Income Tax queries [2289]

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Keyur

09 October 2020 at 16:20

Appli. of 44AD for Restaurant Business-Restaurant Business

Dear all..

I want to know one of my clients who run a restaurant business and his annual gross receipt is around 25lacs.

Can he file his income tax return under 44AD on a lumpsum basis and show profit of more than 8%??

Give me your view at earliest.

Thanks in advance.

CA Parul Saxena

09 October 2020 at 16:09

Reporting of Highseas Sale in GSTR1

Where to show it in GSTR1?
And whether in document issued invoice no of the same need to be mentioned?

Kollipara Sundaraiah

09 October 2020 at 15:14

Fd and sb interest for bank

I.t . Assess interest received (rs:5505+35,215) sb and fd from bank.this amounts Assess p and l account credit or capital account credit is correct method.

naveen

09 October 2020 at 13:14

HOW TO REDUCE ITC & which ledger Dr.

Hello Sir,

I Have a query regarding bank charges:-

SUPPOSE
BANK CHARGES (Dr). 20
INPUT CGST 9% (Dr). 1.8
INPUT SGST 9% (Dr.) 1.8
HDFC Bank Account (cr) 23.60

If i have to remove only itc what will be entry i know that i have to credit Input cgst & sgst 9% and what will be debit?

C.S.MADHURANATH

09 October 2020 at 13:04

LONGTERM CAPITAL GAINS ON PROPERTY LET OUT TO OFFICES

MY QUERY: 1) WHAT IS COMMERCIAL PROPERTY FOR THE PURPOSE OF CAPITAL GAINS UNDER INCOME TAX ACT
2) HOW TO CLAIM EXEMPTION ON SALE OF ABOVE PROPERTY?
WHETHER UNDER SECTION 54 OR 54 F?
3) IF HE ALREADY OWNS MORE THAN 1 RESIDENTIAL HOUSE AS ON DATE OF ABOVE SALE, WILL IT MAKE ANY DIFFERENCE.
THANKS & REGARDS

SRIKANTA

09 October 2020 at 12:59

Which Itr to file 3 or 4

Sir my query is Income Received from Developing and sub-dividing real estate into lots & Selling of Plot. which itr to file 3 or 4. then it come capital gain or normal trading u/s 44AD

roshn

09 October 2020 at 12:03

Cost of shares (for legal hier) in case of death of assessee

On death of assessee , will cost of acquisition of shares be initial cost or fair market value on date of death, For legal hier?

Gayathri

09 October 2020 at 11:40

Is KFC attracted on 5% service?

Should we collect KFC on tailoring service ? The act says KFC should be collected on all taxable services

AMAR KANT

09 October 2020 at 10:55

ITC REVERSED RULE

ITC REVERSED IF A SHIRT JEANS DEALER GIVE SHIRT TO POOR CHILDREN WITHOUT CONSIDERATION
AND HE CLAIMED ITC WHEN HE PURCHASED SHIRT NOW HOW MUCH AMOUNT OF ITC TO BE REVERSED EITHER ON SALES PRICE OR PURCHASE PRICE
KINDLY TELL ME THAT IS IT A DEEMED SUPPLY