Can a Minor become a proprietor of a business with his mother as a legal representative, guardian & signing authority. I am from Hyderabad.

Sir, I am a tax deductor and I have received a demand under section 234E for late filing of TDS pertaining to my predecessor's period.
After checking in Traces I found that he had paid the amount through challan but it was not consumed yet as it was credited as INTEREST, whereas the amount was to be shown under LEVY.
So kindly suggest how can I close the demand by utilising the amount paid under Interest through Traces?
Can I correct the challan through OLTAS challan correction as it was deposited more than 6 months earlier but not consumed yet.
What is the last alternative to fix the problem if it cant be fixed through above two ways, please.

Dear Experts,
One of my client has a practice of purchasing goods in bulk required for 3-4 months and for the succeeding months he only sells the goods till he finds another opportunity to purchase in bulk again. The problem we are facing is that:

Suppose in month 1 the purchases is made for Rs. 1,00,00,000 (all local) and sales of Rs. 40,00,000/- (50% interstate, 50% local) and balance is in stock. The GST position will be as follows

GST Rate = 5%
Input CGST = 2,50,000/- Input SGST = 2,50,000/-
Output IGST = 1,00,000/- Output CGST = 50,000/- Output SGST = 50,000/-

The GST portal first uses the entire CGST balance to adjust against IGST liability. It does not permit to use SGST balance till CGST is completely exhausted. So the after set-off the position will be:

CGST Credit = 1,00,000/- SGST Credit = 2,00,000/-

In month 2 again Sales of Rs. 40,00,000/- (50-50) and no purchase

Output IGST = 1,00,000/- Output CGST = 50,000/- Output SGST = 50,000/-

So the after set-off the position will be:

CGST Credit = NIL SGST Credit = 1,00,000/-

Now the problem arise in month 3 taking the sales of Rs. 10,00,000/- and no purchase

Output IGST = 25,000/- Output CGST = 12,500/- Output SGST = 12,500/-

Since the CGST balance is NIL we will have to CGST.
However, this is due to the compulsion made by the GST portal. If I were allowed to set-off CGST or SGST credit evenly, this situation would not have arisen. The law does not bars the same but the portal does.

This situation worsens in case of textile industry where the Raw material is taxed @ 12% and sales is taxed @ 5% with no refund of ITC overflow. So, whatever payment the taxpayer makes due to this situation its his cash loss. He already have credit piled up but cannot use and consequently have to make payment.

Please guide with our valuable suggestion to avoid such situation and mitigate the losses caused.

WHETHER INTRADAY TRADING IN STOCK MARKET IS SPECULATIVE BUSINESS INCOME ? IF YES THAN SUPPOSE THERE IS LOSS FROM INTRADAY TRADING OF RS 1000 OTHER INCOME IS 200000/- THAN WE REQUIRED TO GET BOOKS AUDITED ??

One of my client has date of incorporation on HUF Pan Card is Ancestral, how can i change it.

An assessee's income is less than 50 lac and he gets rental income from more than one house property. Which itr form should be filed by him.

I am prop in my properitorship firm. I have withdrawn 15 lakh (on different dates), in cash, from my firm. I have given this amount as loan to some other person.(loan in my personal capacity). Is it allowed as per income tax provisions?

Next query is those persons will return that 15 lakh in next financial year. Can I accept that amount in cash and deposit that back into my firm?

What will be the GST on room rent income below Rs.1000/- in case of Charitable Trust? For Example, If a person stays in Room of Trust for Rs.800 per day for two days and pays Rs.1600 then is he liable to pay GST on Rs.1600/-?

Dear Sirs,
When a credit note is issued by a supplier to a buyer towards Rebates and Discounts, what will be the applicability of GST.
Can the buyer enter the credit note without GST.
Kindly clarify.

Dear Sir,
An Assesse wants to take cash gift of Rs. 1,50,000.00 from his father and Rs. 1,50,000.00 from his mother. Please tell is it allowable as per IT Act or not, as it is told that cash gift upto Rs. 2,00,000.00 is allowable.My query is as the Assessee is taking the cash gift of Rs. 1.50 Lacs individually from his father and mother, so it is allowed or not.

Thanks,
Abhishek.