1) A foreign company wants to invest 100% in Equity shares of a running Indian Private Limited Company which is 100% export oriented.

2) Alternatively this Foreign company wants to give their foreign shares to the existing shareholders of the said Indian Pvt Ltd. Company.

Please advise me what compliances to be done in respect of RBI, ROC, and Income Tax.

sir,
Any registered gst tax payer missing invoices f.y.22-23 itc claim taken time limit for september or november-23 .

Dear Experts,
01. Our company is getting the security service, which is outsourced. They are the registered private Limited company as per Agreement.
02.They raised the invoice from their division name of M/s.XYZ Facility Management Services, which is not a branch of the above said Private Company.
03.While raising the query to the vendor, they said that the M/s. XYZ Facility Management Services is a division of private limited.

Query is:
01.Either proprietorship or partnership firm can be the division of private limited company.

Dear All,

Professors in Gujarat university was given Two options by the Government for the payment at the time of their retirement in 1980s.

Option 1. Either to opt for Pension Scheme or

Option 2. Eligible for Lumpsum One Time Payment at the time of retirement.

They had selected Option 2 for lumpsum One time payment at the time of retirement.

Later on at the time of retirement They approached the government to switch over for pension scheme but Government did not allowed for the same.

After that They appealed the matter in Honorable Gujarat High Court and subsequently Honorable Supreme Court and both the Honorable Court gave decision in their favour.

Now, They Have received pension from their retirement year to till date in FY 2022-23 along with interest and from Jan'23 onwards They have started receiving monthly pension.

Whether such pension received from their retirement year to till date is taxable or exempt?

Can we claim the same as commuted pension or arrears of pension and claim the same as exempt?

Thanks & Regards
Nirmal Dave

I am filing GSTR 3B of March 2022 in August 2023. Am I eligible to claim ITC which is reflecting in GSTR2B of March 2022?

If yes, Doesn't it violation of section 16(4)?

If no, then why ITC reflecting in 2B is auto generated and showing in ITC table of 3B of the March 2022?

Dear Sir,

We have received the statement of Share of Income from AIF Mutual Fund for FY 2022-23.
The Share of income received from Business Trust & Investment fund. The Nature of Income is :
1)Share in dividend income
2) Short-term capital gains / (loss)-STT Paid
3)Long-term capital gains / (loss)-STT Paid.
4)Gains arising from buyback of shares exempt u/s 10(34A)
5)Interest Income.
One of AIF Mutual Fund has also deducted TDS on share of income, in the rest there is no TDS.

My question is whether that part of share of income which is reported from AIF Mutual Fund should be shown in the books of accounts of the company or not, or only reporting in Schedule PTI in ITR in Income Tax Return. Schedule PTI : Pass Through Income details from business trust or investment fund as per section 115UA, 115UB.

Kindly give your valuable advice on the above subject.

Thanks & Regards
N Kadam

Mr A who is NRI , given power of Attorney to Mr B ( Resident ) is Father . Mr B Father on the basis of Power of Attorney rented out property of Mr A to Mr C ( lets say with consent of Mr A ) , with an agreement .

now question is , C while paying the Rent to Mr B ,( Resident Father) should deduct TDS under section 195 of the Income Tax act .

Note - In agreement nothing has been mentioned regarding Mr A ( NRI )

Thanks in Advance .

Hi,

I have purchased property which is under-construction from the seller(Seller took it from builder). Seller made 90% of the payment.
Property allotment letter is in the name of husband and wife but only wife has made all the payment to the builder from her account as per the seller. They asked me to transfer the amount to wife account only. I did transfer 30L to the wife account and deducted TDS on it.

I applied for home loan for rest of the amount, now bank is giving 2 cheques stating that property is in the name of both husband and wife. Let's say, remaining loan is 50L so 25L to husband name and 25L to wife name.

What's TDS liability on my end ? In above case, Amount credited to wife account is 30+25 = 55L and amount credited to husband account is 25L. This seems not correct as there is no proportion to the property value to husband and wife.
Please suggest me what should be the right thing to do.

As per ITR 5 instruction:
a) Assessee are required to fill in No books of accounts in Balance sheet and P&L if "whether you have maintained the accounts as per section 44AA" is selected as "No".
b) Part A - P& L (Item No. 65) In case you are not required to maintain regular books of accounts in respect of the business or profession carried on during the year, please fill up the summary details in respect of such activity at column 65 viz. gross receipts, gross profit, expenses and net profit. Declaring of loss from business / profession under no books of accounts is restricted.

so if my income is less than 120000, which will be so if my business is in loss, and my gross receipt in last 3 year is less than 1000000, i can not declare loss as partA p&l (item 65) does not allow declaration of losses. under which section of IT act it is so? what to do if i face such a situation. i am a partnership firm( non llp).

Salary income
& professional services receipt income
& contro sub contractors Sub income