Dear Sir,

Liquidated damages [ Late delivery charges called as “LD“] : We have exported the material, but some of material got deled to deliver to our foreign customer and our foreign customer have charged the amount as Late delivery charges.

Kindly advice to deduct TDS rate and RBI Purpose code towards process this payment.

Thank you.

Dear All,

Whether Apple watch purchased by Director on companies name with companies GSTIN mentioned on Tax Invoicd is eligible for ITC in GST for Company or not.

Doesn't it treat as for furtherance of business
Please it's urgent.
Thanks

when we do expenses we lose that money as well as the potential income that we could have earned but why do we don't consider that potential income as loss in accounting

Dear sir

We have covered under E-invoice system from 01.10.2022
We have filed GSTR1 of OCT22 on 09.11.2022 , in which Credit note entries mentioned
but forget to Upload Credit note in e-invoice portal and IRN not generated.
So requested to please how we have rectified error after filed GSTR1 to prepare oct22
credit note IRN by upload on e-invoice portal.

Thanks in advance
Rgs
Rajeev Koolwal

can anyone clarify profession tax is payable in case of foreign director in Maharashtra. Income from all sources in NIL & no sitting fee & no dividend paid to director during the year.

If some invoices forget to show in December 2021 month GSTR-1 return, since we are under QRMP scheme. can we show this December 2021 invoice in IFF of October month if system allowing to add invoice?

Dear Sir / Madam,

My father purchased a flat in 1992 for Rs. 3,25,000/-, out of his own earnings - retirement money. Stamp Duty paid approx Rs. 17,000/-. And Registration Charges paid approx Rs. 4,500/-. Means Cost of Aquisition in 1992:- Rs. 3,46,500/-.

My father executed a Will, bequeathing all his tangibles to my mother; it also says, after her demise - the remnants to be shared equally amongst myself, my 3 sisters and my pre-deceased brother's wife, @ 20% each.

My father passed away on 15-06-2019 and my mother on 06-07-2020. Property Card containing all our (inheritors') names as co-owners was issued by the local authority on 11-04-2022. But I believe this is only a formality and the ownership vests with us with effect from 06-07-2020.

I am selling my 20% share of ownership rights in the flat to my brother's wife for Rs. 15,00,000/-. Please inform what is the approximate amount of Capital Gains, Tax payable thereon and also the approximate amount I have to invest in the specified Bonds for claiming full exemption from payment of tax.

Dear Experts,

Please confirm about these expenses book in which head in books.

1) GST auditor bill- We have booked in " Legal and Professional Charges"
Will it be booked under "Audit Expenses"?
2) Transfer pricing audit expenses-We have booked in " Legal and Professional Charges".
Will it be booked under "Audit Expenses"?

In case of NRI, the refund amount was failed due to invalid bank account details.
The same was rectified by pevalidating the bank account details. Now need to raise refund reissue request. While raising refund reissue request, for e-verification the Aadhar linked mobile no. is not available & Aadhar is not available since he was NRI. Other options like DSC etc., also not suitable. Kindly advise on this.

Dear Expert,

One of our parties has deducted Labour Cess @ 1 per cent from our payment. This is new to us, we don't know about it,

we have some questions/queries about it.

1) What is Labour Cess @ 1% and why is the party deducted from our payment?
2) Our job was to provide environmental services to the party, not do any construction work.
3) Can we take input/claim for Labour Cess @ 1%?