Suppose on 11th of Nov the itc in 2A is Rs.1000000 and in books is Rs.1500000 we can claim Rs1200000/-(Rs.10 lakh+20%) in GSTR3B of Oct 19.
Now on 15th Nov the itc in 2A is Rs.1500000 but we have claimed Rs.12 lakh then what about balance Rs.300000 (15Lakh-12Lakh) itc.? How this will be claimed.?
If in next month this Rs.300000 is more than 20% of eligible itc of next month then would it be lapsed?
Long term Assets of 3 Properties were sold by an Individual the whole Net Consideration was invested in Construction of Residential building. Whether exemption can be claimed U/s 54F of Income Tax Act. Is there any restriction for number of properties sold Other than House Property and invested in one residential Property.
TDS deducted by deductor on 31.03.19 on provision basis but when invoice received invoice date is 17.04.19. Is against TDS will be deducted due to invoice date is 17.04.19 or no need to be deducted?
rcm applicable to composite dealers from oct 2019 onwards
My client is paying rent Rs.58000 pm.he is paying rent monthly.till date he has not deducted any TDS. Shall he deduct tax in the month of March 2020 and pay to Government
Is it mandatory to file Gstr9 even though turnover Rs. Below 2 crores
The assessee got Notice u/s 143(2) of the IT Act, 1961 for As.yr. 2017-18 on his email on 18.10.2018. The Date on Notice is 29.09.2018.
Whether this notice u/s 143(2) is valid as it was received by the assessee on 18.10.2018 even if it was dated 29.09.2018.
Thanks in Advance.
Supposed one business running under partnership and turnover crossed 1 crore and want to file income tax return under section 44AD what accounts need to be audited.
We request expert opinion on restriction on GST ITC Credit with reference to notification no 49 dated 09.10.2019 and circular dated 11.11.2019.
We are asking query with example to understand the point.
Total GST Credit as per GSTR 2A - Rs.100/-
GST Credit as per GTSR 2 - Purchase register - Rs.110
In the above case the assessee is eligible for Rs.100 + 20% on 100 = 20 = Rs.120 As per GSTR 2 credit taken is 110.- Hence the asseses is eligible for Rs.110.
or
We have to work out the exact matching of GSTR 2A and GSTR 2 - Supplier wise and 20% is to be considered for matched amount.
Please also advise whether the assessee can consider the credit reflected in GSTR 2A in previous month and a accounted in the current month.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
20% GST input limit on due date of GSTR1-urgent