Hello Experts,

I need help on the following.

1) Our Society has accumulated funds by means of Sinking Fund and Repair Fund which are invested in FD with PSU Bank.

2) CHS has earned Interest on those FD and had not filed ITR and how they have done that.

3) CHS has charged to each member under title "Income Tax Charges".

4) I am of the opinion that Income Tax on the interest that is earned by CHS should be deducted from the Interest Income. Kindly educate.

5) If FD is made with Cooperative Bank/s then the Interest Income is not chargeable. Is this correct?

6) If CHS to charge Income Tax to each member then can we suggest to keep the funds in Current Account so no Interest earned and no need for paying Income Tax

7) Can a member of CHS decline to pay towards Sinking Fund and Repair Fund if these two are the factors for investments in FD?

Thank you in advance
Regards

Sir we have wrongly taken output liability under the head IGST and now we want to reverse the same but we are not able to do so because we are not having any interstate sale and consequently no IGST liability in further months and 3B does not allow to enter the negative figures being reversal of output liability So should we take the input under the head IGST in case we are not able to reverse the output liability?

A 12 a regaistered trust has some mutual funds.it sold some units of mf resulting into short term capital gain.this amt is not invested anywhere.whether this stcg is taxable in trust s hands for fy 18.19?15.60% tax is payable ?plz guide.

Sir,
There is entry no. 10 for exempt service in notification no. 12/2017 dated 28.06.2017 of CGST Rate. Services provided by way of pure labour contracts of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of a civil structure or any other original works pertaining to the beneficiary-led individual house construction or enhancement under the Housing for All (Urban) Mission or Pradhan Mantri Awas Yojana.

Assessee (A) is providing pure labour service to main work contractor (B) (who provide work contract service including material to govt. in the scheme of Pradhan Mantri Awas Yojana on 12% GST Rate applicable.)

My query is whether this exemption is available to Sub contractor (A) or not ??.

You are requested to please suggest us.

In tax slabs it is not clear for which earlier years the turnover should be less than 250 crores. Please clarify what is the meaning of conditional meaning.

Sir,

On dated 27/04/2018 i issue a Tax invoice, now in the month of sep 2019 the seller has return me the product.
So in this situation can i issue credit not of last financial year.

Hello Sir/Madam
I have filed Income Tax return ITR 3 For my Clients and they have received IT Refund after a long time ( Apx 100 Days). But the matter is that money is directly credited to bank account without giving any intimation u/s 143(1).
and even when i tried to track the ITR Processing status it still shows that Successfully verified.then after i tried refund status in traces site it shows that no records found for the AY. I dont know whats happening regarding Updation of Status?
Can You Please Give me any clarification regarding the same ?
Please sir give me some clarification regarding the same.
thank you

Dear Sir,

We have a branch in Chennai. Head office in Hyderabad, Telangana state.
Under GST we have to treat branch as seperate entity, we will raise Tax Invoice in IGST and can claim the Input.

My question is can we do under pricing since it is our own branch. suppose the Market value is Rs.5000 and we bill in Rs.1000 will there be any problem. Is there any notification to support your answer.

Kindly help me. Its very very urgent

Parasuram

dear sir, i have filed my incometax return[audit case].one party has done tds in 2018-2019 but due to late i show this income[commision] in 2019-2020.also gst bill issued in 2019-2020and party is not ready to revise this tds return
please advice

Who has to pay the GST? Service receiver or service provider? Is it applicable for RCM? If RCM then sponsor given party has to pay the GST right?