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Anonymous   30 March 2023 at 07:23

Input tax credit

The Board of three Directors cum shareholders of a Private Ltd company allowed MD to use his new house under final shape to use it as a Registered office. A rental agreement was made with the house in his wife's name for Rs 7000 for a small office space without defining the area. The MD purchased many Movable items required for House. The statutory auditor deleted such purchases not relevant to Business Objects and cost of sales. MD agreed with the auditor to pay up dues to GST within 3 months of filing returns to ROC and IT. The other two directors are the authorized signatories of GST registration and MD compiles Excel Sheet Income and Expenditure and data for audits till almost return fuking dates. Out of 3 directors (one MD), one director advised MD that there is nothing wrong as many companies maintain Guest houses and purchases are taken for ITC claims. The other Director myself is the Bank authorized signatory and finance asked MD to handle the company as OPC the way he wants and offered to be out of the Board. A gesture to MD to take my share free to be divided equally amongst rest two directors is attempted to be misused by MD. He moves a Board meeting to accept my resignation and also transfer the entire shareholding offered by me to himself only thereby he will hold 67 % and other directors 33%. I withdrew my offer to resign and surrender shares. What course do I have to terminate MD ( I am a minority shareholder of 33.33%) and surrender his shareholding of 33.33% to the company to replace him? I am a senior Citizen 74 willing to file a case but cannot afford hefty legal fees. MD is 60 yrs and Other Director is 73 is well connected to legal community

Anonymous   16 March 2023 at 16:40

Adonomist algo software company recovery of my money back

I also loss by this group adonomist algo software company, myself and my wife opened account with adonomist algo software company and deposited usd 45000 and started trading and earned profit of usdt 757424. When we asked for withdrawal they asked us to pay commission tax and other charges which we paid almost USDT 70,000+. All payment against my account fully paid still we can withdraw anything so we contacted an expert on telgram: octafexrecoveryexpert and we got our recovery . They will also help you with how to trade . Stay away from adonomist algo software company

D. M. Puri   19 February 2023 at 19:43

Gift to daughter

Is cash gift to daughter is taxable taxable at her hands?
What are the provisions please?
Do we have to make Gift Deed?
Please advice.

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:

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.

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