25 September 2017 at 19:10

Gstr - 3b

By error of commission We have wrongly entered ITC for the month August in GST in 4. Eligible ITC (B) ITC Reversed (2) Others then submitted "What will be the consequences ?"

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in the f.y.2016-2017 project is completed . % method is followed in Books of accounts. A Buyer has given the full consideration in F.Y.16-17 Rs 30lakhs on the base of the letter of the allotment (Letter is issued in F.Y.16-17) Where there is the clause was that letter of allotment is subject to The Promoter has agreed to allot the said Premises admeasuring [●] square feet carpet area to the Allottee, at or for the price of ` [●]/- (Rupees [●] Only) (“Sale Consideration”), and subject to the terms, conditions and covenants contained in the proforma of the Agreement for Sale submitted to the Authority . Possession has not taken till Mar 2017.

There is no execution of agreement of sale and sale deed between builder and buyer. There may be a laps from the both the sides. all the service tax and vat is paid during the F.Y.2016-2017 on this deal. Project is completed in F.Y 16-17 And in the F.Y.17-18 , deal is cancelled and full amount is reimbursed . Now question is arise , to recognize the revenue under AS-9 % method , i have following queries:
1. at least 25% salable area is secured by contract or legally enforceable with buyers : can on this basis,only letter of allotment , can it considered as secured contract .
2. can letter of allotment enforceable if the situation is that builder is not willing to enter into contract then , buyer will sue the builders on the basis of letter of allotment, then can we say under situation of 1 that now letter of allotment is enforceable under law.
3. what are the recourse viable to recognize the revenue in f.y.16-17 and 17-18 ?
pl guide on this regards.

Thanks you

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06 September 2017 at 21:12


I am a contractor and works in different PSUs . I raised my bill for the period of 01-07-2017 to 31-07-2017 on 05.08.2017 through invoice. But when I enter details of invoices in gst portal for tax period as july17 then invoice date as 05.08.2017 shows error as 'date of invoice should not exceed tax period' . Kindly suggest me correct tax period and procedure.

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19 August 2017 at 14:44

Long term capital gains tax.

I and my brother are partners in a firm.We want to sell the land in MIDC PUNE.We wish to know the rate of capital gains tax and whether we can buy another house or commercial space and also invest 50 lakhs each in Infra Bonds to take advantage of tax exemptions under the Capital Gains. Sine we are both senior citizens and aged 68 and 70 yrs respectively,and are retiring from the business,do we have any exemptions under the IT act.
Help in this matter will be highly appreciated at the earliest as this will be the only saving we will have for rest of our life.
Ashok Kumar

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18 August 2017 at 19:17

Capital gain tax

Few years back, i sold a land and bought an apartment using the capital gain amount to save tax under sec 54F. Now, after 3 years, i want to sell the apartment. For capital gain calculation, what is the base amount considered ?

land was bought for Rs 78000/- in 2003
land sold for 25 lakhs in 2012
Apartment bought for 25 lakhs in 2013
Apartment being sold for 32 lakhs now

Is the capital gain calculated as 7 lakhs (32 - 25) ? or
is it ~31 lakhs (32 lakhs - 78000) ?

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18 August 2017 at 14:16

Regarding notice u/s 142

I have received notice on Thursday 17 Aug 2017 and was asked to present to AO on Monday 21 Aug 2017 and asked documents for assessment year 2010-11.

Actually I am unable to present on this date.

Hence please advise me on how can I extend the date of presenting documents?

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Dear sirs,
Like a company name M/s "abc" /Prop. firm sold on 31march2017 and new prop. submitted all the documents which required for change the constitution in business (1st prop. name Rp - Pan 1234XXX) to (new prop./requester name Sp- Pan 1234XXXxxx) was not ammended/update successfully coz of department issue any how. the request executed by the requester on 18may2017.

ISSUE: Bcoz of nag of department request denied and auto migrated to old first owner/name/pan.
we have many issues now like:
how we get the TIN: with new owner/pan?

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21 May 2017 at 21:45

Taxation of insurance policy

What is the tax liability of a pension policy surrender value sum assured on which is zero as per Section 194DA ?

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30 March 2017 at 09:28


Dear Sir/Madam

We are filing return and there is one problem that our client has received consultant fee from International Labour Organisation (UN Agencies) is taxable or exempted.

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Dear All Concerned,
I want to know about the procedure for filing complaint in Central Bureau of Investigation and Income Tax Deptt. against culprit for prompt and strict action. Is complainant name remains confidential in this regard?

Waiting for your advice eagerly.
Thank You

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