Shyam has purchased property from NRI suraj for Rs. 4960000/-
does he have to deduct tds on such purchase from NRI
If so what is the rate of TDS.?

our company received 1cr from another company as cash award for best company and they have deducted 10% TDS on the prize money under 194R. How this need to be accounted in the books of accounts.? Whether invoice need to be raised for this? what is the GST applicability and under which head we need to show this revenue

Respected All Experts,

I want to know about tax liability on received of Rs. 9 Lakh of my share in my Bank account from sale of inherited property ( Father) which total cost of sale was Rs. 45 Lakh in Financial year 2020-2021. I am salaried person and i filed ITR-1 in financial year 2020-2021 only for salary income. I have not mentioned in ITR about received amount of Rs. 9 Lakh which was also showing in 26AS. I continued filed ITR-1 for salary for the financial year 2021-2022 and 2022-2023 regularly.

Now in Financial year 2023-2024 I purchase a flat of Rs. 28 lakh in March,2024 from Builder but possession of flat will be in june,2024.

(1) My query is to know about any tax liability arise due to not include income of sale of inherited property (father) in ITR of F.Y. 2020-2021 ?
(2) Second How I treat this Income received in F.Y. 2020-2021 in Current financial year 2023-2024 which ITR to be file in July,2024 ?

Thanks & Regards,

MONU P

Assessee is a Exporter of Textile Products

The only Domestic Outward Service is Job work (2.5% + 2.5%)

There are some expenses with GST more than 5% , but not relating to Job work.

Whether ITC on those expenses can be claimed as Refund of ITC under Inverted Duty structure?

I m using 2 diffrent softwares for billing in 1 firm , how to combine gstr 1 2 3b for filling returns ?

In FY 23-24, we have received multiple invoices totaling to INR 40,500 from company secretary which crosses the threshold limit. But this also includes reimbursement bill of INR 14,000 raised separately towards challan paid for filing returns. Now in this case will TDS be deducted ?

GRIPS Over the counter payment takes transaction+2 days for confirmation in GRIPS portal, although bank got debited on the date of transaction itself. In this case what is the formal apporach to record the transaction as expense in the books of account of the firm? 1. on transaction date. 2. confirmation date.

Sir,
PSU was entered into MoU with irrigation department for construction of make up water system for its thermal power project. As per terms and conditions of MoU- PSU was required to reimburse GST to irrigation department. The above work was further awarded by irrigation department to private contractor. PSU was also deposit GST under RCM for above work and work executing contractor of irrigation department also deposit GST for above work.
Kindly clarify that
(1) Wheather psu as well as work executing contractor of irrigation department (both the parties) are required to deposit GST for above work?
(2) Wheather any GST exemption available for PSU for above work?

CATERING INCOME IS BUSINESS INCOME OR SERVICE PROVIDER ?

sir,
Dealer composite scheme registered in gst act. dealer sale turnover f.y 19-20 rs:41 lacs detailes mentioned below
1.Sale of gunnies goods local state (intra state) turnover rs:37 lacs
2.Sale of gunnies goods other state(inter-state)turnover rs:4 lacs
total tax 37 lacs+4 lacs = 41 lacs tax rate pay on 1 % rs:41,000/- paid year 19-20.
if state gst officer notice issued recently sec 10(2)(C ) provision violation in gst act dealer not allowed other state sales transactions in gst act and local sale turnover + other state sale turnover year 19-20 41 lacs tax applicable rate 5% rs:205000/- tax demand raised.
Doubt:Dealer year 19-20 local sale turnover + other state sale turnover 5 % tax rs:205000/- paid compulsory .