R S Sai Kumar
07 August 2024 at 19:32

194R treatment in accounts

One of my clients is a trader in computer goods. Purchases were made from HP India Sales Private Limited. In 26AS Under Section 194R - under paid/credit Rs.61,160 is appearing and TDS of Rs.6,116.07. Kindly suggest me mode of treatment of this in books of accounts.
Waiting for reply
R S Sai Kumar


Keyur
09 August 2024 at 11:10

Defective Return_fy-23-24

Sir/Madam

following notice received by email.
Assessee has salary income, Arrears salary received for the fy-2022-23 & 23-24 and form 16 is received salary including arrears salary of fy-2022-23 and form 10E is not issued by employer-

Please guide me

rror Description
The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the year in which the credit for the TDS is being claimed.

Probable Resolution
If the receipts as per Form 26AS is not offered in the year in which the TDS credit is claimed, then the claim of TDS will be restricted on the basis of proportion of the receipts offered in the return of income to the receipts in Form 26AS, as per Rule 37BA of the IT Rules. The correction of this defect is to be made by filing the corrected return by offering all the receipts as per form 26AS or by claiming the TDS proportionately as above.


CA AJAY KUMAR AGRAWAL
07 August 2024 at 18:27

Employee Pension Scheme

Hi all,

One of my friend did job in few companies. EPF contribution (both side) was successfully transferred to my last EPF Account & it shows balance of EPF & EPS also. Side by side my other 4 EPF Accounts showing only EPS (Pension) balances (may be only PF amount was transferred & not the Pension balance).
Total service period (as shown on Unified portal) is 6.50 years, my present age is 55 years and last contribution was in Aug 2021. My query is :-

1. Up to what period Interest will be paid on above EPF balance?
2. How to transfer Pension balance (showing in other 4 accounts) online / offline?
3. When I withdraw my final PF balance, then how to withdraw the Pension balance?

Thanks in advance.


Jagadeesh S
09 August 2024 at 11:10

SEZ meps SEAL & SIGN

We have supplied to SEZ customer for the year 2022-23 & 2023-24, but missed to get acknowledgement from MEPS officer at Special economic zone

Now how to get seal & sign from the concern authority for the previous years supply invoices.


Umesh Jadhav
07 August 2024 at 17:07

Amendment gstr1 query

FY 2019-20 mai humne sale kiya hai and us par GST number opposite party ka wrong hua hai

To samne wali party gst amount refund maang Rahi hai...

To ab agar mujhe amend karna hai to kya kar sakta hu...

Plz solution bata do.


Sudipta Das

Property registered in the name of buyer n 01-08-2024 but completion certificate not issue by local authority, Should GST liability be discharged. Total consideration for the property is received.


Suresh S. Tejwani
07 August 2024 at 13:15

E-invoice Query

One GST party exceeded 5 crores in the year 2019-2020 but now its T/O is 5 lakhs so can it go out from E-invoice?





Asha Kanta Sharma

Dear Respected and Loving Experts,

My vendor has issued some wrong invoices to us which we have informed them that we are not accepting the said invoices, we have not booked nor taken any ITC on those invoices, this is for FY 2022-23 , now the vendor is saying as per GST Rules we can not simply ignore the invoices and should have issued debit note against the same. Is it true? But we did never accepted the invoices in the first place so there is not question of issuing a debit note if my understanding is correct. They had issued us some 1.5 CR of wrong invoices instead of some 10L of monthly invoices, we never accounted 1.5 CR of invoices. So we never booked nor issued a DN. Is there any law / notification etc ? Since they did not issue the CN they lost the ITC and now they are blaming us that we should have issued a DN which makes no sense to me. Even if we issue a DN, we will not upload anywhere to enable them to claim the ITC. We do only issue sales invoices to customers for the services we offer to them to them against which they get the ITC.

Let us know your views on the same.

Thanks and have a nice time ahead :-)


Mahesh S M
07 August 2024 at 12:13

TDS challan cancellation from return

Suppose I have paid a challan and deposited it to someone in a TDS return, but later I canceled the transaction with that person. Can I remove that challan to use it in a future period?


Arun Kumar M
07 August 2024 at 11:14

TDS on Sales Incentive

Dear All

Please confirm what is the rate of TDS while a company gives sales incentive to a salaried employee. Whether we have to treat it as part of salary and deduct TDS accordingly or can we deduct the portion of Incentive under TDS for Commission?





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