Respected Sir
Please be clarify the 87A under income tax, what is this and how it come to use while in assessing the individual income tax calculation . Just all are saying no income tax up to 5 Lakhs. but in slab up to 250000/- no income tax that is why little bit confusion. request to solve the confusion.
Thanking you
Yours faithfully
Srinivasa Joshi.

Please advise on the below case
If a GST Registered Person ABC (Prop. firm) have sold goods to Reliance Stores all over India on SOR Terms.
here SOR Terms means Sale or Return Basis i.e. if goods remain unsold to end customer then it will be return back to ABC.
Now problem is that 100000 Lac Pcs remain unsold in different stores at different states.
meanwhile ABC decided to quit its Proprietorship firm and willing to start business with Existing another partnership firm XYZ.

Reliance will return back the goods to ABC in books virtually (not actual movement of goods)
ABC will release tax invoice to (XYZ new Partnership firm) for the same goods. (No movement of Goods)
XYZ will release tax invoice to Reliance only in books (no actual movement)
but goods will not be removed from Reliance stores.
if the said virtual transfer of goods is a valid supply in terms of GST and ITC will be eligible for the said transfer of goods.

Waiting for your advise.

Sir my query is 1).CO-OPERATIVE HOUSING SOCIETY LIMITED IN WHICH CATEGORY IS SELECT LIKE TRUST/AOP/BODY OF INDIVIDUAL/LLP/FIRM/COMPANY. 2).TREASURER/SECRETARY CAN SIGN PAN CARD APPLICATION.3).WHICH STATUS SELECT IN PAN CARD (PAN CARD FOR HOUSING COOPERATIVE SOCIETY LIMITED).

Dear Sir , please explain what's is the existing rules for cash receipts and cash payments in a proprietor concern i.e limits

by mistake igst on import of goods wrongly shown in other itc in 3b in fy 17-18 but now there is difference between 2a and 3b itc. this mistake already rectified in fy 18-19 in sep 3b . but there is difference between itc shown in 3b and 2a . how to rectify this mistake in gstr9.

please give urgent reply

I want to start an IT company with my friend as partnership firm, but I want to know that the salary of partners comes under net profit of partnership firm.
I mean we need to pay tax including our salaries+profit?

Dear All,

My TDS was deducted on salary under Section 194J , 194H & 194D in A.Y. 2009, 2011 and 2011, which I have not claimed yet, can I get TDS or not?

If yes then how it will be possible ??

Please help me !!

Dear Sir / Madam,
I kept fixed deposit in co op bank in my father name and my joint name as either or survivor for senior citizen benefit but bank deduct tds on my father pan number I told deduct tds on my pan is it possible as per income tax rule please give advice me.

Thanking You

I am a member of NSE. I usually give some collaterals to my clearing member for taking exposure in FO segment. I like to give approved Liquid funds for Liquid part of collateral rather than Bank FD, as I get some tax benefits in the Liquid funds than Bank FDR. Also, at the end of every 6 months, I should submit my Networth statement to NSE. I should calculate my Networth using L C Gupta method, which is as follows



Format C-1A

Method of computation of Networth as per Schedule VI of SEBI (Stock Brokers and Sub-brokers) (Second Amendment) Regulations, 2013 / Dr. L.C. Gupta Committee Report

The method of computation of Networth as prescribed by Schedule VI of SEBI (Stock Brokers and Sub-brokers) (Second Amendment) Regulations, 2013 is as follows:

Capital + Free Reserves

Less: Non-allowable assets viz.,

(a) Fixed Assets

(b) Pledged Securities

(c) Member’s Card

(d) Non-allowable securities (unlisted securities)

(e) Bad deliveries

(f) Doubtful Debts and Advances*

(g) Prepaid expenses, losses

(h) Intangible Assets

(i) 30% of Marketable securities


All my share holdings like Reliance, Tatasteel, shares would be categorised as “Marketable securities” and I reduce 30% of those value from my Networth. Similarly I did for my holding in liquid funds like, ICICI Liquid fund, L&T liquid and Axis Liquid fund (ISIN INF109K01Q49 , 11537287 , INF917K01JH1). But One person from NSE Called me and told that I should not categorise these liquid funds as “Marketable Securities” because they are not traded in market. Only ETF are “Marketable securities”, Instead I should reduce all the value of my investment in mutual funds as “ (d) Non Allowable Securities (unlisted Shares). “. If I do that my Networth would become lesser than the eligibility criteria to be a member. Therefore, I am forced to invest in Bank FDRs instead of Liquid funds in order to maintain my Networth.

I kindly request you to tell me whether these liquid funds (ISIN INF109K01Q49 , 11537287 , INF917K01JH1) are “Marketable Securities”? This would help myself and my TM friends to a great extent!

Thanks
A Swaminathan

Sir, I am provide service to a company for selling its product in market in very low Salary/Profession charges who give me payment after deduction of TDS under section 194J. Please guide me which ITR form as well as mentioning business or profession code may be filed for claiming refund.