If a registered perons under GST is having only nil rated or exempted outward supply, can he apply for refund of tax paid in cash under RCM basis on his inward supplies?

If the father receives money from his son and close relatives as gift ,what tax liability arise either party

Hello all,
I am facing a issue in new tax calculator available online on income tax portal.
When we put 3L income in the new regime under Short Term Capital Gains (Covered under section 111A) taxable at 15% Total (3rd row), same 3L in Long Term Capital Gains (Charged to tax @ 10%, other than LTCG u/s 112A) Total (6th row) and same in Long Term Capital Gains (Charged to tax @ 12.5%- other than covered u/s 112A) Total in (9th row).
Selecting the new regime for AY 25-26, even when taxable income adds to 9L it shows zero tax how is it possible? It would be great if someone explains.

PDF of calculation
https://drive.google.com/file/d/1E3B2dG-2gjDXrHcZCYgoh6DRCSbiNbsX/view?usp=sharing

Calc used:
https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Hi Team,
I am currently in Tax Bracket of 30% and recently started investing in FDs and found came across where it says if you earn income apart from Salary and tax liability is more than 10000 i need to pay Advance tax.

I have found out that my Yearly Interest income will be less than 40000.I am opting out for new regime .

1. Do I get the 40000 exempt from savings Interest for age group between 0-60 Years? If not then If I invest in Mutual funds instead and don't redeem then do i still have to pay advance tax ?
2. I am trying to understand if my company is calculating the TDS rightly on my Salary .It has below components
Suppose
BASIC SALARY -100
HRA -50
CONVEYANCE ALLOWANCE-40
CAA -10
CPD -10
Deduction are
Provident Fund -16
TDS-20

How do i calculate my TDS based on above ?

Appreciate your help.

Thanks,

We have deducted TDS amount 1% as per the sale deed.
we have received the short deduction letter.
Due to inoperative PAN department has raised notice to deduct 20% TDS.
Now seller have linked PAN with Aadhar then whom to send an email. anywhere in IT or TDS portal shall we update.

What is use of form 71?

A private limited company has 7 directors. One director resigned from the company and his shares also transferred to other shareholders. Changes have been made in ROC. What is the procedure to remove the director from GST. Can the experts explain please.

Hello,

I have generated a eway bill using json file exported from tally but the installation & freight charges amount has not been considered in total taxable value as well as in GST component instead it is mentioned in other amount column with the total value (incl. GST) of both installation & freight charges

Is the above transaction is correct or not ?

Kindly guide.

Respected sir,
i have done itc reverse in gstr-3b of jan2024 and reclaim in feb2024 my input as per books 10000
i claimed in gstr-3b 11000 reverse 1000 and reclaim1000 net itc availed 10000
please advice me how to treat this in gstr-9

Sir

One of my friend is running a RESTAURANT. While preparing to file GSTR1 for Nov 24,
in Table 12 - HSN wise summary of outward supplies, usually, he mentioned SAC code
"996331", which is for Restaurant service. Usually, this is the SAC code he uses for HSN
wise breakup and he did not have any issues till last month.
But now, for Nov 24, he encounters 2 issues.
1. After selecting the SAC from the drop list and filing up all other details and click the "ADD"
button, he gets a message "The selected HSN, UQC and RATE is not present in your product master. Click on "ADD TO MASTER" button to add." After clicking the "ADD TO MASTER " button, "add product master" menu pops up. After filing the required details, he gets the message " Request accepted successully ". But, even after that, the system is not adding the SAC code and it stays back without any reaction.
2. In the " ADD PRODUCT MASTER ", the GST RATE% is selected as " IGST " by default by the system and ironically, the drop down arrow is inactive, preventing us from selecting CGST and SGST. As he does not have any other state sales, he has nothing to do with IGST.

How to overcome this issue. We repeatedly tried a lot of times yesterday to fillup the table 12, but is vein. As today is the last day to file GSTR1, kindly advice us for further course of action.

Note : As far as I knew, I think this type of issue has surfaced only for Restaurants, because, my other friend, who is doing service other than restaurant has successfully filed his Nov 24 return using applicable SAC code.

Regards.