We had issued a Tax Invoice in the month of January 2018 to the client and accordingly recorded in FY 2017-18 Books of Accounts as well as GST return. However, the client was not able to receive the said Tax Invoice and have not considered the same in his books of accounts on which he is now asking for a new Tax Invoice of the month December 2018. How to solve the issue?

Sir
my company received refund cheque but not claimed , the above mentioned bank name already closed
when how to claim that fund for new account no
please give me information how to claim (refund re issue for new bank a/c)

Hi
I need some clarity on some issues relating to purchase return and sales return in GST, I am working in FMCG company we had appointed a third party manufacturer, from him we purchase the goods according to the standards set by us and we will sell these goods to the stockists in the market, recently due to quality issue stockists had returned the stock to us and we had returned the stocks to Third party manufacturer, now my doubt is what is the procedure to follow in this situation under GST, we have to compulsorily return the goods through credit note and debit notes or we can do by issuing a normal invoices, all the stocks are supplied with in 6 months only, kindly explain the procedure from returning of stocks from stockist to us and from us to the third party manufacturer.

Thanks in Advance

A V Santosh Kumar

One of my uncle was working in abroad for 20 years and he lot of money, He came to India and build a house in the year 2007 approximate worth 40 Lakhs. In the year 2016 he had his saving and he constructed flat and sold for 30 lakh each for 2 parties. Will these income will be taxable under IT? He constructed flat with the money from abroad which he had deposited in FD.
1. He has never filled his IT returns.
2. Some of the cheque has been deposited to account of his wife and now wife is a agent of insurance company and she is getting commission and TDS has been deducted.

We are engaged in Works Contract Service. We want to sale one of our used machinery (JCB) (capital goods) which was purchased in 2009 on which we have not taken any input credit at the time of purchase. Please suggest GST treatment on such sale. Should I pay GST on sale value

Remuneration from partnership firm is taxable under the head "Income from Business or Profession". However section 44(AA) states a specific list of professionals or others earning more than Rs. 1,50,000/- or having a turnover more than Rs. 25,00,000/- should maintain books of accounts.

The said partner files his income tax return through ITR-3 showing the remuneration as income from business or profession. On the other hand he does not input any amount in P&L or Balance Sheet of the ITR stating he is not eligible to maintain any books of accounts as the amount the remuneration he earned through his firm is a fixed monthly income (after matching the criteria of section 40b) and not any personal profit based on the turnover of his firm.

Although, the partner gets a defective return notice stating that he has selected ITR-3 but has filed the same without updating any amount in his P&L and Balance Sheet.

Questions :-

1) Is the IT department correct in their stance ?

2) Can the remuneration be taxed under the head of "Income from Other Sources" from ITR-2 instead of "Profits & Gains from Business or
Profession (PGBP)" through ITR-3 to avoid the nil upload of P&L and Balance sheet ?

3) Is the partner eligible to take a deduction from his remuneration of expenses incurred during the year for the business since he is filing a
return under PGBP. If yes, can he still file the same without entering any amount in his P&L and Balance Sheet ?

4) Can he directly opt section 44 AD/ADA under presumptive scheme to stay away from the issues of Section 44AA ?

Sir,

We are Manufacturing Industry , Supply Material to Customer, as well as supply the services also i.e. Transportation.

it is fall under composite supply & tax rate will be apply at higher rate of supply.

We supply the material through own transporation.

My question is where we shown composite supply in GST Return.

I have fled ITR-3 of one of my client for F.Y 2017-18.ITR was processed and refund is also initiated but the problem is that the 1st bank account which was mentioned in ITR was closed. What should we do?
For your information 2nd alternate bank account is active but as 1st bank account is closed, it there any impact on refund procedure/delay of refund?

Hoping to get this best answered!!

Background:
We are in the process of getting our ancestral property which consists of land and building, promoted by 4 legal heirs.
We have approached a promoter who has offered to construct 6 flats in total , of which the promoter retains 2 and delivers the remaining 4 flats to the 4 legal heirs. Now the promoters pays a upfront cash component and rent for the period of construction.
Also understand that If one of the legal heirs delivers the right of his property , the property can be marketed by the promoter himself, so the promoter would market 3 flats instead of 2 in the above case.
We also have a licensed surveyor valuation certificate for the land and building as of 2001, for indexation purpose.

My Question is
..How is capital gains calculated in the following 3 scenarios if the legal heir decides to sell

1 Through the promoter-.( Promoter markets the legal heirs flat )
2 When the Legal heir decides to sell by himself, before completion certificate is obtained.
3 When the Legal heir decides to sell by himself ,immediately after the completion certificate is obtained and the flat is delivered.( Does this attract short term capital gains tax?)

Thanks

For AY 2016-17, I have made a profit of Rs.2,00,000/- and suffered a loss of Rs.4,00,000/-, in all net loss of Rs.2,00,000/ on intra day share trading. I have filed before the AO, unaudited P&L Statement issued by my Broker .
AO is saying that he will impose tax on the profit component of Rs.2,00,000/- and will not recognise the loss of Rs.4,00,000/-. Is this correct? Can he selectively take only the profit portion and ignore the loss portion in the same P&L Statement?

Expert opinion is solicited.