ITR Filing Doubts
This query is : Resolved
13 January 2022
SIR / MAM
A Trader has started his new business in Aug-2020 with GST Registration.
As it was under covid lock down period, he was not able to run the business successfully.
He could not open his shop regularly and work in office.
So he was doing his business at home
He purchased and sold the products in his individual name itself and not in trade name.
He has done only 25% of transactions in Trade Name
All the payments for invoices in his own name are done by cash - every bill has its approximate value of Below Rs.60,000/-
As transactions are not in trade name, He has not shown in his GSTR-1 Return?
There were no credits in GSTR-2A also.
Total Turnover in his books was Rs.9,41,798/-
While filing his IT,
Can we show his all transactions (i.e) traded both in his Personal name and Trade name As Turnover?
If Yes,
Can he claim his expenses ?
Should pay IT on the transactions made in personal name?
Kindly plz guide me
Thanks in adv
A Trader has started his new business in Aug-2020 with GST Registration.
As it was under covid lock down period, he was not able to run the business successfully.
He could not open his shop regularly and work in office.
So he was doing his business at home
He purchased and sold the products in his individual name itself and not in trade name.
He has done only 25% of transactions in Trade Name
All the payments for invoices in his own name are done by cash - every bill has its approximate value of Below Rs.60,000/-
As transactions are not in trade name, He has not shown in his GSTR-1 Return?
There were no credits in GSTR-2A also.
Total Turnover in his books was Rs.9,41,798/-
While filing his IT,
Can we show his all transactions (i.e) traded both in his Personal name and Trade name As Turnover?
If Yes,
Can he claim his expenses ?
Should pay IT on the transactions made in personal name?
Kindly plz guide me
Thanks in adv
13 January 2022
He is legally bound to offer all his transactions in ITR and GSTIN. If he declares only one business in GST and both business in ITR, he will be inviting trouble from GST authority. So, try to rectify undeclared transactions...
13 January 2022
AFTER TAKING GST NUMBER HE CANNOT SUPPLY GOODS/SERVICE WITHOUT CHARGING GST......
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
