Sir, in my 26AS of FY 2016-17, one of the deductor wrongly filed an income of 52 lacs under my PAN as professional fees and the same was reversed by filling rectification tds return. After filling of my itr of 2016-17, Income tax department raised query why income of 52 lacs under professional fees is not declared. I replied online stating the above error by deductor but they are NOTagreeing. Please help. Agrawal

DEAR EXPERT,
THERE WAS A CHARGE OF 7450000 REGISTED ON MCA
COMPANY ENHANCED THE CC TO 9950000
BUT I WRONGLY CREATED A NEW CHARGE OF 9950000 INSTEAD OF MODIFYING THE EXISTING CHARGE OF 7450000
PLEASE SUGGEST ME WHAT ACTION SHOULD BE TAKEN IN THIS REGARD
THANK YOU

We are a statutory body constituted under Advocate Act 1961. It is not a profit making institution. It functions as per section 6 of Advocate Act 1961.

Further income of statutory body is exempted from income tax under section 10(23A) and also under section 11
of Income tax act 1961 as per the judgement of Supreme Court dated 22.04.1981 and Government notification dated 05.08.1966 w.e.f. 28.12.1961.

We were not applicable for service tax also earlier. Whether GST will be applicable to us or not?

Dear Experts,

Suppose "Company A "(A PVT LTD Company) have taken Loan from "Company B" now the Company A wants to transfer the outstanding loan amount to "Company C"(With the Approval of Company B) so in this case do the "Company A" needs to take approval of Shareholder for transfer of Loan from "Company B" To "Company C".

Please provide your Valuable Suggestions.

Recently i got to know from an article that, govt is significantly losing it's revenue on GST because of fake claiming of ITC by the vendor through preparation of fake invoices. My question is that, how could someone claim ITC by showing fake invoices, as we know that whatever we purchased from a registered supplier it is auto populated in GSTR -2A and according to which we can able to claim our ITC on inputs.

Does the Company already incorporated under Companies Act, 2013 needs to be file this form. Company is in operation since 2011. Is each and every company needs to file this form.

Thanks

I'm currently completed my CMA INTER after completing MBA(FINANCE). I want to do some extra courses with this which will expand my expertise and knowledge territory. Later which will help me to work on more wider job prospects. I'm interested to work on transfer pricing. Kindly suggest some more career aspects and courses to work on international level.
REGARDS,
PRAJNA

Suppose a travel agent books hotel online for Rs. 2000(including 12% GST) then he adds up his mark-up of rs 200(generally profit margin is very low due to competition) and sell to his client at Rs 2200. He is not eligible to take ITC on input services. So if he charges 5% GST on 2200 then total cost of end consumer will increase drastically and it will not be feasible due to tight competition. In air travel booking travel agent charge GST @ 18% on profit margin(processing fee). So I think same will apply to hotel booking also.

can GST be charged only on the profit amount and pay to Govt without showing in invoice to the client ,as practically it is not possible to show mark up amount to client.

Respected Faculty,
One of my client has not filed Income Tax Return of Last 3 Financial year.
There is TDS Refund of around 50000/- of Last three years cumulative.
Now he want to claim TDS refund, so please let me know the procedure as we can't file back dated returns.
Expert opinion needed in this regard.

Dear Experts,
Pls clarify my following queries relate to job work :-
1) since we are job worker how the finish goods will be returned to principle manufacturer by which document.
2) some times we have returned the half of the goods after job work & rest later than what documents will be taken to return the goods.
3) when we will issue our invoice of job work to principle manufacturer" specify time of supply' date of supply etc, If any to be followed as per GST norms,

Thanks
Karan Kumar