Sir one of our supplier cancelled GST no. That time we issued Invoice as URD or unregistered
After that party activate their registration but we have issued invoice as URD
Now party claim that in their return our transaction not showing.
Pls guide what to do now

We are a Section 8 Company and are planning on receiving funds from stakeholders (companies, societies, trusts, individuals) since our activities will benefit them. Should we receive them as donations or in some other prescribed format? Also, what document(s) should we demand along with the check (resolution etc) for our safeguard? Will appreciate if the format could be shared too.

Respected Sir,

RPU NSDL TDS RETURN of 26-Q is showing " challan balance as per consolidated file " in Challan option. Please let me how the excess tds paid gets reflected in this column.

Secondly one more column is there in challan option named as Others. In this column what kind of amount can be filled up.

Please guide me and oblige.

Any changes in section 194 N wef 10th oct. 2020

Hi All
I tried to find answers for query but couldn't find so posting query.

one of our client have 2 rooms in south Mumbai Chawl, their owner give chawl for development and in new building developer ready to give all tenants 300 Sq.FT 3 room Block. No agreement was done , but only oral commitment from developer.

Now the question is whether this transaction attracts Capital Gain ? if yes, how to calculate that. one thing to remember that our client will not receive any fund only block instead of 2 rooms in chawl.
kindly respond with related sections, case laws etc.

We had paid TDS as of Rs 3 Lacs as on 07-08-20 for the Q-4- fy 19-20 on provision of some job work bill as of Rs 1.50 Crores but due to certain reason the bill has been cancelled. Since TDS Return as been filed and the said Bill and TDs both have been shown in TDS Return. How to use the said TDS for the next financial year 20-21.

Sir,
A provisional statement was signed by auditor showing gst liability 12 lakh but actually the gst liability was 2 lakh.. And they paid the amount 2 lakh. But while finalising the accounts the actual gst liability to be show as 2 lakh but auditor is not willing to finalise the same with 2 lakh. The difference in gst liability risen was due to the gst rate.. What to do with the same.

TDS applicability on payment on payment to GO Daddy.com LLC (USA) for domain Renewal Charges

Dear Sir,

I am filing GSTR 9 of my client for FY 2018-19 who is into the business of providing GTA services and he is exempt from paying GST on transportation.

But while filing income tax return Sales amount in Profit and Loss account was shown on receipt basis as per bank entries whereas Sales shown in GST returns were shown on the basis of actual bills made during the whole financial year. This has resulted in huge difference in Sales amount shown in Profit and loss account and Sales shown in GST returns for F.Y. 2018-19.

How can I resolve this issue. The difference between GST sales and Income tax Sales is 3 crore.

There is no GST liability on this 3 crore amount as it comes under exempt supply. Is it the right way of maintaining accounts incase of Transporters under Income tax.

Please help me regarding this matter.

Regards,
Divyesh Jain

In the case of Lump Sum Incentive received from the Supplier on purchase, what is the right accounting method for its revenue recognition?

1. On receipt of the amount, can the full amount be recognized as income at point of receipt? or
2. The incentive to be reduced from the cost of stock or
3. The incentive received to be deferred in the form of provision and recognize as income in proportion to future sale of the stock items or else.

Assume:
(a) the money used for the purchase is financed which used to repay by using sale proceeds and
(b) incentive calculation formula/structure can be known only at a later time when the money is received.