Is a return of income processed by CPC u/s 143(1) subject to audit by CAG while auditing the assessments made by the Jurisdiction Assessing Officer?

The audit party carries out audit of assessments made by the Assessing Officer to check if there is any leakage of revenue.

Facts : a return of income of a company was filed well within the due date and the same was processed by CPC with no demand no refund. There has not been a scrutiny assessment against this return. While carrying out audit at the office of the jurisdictional assessing officer. A scrutiny assessment of a return of succeeding year was done by JAO and while audit of that assessment the audit party found that there has been an amalgamation of another company in the preceding year in terms of approved scheme and shares were allotted to the shareholders of the amalgamating company. The audit objection is with reference to valuation of shares.

which is the best software for filing income tax return ?

Dear Sir,

Is any rule of gst act, that can we calculate output gst on basis of profit percentage? or we can pay gst with forwarding charges basis, create invoice & charges gst on it?

For example:- we have recd. fees 20000/- and 10% is my profit Rs. 2000 now i will be gst on 2000 @18% Rs. 360/- or we have to pay gst on Rs. 20000*100/118 = 16949.15 (taxable) Gst is Rs. 3050.85.


please reply.

Thanks & Regards,

Dear Sir/Madam,

"A" sells goods to "B" company. The sale invoice contains freight charges.
GST is applied on whole of the amount (Basic + Freight charges)
Freight service was availed by "A" from "C" company.
"B" company makes payment to "A".
Now, "A" is required to make payment to "C" (freight service provider).
My question is: Whether "GST" would again be applicable (by RCM method) between the transaction of "A" and "C".

Which ITR is to be used by banks for filing Income Tax Return?

Sir,
We have done export under LUT without IGST but such shipment has been return to India so please let us know that we have to pay IGST on such return shipment or not?

Dear Sir,

Is any rule of gst act, that can we calculate output gst on basis of profit percentage? or we can pay gst with forwarding charges basis, create invoice & charges gst on it?

For example:- we have recd. fees 20000/- and 10% is my profit Rs. 2000 now i will be gst on 2000 @18% Rs. 360/- or we have to pay gst on Rs. 20000*100/118 = 16949.15 (taxable) Gst is Rs. 3050.85.


please reply.

Thanks & Regards,

pls guide

When it is compulsory to quote DIN number in GST Notice and other related communications ?

Dear Experts, We are based out of Gurugram, looking forward for service of merger between two small scale company.
1. Both having same ownership/ shareholding.
2. Holding company do not run business and all compliances are being maintained.
3. Subsidiary company have business of business consulting services only and is in the business (turnover less then 2 cr. in preceeding 5 years)
4. Holding company owns over 86% of shareholding in subsidiary company.

We are interested in fast track merger between the two and want to know the time and professional fee (other then govt. chg. exp.) will be for the purpose.

Interested member, please leave your link of your profile where we can reach you by phone or email.