In case of reversal of ITC under Rule 42 on common credit taken against exempt as well as taxable supplies,the rate of interest payable on delayed reversal of common credit will be 18% or 24%?

whether sec 40(a)(ia) is applicability in case Of Trust or not .If Trust Pays Rs 240000/ as Rent to Individual for running cancer centre .Since Trust does not have Income from Business and Other Sources .

Mahendra Doshi

In my books I have liabilty of loan take from my brother since 10 years, but now I do not have to repay that any more as my brother has forgone the same, can I show it as a gift and remove from my books?
What will be the tax implication?

ONE OF THE PRIVATE LIMITED COMPANY HAVING NIL TURNOVER FOR THE FINANCIAL YEAR 2017-18. WHETHER I HAD TO FILE GSTR 9C RECONCILIATION OR NOT.
I HAD ALREADY FILED THE ANNUAL RETURN GSTR 9.

if the salary is Rs 15,400 per month exceeding Rs 15,000, whether is exempted from ESIC. Whether ESIC will be paid to esic department against the salary ? I would like to know the slab as from which one is 100% exempted from ESIC payment to the ESIC department.

DEAR SIR,

ONE OF MY CLIENT IS SENIOR CITIZEN, HE IS NOT ELIGIBLE TO TAKE ANY LOANS, SO HE IS DOING BUSINESS OF TRADING RAW SILK AND ALSO HE IS IT PAYER. NOW MY QUESTION IS HE HAS PURCHASED TOYOTA INNOVA AND ONE COMMERCIAL VEHICLE FOR HIS BUSINESS AND INNOVA FOR PERSONAL USE. BOTH VEHICLES ARE IN THE NAME OF HIS SON. BUT LOAN IS REPAYMENT IS THROUGH HIS CURRENT ACCOUNT. NOW BOTH VEHICLES ARE SHOWN HIS BALANCE SHEET BECAUSE LOAN IS HIS SON'S NAME BUT PAYMENT GOES BY FATHER'S ACCOUNT.

BOTH LOAN AND VEHICLES ARE CAN BE SHOWN IN FATHER'S BALANCE SHEET. HIS SON NO ANY OTHER INCOME.

REGARDS

Sir

We are a public limited company
we are paying notice pay reimburement of Rs. 1 lac to our new joinee which he had to pay for joining early

Kindly confirm whether we have to deduct tds on that and rationale of that also

Regards

My Uncle who don't want to purchase another property after selling his share, want to know his actual Capital gain tax.

I am sharing all the necessary details :

Property Purchased in DELHI in 1952, by my Grandmother.
Sum paid was 19000.

After her passing away, through her will it was transferred on the name of My father and his elder brother (My uncle).

Now as per circle rate, its value is approximate 80 lakhs which will be divide equally.
So both brothers get 40 lakhs each.
Further my Uncle will Gift 15 lakhs (through cheque/DD) to my father, so the net amount he will possess from the sale will be 25 lakhs.

So
First he wants to know whether he will be Taxable on 40 lakhs or 25 lakhs
&
Second what exactly will be his Capital Gain tax ?

The important thing to note is what should be the Base year ie 1991 or 2001 & also the Base price in that year as the Circle rates in Delhi were brought in 2007.

So kindly advice me on this, it will be much helpful.

Is RCM applicable if rent 5000/- per month of a shop or Commercial purpose

Hi Experts,
Pl. have your opinion on below:
Mr. X from Delhi has joined a company based in Mumbai as a retainer (i.e. providing professional services to a company). His gross receipts during current year is expected to remain under INR 20 lacs. Pl. advise if he is required to take GST registration as he stays in hotel/company guest house in Mumbai.
Thanking you in anticipation.
Ramesh