Rakesh Chandra Purohit
12 September 2025 at 12:21

Interest on advance tax for senior citizen

sir I entered in intra day trading by mistake and sold instantly and earned a profit of Rs 201 but after STT the nett amount is loss of 250 , Will I have to pay interest on advance taxes as I am a senior citizen ?


Piyush Patel
12 September 2025 at 11:58

Conversion of LLP into a Company

On conversion of LLP into a company, whether new PAN is supposed to be obtained or can the company use the PAN of the LLP (being a successor).

Also how is the Return supposed to be filed in this case. Whether LLP is supposed to file return upto date of conversion and post that company will file separate return ? In this case, given the e-filing process- the portal would not allow filing two returns for same AY.


Shankar Rao
12 September 2025 at 11:43

Profit on sale of long term mutual fund

Is profit on sale of mutual fund invested out of corpus fund taxable in the hands of charitable trust registered u/s12A.
where to enter in ITR 7 please clarify


Daya

How we received PAN, TAN ,PF ,ESIC and GSTIN No. after ROC Registration Certificate.


Daya

How to make joint loan taken journal entry in books of accounts against mortgage.
seprately in books of accounts.


Daya

in ROC registration certificate which type of additional No Given in certificate,
Like CIN No.
PAN No
TAN No
GSTIN No
or any other no. also mentioned in registration certificate,
Kindly mention name what extra name which type of registration also mentioned name.


Shikha gupta
12 September 2025 at 10:22

Share transaction tax liability

if a stock purchased in January 2025 and sold in April 2025, then profit from the said transaction will be treated in which FY 2024-25 or 2025-26?


jignesh sitapara
13 September 2025 at 11:29

Regarding balance ITC after 22nd September.

Dear Experts,
A customer buys 12% and then sells after 22 September at 5%,
so what should be done with balance ITC 7% ? Can carry forward ?


shinu

Sir,

Our LLP has a turnover of 46 lakh so pls share due date and whether audit required


Amit Kumar

A taxpayer has been issued a Show Cause Notice on the following grounds:

Wrongful availment of Input Tax Credit of ₹10,00,000/- in contravention of Section 16 of the CGST Act, 2017, proposed to be disallowed, demanded, and recovered under Section 74(1) of the CGST/GGST Act, 2017 read with Section 20 of the IGST Act, 2017.

Recovery of interest at the applicable rate under Section 50 of the CGST/GGST Act, 2017 read with Section 20 of the IGST Act, 2017.

Imposition of penalty under Section 74(1) of the CGST/GGST Act, 2017 read with Sections 122(1)(vii), 122(1)(x), and 122(2)(b) of the CGST/GGST Act, 2017 read with Section 20 of the IGST Act, 2017.

Imposition of separate penalty under Section 122(1)(xvi) of the CGST/GGST Act, 2017 for failure to maintain prescribed records at the principal place of business declared in GST registration.

Findings (charges proved):

Demand of ineligible ITC of ₹10,00,000/- confirmed.

Interest on the above demand confirmed under Section 50.

Penalty of ₹10,00,000/- imposed under Section 74(1).

Issue for Determination:

What should be the separate penalty under Section 122(1)(xvi)? Should it be ₹20,000/- (fixed penalty for non-maintenance of records) or ₹10,00,000/- (linked with tax evasion amount)?

If the penalty is quantified as ₹10,00,000/-, why should it not be restricted in terms of Section 75(13) of the CGST Act, 2017?

Alternatively, can the penalty under Section 122(1)(xvi) be limited to ₹20,000/- considering that the offence of non-maintenance of records is of a non-quantifiable nature?

Thank you in advance.





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