Dear Friends,
I shall be grateful if you can share your opinion on the GST liability of a A Pvt Ltd company which sold a used car recently. The facts are.

Car was originally purchased in 2015 for Rs 35 lacs app,
Sold in Aug 2023
Consideration Appx Rs 4.75 lacs
WDV of the car on 31/03/2022 as per last audited B/S
As per companies Act, Rs 3.50 lacs
As per IT Act Rs 12 lacs

profit/loss on sale- As per companies Act- Profit 1.25 lacs
As per IT Act- Loss Rs 8.50 lacs

The quries:

1. Whether the company is liable to pay GST on profit/loss on sale and at what rate.
2. The profit or loss on sale of car and GST liability is determined in this case as per Companies Act or Income tax Act.
3. Is there any GST rule or court ruling on the basis f which the GST liability is to be determined

Thanks
PC Joshi

Sir/Mam,

Our Courier person is proprietor and Registered in GST, we are paying regular monthly courier charges, Our payment crossed Rs. 30,000/-

My doubts courier charges TDS applicable or not , if applicable what is TDS rate

Plz clarify my doubts

I paid Rs. 15000/- through my credit card on behalf of my friend.Also I will get cashback of Rs. 2000/- for the transaction.

what journal entries will be passed in Tally prime to record the transactions.

Pl. help me out

Our company has opened a Group Gratuity Fund with LIC for disbursement of Gratuity to employees. LIC gratuity A/c and Gratuity Bank A/c are maintained in the books of the company itself. Each year, Gratuity provision and fund balance are adjusted in the books as per the actuarial valuation statement received from LIC.

Issue : What is the tax treatment of income/expense recorded in the books which has been accrued as per the actuarial valuation statement from LIC ?. For example, if we account Rs.5 lakhs as income recognised as per LIC actuarial valuation statement, whether that income can be reversed in the tax computation? or the same needs to be reported as the income of the company?

Dear Sir

When it comes to tcs on receipt u/s 206cr, Sale consideration related to last year sake should be considered as receipt while collecting tcs or only current year sale consideration will be taken??

i.e,
Total receipt in FY 22-23 is Rs. 80,00,000/-

Receipt related to sale FY 2021-22 Rs. of Rs. 20,00,000/-
Receipt related to Sale FY 2022-23 Rs, of Rs. 60,00,000/-

TCS will be collected on 30,00,000 or 10,00,000 ??

Dear All,

What is due date for filing NIL Income Tax return of a company for FY 2022-23?

suppose purchases made during the year 100 cr which is reflected in GST. However invoice for 1 cr purchases is not found at the time of audit/nor duplicate copy collected from parties upto the date of audit and it is disallowed by the auditor in fy 21-22.

however party gave duplicate copy of invoice post audit.

My question : can 1 cr purchase accounted in fy 22-23 pertaining to fy 21-22 be allowed as expenditure in fy 22-23 ??

Respected Experts,
Today I noticed that there is an open e-proceeding in my income tax portal.

- The proceeding is dated 03-03-2023, i.e. six months ago.
- It is in open status
- The notice was not served under any particular section
- The notice doesn't have any assessment year or finanacial year associated with it in e-proceedings page.
- The notice doesn't have a response due date
- The notice was sent to an old email address which I had updated 5-6 years ago in the portal, hence I missed the email. All other communications like reminder to file, processing status, verification, etc are sent to updated email address by the income tax department.

I seek your kind advice for the following:

1. Is it important to submit reponse to the notice or can it be ignored?

The notice is asking to "submit a Photostat copy of the challan, dully certified by you to the office of the undersigned for the purpose of records and proper monitoring in every quarter."

2. Do I need to submit it physcially in the income tax office, or can I submit it as attachement online?
3. Do I need to submit the challan copy only for FY 2022-23 or for all FY after the notice?

Thank you for your valuable time and expertise.


The content of notice is as follows:

Sir/ Madam/ M/s,
Subject: Payment of Advance Tax - Letter

Sir /Madam,
Sub: Request to convert High Self Assessment Tax (300) in Advance Tax (100) for the financial year 2022-23 –reg.

As per data available with this office, you have paid SAT (Self Assessment Tax) of Rs. 1261910/- for the A.Y. 2022-23. You are aware that in consonance to the provisions of Sec. 208 of the I.T. Act, 1961 it is enjoined that Advance –tax shall be payable, during a financial year, in every, case where the amount of such tax payable by the assessee, during that year, as computed in conformity with the provisions of chapter XVIIC of the I.T. Act, 1961 is ten thousand rupees or more. So, you are requested to convert the payment of SAT into Advance Tax.

It is therefore, imperative for you to estimate your income, for current financial year, and compute the income tax payable thereon. This should be done in consonance to the provisions of Chapter XVIIC of the I.T. Act, 1961. Further, you are requested to ensure that the instalment of Advance tax is positively paid, without fail, on or before the 15th day of every quarter. You are further, requested to submit a Photostat copy of the challan, dully certified by you to the office of the undersigned for the purpose of records and proper monitoring in every quarter. A statement in this regard may kindly be furnished, in the prescribed format whenever applicable, specially for the purpose as hereunder.

Sl. No. Name of the Bank Branch BSR Code No. Challan Sl. No. Deposit Date Amount IN

Upto 15/06/2022
Upto 15/09/2022
Upto 15/12/2022
Upto 15/03/2023

Sir, When notice is served u/s.148 due to non filing of ROI and assessee is not respoding to that notice, then, A.O. after the time limit mentioned in the notice, he can pass the order U/s.147 as per the material available with him right ? , But again why the AO has to travel to issue the notices u/s.142, 143(2) etc. etc. Hence, I am not able to understand, kindly enlighten me.

We have Filed GSTR-9 for the year 2018-19 but our turnover in the balance sheet and turnover in the GSTR-9 was not equal or mismatch or less than Balance sheet and also we are not disclosed the same in the table 10 of the GSTR-9 but we have already paid the outward tax liablity for the same in GSTR-3B of the year 2018-19 issue is only that we have not shown in GSTR-1 as well as GSTR-9 of the financial year 2018-19.
I am seeking your advice on above issue arised in front of us.How Can we proved that we have paid tax liabilty for the respective turnover and it was just disclosure error?