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Anonymous   23 January 2023 at 10:48

Invoice wilfully not uploading

One supplier after supply of goods issued GST invoice and submitted both his returns but wilfully not uploading to ZGST portal. We doubt whether he has accounted it or not.What can we do. Can department take action on supplier on our complaint.

Prasad B   06 January 2023 at 18:44

Professional tax

Hi sir ,
i am LIC agent and i have a business (GST registered) , in lic i am paying 2500 professional tax per year , Telangana state commercial tax department asks me to pay 2500 / year as professional tax ,
my question is again i have to pay professional tax

Anonymous   24 December 2022 at 11:52

Non filing of income tax returns

Personal property sold for Rs 6 lakhs and capital gain around 2 lakhs during 2021-22. Not yet filed IT returns. Transaction not seen in 26 AS and AIS. What will be consequences if not filed returns within Dec-31. First time IT filing. If notice received at later date, what will be the penalty amount apart from interest. Apart from capital gain income is within 2 lakhs. Even this year income will be within limits.

shyam lal   23 December 2022 at 16:53

Taxation of share of immovable property

Immovable property received without consideration by the assessee, as per family settlement memorandum is taxable under section 56(2)(vii)(b)(i) of the Income Tax Act,1961
. Query.. Does the same Law applicable to WILL & Gift deed in respect to immovable property.

Prabh   13 December 2022 at 18:19

Tax on apartment association

Dear sir
We have formed owners apartment association managed by the members ( Owners ). we collecting monthly maintenance and incurring expenditure to meet apartment expenses like security housekeeping and other maintenance works

apart from this we had Corpus fund which we converted into Fixed deposit and we are getting interest income.

every year when we are filling return I noticed we are paying income tax on interest income at the rate of 30% + surcharge

whether tax is applicable on apartment association or lower rate of tax or it should be treated like individual and should be entitled for basic exemption of Rs.2,50,000

Anonymous   28 October 2022 at 21:21

Can oci residing in india borrow rs from resident indian

The Reserve Bank of India's guidelines in this regard are a bit confusing and have changed over the years. I need a definite answer if such a transaction is allowed or if RBI permission is required.
I am willing to pay for a detail answer with specific authority cited. There is no litigation or anything of that kind so I am not looking for any judgment but rather some authoritative explanation from the RBI. The following links provide conflicting information. The facts in my case are that both the OCI and the Indian citizen are residing in India which is not covered in the links below:

http://www.legalservicesindia.com/article/2562/Borrowing-And-Lending-Money-By-Residents-of-India-To-NRI.html
https://rbi.org.in/Scripts/BS_FemaNotifications.aspx?Id=11441
https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10191#C13

Anonymous   30 September 2022 at 09:34

Stamp duty on plot during redevelopment

Sir, I’m residing in Mumbai Suburban. I have a query wherein during redevelopment of a pvt society during Development Agreement with the developer, the developer pays stamp duty and gst for the society. What is the calculation/ rules for the same.

murali swayambu   15 August 2022 at 03:57

Partnership

Earlier three partners promoted one firm and done business it is a registered firm. Every year compliance part is taken by 1 partner 2 financial by another 3 business by 1. Post three years business went on loss and partners moved out but now I came to know from email that income tax return not filed and other two partners are not reachable at my level. Now demand under section 147 is issued can I pay my portion of demand and can ask department to find other two partners or since they absconded whether I need to pay all dues. Since demand is 1.3 crores I can discharge by liability of 1 third.please advice

Dinesh Kandpal   30 July 2022 at 18:05

Capital gain.

Hello sir,
Income tax department has raised queries on capital gains so need your suggestion.

1) They say allotment letter issued by the builder on their letter head doesn't have a seal so it cannot be recognised as valid allotment. The allotment was from April 2015 and property registered in May 2016 so they claim 2016-2017 ready reckoner as market rate for capital gain.

2) Source of Payment - As the funds are directly paid from Mothers account, so can we show the bank statement of the mother as payment proof? They don't consider receipt issued by the builder as evidence. Please guide.

Regards
Dinesh

gurinder singh   27 July 2022 at 14:34

Vat penalty

e way bill expired due to a sudden storm on hills as vehicle had to take shelter for few hours for storm to pass. VAT officer intercepted and asking to deposit tax and penalty. I asked trader to pay tax and I will pay penalty as he will get his tax refund, adjusted subsequently. Trader is not agreeing. He says his CA has advised him that he will not get his tax amount back. This seems illogical to me as govt will logically not take tax twice on same goods. Am I right or the trader is right?

Read more at: https://www.lawyersclubindia.com/forum/penalty-under-vat-for-expired-e-way-bill-225228.asp


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