. 4 lakhs as earnings ( Profit ) ?
Is it correct to show the total collection, including principal and interest, in the Gross Receipts ?

Pls. Advice.