Dear Experts,
In FY 2016-17 my turnover is 34 Lacs Net profit 177489 @ 5.22%

Pls clarify :- since the income is not chargable to tax I.e. below 2.5 Lacs whether in case tax audit is required or not,

Regds
Ankit jain

Hello,

I have submitted wrong GST 3B. Though i have not verified with EVC or Digital signature.

As a result of wrong submission. There is tax liability of 4 lakh (against sale of 2 lakhs).

Site is not allowing me to change the GST3B.

Please advise what can be done. now?

if the employee working on contract basis. what is the TDs rate under which section.

sir agar gstr 1 file karane mein 5 days late ho jaata hoon to kya late Filling fees lagegi pls tell me

Dear Experts

A very good evening to all of you. I am presently in need to understand the applicability of Sec 269 SS & 269T of IT Act for transaction covered by Book Adjustments.

Example:
Firm XYZ has outstanding "Receivables" and "Creditors" in their books of accounts which they settle in there books of accounts by way of book adjustment (transfer entry). In support of such transaction the firm XYZ is having account confirmation of the said Receivable & Creditors confirming book adjustment with each other.

Looking to the fact of the case kindly guide me regarding applicability of Sec. 269 SS & 269T
(i) Does it will be applicable ?
(ii) IF yes, then what would be the way of its reporting in form 3CD ? Does it will be reported as acceptance or Repayment otherwise by Account Payee Cheque/ECS ?


As per my understanding the nature of transaction covered under the said section covers LOANS & DEPOSITS & SPECIFIED SUM (As per new amendment).

(i) Does the said transaction is said to be Loans or Deposits ?

(ii) Does the situation chage if the adjustment if of "ADVANCE TAKEN/GIVEN FOR SALE/PURCHASE OF GOODS"

Kindly suggest quoting relevant decided case laws if any

Thanks in advance

Best Regards

Dear Sir
My Employer deducted entire Tax as TDS from my Salary and I filed the return before due date i.e before 31/07/2017.
Now I got an Intimation u/s 143(1) to pay interest u/s 234B&C.
All the taxes are Deducted before 31/03/2017.
How can I rectify this?..

pan no and legal name not matching while registering in gst what should I do

Hi... I am into business of giving Buses and Cars on rent to people. I own also and I take from outside also for this purpose. want to know SAC code and rate for both input credit and non credit. I am charging under 996601 @ 5% and now has asked to charge 12% if I want credit of it. Experts are requested to send their views. Thanks

Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com

Dear All,

We are running a salt manufacturing company. The process is we harvest the crude salt and the crude salt we wash and centrifuge. Then the centrifuge salt is the raw material for our refinery plant.

Kindly help me to value the inventory of stock on each stage.

Currently we are considering the direct cost of crude salt to value the closing stock of crude salt.
Harvesting cost is Rs. 100 p.mt
Wages is Rs. 50 p.mt
Hence the inventory value of crude salt is 150 p.mt
Indirect cost is Rs. 100/-

But when we transfer this crude salt to washery unit (15% washing losses are there) we should consider the input cost is the direct cost of crude salt or we should add the indirect cost of crude salt also.
ie we should take the input cost is Rs. 150 or Rs. 250 (including i.d cost)
Input crude salt cost - Rs. 150
Washing loss 15% - Rs. 176 ie. (Rs.150*100/85 ie.(100-15))
Direct cost - Rs. 74
Hence the inventory value of washed salt is Rs.250 p.mt
Kindly advice me on this regards.
Thanks & Regards,
Sugumar
Email id: sugu.ksa@gmail.com