As per the second proviso to the Section 10 of the CGST Act, a composition dealer can supply services of the value not exceeding 10% of the turnover in a State in the preceding financial year.

Hence, a manufacturer who is a composition dealer can supply services, 10% of the turnover of the preceding year and pay GST @ 1% both for the supply of goods and services.

Example: Turnover in the preceding financial year is Rs.70 Lakhs, then the manufacturer can supply services for a value of Rs.7 Lakhs and pay GST @ 1% i.e. Rs.7000 along with supply of goods.

Please confirm if my understanding is correct.

You are discharging your outward tax liability with maximum utilization of ITC and depositing the cash below the ratio of 10%,therefore you are directed to explain your position on the same..3

I have been asked above mentioned query..what does it mean? and how to explain this? this is for the financial year 2020-21

I have read that maximum 14% of salary (Basic+DA) is allowed as deduction u/s 80CCD(2). But is there a maximum amount of limit of the said deduction ? If my salary is 15.00 lac (Basic +DA) and 14% of which comes to Rs. 2,10,000/-. Whether employer can deduct 2,10,000/- as NPS on behalf of me ? And whether I can get deduction of 2,10,000/- from my salary income ?

ttention – Hard - Locking of auto-populated liability in GSTR-3B
Oct 17th, 2024

1. In order to assist taxpayers in filing their returns and minimizing human errors, GSTN has continuously improving the GST return filing process and in this endeavor the GST Portal now provides a pre-filled GSTR-3B form, where the tax liability is auto-populated from the declared supplies in GSTR-1/ GSTR-1A/ IFF by the supplier, while the Input Tax Credit (ITC) is auto-populated from GSTR-2B. A detailed system generated pdf of the auto populated GSTR-3B is also provided to all the taxpayers.

2. Now, taxpayers also have a facility to amend their incorrectly declared outward supplies in GSTR-1/IFF through GSTR-1A, allowing them an opportunity to correct their liabilities before filing their GSTR-3B. Additionally, to manage inward supplies and ensure accurate ITC claims in GSTR-3B, taxpayers have the option to take informed actions of accept/reject/pending on inward supplies via the Invoice Management System (IMS) which is now available to the taxpayers.

3. It may be noted that tentatively from January 2025 tax period, the GST Portal is going to restrict making changes in auto-populated liability in pre-filled GSTR-3B from GSTR-1/1A/IFF to further enhance accuracy in return filing. It is once again suggested hereby that in case any change is required in auto-populated liability, the same may please be handled through GSTR-1A.

4. However, locking of auto-populated ITC in GSTR-3B, after the roll out of IMS, will be implemented from a later date. For the same a separate advisory would be issued after addressing all the issues related to IMS, raised by the trade.

Which bussiness code , working for Deal Share Delivery . Tds have been deducted under 194c. please provide income tax business code

Dear Experts,

One of my friend filed Nil return in ITR 1 with old tax regime for AY 2023-24 before due date i.e. on 15 July. Same got process in the same month. But in December, He filed revised return in new tax regime in ITR 2 and paid some taxes. When this return got process, as per 143 intimation department assessed it as per old tax regime and put some extra tax liability as demand.

He filed Rectification multiple times but every time they process as per old tax regime and liability remains same.

My question is, Can we file rectification for revised return which is being filed after due date i. e 31 July? How can we address this situation?
Thanks in advance.

I had 262 shares of X company on various dates from 01-Dec-2019 till 01 Feb 2022.

On 22-Nov -2023, Y Company acquired X company.

Out of 262 shares 52% was converted into shares and was alloted 34 shares and for balance 48% was given as special dividend. We declared the same in last year assessment and tax was paid accordingly. The market value of shares on 22nd November 2023 was $926.40

Subsequently the shares was subdived in 1:10 ration and we were hold 340 shares.

This month we sold 10 shares $177.

What is the cost price per share to calculate capital gain?

ASMT 10 was issued on 14th sep but due to some technical glitch notice missed our eyes and on 17th oct we got a reminder to file reply by 21st oct. We replied asking for extension of time through ASMT-11..but till date no reply is received and window too is closed for reply...how to reply the notice now...?

Asseesee has not filed ITR's for AY 2023-24 & 2022-23, for which updated ITR can be filed in AY 2024-25. But he has a refund. Can he file updated ITR? Alternately, if updated ITR cannot be filed, can he file NIL ITR by not claiming TDS credit?
Kindly help.
CA Konkar

An individual having business income has filed his return of income under Old Tax Regim till AY 23.25. For AY 2024.25 he wants to file return with Old Tax Regime by filing form 10IEA. Can he go back to NEW TAX REGIME FOR AY 2025.26.