Sir,
We Received Rs 250000/- in a single Day for a Single Sale Transaction of Rs. 250000
How much TCS is to be collected on this transaction s

Dear Experts

Can anyone help us please?
We did nil return filing of GST for the month of April 2024, by the time we had ITC of Rs 50K CGS and SGST both together these ITC is belongs to April 2024. Now we can’t see the ITC in ledger balance to utilize in current month filing.

Thank you
Best regards
Vijith T K

My client received EX-GRATIA PAYMENT FROM EMPLOYER as part of Separation Agreement of RS.38,00,000 for discontinuing/termination of employment. He can join any other job after separation. In from 16 Employer deducted Tax on all salary including ex-gration payment. In salary Slip for that month its shown as "Ex-gratia" without mentioning whether its exempt or not. As I googled about ex-gratia taxability, its showing as exempt from tax but I was not able to find specific tax provision & section for this. But as in 26-AS salary is shown in full hence as per my analysis Its very probable that ITR may be scrutinized by IT Department. Shall I take this as exempt in a salary & if yes then under which section.

I bought a car in Jan 2024 .TCS Rs. 19.583/- was paid to government by car dealer. The same is now seen in AIS and Form 26AS. whether this can be claimed as refund by me ? If Yes ,where to include this. In TCS page or anywhere else in ITR . If no how to include in ITR or no need to show.

I made 2L profit in Options trading in FY23-24, but stopped trading since I moved from Bangalore to London.

In last year's ITR I had put 20L in Balance Sheet (broker balance + bank balance).

I am wondering what to put in this year's balance sheet, since I have stopped trading and moved money to London.

Respected Sir / Mam,

My query is that suppose Mr. A import goods from foreign to India and Sells the same goods to Mr. B, further Mr. B sells the same goods to Mr.C (SEZ UNIT), before the goods crosses custom frontiers of India. As this is Two high seas sales together, So What will be the GST Applicablility on this Transaction ? Is Mr. A and Mr. B both liable to charge GST on high seas sales ??

To simplify (with dummy numbers):

- Bank deducted 1L in total for TCS (for sending money abroad under LRS). 
- When I checked Form 26AS, I saw that 20K out of the 1L was an invalid transaction.
- I emailed bank and they refunded 20K few weeks back
- I checked Form 26AS, and it still says 1L TCS and has the invalid transaction (of 20K). Ideally, it should be saying 80K TCS, since 20K TCS was invalid and is refunded to me by the bank.
- I've been chasing the bank for several weeks to rectify Form 26AS, but not getting any response.

Should I just file my ITR and mention 80K as the TCS? Or will the income tax department see mismatch in TCS and mark the ITR return as invalid?

Hi Sir,
ABC company is staying in XYZ owned building. XYZ is liable for some tax payment to Government. XYZ company owner unable to pay the liability. ABC company is ready to pay the tax liability as he is staying in XYZ building. XYZ company not willing to return it back or adjusted against Loan/deposit.

Can ABC company transfer money to XYZ company to pay XYZ's tax liability. is that transaction attracts any GST.
Thanks
ChinnaRao.

Sir, after how many days of filing TDS Returns, TDS entries are reflected in 26AS ?

What are the specific conditions or scenarios under which the REVERSE CHARGE mechanism (RCM) to generator rental service applies under the GST regime.

Also Request you please share the list of items where RCM applies.