Client's Case :
My relative would like to send the following amounts directly to my bank account from abroad for the following two purposes :

1. An amount of Rs. 10-15 Lakh for the purpose of cost of education of my son.

2. Another amount of Rs. 10-15 Lakh further utilising which I shall purchase a residential house for myself.

Queries :
1.What will be the income tax implications of the above receipts in the hands of the recipient who is a resident and ordinarily resident individual in India having no other source of income at present ?

2. Will the implications be any different if the amounts are smaller, say Rs. 5 Lakh in each of the above cases ?

3. Will there be any implication of FEMA provisions on the recipient for receipt of above amounts from abroad directly into his bank account ?

Thank you and best regards.

How can I differentiate between a fixed asset and an expense? What factors should be considered for categorization? If I purchase something under Rs. 10,000 and it has a durability of more than one year, should it be considered a fixed asset?

Dear All

Please note we are providing travel allowance per day - for foreign travel based on grade of employees, in USD. Based on categories of employees, amount of USD varies from 5- to 100 USD per day. This payment is done to their bank account, and this is done as per HR policy. We account this expense as Travel Expenses. Can you please suggest whether we have to deduct TDS for the same?

Forgot to deduct the credit note issued figures of HSN in July 24 GSTR 1A. Should had given negative figures. Is it ok to deduct the same from August GSTR 1 HSN?

RESPECTED SIR
PURCHASE OF JCB FOR RENTAL SERVICE IS ELIGIBLE FOR ITC . ITC NEAR ABOUT
560000 . HE ALSO USED IT FOR HIS BUSINESS. PLEASE ADVICE THANKS....

I have engaged in a private company; Company has Mediclaim policy with United India Insurance. As per the company policy employee can top up the limit of mediclaim under the same policy .

For Example Company paid for medical insurance Rs-4000/- for covering medical insurance of 4Lcs for individual employee, in the same policy the insurance company provide an option to top upto Rs-6 Lacs for which Employee has to pay Rs- 1000/- which will be deducted from the salary of the respective employee. Although the single policy is in the name of company but the insurance company provide separate Mediclaim card for availing the medical benefit for every individual.

In this regard my question whether the respective employee can claim [partial portion] u/s 80D and which documents or proof is required to be produce for claiming the deduction?

1) Policy Single in the name of the company
2) Entire payment initially made by the company and enhance amount will be adjusted in the subsequent period by adjustment of salary.

Respected Sir,

We are writing to seek your esteemed guidance regarding a matter related to the Goods and Services Tax (GST) law in India, specifically concerning the refund of CESS paid on coal used for manufacturing purposes under the Inverted Duty Structure.

Our company is engaged in the manufacturing of Steel & Iron, and we regularly supply our products to Merchant Exporters as well. As per our understanding, the GST law allows for a refund under the Inverted Duty Structure when the tax on inputs is higher than the tax on the output. However, we have encountered a situation where the refund of CESS paid on coal, which is a critical input in our manufacturing process, is not permitted under the current provisions.

Our Queries:

• We would like to clarify whether the refund of CESS paid on coal used in manufacturing is permissible under the Inverted Duty Structure, especially in the context of sales to merchant exporters.

We would be grateful if you could assist us in exploring any other avenues or provisions within the GST law that might allow us to claim relief or refund on the CESS paid on coal. Given the significance of this matter to our operations, we kindly request a prompt response to this query. Your guidance will greatly assist us in ensuring compliance with the GST regulations while optimizing our input tax credit utilization.

We appreciate your assistance and look forward to your valuable input.

We would like to appoint Peer review auditor in our company. Any one could provide list of peer review auditor(CA) in chennai.

Auto Dealership Car Vehicle Closing Stock Valuation : Is it right to Reduce Incentives like MAC , DRF to reduce from Year End Closing Stock ? Please guide as per IndAS
unsold stock ,to come at correct valuation ,is it appropriate to reduce MAC [Wholesale Incentive] & DRF from Closing Stock?

Dear sir/madam- Would liek to have clarification on following
I AM A CONSULTANTS ON B2B CONTRCAT WITH POLAND FIRM. THE EXPENSES INCURRED FOR TRAVEL,HOTEL,TAXI,CAR RENTAL WHICH ARE PADI BY ME DO WE HAVE TO CHARGE GST ON THE SAME TO THE POLAND FIRM

IS GST APPLICABLE FOR THE EXPENSES WHICH ARE REIMBURSED BY FOREGIN FIRM.